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.
Long-term Activity Ratios (Summary)
Chipotle Mexican Grill Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).
The analysis of investment activity ratios reveals a distinct shift in asset utilization efficiency over the observed period. While the efficiency of fixed assets peaked in 2024 before entering a gradual decline, there is a pronounced increase in total asset and equity turnover toward the end of the sequence, suggesting a change in the composition of the balance sheet or a surge in revenue generation relative to the capital base.
- Net Fixed Asset Turnover
- A period of steady improvement is observed from March 2022 (4.40) through September 2024, reaching a peak of 4.73. Following this apex, a consistent downward trend occurs, with the ratio declining to 4.18 by September 2026. This indicates that while the company initially increased the revenue generated per unit of net fixed assets, the most recent periods show a diminishing return on these specific investments.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- This metric follows a trajectory nearly identical to the standard net fixed asset turnover, beginning at 1.59 and peaking at 1.77 in June and December 2024. The subsequent decline to 1.60 by September 2026 confirms that the trend is consistent across both owned and leased fixed assets, reflecting a broader reduction in fixed asset productivity.
- Total Asset Turnover
- Total asset turnover remained relatively stable between 1.20 and 1.27 from March 2022 through March 2025. However, a notable acceleration in efficiency is evident starting in late 2025, with the ratio climbing to a peak of 1.40 in June 2026 before settling at 1.35. This suggests an overall improvement in the company's ability to generate sales from its entire asset base, despite the decline in fixed asset efficiency.
- Equity Turnover
- A significant volatility pattern is present in equity turnover. The ratio initially declined from 3.67 in March 2022 to a low of 2.87 in June 2024. This was followed by a sharp and aggressive increase, peaking at 5.65 in June 2026. The substantial rise in the latter half of the period indicates a dramatic increase in revenue generation relative to shareholders' equity.
The divergence between the declining fixed asset turnover and the rising total asset and equity turnovers suggests that the company's growth in the final periods may be driven by factors other than the expansion of fixed infrastructure. The sharp increase in equity turnover, in particular, points toward a highly efficient use of equity to drive sales or a reduction in the equity base relative to revenue growth.
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Net Fixed Asset Turnover
Chipotle Mexican Grill Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,293,162) | 3,348,562) | 3,088,242) | 2,983,511) | 3,003,444) | 3,063,393) | 2,875,253) | 2,845,312) | 2,793,576) | 2,973,117) | 2,701,848) | 2,516,320) | 2,471,948) | 2,514,801) | 2,368,580) | 2,180,599) | 2,220,175) | 2,213,339) | 2,020,539) | ||||||
| Leasehold improvements, property and equipment, net | 3,038,421) | 2,866,970) | 2,767,047) | 2,679,361) | 2,594,005) | 2,503,429) | 2,436,762) | 2,390,126) | 2,320,395) | 2,265,694) | 2,202,739) | 2,170,038) | 2,093,011) | 2,021,964) | 1,981,329) | 1,951,147) | 1,871,623) | 1,813,348) | 1,779,521) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.18 | 4.33 | 4.39 | 4.45 | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | — | — | 114.40 | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | ||||||
| Booking Holdings Inc. | 37.60 | 36.82 | 35.32 | 33.35 | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | ||||||
| DoorDash, Inc. | 13.12 | 12.75 | 12.89 | 12.86 | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | ||||||
| McDonald’s Corp. | — | 0.97 | 0.97 | 0.95 | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | ||||||
| Starbucks Corp. | 5.48 | 5.35 | 5.10 | 4.38 | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).
1 Q3 2026 Calculation
Net fixed asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Leasehold improvements, property and equipment, net
= (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
÷ 3,038,421 = 4.18
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a non-linear trajectory over the analyzed period, characterized by an initial phase of improving asset efficiency followed by a steady decline as capital investments accelerated.
- Revenue and Asset Growth Trends
- Revenue increased from $2,020,539 thousand in March 2022 to $3,293,162 thousand by September 2026. During this same interval, net leasehold improvements, property, and equipment grew consistently from $1,779,521 thousand to $3,038,421 thousand. The steady climb in net fixed assets indicates a sustained long-term investment strategy in physical infrastructure.
- Asset Efficiency Peak
- A positive trend in asset utilization was observed from March 2022 through September 2024, with the net fixed asset turnover ratio rising from 4.40 to a peak of 4.73. This improvement suggests that revenue growth outpaced the expansion of the fixed asset base, indicating higher productivity per dollar of net fixed assets during this period.
