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)
United Airlines Holdings 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 period of efficiency gains between early 2022 and mid-2024, followed by a phase of relative stabilization. While asset utilization improved significantly during the initial recovery phase, there is a distinct and sustained contraction in equity turnover over the entire observed period.
- Fixed Asset Utilization
- Net fixed asset turnover demonstrated a strong upward trajectory, rising from 0.91 in March 2022 to a peak of 1.37 by June 2023. This indicates an increase in the revenue generated per unit of net fixed assets. When including operating lease right-of-use assets, a similar pattern emerges, with the ratio climbing from 0.79 to a peak of 1.25 in June 2024. Both metrics stabilized in the later periods, with the net fixed asset turnover ending at 1.33 and the lease-inclusive ratio at 1.16 by September 2026, suggesting that capacity expansion has aligned with revenue growth.
- Total Asset Efficiency
- Total asset turnover showed consistent improvement from March 2022 (0.42) through September 2024 (0.77). This trend reflects a broader optimization of the entire asset base in relation to sales. Following this period of growth, the ratio remained remarkably stable, fluctuating narrowly between 0.74 and 0.77 through September 2026, indicating that the company reached a steady state of asset productivity.
- Equity Turnover Trends
- A significant and continuous decline is observed in equity turnover, which peaked at 8.99 in June 2022 before descending to 3.69 by September 2026. This downward trend indicates that the company's equity base grew at a much faster rate than its revenue. Such a shift typically suggests a reduction in financial leverage or a substantial accumulation of retained earnings, leading to a lower ratio of sales relative to shareholder equity.
Overall, the data reveals a transition from a high-leverage, recovering efficiency model to a more stable operational phase characterized by improved asset utilization and a strengthened equity position.
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Net Fixed Asset Turnover
United Airlines Holdings 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) | |||||||||||||||||||||||||
| Operating revenue | 17,875) | 17,672) | 14,608) | 15,396) | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | ||||||
| Operating property and equipment, net | 49,368) | 47,958) | 47,071) | 46,121) | 44,968) | 43,896) | 43,430) | 42,908) | 41,680) | 40,665) | 40,470) | 39,815) | 38,360) | 37,128) | 35,837) | 34,448) | 32,506) | 31,853) | 31,881) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.33 | 1.31 | 1.28 | 1.28 | 1.30 | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 2.21 | 2.18 | 2.14 | 2.11 | 2.14 | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | ||||||
| Uber Technologies Inc. | — | 30.53 | 29.15 | 27.42 | 25.70 | 24.30 | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | ||||||
| Union Pacific Corp. | 0.43 | 0.42 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | ||||||
| United Parcel Service Inc. | — | 2.37 | 2.32 | 2.35 | 2.37 | 2.39 | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | ||||||
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
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Operating property and equipment, net
= (17,875 + 17,672 + 14,608 + 15,396)
÷ 49,368 = 1.33
2 Click competitor name to see calculations.
The analysis of the long-term activity ratios indicates a period of rapid efficiency gains followed by a sustained phase of operational stabilization. The net fixed asset turnover ratio demonstrates a significant upward trajectory in the initial periods before leveling off, reflecting a strategic alignment between asset investment and revenue generation.
- Net Fixed Asset Turnover Performance
- A sharp increase in asset efficiency is observed between March 31, 2022, and June 30, 2023, where the turnover ratio rose from 0.91 to 1.37. This initial surge suggests a rapid optimization of existing assets or a faster recovery in revenue relative to the growth of the fixed asset base. Following this peak, the ratio entered a period of relative stability, fluctuating within a narrow band between 1.28 and 1.37 through September 30, 2026.
- Correlation Between Revenue and Asset Expansion
- Operating revenue exhibited a strong overall growth trend, increasing from 7,566 million US dollars in March 2022 to 17,875 million US dollars by September 2026. Concurrently, net operating property and equipment grew steadily from 31,881 million US dollars to 49,368 million US dollars. The simultaneous growth of both metrics explains the stabilization of the turnover ratio; the company expanded its capital investment base at a rate that generally mirrored its revenue growth.
