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)
Emerson Electric Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).
The analysis of the provided financial ratios over the observed periods reveals distinct trends in the company's operational efficiency and asset management.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures the company's ability to generate sales from its fixed assets, shows an initial peak around June and September 2014, where it reaches approximately 6.75. Following this peak, there is a noticeable gradual decline until around September 2016, dropping to a low near 4.47 by September 2017. From this trough, the ratio stabilizes somewhat, fluctuating modestly between 4.6 and 5.2 through the end of 2018. The ratio remains steady at about 5.0 through the first quarter of 2020. The overall trend suggests a decrease in the efficiency with which fixed assets are being utilized for revenue generation over the period.
- Total Asset Turnover
- The total asset turnover ratio, reflecting how efficiently the company uses all its assets to generate sales, starts at just above 1.0 in mid-2014 but declines significantly thereafter, reaching a low point close to 0.67 around December 2016. Subsequently, the ratio shows a moderate upward trend, fluctuating between 0.8 and 0.9 by the end of the series in March 2020, albeit not recovering to the initial levels seen in 2014. This pattern indicates a reduction in asset utilization efficiency across the majority of the period with some recovery attempts in later stages.
- Equity Turnover
- The equity turnover ratio, which captures the sales generated per unit of shareholder equity, exhibits a peak early in the series, near 2.7 in June 2014. Following this, there is a clear and persistent downward trend reaching a low of 1.75 around September 2017. In the subsequent years, the ratio shows a gradual recovery, improving steadily and reaching approximately 2.39 by March 2020, the highest point in the later part of the period. This suggests an initial decline in the effectiveness of equity use for generating sales, followed by a progressive enhancement in later periods.
In summary, all three turnover ratios exhibit an early peak followed by periods of decline, signifying decreasing operational efficiency in asset and equity utilization initially. However, from approximately late 2016 onward, there is evidence of stabilization or moderate recovery, especially in equity turnover, reflecting improved efficiency in converting equity into sales. The net fixed asset turnover remains somewhat stable after an initial decline, and total asset turnover shows limited recovery but remains below peak historical levels.
Net Fixed Asset Turnover
Emerson Electric Co., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2020 | 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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net sales | 4,162) | 4,151) | 4,971) | 4,684) | 4,570) | 4,147) | 4,888) | 4,456) | 4,248) | 3,816) | 4,435) | 4,039) | 3,574) | 3,216) | 3,932) | 3,674) | 3,579) | 3,337) | 5,814) | 5,503) | 5,400) | 5,587) | 6,807) | 6,312) | 5,812) | 5,606) | ||||||||
| Property, plant and equipment, net | 3,553) | 3,633) | 3,642) | 3,614) | 3,615) | 3,551) | 3,562) | 3,260) | 3,299) | 3,279) | 3,321) | 3,304) | 2,880) | 2,861) | 2,931) | 3,521) | 3,523) | 3,520) | 3,585) | 3,610) | 3,570) | 3,631) | 3,802) | 3,737) | 3,692) | 3,639) | ||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.06 | 5.06 | 5.04 | 5.06 | 5.00 | 5.00 | 4.89 | 5.20 | 5.01 | 4.84 | 4.60 | 4.47 | 5.00 | 5.03 | 4.95 | 4.66 | 5.18 | 5.70 | 6.22 | 6.45 | 6.75 | 6.75 | 6.45 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Caterpillar Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Eaton Corp. plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| GE Aerospace | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Honeywell International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lockheed Martin Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| RTX Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).
1 Q2 2020 Calculation
Net fixed asset turnover
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ Property, plant and equipment, net
= (4,162 + 4,151 + 4,971 + 4,684)
÷ 3,553 = 5.06
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends over the reporting periods from late 2013 through early 2020.
- Net sales
- Net sales exhibit significant variability throughout the periods. Initial values in 2013 start at $5,606 million, rising steadily to peak at $6,807 million by September 2014. However, a marked decline occurs through the end of 2014 and into early 2016, with sales dropping to as low as $3,216 million in December 2016. Recovery appears from 2017 onwards, with sales progressively increasing and reaching a secondary peak around $4,971 million by September 2019. The final quarter in March 2020 records sales at about $4,162 million, indicating a slight downturn compared to the previous quarter.
