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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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Albemarle Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a declining trend from March 2019 through December 2020, decreasing from 1.12 to a low of 0.58. This decline indicates a reduced efficiency in generating sales from net fixed assets during that period. From 2021 onwards, the ratio stabilizes around 0.59-0.6 for most quarters, reflecting a plateau in asset utilization efficiency. Starting in the first quarter of 2022, the ratio shows a marked recovery, steadily increasing to reach 1.19 by March 2023, surpassing the initial 2019 level. This recovery suggests improved productivity or better sales performance relative to fixed assets in recent quarters.
- Total Asset Turnover
- Total asset turnover starts at 0.45 in March 2019 and experiences a gradual decline to 0.3 by March 2021, indicating decreasing efficiency in generating sales from total assets. This ratio remains relatively stable around the 0.3 mark until the end of 2021. Beginning in 2022, a positive trend emerges with the ratio increasing consistently, reaching 0.5 by March 2023. This upward momentum illustrates enhanced overall asset utilization leading to better sales generation as of the most recent quarters.
- Equity Turnover
- Equity turnover starts at 0.94 in March 2019 and shows a gradual downward trend until June 2021, declining to 0.52. The decline indicates a reduction in sales generated per unit of equity over this period. After mid-2021, the ratio begins to recover moderately, reaching 0.62 in December 2021 and showing an accelerating upward trend through 2022 and early 2023. By March 2023, the equity turnover nearly returns to its initial level at 0.95, suggesting a renewed improvement in sales efficiency relative to equity.
Net Fixed Asset Turnover
Albemarle Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Net property, plant and equipment | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Q1 2023 Calculation
Net fixed asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Net property, plant and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales exhibit significant fluctuations over the observed periods. Initially, from early 2018 to late 2019, net sales demonstrated moderate growth with some volatility, ranging between approximately $738 million and $993 million. However, starting in early 2020, net sales initially declined sharply, reaching a low in the first half of 2020 around $739 million, potentially reflecting external market challenges. From late 2020 onwards, there is a pronounced and sustained upward trend, with net sales rising substantially each quarter, peaking above $2.6 billion by early 2023. This increase highlights strong growth momentum during the later periods.
- Net Property, Plant and Equipment Evolution
- The net property, plant, and equipment (PP&E) shows a consistent upward trajectory across all quarters. Starting from approximately $2.6 billion in early 2018, the PP&E value increases steadily each quarter, reaching over $7.3 billion by the first quarter of 2023. Notably, a large jump is observed between late 2019 and early 2020, where the balance rises sharply from about $3.5 billion to nearly $5 billion, suggesting significant capital investment and expansion during that period. The growth trend continues consistently, indicating ongoing investment in long-term productive assets.
- Net Fixed Asset Turnover Ratio Pattern
- The net fixed asset turnover ratio, available from late 2018 onwards, begins at 1.12 and then exhibits a gradual decline through 2019 and 2020, dropping from 1.12 to around 0.58 by the end of 2020. This decline suggests that sales generated per unit of fixed assets were decreasing, possibly indicating underutilization of asset base or slower sales growth relative to asset growth during this timeframe. However, from 2021 forward, the ratio stabilizes and then improves progressively, rising from about 0.60 in early 2021 to 1.19 by the first quarter of 2023. This recovery points to more efficient use of fixed assets or stronger sales growth relative to asset base during the recent periods.
- Overall Insights
- The financial data reflects a company undergoing considerable expansion with significant capital investments in fixed assets, especially from late 2019 onward. Although asset growth initially outpaced sales growth, leading to declining asset turnover ratios through 2020, the subsequent quarters demonstrate stronger sales growth and improved efficiency in asset utilization. The sharp increase in net sales and continued asset base expansion in recent quarters signals robust operational scaling and possibly favorable market conditions contributing to enhanced revenue generation capabilities.
