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)
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 reveals a period of increasing efficiency in fixed asset utilization followed by a notable decline, alongside a general contraction in the efficiency of total assets and equity. A significant structural shift is observed in the second quarter of 2024, specifically impacting ratios inclusive of operating leases.
- Net Fixed Asset Turnover
- An upward trend was observed from March 2022, with the ratio increasing from 7.18 to a peak of 9.51 in September 2024. This indicates a period of improving efficiency in generating revenue from fixed assets. However, a consistent downward trajectory followed, with the ratio receding to 7.56 by June 2026, suggesting a decrease in asset productivity or a significant increase in fixed asset investment that has not yet yielded proportional revenue growth.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- This ratio initially mirrored the positive trend of the standard fixed asset turnover, rising from 5.53 in March 2022 to a peak of 6.86 in March 2024. A sharp decline occurred between March 2024 (6.86) and September 2024 (4.23), representing a substantial drop in efficiency. The ratio remained depressed for the remainder of the period, fluctuating between 3.71 and 4.31, which suggests the recognition of significant right-of-use assets or new lease obligations that expanded the asset base without an immediate corresponding increase in revenue.
- Total Asset Turnover
- A gradual decline in overall asset efficiency is evident, as the ratio decreased from 0.56 in March 2022 to a low of 0.43 by March 2024. While there was a brief recovery to 0.51 in June 2024, the ratio largely stabilized between 0.46 and 0.49 through June 2026. This indicates a slight overall reduction in the company's ability to generate sales from its total asset base over the observed period.
- Equity Turnover
- Equity utilization followed a pattern similar to total asset turnover, declining from 0.73 in March 2022 to a low of 0.55 in March 2024. Following a spike to 0.70 in June 2024, the ratio entered a period of relative stability, ending at 0.62 in June 2026. The overall trend reflects a reduction in the efficiency with which shareholder equity is being utilized to drive revenue.
AI Ask an analyst for more
Net Fixed Asset Turnover
| 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 thousands) | ||||||||||||||||||||||||
| Revenues | 3,333,900) | 2,986,900) | 3,190,000) | 3,076,400) | 2,964,700) | 2,770,200) | 2,912,000) | 2,771,900) | 2,645,600) | 2,690,600) | 2,517,700) | 2,483,500) | 2,493,200) | 2,374,800) | 2,302,700) | 2,334,300) | 2,196,200) | 2,097,500) | ||||||
| Property and equipment, net | 1,665,000) | 1,608,400) | 1,520,300) | 1,425,100) | 1,335,100) | 1,295,900) | 1,227,800) | 1,117,800) | 1,200,900) | 1,172,800) | 1,159,300) | 1,124,000) | 1,122,400) | 1,111,700) | 1,108,400) | 1,118,700) | 1,100,100) | 1,107,400) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 7.56 | 7.60 | 7.89 | 8.23 | 8.55 | 8.57 | 8.98 | 9.51 | 8.61 | 8.68 | 8.51 | 8.59 | 8.47 | 8.28 | 8.06 | 7.78 | 7.59 | 7.18 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 11.11 | 11.05 | 10.87 | 10.88 | 11.04 | 10.95 | 10.97 | 10.80 | 10.95 | 10.92 | 10.89 | 11.18 | 11.33 | 11.51 | 11.76 | 11.82 | 11.57 | 11.18 | ||||||
| Amgen Inc. | 4.24 | 4.32 | 4.44 | 4.78 | 4.89 | 4.91 | 4.89 | 5.06 | 4.85 | 4.70 | 4.53 | 4.61 | 4.58 | 4.56 | 4.57 | 4.73 | 4.77 | 4.75 | ||||||
| Bristol-Myers Squibb Co. | 6.31 | 6.33 | 6.39 | 6.54 | 6.47 | 6.60 | 6.77 | 6.87 | 6.79 | 6.75 | 6.77 | 6.93 | 7.11 | 7.30 | 7.38 | 7.74 | 7.90 | 7.77 | ||||||
| Danaher Corp. | 4.31 | 4.53 | 4.44 | 4.51 | 4.52 | 4.66 | 4.78 | 4.90 | 5.08 | 5.20 | 5.25 | 6.01 | 6.68 | 7.31 | 7.96 | 8.40 | 8.12 | 7.94 | ||||||
| Eli Lilly & Co. | 2.72 | 2.72 | 2.64 | 2.66 | 2.59 | 2.65 | 2.63 | 2.53 | 2.62 | 2.64 | 2.64 | 2.70 | 2.62 | 2.63 | 2.81 | 3.14 | 3.18 | 3.22 | ||||||
