Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Texas Instruments Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The long-term activity ratios exhibit a consistent U-shaped trajectory across the analyzed period, characterized by a significant decline in asset efficiency from early 2022 through the third quarter of 2024, followed by a period of gradual recovery extending into late 2026.
- Net Fixed Asset Turnover
- This ratio experienced the most pronounced volatility, starting at 3.49 in March 2022 and declining sharply to a trough of 1.33 by September 2024. This substantial contraction suggests a period of aggressive expansion in fixed assets that outpaced revenue growth. Following this low point, a steady recovery is observed, with the ratio climbing back to 1.75 by September 2026, indicating improved utilization of long-term physical investments.
- Total Asset Turnover
- A similar downward trend is evident in total asset efficiency, which decreased from 0.75 in March 2022 to a minimum of 0.44 in September 2024. The subsequent recovery phase shows a modest upward trend, reaching 0.56 by the end of the period. The correlation between this ratio and the net fixed asset turnover highlights that the overall decline in asset productivity was primarily driven by long-term capital investments.
- Equity Turnover
- Equity turnover followed the general trend of the other activity ratios, retreating from 1.35 in March 2022 to 0.91 in September 2024. This decline indicates a reduction in the effectiveness of shareholder equity in generating sales during the investment peak. A recovery began in the fourth quarter of 2024, with the ratio returning to 1.08 by September 2026, signaling a return to more efficient equity utilization.
Overall, the synchronized movement of these three ratios points to a strategic cycle of heavy capital expenditure followed by a phased realization of operational efficiency. The period between March 2022 and September 2024 represents a phase of diminishing returns on investment, while the subsequent period marks a trend toward optimized asset productivity.
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Net Fixed Asset Turnover
Texas Instruments Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 6,055) | 5,463) | 4,825) | 4,423) | 4,742) | 4,448) | 4,069) | 4,007) | 4,151) | 3,822) | 3,661) | 4,077) | 4,532) | 4,531) | 4,379) | 4,670) | 5,241) | 5,212) | 4,905) | ||||||
| Property, plant and equipment | 11,833) | 11,911) | 12,145) | 12,320) | 12,348) | 12,321) | 11,811) | 11,347) | 11,802) | 11,174) | 10,442) | 9,999) | 9,320) | 8,525) | 7,665) | 6,876) | 6,485) | 5,931) | 5,439) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.75 | 1.63 | 1.52 | 1.44 | 1.40 | 1.35 | 1.36 | 1.38 | 1.33 | 1.44 | 1.61 | 1.75 | 1.94 | 2.21 | 2.54 | 2.91 | 3.11 | 3.30 | 3.49 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 12.01 | 13.75 | 14.98 | 14.52 | 13.91 | 14.45 | 14.31 | 14.56 | 13.97 | 14.04 | 14.27 | 14.12 | 14.20 | 15.38 | 15.60 | 15.36 | 14.97 | 13.43 | ||||||
| Analog Devices Inc. | 4.14 | 3.87 | 3.62 | 3.32 | 3.15 | 2.94 | 2.78 | 2.76 | 2.86 | 3.06 | 3.52 | 3.82 | 4.39 | 4.69 | 4.98 | 5.00 | 5.09 | 4.66 | 4.14 | ||||||
| Applied Materials Inc. | 5.50 | 5.52 | 5.70 | 6.15 | 6.94 | 7.33 | 7.76 | 8.14 | 8.66 | 8.96 | 9.37 | 9.74 | 10.19 | 10.41 | 10.53 | 11.18 | 11.47 | 11.99 | 12.25 | ||||||
| Broadcom Inc. | 28.34 | 27.07 | 26.27 | 25.25 | 24.45 | 23.17 | 22.12 | 20.46 | 17.99 | 15.97 | 14.60 | 16.63 | 16.26 | 15.86 | 15.63 | 14.94 | 14.08 | 13.26 | 12.38 | ||||||