Total Asset Turnover
Albemarle Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Q1 2023 Calculation
Total asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures exhibit a fluctuating but generally increasing trend over the observed periods. Initial values in 2018 range from approximately 777.7 million to 921.7 million US dollars per quarter. Sales show moderate growth through 2019, reaching close to 993 million by the end of the year. A noticeable dip occurs in the first three quarters of 2020, with net sales decreasing to the 739-764 million range before recovering somewhat in the final quarter of 2020. From 2021 onwards, net sales demonstrate a strong upward trajectory with significant growth, particularly from March 2022 through March 2023, where sales rise sharply from roughly 1.13 billion to over 2.58 billion US dollars, indicating a substantial increase in demand or pricing power during this later period.
- Total Assets
- Total assets maintain a steady upward trend throughout the timeframe. Starting at approximately 7.56 billion US dollars in early 2018, assets grow moderately to reach nearly 9.86 billion by the end of 2019. The following years continue this growth path, with assets crossing the 10 billion mark in 2020 and further increasing through 2021 and 2022. By the first quarter of 2023, total assets almost reach 17.56 billion US dollars, reflecting consistent asset accumulation and possibly investments or acquisitions contributing to asset base expansion.
- Total Asset Turnover
- The total asset turnover ratio starts at 0.45 in late 2018, showing a slight decline to around 0.42 by the end of 2019. This decrease suggests that asset efficiency in generating sales weakened somewhat during that period. The ratio continues to decline into 2020 and 2021, reaching lows near 0.3, indicating that despite increases in sales and assets, sales growth did not keep pace proportionately with asset growth at that time. However, from 2022 onwards, a marked improvement is observed as the turnover ratio rises steadily, reaching 0.5 by the first quarter of 2023. This increase suggests enhanced operational efficiency or higher sales productivity relative to the asset base in the most recent periods.
- Overall Insights
- The data reflects a company experiencing steady asset growth and fluctuating sales in the earlier years, followed by a strong acceleration in sales in the recent quarters. The asset turnover ratio trend indicates some operational challenges in earlier years with respect to asset utilization but improves significantly in later periods, signaling better capitalization on assets for revenue generation. The recent substantial rise in net sales paired with continued asset growth and improving asset turnover ratio suggests positive momentum in growth and operational efficiency.
Equity Turnover
Albemarle Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total Albemarle Corporation shareholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Q1 2023 Calculation
Equity turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Total Albemarle Corporation shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the observed periods. Net sales exhibit considerable fluctuation with a general upward trajectory in recent years. Starting from just above 800 million USD in early 2018, net sales show moderate volatility through 2018 and 2019, followed by a noticeable dip in early 2020, likely linked to broader economic disruptions. From mid-2020 onwards, net sales progressively increase, reaching a peak exceeding 2.6 billion USD by the first quarter of 2023, indicating strong sales growth momentum.
Shareholders’ equity shows a steady increase over the entire period. Beginning around 3.8 billion USD in early 2018, equity experienced small declines and recoveries through late 2019 into 2020. However, from 2021 onward, equity growth accelerates substantially, moving from approximately 5.75 billion USD to over 9.2 billion USD by the start of 2023. This rise suggests favorable retained earnings, capital injections, or asset revaluations boosting the company’s net asset base.
Equity turnover ratios, which measure how efficiently the equity is used to generate sales, present a more complex pattern. Initial values start slightly below 1.0 in early 2019 and display a declining trend through 2020 and 2021, reaching lows near 0.5. This decline indicates decreasing efficiency in leveraging equity for revenue generation during that period. However, from late 2021 onwards, the equity turnover ratio improves significantly, climbing back toward 0.95 by the first quarter of 2023. This recovery aligns with strong sales growth and relatively stable equity increases, signaling enhanced operational efficiency and profitability in recent periods.
- Net Sales
- Demonstrated volatility with a dip in early 2020 followed by robust growth through 2021 to early 2023, culminating in significant revenue expansion.
- Total Shareholders' Equity
- Consistently increased over the period, with accelerated growth observed from 2021 onward, indicating strengthened financial position and capital base.
- Equity Turnover Ratio
- Experienced a decline during 2020 and 2021, reflecting reduced efficiency, but improved markedly from late 2021 to early 2023, suggesting better leverage of equity to generate sales.