| Gilead Sciences Inc. | 5.11 | 5.19 | 5.16 | 5.19 | 5.26 | 5.27 | 5.28 | 5.22 | 5.17 | 5.13 | 5.07 | 4.88 | 4.91 | 4.88 | 4.93 | 5.01 | 5.13 | 5.18 | ||||||
| Johnson & Johnson | 4.15 | 4.14 | 4.07 | 4.13 | 4.13 | 4.28 | 4.33 | 4.28 | 4.38 | 4.36 | 4.28 | 4.65 | 4.37 | 4.58 | 4.79 | 5.29 | 5.21 | 5.07 | ||||||
| Merck & Co. Inc. | 2.59 | 2.59 | 2.57 | 2.51 | 2.52 | 2.58 | 2.70 | 2.69 | 2.69 | 2.66 | 2.61 | 2.63 | 2.62 | 2.66 | 2.77 | 2.89 | 2.85 | 2.73 | ||||||
| Pfizer Inc. | 3.35 | 3.26 | 3.24 | 3.33 | 3.40 | 3.40 | 3.46 | 3.26 | 2.97 | 2.98 | 3.14 | 3.88 | 4.48 | 5.46 | 6.17 | 6.47 | 6.64 | 6.12 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.85 | 2.83 | 2.80 | 2.85 | 2.94 | 3.00 | 3.09 | 3.12 | 3.13 | 3.10 | 3.16 | 3.27 | 3.23 | 3.19 | 3.23 | 3.70 | 3.91 | 4.64 | ||||||
| Thermo Fisher Scientific Inc. | 4.31 | 4.24 | 4.22 | 4.30 | 4.48 | 4.60 | 4.61 | 4.50 | 4.56 | 4.56 | 4.54 | 4.74 | 4.68 | 4.68 | 4.84 | 5.12 | 5.02 | 4.87 | ||||||
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
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Property and equipment, net
= (3,333,900 + 2,986,900 + 3,190,000 + 3,076,400)
÷ 1,665,000 = 7.56
2 Click competitor name to see calculations.
The financial data indicates a period of consistent revenue growth coupled with a strategic expansion of the fixed asset base, resulting in a fluctuating net fixed asset turnover ratio over the analyzed period.
- Revenue Trends
- Revenues exhibited a sustained upward trajectory, rising from 2,097,500 thousand US dollars in March 2022 to 3,333,900 thousand US dollars by June 2026. This growth was relatively steady, characterized by periodic quarterly increases and occasional minor contractions, reflecting a strong overall expansion in top-line performance.
- Fixed Asset Investment Patterns
- Net property and equipment remained relatively stable between March 2022 and March 2024, fluctuating around the 1.1 billion US dollar mark. However, beginning in late 2024, a more aggressive investment phase is observed, with net fixed assets increasing to 1,665,000 thousand US dollars by June 2026. This represents a significant acceleration in capital expenditure during the latter half of the period.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio experienced two distinct phases. From March 2022 to September 2024, the ratio improved steadily from 7.18 to a peak of 9.51. This indicates that revenue growth outpaced the growth of fixed assets, leading to higher operational efficiency in asset utilization. Conversely, from October 2024 through June 2026, the ratio entered a downward trend, falling to 7.56. This decline is attributable to the rapid increase in net property and equipment, which grew at a faster rate than revenues during this window, thereby lowering the turnover efficiency.
In summary, the company transitioned from a phase of maximizing the utility of existing assets to a phase of significant capital expansion. While absolute revenues continued to climb, the aggressive increase in the fixed asset base has resulted in a reduction of the turnover ratio toward the end of the observed period.
AI Ask an analyst for more
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Vertex Pharmaceuticals Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (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).
1 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (3,333,900 + 2,986,900 + 3,190,000 + 3,076,400)
÷ 3,327,900 = 3.78
The financial data indicates a significant shift in asset utilization and capital investment strategy beginning in the second quarter of 2024. While revenues demonstrated consistent growth throughout the period, the relationship between those revenues and the fixed asset base evolved from a phase of increasing efficiency to a phase of aggressive capacity expansion.
- Revenue Performance
- Revenues exhibited a sustained upward trajectory, increasing from 2,097,500 thousand USD in March 2022 to 3,333,900 thousand USD by June 2026. This growth was relatively steady, providing a consistent baseline for analyzing the efficiency of the company's long-term investments.
