Ford Motor Co. (NYSE:F)

Net Fixed Asset Turnover

The net fixed asset turnover ratio exhibited a general upward trend from March 2021 through September 2024, increasing from 3.25 to a peak of approximately 4.15. This indicates improving efficiency in generating sales from fixed assets over this period. However, from December 2024 through September 2025, the ratio slightly declined to around 3.95, suggesting a minor reduction in asset utilization efficiency in the most recent quarters.

Total Asset Turnover

The total asset turnover ratio demonstrated a consistent upward movement starting at 0.45 in March 2021, reaching about 0.61 by December 2023. Following this, the ratio maintained relative stability, fluctuating narrowly between 0.59 and 0.61 through September 2025. The increase early on indicates enhanced effectiveness in using all assets to generate sales, while the subsequent plateau suggests stabilization in asset turnover efficiency.

Equity Turnover

The equity turnover ratio showed an initial decline from 3.49 in March 2021 to a low of 2.60 in December 2021, reflecting decreased sales generation relative to shareholder equity during that period. From early 2022 onward, the ratio rebounded strikingly, peaking near 3.89 by March 2024. After this peak, the ratio experienced a mild downward trend, stabilizing around 3.72 by September 2025. Overall, this signifies a recovery and stronger utilization of equity in generating revenues post-2021, with some moderation in the last few quarters.

The financial data over the indicated periods reveal distinct trends across revenues, net property, and asset turnover ratios.

Company Revenues Excluding Ford Credit

The revenue figures exhibit notable fluctuations across quarters, with a general upward trajectory over the longer term. Initial values in 2021 start at approximately $33.6 billion, dropping in the second quarter before rising to a peak near $44.9 billion in late 2024. Periodic declines are evident, such as in early 2022 and early 2025, but overall the pattern suggests growth in core revenue streams outside of financing activities. The quarterly variations indicate some seasonality or market volatility affecting sales.

Net Property

Net property values remain relatively stable over the period with a slight increase observable. Starting at about $36.4 billion in early 2021, the figure fluctuates modestly around a range of $35.5 billion to $42.4 billion. The data show a gradual asset base expansion, especially noticeable from mid-2023 onward, with net property reaching around $44.7 billion by late 2025. This suggests continued investment in property, plant, and equipment to support operations.

Net Fixed Asset Turnover Ratio

The turnover ratio indicates improving efficiency in utilizing fixed assets through 2021 and 2022, rising from 3.25 to levels above 4.0. The ratio peaks around 4.18 in late 2023, reflecting stronger revenue generation relative to the fixed asset base. However, beyond late 2023, the turnover ratio shows a slight declining trend, falling to just below 3.95 by late 2025. This could signal a marginal decrease in asset utilization efficiency as assets accumulate or as revenue growth moderates compared to asset increases.

In summary, the data suggest a pattern of revenue growth with some volatility alongside steady asset base expansion. The efficiency of fixed asset usage improved initially but has moderated somewhat in the most recent periods, which may warrant further monitoring to ensure asset productivity aligns with company growth strategies.

Revenues Excluding Ford Credit

The revenue figures demonstrate considerable fluctuations on a quarterly basis with an overall upward trend from the first quarter of 2021 through the third quarter of 2025. The revenues start at approximately 33.6 billion US dollars in March 2021, declining notably in the subsequent quarter but rebounding steadily afterwards. Peaks occur near the year-end quarters, with December consistently showing higher revenue compared to other quarters, suggesting possible seasonal effects or strong end-of-year sales initiatives. The highest recorded revenue in the observed period is around 47.2 billion US dollars in September 2025.

Total Assets

Total assets exhibit a relatively stable trend with minor fluctuations over the analyzed time frame. The asset base begins near 261 billion US dollars in March 2021, experiencing a slight decrease through mid-2022 followed by gradual increases toward the end of the series. The highest asset levels are noted in the last quarter of 2025, reaching close to 301 billion US dollars. These figures imply steady capital investment or asset retention strategies with an inclination toward gradual growth.

Total Asset Turnover

The total asset turnover ratio shows a generally increasing trend from 0.45 in March 2021 to values around 0.60 by late 2023 through 2025. This suggests an improvement in the efficiency with which assets generate revenues over the examined quarters. The ratio stabilizes near 0.60 in the latter part of the data series, indicating a consistent operational performance in asset utilization. The improvement reflects positively on management’s capability to leverage assets more effectively for revenue generation.

Overall Analysis

The review of the financial trends reveals that revenues are growing at a steady pace, despite some volatility, and consistently peak towards year-end quarters. Total assets maintain a stable base with moderate growth signaling cautious asset management or expansion aligned with operational needs. The upward trajectory and stabilizing pattern of the asset turnover ratio denote enhanced operational efficiency over time. This combination of rising revenues and improved asset utilization supports the view of a strengthening business momentum across the quarters observed.

Revenue Trends

Over the observed periods, the company's revenues excluding Ford Credit exhibit considerable fluctuations with a general tendency towards growth. Starting from approximately $33.6 billion in the first quarter of 2021, revenues showed a decline in the second quarter of 2021, followed by a recovery and rise towards the end of that year, peaking near $41.7 billion in the last quarter of 2022. Subsequent quarters maintained a level above $39 billion, with intermittent increases peaking again around $47 billion by the latter part of 2025. However, there are intervals where revenues dipped slightly, notably in early 2025, indicating variability within the otherwise ascending trend.

Equity Trends

The equity attributable to the company grew notably between early 2021 and the end of that year, rising from about $33.8 billion to $48.5 billion, marking a substantial increase. Post-2021, the equity figures stabilized within a range of approximately $42 billion to $45 billion, showing small oscillations but no strong directional trend until mid-2025. Towards the final quarters, equity rose modestly, crossing $47 billion. This pattern suggests strong capital underlying the company during the initial period, followed by consolidation and moderate improvement.

Equity Turnover Analysis

Equity turnover, defined as the ratio of revenues to equity, generally decreased from 3.49 at the start of 2021 to a low of 2.6 at the end of 2021. This drop indicates that revenue generation relative to equity weakened during that year. However, from early 2022 onwards, the ratio consistently improved, climbing to approximately 3.88 by late 2023 and maintaining levels close to 3.8 through 2025. These figures imply enhanced efficiency in utilizing equity to generate revenues after 2021.

Summary of Insights

The combined data points to a phase of heightened growth in both revenues and equity during 2021, followed by periods of stabilization and moderate growth. The improvements in equity turnover from 2022 forward suggest the company managed to utilize its equity more effectively to generate revenues after an initial decline in efficiency. The revenue volatility, especially dips in early 2025, indicates exposure to external factors or market dynamics influencing sales, though the overall long-term trajectory is upward. Equity's relative stability signifies a solid financial base supporting operations amidst revenue fluctuations.