Twenty-First Century Fox Inc. (NASDAQ:FOX)

The analysis of the financial ratios over the reported periods reveals distinct trends across the three measured turnover metrics.

Net Fixed Asset Turnover

The ratio was not reported for the initial quarters but, starting from September 30, 2013, it displayed a general upward movement, increasing from 9.78 to a peak of 18.97 by December 31, 2014. This substantial rise suggests improved efficiency in utilizing fixed assets to generate sales during this time. After the peak, the ratio experienced a gradual decline and subsequent stabilization around the mid-to-high 15s to 16s, indicating a normalization of asset utilization efficiency in the later periods.

Total Asset Turnover

Beginning at 0.54 in September 2013, the total asset turnover ratio exhibited a mild upward trend, reaching a high of 0.62 in December 2013, before gradually decreasing to around the mid-0.50s range in subsequent quarters. The ratio remained relatively stable in the 0.54 to 0.57 range until the final quarter, where it declined to 0.47. This pattern indicates that overall asset efficiency in generating revenue was relatively steady with slight fluctuations but displayed some weakening in the last reported period.

Equity Turnover

The equity turnover started at 1.63 in September 2013 and showed a notable growth trend, peaking at 2.01 in December 2014 and December 2016. This suggests an improving ability to generate sales from shareholder equity during this timeframe. However, from early 2017 onward, the ratio declined steadily, with a sharp drop in the final quarter to 0.97. The downward trend in equity turnover in the latter periods may point to decreased efficiency in leveraging equity for generating revenues or changes in equity structure.

Overall, the data indicates a period of improving operational efficiency with respect to asset utilization and equity usage until around 2016, followed by some decline or stabilization at lower levels in later periods. The net fixed asset turnover displayed the most pronounced early increase and subsequent leveling off, while total asset turnover remained relatively stable with minor decrease, and equity turnover exhibited a noteworthy decline toward the end of the period analyzed. Such patterns could suggest shifts in company operations, asset base, capital structure, or market conditions affecting turnover performance over time.

The analysis of the quarterly financial data reveals several notable trends over the examined periods.

Revenues

Revenues exhibit a generally fluctuating pattern with moderate growth and some periods of decline. From late 2012 through 2013, revenues increased from approximately 6,003 million USD to a peak around 8,163 million USD by December 2013. However, in 2014 and early 2015, there was a downward trend, reaching a low near 6,077 million USD in September 2015. Late 2015 to late 2016 saw revenues fluctuate between roughly 6,500 million and 7,200 million USD, with some recovery signs towards the end of 2016. The period from early 2017 to the end of 2018 shows sustained fluctuations, with revenues generally ranging between approximately 6,700 million and 8,000 million USD. The highest revenue values during this interval were observed in December 2018 (around 8,499 million USD), indicating a potential upward trend toward the end of the period.

Property, Plant and Equipment, Net

The net value of property, plant, and equipment displays a significant structural shift beginning in 2013. Values remained stable and relatively high at approximately 5,830 to 5,984 million USD up to the first quarter of 2013 but then declined sharply to below 3,000 million USD starting in the second quarter of 2013 (about 2,829 million USD). This lower level persisted through the rest of 2014 and beyond, stabilizing around 1,600 to 1,900 million USD for most subsequent quarters. This marked reduction indicates a major asset divestiture, impairment, or reclassification occurring during mid-2013, resulting in a substantially reduced asset base that remained consistent through 2018.

Net Fixed Asset Turnover

The net fixed asset turnover ratio reveals an improving efficiency in the use of fixed assets over time. Starting at an undefined level prior to 2013, the ratio begins at approximately 9.78 in March 2013 and increases steadily, reaching a peak around 18.97 in September 2014. After this peak, there is a moderate decline and stabilization in the ratio within the range of 15.5 to 16.9 through 2017 and 2018. The initial sharp increase corresponds to the sharp decrease in net fixed assets observed previously, indicating that revenues were maintained or increased despite a smaller asset base, thus driving higher asset turnover. The subsequent stabilization suggests that the company adjusted to a new operational scale with asset turnover ratios reflecting an improved, yet relatively consistent, asset usage efficiency.