- Long-term Efficiency Trends
- From March 31, 2023, through the end of the analyzed period, the net fixed asset turnover remained remarkably consistent, averaging approximately 1.33. A slight dip to 1.28 was noted in early 2026, followed by a recovery to 1.33 by September 30, 2026. This pattern indicates that the entity has reached a steady state of capital productivity, where new investments in property and equipment are yielding proportional increments in operating revenue.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Airlines Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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) | |||||||||||||||||||||||||
| Operating revenue | 17,875) | 17,672) | 14,608) | 15,396) | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | ||||||
| Operating property and equipment, net | 49,368) | 47,958) | 47,071) | 46,121) | 44,968) | 43,896) | 43,430) | 42,908) | 41,680) | 40,665) | 40,470) | 39,815) | 38,360) | 37,128) | 35,837) | 34,448) | 32,506) | 31,853) | 31,881) | ||||||
| Operating lease right-of-use assets | 6,992) | 6,161) | 5,740) | 4,958) | 4,821) | 4,517) | 4,092) | 3,815) | 3,782) | 3,803) | 3,895) | 3,914) | 3,975) | 3,995) | 4,019) | 3,889) | 4,280) | 4,440) | 4,579) | ||||||
| Operating property and equipment, net (including operating lease, right-of-use asset) | 56,360) | 54,119) | 52,811) | 51,079) | 49,789) | 48,413) | 47,522) | 46,723) | 45,462) | 44,468) | 44,365) | 43,729) | 42,335) | 41,123) | 39,856) | 38,337) | 36,786) | 36,293) | 36,460) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.16 | 1.16 | 1.14 | 1.16 | 1.17 | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.59 | 1.57 | 1.53 | 1.51 | 1.53 | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | ||||||
| Uber Technologies Inc. | — | 16.40 | 16.27 | 17.28 | 16.23 | 15.26 | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | ||||||
| Union Pacific Corp. | 0.43 | 0.42 | 0.41 | 0.40 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | ||||||
| United Parcel Service Inc. | — | 2.15 | 2.10 | 2.11 | 2.13 | 2.17 | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | ||||||
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 (including operating lease, right-of-use asset)
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= (17,875 + 17,672 + 14,608 + 15,396)
÷ 56,360 = 1.16
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a distinct three-phase trajectory characterized by an initial period of rapid growth, a period of relative stability, and a subsequent gradual decline. This trend reflects the dynamic relationship between expanding operating revenues and a consistently increasing investment in operating property and equipment, including right-of-use assets.
- Initial Efficiency Acceleration
- Between March 2022 and June 2023, the net fixed asset turnover ratio rose sharply from 0.79 to 1.24. This improvement indicates that operating revenues grew at a significantly faster rate than the asset base during this period, suggesting a high degree of capacity utilization as operations scaled upward.
- Asset Base Expansion and Stabilization
- Operating property and equipment, net, showed a consistent upward trend throughout the analyzed period, increasing from 36,460 million US dollars in March 2022 to 56,360 million US dollars by September 2026. From mid-2023 through mid-2024, the turnover ratio remained relatively stable, peaking at 1.25 in June 2024, indicating a temporary equilibrium where revenue growth closely matched the pace of capital investment.
- Marginal Decline in Asset Productivity
- Starting in the latter half of 2024, a gradual downward trend is observed in the turnover ratio, which decreased to 1.16 by September 2026. Although operating revenues continued to grow—reaching 17,875 million US dollars in the final period—the pace of asset accumulation began to outstrip revenue gains. This resulted in a slight reduction in the efficiency with which the company generated revenue from its long-term investment base.
Overall, while the company significantly increased its revenue-generating capacity and total asset value over the four-year period, the most rapid gains in asset efficiency occurred in the early stages, followed by a period of diminishing marginal returns on new fixed asset investments.
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Total Asset Turnover
United Airlines Holdings 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) | |||||||||||||||||||||||||
| Operating revenue | 17,875) | 17,672) | 14,608) | 15,396) | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | ||||||
| Total assets | 85,120) | 84,569) | 80,941) | 76,448) | 76,313) | 77,163) | 76,111) | 74,083) | 72,640) | 73,254) | 71,902) | 71,104) | 73,153) | 73,341) | 70,417) | 67,358) | 68,968) | 70,381) | 69,038) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.77 | 0.74 | 0.75 | 0.77 | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.97 | 1.01 | 1.00 | 1.00 | 1.03 | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | ||||||
| Uber Technologies Inc. | — | 0.84 | 0.90 | 0.84 | 0.78 | 0.85 | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | ||||||
| Union Pacific Corp. | 0.36 | 0.36 | 0.35 | 0.35 | 0.36 | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | ||||||
| United Parcel Service Inc. | — | 1.26 | 1.23 | 1.21 | 1.25 | 1.27 | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | ||||||
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
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Total assets
= (17,875 + 17,672 + 14,608 + 15,396)
÷ 85,120 = 0.77
2 Click competitor name to see calculations.
An analysis of operational efficiency reveals a distinct two-phase trend in asset utilization. The initial period, spanning from early 2022 through the end of 2023, was characterized by a significant and consistent increase in the total asset turnover ratio. Following this growth phase, the ratio entered a period of stabilization, maintaining a narrow range through the third quarter of 2026.
