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)
Danaher Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
The investment activity ratios exhibit a general downward trajectory over the analyzed period, indicating a decrease in the efficiency with which assets and equity are utilized to generate revenue. The most pronounced decline is observed in the utilization of fixed assets, while total asset and equity turnovers show more moderate fluctuations and eventual stabilization.
- Net Fixed Asset Turnover
- A significant and consistent downward trend is observed in this ratio. After reaching a peak of 8.40 in September 2022, the ratio declined steadily to 4.31 by June 2026. This substantial contraction suggests that the growth in net fixed assets has significantly outpaced the growth in revenue, or that the productivity of existing fixed assets has diminished considerably over the four-year period.
- Total Asset Turnover
- The total asset turnover remained relatively stable compared to fixed asset turnover, although a slight overall decline is evident. The ratio peaked at 0.39 in September 2022 and reached a low of 0.27 by June 2026. The narrow range of fluctuation suggests that while overall asset efficiency is decreasing, the impact is less severe than that seen specifically within the fixed asset category.
- Equity Turnover
- Equity turnover experienced an initial period of decline, falling from 0.65 in April 2022 to a low of 0.44 by March 2024. However, unlike the fixed asset turnover, this ratio demonstrated a recovery and stabilization phase, fluctuating between 0.46 and 0.48 from June 2023 through June 2026. This indicates that the efficiency of shareholder equity in generating sales has plateaued after the initial downturn.
The divergence between the sharp decline in net fixed asset turnover and the more stable total asset turnover suggests a strategic increase in capital expenditures or a significant acquisition of fixed assets that has not yet yielded a proportional increase in top-line revenue. The stabilization of equity turnover in the latter half of the period suggests a balancing of the capital structure relative to revenue generation.
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Net Fixed Asset Turnover
Danaher Corp., net fixed asset turnover calculation (quarterly data)
| Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Sales | 6,265) | 5,951) | 6,838) | 6,053) | 5,936) | 5,741) | 6,538) | 5,798) | 5,743) | 5,796) | 6,405) | 5,624) | 5,912) | 5,949) | 8,369) | 7,663) | 7,751) | 7,688) | ||||||
| Property, plant and equipment, net of accumulated depreciation | 5,825) | 5,468) | 5,531) | 5,376) | 5,309) | 5,110) | 4,990) | 4,843) | 4,643) | 4,562) | 4,553) | 4,302) | 4,176) | 4,065) | 3,956) | 3,719) | 3,794) | 3,815) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.31 | 4.53 | 4.44 | 4.51 | 4.52 | 4.66 | 4.78 | 4.90 | 5.08 | 5.20 | 5.25 | 6.01 | 6.68 | 7.31 | 7.96 | 8.40 | 8.12 | 7.94 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 11.11 | 11.05 | 10.87 | 10.88 | 11.04 | 10.95 | 10.97 | 10.80 | 10.95 | 10.92 | 10.89 | 11.18 | 11.33 | 11.51 | 11.76 | 11.82 | 11.57 | 11.18 | ||||||
| Amgen Inc. | 4.24 | 4.32 | 4.44 | 4.78 | 4.89 | 4.91 | 4.89 | 5.06 | 4.85 | 4.70 | 4.53 | 4.61 | 4.58 | 4.56 | 4.57 | 4.73 | 4.77 | 4.75 | ||||||
| Bristol-Myers Squibb Co. | 6.31 | 6.33 | 6.39 | 6.54 | 6.47 | 6.60 | 6.77 | 6.87 | 6.79 | 6.75 | 6.77 | 6.93 | 7.11 | 7.30 | 7.38 | 7.74 | 7.90 | 7.77 | ||||||
| Eli Lilly & Co. | 2.72 | 2.72 | 2.64 | 2.66 | 2.59 | 2.65 | 2.63 | 2.53 | 2.62 | 2.64 | 2.64 | 2.70 | 2.62 | 2.63 | 2.81 | 3.14 | 3.18 | 3.22 | ||||||
