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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Long-term Activity Ratios (Summary)
Boston Scientific 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover demonstrates a generally declining trend from early 2019 through the end of 2020, starting at 5.58 in March 2019 and decreasing to a low of 4.76 in December 2020. Subsequently, beginning in 2021, this ratio exhibits a recovery phase, rising to peaks above 5.4 in the middle quarters of 2021 and 2022, before slightly tapering off toward early 2023. This pattern suggests initial diminishing efficiency in using fixed assets to generate sales, followed by improved utilization in later periods.
- Total Asset Turnover
- The total asset turnover ratio follows a downward trajectory from 0.42 in the first quarter of 2019 to a trough of 0.32 at the end of 2020, indicating a reduction in the efficiency of overall asset use to generate sales during this period. From 2021 onwards, the ratio modestly improves, converging around 0.39-0.40 by the first quarter of 2023, which signals a gradual enhancement in asset use efficiency but not to the levels seen in early 2019.
- Equity Turnover
- Equity turnover experienced a notable decrease from 1.08 in March 2019 to a significant dip at 0.65 in mid to late 2020, remaining relatively stable around this lower point during the latter part of 2020. From 2021, there is a modest recovery, with the ratio slowly increasing to approximately 0.73 by March 2023. Despite this improvement, the ratio remains well below the early 2019 figures, indicating a lasting reduction in the speed at which equity is turning over in relation to sales.
Net Fixed Asset Turnover
Boston Scientific 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| 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: 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).
1 Q1 2023 Calculation
Net fixed asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods. Net sales exhibit fluctuations with a general upward trajectory, though there are noticeable dips and rebounds aligned with specific quarters.
- Net Sales
- Initially, net sales increased steadily from $2,493 million in March 2019 to a peak of $2,904 million by December 2019. However, a significant decrease occurred in the first half of 2020, with sales dropping to $2,003 million by June 2020, likely reflecting broader economic disruptions. Subsequently, sales recovered, rising consistently through 2021 and 2022, reaching $3,242 million by December 2022 and further increasing to $3,389 million in March 2023. This pattern indicates resilience and an ongoing growth trend in the latter periods.
- Property, Plant and Equipment (Net)
- The net value of property, plant, and equipment showed gradual growth across the entire timeline. Starting at $1,782 million in March 2019, assets increased steadily to $2,078 million by December 2019, maintained a relatively stable range around $2,064 to $2,084 million through 2020, and then climbed consistently from $2,252 million in December 2021 to $2,478 million in March 2023. This steady increase reflects ongoing investment or acquisition of fixed assets over time.
- Net Fixed Asset Turnover
- This ratio, which measures efficiency in using fixed assets to generate sales, displayed a decreasing trend from March 2019 (5.58) through December 2020 (4.76), suggesting reduced efficiency during this period. From early 2021 onward, the ratio improved, climbing to 5.44 by September 2021, which indicates enhanced utilization of fixed assets amid rising sales. Although there was some volatility, the ratio remained generally stable above 5.2 in the most recent quarters, pointing to maintained operational efficiency despite ongoing asset base growth.
Overall, the data depicts a company navigating fluctuating market conditions with temporary declines in sales and efficiency during early 2020. The subsequent recovery in sales figures alongside increasing investment in fixed assets and improved asset turnover ratios in later periods suggests effective management of resources and renewed growth momentum.
Total Asset Turnover
Boston Scientific Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| 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: 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).
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.
The analysis of the quarterly financial data reveals several notable trends in key performance indicators related to sales, assets, and efficiency.
- Net Sales
- Net sales exhibited substantial fluctuation over the observed periods. Initially, there was a growth phase starting from 2,493 million US dollars in the first quarter of 2019, peaking at 2,904 million by the end of 2019. A sharp decline followed in early 2020, with net sales dropping significantly to 2,003 million in the second quarter of 2020, likely reflecting external disruptions. However, a strong recovery was apparent from mid-2020 onward, with consistent increases allowing net sales to reach 3,389 million by the first quarter of 2023, representing the highest recorded value in the dataset. This indicates resilience and effective adaptation in the sales domain.
- Total Assets
- Total assets displayed a steady upward trajectory throughout the entire time span. Beginning at 23,802 million US dollars in early 2019, the asset base expanded consistently, reaching 32,892 million by the first quarter of 2023. Although the growth rate slightly moderated towards the later quarters, the overall increase of approximately 38% suggests ongoing investment in resources and capacity expansion.
- Total Asset Turnover
- The total asset turnover ratio, which measures efficiency in utilizing assets to generate sales, experienced some volatility. Starting at 0.42 in March 2019, the ratio declined progressively to a low of 0.32 by the end of 2020, indicating a period of reduced asset utilization efficiency. This trend was reversed beginning in 2021, with gradual improvements observed quarter over quarter, reaching 0.40 by March 2023. The improvement in asset turnover ratio suggests enhanced operational efficiency and better management of asset utilization to drive sales growth.
Overall, the data reflect an initial phase of growth, followed by a disruption likely related to external factors in early 2020, and a subsequent strong recovery marked by increasing net sales and gradual enhancement in asset utilization efficiency. The steady increase in total assets supports a strategy of asset investment to sustain and support sales expansion over time.
Equity Turnover
Boston Scientific 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Stockholders’ 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: 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).
1 Q1 2023 Calculation
Equity turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrate a fluctuating yet generally upward trend over the observed periods. Initially, sales increased steadily from 2,493 million US dollars in the first quarter of 2019 to a peak of 2,904 million in the fourth quarter of the same year. This was followed by a sharp decline in the first half of 2020, reaching a low of 2,003 million in the second quarter of 2020, likely influenced by external adverse factors during that period. Subsequently, net sales recovered significantly, surpassing previous highs, with a gradual increase leading to 3,389 million US dollars by the first quarter of 2023. The recovery and growth after mid-2020 indicate resilience and positive demand trends.
- Stockholders’ Equity
- Stockholders’ equity displayed consistent growth across the entire timeframe. Starting at 9,233 million US dollars in the first quarter of 2019, equity rose moderately, with a notable jump to 13,877 million by the end of 2019. The upward trajectory continued through the pandemic period and beyond, reaching 17,850 million US dollars by the first quarter of 2023. This steady increase reflects continuous accumulation of retained earnings, potential capital injections, or asset revaluations, indicating a strengthening equity base.
- Equity Turnover
- Equity turnover ratios show a marked decline from around 1.08 in early 2019 down to approximately 0.64–0.65 in late 2019 and through 2020. This decrease suggests a reduced efficiency in using equity to generate sales during that period. However, from 2021 onward, the ratio stabilizes and slightly improves, hovering around 0.7 to 0.73. While the turnover does not return to prior levels, this modest recovery indicates improved utilization of equity in generating revenue, though overall efficiency remains below the early 2019 benchmark.
- Overall Insights
- The observed data depicts a company that experienced initial sales growth followed by a significant dip and subsequent recovery in net sales, coinciding with a period of broader economic challenges around 2020. Meanwhile, stockholders’ equity increased consistently, enhancing the company’s financial strength. The decrease in equity turnover suggests a period of reduced operational efficiency or higher equity base relative to sales, though recent periods show some recovery in this regard. Together, these trends convey a firm that has successfully navigated a challenging external environment, bolstered its equity position, and is progressively improving its asset use efficiency.