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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Long-term Activity Ratios (Summary)
Elevance Health Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio commences reporting from March 31, 2020, with a value of 34.69 and demonstrates relative stability through the quarters. The ratio fluctuates slightly around the mid-30s range, with a noticeable gradual increase starting from December 31, 2023, reaching a peak of 40.49 by June 30, 2025. This upward trend in recent quarters indicates improved efficiency in utilizing fixed assets to generate sales, suggesting enhanced operational productivity or capital investment efficiency over time.
- Total Asset Turnover
- Total asset turnover ratios begin from March 31, 2020, near 1.39, showing a modest decline to 1.29 by June 30, 2020. From that point, a consistent upward trajectory is observable, rising steadily with minor fluctuations and reaching 1.56 by March 31, 2024. Subsequently, the ratio experiences slight oscillations but remains generally stable around 1.5–1.54 through June 30, 2025. This pattern reflects improving effectiveness in generating revenue from total assets, stabilizing at a higher level in later periods.
- Equity Turnover
- Equity turnover begins at 3.64 as of March 31, 2020, and initially remains stable with marginal increases through December 31, 2020. A steady upward movement is evident, peaking at 4.36 by December 31, 2023. Following this, a slight decline occurs through mid-2024, but values again rise toward 4.3 by June 30, 2025. These fluctuations suggest variations in how effectively shareholders' equity is utilized to produce sales, with an overall trend of enhanced equity turnover balancing out over the examined period.
Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | |||||||||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue Trends
- Operating revenue demonstrated a consistent upward trajectory throughout the observed periods. Beginning at approximately $29.4 billion in the first quarter of 2020, revenue showed a gradual increase over the years, reaching roughly $49.4 billion by the second quarter of 2025. The growth was particularly notable between 2023 and 2025, where revenue increased from about $41.9 billion in Q1 2023 to nearly $49.4 billion in Q2 2025, indicating a strengthening revenue base.
- Property and Equipment, Net Trends
- The net value of property and equipment exhibited a steady increase from approximately $3.35 billion in Q1 2020 to near $4.64 billion by Q2 2025, with some fluctuations in between. There was a minor dip observed around Q3 2023 before resuming growth. Overall, the trend suggests ongoing investment in fixed assets, supporting operational capacity.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio maintained a relatively stable range over the reported quarters, generally fluctuating between about 34.17 and 40.49. From the earliest available data points near 34.69 in late 2020, this ratio exhibited a progressive improvement, particularly from 2023 onwards, reaching a peak around 40.49 in Q3 2025. This increase signifies enhanced efficiency in utilizing fixed assets to generate revenue, which aligns with the growth in operating revenue outpacing the growth in property and equipment.
- Overall Insights
- The combination of steadily increasing operating revenue and net property and equipment values, alongside a rising net fixed asset turnover ratio, indicates improved operational efficiency. The company's ability to generate higher revenues per dollar of fixed asset investment has strengthened over the period. Investment in property and equipment continues, but at a relatively moderate pace compared to revenue growth, suggesting effective asset management and potential optimization in capital utilization.
Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Total asset turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- Operating revenue exhibits a general upward trend over the periods observed. Starting at approximately 29,448 million USD in March 2020, revenue experienced fluctuations but steadily increased, reaching around 49,421 million USD by June 2025. Notable increments are observed from March 2023 to June 2023 and again in the early quarters of 2024. Some periods show minor declines or stabilization, particularly between the third and fourth quarters of 2023 and early 2024, indicating possible seasonal or operational impacts. Overall, the revenue growth trajectory suggests expanding business activities or improved market conditions over time.
- Total Assets
- Total assets also show a progressive increase across the timeline. From 82,399 million USD in March 2020, assets rose steadily to 121,938 million USD by June 2025. The growth is relatively consistent with minor fluctuations, suggesting ongoing investments or asset acquisitions. The increases correlate with the rise in operating revenue, implying that asset growth may be supporting revenue expansion. Stability in certain periods, such as between September and December 2022, suggests possible consolidation phases.
- Total Asset Turnover
- The total asset turnover ratio begins reporting from December 2020 and generally reflects gradual improvement. Initially recorded at 1.39, the ratio fluctuates slightly but trends upward overall, reaching 1.54 by June 2025. This increasing ratio indicates enhanced efficiency in utilizing assets to generate revenue. Periods of incremental increases, such as from March 2023 to December 2023, signify improvements in asset management or operational productivity. The steadiness of the ratio despite rising total assets emphasizes effective revenue generation relative to asset base growth.
- Summary
- The analyzed data demonstrates consistent growth in both operating revenue and total assets, accompanied by improving asset turnover efficiency. The expanding asset base supports increasing revenue streams, while the rising asset turnover ratio reflects enhanced utilization of resources. Minor periodic fluctuations suggest typical business cycle effects but do not detract from the overall positive performance trend. The metrics collectively indicate that the company is augmenting its operational scale while improving asset productivity over the observed timeframe.
Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | |||||||||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Equity turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue shows an overall upward trend from March 31, 2020, to June 30, 2025. The revenue increased from approximately 29,448 million USD in early 2020 to 49,421 million USD by mid-2025. There is a consistent increase with some fluctuations, notably a slight dip in the later quarters of 2023 before recovering and growing steadily through 2024 and into 2025. This indicates sustained growth in the company's sales or service income over the observed period.
- Shareholders’ Equity
- Shareholders' equity experienced moderate growth over the period, starting at 31,693 million USD in March 2020 and reaching 43,722 million USD by June 2025. There are periods of slower increases and slight declines, such as in the middle of 2025, but the overall pattern indicates gradual accumulation of equity. This slow but steady growth could suggest retention of earnings and stability in the company’s financial structure.
- Equity Turnover Ratio
- The equity turnover ratio, reported starting from December 31, 2020, reflects the company's efficiency in generating revenue from shareholders' equity. It rose from 3.64 at the end of 2020 to a peak of 4.36 in December 2023, indicating improving utilization of equity to generate revenues. After peaking, the ratio declines in 2024 through mid-2025 with values around 3.94 to 4.27, which, while lower than the peak, remain higher than the initial figures. This suggests a strong but slightly fluctuating efficiency in using equity to drive revenues.
- Overall Insights
- The trends indicate that the company has been able to grow its revenue significantly over the reported quarters while maintaining and moderately increasing its equity base. The increase in equity turnover ratio suggests improved operational efficiency in the initial years followed by some normalization. The combination of rising revenues and equity, along with changes in turnover ratio, suggests focused growth strategies with attention to capital efficiency. Periodic dips and fluctuations in equity turnover and revenue growth point to potential external or internal factors affecting performance but do not undermine the underlying positive growth trajectory.