| Intel Corp. | — | 0.54 | 0.51 | 0.50 | 0.51 | 0.48 | 0.48 | 0.49 | 0.52 | 0.53 | 0.55 | 0.56 | 0.57 | 0.59 | 0.66 | 0.78 | 0.92 | 1.02 | 1.16 | ||||||
| KLA Corp. | 9.60 | 9.48 | 9.62 | 9.70 | 9.64 | 9.24 | 9.17 | 8.84 | 8.68 | 8.88 | 9.59 | 10.17 | 10.80 | 10.87 | 10.79 | 10.84 | 10.69 | 11.39 | 10.68 | ||||||
| Lam Research Corp. | 7.60 | 7.58 | 7.80 | 7.59 | 7.22 | 7.01 | 7.04 | 6.92 | 6.53 | 6.67 | 7.50 | 9.39 | 10.16 | 10.22 | 10.47 | 10.46 | 10.72 | 10.99 | 11.48 | ||||||
| Marvell Technology Inc. | 9.12 | 9.11 | 8.39 | 7.30 | 6.88 | 6.75 | 7.05 | 7.29 | 7.84 | 8.10 | 9.11 | 10.25 | 11.21 | 10.86 | 10.11 | 9.64 | 8.82 | 7.98 | 7.32 | ||||||
| Micron Technology Inc. | 1.60 | 1.13 | 0.87 | 0.80 | 0.76 | 0.74 | 0.70 | 0.63 | 0.56 | 0.49 | 0.43 | 0.41 | 0.47 | 0.59 | 0.69 | 0.80 | 0.88 | 0.86 | 0.84 | ||||||
| NVIDIA Corp. | 19.14 | 18.07 | 20.81 | 20.77 | 21.20 | 19.71 | 19.91 | 15.57 | 11.67 | 8.60 | 6.92 | 7.09 | 7.57 | 9.20 | 10.13 | 9.69 | 9.67 | 9.26 | 8.49 | ||||||
| Qualcomm Inc. | 8.45 | 8.77 | 9.17 | 9.44 | 9.62 | 9.59 | 9.12 | 8.35 | 7.87 | 7.71 | 7.40 | 7.10 | 7.40 | 7.78 | 8.24 | 8.55 | 8.36 | 8.02 | 7.63 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Net fixed asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Property, plant and equipment
= (6,055 + 5,463 + 4,825 + 4,423)
÷ 11,833 = 1.75
2 Click competitor name to see calculations.
An analysis of the net fixed asset turnover ratio reveals a distinct U-shaped trajectory between March 2022 and September 2026. The ratio experienced a prolonged period of contraction, reaching a trough in 2024, before initiating a steady recovery as revenue growth began to outpace the expansion of the fixed asset base.
- Initial Efficiency Decline (Q1 2022 – Q1 2024)
- A significant deterioration in asset efficiency is observed during this period, with the net fixed asset turnover ratio falling from 3.49 to 1.61. This decline was driven by a dual pressure: property, plant, and equipment grew aggressively from 5,439 million USD to 10,442 million USD, while quarterly revenues concurrently trended downward from 4,905 million USD to a low of 3,661 million USD. This pattern indicates a phase of heavy capital expenditure that did not immediately yield proportional revenue growth.
- Stabilization and Trough (Q2 2024 – Q1 2025)
- The ratio reached its minimum levels between June 2024 and March 2025, fluctuating within a narrow range between 1.33 and 1.44. This phase marks the point of maximum capital intensity, where the fixed asset base peaked at 12,321 million USD by March 2025. During this window, the company maintained a low turnover rate, suggesting that new capacity had been installed but was not yet fully utilized to drive top-line growth.
- Operational Recovery and Asset Utilization (Q2 2025 – Q3 2026)
- A consistent recovery in the net fixed asset turnover ratio is evident from March 2025 through September 2026, with the ratio rising from 1.36 to 1.75. This improvement is attributed to a robust increase in revenue, which climbed from 4,069 million USD to 6,055 million USD. Simultaneously, the investment in property, plant, and equipment stabilized and began a slight contraction to 11,833 million USD. The resulting increase in the turnover ratio suggests that the previous investments in fixed assets have begun to translate into higher operational throughput and improved productivity.