- Property, plant and equipment, net
- This asset category remains relatively stable over the observed periods but demonstrates a downward trend starting from $3,639 million at the end of 2013, fluctuating mildly around the mid-$3,000 million range. A notable decrease is seen in 2016, reaching approximately $2,861 million in December 2016. Subsequently, the figure recovers and stabilizes around $3,600 million by late 2019 but slightly declines again in early 2020 to approximately $3,553 million. These fluctuations may reflect asset disposals, write-downs, or investment cycles consistent with changes in operational scale or strategy.
- Net fixed asset turnover ratio
- The ratio data indicates overall efficiency in utilizing fixed assets to generate sales, with recorded values only available from June 2014 onwards. Starting at a relatively high ratio of 6.45, a gradual decline is evident over the following quarters, reaching a low near 4.47 in September 2016, which aligns temporally with reduced net sales and asset values. After this trough, the ratio stabilizes in the range of 4.6 to 5.2, remaining consistent through early 2020. This pattern suggests fluctuations in asset utilization efficiency influenced by the changing sales levels and fixed asset base.
In summary, the data shows an initial growth phase in sales peaking in 2014, followed by a contraction period extending into 2016. Corresponding declines in net fixed assets and the turnover ratio illustrate reduced operational intensity or capacity utilization. Post-2016, recovery trends are observed in sales and asset values, accompanied by relative stabilization in asset turnover efficiency. The recent decrease in net sales in early 2020 may warrant monitoring for emerging challenges.
Total Asset Turnover
Emerson Electric Co., total asset turnover calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net sales | 4,162) | 4,151) | 4,971) | 4,684) | 4,570) | 4,147) | 4,888) | 4,456) | 4,248) | 3,816) | 4,435) | 4,039) | 3,574) | 3,216) | 3,932) | 3,674) | 3,579) | 3,337) | 5,814) | 5,503) | 5,400) | 5,587) | 6,807) | 6,312) | 5,812) | 5,606) | ||||||||
| Total assets | 21,711) | 21,101) | 20,497) | 21,317) | 21,071) | 20,429) | 20,390) | 20,487) | 19,785) | 19,858) | 19,589) | 19,402) | 17,277) | 17,471) | 21,743) | 22,082) | 21,764) | 21,552) | 22,088) | 23,464) | 22,968) | 23,724) | 24,177) | 25,115) | 24,346) | 24,124) | ||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Total asset turnover1 | 0.83 | 0.87 | 0.90 | 0.86 | 0.86 | 0.87 | 0.85 | 0.83 | 0.84 | 0.80 | 0.78 | 0.76 | 0.83 | 0.82 | 0.67 | 0.74 | 0.84 | 0.93 | 1.01 | 0.99 | 1.05 | 1.03 | 1.01 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Caterpillar Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Eaton Corp. plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| GE Aerospace | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Honeywell International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lockheed Martin Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| RTX Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).
1 Q2 2020 Calculation
Total asset turnover
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ Total assets
= (4,162 + 4,151 + 4,971 + 4,684)
÷ 21,711 = 0.83
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibit fluctuations over the indicated periods. Initially, there is an upward trend from December 2013 through September 2014, peaking around 6807 million USD. This is followed by a notable decline ending December 2015, where net sales dip to approximately 3337 million USD. Subsequently, the values tend to recover gradually, with some volatility, reaching a high of 4888 million USD by September 2018 before again declining to around 4162 million USD by March 2020. The overall pattern reveals cyclical variations with periods of growth followed by contraction.
- Total Assets
- Total assets show a general decreasing trend from December 2013 (24124 million USD) to around March 2017 (17277 million USD), indicating a reduction in asset base over this period. Post this low point, a gradual recovery is observed, with total assets increasing steadily to about 21711 million USD by March 2020. This suggests a possible restructuring or divestment phase followed by asset accumulation or acquisition activity.
- Total Asset Turnover
- The total asset turnover ratio, available from June 2014 onward, highlights efficiency in using assets to generate sales. Initially close to 1.01-1.05 in mid-2014, this ratio declines consistently until reaching a low of approximately 0.67 by September 2016, indicating diminished efficiency. From that point forward, a moderate recovery trend is visible, with turnover ratios gradually improving to around 0.87 by March 2020. Despite this improvement, the asset turnover remains below initial levels, reflecting ongoing challenges or strategic shifts impacting asset utilization efficiency.
