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: 2026-06-30), 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 analysis of investment activity ratios indicates a period of initial efficiency gains in asset utilization followed by a stabilization phase, contrasted by a consistent and significant decline in equity turnover over the observed period.
- Net Fixed Asset Turnover
- A positive trajectory is observed from March 2022, where the ratio rose from 0.91 to a peak of 1.37 by mid-2023. This improvement suggests an increased capacity to generate revenue from fixed assets. Following this peak, the ratio remained relatively stable, although a slight downward trend emerged starting in late 2024, ending at 1.31 by June 2026.
- Net Fixed Asset Turnover Including Right-of-Use Assets
- The turnover ratio incorporating operating leases mirrored the general fixed asset trend, increasing from 0.79 in early 2022 to a peak of 1.25 in June 2024. A gradual decline is noted thereafter, reaching 1.16 by June 2026, which indicates a slight reduction in the revenue-generating efficiency of the combined leased and owned asset base.
- Total Asset Turnover
- A consistent upward trend is evident in total asset turnover, which grew from 0.42 in March 2022 to a peak of 0.77 by late 2024. This reflects a substantial enhancement in overall operational efficiency during the first half of the period. From late 2024 through June 2026, the ratio entered a plateau phase, fluctuating narrowly between 0.74 and 0.77.
- Equity Turnover
- In contrast to the asset turnover metrics, equity turnover exhibits a pronounced and sustained decline. After reaching a peak of 8.99 in June 2022, the ratio declined steadily, falling below 5.00 by December 2024 and continuing to decrease to 3.77 by June 2026. This downward trend indicates a significant increase in the equity base relative to revenue growth, suggesting a shift in capital structure or a substantial accumulation of retained earnings.
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Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 17,672) | 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 | 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 | 1.31 | 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. | 2.18 | 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. | 0.42 | 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: 2026-06-30), 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 Q2 2026 Calculation
Net fixed asset turnover
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Operating property and equipment, net
= (17,672 + 14,608 + 15,396 + 15,225)
÷ 47,958 = 1.31
2 Click competitor name to see calculations.
An analysis of the investment activity ratios reveals a period of significant improvement in asset efficiency followed by a phase of stabilization and a subsequent gradual decline. The relationship between operating revenue and net fixed assets indicates a strategic expansion of the asset base that initially yielded high returns but later faced diminishing marginal efficiency.
- Revenue and Asset Growth Trends
- Operating revenue experienced substantial growth, rising from 7,566 million USD in March 2022 to 17,672 million USD by June 2026. Concurrently, net operating property and equipment maintained a consistent upward trajectory, increasing from 31,881 million USD to 47,958 million USD over the same period. This steady increase in fixed assets reflects a sustained capital investment strategy to expand operational capacity.
- Net Fixed Asset Turnover Dynamics
- The net fixed asset turnover ratio exhibited a sharp increase during the first year, climbing from 0.91 in March 2022 to a peak of 1.37 in June 2023. This rapid ascent indicates that revenue growth significantly outpaced the rate of capital expenditure during this period, leading to higher efficiency in asset utilization. Following this peak, the ratio remained relatively stable, fluctuating within a narrow range between 1.33 and 1.37 through March 2024.
- Long-term Efficiency and Asset Utilization
- From June 2024 through March 2026, a gradual downward trend in the turnover ratio is observed, with values declining to 1.28. Although a slight recovery to 1.31 occurred in June 2026, the overall trend suggests that recent investments in property and equipment have not generated a proportional increase in revenue. This indicates a potential lag between the deployment of new capital assets and the realization of their full revenue-generating potential.
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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)
| 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 | 17,672) | 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 | 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 | 6,161) | 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) | 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 | 1.14 | 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. | 1.57 | 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. | 0.42 | 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: 2026-06-30), 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 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= (17,672 + 14,608 + 15,396 + 15,225)
÷ 54,119 = 1.16
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 reflects a transition from a rapid post-recovery growth phase to a period of significant capital expansion. While both operating revenue and the fixed asset base increased over the period, the rate of growth between these two variables shifted, impacting the overall efficiency of asset utilization.
- Operating Revenue Trends
- Operating revenue demonstrated a strong overall upward trend, increasing from 7,566 million USD in March 2022 to a peak of 17,672 million USD in June 2026. The data reveals a consistent seasonal fluctuation, with revenue typically peaking in the second and third quarters and contracting in the first and fourth quarters of each fiscal year.
