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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- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally stable to slightly declining trend over the reported periods. Beginning around 2.29 in the earlier months of mid-2019, it decreased gradually to a low near 2.06 by late 2019 and early 2020. Subsequently, the ratio experienced a modest recovery, peaking at approximately 2.45 during mid-2021 before embarking on a gradual decline again. By early 2025, the turnover ratio settled near 2.14, indicating a mild reduction in the efficiency of using fixed assets to generate revenue over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This metric shows a more pronounced and consistent decline initially, dropping from 2.29 in mid-2019 to around 1.46 by mid-2020. It then exhibits a slight upward trend, reaching approximately 1.71 by mid-2022, followed by a steady but gradual decrease to about 1.5 by late 2024. The ratio increases slightly to 1.53 by early 2025. This pattern suggests adjustments in asset utilization when accounting for operating leases, with an initial decrease in efficiency possibly reflecting increased leased asset utilization or changes in asset base composition, followed by moderate stabilization and minor improvements.
- Total Asset Turnover
- The total asset turnover ratio registers a downward movement from a peak near 1.28 in mid-2019 to a low close to 0.92 at the end of 2019 and early 2020. Afterward, the ratio demonstrates a steady recovery reaching around 1.1 by mid-2022, remaining relatively stable with minor fluctuations thereafter. The value maintains a level close to 1.0 in subsequent periods up to early 2025. This trend indicates a temporary reduction in asset turnover efficiency followed by a return to historical levels, suggesting stabilization in overall asset utilization.
- Equity Turnover
- Equity turnover shows an initial decline from approximately 3.92 to 3.55 between mid-2019 and early 2020, followed by a mild fluctuation around the mid-3 range through 2021. Notably, a modest recovery phase occurs during 2022, peaking around 3.9, but this is succeeded by a consistent decreasing trend toward the end of the data, reaching approximately 3.18 by late 2024. Thereafter, a slight uptick appears close to early 2025. This indicates that equity is being turned over at a slower pace in recent periods compared to the earlier years, reflecting potential changes in equity base or revenue generation relative to shareholders' equity.
Net Fixed Asset Turnover
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Net property and equipment | |||||||||||||||||||||||||||||||||||
Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
Net fixed asset turnover1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Net property and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue displayed a generally increasing trend from August 2018 to May 2021, rising from approximately $17,052 million to a peak of $22,565 million. After this peak, revenue showed fluctuations with a slight decline between August 2021 and August 2023, hitting around $21,681 million at the low point. Subsequently, revenue experienced moderate volatility but remained relatively stable near the $22,000 million mark through to February 2025, finishing around $22,160 million.
- Net Property and Equipment
- The net property and equipment asset base exhibited consistent growth throughout the entire period. Starting at $28,779 million in August 2018, it steadily increased without interruption, reaching approximately $41,064 million by February 2025. This steady accumulation suggests ongoing capital investment and asset expansion.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from February 2019 onward, initially showed a declining trend from 2.29 to 2.06 by August 2020, indicating a reduced efficiency in generating revenue from fixed assets during this interval. Subsequently, the ratio improved steadily, reaching a peak of 2.45 in May 2022. After this peak, the ratio generally declined again, reaching about 2.11 in November 2024 and fluctuating slightly around this value toward early 2025. These movements indicate varying efficiency in utilizing fixed assets, with phases of both improvement and reduction. The initial decline could reflect increased capital investment preceding revenue growth, while later fluctuations might be associated with changes in revenue levels relative to the sizeable fixed asset base.
- Overall Analysis
- The company experienced growth in both revenue and asset base over the observed periods. The expansion in net property and equipment was steady and substantial, implying sustained capital investments. Revenue growth outpaced asset growth in the earlier part of the timeline, enhancing fixed asset turnover ratios, but later periods showed stabilization or slight declines in revenue coupled with continued asset growth, leading to reduced turnover efficiency. This pattern suggests the company may be undergoing a phase of balancing asset utilization against revenue generation, possibly linked to strategic investments or changing market conditions.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
FedEx Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Net property and equipment | |||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets, net | |||||||||||||||||||||||||||||||||||
Net property and equipment (including operating lease, right-of-use asset) | |||||||||||||||||||||||||||||||||||
Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Net property and equipment (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Over the observed periods, revenue demonstrates a fluctuating but overall upward trend. Starting at 17,052 million US dollars in August 2018, revenue sees some variance through early 2020, generally staying within the 17,000 to 18,000 million range. A notable increase occurs in August 2020, where revenue reaches 19,321 million, continuing to rise and peaking around 24,394 million US dollars in May 2022. Following this peak, revenues show a slight decline and stabilization, with values mostly ranging between approximately 21,600 and 22,300 million US dollars from late 2022 through early 2025.
