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: 2026-03-31), 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 analyzed period is characterized by an initial phase of rapid improvement in asset utilization efficiency followed by a period of stabilization and a gradual decline in specific activity ratios. While overall asset turnover improved and plateaued, there is a notable and consistent reduction in equity turnover over the long term.
- Net Fixed Asset Turnover
- A strong upward trend was observed from March 2022 (0.91) through September 2023, where the ratio peaked at 1.37. Following this peak, the ratio remained relatively stable before entering a gradual decline, ending at 1.28 by March 2026. This suggests an initial recovery in the efficiency of fixed asset usage that eventually reached a ceiling and began to soften.
- Net Fixed Asset Turnover (Including Operating Leases)
- The ratio incorporating right-of-use assets mirrors the general trend of the standard fixed asset turnover, rising from 0.79 in March 2022 to a peak of 1.25 in June 2024. A subsequent downward trajectory is evident, with the ratio decreasing to 1.14 by March 2026, indicating a slight reduction in revenue generation per unit of total capitalized fixed assets.
- Total Asset Turnover
- Significant growth is observed in total asset turnover, which increased from 0.42 in March 2022 to 0.76 by December 2023. From January 2024 through March 2026, the ratio demonstrated remarkable stability, fluctuating minimally between 0.75 and 0.77. This indicates that the company successfully optimized its overall asset base to support revenue growth before reaching a steady state of operational efficiency.
- Equity Turnover
- A pronounced and continuous downward trend is evident in equity turnover, which fell from 8.00 in March 2022 to 3.81 by March 2026. This steady decline suggests that the growth in the company's equity base has significantly outpaced the growth in revenue, leading to a lower rate of return on equity investments from an activity perspective.
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Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | 47,071) | 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 | 1.28 | 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. | 2.14 | 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. | 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. | 0.41 | 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. | 2.32 | 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: 2026-03-31), 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 Q1 2026 Calculation
Net fixed asset turnover
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Operating property and equipment, net
= (14,608 + 15,396 + 15,225 + 15,236)
÷ 47,071 = 1.28
2 Click competitor name to see calculations.
The analysis of investment activity reveals a trajectory characterized by an initial surge in asset efficiency, followed by a period of stabilization and a subsequent gradual decline. The relationship between operating revenue and net fixed assets demonstrates a shift from rapid revenue-led recovery to a phase where capital expansion outpaces revenue growth.
- Net Fixed Asset Turnover Trend
- A significant upward trend in the net fixed asset turnover ratio is observed between March 2022 and June 2023, with the ratio increasing from 0.91 to a peak of 1.37. This period reflects a high rate of efficiency gain, as operating revenue expanded more rapidly than the investment in property and equipment. Following this peak, the ratio remained relatively stable between 1.34 and 1.37 until June 2024. However, from September 2024 through March 2026, a consistent downward trend emerged, with the ratio contracting to 1.28.
- Revenue Growth and Utilization
- Operating revenue exhibited strong growth in the early stages of the period, rising from 7,566 million US dollars in March 2022 to peaks exceeding 15,000 million US dollars by 2025. While revenue continued to fluctuate seasonally, the growth rate decelerated in the latter half of the observed period. The plateauing of revenue between 2024 and 2026 contributed to the diminishing returns on fixed asset utilization.
- Fixed Asset Expansion
- Operating property and equipment, net, showed a linear and uninterrupted increase throughout the entire timeframe, growing from 31,881 million US dollars in March 2022 to 47,071 million US dollars by March 2026. This steady accumulation of assets indicates a sustained capital investment strategy. Because this investment continued at a constant pace even as revenue growth slowed, the net fixed asset turnover ratio began to decline, signaling that the additional capacity provided by new assets has not yet been fully leveraged to generate proportional increases in 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)
| 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 | 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 | 47,071) | 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 | 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) | 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 | 1.14 | 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. | 1.53 | 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. | 16.27 | 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. | 0.41 | 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. | 2.10 | 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: 2026-03-31), 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 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= (14,608 + 15,396 + 15,225 + 15,236)
÷ 52,811 = 1.14
2 Click competitor name to see calculations.
The financial trajectory between March 2022 and March 2026 reflects a period of significant revenue expansion coupled with a consistent increase in the long-term asset base. While operating revenue demonstrated strong growth, the efficiency of asset utilization, as measured by the net fixed asset turnover ratio, followed a non-linear path of initial rapid improvement followed by a gradual decline.
- Operating Revenue Trends
- A substantial upward trend in operating revenue is evident, rising from 7,566 million US dollars in March 2022 to a peak of 15,396 million US dollars by December 2025. The growth was most aggressive during 2022, transitioning from a low base to a stabilized range above 12,000 million US dollars per quarter. From 2023 through 2025, revenue exhibited seasonal fluctuations but maintained a general upward slope, indicating an expansion of market activity and capacity utilization.