| Gilead Sciences Inc. | 5.11 | 5.19 | 5.16 | 5.19 | 5.26 | 5.27 | 5.28 | 5.22 | 5.17 | 5.13 | 5.07 | 4.88 | 4.91 | 4.88 | 4.93 | 5.01 | 5.13 | 5.18 | ||||||
| Johnson & Johnson | 4.15 | 4.14 | 4.07 | 4.13 | 4.13 | 4.28 | 4.33 | 4.28 | 4.38 | 4.36 | 4.28 | 4.65 | 4.37 | 4.58 | 4.79 | 5.29 | 5.21 | 5.07 | ||||||
| Merck & Co. Inc. | — | 2.59 | 2.57 | 2.51 | 2.52 | 2.58 | 2.70 | 2.69 | 2.69 | 2.66 | 2.61 | 2.63 | 2.62 | 2.66 | 2.77 | 2.89 | 2.85 | 2.73 | ||||||
| Pfizer Inc. | 3.35 | 3.26 | 3.24 | 3.33 | 3.40 | 3.40 | 3.46 | 3.26 | 2.97 | 2.98 | 3.14 | 3.88 | 4.48 | 5.46 | 6.17 | 6.47 | 6.64 | 6.12 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.85 | 2.83 | 2.80 | 2.85 | 2.94 | 3.00 | 3.09 | 3.12 | 3.13 | 3.10 | 3.16 | 3.27 | 3.23 | 3.19 | 3.23 | 3.70 | 3.91 | 4.64 | ||||||
| Thermo Fisher Scientific Inc. | 4.31 | 4.24 | 4.22 | 4.30 | 4.48 | 4.60 | 4.61 | 4.50 | 4.56 | 4.56 | 4.54 | 4.74 | 4.68 | 4.68 | 4.84 | 5.12 | 5.02 | 4.87 | ||||||
| Vertex Pharmaceuticals Inc. | 7.56 | 7.60 | 7.89 | 8.23 | 8.55 | 8.57 | 8.98 | 9.51 | 8.61 | 8.68 | 8.51 | 8.59 | 8.47 | 8.28 | 8.06 | 7.78 | 7.59 | 7.18 | ||||||
Based on: 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Net fixed asset turnover
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ Property, plant and equipment, net of accumulated depreciation
= (6,265 + 5,951 + 6,838 + 6,053)
÷ 5,825 = 4.31
2 Click competitor name to see calculations.
An analysis of the investment activity ratios reveals a significant and sustained decline in the efficiency of fixed asset utilization between April 2022 and June 2026. The net fixed asset turnover ratio decreased from a peak of 8.40 in September 2022 to 4.31 by June 2026, representing a substantial reduction in the revenue generated per unit of net fixed assets.
- Revenue Performance
- Sales figures exhibited high volatility and an overall downward shift in baseline. Revenue peaked in December 2022 at $8,369 million but experienced a sharp contraction throughout 2023, reaching a period low of $5,624 million in September 2023. Although sales showed some recovery and seasonal peaks in late 2024 and 2025, they remained consistently below the 2022 levels.
- Fixed Asset Expansion
- Net property, plant, and equipment demonstrated a consistent upward trajectory throughout the entire period. The asset base grew steadily from $3,815 million in April 2022 to $5,825 million by June 2026. This indicates a continuous commitment to capital expenditure and infrastructure expansion regardless of the fluctuations in quarterly sales.
- Efficiency Compression
- The intersection of declining or stagnant sales and increasing fixed assets led to a persistent erosion of the net fixed asset turnover ratio. The ratio remained above 7.0 until March 2023, after which it entered a period of steady decline. The drop to 4.31 by the end of the period suggests that the growth in the asset base has significantly outpaced the growth in revenue, resulting in diminished operational efficiency regarding long-term investments.
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Total Asset Turnover
Danaher Corp., total asset turnover calculation (quarterly data)
| Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Sales | 6,265) | 5,951) | 6,838) | 6,053) | 5,936) | 5,741) | 6,538) | 5,798) | 5,743) | 5,796) | 6,405) | 5,624) | 5,912) | 5,949) | 8,369) | 7,663) | 7,751) | 7,688) | ||||||
