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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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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: 2025-09-30), 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), 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).
The analysis of key turnover ratios over the observed quarterly periods reveals several noteworthy trends and patterns. These ratios offer insights into the efficiency with which assets and equity have been utilized to generate revenues.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally increasing trend from the earliest available quarter, starting around 34.69 and rising steadily to above 41 by the final periods. There is a consistent upward momentum, with values fluctuating slightly but maintaining an overall increase, highlighting improving efficiency in using fixed assets to generate sales or revenue. The peak values occur near the end of the dataset, signifying enhanced asset management and possibly new investment or optimization in fixed assets.
- Total Asset Turnover
- Total asset turnover exhibits a moderate but consistent upward trend throughout the observed quarters. Starting from roughly 1.39, the ratio increases gradually to exceed 1.57 by the latest quarter. This steady improvement indicates an enhanced ability to utilize the company's total assets efficiently for revenue generation. Although some minor quarter-to-quarter fluctuations are evident, the overall progression suggests operational improvements or asset base optimization.
- Equity Turnover
- Equity turnover shows a more variable pattern compared to the other ratios but generally trends upward from an initial approximate value of 3.64 to over 4.4 in the most recent quarter. The increase is punctuated by some short-term declines, notably in the intermediate quarters where values dipped below previous levels. However, the rebound and subsequent growth towards the end suggest more effective employment of shareholders' equity in generating sales or revenue. This may reflect changes in financial structure, profitability, or revenue growth relative to equity levels.
Overall, the analyzed turnover ratios reveal progressive enhancements in the company's asset utilization and equity efficiency across the recent years. These trends may be indicative of strategic investments, operational efficiencies, and improved revenue management. The sustained upward direction in all three turnover metrics signals positive momentum in the company’s financial performance related to asset and equity deployment.
Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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: 2025-09-30), 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), 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 Q3 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy patterns in the company's operational and asset utilization metrics over the observed periods.
- Operating Revenue
-
The operating revenue exhibits a generally upward trajectory from March 31, 2020, through September 30, 2025. Starting at approximately 29.4 billion US dollars, the revenue experiences gradual increments with some fluctuations. Notably, there is consistent growth from 2020 into the early 2023 periods, reaching levels above 41 billion US dollars. From early 2023 onwards, revenues maintain a somewhat stable plateau with minor variations but continue to ascend markedly toward nearly 50.1 billion US dollars by September 30, 2025. This trend indicates a robust expansion in revenue generation capabilities over the near six-year span.
- Property and Equipment, Net
-
The net property and equipment values display a steady increase over time, rising from 3.35 billion US dollars at the beginning of 2020 to about 4.66 billion US dollars by the end of 2025. The growth appears relatively smooth with periodic upward adjustments punctuated by small fluctuations. Midway through the timeline, particularly around late 2022 to early 2024, the values indicate slight variability but maintain an overall positive growth trend. This suggests ongoing investment, maintenance, or appreciation in fixed assets, which could support operational scalability or modernization efforts.
- Net Fixed Asset Turnover
-
This ratio, provided from September 30, 2020, onward, reflects efficient utilization of fixed assets in generating revenue. The turnover ratio remains relatively stable around the mid-30s (approximately 34 to 36) from late 2020 through mid-2023. Subsequently, there is a noticeable increase beginning in late 2023, rising above 39 and peaking above 41 near the end of the observation period. This upward trend suggests improved efficiency in utilizing net fixed assets to generate operating revenue, which may result from better asset management, increased productivity, or higher revenue realization relative to the asset base.
In summary, the data elucidates a pattern of growth in both operating revenue and the asset base, accompanied by increasing asset turnover efficiency in the later periods. These indicators collectively point toward effective operational expansion and enhanced profitability potential through improved asset management over the observed timeframe.
Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| 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 | 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: 2025-09-30), 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), 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 Q3 2025 Calculation
Total asset turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends regarding the company's operating revenue, total assets, and total asset turnover ratios over the examined periods.
