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)
Abbott Laboratories, long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the quarterly financial ratios reveals distinct trends over the observed periods.
- Net Fixed Asset Turnover
- This ratio initially exhibits a gradual upward trend from 4.23 to a peak of 5.18 between March 31, 2021, and September 30, 2022, indicating increasing efficiency in utilizing fixed assets to generate sales. However, post-September 2022, there is a consistent decline, reaching 3.81 by September 30, 2025. This downward movement suggests diminishing efficiency or possible increases in fixed asset base not matched by sales growth in the latter periods.
- Total Asset Turnover
- The total asset turnover shows a moderate improvement in the early periods, increasing from 0.51 to 0.62 between March 31, 2021, and September 30, 2022. Following this peak, the ratio stabilizes around 0.55 to 0.56 for several quarters, then gradually declines to approximately 0.51 by September 30, 2025. This pattern suggests an initial enhancement in asset utilization across the entire asset base but a slight erosion in efficiency in more recent quarters.
- Equity Turnover
- This ratio demonstrates a growth from 1.11 in March 31, 2021, to a high of 1.26 by mid-2022, indicating improved use of shareholders' equity in generating revenues. Subsequently, a steady decline is observed, dropping to 0.85 by September 30, 2025. The notable decrease in equity turnover during the last three years may reflect a slowdown in revenue generation relative to equity or an increase in equity not accompanied by proportional revenue growth.
Overall, the efficiency ratios related to asset and equity utilization tend to follow a similar pattern: an initial improvement phase up to approximately late 2022, followed by a moderate but steady decline. The trends suggest that while the company improved its operational efficiency in earlier periods, recent years have seen a reduction in how effectively assets and equity contribute to generating sales.
Net Fixed Asset Turnover
Abbott Laboratories, net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 11,369) | 11,142) | 10,358) | 10,974) | 10,635) | 10,377) | 9,964) | 10,241) | 10,143) | 9,978) | 9,747) | 10,091) | 10,410) | 11,257) | 11,895) | 11,468) | 10,928) | 10,223) | 10,456) | ||||||
| Net property and equipment | 11,504) | 11,395) | 10,932) | 10,658) | 10,621) | 10,233) | 10,107) | 10,154) | 9,552) | 9,449) | 9,282) | 9,162) | 8,689) | 8,818) | 8,908) | 8,959) | 8,831) | 8,816) | 8,832) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.81 | 3.78 | 3.87 | 3.94 | 3.88 | 3.98 | 3.99 | 3.95 | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | 4.81 | 4.79 | 4.56 | 4.23 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | 41.50 | 40.49 | 39.35 | 37.66 | 38.33 | 38.30 | 38.32 | 39.05 | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | 34.94 | 34.54 | 34.17 | 34.94 | ||||||
| Intuitive Surgical Inc. | 1.87 | 1.83 | 1.82 | 1.80 | 1.77 | 1.84 | 1.93 | 2.01 | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | 3.04 | 3.16 | 3.13 | 2.86 | ||||||
| Medtronic PLC | 5.04 | 5.13 | 5.19 | 5.28 | 5.54 | 5.57 | 5.57 | 5.61 | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | 5.77 | 5.56 | 5.64 | 5.72 | ||||||
| UnitedHealth Group Inc. | 38.75 | 38.22 | 37.72 | 37.44 | 38.37 | 38.90 | 35.98 | 32.10 | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | 31.81 | 31.77 | 30.94 | 30.76 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Net property and equipment
= (11,369 + 11,142 + 10,358 + 10,974)
÷ 11,504 = 3.81
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns related to sales, property, and asset efficiency metrics over the observed periods.
- Net Sales
- Net sales demonstrate some variability across the quarters with an overall fluctuating pattern. Starting at a strong level early in the period, sales peaked around the end of 2021 and first quarter of 2022, reaching close to 11,895 million US dollars. This was followed by a general decline through 2022 into early 2023, with a low point around the first quarter of 2023 at approximately 9,747 million US dollars. Subsequently, net sales show a recovery phase throughout 2023 into 2024, with some oscillations but maintaining a rising trend towards the end of the forecast horizon, reaching over 11,300 million US dollars by late 2025. This pattern suggests some seasonality or cyclical market influences impacting sales volume.