| Total assets | 92,367) | 83,544) | 83,464) | 79,897) | 81,620) | 79,116) | 77,542) | 80,615) | 78,555) | 83,402) | 84,488) | 87,734) | 84,902) | 85,040) | 84,350) | 81,030) | 81,806) | 83,392) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.27 | 0.30 | 0.29 | 0.30 | 0.29 | 0.30 | 0.31 | 0.29 | 0.30 | 0.28 | 0.28 | 0.29 | 0.33 | 0.35 | 0.37 | 0.39 | 0.38 | 0.36 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.48 | 0.46 | 0.46 | 0.45 | 0.43 | 0.42 | 0.42 | 0.39 | 0.39 | 0.37 | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.40 | 0.40 | ||||||
| Amgen Inc. | 0.38 | 0.38 | 0.39 | 0.38 | 0.38 | 0.37 | 0.35 | 0.34 | 0.32 | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | 0.38 | 0.38 | 0.41 | 0.41 | ||||||
| Bristol-Myers Squibb Co. | 0.56 | 0.56 | 0.54 | 0.50 | 0.50 | 0.52 | 0.52 | 0.51 | 0.49 | 0.46 | 0.47 | 0.49 | 0.48 | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | ||||||
| Eli Lilly & Co. | 0.56 | 0.62 | 0.58 | 0.52 | 0.53 | 0.55 | 0.57 | 0.54 | 0.54 | 0.56 | 0.53 | 0.55 | 0.54 | 0.52 | 0.58 | 0.62 | 0.62 | 0.62 | ||||||
| Gilead Sciences Inc. | 0.60 | 0.52 | 0.49 | 0.49 | 0.52 | 0.51 | 0.48 | 0.52 | 0.52 | 0.48 | 0.43 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | ||||||
| Johnson & Johnson | 0.49 | 0.48 | 0.47 | 0.48 | 0.47 | 0.46 | 0.49 | 0.49 | 0.48 | 0.50 | 0.51 | 0.53 | 0.47 | 0.47 | 0.51 | 0.55 | 0.54 | 0.53 | ||||||
| Merck & Co. Inc. | — | 0.51 | 0.47 | 0.50 | 0.54 | 0.56 | 0.55 | 0.54 | 0.55 | 0.58 | 0.56 | 0.56 | 0.56 | 0.54 | 0.54 | 0.55 | 0.53 | 0.51 | ||||||
| Pfizer Inc. | 0.32 | 0.30 | 0.30 | 0.30 | 0.31 | 0.30 | 0.30 | 0.28 | 0.26 | 0.25 | 0.26 | 0.32 | 0.36 | 0.48 | 0.51 | 0.51 | 0.52 | 0.50 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.37 | 0.37 | 0.35 | 0.35 | 0.37 | 0.38 | 0.38 | 0.37 | 0.37 | 0.38 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.50 | 0.52 | 0.63 | ||||||
| Thermo Fisher Scientific Inc. | 0.41 | 0.40 | 0.40 | 0.42 | 0.43 | 0.43 | 0.44 | 0.42 | 0.43 | 0.44 | 0.43 | 0.45 | 0.46 | 0.46 | 0.46 | 0.49 | 0.47 | 0.44 | ||||||
| Vertex Pharmaceuticals Inc. | 0.46 | 0.46 | 0.47 | 0.47 | 0.48 | 0.49 | 0.49 | 0.48 | 0.51 | 0.43 | 0.43 | 0.44 | 0.47 | 0.49 | 0.49 | 0.52 | 0.54 | 0.56 | ||||||
Based on: 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Total asset turnover
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ Total assets
= (6,265 + 5,951 + 6,838 + 6,053)
÷ 92,367 = 0.27
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a general downward trend in asset utilization efficiency from early 2022 through mid-2026, characterized by an initial period of relative strength followed by a sustained decline and subsequent plateau.
- Efficiency Decline (2022-2023)
- During the first three quarters of 2022, the total asset turnover ratio peaked at 0.39 in September 2022, coinciding with quarterly sales consistently exceeding 7.6 billion USD. A marked contraction occurred throughout 2023, with the ratio falling from 0.35 in March to 0.28 by December. This deterioration was primarily driven by a significant reduction in quarterly sales, which declined from a peak of 8.3 billion USD in late 2022 to lows of approximately 5.6 billion USD in 2023, while the asset base remained relatively stable around 84 billion to 87 billion USD.
- Stability and Asset Expansion (2024-2026)
- From March 2024 through early 2026, the total asset turnover ratio entered a phase of consolidation, oscillating within a narrow band between 0.27 and 0.31. Sales figures during this period remained largely stagnant, fluctuating between 5.7 billion and 6.8 billion USD. A notable shift occurred in the final observed quarter of June 2026; total assets increased to a period high of 92.3 billion USD, which, in the absence of a proportional increase in sales, resulted in the ratio dropping to its lowest point of 0.27. This suggests a decrease in the productivity of the company's investment in assets toward the end of the period.