- Operating Revenue
- The operating revenue exhibits a generally consistent upward trajectory across the quarters under review. Starting from approximately $29.4 billion in the first quarter of 2020, revenue shows growth with intermittent periods of stability, reaching over $50 billion by the third quarter of 2025. Notably, despite minor fluctuations, there is a clear trend of increasing revenue over time, indicating expansion or improved market performance. The revenue increases appear more pronounced from mid-2022 onwards, with the company crossing the $40 billion mark and continuing to grow towards $50 billion in the later periods.
- Total Assets
- Total assets also demonstrate a steady increase throughout the timeline. Beginning at around $82.4 billion in early 2020, assets grew to surpass $122 billion by the third quarter of 2025. There are some minor fluctuations visible in certain quarters, particularly around late 2021 and early 2023, but overall, the asset base is expanding. This asset growth supports the revenue expansion and could reflect investments in infrastructure, acquisitions, or other asset-heavy initiatives aimed at sustaining business growth.
- Total Asset Turnover Ratio
- The total asset turnover ratio, starting from the fourth quarter of 2020, shows a consistent upward movement. Beginning at 1.39, it declines slightly to 1.29 in the first half of 2021 but then steadily rises, reaching 1.57 by the final quarter of 2025. This increase indicates improved efficiency in using assets to generate sales, as the company is generating more revenue per dollar of assets over time. The ratio’s improvement suggests enhanced operational performance or better asset utilization strategies.
In summary, the data portrays a company experiencing progressive revenue growth accompanied by a rising asset base and improving asset utilization. The rising total asset turnover ratio, in particular, points to enhanced efficiency in converting assets into revenue, which is a positive operational indicator. The overall trends suggest effective management of resources and a capacity to scale business operations effectively over the observed period.
Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 2025-09-30), 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), 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 Q3 2025 Calculation
Equity turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial metrics demonstrates several notable trends and insights over the presented periods.
- Operating Revenue
- The operating revenue exhibits a generally upward trajectory throughout the periods reviewed. Starting from approximately $29.4 billion in the first quarter of 2020, the revenue shows consistent quarterly growth with minor fluctuations. By the first quarter of 2023, revenue surpasses $41.8 billion, continuing to increase and reaching nearly $50.1 billion in the third quarter of 2025. This reflects a sustained expansion in revenue-generating activities over the analysis period, indicating increasing business volume or pricing power.
- Shareholders’ Equity
- The shareholders’ equity values show a more variable pattern relative to operating revenue. Initially, equity increases from around $31.7 billion in the first quarter of 2020 to a peak near $38.2 billion by mid-2023. Notably, some periods show stability or slight declines, particularly toward the latter part of the dataset, where equity dips below previous highs but then partially recovers by the third quarter of 2025, ending at approximately $43.9 billion. This fluctuation may suggest adjustments related to net income retention, dividend distributions, stock repurchases, or other equity changes affecting the company's net worth.
- Equity Turnover
- The equity turnover ratio, defined as operating revenue divided by shareholders’ equity, illustrates efficiency in utilizing equity to generate revenue. Data for this metric commences from late 2020, starting at around 3.64 and showing a general rising trend reaching above 4.3 by late 2023. Thereafter, a mild decline is observable through 2024, dropping below 4.0 in mid-2024, followed by a resurgence surpassing 4.2 by the third quarter of 2025, ending at 4.4. This pattern indicates periods of improvement in capital efficiency punctuated by temporary decreases, potentially linked to shifts in revenue growth relative to equity fluctuations.
Overall, the financial data suggest that the company has achieved notable revenue growth while managing equity levels with some fluctuation. The increase in equity turnover ratio over most of the period implies enhanced effectiveness in generating revenue from equity investment, though the intermittent decline signals possible challenges or transitional phases impacting capital utilization. Continued monitoring of these trends would be essential for comprehensive assessment of operational performance and capital management.