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: 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).
An overall decline in investment activity efficiency is evident across all measured turnover ratios from March 2022 through June 2026. The consistent downward trajectory indicates a diminishing capacity to generate revenue relative to the expansion of the asset and equity bases over the observed period.
- Net Fixed Asset Turnover
- A significant and steady contraction is observed in the efficiency of fixed assets. After peaking at 5.18 in September 2022, the ratio declined consistently, reaching 3.64 by June 2026. This downward trend suggests that investments in fixed assets have not resulted in proportional increases in revenue, reflecting a reduction in the productivity of the company's long-term physical infrastructure.
- Total Asset Turnover
- Overall asset productivity remained relatively stable between 0.62 and 0.55 from March 2022 through September 2024. However, a more pronounced decline occurred in the latter stages of the period, with the ratio falling to 0.41 by March 2026 before a slight recovery to 0.43 in June 2026. This pattern indicates a general erosion in the efficiency with which the total asset base is utilized to drive sales.
- Equity Turnover
- The efficiency of shareholder equity utilization shows a persistent decrease, starting at 1.26 in March 2022 and ending at 0.91 in June 2026. A notable shift occurred between September 2024 and December 2024, where the ratio dropped from 1.04 to 0.88. The overall decline suggests that the growth in equity has outpaced the growth in revenue, leading to a lower return on the equity invested in the business.
The synchronized decline across net fixed asset, total asset, and equity turnover ratios points to a systemic decrease in operational efficiency regarding long-term investments. The data suggests that the organization is experiencing a period of diminishing marginal returns on its asset and equity deployments.
AI Ask an analyst for more
Net Fixed Asset Turnover
Abbott Laboratories, net fixed asset turnover calculation (quarterly data)
| 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 millions) | ||||||||||||||||||||||||
| Net sales | 12,593) | 11,164) | 11,459) | 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) | ||||||
| Net property and equipment | 12,812) | 12,377) | 11,816) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.64 | 3.65 | 3.75 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Elevance Health Inc. | 42.78 | 42.58 | 42.23 | 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 | ||||||
| Intuitive Surgical Inc. | 1.99 | 1.94 | 1.88 | 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 | ||||||
| Medtronic PLC | 4.85 | 4.88 | 4.91 | 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 | ||||||
| UnitedHealth Group Inc. | 41.44 | 41.78 | 41.22 | 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 | ||||||
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
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Net property and equipment
= (12,593 + 11,164 + 11,459 + 11,369)
÷ 12,812 = 3.64
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a consistent downward trajectory over the analyzed period, declining from a peak of 5.18 in September 2022 to 3.64 by June 2026.
- Revenue Dynamics
- Net sales experienced a period of volatility, starting at 11,895 million in March 2022 and reaching a trough of 9,747 million in March 2023. While sales recovered steadily thereafter, reaching 12,593 million by June 2026, the revenue growth did not keep pace with the expansion of the asset base.
- Capital Investment Growth
- Net property and equipment exhibited a sustained and steady increase throughout the entire timeframe. The asset base grew from 8,908 million in March 2022 to 12,812 million in June 2026, indicating a continuous investment in fixed assets.
- Asset Utilization Efficiency
- The reduction in the net fixed asset turnover ratio indicates a decrease in the efficiency with which fixed assets are used to generate sales. A significant contraction occurred between September 2022 and December 2023, as the ratio fell from 5.18 to 3.95. This decline was driven by the simultaneous occurrence of falling net sales and rising net property and equipment. From 2024 through 2026, the ratio remained suppressed below 4.00, suggesting that the scale of capital investment has outstripped the corresponding growth in quarterly revenue.
AI Ask an analyst for more
Total Asset Turnover
Abbott Laboratories, total asset turnover calculation (quarterly data)
| 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 millions) | ||||||||||||||||||||||||
| Net sales | 12,593) | 11,164) | 11,459) | 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) | ||||||
| Total assets | 109,215) | 110,429) | 86,713) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.43 | 0.41 | 0.51 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Elevance Health Inc. | 1.57 | 1.58 | 1.63 | 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 | ||||||
| Intuitive Surgical Inc. | 0.53 | 0.53 | 0.49 | 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 | ||||||
| Medtronic PLC | 0.38 | 0.38 | 0.37 | 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 | ||||||
| UnitedHealth Group Inc. | 1.44 | 1.43 | 1.43 | 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 | ||||||
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
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total assets
= (12,593 + 11,164 + 11,459 + 11,369)
÷ 109,215 = 0.43
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a general downward trajectory over the analyzed period, indicating a decline in the efficiency with which assets are utilized to generate net sales. While the ratio remained relatively stable through 2022 and 2023, a significant contraction in asset productivity is evident starting in late 2024 and accelerating into 2026.
