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.
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Long-term Activity Ratios (Summary)
eBay Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio displays notable fluctuations across the analyzed quarters. Starting at 6.17 in March 2015, it decreased steadily to 4.83 by September 2015, followed by a sharp increase to 7.29 by December 2015. Subsequently, it stabilized within a narrower range between approximately 5.53 and 6.83 from 2016 through 2019. The latter quarters show a slight upward trend, culminating at 7.16 in September 2019. This pattern suggests periods of varying efficiency in generating revenue from fixed assets, with a tendency toward gradual improvement over the longer term.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio closely mirrors the net fixed asset turnover without lease considerations up until December 2018. However, from March 2019 onward, the ratio exhibits a marked decline, dropping from approximately 6.73 to a low of 4.74 in March 2019 and recovering modestly to 5.05 by September 2019. The inclusion of operating lease assets, likely due to accounting changes or increased lease obligations, appears to reduce the turnover ratio, indicating a relative increase in asset base from leases compared to revenue generated.
- Total Asset Turnover
- The total asset turnover ratio shows variability with an initial decrease from 0.40 in March 2015 to 0.29 in September 2015, followed by a rebound to 0.61 at the end of the same year. Through 2016 to 2019, the ratio demonstrates a general upward trajectory, improving from around 0.38 to 0.58 by September 2019. This trend reflects progressively more efficient use of total assets to generate sales revenue over time.
- Equity Turnover
- Equity turnover displays considerable volatility and a notable upward trend across the periods. Starting at 0.90 in March 2015, it dips to 0.68 by September 2015 then spikes sharply to 1.72 at December 2015. A decline follows in 2016, with lows around 0.78, but from 2017 onwards, there is consistent growth, reaching a high of 3.32 in the third quarter of 2019. This indicates increasing efficiency in using shareholder equity to generate sales, possibly driven by improved operational performance or changes in capital structure.
Net Fixed Asset Turnover
eBay Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Net fixed asset turnover
= (Net revenuesQ3 2019
+ Net revenuesQ2 2019
+ Net revenuesQ1 2019
+ Net revenuesQ4 2018)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues display a seasonal pattern with a noticeable peak typically occurring in the fourth quarter of each year, reflecting increased business activity during this period. Throughout 2014, revenues rose steadily from 4262 to 4921 million US dollars. However, in 2015, there is a marked reduction in reported revenues for the first four quarters, approximately halving compared to 2014 figures, indicating either a change in accounting methods, reporting scope, or a significant restructuring event. From 2016 onwards, net revenues stabilize, fluctuating within a range of about 2100 to 2900 million US dollars, showing moderate growth and consistent quarterly outputs without the previous large peak in late 2014.
- Property and Equipment, Net
- The net value of property and equipment remains relatively stable across the quarters, fluctuating between approximately 1500 and 2900 million US dollars. In early 2014, values hover near 2686 million, dipping slightly in mid-2015, then showing a sharper decline by the third quarter of 2015 to around 1535 million. From late 2015 through 2019, the asset base consistently stays near the 1500 to 1600 million range, indicating a reduction or disposal of older assets or a change in capitalization policies. This decreased asset base contrasts with the higher values seen in 2014, suggesting a significant asset revaluation or divestiture occurred around that period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a general increasing trend, indicative of improving efficiency in asset utilization to generate revenues. Starting in early 2014 without available data, the ratio is first recorded at 6.17 and moves downward slightly to 4.83 in Q3 2015 before rising again sharply to 7.29 in Q4 2015. From 2016 onwards, it steadily increases from about 5.53 up to 7.16 by the end of the observed period in 2019. This rising trend implies enhanced effectiveness in using the net fixed assets to support revenue generation, possibly linked to the reduced asset base combined with stable or increasing revenues.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
eBay Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ3 2019
+ Net revenuesQ2 2019
+ Net revenuesQ1 2019
+ Net revenuesQ4 2018)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues demonstrated a somewhat volatile pattern over the observed periods. Starting at $4,262 million in March 2014, the values remained relatively stable through 2014, culminating in a peak of $4,921 million in December 2014. A substantial drop occurs in the first quarter of 2015, with revenues halving to approximately $2,061 million, suggestive of either a change in reporting or significant operational restructuring. Subsequent quarters from 2015 onward show moderate recovery and steady growth, with revenues increasing gradually, reaching up to approximately $2,877 million by the end of 2018. However, in 2019, the revenues display a slight decline and stabilization around the $2,600 million mark, indicating a plateau in growth during that year.