- Fixed Asset Accumulation
- The net property and equipment, including right-of-use assets, remained remarkably stable between March 2022 and March 2024, fluctuating narrowly around 1.4 billion USD. However, a substantial expansion began in June 2024, where assets rose to 1,770,700 thousand USD, followed by a sharp increase to 2,513,900 thousand USD by September 2024. This investment trend continued upward, culminating in 3,327,900 thousand USD by June 2026, representing more than a doubling of the fixed asset base compared to the initial period.
- Net Fixed Asset Turnover Trends
- The net fixed asset turnover ratio experienced two distinct phases. From March 2022 to March 2024, the ratio improved steadily from 5.53 to a peak of 6.86, indicating that the company was generating more revenue per unit of fixed asset. This suggests an optimization of existing infrastructure during the first two years.
- Starting in June 2024, the ratio declined sharply to 5.84 and continued to drop, reaching a low of 3.71 by March 2026. This downward trend is a direct result of the rapid increase in the denominator (net fixed assets) outpacing the growth in the numerator (revenues). The decline suggests that the new capital investments have not yet reached full operational productivity or that the company is intentionally scaling its infrastructure in anticipation of future revenue growth.
In summary, the data reflects a transition from a lean operational model characterized by high asset turnover to a capital-intensive phase. The sharp decrease in the net fixed asset turnover ratio since mid-2024 is attributable to massive investments in property, equipment, or leasehold assets, which has temporarily diluted the efficiency of the asset base relative to current revenue generation.
AI Ask an analyst for more
Total Asset Turnover
| 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 thousands) | ||||||||||||||||||||||||
| Revenues | 3,333,900) | 2,986,900) | 3,190,000) | 3,076,400) | 2,964,700) | 2,770,200) | 2,912,000) | 2,771,900) | 2,645,600) | 2,690,600) | 2,517,700) | 2,483,500) | 2,493,200) | 2,374,800) | 2,302,700) | 2,334,300) | 2,196,200) | 2,097,500) | ||||||
| Total assets | 27,423,300) | 26,484,400) | 25,643,000) | 24,862,300) | 24,036,700) | 22,880,500) | 22,533,200) | 22,240,200) | 20,132,100) | 23,917,400) | 22,730,200) | 21,726,200) | 20,349,200) | 18,974,200) | 18,150,900) | 16,706,400) | 15,582,200) | 14,256,100) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.46 | 0.46 | 0.47 | 0.47 | 0.48 | 0.49 | 0.49 | 0.48 | 0.51 | 0.43 | 0.43 | 0.44 | 0.47 | 0.49 | 0.49 | 0.52 | 0.54 | 0.56 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.48 | 0.46 | 0.46 | 0.45 | 0.43 | 0.42 | 0.42 | 0.39 | 0.39 | 0.37 | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.40 | 0.40 | ||||||
| Amgen Inc. | 0.38 | 0.38 | 0.39 | 0.38 | 0.38 | 0.37 | 0.35 | 0.34 | 0.32 | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | 0.38 | 0.38 | 0.41 | 0.41 | ||||||
| Bristol-Myers Squibb Co. | 0.56 | 0.56 | 0.54 | 0.50 | 0.50 | 0.52 | 0.52 | 0.51 | 0.49 | 0.46 | 0.47 | 0.49 | 0.48 | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | ||||||
| Danaher Corp. | 0.27 | 0.30 | 0.29 | 0.30 | 0.29 | 0.30 | 0.31 | 0.29 | 0.30 | 0.28 | 0.28 | 0.29 | 0.33 | 0.35 | 0.37 | 0.39 | 0.38 | 0.36 | ||||||
| Eli Lilly & Co. | 0.56 | 0.62 | 0.58 | 0.52 | 0.53 | 0.55 | 0.57 | 0.54 | 0.54 | 0.56 | 0.53 | 0.55 | 0.54 | 0.52 | 0.58 | 0.62 | 0.62 | 0.62 | ||||||
| Gilead Sciences Inc. | 0.60 | 0.52 | 0.49 | 0.49 | 0.52 | 0.51 | 0.48 | 0.52 | 0.52 | 0.48 | 0.43 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | ||||||