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Total Asset Turnover
Texas Instruments Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 6,055) | 5,463) | 4,825) | 4,423) | 4,742) | 4,448) | 4,069) | 4,007) | 4,151) | 3,822) | 3,661) | 4,077) | 4,532) | 4,531) | 4,379) | 4,670) | 5,241) | 5,212) | 4,905) | ||||||
| Total assets | 36,839) | 35,882) | 34,393) | 34,585) | 35,004) | 34,933) | 33,757) | 35,509) | 35,321) | 35,048) | 34,885) | 32,348) | 31,638) | 30,939) | 29,220) | 27,207) | 26,057) | 24,723) | 25,276) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.56 | 0.54 | 0.54 | 0.51 | 0.49 | 0.48 | 0.48 | 0.44 | 0.44 | 0.46 | 0.48 | 0.54 | 0.57 | 0.61 | 0.67 | 0.74 | 0.77 | 0.79 | 0.75 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 0.49 | 0.47 | 0.45 | 0.42 | 0.40 | 0.39 | 0.37 | 0.35 | 0.34 | 0.34 | 0.33 | 0.33 | 0.32 | 0.34 | 0.35 | 0.34 | 0.32 | 0.28 | ||||||
| Analog Devices Inc. | 0.29 | 0.27 | 0.24 | 0.23 | 0.22 | 0.21 | 0.19 | 0.20 | 0.20 | 0.21 | 0.24 | 0.25 | 0.26 | 0.26 | 0.25 | 0.24 | 0.22 | 0.19 | 0.16 | ||||||
| Applied Materials Inc. | 0.71 | 0.72 | 0.75 | 0.78 | 0.84 | 0.84 | 0.83 | 0.79 | 0.80 | 0.83 | 0.84 | 0.86 | 0.87 | 0.92 | 0.94 | 0.96 | 0.96 | 0.98 | 0.95 | ||||||
| Broadcom Inc. | 0.47 | 0.42 | 0.40 | 0.37 | 0.36 | 0.35 | 0.33 | 0.31 | 0.28 | 0.24 | 0.22 | 0.49 | 0.50 | 0.49 | 0.47 | 0.45 | 0.44 | 0.42 | 0.39 | ||||||
| Intel Corp. | — | 0.28 | 0.26 | 0.25 | 0.26 | 0.28 | 0.28 | 0.27 | 0.28 | 0.27 | 0.29 | 0.28 | 0.28 | 0.29 | 0.30 | 0.35 | 0.40 | 0.43 | 0.44 | ||||||
| KLA Corp. | 0.78 | 0.76 | 0.77 | 0.76 | 0.76 | 0.72 | 0.65 | 0.64 | 0.64 | 0.68 | 0.72 | 0.75 | 0.78 | 0.76 | 0.75 | 0.73 | 0.72 | 0.70 | 0.67 | ||||||
| Lam Research Corp. | 1.04 | 0.96 | 0.89 | 0.86 | 0.86 | 0.82 | 0.80 | 0.80 | 0.78 | 0.76 | 0.85 | 0.93 | 0.98 | 0.99 | 0.96 | 1.00 | 1.01 | 0.99 | 1.01 | ||||||
| Marvell Technology Inc. | 0.36 | 0.35 | 0.32 | 0.29 | 0.27 | 0.26 | 0.26 | 0.26 | 0.25 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.23 | 0.20 | 0.18 | 0.17 | 0.15 | ||||||
| Micron Technology Inc. | 0.67 | 0.57 | 0.49 | 0.45 | 0.43 | 0.43 | 0.41 | 0.36 | 0.32 | 0.28 | 0.25 | 0.24 | 0.28 | 0.35 | 0.40 | 0.46 | 0.50 | 0.49 | 0.48 | ||||||
| NVIDIA Corp. | 1.16 | 1.17 | 1.19 | 1.17 | 1.18 | 1.13 | 1.04 | 0.93 | 0.83 | 0.66 | 0.58 | 0.65 | 0.71 | 0.68 | 0.65 | 0.61 | 0.60 | 0.57 | 0.63 | ||||||
| Qualcomm Inc. | 0.77 | 0.78 | 0.85 | 0.88 | 0.79 | 0.76 | 0.73 | 0.71 | 0.71 | 0.68 | 0.70 | 0.70 | 0.79 | 0.85 | 0.86 | 0.90 | 0.90 | 0.89 | 0.84 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Total asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Total assets
= (6,055 + 5,463 + 4,825 + 4,423)
