Becton, Dickinson & Co. (NYSE:BDX)

The analysis of the quarterly financial data reveals several patterns and trends in the company's efficiency ratios over the observed periods.

Net Fixed Asset Turnover

This ratio, which measures the efficiency in using fixed assets to generate sales, shows an initial value around 3.2 in late 2016 and early 2017. There is a gradual decline through 2017 and 2018 reaching a low near 2.33 by March 2017, indicating a decrease in asset utilization efficiency during that period. Subsequently, the ratio recovers steadily, climbing back above 3.0 in late 2018 and maintaining values around 3.0 to 3.2 through 2021 and early 2022. This suggests improved or stabilized management of fixed assets in generating revenue after the dip.

Total Asset Turnover

The total asset turnover ratio remains relatively low throughout the periods, beginning near 0.49 in late 2016 and showing minor fluctuations thereafter. It drops to about 0.22 in early 2017, marking the lowest point observed, then slowly increases over subsequent quarters to approximately 0.37 by early 2022. The trend reflects some volatility with a general gradual improvement over time, which may indicate enhanced overall asset management but also highlights consistently modest efficiency in the use of all assets to drive sales.

Equity Turnover

Equity turnover ratio starts high at around 1.64 near the end of 2016, then declines sharply during 2017 to a low near 0.58 in March 2017, representing a significant drop in the revenue generated per unit of shareholder equity. Following this trough, a recovery phase occurs, with the ratio increasing steadily to approximately 0.8-0.86 by early 2022. The longer-term trend indicates a restoration of shareholder equity efficiency after a notable mid-series dip, suggesting changes in capital structure or operational effectiveness impacting equity utilization.

Overall, the periods feature pronounced declines around early 2017 in all three ratios, followed by progressive recoveries and stabilization through to 2022. These movements imply temporary disruptions in asset and equity efficiency, with a return to improved performance in subsequent years. The data suggest that while asset utilization remains moderate, fixed assets are managed more effectively than total assets, and equity efficiency experienced the most volatility but has shown consistent improvement post-2017 low points.

The financial data reveals several notable trends over the observed periods. Revenues demonstrate fluctuations with an overall upward trajectory, albeit with some volatility. Initially, revenues hovered around the 2900 to 3200 million USD range until late 2017, when a significant increase is observed starting in the first quarter of 2018, peaking near 5315 million USD in the first quarter of 2021. Following this peak, revenues slightly declined but remained elevated compared to earlier periods.

Regarding property, plant, and equipment (PP&E), net values show consistent growth over time. The amount increased from approximately 3957 million USD at the end of 2015 to about 6406 million USD by the first quarter of 2022. This steady increase suggests ongoing investment in fixed assets, reflecting potential expansion or maintenance initiatives.

The net fixed asset turnover ratio exhibits varying trends across the available data points. Starting from a higher ratio around 3.2 in mid-2016, it experienced a downward movement to roughly 2.33 by late 2017. Subsequently, this ratio recovered and fluctuated between approximately 2.9 and 3.23 from 2018 onward. This behavior indicates changes in the efficiency with which fixed assets generate revenues, with periods of both decline and recovery.

Revenues

Revenues display an overall increasing trend with a significant rise beginning in early 2018 and peaking in early 2021 before a moderate decline.

Property, plant, and equipment, net

There is a continuous and steady increase in net PP&E from 2015 through early 2022, suggesting consistent capital investments.

Net fixed asset turnover

The ratio shows initial decline through 2017 but recovers thereafter, indicating fluctuating asset utilization efficiency over time.

The analysis of the quarterly financial data reveals several notable trends and patterns over the observed periods.

Revenue Trends

Revenues showed a generally increasing trend from the end of 2015 through to the first quarter of 2022, with some fluctuations observed in certain quarters. Starting at approximately $2,986 million at the end of 2015, revenues increased gradually with intermittent periods of decline, notably in the fourth quarter of 2016 and again in the fourth quarter of 2018 and 2019. A significant surge in revenues occurred around 2018 and 2019, with amounts surpassing $4,000 million and reaching peaks near $5,315 million in the first quarter of 2021. Despite some minor decreases post-peak, revenues remained elevated relative to the early years, indicating overall growth in sales or operating performance over the period under review.