- Asset Base Expansion
- Operating property and equipment, net, including right-of-use assets, grew steadily and without interruption throughout the analyzed period. The asset base increased from 36,460 million US dollars in March 2022 to 52,811 million US dollars by March 2026. This consistent growth suggests a sustained capital investment strategy focused on expanding fleet capacity or enhancing infrastructure to support long-term operational goals.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced three distinct phases. Initially, a sharp increase occurred from March 2022 (0.79) to December 2022 (1.17), as revenue growth significantly outpaced the rate of asset acquisition. This was followed by a period of stabilization between March 2023 and June 2024, where the ratio plateaued between 1.20 and 1.25, suggesting a temporary equilibrium between investment and revenue generation. However, starting in late 2024, a gradual downward trend emerged, with the ratio declining to 1.14 by March 2026. This deceleration indicates that the recent increase in the asset base is growing at a faster rate than the corresponding operating revenue, leading to a slight reduction in the efficiency of long-term asset utilization.
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Total Asset Turnover
United Airlines Holdings Inc., total asset turnover calculation (quarterly data)
| 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 | 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 | 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 | 0.75 | 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. | 1.00 | 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. | 0.90 | 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. | 0.35 | 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. | 1.23 | 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: 2026-03-31), 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 Q1 2026 Calculation
Total asset turnover
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Total assets
= (14,608 + 15,396 + 15,225 + 15,236)
÷ 80,941 = 0.75
2 Click competitor name to see calculations.
Total asset turnover exhibits a clear trajectory of initial rapid growth followed by a period of stabilization. Between March 2022 and December 2023, the ratio increased from 0.42 to 0.76, indicating a significant improvement in the efficiency with which assets were utilized to generate revenue.
- Revenue Growth and Asset Utilization
- Operating revenue showed substantial growth, rising from 7,566 million USD in March 2022 to a peak of 15,396 million USD in December 2025. This revenue expansion occurred while total assets remained relatively stable in the 67,000 to 74,000 million USD range during the first three years, directly driving the upward trend in the asset turnover ratio.
- Stabilization Phase
- From March 2024 through March 2026, the total asset turnover ratio plateaued, fluctuating narrowly between 0.75 and 0.77. During this interval, the growth in total assets—reaching 80,941 million USD by March 2026—began to align more closely with the growth rate of operating revenue, which neutralized further gains in turnover efficiency.
- Seasonal Revenue Patterns
- Periodic fluctuations in operating revenue are observed, with peaks typically occurring in the second and third quarters of each calendar year. Despite these seasonal variances, the asset turnover ratio remained resilient, suggesting that the asset base is scaled effectively to handle peak demand without compromising overall efficiency.
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Equity Turnover
United Airlines Holdings Inc., equity turnover calculation (quarterly data)
| 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 | 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 | 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 | 3.81 | 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. | 3.19 | 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. | 2.17 | 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. | 1.27 | 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. | 5.60 | 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: 2026-03-31), 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 Q1 2026 Calculation
Equity turnover
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Stockholders’ equity
= (14,608 + 15,396 + 15,225 + 15,236)
÷ 15,876 = 3.81
2 Click competitor name to see calculations.
An analysis of the financial trajectory between March 2022 and March 2026 reveals a divergent relationship between revenue growth and equity accumulation, resulting in a sustained contraction of the equity turnover ratio.
- Operating Revenue Trends
- Revenue exhibits pronounced quarterly seasonality, with consistent peaks occurring in the second and third quarters of each year. Despite these fluctuations, a long-term upward trend is evident, as quarterly revenues increased from 7,566 million US dollars in March 2022 to 14,608 million US dollars by March 2026.
- Stockholders' Equity Growth
- A consistent and aggressive expansion of stockholders' equity is observed throughout the period. The equity base grew from 3,624 million US dollars in March 2022 to 15,876 million US dollars by March 2026, indicating a significant increase in the company's net asset position.
- Equity Turnover Dynamics
- The equity turnover ratio demonstrates a steady downward trend, declining from a peak of 8.99 in June 2022 to 3.81 by March 2026. This contraction confirms that the growth in the equity base has significantly outpaced the growth in operating revenue over the analyzed timeframe.
The reduction in the equity turnover ratio indicates a decrease in the efficiency with which equity is utilized to generate sales. Since absolute operating revenues have increased, the declining ratio is primarily a function of the rapid accumulation of equity, which expanded more than fourfold. This pattern reflects a substantial strengthening of the balance sheet and a likely reduction in financial leverage, which has mathematically suppressed the turnover efficiency ratio.
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