- Fixed Asset Investment
- A steady and continuous increase in net operating property and equipment, including right-of-use assets, is observed. The asset base expanded from 36,460 million USD in March 2022 to 54,119 million USD by June 2026. This persistent growth indicates a sustained long-term investment strategy in physical infrastructure and leased assets.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio exhibited two distinct phases. In the first phase, from March 2022 to June 2024, the ratio rose sharply from 0.79 to a peak of 1.25, indicating that revenue was growing at a faster rate than the investment in fixed assets. In the second phase, beginning in mid-2024, the ratio entered a gradual decline, sliding to 1.14 by March 2026 before a slight uptick to 1.16 in June 2026. This suggests that the aggressive expansion of the asset base eventually began to outpace revenue growth, resulting in a slight reduction in the efficiency of asset turnover.
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Total Asset Turnover
United Airlines Holdings Inc., total asset turnover calculation (quarterly data)
| 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 | 17,672) | 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 | 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 | 0.74 | 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. | 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 | 0.35 | 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: 2026-06-30), 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 Q2 2026 Calculation
Total asset turnover
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Total assets
= (17,672 + 14,608 + 15,396 + 15,225)
÷ 84,569 = 0.74
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a distinct transition from a rapid recovery phase to a period of operational stabilization. Between March 2022 and December 2023, there was a consistent upward trajectory in asset efficiency, with the turnover ratio increasing from 0.42 to 0.76. This improvement was primarily driven by significant growth in operating revenue, which rose from $7.57 billion to $13.63 billion during this period, while the asset base remained relatively stable.
- Asset Utilization Trends
- Following the initial surge, the total asset turnover ratio entered a plateau phase starting in March 2024, fluctuating within a narrow band between 0.74 and 0.77. This indicates that subsequent increases in operating revenue were matched by proportional expansions in the total asset base, suggesting a state of equilibrium in capital utilization.
- Revenue and Asset Correlation
- Operating revenue exhibits clear seasonality, typically peaking in the second and third quarters of each year. Despite these fluctuations, the total asset base grew steadily from $69.04 billion in March 2022 to $84.57 billion by June 2026. The initial disparity between revenue growth and asset accumulation explains the sharp rise in turnover, whereas the later convergence of these growth rates led to the observed stabilization.
- Long-term Efficiency Outlook
- The trajectory suggests that the company has reached a mature level of asset productivity. The slight decline in the turnover ratio to 0.74 by June 2026, despite record revenues of $17.67 billion, reflects the impact of a larger asset base, likely resulting from long-term investments or fleet expansions that have not yet proportionally increased revenue output.
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Equity Turnover
United Airlines Holdings Inc., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | 17,672) | 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 | 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 | 3.77 | 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. | 3.20 | 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. | 1.23 | 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: 2026-06-30), 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 Q2 2026 Calculation
Equity turnover
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Stockholders’ equity
= (17,672 + 14,608 + 15,396 + 15,225)
÷ 16,697 = 3.77
2 Click competitor name to see calculations.
Analysis of the financial trajectory from March 2022 through June 2026 reveals a consistent divergence between revenue growth and the expansion of stockholders' equity, resulting in a sustained decline in equity turnover.
- Operating Revenue Trends
- Operating revenue exhibits a general upward trajectory, increasing from 7,566 million US dollars in March 2022 to a peak of 17,672 million US dollars by June 2026. The growth pattern is characterized by notable seasonal volatility, with recurring peaks in the second and third quarters of each fiscal year.
- Stockholders' Equity Expansion
- A significant and steady increase in stockholders' equity is observed over the analyzed period. Equity grew from 3,624 million US dollars in March 2022 to 16,697 million US dollars by June 2026. This expansion is more linear and aggressive than the growth observed in operating revenue, representing a substantial strengthening of the company's capital base.
- Equity Turnover Performance
- The equity turnover ratio shows a definitive downward trend. Following a peak of 8.99 in June 2022, the ratio declined steadily to 3.77 by June 2026. This indicates a decrease in the efficiency with which the company utilizes its equity to generate sales.
- Interdependency Analysis
- The contraction of the equity turnover ratio is a direct result of the disproportionate growth between the numerator (operating revenue) and the denominator (stockholders' equity). While both metrics increased, the equity base grew at a significantly faster rate than revenue. This suggests a transition toward a more conservative financial structure with a larger equity cushion, which inherently lowers the turnover ratio.
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