- Net Property and Equipment
- The net property and equipment asset base exhibits a consistent growth pattern throughout the period. From an initial 28,779 million US dollars in August 2018, the asset value sharply increases between May and August 2019, jumping to 45,429 million. This step change is sustained with further incremental growth, reaching a high of about 58,775 million US dollars by November 2023. Minor fluctuations are present towards the latest periods, with the asset base slightly decreasing to around 57,432 million by February 2025, but overall the long-term trend remains positive and indicative of ongoing capital investment or asset additions.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per unit of net fixed assets, is only available from May 2019 onward. At that point, the ratio registers at 2.29, but sharply declines to around 1.5 between August 2019 and early 2020. After this initial drop, the ratio gradually increases, reaching approximately 1.71 by May 2022, reflecting improvements in asset efficiency relative to revenue generation. However, starting mid-2022, the ratio declines again, fluctuating near 1.5 through early 2025. The initial decrease followed by partial recovery and stabilization suggests periods of significant asset base expansion not immediately matched by proportional revenue increases, followed by efforts to optimize asset utilization.
- Insights
- The data indicates a strategic expansion in fixed asset investment as evidenced by the substantial increase in net property and equipment around mid-2019, coinciding with incremental revenue growth. This expansion appears to have temporarily diluted asset turnover efficiency, given the drop in turnover ratio during the same period. Subsequent improvement in turnover ratio implies adaptive management to enhance revenue relative to the larger asset base. Nevertheless, a recent trend of declining turnover highlights continuing challenges in maintaining asset efficiency amidst stability or modest declines in revenue. The relatively stable revenue levels over recent quarters, combined with high asset levels, may warrant further focus on operational efficiency and capital utilization.
Total Asset Turnover
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
Total asset turnover1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Total asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue
- Revenue exhibited fluctuations over the observed periods, initially showing modest growth from August 2018 through February 2020, moving from approximately 17,000 million USD to roughly 17,500 million USD. A notable increase occurred around the third quarter of 2020, with revenue peaking above 22,000 million USD by May 2021. Following this peak, revenue maintained elevated levels, oscillating around the 21,000 to 24,000 million USD range, with intermittent declines and recoveries through early 2025. The data indicates a generally positive revenue trend post mid-2020, reflecting growth after a relatively stable pre-2020 period.
- Total assets
- Total assets increased significantly from just over 51,900 million USD in August 2018 to a high near 87,000 million USD during 2023 and 2024. The most pronounced growth phases occurred between May 2019 and November 2020, where assets grew markedly from approximately 54,400 million USD to over 81,000 million USD. Thereafter, total assets remained relatively stable with minor fluctuations, generally ranging between 85,000 million USD and 88,000 million USD through early 2025, indicating an overall substantial asset base expansion during the timeframe with stabilization in later periods.
- Total asset turnover
- Data on total asset turnover ratio begins from May 2019, starting at 1.28 and subsequently declining to levels below 1.0 (down to approximately 0.92 by August 2020). Following this low point, the ratio then gradually recovered, reaching values slightly above 1.0 from May 2021 onward, generally maintaining between 1.00 and 1.10 through the subsequent years up to early 2025. This pattern suggests some initial decline in operational efficiency relative to asset base during 2019-2020, followed by an improvement and stabilization in asset utilization efficiency in later periods.
Equity Turnover
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Common stockholders’ investment | |||||||||||||||||||||||||||||||||||
Long-term Activity Ratio | |||||||||||||||||||||||||||||||||||
Equity turnover1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Equity turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Common stockholders’ investment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
Analysis of the financial data reveals several notable trends with respect to revenue, common stockholders’ investment, and equity turnover ratios over the presented periods.
- Revenue Trends
- Revenue exhibited fluctuations over the examined periods. Initially, revenue hovered around the 17,000 to 18,000 million US$ range from mid-2018 through mid-2019. A gradual increase began towards late 2019 and early 2020, culminating in a significant rise to above 19,000 million US$ by August 2020. The upward momentum continued through 2021, peaking near 24,394 million US$ in May 2022. From mid-2022 onwards, revenue showed a downward trend, declining steadily to around 21,579 million US$ by late 2024. This pattern suggests a period of growth followed by recent contraction or stabilization.
- Common Stockholders’ Investment Trends
- Common stockholders’ investment displayed an overall increasing trend across the timeline. Starting at approximately 19,173 million US$ in August 2018, the investment value showed a dip around May 2019 but resumed growth thereafter. There was a strong upward trajectory through most of 2021 and early 2022, reaching highs around 26,766 million US$ in early 2024. Subsequently, slight declines and fluctuations occurred towards the end of the timeline, with investment values in the range of 26,400 to 27,582 million US$. Despite minor decreases, this line item generally demonstrated enhanced shareholder equity over the period.
- Equity Turnover Ratio Trends
- The equity turnover ratio was available starting February 2019. Initially reported values were relatively high around 3.92, followed by a gradual downward trend reaching about 3.29 by early 2024. Within this period, minor fluctuations occurred, but the ratio generally declined, indicating a reduction in revenue generated per unit of stockholders’ investment over time. This decreasing trend may point to diminishing efficiency in using equity to generate sales or changing business dynamics affecting asset utilization.
In summary, while revenue experienced growth initially and later declined, common stockholders’ investment steadily increased, reflecting enhanced equity value. The declining equity turnover ratio suggests a reduction in the effectiveness of equity in producing revenue. These mixed signals warrant further investigation into operational efficiency and capital management strategies to assess sustainability of growth and equity utilization.