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)
FedEx Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
An analysis of long-term activity ratios reveals a cyclical pattern characterized by a period of peak efficiency in 2022, a subsequent contraction in asset productivity through early 2024, and a divergent recovery path between fixed asset utilization and overall asset efficiency through May 2026.
- Net Fixed Asset Turnover
- The standard net fixed asset turnover ratio peaked at 2.45 in early 2022 before entering a steady decline that bottomed at 2.11 between February and May 2024. Following this trough, a consistent recovery trend is observed, with the ratio rising to 2.25 by May 2026. When including right-of-use assets, the ratio follows an identical trajectory but at a lower baseline, peaking at 1.71 in May 2022 and reaching a low of 1.50 during the 2023-2024 period before recovering to 1.61. The correlation between these two metrics suggests that the decline in productivity was systemic across both owned and leased long-term assets.
- Total Asset Turnover
- Total asset turnover remained relatively stable during the first half of the observed period, reaching a high of 1.10 in late 2022. However, a gradual downward trend emerged thereafter, with the ratio fluctuating between 1.00 and 1.03 for several quarters before declining more sharply toward the end of the period to reach 0.96 by May 2026. This indicates a diminishing capacity to generate revenue from the total asset base, contrasting with the recovery seen in specific fixed asset turnover.
- Equity Turnover
- Equity turnover exhibits the most significant volatility and the most pronounced long-term decline. After an initial increase to a peak of 3.90 in November 2022, the ratio entered a sustained downward trajectory. Despite minor fluctuations, the ratio fell to 2.99 by May 2026. This downward trend suggests a reduction in the efficiency of shareholder equity in generating sales, which may be attributed to an increase in the equity base that has outpaced revenue growth.
In summary, while the company has managed to restore some efficiency in its fixed asset utilization toward the end of the period, this has not translated into a recovery for total asset or equity turnover. The divergence suggests that the drag on overall productivity may be stemming from non-fixed assets or an expanding equity structure rather than a failure of core physical infrastructure utilization.
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Net Fixed Asset Turnover
FedEx Corp., net fixed asset turnover calculation (quarterly data)
| May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 25,007) | 24,000) | 23,469) | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | ||||||
| Net property and equipment | 42,044) | 41,539) | 41,322) | 41,384) | 41,642) | 40,964) | 41,006) | 41,255) | 41,491) | 41,529) | 41,532) | 41,174) | 40,698) | 39,849) | 39,721) | 38,806) | 38,091) | 37,376) | 37,153) | 36,481) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.25 | 2.21 | 2.18 | 2.14 | 2.11 | 2.14 | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 29.15 | 27.42 | 25.70 | 24.30 | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | ||||||
| Union Pacific Corp. | — | — | 0.42 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | ||||||
| United Airlines Holdings Inc. | — | — | 1.31 | 1.28 | 1.28 | 1.30 | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | ||||||
| United Parcel Service Inc. | — | — | — | 2.32 | 2.35 | 2.37 | 2.39 | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
1 Q4 2026 Calculation
Net fixed asset turnover
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Net property and equipment
= (25,007 + 24,000 + 23,469 + 22,244)
÷ 42,044 = 2.25
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a distinct cyclical pattern of asset utilization efficiency over the observed period. The trajectory is characterized by an initial peak in efficiency, followed by a prolonged decline, and a subsequent gradual recovery driven by revenue growth against a stabilizing asset base.
- Revenue and Asset Base Dynamics
- Revenue exhibited significant volatility, peaking at 24,394 million in May 2022 before experiencing a contraction and stabilizing between 21,579 million and 22,165 million throughout 2023 and early 2024. Simultaneously, net property and equipment demonstrated a consistent upward trend, increasing from 36,481 million in August 2021 to a peak of 41,532 million in November 2023. Following this peak, the asset base remained relatively constant, fluctuating narrowly between 40,964 million and 42,044 million through May 2026.
- Net Fixed Asset Turnover Trend Analysis
- The turnover ratio reached its maximum value of 2.45 in early 2022, indicating a period of high operational efficiency. A steady deterioration in this ratio followed, falling from 2.44 in August 2022 to a trough of 2.11 in February and May 2024. This decline suggests a period of asset underutilization, where the expansion of the fixed asset base outpaced the generation of revenue, thereby reducing the productivity of each dollar invested in property and equipment.
