Analysis of Long-term (Investment) Activity Ratios
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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- Income Statement
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
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Long-term Activity Ratios (Summary)
eBay Inc., long-term (investment) activity ratios
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio displayed relative stability with minor fluctuations from 2014 to 2017, ranging between 5.53 and 6.17. However, a noticeable increase occurred in 2018, reaching 6.73, indicating an improved efficiency in using fixed assets to generate sales in that year.
- Total Asset Turnover
- The total asset turnover ratio experienced variability over the period. It increased from 0.40 in 2014 to 0.48 in 2015, followed by a decline to 0.38 and 0.37 in 2016 and 2017 respectively. In 2018, the ratio rose again to 0.47, suggesting a recovery in asset utilization efficiency after two years of lower turnover.
- Equity Turnover
- The equity turnover ratio demonstrated significant volatility. Starting at 0.90 in 2014, it peaked at 1.31 in 2015 before falling to 0.85 in 2016. Subsequently, it increased to 1.19 in 2017 and reached a high of 1.71 by 2018. This pattern indicates fluctuating efficiency in the use of shareholders' equity to generate revenue, with a strong upward trend towards the end of the period.
Net Fixed Asset Turnover
eBay Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 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-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Net fixed asset turnover = Net revenues ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues display a notable decrease from 17,902 million US dollars in 2014 to 8,592 million in 2015, representing a reduction of approximately 52%. Following this sharp decline, revenues exhibit a gradual recovery trend over the subsequent years, increasing to 8,979 million in 2016, 9,567 million in 2017, and reaching 10,746 million in 2018. Despite the recovery, by 2018, revenues remain significantly lower compared to the 2014 figure.
- Property and Equipment, Net
- The net value of property and equipment declines substantially from 2,902 million US dollars in 2014 to 1,554 million in 2015, a reduction of about 46%. This value then stabilizes, showing marginal decreases and increases, with figures of 1,516 million in 2016, 1,597 million in 2017, and holding steady at 1,597 million in 2018. This indicates a significant asset reduction initially, followed by a period of relative asset base stabilization.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio exhibits a downward trend from 6.17 in 2014 to 5.53 in 2015, reflecting a decrease in efficiency in utilizing fixed assets to generate revenues. From 2015 onward, this ratio shows an improvement trajectory, rising to 5.92 in 2016, slightly increasing to 5.99 in 2017, and then reaching 6.73 in 2018. The 2018 ratio surpasses the 2014 level, suggesting enhanced asset utilization efficiency compared to the initial year.
Total Asset Turnover
eBay Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 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-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends in net revenues, total assets, and total asset turnover over the period from 2014 to 2018.
- Net Revenues
- Net revenues show an initial sharp decline from 17,902 million US dollars in 2014 to 8,592 million US dollars in 2015. After 2015, revenues exhibit a gradual recovery, increasing modestly each year to reach 10,746 million US dollars in 2018. This pattern suggests a significant contraction followed by steady growth, though revenues in 2018 remained below the 2014 peak.
- Total Assets
- Total assets experience a pronounced decrease from 45,132 million US dollars in 2014 to 17,785 million US dollars in 2015. Subsequently, total assets increase again, reaching 25,981 million US dollars in 2017 before slightly declining to 22,819 million US dollars in 2018. This reflects a major restructuring or divestiture around 2015, followed by asset growth and a minor reduction in the last reported year.
- Total Asset Turnover
- The total asset turnover ratio, which measures the efficiency of asset use in generating revenue, improves from 0.40 in 2014 to 0.48 in 2015, indicating higher turnover despite asset reductions. However, it declines to 0.38 in 2016 and remains relatively stable around 0.37 in 2017 before rising again to 0.47 in 2018. This suggests fluctuating efficiency, with recovery towards the end of the period.
Overall, the data indicate a significant contraction in both revenues and assets in 2015, likely coinciding with a major corporate event. Following this, there is a trend of gradual recovery in revenues and asset base, accompanied by fluctuations in asset efficiency. By the end of 2018, the financial indicators do not fully return to their initial 2014 levels, but show positive momentum in revenue growth and asset utilization.
Equity Turnover
eBay Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 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-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 2018 Calculation
Equity turnover = Net revenues ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals notable fluctuations and trends across the five-year period ending December 31, 2018. The analysis focuses on net revenues, stockholders’ equity, and equity turnover, providing insights into operational performance and financial structure changes.
- Net Revenues
- Net revenues show a significant drop from 17,902 million US dollars in 2014 to 8,592 million in 2015, representing a reduction of more than 50%. After this decline, net revenues exhibit a gradual recovery, increasing each subsequent year to reach 10,746 million US dollars by the end of 2018. Despite the recovery, the net revenue figure in 2018 remains below the 2014 level.
- Stockholders’ Equity
- Stockholders’ equity demonstrates a sharp and consistent decline over the period. Beginning at 19,906 million US dollars in 2014, equity decreases drastically to 6,576 million in 2015. A partial recovery occurs in 2016, with equity rising to 10,539 million US dollars, but this is followed by further decreases in 2017 and 2018, ending at 6,281 million US dollars. The trend suggests significant equity reductions and volatility.
- Equity Turnover
- Equity turnover, which measures the efficiency with which equity is used to generate revenues, shows notable variation. The ratio starts at 0.9 in 2014, increases to 1.31 in 2015, then declines to 0.85 in 2016. It rises again to 1.19 in 2017 and reaches its highest level of 1.71 in 2018. This upward trend in equity turnover in later years indicates improved utilization of equity to produce revenues despite the reductions in equity values.
Overall, the data reflects a period characterized by substantial initial declines in both net revenues and stockholders’ equity, followed by a recovery in revenues but continued pressure on equity. The rising equity turnover ratio in the latter years suggests enhanced operational efficiency or changes in equity structure contributing to better revenue generation relative to equity.