Total Asset Turnover
since 2005
Calculation
Becton, Dickinson & Co., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Sep 30, 2021 | 0.38 | = | 20,248) | ÷ | 53,866) |
| Sep 30, 2020 | 0.32 | = | 17,117) | ÷ | 54,012) |
| Sep 30, 2019 | 0.33 | = | 17,290) | ÷ | 51,765) |
| Sep 30, 2018 | 0.30 | = | 15,983) | ÷ | 53,904) |
| Sep 30, 2017 | 0.32 | = | 12,093) | ÷ | 37,734) |
| Sep 30, 2016 | 0.49 | = | 12,483) | ÷ | 25,586) |
| Sep 30, 2015 | 0.38 | = | 10,282) | ÷ | 26,820) |
| Sep 30, 2014 | 0.68 | = | 8,446) | ÷ | 12,447) |
| Sep 30, 2013 | 0.66 | = | 8,054) | ÷ | 12,149) |
| Sep 30, 2012 | 0.68 | = | 7,708) | ÷ | 11,361) |
| Sep 30, 2011 | 0.75 | = | 7,829) | ÷ | 10,430) |
| Sep 30, 2010 | 0.76 | = | 7,372) | ÷ | 9,651) |
| Sep 30, 2009 | 0.77 | = | 7,161) | ÷ | 9,305) |
| Sep 30, 2008 | 0.90 | = | 7,156) | ÷ | 7,913) |
| Sep 30, 2007 | 0.87 | = | 6,360) | ÷ | 7,329) |
| Sep 30, 2006 | 0.85 | = | 5,835) | ÷ | 6,825) |
| Sep 30, 2005 | 0.89 | = | 5,415) | ÷ | 6,072) |
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$ in millions
An analysis of the financial performance from 2005 to 2021 reveals a significant divergence between revenue growth and asset accumulation, resulting in a long-term decline in asset utilization efficiency. While revenues experienced consistent growth over the sixteen-year period, the asset base expanded at a substantially higher rate, leading to a structural compression of the total asset turnover ratio.
- Revenue Trajectory
- Revenues exhibited a steady upward trend, increasing from 5,415 million US dollars in 2005 to 20,248 million US dollars in 2021. Growth was relatively linear until 2015, after which the pace of revenue acceleration increased, particularly between 2017 and 2018 and again in 2021.
- Asset Expansion
- Total assets grew from 6,072 million US dollars in 2005 to 53,866 million US dollars in 2021. The expansion was characterized by two major surges: a significant increase in 2015, where assets more than doubled from 12,447 million to 26,820 million US dollars, and a second substantial increase between 2017 and 2018, where assets rose from 37,734 million to 53,904 million US dollars.
- Total Asset Turnover Dynamics
- The total asset turnover ratio underwent three distinct phases. From 2005 to 2008, the ratio remained relatively stable, peaking at 0.90. A period of gradual erosion followed between 2009 and 2014, with the ratio sliding from 0.77 to 0.68. A sharp decline occurred in 2015, dropping the ratio to 0.38, coinciding with the first major asset surge. Despite a brief recovery to 0.49 in 2016, the ratio remained suppressed between 0.30 and 0.38 from 2017 through 2021.
- Efficiency Insight
- The decline in the turnover ratio indicates that for every dollar of assets held, the company generated significantly less revenue in the latter half of the period compared to the beginning. The disconnect between the aggressive expansion of the balance sheet and the growth of the top line suggests that asset acquisitions or capital investments during 2015 and 2018 did not yield immediate proportional increases in revenue generation.