- Efficiency Recovery and Outlook
- A positive inflection point is observed starting in August 2024. As revenue began a sustained climb, reaching 25,007 million by May 2026, the net fixed asset turnover ratio improved incrementally from 2.12 to 2.25. This recovery indicates that the company is successfully leveraging its previously expanded capacity to drive higher sales volumes, resulting in improved capital efficiency as the ratio trends back toward its historical peaks.
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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)
| May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 25,007) | 24,000) | 23,469) | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | ||||||
| Net property and equipment | 42,044) | 41,539) | 41,322) | 41,384) | 41,642) | 40,964) | 41,006) | 41,255) | 41,491) | 41,529) | 41,532) | 41,174) | 40,698) | 39,849) | 39,721) | 38,806) | 38,091) | 37,376) | 37,153) | 36,481) | ||||||
| Operating lease right-of-use assets, net | 16,822) | 16,391) | 16,184) | 16,368) | 16,453) | 16,468) | 16,821) | 17,094) | 17,115) | 16,935) | 17,243) | 17,327) | 17,347) | 17,410) | 17,373) | 17,219) | 16,613) | 16,605) | 16,018) | 15,414) | ||||||
| Net property and equipment (including operating lease, right-of-use asset) | 58,866) | 57,930) | 57,506) | 57,752) | 58,095) | 57,432) | 57,827) | 58,349) | 58,606) | 58,464) | 58,775) | 58,501) | 58,045) | 57,259) | 57,094) | 56,025) | 54,704) | 53,981) | 53,171) | 51,895) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.61 | 1.59 | 1.57 | 1.53 | 1.51 | 1.53 | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 16.27 | 17.28 | 16.23 | 15.26 | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | ||||||
| Union Pacific Corp. | — | — | 0.42 | 0.41 | 0.40 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | ||||||
| United Airlines Holdings Inc. | — | — | 1.16 | 1.14 | 1.16 | 1.17 | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | ||||||
| United Parcel Service Inc. | — | — | — | 2.10 | 2.11 | 2.13 | 2.17 | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
1 Q4 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Net property and equipment (including operating lease, right-of-use asset)
= (25,007 + 24,000 + 23,469 + 22,244)
÷ 58,866 = 1.61
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a cyclical trend in asset utilization efficiency over the observed period. The ratio exhibits an initial period of growth, followed by a sustained decline, and a subsequent gradual recovery, reflecting the relationship between revenue generation and the expansion of the long-term asset base, including right-of-use assets.
- Phase of Asset Expansion and Diminishing Returns
- Between August 2021 and November 2023, a divergence occurred between asset growth and revenue performance. Net fixed assets grew steadily from 51,895 million US$ to a peak of 58,775 million US$. While the turnover ratio initially climbed to 1.71 in May 2022, it entered a consistent downward trajectory thereafter, reaching a low of 1.50 by November 2023. This decline was driven by a contraction in revenue, which fell from its May 2022 peak of 24,394 million US$ to 21,681 million US$ by August 2023, indicating that the expanded asset base was not generating proportional revenue increases.
- Period of Operational Stabilization
- From February 2024 through August 2024, the net fixed asset turnover ratio remained stagnant at 1.50. During this interval, revenue fluctuated narrowly between 21,579 million US$ and 22,109 million US$, while net fixed assets remained relatively flat, oscillating around 58,000 million US$. This period represents a plateau in asset productivity where the organization maintained a constant rate of revenue generation relative to its investment in fixed assets.
- Efficiency Recovery and Revenue Growth
- Starting in November 2024 and continuing through May 2026, a positive trend in asset utilization emerged. Revenue experienced a steady ascent, rising from 21,967 million US$ to 25,007 million US$. Concurrently, net fixed assets were managed more tightly, ending the period at 58,866 million US$, which is only slightly above the 2023 peak. This decoupling—where revenue growth outpaced asset growth—resulted in a gradual improvement of the turnover ratio, which rose from 1.51 to 1.61 by May 2026.
Overall, the data suggests that after a period of over-investment or reduced demand between 2022 and 2023, the organization has successfully leveraged its existing asset base to drive higher revenue, leading to an improvement in long-term investment efficiency.
