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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- Income Statement
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Deckers Outdoor Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
The analysis of the financial ratios over the reported periods reveals notable trends in asset utilization and equity management. The net fixed asset turnover ratio demonstrates a consistent upward trajectory from the initial available data point through to the early months of 2022, indicating improving efficiency in the use of fixed assets to generate sales. The ratio increased from approximately 8.65 to a peak around 15.43 before experiencing a moderate decline towards the end of the last reporting period.
When including operating leases and right-of-use assets, the net fixed asset turnover ratio follows a different pattern, characterized by a significant decrease commencing around the middle of 2018, dropping from values near 9.45 to approximately 4.62. Subsequently, there is a gradual recovery trend observable up to early 2023, reaching a ratio near 8.84 before a slight reduction at the very end. This divergence suggests changes in asset capitalization and leasing strategies affecting the calculation basis for this turnover metric.
The total asset turnover ratio shows relative stability with fluctuations around the 1.1 to 1.5 range without clear long-term improvement or deterioration. The ratio declined slightly during 2018 and 2019 but recovered moderately in later periods, indicating minor variability in the firm’s overall asset efficiency in generating revenue.
Equity turnover exhibits variability throughout the periods analyzed. Initial values around 2.0 suggest efficient use of equity to support sales. However, a downward movement is evident from mid-2019 through early 2021, falling to approximately 1.55, followed by a period of recovery to values near or above the 2.0 ratio again in later reporting periods. This pattern may reflect changes in equity levels or sales volumes impacting the turnover rate of shareholders’ equity.
In summary, the company experienced improved efficiency in utilizing fixed assets alone, though the inclusion of leased assets reveals a more complex dynamic involving initial declines with partial recovery. Total asset turnover remained generally stable, while equity turnover showed a significant dip followed by recovery, highlighting fluctuations in equity usage efficiency over time.
- Net Fixed Asset Turnover
- Consistent increase from mid-2017 to early 2022, peaking around 15.43 before a slight decrease by late 2023.
- Net Fixed Asset Turnover (Including Operating Lease Assets)
- Sharp decline starting mid-2018, bottoming near 4.62, with gradual recovery up to early 2023 followed by a minor drop.
- Total Asset Turnover
- Relatively stable with fluctuations between 1.1 and 1.5, modest declines around 2018-2019, and moderate recovery afterward.
- Equity Turnover
- Variable trend with a decline from around 2.0 to 1.55 (2019-2021), then recovery to approximately 2.0 or higher into 2023.
Net Fixed Asset Turnover
Deckers Outdoor Corp., net fixed asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Property and equipment, net of accumulated depreciation | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | |||||||||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Net fixed asset turnover
= (Net salesQ3 2024
+ Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023)
÷ Property and equipment, net of accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrate a recurring quarterly pattern with notable seasonality. Peaks occur typically in the fourth quarter of each fiscal year, correlated with the holiday shopping season, with values escalating from 810,478 thousand USD on Dec 31, 2017, to a high of 1,567,307 thousand USD projected for Dec 31, 2023. Mid-year quarters generally exhibit troughs, with the lowest typically in the second quarter, although a recent upward trend in mid-year sales is observable from 2021 onwards. Over the analyzed period, net sales display consistent growth, particularly marked in the recent years where year-end sales have increased substantially.
- Property and Equipment, Net of Accumulated Depreciation
- The net value of property and equipment reveals a relatively stable investment level from mid-2017 through 2020, fluctuating marginally around the 210,000 to 220,000 thousand USD range. Beginning in late 2021, a discernible upward trend is apparent, with values increasing steadily to reach approximately 300,815 thousand USD by December 31, 2023. This suggests a period of asset acquisition or capital expenditure expansion during the more recent years.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows a consistent upward trend from a starting point near 8.65 in late 2017 to a peak value exceeding 15.43 in December 2022. This increasing ratio indicates growing efficiency in utilizing fixed assets to generate sales revenue. However, a slight decline occurs towards the forecasted period ending December 31, 2023, with the ratio reducing to 13.69, possibly reflecting heightened fixed asset investments or slowing sales growth in relation to asset base expansion.
- Overall Insights
- The data reveals a company experiencing steady growth in sales, particularly strong in seasonal peaks at year-end. The increased investment in property and equipment in recent years corresponds with the rise in fixed asset turnover, suggesting improved operational efficiency until late 2022. The slight tapering of asset turnover in 2023 could signal a phase of adjustment to increased asset base or shifts in sales dynamics. The upward trajectory in both sales and asset base underscores expansion efforts, while maintaining asset utilization efficiency remains a focal point.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Deckers Outdoor Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Property and equipment, net of accumulated depreciation | |||||||||||||||||||||||||||||||||||
| Operating lease assets | |||||||||||||||||||||||||||||||||||
| Property and equipment, net of accumulated depreciation (including operating lease, right-of-use asset) | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | |||||||||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2024
+ Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023)
÷ Property and equipment, net of accumulated depreciation (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
-
Net sales exhibit significant seasonal fluctuations with peak values consistently observed in the fourth quarter of each fiscal year. For instance, the net sales in December 2017 were 810,478 thousand US dollars, rising further to 1,077,759 thousand in December 2020 and reaching 1,560,307 thousand in December 2023. This trend suggests a strong year-end sales season that contributes substantially to total annual revenue.
