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)
Elevance Health Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The long-term activity ratios demonstrate a general trajectory of improvement in asset utilization and efficiency from early 2022 through mid-2026. There is a notable strengthening in the ability to generate revenue from the capital base, characterized by steady growth in fixed asset efficiency and moderate stability in overall asset turnover.
- Net Fixed Asset Turnover
- A consistent upward trend is observed in the net fixed asset turnover ratio. From March 2022 to December 2022, the ratio remained stable in the 35.81 to 36.22 range. A positive shift occurred in September 2023, when the ratio increased to 39.41. Following a period of minor fluctuations throughout 2024, a sustained growth phase began in March 2025 (39.35), culminating in a peak of 42.78 by June 2026. This suggests an increasing efficiency in utilizing fixed assets to drive revenue.
- Total Asset Turnover
- Total asset turnover exhibited relative stability with a slight overall increase. The ratio started at 1.42 in March 2022 and experienced a gradual climb to a high of 1.63 in December 2025. Despite some intermittent volatility, such as a dip to 1.48 in September 2024, the ratio ended the period at 1.57 in June 2026. This indicates a consistent, albeit modest, improvement in the efficiency of the total asset base.
- Equity Turnover
- Equity turnover displayed more pronounced volatility compared to the other activity ratios. An initial increase from 3.97 in March 2022 to 4.36 in September 2023 was followed by a decline throughout much of 2024, reaching a period low of 3.94 in September 2024. However, a recovery phase ensued, with the ratio ascending to 4.52 by March 2026 before settling at 4.43 in June 2026. The overall movement indicates a long-term increase in revenue generation relative to shareholders' equity.
In summary, the data reflects an strengthening of investment efficiency. The most significant gains are evident in the net fixed asset turnover, while total asset and equity turnovers show resilience and a general positive lean over the analyzed timeframe.
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Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | 49,826) | 49,494) | 49,311) | 50,087) | 49,421) | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | ||||||
| Property and equipment, net | 4,645) | 4,657) | 4,679) | 4,657) | 4,641) | 4,617) | 4,652) | 4,505) | 4,450) | 4,451) | 4,359) | 4,248) | 4,547) | 4,418) | 4,316) | 4,197) | 4,090) | 3,986) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 42.78 | 42.58 | 42.23 | 41.50 | 40.49 | 39.35 | 37.66 | 38.33 | 38.30 | 38.32 | 39.05 | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | — | 3.65 | 3.75 | 3.81 | 3.78 | 3.87 | 3.94 | 3.88 | 3.98 | 3.99 | 3.95 | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | ||||||
| Intuitive Surgical Inc. | 1.99 | 1.94 | 1.88 | 1.87 | 1.83 | 1.82 | 1.80 | 1.77 | 1.84 | 1.93 | 2.01 | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | ||||||
| Medtronic PLC | 4.85 | 4.88 | 4.91 | 5.04 | 5.13 | 5.19 | 5.28 | 5.54 | 5.57 | 5.57 | 5.61 | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | ||||||
| UnitedHealth Group Inc. | — | 41.78 | 41.22 | 38.75 | 38.22 | 37.72 | 37.44 | 38.37 | 38.90 | 35.98 | 32.10 | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Net fixed asset turnover
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Property and equipment, net
= (49,826 + 49,494 + 49,311 + 50,087)
÷ 4,645 = 42.78
2 Click competitor name to see calculations.
An analysis of the investment activity reveals a consistent improvement in the efficiency of net fixed asset utilization over the period from March 2022 to June 2026. The net fixed asset turnover ratio demonstrates a long-term upward trend, increasing from 35.81 to 42.78, which indicates that the company is generating progressively more revenue for every dollar invested in net property and equipment.
- Revenue and Asset Correlation
- Operating revenue grew steadily from 37,886 million US$ in March 2022 to 49,826 million US$ by June 2026. During the same period, net property and equipment increased from 3,986 million US$ to 4,645 million US$. Because revenue growth outpaced the expansion of the fixed asset base, the resulting turnover ratio improved.
- Phase of Stability (March 2022 – June 2023)
- During the initial 16 months, the net fixed asset turnover ratio remained remarkably stable, fluctuating within a narrow range between 35.81 and 36.19. This suggests that during this period, investment in fixed assets was scaled in direct proportion to revenue growth.
- Efficiency Pivot (September 2023 – December 2024)
- A notable shift occurred in September 2023, where the ratio jumped to 39.41. This spike was driven by a temporary decrease in net property and equipment to 4,248 million US$. Following this, the ratio stabilized in the 37.66 to 38.33 range through 2024, reflecting a new, higher baseline of asset efficiency compared to the 2022 period.
- Accelerated Optimization (March 2025 – June 2026)
- Starting in March 2025, a period of sustained growth in the turnover ratio is observed, climbing consecutively from 39.35 to a peak of 42.78. This trend indicates a significant optimization of the asset base, as the company achieved substantial revenue gains while keeping fixed asset growth relatively flat.