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Comparison to Competitors
Becton, Dickinson & Co., total asset turnover, long-term trends, comparison to competitors
| Becton, Dickinson & Co. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Sep 30, 2021 | 0.38 | 0.57 | 1.41 | 0.42 | 0.32 | 1.34 |
| Sep 30, 2020 | 0.32 | 0.48 | 1.39 | 0.39 | 0.32 | 1.30 |
| Sep 30, 2019 | 0.33 | 0.47 | 1.33 | 0.46 | 0.34 | 1.38 |
| Sep 30, 2018 | 0.30 | 0.46 | 1.28 | 0.47 | 0.33 | 1.48 |
| Sep 30, 2017 | 0.32 | 0.36 | 1.26 | 0.54 | 0.30 | 1.44 |
| Sep 30, 2016 | 0.49 | 0.40 | 1.29 | 0.42 | 0.29 | 1.50 |
| Sep 30, 2015 | 0.38 | 0.49 | 1.27 | 0.49 | 0.19 | 1.40 |
| Sep 30, 2014 | 0.68 | 0.49 | 1.18 | 0.54 | 0.45 | 1.50 |
| Sep 30, 2013 | 0.66 | 0.51 | 1.18 | 0.57 | 0.48 | 1.49 |
| Sep 30, 2012 | 0.68 | 0.59 | 1.03 | 0.54 | 0.49 | 1.36 |
| Sep 30, 2011 | 0.75 | 0.64 | 1.15 | 0.57 | 0.52 | 1.49 |
| Sep 30, 2010 | 0.76 | 0.59 | 1.15 | 0.59 | 0.56 | 1.48 |
| Sep 30, 2009 | 0.77 | 0.59 | 1.17 | 0.58 | 0.62 | 1.47 |
| Sep 30, 2008 | 0.90 | 0.70 | 1.27 | 0.59 | 0.61 | 1.44 |
| Sep 30, 2007 | 0.87 | 0.65 | 1.15 | 0.58 | 0.63 | 1.46 |
| Sep 30, 2006 | 0.85 | 0.62 | 1.08 | 0.55 | 0.57 | 1.46 |
| Sep 30, 2005 | 0.89 | 0.77 | 0.87 | 0.45 | 0.61 | 1.08 |
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Health Care Equipment & Services)
Becton, Dickinson & Co., total asset turnover, long-term trends, comparison to sector (health care equipment & services)
| Becton, Dickinson & Co. | Health Care Equipment & Services | |
|---|---|---|
| Sep 30, 2021 | 0.38 | 1.02 |
| Sep 30, 2020 | 0.32 | 0.97 |
| Sep 30, 2019 | 0.33 | 0.98 |
| Sep 30, 2018 | 0.30 | 0.98 |
| Sep 30, 2017 | 0.32 | 0.89 |
| Sep 30, 2016 | 0.49 | 0.92 |
| Sep 30, 2015 | 0.38 | 0.85 |
| Sep 30, 2014 | 0.68 | 1.05 |
| Sep 30, 2013 | 0.66 | 1.04 |
| Sep 30, 2012 | 0.68 | 0.94 |
| Sep 30, 2011 | 0.75 | 1.02 |
| Sep 30, 2010 | 0.76 | 1.00 |
| Sep 30, 2009 | 0.77 | 1.03 |
| Sep 30, 2008 | 0.90 | 1.09 |
| Sep 30, 2007 | 0.87 | 1.06 |
| Sep 30, 2006 | 0.85 | 1.03 |
| Sep 30, 2005 | 0.89 | 0.88 |
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Health Care)
Becton, Dickinson & Co., total asset turnover, long-term trends, comparison to industry (health care)
| Becton, Dickinson & Co. | Health Care | |
|---|---|---|
| Sep 30, 2021 | 0.38 | 0.62 |
| Sep 30, 2020 | 0.32 | 0.57 |
| Sep 30, 2019 | 0.33 | 0.57 |
| Sep 30, 2018 | 0.30 | 0.63 |
| Sep 30, 2017 | 0.32 | 0.56 |
| Sep 30, 2016 | 0.49 | 0.57 |
| Sep 30, 2015 | 0.38 | 0.55 |
| Sep 30, 2014 | 0.68 | 0.60 |
| Sep 30, 2013 | 0.66 | 0.58 |
| Sep 30, 2012 | 0.68 | 0.58 |
| Sep 30, 2011 | 0.75 | 0.61 |
| Sep 30, 2010 | 0.76 | 0.61 |
| Sep 30, 2009 | 0.77 | 0.55 |
| Sep 30, 2008 | 0.90 | 0.73 |
| Sep 30, 2007 | 0.87 | 0.71 |
| Sep 30, 2006 | 0.85 | 0.69 |
| Sep 30, 2005 | 0.89 | 0.66 |
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).