- Analysis of Subsequent Decline
- Following the peak in late 2024, the turnover ratio entered a consistent downward trend, falling to 4.18 by September 2026. Although revenue continued to grow in absolute terms, the rate of increase in net fixed assets exceeded the rate of revenue growth. This contraction in the ratio typically reflects a period of aggressive capital expenditure where new assets have been deployed but have not yet reached full revenue-generating capacity.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Chipotle Mexican Grill Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,293,162) | 3,348,562) | 3,088,242) | 2,983,511) | 3,003,444) | 3,063,393) | 2,875,253) | 2,845,312) | 2,793,576) | 2,973,117) | 2,701,848) | 2,516,320) | 2,471,948) | 2,514,801) | 2,368,580) | 2,180,599) | 2,220,175) | 2,213,339) | 2,020,539) | ||||||
| Leasehold improvements, property and equipment, net | 3,038,421) | 2,866,970) | 2,767,047) | 2,679,361) | 2,594,005) | 2,503,429) | 2,436,762) | 2,390,126) | 2,320,395) | 2,265,694) | 2,202,739) | 2,170,038) | 2,093,011) | 2,021,964) | 1,981,329) | 1,951,147) | 1,871,623) | 1,813,348) | 1,779,521) | ||||||
| Operating lease assets | 4,928,149) | 4,768,273) | 4,614,939) | 4,463,010) | 4,385,099) | 4,203,989) | 4,075,748) | 4,000,127) | 3,954,689) | 3,770,997) | 3,670,983) | 3,578,548) | 3,555,808) | 3,433,719) | 3,334,277) | 3,302,402) | 3,309,051) | 3,209,934) | 3,147,061) | ||||||
| Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset) | 7,966,570) | 7,635,243) | 7,381,986) | 7,142,371) | 6,979,104) | 6,707,418) | 6,512,510) | 6,390,253) | 6,275,084) | 6,036,691) | 5,873,722) | 5,748,586) | 5,648,819) | 5,455,683) | 5,315,606) | 5,253,549) | 5,180,674) | 5,023,282) | 4,926,582) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.60 | 1.63 | 1.64 | 1.67 | 1.69 | 1.73 | 1.76 | 1.77 | 1.75 | 1.77 | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | — | — | 47.63 | 43.91 | 41.96 | 40.55 | 38.15 | 41.37 | 38.48 | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | ||||||
| Booking Holdings Inc. | 21.01 | 20.75 | 19.90 | 18.71 | 18.31 | 17.37 | 17.06 | 17.07 | 15.55 | 14.81 | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | ||||||
| DoorDash, Inc. | 9.75 | 9.35 | 9.32 | 9.12 | 9.21 | 9.17 | 9.14 | 9.19 | 9.12 | 8.88 | 7.90 | 7.52 | 7.44 | 7.03 | 6.69 | 6.14 | 5.92 | 5.90 | 6.51 | ||||||
| Starbucks Corp. | 2.56 | 2.50 | 2.41 | 2.09 | 1.99 | 1.99 | 2.00 | 2.02 | 2.16 | 2.21 | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).
1 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Leasehold improvements, property and equipment, net (including operating lease, right-of-use asset)
= (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
÷ 7,966,570 = 1.60
2 Click competitor name to see calculations.
An analysis of the financial data reveals a consistent expansion in both revenue and the net fixed asset base, though the efficiency of these assets, measured by the net fixed asset turnover ratio, exhibited a cyclical trajectory over the observed period.
- Revenue Performance
- Revenue demonstrated a strong long-term upward trend, increasing from 2.02 billion USD in March 2022 to 3.29 billion USD by September 2026. While growth was generally steady, periodic quarterly fluctuations occurred, specifically noted in the declines during September 2024 and September 2025, followed by subsequent recoveries.
- Fixed Asset Investment
- There was a continuous and linear increase in leasehold improvements, property, and equipment, including right-of-use assets. The asset base grew from 4.93 billion USD in March 2022 to 7.97 billion USD by September 2026. This steady rise indicates a sustained capital investment strategy, likely associated with the expansion of physical locations or facility upgrades.
- Net Fixed Asset Turnover Efficiency
- The net fixed asset turnover ratio experienced two distinct phases. From March 2022 to June 2024, the ratio improved from 1.59 to a peak of 1.77, indicating that revenue growth was outpacing the growth of the asset base, thereby increasing operational efficiency. However, from March 2025 through September 2026, the ratio entered a period of gradual decline, falling from 1.76 back to 1.60.
The divergence observed in the latter half of the period suggests that the acceleration of fixed asset accumulation began to exceed the immediate growth in revenue. This pattern is characteristic of a heavy investment phase where new assets are deployed but have not yet reached full revenue-generating capacity, leading to a temporary reduction in asset turnover efficiency.
