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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
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Long-term Activity Ratios (Summary)
Becton, Dickinson & Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a general declining trend from December 2016 (3.25) through December 2017 (2.33), indicating a reduction in the efficiency with which the company utilized its fixed assets to generate revenue during this period. Starting in early 2018, the ratio showed a recovery phase, gradually increasing to a peak of 3.23 in June 2021. Following this peak, the ratio slightly decreased but remained relatively stable around the 3.1 mark through March 2022. This pattern suggests that after an initial dip, asset utilization improved steadily and stabilized over the latter years analyzed.
- Total Asset Turnover
- The total asset turnover ratio initially declined sharply from 0.51 in December 2016 to a low of 0.22 by December 2017, reflecting a significant decrease in overall asset efficiency at generating sales. From early 2018 onward, there was a gradual but consistent recovery, with the ratio improving steadily to stabilize around 0.37 by the end of the period in March 2022. The slow but positive upward movement indicates improved asset utilization across the company’s total asset base over time.
- Equity Turnover
- The equity turnover ratio showed a marked decline from 1.64 in December 2016 to 0.58 by December 2017, mirroring trends observed in the other efficiency metrics and highlighting reduced effectiveness in generating revenue from shareholders’ equity during that year. Following this decrease, the ratio experienced a consistent upward trajectory, reaching a peak of 0.86 in March 2021 before stabilizing around 0.82 by March 2022. This recovery in equity turnover suggests an enhanced capacity to generate sales from equity investment in the latter periods.
Net Fixed Asset Turnover
Becton, Dickinson & Co., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
1 Q2 2022 Calculation
Net fixed asset turnover
= (RevenuesQ2 2022
+ RevenuesQ1 2022
+ RevenuesQ4 2021
+ RevenuesQ3 2021)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues
- Revenues demonstrate a fluctuating pattern over the observed periods, starting at approximately 2.9 billion US dollars and showing a modest upward trend into early 2017. A significant increase occurs between late 2017 and early 2018, peaking above 5 billion US dollars by early 2021. However, revenues exhibit some volatility, with intermittent declines especially noticeable during mid-2020 and early 2022. Overall, the trend suggests substantial revenue growth over the four-year horizon, albeit with occasional short-term pullbacks.
- Property, Plant, and Equipment, Net
- Net property, plant, and equipment show a steady increase throughout the period. Starting from just below 3.9 billion US dollars, the asset base grows consistently year over year, reaching over 6.4 billion US dollars by the first quarter of 2022. This steady capital investment or accumulation indicates ongoing expansion or asset replacement strategies supporting the company's operational capacity.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, measuring revenue generated per unit of fixed assets, declines from above 3.2 to a low near 2.3 in late 2017, suggesting a period of rising capital assets not immediately matched by revenue growth. Following this trough, the ratio gradually recovers and stabilizes around 3.0 to 3.2 from early 2018 through 2022, reflecting improved efficiency in the use of fixed assets. The recovery and stabilization indicate that revenue growth eventually aligns more closely with the investment in fixed assets, pointing to enhanced asset utilization over time.
Total Asset Turnover
Becton, Dickinson & Co., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
1 Q2 2022 Calculation
Total asset turnover
= (RevenuesQ2 2022
+ RevenuesQ1 2022
+ RevenuesQ4 2021
+ RevenuesQ3 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibit a generally fluctuating pattern over the analyzed periods. Initial values around 2900 to 3100 million USD display modest growth, with a notable surge beginning in early 2018, reaching over 4200 million USD. A peak is observed in late 2020 and early 2021, with revenues surpassing 5300 million USD. However, some volatility occurs subsequently, with a slight decline though maintaining levels near 5000 million USD through early 2022.
- Total Assets Trends
- Total assets present a significant structural shift starting around mid-2017, jumping from approximately 24,000 million USD to more than 55,000 million USD by the end of 2017. Following this increase, total assets remain relatively stable, fluctuating modestly around the 52,000 to 55,000 million USD range throughout the subsequent years up to early 2022.
- Total Asset Turnover Insights
- The total asset turnover ratio, a measure of efficiency in using assets to generate revenue, shows a declining trend moving from roughly 0.51 in late 2016 to around 0.22 by the end of 2017. This decline coincides with the sharp increase in total assets, suggesting that asset growth initially outpaced revenue growth. Post-2017, the ratio gradually improves from 0.25 to almost 0.38 by late 2021, indicating an enhanced efficiency in asset usage over time, despite relatively stable revenue levels in the latter periods.
- Overall Interpretation
- The data suggests a period of substantial asset acquisition or revaluation around 2017, which temporarily reduced asset turnover due to slower revenue growth relative to assets. Subsequent years indicate a recovery in efficiency, reflected by increasing asset turnover ratios, alongside fluctuating but generally higher revenue figures compared to initial periods. The organization appears to have stabilized its asset base and improved its effectiveness in generating revenue from those assets in recent quarters.
Equity Turnover
Becton, Dickinson & Co., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
1 Q2 2022 Calculation
Equity turnover
= (RevenuesQ2 2022
+ RevenuesQ1 2022
+ RevenuesQ4 2021
+ RevenuesQ3 2021)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibited moderate growth initially, rising from 2,922 million USD at the end of 2016 to a peak of approximately 4,403 million USD by the third quarter of 2018. Thereafter, revenues experienced some fluctuation, with a notable decline in late 2019 and early 2020, reaching a low of 3,855 million USD in the second quarter of 2020. This dip may be indicative of external economic pressures or operational challenges during that period. Following this trough, revenues recovered strongly, surging to a high of 5,315 million USD in the first quarter of 2021. The subsequent quarters saw a mild decrease and stabilization around the 5,000 million USD range up to early 2022.
- Shareholders’ Equity Movement
- Shareholders' equity demonstrated a significant upward trajectory over the entire period. Starting at 7,583 million USD at the end of 2016, equity saw substantial increases, with particularly sharp growth around 2017, surging to over 21,000 million USD by the end of that year. This level was largely maintained with minor fluctuations through early 2020. Another substantial increase occurred in mid-2020, with equity rising to over 24,000 million USD and staying relatively stable thereafter with slight quarterly variations. This suggests consistent capital accumulation or retained earnings contributing to strengthening the equity base.
- Equity Turnover Ratio Analysis
- The equity turnover ratio, which measures revenue generated per unit of shareholders’ equity, showed a declining trend from 1.64 at the end of 2016 to a low of approximately 0.58 at the end of 2017. This sharp reduction was contemporaneous with the large increase in shareholders' equity, which outpaced revenue growth, resulting in a lower turnover ratio. From 2018 onwards, the equity turnover ratio gradually improved from 0.64 to around 0.82 by early 2022. While it did not return to the initial higher levels seen in 2016, this upward adjustment indicates a better utilization of shareholders' equity to generate revenues in recent periods.
- Overall Insights
- The correlation between the rapid growth in shareholders’ equity and the more measured changes in revenue is a key characteristic of the observed financial data. Initially, the expansion in equity outstripped revenue gains, causing a decline in efficiency as measured by equity turnover. However, subsequent periods reflect a realignment with revenue growth partly catching up, improving turnover ratios. The revenue volatility seen in 2019-2020 could reflect external disruptions, yet the company demonstrated resilience with a robust recovery in revenues and sustained equity levels. This balance suggests a strong capital position supporting operational activities and growth prospects.