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Total Asset Turnover
FedEx Corp., total asset turnover calculation (quarterly data)
| May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 25,007) | 24,000) | 23,469) | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | ||||||
| Total assets | 98,937) | 94,733) | 89,181) | 88,416) | 87,627) | 85,043) | 85,481) | 86,711) | 87,007) | 86,114) | 88,051) | 87,576) | 87,143) | 85,775) | 85,591) | 85,826) | 85,994) | 84,108) | 84,247) | 82,048) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | 0.96 | 0.97 | 1.01 | 1.00 | 1.00 | 1.03 | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.90 | 0.84 | 0.78 | 0.85 | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | ||||||
| Union Pacific Corp. | — | — | 0.36 | 0.35 | 0.35 | 0.36 | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | ||||||
| United Airlines Holdings Inc. | — | — | 0.74 | 0.75 | 0.77 | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | ||||||
| United Parcel Service Inc. | — | — | — | 1.23 | 1.21 | 1.25 | 1.27 | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
1 Q4 2026 Calculation
Total asset turnover
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Total assets
= (25,007 + 24,000 + 23,469 + 22,244)
÷ 98,937 = 0.96
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a general downward trajectory over the analyzed period, reflecting a decrease in the efficiency with which assets are utilized to generate revenue. While the period began with a period of relative efficiency, the latter stages are characterized by a steady decline, with the ratio eventually falling below the 1.00 threshold.
- Initial Efficiency Growth
- Between August 2021 and November 2022, the asset turnover ratio increased from 1.06 to a peak of 1.10. This improvement was driven by a rise in quarterly revenue, which reached 24,394 million in May 2022, while the asset base remained relatively stable, fluctuating between 82,048 million and 85,994 million.
- Revenue Contraction and Ratio Compression
- From May 2023 through August 2024, a declining trend is observed as the ratio dropped from 1.03 to 1.01. This compression is attributed to a period of revenue decline, where quarterly figures fell to a low of 21,579 million in August 2024, occurring simultaneously with a gradual increase in total assets to 86,711 million.
- Asset Expansion and Efficiency Deterioration
- The period from November 2025 to May 2026 is marked by a significant divergence between asset growth and revenue generation. Although revenue recovered and grew to 25,007 million, total assets expanded more aggressively, rising from 89,181 million to 98,937 million. As a result, the total asset turnover ratio reached its lowest point of 0.96, indicating that the growth in the asset base outpaced the growth in revenue.
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Equity Turnover
FedEx Corp., equity turnover calculation (quarterly data)
| May 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue | 25,007) | 24,000) | 23,469) | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | ||||||
| Common stockholders’ investment | 31,647) | 29,804) | 28,140) | 27,771) | 28,074) | 26,708) | 26,460) | 27,176) | 27,582) | 26,375) | 26,766) | 26,534) | 26,088) | 24,733) | 24,115) | 25,140) | 24,939) | 24,526) | 24,940) | 24,321) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | 2.99 | 3.08 | 3.20 | 3.19 | 3.13 | 3.29 | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 2.17 | 1.92 | 1.76 | 2.09 | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | ||||||
| Union Pacific Corp. | — | — | 1.23 | 1.27 | 1.33 | 1.42 | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | ||||||
| United Airlines Holdings Inc. | — | — | 3.77 | 3.81 | 3.87 | 4.08 | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | ||||||
| United Parcel Service Inc. | — | — | — | 5.60 | 5.46 | 5.66 | 5.73 | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 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).
1 Q4 2026 Calculation
Equity turnover
= (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
÷ Common stockholders’ investment
= (25,007 + 24,000 + 23,469 + 22,244)
÷ 31,647 = 2.99
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a general downward trajectory over the observed period, indicating a decrease in the efficiency with which shareholders' equity is utilized to generate revenue.
- Equity Turnover Trend
- The equity turnover ratio experienced an initial period of growth, peaking at 3.90 in November 2022. Following this peak, a consistent long-term decline is observed, with the ratio falling to 2.99 by May 2026. This overall reduction suggests that revenue growth has not kept pace with the growth of common stockholders' investment.
- Revenue Performance
- Revenue exhibited volatility, reaching a mid-term peak of 24,394 million in May 2022 before entering a period of relative stagnation between 21,579 million and 22,244 million from August 2023 through August 2025. While a recovery trend is evident toward the end of the period, peaking at 25,007 million in May 2026, these gains were insufficient to reverse the decline in the turnover ratio.
- Common Stockholders' Investment
- The investment by common stockholders shows a steady upward trend, increasing from 24,321 million in August 2021 to 31,647 million by May 2026. The consistent expansion of the equity base, occurring without a proportional and immediate increase in revenue, served as the primary driver for the compression of the equity turnover ratio.
In summary, the divergence between the steady growth of the equity base and the more volatile, slower-growing revenue stream has led to a deterioration in equity utilization efficiency. The decline from a peak of 3.90 to 2.99 highlights a trend where increasing amounts of capital are being deployed to generate relatively stable levels of top-line revenue.
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