Between peak periods, the sales figures decline sharply in the first quarter and then gradually increase over the following quarters. There is a clear upward trend in net sales over the entire period from 2017 to 2023, implying steady business growth despite cyclical dips during non-peak quarters. The comparative analysis between June quarters also confirms growth, increasing from 209,717 thousand in June 2017 to 791,571 thousand in June 2023.
- Property and Equipment, Net of Accumulated Depreciation
-
The net value of property and equipment, including operating lease right-of-use assets, has demonstrated both stability and gradual growth over the period analyzed. Initial values hovered around 215,000 to 220,000 thousand US dollars through 2017 and early 2018.
Starting in 2019, there is a noticeable increase with a jump to approximately 443,325 thousand in June 2019, which likely reflects capitalization of right-of-use assets introduced by lease accounting changes or acquisitions of significant assets. From 2019 onward, values fluctuate around 390,000 to 530,000 thousand but maintain an upward trajectory, culminating in 532,994 thousand by December 2023.
- Net Fixed Asset Turnover
-
The net fixed asset turnover ratio, including operating lease right-of-use assets, shows a cyclical pattern but with a general upward trend from 2018 to 2023. Initial turnover values range from 8.65 to 9.45 during 2018, then drop sharply to values around 4.62 to 5.14 during 2019 and 2020, indicating decreased efficiency or increased asset base outpacing sales at that time.
From 2021 forward, the ratio improves progressively from 5.73 in March 2021 to around 8.84 by December 2022, reflecting enhanced utilization of assets in generating sales. This improvement stabilizes around 7.2 to 8.8 in 2023, signaling a recovery in asset efficiency to pre-2019 levels. The pattern indicates that the company has effectively managed its asset base to support sales growth, especially after adjustments in asset classification or capital investments around 2019.
Total Asset Turnover
Deckers Outdoor Corp., total asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | |||||||||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Total asset turnover
= (Net salesQ3 2024
+ Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrate a general upward trend over the examined periods, with some fluctuations corresponding to seasonal patterns. There are notable peaks during the fourth quarter of each fiscal year, reflecting possibly higher consumer demand during these periods. For example, the sales increased significantly from US$209,717 thousand in June 2017 to US$1,187,752 thousand in December 2021. Declines between quarters are apparent, particularly in the first quarter after the peak, which suggests cyclical demand trends. Despite the fluctuations, there is an overall growing trajectory in sales, culminating with US$1,560,307 thousand by December 2023.
- Total Assets
- Total assets show consistent growth throughout the period under review. Starting at US$1,272,858 thousand in June 2017, assets progressively increased to US$3,347,459 thousand by December 2023. There are no sharp declines in total assets within any quarter, indicating steady investment or accumulation of resources. Periodic increases in assets may be associated with expansions, acquisitions, or reinvestments, reflecting a strategy of growth and strengthening the asset base over time.
- Total Asset Turnover Ratio
- The total asset turnover ratio varies across quarters but generally remains within a moderate range of approximately 0.9 to 1.5. Early in the dataset, the ratio was around 1.5, indicating relatively efficient use of assets to generate sales. Over time, the ratio fluctuates without a strong directional trend, demonstrating that while asset growth is steady, efficiency in utilizing those assets to generate sales exhibits some variability. For example, a decline to around 0.99 in one quarter suggests reduced efficiency temporarily, whereas peaks near 1.4 indicate improved utilization. The ratio's movement appears to be influenced by both the changes in net sales and total assets, reflecting operational efficiency adjustments amid growth.
Equity Turnover
Deckers Outdoor Corp., equity turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | |||||||||||||||||||||||||||||||||||
| Nike Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-K (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Q3 2024 Calculation
Equity turnover
= (Net salesQ3 2024
+ Net salesQ2 2024
+ Net salesQ1 2024
+ Net salesQ4 2023)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Over the examined period, net sales display a clear seasonal and upward trend with fluctuations. Sales peak notably at the end of each calendar year, reaching highest values in the fourth quarters, particularly in December 2020 (over 1 billion USD) and continuing to rise through December 2023, where net sales exceed 1.5 billion USD. Mid-year quarters typically show lower sales figures, with some variability observed. Comparing year-over-year performance, there is significant growth in net sales by the end of each year, indicating an expanding business or increasing market demand.
- Stockholders’ Equity
- Stockholders’ equity demonstrates a steady upward trend across the entire timeline. Starting from around 913 million USD in mid-2017, equity rises gradually, with periodic accelerations, culminating near 2.1 billion USD by mid-2024. This consistent increase suggests retained earnings growth, capital infusions, or favorable market valuations, reflecting enhanced financial stability and expansion capacity.
- Equity Turnover
- Equity turnover ratios, available from the end of 2017 onward, generally fluctuate between 1.5 and 2.3. The ratio shows cyclical patterns, somewhat correlating with net sales seasonality. Higher ratios occur often in later quarters of the year, coinciding with peak sales periods, but do not exhibit a strong long-term upward or downward trend. The equity turnover ratio suggesting efficiency in generating sales from equity investment remains relatively stable with minor variations, implying consistent operational leverage relative to the equity base.
- Summary Insight
- The financial data reveal a company exhibiting growth in scale through rising net sales and expanding equity base. Seasonal sales spikes indicate cyclical demand patterns, with strongest performance in the year-end quarters. The rise in stockholders’ equity alongside expanding sales volume suggests increasing retained earnings or capital contributions, bolstering financial strength. Despite growth, equity turnover maintains a relatively steady range, indicating proportional sales growth relative to equity and a stable efficiency level in utilizing equity for revenue generation.