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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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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), 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).
The analysis of the quarterly financial ratios over the observed periods reveals several noteworthy trends and fluctuations.
- Net Fixed Asset Turnover
- This ratio demonstrates a generally stable performance with minor fluctuations. Starting from a level above 5.5 in early 2019, it experienced a gradual decline reaching its lowest point near 4.76 by the first quarter of 2021. Subsequently, the ratio rebounded, peaking again around 5.49 near the end of 2022, before slightly decreasing again by the first quarter of 2023. The pattern suggests an initial reduction in efficiency in utilizing fixed assets which was later corrected, reflecting potential operational adjustments or asset base changes.
- Total Asset Turnover
- The ratio shows a more pronounced downward trend from early 2019, where it began near 0.47, declining steadily to reach approximately 0.32 by early 2021. After this decline, the turnover stabilized and displayed a gradual recovery, reaching around 0.40 by the first quarter of 2023. This indicates an initial decrease in the efficiency with which the total assets were employed to generate sales, followed by a period of improvement, possibly signaling enhanced asset utilization or growth in sales relative to asset size in more recent quarters.
- Equity Turnover
- This ratio starts at roughly 1.13 in early 2019 and declines notably to about 0.65 by early 2021, reflecting a significant drop in the efficiency of equity capital in generating revenues or sales. In contrast to the previous ratios, equity turnover remains relatively flat during 2021 and early 2022, showing minimal recovery. From mid-2022 through early 2023, the ratio shows a marginal upward trend, stabilizing around 0.72-0.73. The decline followed by a limited rebound suggests challenges in equity capital deployment efficiency, with some improvements but no return to previous higher efficiency levels.
In summary, the net fixed asset turnover indicates a correction after an initial decline, total asset turnover reflects a dip followed by stabilization and recovery, whereas equity turnover shows a steep fall with minor recovery later on. These patterns collectively suggest variations in operational efficiency and asset management effectiveness over the analyzed period, potentially incited by changing market conditions, investment activities, or internal company strategies.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 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)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends across net sales, property, plant and equipment (PPE), and net fixed asset turnover ratios over the observed periods.
- Net Sales
- Net sales exhibit a generally upward trajectory from Q1 2018 through Q1 2023, despite some periods of decline. Starting at $2,379 million in Q1 2018, net sales reached $3,389 million by Q1 2023, representing significant growth. However, a marked dip is observed in Q2 2020 at $2,003 million, likely reflecting the impact of external disturbances during that quarter. Subsequently, net sales recovered and continued to rise, achieving new highs towards the end of the period. Seasonal or cyclical fluctuations are noticeable but do not alter the overall ascending trend.
- Property, Plant and Equipment (PPE), Net
- PPE values steadily increased over time from $1,700 million in Q1 2018 to $2,478 million in Q1 2023, reflecting ongoing investments in fixed assets. The growth is relatively consistent, with no significant decreases, suggesting a continuous commitment to capital expenditures. Notably, the growth rate in PPE appears smoother compared to the sales fluctuations, indicating relatively stable asset accumulation.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from Q3 2018 onwards, fluctuates within a narrow range from approximately 4.76 to 5.58. It peaks at 5.58 in Q4 2018 and dips to the lowest point around 4.76 in Q1 2021. Generally, the ratio remains above 5.0 in most quarters, indicating effective utilization of fixed assets to generate sales. The ratio reflects some volatility but no long-term decline, which could imply efficient asset management despite variations in sales volume.
Overall, the data suggests sustained growth in sales alongside progressive investment in assets. Although net sales experienced a temporary decrease in mid-2020, recovery was prompt and robust. The fixed asset turnover ratio's stability implies that asset productivity has been maintained effectively over time. These patterns point to sound operational performance with ongoing capital commitment supporting revenue growth.
