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)
lululemon athletica inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
The investment activity ratios demonstrate a period of initial efficiency growth followed by a gradual decline in asset utilization over the analyzed timeframe. While total asset and equity turnover showed strength through 2023, the efficiency of fixed assets has trended consistently downward in the later quarters.
- Net Fixed Asset Turnover
- A persistent decline is evident in net fixed asset turnover, falling from a peak of 6.85 in August 2021 to 5.42 by August 2026. This suggests that revenue growth is not keeping pace with the expansion of fixed assets. This trend is mirrored in the ratio including right-of-use assets, which peaked at 3.73 in October 2023 before declining to 2.78, indicating reduced efficiency in utilizing leased and owned physical infrastructure.
- Total Asset Turnover
- Total asset turnover exhibited a positive growth trajectory from 1.15 in May 2021 to a peak of 1.53 in 2023. However, this momentum stalled after October 2023, with the ratio settling at 1.31 by August 2026. The data suggests a phase of optimized asset use that eventually plateaued and slightly contracted.
- Equity Turnover
- Equity turnover followed a similar pattern to total asset turnover, increasing from 1.89 in May 2021 to a high of 2.61 in October 2023. Subsequently, the ratio experienced a moderate decline, ending at 2.32. This indicates that while the ability to generate sales from shareholders' equity increased significantly for several years, that efficiency has experienced a slight contraction in the most recent periods.
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Net Fixed Asset Turnover
lululemon athletica inc., net fixed asset turnover calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,415,631) | 2,471,603) | 3,640,801) | 2,565,920) | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | |||||||
| Property and equipment, net | 2,046,363) | 2,045,719) | 2,033,720) | 1,952,012) | 1,917,361) | 1,846,609) | 1,780,617) | 1,697,759) | 1,614,893) | 1,561,185) | 1,545,811) | 1,413,918) | 1,367,172) | 1,312,793) | 1,269,614) | 1,122,490) | 1,059,859) | 974,784) | 927,710) | 876,489) | 806,387) | 774,685) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.42 | 5.48 | 5.46 | 5.67 | 5.69 | 5.82 | 5.95 | 6.00 | 6.19 | 6.29 | 6.22 | 6.50 | 6.46 | 6.47 | 6.39 | 6.65 | 6.66 | 6.82 | 6.74 | 6.68 | 6.85 | 6.42 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 9.67 | 9.76 | 9.60 | 9.55 | 9.59 | 10.14 | 10.08 | 10.11 | 10.27 | 10.15 | 10.00 | 10.07 | 10.08 | 10.25 | 10.12 | 9.87 | 9.75 | 9.74 | 9.62 | 9.49 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Net fixed asset turnover
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Property and equipment, net
= (2,415,631 + 2,471,603 + 3,640,801 + 2,565,920)
÷ 2,046,363 = 5.42
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a persistent decline in the efficiency of fixed asset utilization over the observed period, despite a significant increase in overall scale. While revenue has grown substantially, the rate of expansion in fixed assets has outpaced revenue growth, leading to a downward trajectory in the net fixed asset turnover ratio.
- Revenue Growth and Seasonality
- Net revenue demonstrates a consistent long-term upward trend characterized by strong quarterly seasonality. Peak revenue periods consistently occur in the first quarter of the calendar year, with significant spikes observed in January 2022, January 2023, January 2024, and February 2026. This indicates a recurring cyclical demand pattern coinciding with the company's highest performing quarters.
- Fixed Asset Expansion
- Net property and equipment have grown steadily and linearly, increasing from 774.6 million in May 2021 to 2.046 billion by August 2026. This sustained increase suggests a strategy of aggressive capital investment in physical infrastructure, such as retail locations or distribution centers, regardless of short-term revenue fluctuations.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio exhibits a clear downward trend over the five-year period. The ratio initially remained stable, peaking at 6.85 in August 2021. However, a gradual decline began in 2022, with the ratio dropping below the 6.00 threshold by October 2024 and reaching a period low of 5.42 by August 2026.