| Johnson & Johnson | 0.49 | 0.48 | 0.47 | 0.48 | 0.47 | 0.46 | 0.49 | 0.49 | 0.48 | 0.50 | 0.51 | 0.53 | 0.47 | 0.47 | 0.51 | 0.55 | 0.54 | 0.53 | ||||||
| Merck & Co. Inc. | 0.51 | 0.51 | 0.47 | 0.50 | 0.54 | 0.56 | 0.55 | 0.54 | 0.55 | 0.58 | 0.56 | 0.56 | 0.56 | 0.54 | 0.54 | 0.55 | 0.53 | 0.51 | ||||||
| Pfizer Inc. | 0.32 | 0.30 | 0.30 | 0.30 | 0.31 | 0.30 | 0.30 | 0.28 | 0.26 | 0.25 | 0.26 | 0.32 | 0.36 | 0.48 | 0.51 | 0.51 | 0.52 | 0.50 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.37 | 0.37 | 0.35 | 0.35 | 0.37 | 0.38 | 0.38 | 0.37 | 0.37 | 0.38 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.50 | 0.52 | 0.63 | ||||||
| Thermo Fisher Scientific Inc. | 0.41 | 0.40 | 0.40 | 0.42 | 0.43 | 0.43 | 0.44 | 0.42 | 0.43 | 0.44 | 0.43 | 0.45 | 0.46 | 0.46 | 0.46 | 0.49 | 0.47 | 0.44 | ||||||
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
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Total assets
= (3,333,900 + 2,986,900 + 3,190,000 + 3,076,400)
÷ 27,423,300 = 0.46
2 Click competitor name to see calculations.
An analysis of the financial data reveals a period of consistent expansion in both top-line revenue and the total asset base, although these movements occurred at diverging rates, impacting overall asset utilization efficiency.
- Revenue and Asset Growth Patterns
- Revenues exhibited a consistent upward trajectory, increasing from $2.097 billion in March 2022 to $3.333 billion by June 2026. During the same period, total assets grew more aggressively, rising from $14.256 billion to $27.423 billion. Because the expansion of the asset base generally outpaced the growth in revenue, there was a systemic compression of the asset turnover ratio throughout the first half of the observed period.
- Total Asset Turnover Fluctuations
- The total asset turnover ratio showed a steady decline from 0.56 in March 2022 to a minimum of 0.43 by December 2023. A notable anomaly occurred in June 2024, when the ratio spiked to 0.51. This improvement in the ratio was not driven by a surge in revenue, but rather by a significant reduction in total assets, which dropped from $23.917 billion in March 2024 to $20.132 billion in June 2024. Following this correction, the ratio stabilized and gradually trended toward 0.46 by June 2026.
- Asset Utilization Efficiency
- The long-term trend indicates a reduction in the efficiency with which assets are used to generate sales. The transition from a turnover ratio of 0.56 to 0.46 suggests that each dollar invested in assets is producing less revenue than in previous years. This pattern is characteristic of a company in a heavy investment phase where asset accumulation precedes the full realization of corresponding revenue streams.
AI Ask an analyst for more
Equity Turnover
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Revenues | 3,333,900) | 2,986,900) | 3,190,000) | 3,076,400) | 2,964,700) | 2,770,200) | 2,912,000) | 2,771,900) | 2,645,600) | 2,690,600) | 2,517,700) | 2,483,500) | 2,493,200) | 2,374,800) | 2,302,700) | 2,334,300) | 2,196,200) | 2,097,500) | ||||||
| Shareholders’ equity | 20,247,900) | 19,361,900) | 18,665,800) | 17,318,800) | 17,175,400) | 16,496,300) | 16,409,600) | 15,630,900) | 14,774,700) | 18,546,600) | 17,580,400) | 16,512,800) | 15,470,200) | 14,432,300) | 13,912,700) | 13,029,600) | 11,933,500) | 10,907,000) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.62 | 0.63 | 0.64 | 0.68 | 0.66 | 0.67 | 0.67 | 0.68 | 0.70 | 0.55 | 0.56 | 0.58 | 0.61 | 0.64 | 0.64 | 0.67 | 0.70 | 0.73 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 40.40 | 16.94 | 9.21 | 8.11 | 6.79 | 5.24 | 4.56 | 4.35 | 4.27 | 3.36 | 3.62 | 3.91 | 3.48 | ||||||