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Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | 49,826) | 49,494) | 49,311) | 50,087) | 49,421) | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | ||||||
| Total assets | 126,438) | 125,827) | 121,494) | 122,749) | 121,938) | 119,717) | 116,889) | 116,533) | 112,988) | 111,894) | 108,928) | 110,478) | 109,168) | 109,040) | 102,772) | 103,026) | 100,877) | 100,486) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 1.57 | 1.58 | 1.63 | 1.57 | 1.54 | 1.52 | 1.50 | 1.48 | 1.51 | 1.52 | 1.56 | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | — | 0.41 | 0.51 | 0.52 | 0.51 | 0.52 | 0.52 | 0.55 | 0.56 | 0.56 | 0.55 | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | ||||||
| Intuitive Surgical Inc. | 0.53 | 0.53 | 0.49 | 0.50 | 0.45 | 0.45 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | ||||||
| Medtronic PLC | 0.38 | 0.38 | 0.37 | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.35 | 0.35 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | ||||||
| UnitedHealth Group Inc. | — | 1.43 | 1.43 | 1.36 | 1.35 | 1.31 | 1.32 | 1.30 | 1.33 | 1.32 | 1.34 | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Total asset turnover
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Total assets
= (49,826 + 49,494 + 49,311 + 50,087)
÷ 126,438 = 1.57
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 reflects a consistent expansion in both operational scale and asset utilization efficiency. A simultaneous increase in operating revenue and total assets is evident, with the asset turnover ratio indicating a general improvement in the ability to generate revenue from the company's resource base.
- Operating Revenue Growth
- Operating revenue exhibited a sustained upward trend, rising from 37,886 million US$ in March 2022 to 49,826 million US$ by June 2026. Although the growth was largely consistent, minor quarterly fluctuations were observed, including a slight contraction in September 2023, before revenue entered a period of accelerated growth through 2024 and 2025.
- Total Asset Expansion
- Total assets grew steadily from 100,486 million US$ in March 2022 to 126,438 million US$ by June 2026. This expansion suggests a continuous investment in the organization's infrastructure and resource capacity to support increasing operational demands.
- Total Asset Turnover Performance
- The total asset turnover ratio demonstrates an overall improvement in efficiency, moving from 1.42 in March 2022 to 1.57 by June 2026. The ratio showed a steady climb through 2022 and 2023, reaching 1.56 by December 2023. After a period of relative stability and a slight dip in early 2024, efficiency peaked at 1.63 in December 2025. The subsequent moderation to 1.57 in the first half of 2026 indicates a normalization phase as the growth in total assets began to pace more closely with revenue gains.
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Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating revenue | 49,826) | 49,494) | 49,311) | 50,087) | 49,421) | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | ||||||
| Shareholders’ equity | 44,883) | 43,902) | 43,882) | 43,953) | 43,722) | 42,503) | 41,315) | 43,775) | 42,191) | 40,608) | 39,306) | 38,423) | 38,205) | 37,356) | 36,307) | 35,991) | 35,812) | 35,975) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 4.43 | 4.52 | 4.50 | 4.40 | 4.30 | 4.27 | 4.24 | 3.94 | 4.04 | 4.20 | 4.33 | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | — | 0.87 | 0.85 | 0.86 | 0.85 | 0.87 | 0.88 | 1.04 | 1.04 | 1.04 | 1.04 | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | ||||||
| Intuitive Surgical Inc. | 0.61 | 0.61 | 0.56 | 0.57 | 0.51 | 0.51 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | ||||||
| Medtronic PLC | 0.71 | 0.71 | 0.70 | 0.67 | 0.68 | 0.68 | 0.64 | 0.62 | 0.62 | 0.62 | 0.61 | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | ||||||
| UnitedHealth Group Inc. | — | 4.55 | 4.71 | 4.49 | 4.41 | 4.26 | 4.26 | 4.12 | 4.27 | 4.33 | 4.14 | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q2 2026 Calculation
Equity turnover
= (Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025)
÷ Shareholders’ equity
= (49,826 + 49,494 + 49,311 + 50,087)
÷ 44,883 = 4.43
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a general upward trajectory in both operating revenue and shareholders' equity, with the equity turnover ratio demonstrating cyclical fluctuations in asset utilization efficiency over the period from March 2022 to June 2026.
- Operating Revenue and Equity Growth
- A consistent growth trend is observed in operating revenue, which increased from 37,886 million USD in March 2022 to 49,826 million USD by June 2026. This represents a significant expansion of the top line. Simultaneously, shareholders' equity grew from 35,975 million USD to 44,883 million USD over the same timeframe. While equity growth was generally steady, a notable contraction occurred in December 2024, where equity dipped to 41,315 million USD before resuming its upward trend.
- Equity Turnover Ratio Dynamics
- The equity turnover ratio, which measures how efficiently the company generates revenue from its equity base, exhibited three distinct phases. First, a period of steady improvement was noted from March 2022 (3.97) through December 2022 (4.29). Second, a period of relative stability and subsequent decline occurred between March 2023 and September 2024, reaching a period low of 3.94. Third, a strong recovery phase is observed from December 2024 onward, with the ratio peaking at 4.52 in March 2026 before settling at 4.43 in June 2026.
- Asset Utilization Efficiency
- The correlation between revenue growth and equity expansion suggests that the company has successfully scaled its operations. The peak in equity turnover during the 2025-2026 period indicates a heightened efficiency in generating sales relative to the invested equity. The temporary decline in the ratio throughout 2024 suggests a period where equity growth outpaced revenue growth or where revenue generation temporarily lagged behind the capital base expansion.
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