- Asset Efficiency Correlation
- The divergence between the linear growth of fixed assets and the more volatile, seasonal growth of revenue has resulted in diminishing asset turnover. The decrease from a peak of 6.85 to 5.42 indicates that each dollar invested in net fixed assets is generating less revenue than in previous periods, suggesting that the recent capital expenditures have not yet reached their full revenue-generating potential.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
lululemon athletica inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,415,631) | 2,471,603) | 3,640,801) | 2,565,920) | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | |||||||
| Property and equipment, net | 2,046,363) | 2,045,719) | 2,033,720) | 1,952,012) | 1,917,361) | 1,846,609) | 1,780,617) | 1,697,759) | 1,614,893) | 1,561,185) | 1,545,811) | 1,413,918) | 1,367,172) | 1,312,793) | 1,269,614) | 1,122,490) | 1,059,859) | 974,784) | 927,710) | 876,489) | 806,387) | 774,685) | |||||||
| Right-of-use operating lease assets | 1,947,077) | 1,948,704) | 1,630,181) | 1,600,385) | 1,605,009) | 1,549,401) | 1,416,256) | 1,360,589) | 1,302,947) | 1,263,749) | 1,265,610) | 1,048,607) | 1,079,198) | 993,471) | 969,419) | 946,687) | 867,901) | 819,998) | 803,543) | 789,381) | 729,621) | 719,139) | |||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 3,993,440) | 3,994,423) | 3,663,901) | 3,552,397) | 3,522,370) | 3,396,010) | 3,196,873) | 3,058,348) | 2,917,840) | 2,824,934) | 2,811,421) | 2,462,525) | 2,446,370) | 2,306,264) | 2,239,033) | 2,069,177) | 1,927,760) | 1,794,782) | 1,731,253) | 1,665,870) | 1,536,008) | 1,493,824) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.78 | 2.80 | 3.03 | 3.12 | 3.10 | 3.17 | 3.31 | 3.33 | 3.42 | 3.48 | 3.42 | 3.73 | 3.61 | 3.68 | 3.62 | 3.61 | 3.66 | 3.70 | 3.61 | 3.52 | 3.60 | 3.33 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 6.08 | 6.08 | 6.01 | 6.12 | 6.14 | 6.52 | 6.45 | 6.46 | 6.65 | 6.50 | 6.37 | 6.40 | 6.40 | 6.51 | 6.41 | 6.16 | 6.05 | 5.34 | 5.91 | 5.81 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (2,415,631 + 2,471,603 + 3,640,801 + 2,565,920)
÷ 3,993,440 = 2.78
2 Click competitor name to see calculations.
An examination of the investment activity ratios reveals a period of significant capital expansion coupled with a gradual decline in asset efficiency. While net revenue has exhibited strong growth and consistent seasonality, the pace of investment in fixed assets, including right-of-use assets, has accelerated, leading to a contraction in the net fixed asset turnover ratio over the analyzed period.
- Revenue Growth and Seasonality
- Net revenue demonstrates a clear upward trajectory with pronounced quarterly volatility. Peak performance is consistently observed in the January and February periods, indicating strong end-of-year seasonal demand. Revenue grew from approximately 1.23 billion in May 2021 to a peak of 3.64 billion in February 2026, reflecting a robust expansion in market reach and sales volume.
- Fixed Asset Investment Trends
- The net value of property and equipment, encompassing operating lease right-of-use assets, shows a consistent and uninterrupted increase. The asset base grew from 1.49 billion in May 2021 to 3.99 billion by August 2026. This steady climb suggests a strategic, long-term commitment to physical infrastructure expansion, likely through the opening of new retail locations and the enhancement of existing facilities.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio provides insight into the efficiency of these investments. From May 2021 through October 2023, the ratio remained relatively stable, fluctuating within a range of 3.33 to 3.73. This suggests that during the early phase of the analysis, revenue growth was largely commensurate with the expansion of the asset base.
- Efficiency Deceleration
- A pivot in asset productivity is observed starting in early 2024. The turnover ratio began a steady decline from 3.42 in January 2024 to 2.78 by August 2026. This downward trend indicates that the growth in net fixed assets has begun to outpace the growth in net revenue. This pattern is typical of a company in an aggressive expansion phase, where significant capital is deployed into new assets that have not yet reached their full revenue-generating potential.
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Total Asset Turnover
lululemon athletica inc., total asset turnover calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,415,631) | 2,471,603) | 3,640,801) | 2,565,920) | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | |||||||
| Total assets | 8,484,578) | 8,531,441) | 8,456,743) | 7,955,192) | 7,523,439) | 7,430,543) | 7,603,292) | 7,083,669) | 6,744,135) | 6,828,495) | 7,091,941) | 6,022,264) | 5,992,458) | 5,571,544) | 5,607,038) | 5,309,436) | 4,920,711) | 4,697,212) | 4,942,478) | 4,572,007) | 4,405,098) | 4,329,831) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 1.31 | 1.31 | 1.31 | 1.39 | 1.45 | 1.45 | 1.39 | 1.44 | 1.48 | 1.44 | 1.36 | 1.53 | 1.47 | 1.53 | 1.45 | 1.41 | 1.44 | 1.41 | 1.27 | 1.28 | 1.25 | 1.15 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 1.21 | 1.26 | 1.23 | 1.24 | 1.27 | 1.27 | 1.29 | 1.32 | 1.35 | 1.38 | 1.39 | 1.40 | 1.36 | 1.32 | 1.24 | 1.15 | 1.16 | 1.18 | 1.19 | 1.22 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Total asset turnover
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Total assets
= (2,415,631 + 2,471,603 + 3,640,801 + 2,565,920)
÷ 8,484,578 = 1.31
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a period of initial growth followed by a phase of stabilization and a subsequent moderate decline. Between May 2021 and April 2023, the ratio improved from 1.15 to a peak of 1.53, indicating an increase in the efficiency with which the company utilized its asset base to generate revenue.
