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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
DuPont de Nemours Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates significant fluctuations over the observed periods. Initially, starting from March 2016, the ratio shows a decreasing trend from 2.73 to 2.00 by December 2016. This is followed by a gradual increase throughout 2017 and 2018, reaching a peak of 2.44 by June 2018. After a slight decline in late 2018, the ratio experiences a pronounced spike in the first half of 2019, peaking at 6.66 in March 2019. This exceptional increase is followed by a sharp decrease to 2.12 by the end of 2019. The volatility suggests variable utilization efficiency of net fixed assets, with notably higher productivity in early 2019.
- Total Asset Turnover
- The total asset turnover ratio exhibits moderate variability with a general downward trend from 0.72 in March 2016 to a low of 0.28 in December 2017. Subsequent periods show a steady recovery, increasing from 0.33 in March 2018 to 0.47 in June 2018, and stabilizing near 0.44 by December 2018. However, in 2019, the ratio spikes to 0.92 in March, indicating a significant increase in asset efficiency, before declining again toward 0.31 by the end of the year. These fluctuations indicate inconsistent efficiency in the overall use of assets across the periods examined.
- Equity Turnover
- The equity turnover ratio follows a similar pattern of fluctuation but generally declines from 1.92 in March 2016 to 1.60 by the end of 2016. A recovery phase is observed from early 2017 through 2018, with the ratio increasing steadily from 0.54 in December 2017 to 0.91 by June 2019. The ratio then surges to 1.56 in March 2019, paralleled by a decline to 0.52 by December 2019. This pattern reflects periodic changes in the efficiency with which equity capital is employed to generate sales, with notable peaks and troughs paralleling trends seen in other turnover ratios.
- Overall Insights
- The data reveals episodic variations in asset and equity utilization ratios, with marked peaks observed in early 2019 across all turnover metrics. The substantial spike in net fixed asset turnover in March 2019 suggests a temporary extraordinary efficiency or operational event, which is also partially echoed in the elevated total asset and equity turnovers. Despite these spikes, the general pattern across the quarters indicates cyclic behavior with recovery phases following periods of decline. The volatility in turnover ratios highlights fluctuating operational efficiency, potentially influenced by external market conditions, asset base changes, or company-specific factors during the period analyzed.
Net Fixed Asset Turnover
DuPont de Nemours Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Property, plant and equipment, net of accumulated depreciation | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Net fixed asset turnover
= (Net salesQ4 2019
+ Net salesQ3 2019
+ Net salesQ2 2019
+ Net salesQ1 2019)
÷ Property, plant and equipment, net of accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends over the analyzed periods. Net sales exhibited fluctuations, with a general upward trajectory from early 2015 through late 2018, peaking towards the end of 2017 and 2018. However, a marked decline is observed starting in the first quarter of 2019, culminating in negative net sales by the last quarter of 2019, which suggests significant operational or accounting changes that impacted revenue recognition or business activity during this period.
Regarding property, plant, and equipment, net of accumulated depreciation, the values generally increased from 2015 through 2017, indicating ongoing investments in fixed assets. This upward trend peaked around late 2017 and early 2018, followed by a slight decrease and stabilization in 2018 and early 2019. The substantial drop starting in early 2019 aligns with the large reduction in net sales, indicating possible asset disposals, impairments, or reclassifications during this timeframe.
Net fixed asset turnover, which reflects how efficiently the company utilizes its fixed assets to generate sales, shows notable variation. Beginning from values around 2.73 in late 2015, there was a decline through 2016, reaching a low near 1.53 by the last quarter of 2017. Subsequently, turnover improved steadily during 2018, returning to values above 2.3 by the end of that year. However, the first two quarters of 2019 show an anomalous spike, with turnover exceeding 5.0, before sharply falling back to approximately 2.12 by the end of 2019. This volatility could be attributed to the significant changes in sales and asset values during this interval.
- Net Sales
- Overall growth from 2015 through 2018, peaking in late 2017 and 2018.
- Sharp decline and transition to negative values in 2019.
- Property, Plant, and Equipment
- Steady increase in net asset value through 2017, followed by stabilization and a notable drop in 2019.
- Suggests substantial asset adjustments or impairments in 2019.
- Net Fixed Asset Turnover
- Decline from 2015 levels through 2017, reaching a low point.
- Recovery in 2018 with values rising above 2.3.
- Exceptionally high turnover in early 2019, possibly due to reduced asset base or sales distortions, then normalization by year-end.
In summary, the company experienced growth in sales and asset investments until 2018, followed by a period of financial volatility in 2019 characterized by declining sales, decreased asset base, and fluctuating efficiency metrics. These patterns suggest significant operational restructuring, asset revaluation, or shifts in business conditions during 2019.