÷ 36,839 = 0.56
2 Click competitor name to see calculations.
The financial data indicates a cyclical trend in asset utilization, characterized by a prolonged period of declining efficiency followed by a gradual recovery in the latter half of the observed period.
- Revenue Dynamics
- Revenue exhibited a volatility cycle, peaking in late 2022 before entering a downward trajectory that reached a nadir of 3,661 million US dollars in March 2024. Subsequently, a sustained recovery is observed, with revenue increasing consistently to 6,055 million US dollars by September 2026.
- Asset Base Expansion
- Total assets showed a consistent upward trend for the majority of the timeframe, increasing from 25,276 million US dollars in March 2022 to a peak of 35,509 million US dollars in September 2024. Despite a marginal contraction in early 2025, the asset base maintained an overall growth trajectory, concluding at 36,839 million US dollars in September 2026.
- Total Asset Turnover Trends
- The total asset turnover ratio experienced a significant contraction, falling from a high of 0.79 in June 2022 to a low of 0.44 by September 2024. This decline was the result of a divergence where revenue decreased while the asset base continued to expand. A reversal of this trend began in late 2024, with the ratio improving to 0.56 by September 2026 as revenue growth began to outpace the growth of total assets.
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Equity Turnover
Texas Instruments Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenue | 6,055) | 5,463) | 4,825) | 4,423) | 4,742) | 4,448) | 4,069) | 4,007) | 4,151) | 3,822) | 3,661) | 4,077) | 4,532) | 4,531) | 4,379) | 4,670) | 5,241) | 5,212) | 4,905) | ||||||
| Stockholders’ equity | 19,185) | 18,007) | 16,778) | 16,273) | 16,627) | 16,403) | 16,406) | 16,903) | 17,268) | 17,214) | 16,983) | 16,897) | 16,631) | 15,940) | 15,243) | 14,577) | 14,507) | 14,092) | 14,017) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.08 | 1.08 | 1.10 | 1.09 | 1.04 | 1.02 | 0.98 | 0.93 | 0.91 | 0.93 | 0.99 | 1.04 | 1.09 | 1.18 | 1.28 | 1.37 | 1.39 | 1.39 | 1.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 0.61 | 0.58 | 0.55 | 0.53 | 0.50 | 0.48 | 0.45 | 0.43 | 0.41 | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 0.43 | 0.42 | 0.39 | 0.34 | ||||||
| Analog Devices Inc. | 0.41 | 0.38 | 0.35 | 0.33 | 0.30 | 0.28 | 0.27 | 0.27 | 0.28 | 0.30 | 0.33 | 0.35 | 0.36 | 0.36 | 0.34 | 0.33 | 0.30 | 0.26 | 0.23 | ||||||
| Applied Materials Inc. | 1.20 | 1.21 | 1.30 | 1.39 | 1.47 | 1.48 | 1.48 | 1.43 | 1.43 | 1.46 | 1.52 | 1.62 | 1.76 | 1.89 | 1.96 | 2.11 | 2.08 | 2.14 | 2.03 | ||||||
| Broadcom Inc. | 0.89 | 0.86 | 0.85 | 0.79 | 0.82 | 0.82 | 0.78 | 0.76 | 0.71 | 0.61 | 0.55 | 1.49 | 1.61 | 1.59 | 1.48 | 1.46 | 1.52 | 1.43 | 1.24 | ||||||
| Intel Corp. | — | 0.65 | 0.48 | 0.46 | 0.50 | 0.54 | 0.53 | 0.53 | 0.55 | 0.48 | 0.52 | 0.51 | 0.52 | 0.53 | 0.58 | 0.62 | 0.70 | 0.73 | 0.75 | ||||||