- Revenue and Asset Growth Dynamics
- Net revenue shows consistent seasonal volatility with significant spikes occurring in the first quarter of each calendar year. Concurrently, total assets have followed a steady upward trajectory, increasing from approximately 4.33 billion USD in May 2021 to 8.48 billion USD by August 2026. The expansion of the asset base represents a substantial increase in invested capital over the analyzed period.
- Asset Utilization Trends
- The efficiency of asset utilization reached its zenith in 2023, where the turnover ratio peaked at 1.53. Following this peak, a gradual deceleration is observed. From January 2024 through August 2026, the ratio fluctuated before stabilizing at 1.31. This trend suggests that the growth in total assets began to outpace the growth in net revenue during the latter part of the period.
- Comparative Efficiency Analysis
- While the most recent data points indicate a decline from the 2023 highs, the turnover ratio remains higher than the levels recorded in early 2021. The transition from a ratio of 1.15 to a stabilized 1.31 reflects a long-term improvement in operational productivity, despite the recent dip caused by the expanded asset base.
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Equity Turnover
lululemon athletica inc., equity turnover calculation (quarterly data)
| Aug 2, 2026 | May 3, 2026 | Feb 1, 2026 | Nov 2, 2025 | Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net revenue | 2,415,631) | 2,471,603) | 3,640,801) | 2,565,920) | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | |||||||
| Stockholders’ equity | 4,791,174) | 4,825,601) | 4,961,840) | 4,502,023) | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 2.32 | 2.32 | 2.24 | 2.46 | 2.49 | 2.51 | 2.45 | 2.55 | 2.48 | 2.33 | 2.27 | 2.61 | 2.50 | 2.56 | 2.58 | 2.46 | 2.47 | 2.49 | 2.28 | 2.20 | 2.07 | 1.89 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | — | 3.12 | 3.30 | 3.30 | 3.45 | 3.50 | 3.41 | 3.49 | 3.59 | 3.56 | 3.63 | 3.64 | 3.68 | 3.66 | 3.48 | 3.22 | 2.98 | 3.06 | 3.16 | 3.10 | 3.22 | |||||||
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02).
1 Q2 2027 Calculation
Equity turnover
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ Stockholders’ equity
= (2,415,631 + 2,471,603 + 3,640,801 + 2,565,920)
÷ 4,791,174 = 2.32
2 Click competitor name to see calculations.
The financial data indicates a period of consistent growth in both top-line revenue and the capital base, resulting in a shift in asset utilization efficiency. While net revenue and stockholders' equity both trended upward over the analyzed period, the equity turnover ratio evolved from a phase of rapid expansion to one of stabilization.
- Revenue and Equity Growth Dynamics
- Net revenue demonstrates a sustained long-term increase, growing from 1.23 billion US$ in May 2021 to 2.42 billion US$ by August 2026. This growth is characterized by significant seasonal volatility, with recurring peak performance observed in the January/February periods of each year. Concurrently, stockholders' equity grew steadily from 2.64 billion US$ to 4.79 billion US$, indicating a substantial accumulation of retained earnings or capital injections over the five-year span.
- Equity Turnover Trend Analysis
- The equity turnover ratio experienced a distinct upward trajectory during the initial phase of the analysis, rising from 1.89 in May 2021 to a peak of 2.61 in October 2023. This suggests that during this period, revenue grew at a faster rate than the equity base, indicating increasing efficiency in utilizing shareholders' investments to generate sales. Following this peak, the ratio entered a stabilization phase, fluctuating between 2.24 and 2.55 through August 2026.
- Efficiency and Scale Implications
- The transition from a climbing turnover ratio to a plateau suggests that the company has reached a stage where equity expansion is more closely aligned with revenue growth. The slight contraction in the ratio observed in the final quarters—reaching a low of 2.24 in February 2026—reflects the impact of a larger equity base (nearly 5 billion US$) which requires higher absolute revenue levels to maintain previous turnover peaks. Despite these fluctuations, the ratio remains significantly higher than the initial 2021 levels, denoting a permanently higher baseline of operational efficiency regarding equity utilization.
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