Total Asset Turnover
DuPont de Nemours Inc., total asset turnover calculation (quarterly data)
| 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 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Total asset turnover
= (Net salesQ4 2019
+ Net salesQ3 2019
+ Net salesQ2 2019
+ Net salesQ1 2019)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several distinct patterns over the analyzed periods. Net sales demonstrate variability, with an overall trend characterized by initial moderate fluctuations, a significant increase around 2017 and 2018, followed by a dramatic decline toward the final quarters.
- Net Sales
-
From early 2015 through 2016, net sales show a mixed pattern with small increases and decreases, generally ranging from approximately $10.7 billion to $13 billion. Beginning in 2017, net sales experience a pronounced upward trend, reaching a peak of over $24 billion in the third quarter of 2018. However, after this peak, sales decline sharply in 2019, culminating in negative sales figures by the end of 2019, indicating extraordinary circumstances affecting revenue generation.
- Total Assets
-
Total assets maintain a relatively stable level during 2015 and 2016, fluctuating around $68 billion to $81 billion. Starting in early 2017, total assets surge dramatically to nearly $200 billion, where they remain relatively constant through 2018. By 2019, total assets decrease significantly, returning to a level closer to the pre-surge period, roughly in the range of $69 billion to $71 billion. This spike followed by a notable reduction suggests asset acquisitions or disposals impacting the balance sheet substantially.
- Total Asset Turnover
-
The total asset turnover ratio displays variation corresponding to shifts in assets and sales. Initially, between late 2015 and 2016, turnover ratios are moderate, approximating 0.57 to 0.72, indicating moderate efficiency in utilizing assets to generate sales. During 2017 and 2018, asset turnover declines sharply, reaching as low as 0.28 in early 2017, likely reflecting the surge in total assets not immediately matched by proportional sales increases. Subsequently, turnover gradually improves through late 2018 and into early 2019, peaking at 0.92 in the first quarter of 2019. However, turnover ratios then fall again amidst declining sales and asset levels in late 2019, finishing at approximately 0.31.
In summary, the data indicate a period of significant asset growth occurring between 2017 and 2018, which initially suppressed asset turnover ratios due to sales not increasing in tandem. Net sales peaked during this timeframe but suffered a severe decline thereafter. The subsequent reduction in total assets and volatile turnover ratios suggest major restructuring or unusual transactions impacting the company's financial structure and performance by the end of the observed period.
Equity Turnover
DuPont de Nemours Inc., equity turnover calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||
| Total DuPont’s stockholders’ equity | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Equity turnover
= (Net salesQ4 2019
+ Net salesQ3 2019
+ Net salesQ2 2019
+ Net salesQ1 2019)
÷ Total DuPont’s stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data exhibits various trends in net sales, stockholders' equity, and equity turnover ratios over the analyzed periods.
- Net Sales
- Net sales demonstrated moderate fluctuations between 2015 and early 2019 with values generally ranging from approximately $10,000 million to $24,000 million. Notably, there was a peak in December 2017, reaching $20,066 million, followed by a further increase through the first three quarters of 2018, peaking at $24,245 million in June 2018. However, in the final quarter of 2018 and throughout 2019, net sales sharply declined, especially visible in the negative figure of -$9,031 million in December 2019. This suggests a significant financial downturn or accounting adjustments impacting sales in late 2019.
- Total DuPont’s Stockholders’ Equity
- Stockholders’ equity showed an upward trajectory from 2015 to mid-2017, rising from approximately $22,237 million to a considerable $102,946 million in September 2017. Thereafter, equity slightly decreased, fluctuating between $98,000 million and $101,000 million from late 2017 through mid-2018, then gradually declining over 2019 to around $41,000 million by December 2019. The sharp increase in equity around September 2017 suggests a major capital event or revaluation, followed by a contraction during the subsequent periods.
- Equity Turnover Ratio
- The equity turnover ratio was sporadically reported, appearing fully from December 2015 onwards. Initially, it declined from 1.92 in December 2015 to around 1.6 by September 2016, then rose slightly to 1.87 in June 2017. From that point, a marked downtrend occurred in the ratio, dropping sharply to 0.54 by December 2017. There was a gradual improvement through 2018, increasing to 0.91 by mid-2019. However, by the end of 2019, the ratio exhibited volatility and a downward shift to 0.52. This pattern signifies fluctuations in the efficiency with which the company utilized equity to generate sales, with a notable dip correlating with periods of increased equity and subsequent sales decline.
Overall, the data reflects a period of growth followed by a pronounced contraction in both net sales and stockholders’ equity towards the end of the timeframe. Equity turnover ratios correspond to these changes, indicating varying levels of operational efficiency in relation to equity deployed. The substantial shifts in equity and sales suggest significant corporate activities or market influences impacting financial performance during late 2017 through 2019.