In summary, the data indicates a period of transformation characterized by a significant reduction in fixed assets around mid-2013, accompanied by variable but resilient revenue trends. This shift contributed to improved asset utilization efficiency as demonstrated by the surge and subsequent stabilization in the net fixed asset turnover ratio. Revenues show periodic fluctuations but end on a relatively strong note in late 2018.

The analysis of the quarterly financial data reveals several notable trends in the company's revenues, total assets, and total asset turnover over the reported periods.

Revenues

Revenues exhibit a generally fluctuating pattern throughout the quarters. Starting at approximately 6,003 million US dollars in September 2012, revenues increased to a peak of around 8,163 million by December 2013. Following this peak, revenues declined gradually, reaching approximately 6,077 million by September 2015. Subsequently, revenues recovered somewhat, with fluctuations around the 7,000 million mark, achieving another notable peak near 8,499 million in December 2018. Overall, while revenues showed periods of both growth and decline, the trend suggests cyclicality with intermittent recoveries toward the later periods.

Total Assets

Total assets demonstrated variability across the quarters, beginning at about 59,676 million US dollars in September 2012 and increasing to approximately 68,490 million by March 2013. However, a sharp decrease followed, dropping to roughly 50,051 million by June 2015. After this decline, total assets fluctuated modestly, hovering mostly in the 48,000 to 54,000 million range until December 2018, when a substantial increase occurred, reaching approximately 65,886 million. This indicates significant asset revaluation or acquisition activity near the end of the observed period.

Total Asset Turnover

Total asset turnover ratios, available from March 2013 onwards, range mainly between 0.54 and 0.62 during most quarters. This stability implies consistent efficiency in generating revenues from the total asset base across the majority of the periods. Notably, total asset turnover peaked at around 0.62 in December 2014 and maintained a range near 0.56 thereafter, though it declined to approximately 0.47 by December 2018. The later decline may reflect the significant increase in total assets not yet fully converted into proportional revenue gains.

In summary, the company’s revenue patterns show periods of growth and contraction with recoveries after declines. The total asset base experienced significant fluctuations, including a major increase toward the end of the period analyzed. The efficiency in asset utilization, as measured by total asset turnover, remained relatively stable for much of the period but declined in the final quarter, possibly reflecting recent changes in asset scale outpacing revenue generation.

The analysis of the quarterly financial data reveals several notable trends in revenues, stockholders’ equity, and equity turnover over the observed periods.

Revenues

Revenues exhibit periodic fluctuations with a general pattern of peaks and troughs. Initial quarters show a steady rise from 6,003 million USD in September 2012 to a peak close to 8,424 million USD in June 2014. Subsequently, there is a decline reaching a low point around 6,077 million USD in September 2015, followed by another peak at 8,037 million USD in December 2017. The values trend upwards again toward the end of the dataset, culminating at 8,499 million USD in December 2018, suggesting cyclical revenue behavior with overall growth across the six-year span.

Total Twenty-First Century Fox, Inc. Stockholders’ Equity

Stockholders’ equity shows a relatively stable to declining trend from September 2012 through June 2016, with a decrease from 26,264 million USD down to approximately 13,661 million USD. After mid-2016, equity levels stabilize and begin to incrementally increase, ultimately reaching a significant spike to 32,005 million USD in December 2018. This late surge may indicate capital restructuring, asset revaluation, or an infusion of equity.

Equity Turnover

The equity turnover ratio indicates the efficiency of equity utilization in generating revenues. Values start at 1.63 in March 2013, increase gradually to a peak of 2.01 in September 2014, and maintain an elevated level around 1.8 to 2.0 through mid-2017. Afterward, a declining trend ensues, with a marked drop to 0.97 by December 2018. This decline suggests a reduced effectiveness in using equity to generate revenue during the final periods.

In summary, while revenues experienced cyclical fluctuations with eventual growth, the stockholders’ equity reduced markedly before recovering sharply in the last quarter. Meanwhile, equity turnover generally improved before deteriorating in the last year, reflecting changes in operational efficiency or capital structure dynamics.