| Amgen Inc. | 3.10 | 3.86 | 4.06 | 3.59 | 4.51 | 5.28 | 5.45 | 4.14 | 4.99 | 5.61 | 4.32 | 3.35 | 3.73 | 4.66 | 6.77 | 6.71 | 10.17 | 26.68 | ||||||
| Bristol-Myers Squibb Co. | 2.20 | 2.42 | 2.61 | 2.59 | 2.74 | 2.74 | 2.96 | 2.77 | 2.73 | 2.76 | 1.53 | 1.55 | 1.41 | 1.44 | 1.49 | 1.43 | 1.45 | 1.49 | ||||||
| Danaher Corp. | 0.48 | 0.47 | 0.47 | 0.48 | 0.46 | 0.47 | 0.48 | 0.46 | 0.47 | 0.44 | 0.45 | 0.49 | 0.54 | 0.58 | 0.63 | 0.67 | 0.66 | 0.65 | ||||||
| Eli Lilly & Co. | 2.35 | 2.32 | 2.46 | 2.50 | 2.91 | 3.11 | 3.17 | 2.87 | 2.87 | 2.80 | 3.17 | 2.86 | 2.67 | 2.47 | 2.68 | 2.90 | 3.40 | 3.14 | ||||||
| Gilead Sciences Inc. | 2.52 | 1.24 | 1.27 | 1.33 | 1.46 | 1.49 | 1.48 | 1.52 | 1.51 | 1.56 | 1.18 | 1.22 | 1.28 | 1.27 | 1.27 | 1.27 | 1.34 | 1.37 | ||||||
| Johnson & Johnson | 1.15 | 1.19 | 1.16 | 1.16 | 1.15 | 1.14 | 1.24 | 1.25 | 1.21 | 1.22 | 1.24 | 1.23 | 1.20 | 1.30 | 1.24 | 1.29 | 1.25 | 1.27 | ||||||
| Merck & Co. Inc. | 1.59 | 1.43 | 1.24 | 1.24 | 1.30 | 1.32 | 1.39 | 1.42 | 1.43 | 1.52 | 1.60 | 1.44 | 1.51 | 1.24 | 1.29 | 1.33 | 1.32 | 1.32 | ||||||
| Pfizer Inc. | 0.75 | 0.70 | 0.72 | 0.68 | 0.72 | 0.69 | 0.72 | 0.65 | 0.64 | 0.61 | 0.67 | 0.71 | 0.79 | 0.92 | 1.05 | 1.08 | 1.16 | 1.12 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.49 | 0.47 | 0.46 | 0.46 | 0.47 | 0.48 | 0.48 | 0.47 | 0.48 | 0.49 | 0.51 | 0.53 | 0.53 | 0.53 | 0.54 | 0.64 | 0.69 | 0.83 | ||||||
| Thermo Fisher Scientific Inc. | 0.88 | 0.87 | 0.83 | 0.86 | 0.86 | 0.87 | 0.86 | 0.86 | 0.89 | 0.93 | 0.92 | 0.96 | 0.99 | 1.04 | 1.02 | 1.01 | 1.01 | 1.00 | ||||||
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
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ Shareholders’ equity
= (3,333,900 + 2,986,900 + 3,190,000 + 3,076,400)
÷ 20,247,900 = 0.62
2 Click competitor name to see calculations.
The financial analysis reveals a period of sustained revenue growth coupled with a significant expansion of shareholders' equity, which has resulted in a general long-term decline in equity turnover efficiency, interrupted by a single anomalous event.
- Revenue Trends
- A consistent upward trajectory in revenues is observed, rising from 2,097,500 thousand USD in March 2022 to 3,333,900 thousand USD by June 2026. The growth is steady, with minimal quarterly volatility, indicating a stable expansion of the company's top-line performance.
- Shareholders' Equity Dynamics
- Shareholders' equity experienced substantial growth, increasing from 10,907,000 thousand USD in March 2022 to 20,247,900 thousand USD in June 2026. A significant disruption occurred between March 2024 and June 2024, where equity decreased sharply from 18,546,600 thousand USD to 14,774,700 thousand USD, suggesting a major capital reallocation or distribution event. Following this dip, equity resumed its growth pattern through the remainder of the period.
- Equity Turnover Interpretation
- The equity turnover ratio exhibited a progressive decline from 0.73 in March 2022 to 0.55 in March 2024, signaling that equity was accumulating at a faster rate than revenue was growing. A sharp rebound to 0.70 occurred in June 2024, which was a mathematical result of the sudden decrease in the equity base rather than an improvement in operational efficiency. From June 2024 onward, the ratio entered another gradual decline, ending at 0.62 in June 2026. This overall pattern indicates a diminishing capacity to generate incremental revenue per unit of equity invested over the long term.
AI Ask an analyst for more