- Summary
- Overall, the data reveals a company experiencing significant variability in sales and asset base over the analyzed periods. Early strong sales growth is countered by sharp declines, coinciding with a contraction in total assets. Asset turnover trends confirm reduced efficiency during the mid-period followed by partial recovery, but not to previous levels. These patterns may indicate transitional phases, operational challenges, or strategic adjustments impacting both asset management and revenue generation capabilities.
Equity Turnover
Emerson Electric Co., equity turnover calculation (quarterly data)
| Mar 31, 2020 | 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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net sales | 4,162) | 4,151) | 4,971) | 4,684) | 4,570) | 4,147) | 4,888) | 4,456) | 4,248) | 3,816) | 4,435) | 4,039) | 3,574) | 3,216) | 3,932) | 3,674) | 3,579) | 3,337) | 5,814) | 5,503) | 5,400) | 5,587) | 6,807) | 6,312) | 5,812) | 5,606) | ||||||||
| Common stockholders’ equity | 7,517) | 8,421) | 8,233) | 8,755) | 8,526) | 8,236) | 8,947) | 8,413) | 8,492) | 8,349) | 8,718) | 7,966) | 8,006) | 7,713) | 7,568) | 7,901) | 7,692) | 7,456) | 8,081) | 8,749) | 8,918) | 9,513) | 10,119) | 10,820) | 10,477) | 10,741) | ||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Equity turnover1 | 2.39 | 2.18 | 2.23 | 2.09 | 2.12 | 2.15 | 1.95 | 2.02 | 1.95 | 1.90 | 1.75 | 1.85 | 1.80 | 1.87 | 1.92 | 2.08 | 2.37 | 2.69 | 2.76 | 2.66 | 2.70 | 2.58 | 2.42 | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Caterpillar Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Eaton Corp. plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| GE Aerospace | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Honeywell International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Lockheed Martin Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| RTX Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-K (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31).
1 Q2 2020 Calculation
Equity turnover
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ Common stockholders’ equity
= (4,162 + 4,151 + 4,971 + 4,684)
÷ 7,517 = 2.39
2 Click competitor name to see calculations.
The analyzed financial data reveals notable fluctuations and patterns in key metrics over the observed periods. Net sales exhibit considerable variability, with an initial upward trend from approximately 5,606 million US dollars to 6,807 million US dollars in late 2014, followed by a marked decline reaching a low point of 3,337 million US dollars by the end of 2015. Subsequently, net sales demonstrate a recovery trajectory, with values increasing steadily and approaching levels above 4,800 million US dollars by late 2018. However, declines are again evident toward early 2020, indicating a cyclical or seasonally influenced sales pattern.
Common stockholders’ equity shows a general downward trend from 10,741 million US dollars at the end of 2013 to around 7,456 million US dollars by the close of 2015. After this period, equity levels largely stabilize with minor oscillations, reaching a peak near 8,947 million US dollars in late 2018. The trend thereafter reverses with a downward movement culminating at approximately 7,517 million US dollars in early 2020. This pattern suggests phases of equity reduction possibly due to strategic decisions, repurchases, or impacts from operational performance.
Equity turnover, reflecting the efficiency of equity usage in generating sales, shows an initial robust ratio exceeding 2.5 in early 2015, but subsequently declines consistently to a value near 1.75 by end of 2017. From 2018 onwards, equity turnover recovers, trending upwards to reach above 2.3 by early 2020. This trajectory indicates variable effectiveness in utilizing equity for revenue generation, with a notable dip and a subsequent recovery phase aligned with net sales fluctuations.
- Net Sales Trend
- Experienced a peak around mid-2014 followed by a significant decline through 2015, then a gradual recovery through 2018, with renewed volatility into 2020.
- Common Stockholders’ Equity
- Displayed a declining trend from end-2013 through 2015, a period of relative stabilization and mild increase through 2018, followed by renewed decline into early 2020.
- Equity Turnover Ratio
- Started high, decreased steadily until late 2017, and then recovered progressively through to early 2020, suggesting fluctuating operational efficiency and utilization of equity.
Overall, the data evidences that the company underwent a phase of contraction and recovery within the sales and equity metrics, with efficiency in leveraging equity closely responding to these shifts. The latter periods reveal efforts toward stabilizing and improving operational performance despite evident challenges towards the end of the dataset timeframe.