- Net Property and Equipment
- Net property and equipment values remain relatively stable, ranging roughly between 8,600 and 11,500 million US dollars over the series. Initially, the figures hover slightly around 8,800 to 9,000 million and display gradual increases starting mid-2022, escalating steadily through 2023 and into 2024. By the end of 2025, the value reaches its highest point in the data set near 11,500 million US dollars. This steady growth indicates ongoing investments or asset acquisitions, suggesting capacity expansions or modernization efforts.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures how efficiently fixed assets generate sales revenue, shows a declining trend over the time frame. It begins at a relatively high level (above 4.5) in early 2021 and stays strong until late 2021, peaking slightly at 5.18. However, from 2022 onwards, the ratio declines gradually, falling below 4.0 in early 2024 and continuing to decrease to approximately 3.8 by the end of 2025. This decreasing ratio suggests that while assets have increased, the generation of sales relative to these assets has become less efficient, potentially reflecting either slower sales growth relative to asset growth or increased capital intensity in operations.
In summary, the company exhibits a pattern of fluctuating sales with a recent upward recovery, coupled with ongoing capital investments in property and equipment. Nevertheless, the efficiency of these assets in driving sales revenue appears to be diminishing over the reported periods, signaling potential challenges in asset utilization or changing operational dynamics that merit further examination.
Total Asset Turnover
Abbott Laboratories, total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 11,369) | 11,142) | 10,358) | 10,974) | 10,635) | 10,377) | 9,964) | 10,241) | 10,143) | 9,978) | 9,747) | 10,091) | 10,410) | 11,257) | 11,895) | 11,468) | 10,928) | 10,223) | 10,456) | ||||||
| Total assets | 84,181) | 83,999) | 81,448) | 81,414) | 74,356) | 73,017) | 72,467) | 73,214) | 72,090) | 73,354) | 73,794) | 74,438) | 72,801) | 74,202) | 74,007) | 75,196) | 73,795) | 73,269) | 72,785) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.52 | 0.51 | 0.52 | 0.52 | 0.55 | 0.56 | 0.56 | 0.55 | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | 0.57 | 0.57 | 0.55 | 0.51 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | 1.57 | 1.54 | 1.52 | 1.50 | 1.48 | 1.51 | 1.52 | 1.56 | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | 1.41 | 1.35 | 1.33 | 1.29 | ||||||
| Intuitive Surgical Inc. | 0.50 | 0.45 | 0.45 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | 0.42 | 0.42 | 0.42 | 0.39 | ||||||
| Medtronic PLC | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.35 | 0.35 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.32 | 0.29 | 0.29 | 0.30 | ||||||
| UnitedHealth Group Inc. | 1.36 | 1.35 | 1.31 | 1.32 | 1.30 | 1.33 | 1.32 | 1.34 | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | 1.34 | 1.30 | 1.29 | 1.27 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Total assets
= (11,369 + 11,142 + 10,358 + 10,974)
÷ 84,181 = 0.52
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated a fluctuating yet overall moderate growth trend from March 2021 through September 2025. Initially, net sales saw a rise from approximately 10,456 million US dollars in the first quarter of 2021 to a peak of 11,895 million by the first quarter of 2022. Subsequently, there was a period of decline and stabilization, with sales decreasing to near 9,747 million by the first quarter of 2023. Post this decline, sales gradually recovered, reaching around 11,369 million by the third quarter of 2025. The data suggests periods of volatility within the sales figures, but an overall positive trajectory in the longer term.
- Total Assets
- Total assets showed relative stability with small fluctuations until late 2023, generally ranging between 72,000 and 75,000 million US dollars. Starting in 2024, there was a noticeable upward trend in total assets, with the figures rising significantly to surpass 81,000 million by the second and third quarters of 2025. This increase in assets during the later periods could indicate investments or acquisitions, contributing to asset base expansion.