Total Asset Turnover
Boston Scientific Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 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
- Net sales exhibit a generally upward trend from March 31, 2018, through March 31, 2023, with fluctuations in some quarters. Starting at approximately 2,379 million USD in early 2018, sales increased steadily, reaching a peak around late 2019 to early 2020. However, a noticeable dip occurred in the first half of 2020, coinciding with a decline to around 2,003 million USD in June 2020. Following this period, there was a recovery and a strong rebound with sales exceeding previous highs, culminating in approximately 3,389 million USD by March 31, 2023. This recovery and growth phase post-mid 2020 suggests resilience and an effective recovery strategy.
- Total Assets
- Total assets showed consistent growth over the entire period, rising from about 19,202 million USD in early 2018 to nearly 32,892 million USD by March 2023. The asset base expanded steadily with no major reversals, indicating ongoing investment and possible acquisitions or capital expenditures. The increase in total assets outpaced the growth in net sales, which suggests an expanding scale of operations or increased capitalization.
- Total Asset Turnover
- The total asset turnover ratio, available from late 2018 onward, illustrates a gradual decline from approximately 0.47 in September 2018 to a low near 0.32 by the end of 2020. This decline indicates that the company generated fewer sales per unit of asset over this period, potentially reflecting increased asset investment without proportional sales growth or temporary operational inefficiencies. However, from 2021 forward, the ratio shows improvement, rising to around 0.40 by March 2023, signaling enhanced efficiency in using assets to generate sales. This recovery in asset turnover coincides with the rebound in net sales, suggesting better asset utilization in recent periods.
- Overall Insights
- The data reveals a company undergoing significant growth in assets and recovering from operational impacts reflected in reduced sales during 2020. The initial asset turnover decline may be attributed to rapid asset growth combined with a sales downturn, but subsequent sales improvements have helped restore operational efficiency. The upward trajectory in net sales alongside asset growth indicates strategic expansion balanced by improving asset use efficiency. The strong rebound post-2020 highlights the company’s capacity to adapt and grow in a challenging environment.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 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)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and observations over the examined periods.
- Net Sales
- Net sales demonstrate a general upward trajectory from March 2018 to the first quarter of 2023. Beginning at approximately $2.38 billion in March 2018, sales peak intermittently, with some quarterly fluctuations. Notably, there is a decline observed during the early 2020 period, coinciding with the onset of the global pandemic, with sales falling below $2.55 billion in March 2020 and even further to roughly $2 billion in June 2020. However, sales recovered strongly throughout 2021 and into 2023, reaching a high of about $3.39 billion by March 2023. This recovery suggests resilience and potential growth in market demand or successful strategic initiatives.
- Stockholders’ Equity
- Stockholders' equity shows a consistent increase over the entire timeline, indicating ongoing capital accumulation or retained earnings growth. Starting from approximately $7.03 billion in March 2018, equity increases steadily, with a marked jump between December 2019 and June 2020, rising from around $13.88 billion to over $15.6 billion. This upward movement stabilizes slightly in later quarters but continues on an upward path, ending at about $17.85 billion in March 2023. The steady increase in equity reflects strengthening financial stability and potentially enhanced shareholder value.
- Equity Turnover Ratio
- The equity turnover ratio, available from the third quarter of 2018 onwards, exhibits a declining trend initially, moving from approximately 1.13 down to around 0.65 by the fourth quarter of 2020. This reduction indicates a decrease in the efficiency with which the company uses its equity to generate sales during this period. From early 2021 onward, the ratio shows a modest recovery and stabilization, fluctuating between 0.64 and 0.73 through early 2023. Despite this partial recovery, the equity turnover remains lower than the initial values in 2018, which may imply either an increase in equity base outpacing sales growth or operational changes affecting asset utilization efficiency.
In summary, the financial data indicate robust sales growth with temporary disruptions, consistent strengthening of the equity base, and an equity turnover ratio that declined initially with some recent stabilization. These patterns reflect a company managing growth while enhancing its financial structure, albeit with varying efficiency in equity utilization across the periods.