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Total Asset Turnover
Chipotle Mexican Grill Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,293,162) | 3,348,562) | 3,088,242) | 2,983,511) | 3,003,444) | 3,063,393) | 2,875,253) | 2,845,312) | 2,793,576) | 2,973,117) | 2,701,848) | 2,516,320) | 2,471,948) | 2,514,801) | 2,368,580) | 2,180,599) | 2,220,175) | 2,213,339) | 2,020,539) | ||||||
| Total assets | 9,432,683) | 8,864,585) | 8,803,219) | 8,994,531) | 9,281,848) | 9,268,794) | 9,044,094) | 9,204,374) | 9,011,670) | 8,919,835) | 8,411,249) | 8,044,362) | 7,911,493) | 7,552,435) | 7,053,372) | 6,927,504) | 6,817,437) | 6,545,336) | 6,467,257) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 1.35 | 1.40 | 1.38 | 1.33 | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 0.46 | 0.47 | 0.55 | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | ||||||
| Booking Holdings Inc. | 1.00 | 0.95 | 1.00 | 0.92 | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | ||||||
| DoorDash, Inc. | 0.83 | 0.81 | 0.75 | 0.70 | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | ||||||
| McDonald’s Corp. | — | 0.46 | 0.46 | 0.45 | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | ||||||
| Starbucks Corp. | 1.35 | 1.26 | 1.17 | 1.16 | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).
1 Q3 2026 Calculation
Total asset turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Total assets
= (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
÷ 9,432,683 = 1.35
2 Click competitor name to see calculations.
Between March 2022 and September 2026, the organization experienced a consistent expansion in both top-line revenue and its total asset base, with a notable shift toward higher asset utilization efficiency in the latter part of the period.
- Revenue Performance
- Revenue demonstrated a steady upward trajectory, rising from 2.02 billion USD in March 2022 to 3.29 billion USD by September 2026. The growth pattern exhibits quarterly seasonality, with recurring peaks observed in the June quarters, particularly in 2024 and 2026, where revenue reached 2.97 billion USD and 3.35 billion USD, respectively.
- Asset Base Expansion
- Total assets grew from 6.47 billion USD in March 2022 to 9.43 billion USD in September 2026. The expansion was most aggressive between December 2023 and June 2024. A period of consolidation is observed between December 2025 and June 2026, during which total assets decreased slightly from 8.99 billion USD to 8.80 billion USD before rising again in the final quarter.
- Total Asset Turnover Analysis
- From March 2022 through December 2024, the total asset turnover ratio remained relatively stable, fluctuating within a narrow range of 1.20 to 1.27. This suggests that during this initial phase, asset growth and revenue growth were largely proportional. However, a significant positive trend emerged starting in December 2025, with the ratio climbing to a peak of 1.40 in June 2026. This improvement indicates an increase in operational efficiency, as the company generated higher volumes of revenue per unit of asset investment toward the end of the analyzed period.
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Equity Turnover
Chipotle Mexican Grill Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 3,293,162) | 3,348,562) | 3,088,242) | 2,983,511) | 3,003,444) | 3,063,393) | 2,875,253) | 2,845,312) | 2,793,576) | 2,973,117) | 2,701,848) | 2,516,320) | 2,471,948) | 2,514,801) | 2,368,580) | 2,180,599) | 2,220,175) | 2,213,339) | 2,020,539) | ||||||
| Shareholders’ equity | 2,455,144) | 2,199,791) | 2,407,635) | 2,830,607) | 3,221,838) | 3,528,195) | 3,490,872) | 3,655,546) | 3,613,898) | 3,711,820) | 3,361,329) | 3,062,207) | 2,886,314) | 2,766,886) | 2,481,685) | 2,368,023) | 2,327,381) | 2,154,199) | 2,133,960) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 5.18 | 5.65 | 5.04 | 4.21 | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 1.69 | 1.66 | 1.49 | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | ||||||
| DoorDash, Inc. | 1.59 | 1.60 | 1.44 | 1.37 | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).
1 Q3 2026 Calculation
Equity turnover
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ Shareholders’ equity
= (3,293,162 + 3,348,562 + 3,088,242 + 2,983,511)
÷ 2,455,144 = 5.18
2 Click competitor name to see calculations.
The equity turnover ratio exhibits a distinct U-shaped trajectory between March 2022 and September 2026. While revenue maintained a general upward trend, the efficiency of equity utilization was heavily influenced by significant fluctuations in the shareholders' equity base.
- Revenue Trajectory
- A consistent growth pattern is observed in revenue, which increased from 2,020,539 thousand in March 2022 to 3,293,162 thousand by September 2026. This indicates a sustained expansion in sales volume throughout the analyzed period.
- Shareholders' Equity Fluctuations
- Equity levels followed a non-linear path, rising from 2,133,960 thousand in March 2022 to a peak of 3,711,820 thousand in June 2024. Following this peak, a substantial contraction occurred, with equity declining to 2,199,791 thousand by June 2026, before a modest increase in the final quarter.
- Equity Turnover Efficiency
- The turnover ratio remained relatively stable near 3.6 during the first year of the period. A phase of declining efficiency was recorded between June 2023 and June 2024, where the ratio dropped to a low of 2.87, coinciding with the peak in shareholders' equity. A sharp reversal and subsequent acceleration are observed from September 2024 onward, with the ratio peaking at 5.65 in June 2026. This surge indicates a significant increase in revenue generation per unit of equity, primarily driven by the simultaneous increase in revenue and the reduction in the equity base during 2025 and 2026.
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