| KLA Corp. | 2.25 | 2.33 | 2.51 | 2.59 | 2.88 | 3.03 | 2.88 | 2.91 | 3.10 | 3.18 | 3.40 | 3.59 | 3.96 | 4.03 | 4.69 | 6.57 | 2.12 | 2.02 | 1.93 | ||||||
| Lam Research Corp. | 2.05 | 2.03 | 1.92 | 1.87 | 1.80 | 1.84 | 1.84 | 1.75 | 1.78 | 1.74 | 1.97 | 2.12 | 2.24 | 2.29 | 2.43 | 2.74 | 2.78 | 2.55 | 2.71 | ||||||
| Marvell Technology Inc. | 0.55 | 0.54 | 0.49 | 0.43 | 0.40 | 0.37 | 0.37 | 0.37 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.36 | 0.33 | 0.28 | 0.25 | 0.23 | 0.21 | ||||||
| Micron Technology Inc. | 0.90 | 0.80 | 0.72 | 0.69 | 0.67 | 0.64 | 0.62 | 0.56 | 0.48 | 0.42 | 0.38 | 0.35 | 0.40 | 0.49 | 0.55 | 0.62 | 0.66 | 0.65 | 0.65 | ||||||
| NVIDIA Corp. | 1.57 | 1.65 | 1.77 | 1.65 | 1.72 | 1.66 | 1.62 | 1.42 | 1.35 | 1.19 | 1.06 | 1.22 | 1.34 | 1.25 | 1.12 | 1.01 | 1.02 | 1.04 | 1.03 | ||||||
| Qualcomm Inc. | 1.59 | 1.63 | 1.94 | 2.09 | 1.59 | 1.53 | 1.51 | 1.48 | 1.51 | 1.49 | 1.57 | 1.66 | 1.87 | 2.08 | 2.28 | 2.45 | 2.63 | 2.95 | 3.18 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Equity turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Stockholders’ equity
= (6,055 + 5,463 + 4,825 + 4,423)
÷ 19,185 = 1.08
2 Click competitor name to see calculations.
The analysis of investment activity reveals a cyclical pattern in asset utilization efficiency between March 2022 and September 2026. The equity turnover ratio experienced a sustained period of contraction followed by a gradual recovery, reflecting the interaction between fluctuating revenue streams and a generally expanding equity base.
- Revenue Trends
- Revenue exhibited significant volatility over the analyzed period. An initial peak of 5,241 million USD was reached in September 2022, followed by a prolonged decline that bottomed at 3,661 million USD in March 2024. A robust recovery phase ensued, with revenue increasing consistently to reach a period high of 6,055 million USD by September 2026.
- Stockholders' Equity Dynamics
- The equity base demonstrated a long-term upward trajectory. From an initial 14,017 million USD in March 2022, equity grew steadily to 17,268 million USD by September 2023. Following a period of relative consolidation and minor fluctuations between 2024 and 2025, equity expanded sharply in the final year, reaching 19,185 million USD by September 2026.
- Equity Turnover Performance
- The equity turnover ratio reflects a decline in capital efficiency during the mid-period. The ratio started at a strong 1.35 in March 2022 and peaked at 1.39 in the third quarter of 2022. A subsequent downward trend occurred as revenue fell while equity continued to rise, leading the ratio to drop below the 1.0 threshold to a low of 0.91 in September 2024. A recovery trend is observed from December 2024 onward, as revenue growth accelerated faster than equity expansion, allowing the ratio to stabilize at 1.08 by September 2026.
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