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
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover 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: 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 indicate a general trajectory of improving operational efficiency regarding the utilization of assets and equity to generate revenue. The period from March 2022 to March 2026 is characterized by steady total asset utilization and a pronounced increase in the productivity of fixed assets and shareholder equity.
- Net Fixed Asset Turnover
- A consistent upward trend is observed in the efficiency of fixed asset utilization. The ratio remained relatively stable around 36.00 through the second quarter of 2023 before shifting to a higher plateau. From March 2024, the ratio climbed steadily from 38.32 to a peak of 42.58 by March 2026, indicating an enhanced ability to generate sales per unit of net fixed assets.
- Total Asset Turnover
- This ratio exhibited low volatility and maintained a narrow range between 1.42 and 1.63 throughout the analyzed period. While the ratio experienced minor fluctuations, a gradual improvement in total asset efficiency is evident, peaking in December 2025 at 1.63 before stabilizing at 1.58 in the final quarter.
- Equity Turnover
- The utilization of shareholder equity showed a phased progression. An initial increase was noted from March 2022 (3.97) to September 2023 (4.36), followed by a period of decline during 2024, where the ratio reached a low of 3.94 in September. A strong recovery phase followed, with the ratio ascending to 4.52 by March 2026, suggesting a significant increase in the efficiency of equity-financed operations toward the end of the period.
Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates a sustained improvement in asset utilization efficiency over the analyzed period from March 31, 2022, to March 31, 2026. This efficiency is characterized by a consistent increase in the net fixed asset turnover ratio, which rose from 35.81 to 42.58, suggesting that the organization is generating significantly more revenue for every dollar invested in net property and equipment.
- Operating Revenue Trends
- A strong upward trajectory in operating revenue is observed, growing from 37,886 million US$ in March 2022 to 49,494 million US$ by March 2026. While the growth was largely linear, periodic fluctuations occurred, notably a peak in June 2025 at 49,421 million US$ followed by a slight stabilization. The overall revenue growth significantly outpaced the expansion of the fixed asset base.
- Net Fixed Asset Investment
- Investment in property and equipment, net, exhibited a gradual and controlled increase. The balance grew from 3,986 million US$ in March 2022 to 4,657 million US$ in March 2026. The stability of these expenditures, compared to the aggressive growth in revenue, indicates a lean approach to capital expenditure relative to operational scaling.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio remained relatively stable around 36.00 during 2022 and the first half of 2023. A notable inflection point occurred in September 2023, where the ratio jumped to 39.41, marking a shift toward higher productivity of fixed assets. Following a brief period of consolidation between 2024 and early 2025, the ratio accelerated upward, reaching a peak of 42.58 by March 2026. This trend confirms a growing capacity to scale operations without requiring proportional increases in physical infrastructure.
The convergence of rising revenues and disciplined capital investment has resulted in a marked improvement in long-term investment activity. The data demonstrates an optimizing relationship between fixed asset ownership and revenue generation, reflecting enhanced operational leverage.
Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Total asset turnover
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An examination of the operational efficiency between March 31, 2022, and March 31, 2026, reveals a general upward trajectory in the utilization of assets to generate revenue. Operating revenue grew from 37,886 million USD to 49,494 million USD, while total assets expanded from 100,486 million USD to 125,827 million USD over the same period. The corresponding total asset turnover ratio increased from 1.42 to 1.58, indicating an overall improvement in asset productivity.
- Revenue and Asset Growth Correlation
- Revenue growth consistently outpaced asset growth for the majority of the analyzed period. A significant acceleration in revenue is observed between December 31, 2024, and March 31, 2025, where revenue increased from 44,989 million USD to 48,765 million USD, contributing to a sustained rise in the turnover ratio during the 2025 fiscal year.
- Asset Turnover Ratio Trends
- The turnover ratio exhibited a steady climb from 1.42 in early 2022 to a peak of 1.56 by December 31, 2023. A period of slight contraction occurred throughout 2024, with the ratio dipping to 1.48 by September 30, 2024, suggesting a temporary phase where asset accumulation exceeded revenue growth. This was followed by a strong recovery, reaching a maximum efficiency peak of 1.63 on December 31, 2025, before settling at 1.58 by March 31, 2026.
- Long-term Efficiency Insights
- The long-term trend indicates that the organization has successfully scaled its operations. The movement from a 1.42 ratio to a 1.58 ratio suggests that for every dollar invested in assets, the company is generating more revenue than it did at the start of the period, reflecting improved operational leverage and asset management.
Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| 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: 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 Q1 2026 Calculation
Equity turnover
= (Operating revenueQ1 2026
+ Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analyzed period is characterized by a consistent expansion in operating revenue and a steady accumulation of shareholders' equity, leading to a fluctuating but generally improving equity turnover ratio. The overall trajectory indicates an increase in the efficiency with which the organization utilizes its equity base to generate top-line growth.
- Revenue and Equity Growth Patterns
- Operating revenue demonstrates a sustained upward trend, rising from 37,886 million US$ in March 2022 to 49,494 million US$ by March 2026. This growth is mirrored by a gradual increase in shareholders' equity, which climbed from 35,975 million US$ to 43,902 million US$ over the same period. The simultaneous growth in both metrics suggests a balanced expansion of the operational scale and the capital base.
- Equity Turnover Fluctuations
- The equity turnover ratio exhibited three distinct phases. An initial growth phase occurred between March 2022 and September 2023, where the ratio rose from 3.97 to a peak of 4.36. This was followed by a corrective phase between December 2023 and September 2024, during which the ratio declined to a period low of 3.94. A strong recovery phase began in December 2024, with the ratio climbing steadily to reach its highest point of 4.52 by March 2026.
- Asset Utilization Efficiency
- The terminal increase in the equity turnover ratio to 4.52 indicates an improved capacity to generate revenue per unit of equity. While the dip in 2024 suggests a temporary misalignment where equity growth outpaced revenue gains, the subsequent recovery and peak in 2026 demonstrate enhanced operational leverage and a more efficient deployment of shareholders' capital.