- Property and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net value of property and equipment started at $2,686 million in March 2014 and showed a general upward trend until early 2015, peaking at $2,947 million in March 2015. This period was followed by a sharp decrease to approximately $1,535 million by September 2015, suggesting a possible asset reclassification, disposal, or changes due to accounting standards related to leases. From 2015 onward, the net property and equipment values remained relatively stable, fluctuating modestly between $1,496 million and $1,597 million through the end of 2018. A notable increase again appears in 2019, with net property and equipment rising to over $2,200 million by mid-2019, though it slightly declines toward the end of that year. This pattern indicates intermittent asset acquisitions or changes in lease accounting that materially affect the reported asset base.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The ratio of net fixed asset turnover displays visible fluctuations aligned with the changes in property and equipment values and revenues. Beginning at a higher value of 6.17 in December 2014, the turnover ratio declined to 4.83 by March 2015, reflecting the spike in asset value or drop in revenues during this period. It then rebounded markedly to 7.29 by June 2015, indicating improved utilization of fixed assets relative to revenues. Throughout the period from 2016 to 2018, this ratio remained relatively stable, oscillating within a narrow range of approximately 5.84 to 6.73, suggesting consistent asset efficiency in generating revenues. However, in 2019, the turnover ratio declined to a lower range between 4.74 and 5.05, likely influenced by the increased asset base observed that year combined with relatively stable revenues, leading to a moderation in asset utilization efficiency.
Total Asset Turnover
eBay Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Total asset turnover
= (Net revenuesQ3 2019
+ Net revenuesQ2 2019
+ Net revenuesQ1 2019
+ Net revenuesQ4 2018)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a seasonal pattern with generally higher values in the fourth quarter of each year. Initially, from early 2014 to the end of 2014, there is a gradual increase from approximately 4,262 million to 4,921 million US dollars. However, data for 2015 show a significant drop in reported revenue values in the first quarter (around 2,061 million), suggesting possible changes in reporting or business structure. From mid-2015 onward, net revenues stabilize at the 2,000 to 2,600 million range per quarter, showing moderate growth into 2018 and early 2019. The fourth quarters consistently demonstrate peaks, evidencing strong seasonal effects likely related to holiday periods. Overall, revenues maintain a general upward trend after the 2015 dip, signaling growth in business activity despite underlying changes.
- Total Assets
- Total assets show a general declining trend from early 2014 through late 2019, decreasing from roughly 40,500 million US dollars to about 18,700 million by the last quarter reported. There is a notable discontinuity around mid-2015, where reported asset values drop substantially, possibly reflecting asset divestitures, restructuring, or accounting modifications. Following 2015, assets fluctuate marginally but continue the downward trajectory with minor recoveries in late 2016 and early 2017. After 2017, total assets consistently decrease each quarter, reflecting a reduction in asset base over the long term.
- Total Asset Turnover
- The total asset turnover ratio indicates efficiency in using assets to generate revenue. The data starting in late 2014 show fluctuations between 0.29 and 0.61 initially, with a generally increasing trend from 2016 onwards. The ratio rises progressively from around 0.38 at the start of 2016 to approximately 0.58 by the end of 2019. This suggests improving operational efficiency, as the company is generating more revenue per unit of asset over time. The increase in turnover ratio corresponds with the declining total asset base and stabilization or growth in revenues, indicating more effective utilization of assets.
Equity Turnover
eBay Inc., equity turnover calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Equity turnover
= (Net revenuesQ3 2019
+ Net revenuesQ2 2019
+ Net revenuesQ1 2019
+ Net revenuesQ4 2018)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- Net revenues exhibit a fluctuating trend across the reported quarters. Initial values in early 2014 ranged around 4,262 to 4,921 million US dollars, showing a slight upward tendency during that year. However, there is a notable drop beginning in 2015, with quarterly revenues falling to approximately 2,061 million US dollars in the first quarter of 2015, indicating either a change in reporting or a significant business event impacting revenue recognition. From 2015 onward, revenues remain relatively stable but at a lower level compared to 2014, fluctuating in the range of roughly 2,000 to 2,877 million US dollars for the subsequent periods. While minor growth is visible towards the end of the series, particularly in late 2018 and early 2019, the revenue figures do not return to the higher levels seen in 2014.
- Stockholders’ Equity
- The stockholders’ equity shows a general downward trend over the periods. Starting near 19,609 million US dollars at the end of Q1 2014, equity values exhibit a significant decline after mid-2015, dropping sharply to below 7,000 million US dollars by the end of 2015, which may reflect a reclassification or an extraordinary financial event such as a restructuring or divestiture. Although the equity level slightly recovers by the end of 2016 and into early 2017, reaching around 11,595 million US dollars, this upward movement is short-lived. Subsequently, there is a steady decline in stockholders' equity through to Q3 2019, where figures reach as low as approximately 3,270 million US dollars. This sustained decrease suggests ongoing reductions in retained earnings, share repurchases, or other equity-depleting activities.
- Equity Turnover Ratio
- The equity turnover ratio, a measure of how efficiently equity is used to generate revenue, reflects significant variation across the periods given. Starting with values below 1.0 in early 2014, the ratio generally increases over the years, indicating improved utilization of equity in generating sales. A sharp increase is observable from late 2015 onwards, with the ratio rising from 1.31 to progressively higher levels, reaching 3.32 by Q3 2019. This rising trend implies heightened efficiency or a shrinking equity base relative to the revenue earned, or both. The enhanced ratio suggests that the company is generating more revenue per unit of equity invested towards the end of the period, despite the declining equity base noted.