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Equity Turnover
Danaher Corp., equity turnover calculation (quarterly data)
| Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Sales | 6,265) | 5,951) | 6,838) | 6,053) | 5,936) | 5,741) | 6,538) | 5,798) | 5,743) | 5,796) | 6,405) | 5,624) | 5,912) | 5,949) | 8,369) | 7,663) | 7,751) | 7,688) | ||||||
| Total Danaher stockholders’ equity | 52,581) | 52,949) | 52,534) | 51,071) | 52,334) | 50,849) | 49,543) | 51,299) | 49,897) | 53,442) | 53,486) | 52,407) | 51,716) | 51,478) | 50,082) | 46,985) | 46,594) | 46,356) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.48 | 0.47 | 0.47 | 0.48 | 0.46 | 0.47 | 0.48 | 0.46 | 0.47 | 0.44 | 0.45 | 0.49 | 0.54 | 0.58 | 0.63 | 0.67 | 0.66 | 0.65 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 40.40 | 16.94 | 9.21 | 8.11 | 6.79 | 5.24 | 4.56 | 4.35 | 4.27 | 3.36 | 3.62 | 3.91 | 3.48 | ||||||
| Amgen Inc. | 3.10 | 3.86 | 4.06 | 3.59 | 4.51 | 5.28 | 5.45 | 4.14 | 4.99 | 5.61 | 4.32 | 3.35 | 3.73 | 4.66 | 6.77 | 6.71 | 10.17 | 26.68 | ||||||
| Bristol-Myers Squibb Co. | 2.20 | 2.42 | 2.61 | 2.59 | 2.74 | 2.74 | 2.96 | 2.77 | 2.73 | 2.76 | 1.53 | 1.55 | 1.41 | 1.44 | 1.49 | 1.43 | 1.45 | 1.49 | ||||||
| Eli Lilly & Co. | 2.35 | 2.32 | 2.46 | 2.50 | 2.91 | 3.11 | 3.17 | 2.87 | 2.87 | 2.80 | 3.17 | 2.86 | 2.67 | 2.47 | 2.68 | 2.90 | 3.40 | 3.14 | ||||||
| Gilead Sciences Inc. | 2.52 | 1.24 | 1.27 | 1.33 | 1.46 | 1.49 | 1.48 | 1.52 | 1.51 | 1.56 | 1.18 | 1.22 | 1.28 | 1.27 | 1.27 | 1.27 | 1.34 | 1.37 | ||||||
| Johnson & Johnson | 1.15 | 1.19 | 1.16 | 1.16 | 1.15 | 1.14 | 1.24 | 1.25 | 1.21 | 1.22 | 1.24 | 1.23 | 1.20 | 1.30 | 1.24 | 1.29 | 1.25 | 1.27 | ||||||
| Merck & Co. Inc. | — | 1.43 | 1.24 | 1.24 | 1.30 | 1.32 | 1.39 | 1.42 | 1.43 | 1.52 | 1.60 | 1.44 | 1.51 | 1.24 | 1.29 | 1.33 | 1.32 | 1.32 | ||||||
| Pfizer Inc. | 0.75 | 0.70 | 0.72 | 0.68 | 0.72 | 0.69 | 0.72 | 0.65 | 0.64 | 0.61 | 0.67 | 0.71 | 0.79 | 0.92 | 1.05 | 1.08 | 1.16 | 1.12 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.49 | 0.47 | 0.46 | 0.46 | 0.47 | 0.48 | 0.48 | 0.47 | 0.48 | 0.49 | 0.51 | 0.53 | 0.53 | 0.53 | 0.54 | 0.64 | 0.69 | 0.83 | ||||||
| Thermo Fisher Scientific Inc. | 0.88 | 0.87 | 0.83 | 0.86 | 0.86 | 0.87 | 0.86 | 0.86 | 0.89 | 0.93 | 0.92 | 0.96 | 0.99 | 1.04 | 1.02 | 1.01 | 1.01 | 1.00 | ||||||
| Vertex Pharmaceuticals Inc. | 0.62 | 0.63 | 0.64 | 0.68 | 0.66 | 0.67 | 0.67 | 0.68 | 0.70 | 0.55 | 0.56 | 0.58 | 0.61 | 0.64 | 0.64 | 0.67 | 0.70 | 0.73 | ||||||
Based on: 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q2 2026 Calculation
Equity turnover
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ Total Danaher stockholders’ equity
= (6,265 + 5,951 + 6,838 + 6,053)
÷ 52,581 = 0.48
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a distinct transition from a period of declining efficiency to a phase of sustained stabilization. Between April 2022 and March 2024, a consistent downward trend in the equity turnover ratio was observed, followed by a plateau where the ratio remained relatively constant through June 2026.
- Revenue Trends
- Quarterly sales peaked in December 2022 at 8,369 million USD but experienced a significant contraction throughout 2023, with values dropping to a low of 5,624 million USD by September 2023. While a recurring seasonal increase is evident every December, the baseline revenue for 2024, 2025, and 2026 remained lower than the levels recorded in early 2022.
- Equity Base Evolution
- Total stockholders' equity grew steadily from 46,356 million USD in April 2022 to a peak of 53,486 million USD in December 2023. Following this growth period, the equity base entered a stabilization phase, fluctuating within a narrow range between approximately 49,500 million USD and 53,000 million USD through the remainder of the period.
- Equity Turnover Analysis
- The equity turnover ratio declined from 0.65 in April 2022 to a minimum of 0.44 in March 2024. This deterioration in the ratio was driven by the dual impact of decreasing sales and an expanding equity base. From March 2024 onward, the ratio stabilized, oscillating between 0.44 and 0.48, which suggests that the company reached a new equilibrium between its capital structure and its revenue-generating capacity.
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