- Asset Utilization Growth Phase (2022–2023)
- The total asset turnover ratio experienced a sharp ascent, rising from 0.42 in March 2022 to 0.76 by December 2023. This improvement was primarily driven by a substantial increase in operating revenue, which grew from 7,566 million USD to 13,626 million USD over this period. During this same timeframe, total assets remained relatively contained, fluctuating between a low of 67,358 million USD and a high of 73,341 million USD, allowing revenue growth to outpace asset expansion and drive higher efficiency.
- Efficiency Stabilization Phase (2024–2026)
- From March 2024 through September 2026, the total asset turnover ratio plateaued, fluctuating minimally between 0.74 and 0.77. While operating revenue continued its upward trajectory, reaching 17,875 million USD by the end of the period, this growth was mirrored by a steady expansion of the total asset base, which increased to 85,120 million USD. The synchronization between revenue growth and asset accumulation indicates that the organization has reached a steady state of productivity where new investments are generating revenue proportional to existing assets.
- Revenue Volatility and Asset Correlation
- Operating revenue exhibited recurring seasonal patterns, with peaks consistently appearing in the second and third quarters of each year. Despite these fluctuations in quarterly revenue, the total asset turnover ratio remained remarkably stable after 2023. This suggests that the underlying asset base is being utilized with consistent efficiency regardless of seasonal demand surges, reflecting a matured operational capacity.
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Equity Turnover
United Airlines Holdings 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) | |||||||||||||||||||||||||
| Operating revenue | 17,875) | 17,672) | 14,608) | 15,396) | 15,225) | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 15,876) | 15,282) | 14,309) | 13,373) | 12,616) | 12,675) | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 3.69 | 3.77 | 3.81 | 3.87 | 4.08 | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 3.08 | 3.20 | 3.19 | 3.13 | 3.29 | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | ||||||
| Uber Technologies Inc. | — | 2.02 | 2.17 | 1.92 | 1.76 | 2.09 | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | ||||||
| Union Pacific Corp. | 1.20 | 1.23 | 1.27 | 1.33 | 1.42 | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | ||||||
| United Parcel Service Inc. | — | 5.97 | 5.60 | 5.46 | 5.66 | 5.73 | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | ||||||
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
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Stockholders’ equity
= (17,875 + 17,672 + 14,608 + 15,396)
÷ 17,754 = 3.69
2 Click competitor name to see calculations.
The financial performance from March 2022 to September 2026 is characterized by a simultaneous increase in operating revenue and stockholders' equity, which has resulted in a consistent and significant decline in the equity turnover ratio.
- Operating Revenue Trends
- Operating revenue demonstrates a strong long-term upward trajectory, increasing from 7,566 million USD in March 2022 to 17,875 million USD by September 2026. The growth pattern exhibits clear seasonality, with recurring peaks in the second and third quarters of each fiscal year and relative contractions in the first and fourth quarters.
- Stockholders' Equity Expansion
- A substantial and steady accumulation of stockholders' equity is observed throughout the period. Equity rose from 3,624 million USD in March 2022 to 17,754 million USD by September 2026. This represents a nearly five-fold increase in the equity base, indicating a significant strengthening of the company's net asset position.
- Equity Turnover Dynamics
- The equity turnover ratio shows a sustained downward trend, falling from a peak of 8.99 in June 2022 to 3.69 by September 2026. This decline indicates that the rate of growth in stockholders' equity has consistently outpaced the rate of growth in operating revenue. While the company is generating higher absolute revenue, the efficiency of using equity to generate those sales has diminished over time.
The convergence of these trends suggests a fundamental shift in the financial structure. The reduction in the turnover ratio implies that the company is operating with a much larger equity cushion relative to its sales volume than it was at the start of the period. Consequently, while the company has scaled its operations significantly, the productivity of its equity investment, as measured by revenue generation, has decreased by approximately 54% from its peak.
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