- Total Asset Turnover
- The total asset turnover ratio, a measure of efficiency in utilizing assets to generate sales, displayed an initial increase from 0.51 in early 2021 to a peak of 0.62 in the third quarter of 2022. After this peak, a gradual decline is observed, with the ratio dropping to around 0.51-0.52 by late 2025. This trend indicates that while asset utilization improved initially, efficiency diminished somewhat in the subsequent periods despite the growth in net sales and total assets.
- Summary of Insights
- The company experienced overall growth in net sales and total assets over the analyzed timeframe. Net sales showed a pattern of increase followed by a dip and then recovery, while total assets remained stable before significant growth in the final periods. The total asset turnover ratio improved during the mid-period but declined later, suggesting reduced efficiency in asset usage as the asset base expanded. These patterns may reflect strategic investments impacting asset levels and operational efficiency dynamics over time.
Equity Turnover
Abbott Laboratories, equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net sales | 11,369) | 11,142) | 10,358) | 10,974) | 10,635) | 10,377) | 9,964) | 10,241) | 10,143) | 9,978) | 9,747) | 10,091) | 10,410) | 11,257) | 11,895) | 11,468) | 10,928) | 10,223) | 10,456) | ||||||
| Total Abbott shareholders’ investment | 50,954) | 50,565) | 48,811) | 47,664) | 39,796) | 39,318) | 38,810) | 38,603) | 37,481) | 37,174) | 37,010) | 36,686) | 35,675) | 36,490) | 35,399) | 35,802) | 34,422) | 33,800) | 33,562) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 0.86 | 0.85 | 0.87 | 0.88 | 1.04 | 1.04 | 1.04 | 1.04 | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | 1.20 | 1.23 | 1.19 | 1.11 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | 4.40 | 4.30 | 4.27 | 4.24 | 3.94 | 4.04 | 4.20 | 4.33 | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | 3.80 | 3.71 | 3.65 | 3.65 | ||||||
| Intuitive Surgical Inc. | 0.57 | 0.51 | 0.51 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | 0.48 | 0.48 | 0.48 | 0.45 | ||||||
| Medtronic PLC | 0.67 | 0.68 | 0.68 | 0.64 | 0.62 | 0.62 | 0.62 | 0.61 | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | 0.59 | 0.55 | 0.56 | 0.56 | ||||||
| UnitedHealth Group Inc. | 4.49 | 4.41 | 4.26 | 4.26 | 4.12 | 4.27 | 4.33 | 4.14 | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | 3.98 | 3.95 | 3.92 | 3.94 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Equity turnover
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ Total Abbott shareholders’ investment
= (11,369 + 11,142 + 10,358 + 10,974)
÷ 50,954 = 0.86
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited fluctuations over the given periods, with a general trend of modest growth in the early years followed by variability in subsequent quarters. From March 2021 to December 2021, sales increased from 10,456 million USD to 11,468 million USD, indicating a positive growth trend. However, from March 2022 onward, sales figures showed some decline and cyclical movement, dipping to as low as 9,747 million USD in March 2023 before recovering somewhat to reach 11,369 million USD by September 2025. This pattern suggests periods of volatility and recovery, potentially reflecting market dynamics or seasonal factors.
- Total Abbott Shareholders' Investment
- The total shareholders' investment steadily increased over the analyzed timeline. Starting at 33,562 million USD in March 2021, it rose consistently reaching 39,796 million USD by December 2024. A notable surge is observed between December 2024 and June 2025, where investment jumped markedly from 39,796 million USD to 48,811 million USD, maintaining an upward trajectory reaching 50,954 million USD by September 2025. This substantial growth in shareholders’ investment implies increased capital inflows or retained earnings, indicating strengthening equity positions.
- Equity Turnover Ratio
- The equity turnover ratio traces a declining trend over the observed horizon. Initially, in March 2021, the ratio was 1.11, increasing slightly to a peak of 1.26 around mid to late 2021 and early 2022, reflecting efficient utilization of equity to generate sales. However, from late 2022 onwards, the ratio steadily declined, reaching 0.86 by September 2025. This decline suggests that the growth in shareholders' equity has outpaced the growth in sales, potentially indicating decreasing efficiency in generating sales from each unit of equity over time.