Total Assets

The total assets exhibited variability, with a notable increase around mid-2017, jumping from around $24,000 million to over $37,000 million, and then rising further to above $55,000 million through 2018. Following these peaks, total assets remained relatively stable with slight fluctuations, generally oscillating between $53,000 million and $54,000 million, up to early 2022. The jump in assets during 2017-2018 suggests potential acquisitions, investments, or revaluation of assets during that time. The relatively stable asset base post-2018 indicates a consolidation phase or steady capital base maintenance.

Total Asset Turnover

Data on total asset turnover begins midway through the dataset and shows a somewhat low but stable ratio in the range of approximately 0.22 to 0.51 in the earliest available points, decreasing to around 0.31 to 0.38 toward the end of the time series. The lower turnover rates around 2017 and 2018 correspond with the increases in total assets without a proportional increase in revenues, indicating less efficient use of assets during that period. However, a gradual improvement in turnover ratio observed since 2019 suggests enhanced efficiency in using assets to generate sales, despite periodic fluctuations.

In summary, the company experienced revenue growth and significant increases in total assets primarily during 2017 and 2018. The asset base grew substantially during this period, which initially correlated with a decline in asset turnover efficiency. Subsequently, asset utilization improved steadily, evidenced by increasing asset turnover ratios. The pattern implies strategic investments or acquisitions that might have temporarily reduced operational efficiency, followed by measures to improve asset productivity over the following years.

The financial data reveals several notable trends and patterns over the observed periods.

Revenues

Revenues generally exhibit a fluctuating but upward trajectory from December 2015 to March 2022. Starting at approximately 2,986 million USD at the end of 2015, revenues increased with some volatility, peaking notably in the first quarter of 2018 at 4,222 million USD. Following this peak, revenues experienced slight fluctuations but remained elevated compared to the initial periods. A second surge is observed around the fourth quarter of 2020, reaching 4,784 million USD, followed by a consistent level hovering around 5,000 million USD through early 2022. The data points to a significant overall increase in revenues over the analyzed timeframe, suggesting growth in the company’s operations and market presence.

Shareholders’ Equity

Shareholders' equity shows a steady rise with marked increases at certain intervals. Starting at 7,223 million USD in late 2015, equity rose gradually to approximately 7,963 million USD by early 2017. A substantial increase occurs between March and December 2017, with equity soaring to over 21,247 million USD, remaining relatively stable through 2018. Subsequently, equity levels stabilize around 21,000 to 24,000 million USD, with minor month-to-quarter fluctuations, ending near 24,525 million USD in March 2022. This inflation in shareholders’ equity indicates increased retained earnings, additional equity financing, or asset revaluations, contributing to the company’s strengthened financial base during the period.

Equity Turnover

The equity turnover ratio data is partial, available mostly from mid-2016 onwards, and demonstrates a declining trend initially, followed by gradual recovery. Starting around 1.64 in the second quarter of 2016, it decreases steadily to a low near 0.58 in the fourth quarter of 2017. After this trough, the ratio progressively increases, fluctuating around 0.7 to 0.8 in subsequent quarters and reaching approximately 0.82 by early 2022. This pattern reflects changing efficiency in the use of equity capital to generate sales. The initial reduction may signify increased equity that outpaced revenue growth, while the later recovery suggests improved operational efficiency or a more balanced growth relationship between revenues and equity.

Overall, the company demonstrates revenue growth with significant expansion in shareholders’ equity, coupled with a period of adjustment in equity turnover ratios that indicate evolving efficiency in capital utilization. The stabilization of these metrics toward the end of the analyzed period suggests a mature phase of financial performance with balanced growth and capital management.