- Initial Stability and Moderate Decline (2022–2023)
- From March 2022 to September 2023, the total asset turnover ratio fluctuated within a narrow range between 0.55 and 0.62. During this window, net sales trended downward from a peak of $11,895 million to $10,143 million, while the total asset base remained relatively constant, hovering around the $73,000 million mark.
- Gradual Efficiency Erosion (2023–2025)
- A period of steady decline occurred between December 2023 and September 2025, with the turnover ratio sliding from 0.55 to 0.51. This phase is characterized by a gradual expansion of the asset base, which grew from $73,214 million to $84,181 million. The growth in assets during this interval outpaced the recovery in net sales, which climbed back toward the $11,000 million level.
- Accelerated Asset Expansion and Ratio Contraction (2025–2026)
- A sharp deterioration in asset turnover is observed in the final quarters of the analysis. The ratio dropped to a period low of 0.41 by March 2026. This decline is driven by a substantial increase in total assets, which surged from $86,713 million in September 2025 to $110,429 million by March 2026. Despite a significant increase in net sales to $12,593 million in June 2026, the rapid growth of the balance sheet outweighed revenue gains, resulting in a suppressed turnover ratio of 0.43.
AI Ask an analyst for more
Equity Turnover
Abbott Laboratories, equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 12,593) | 11,164) | 11,459) | 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) | ||||||
| Total Abbott shareholders’ investment | 51,110) | 52,061) | 52,130) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.91 | 0.87 | 0.85 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Elevance Health Inc. | 4.43 | 4.52 | 4.50 | 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 | ||||||
| Intuitive Surgical Inc. | 0.61 | 0.61 | 0.56 | 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 | ||||||
| Medtronic PLC | 0.71 | 0.71 | 0.70 | 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 | ||||||
| UnitedHealth Group Inc. | 4.53 | 4.55 | 4.71 | 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 | ||||||
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
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total Abbott shareholders’ investment
= (12,593 + 11,164 + 11,459 + 11,369)
÷ 51,110 = 0.91
2 Click competitor name to see calculations.
The analysis of long-term activity ratios reveals a general decline in equity efficiency over the observed period, characterized by a persistent downward trend in equity turnover despite a eventual recovery in net sales. The relationship between capital investment and revenue generation indicates that the growth in shareholders' investment has outpaced the growth in sales volume.
- Net Sales Trends
- A U-shaped trajectory is observed in net sales. An initial decline occurred from March 2022 (11,895 million) to a trough in March 2023 (9,747 million). Following this period, a consistent recovery trend emerged, with sales rising steadily through 2024 and 2025, ultimately reaching a peak of 12,593 million by June 2026.
- Shareholders' Investment Growth
- Total shareholders' investment demonstrated continuous growth throughout the period. The investment base rose from 35,399 million in March 2022 to 38,810 million by March 2024. A significant capital increase occurred between September 2024 (39,796 million) and December 2024 (47,664 million), after which the investment continued to climb, peaking at 52,130 million in December 2025 before stabilizing around 51,110 million in June 2026.
- Equity Turnover Performance
- The equity turnover ratio experienced a sustained contraction, falling from 1.26 in March 2022 to a low of 0.85 in June 2025. This decline is attributable to two primary phases: a gradual erosion of efficiency between 2022 and mid-2024, followed by a sharp drop in December 2024 (0.88), which coincides with the substantial increase in shareholders' investment. While a slight recovery to 0.91 was recorded by June 2026, the ratio remained significantly below the levels observed at the start of the period.
In summary, the expansion of the equity base has led to a reduction in the asset utilization rate. Although net sales recovered and eventually exceeded 2022 levels, the disproportionate increase in total investment resulted in a lower equity turnover ratio, indicating a decrease in the efficiency with which shareholders' capital is used to generate revenue.
AI Ask an analyst for more