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)
Ford Motor Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 analysis of investment activity ratios reveals a general trend of increasing efficiency in asset utilization from early 2022 through mid-2026, characterized by a period of steady growth, a phase of stability, and a significant surge in specific efficiency metrics toward the end of the observed period.
- Net Fixed Asset Turnover
- An upward trajectory is observed from March 2022, where the ratio stood at 3.41, reaching a peak of 4.18 by September 2023. The ratio remained relatively stable between 4.00 and 4.15 throughout 2024, with a slight dip to 3.93 in June 2025. A notable increase occurred in December 2025, with the ratio climbing to 4.67, indicating a marked improvement in the capacity to generate revenue from fixed assets during the final quarters of the period.
- Total Asset Turnover
- This ratio demonstrates a gradual increase from 0.49 in March 2022 to 0.61 in March 2023. Following this initial growth, the metric entered a period of high stability, fluctuating minimally between 0.59 and 0.62 for the remainder of the analyzed timeline through June 2026. This suggests that overall asset growth has remained proportional to revenue growth over the long term.
- Equity Turnover
- A steady rise in equity efficiency is evident from March 2022 (2.78) to March 2024 (3.89). After a period of consolidation between 3.72 and 3.88 through September 2025, a sharp escalation is observed starting in December 2025, where the ratio reached 4.84 and maintained elevated levels up to 4.88 by June 2026. This indicates a significant increase in the revenue generated per unit of shareholder equity.
A strong correlation is observed between the trends of net fixed asset turnover and equity turnover, particularly the simultaneous spike in late 2025. This suggests that the improvement in revenue generation was driven by more efficient use of fixed investments and equity rather than a change in the total asset base, which remained constant as evidenced by the stable total asset turnover.
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Net Fixed Asset Turnover
Ford Motor Co., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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) | ||||||||||||||||||||||||
| Company revenues excluding Ford Credit | 44,891) | 39,819) | 42,446) | 47,185) | 46,943) | 37,422) | 44,936) | 43,069) | 44,811) | 39,890) | 43,213) | 41,176) | 42,427) | 39,085) | 41,745) | 37,205) | 37,934) | 32,195) | ||||||
| Net property | 39,958) | 38,091) | 37,288) | 44,735) | 43,877) | 42,471) | 41,928) | 41,169) | 40,709) | 40,515) | 40,821) | 39,370) | 38,503) | 37,970) | 37,265) | 35,529) | 36,162) | 36,625) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.36 | 4.63 | 4.67 | 3.95 | 3.93 | 4.01 | 4.12 | 4.15 | 4.15 | 4.11 | 4.06 | 4.18 | 4.17 | 4.11 | 4.00 | 4.01 | 3.84 | 3.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| General Motors Co. | 3.16 | 3.21 | 3.25 | 3.28 | 3.28 | 3.30 | 3.31 | 3.25 | 3.19 | 3.12 | 3.13 | 3.20 | 3.26 | 3.15 | 3.18 | 3.14 | 2.84 | 2.81 | ||||||
| Tesla Inc. | 2.19 | 2.27 | 2.33 | 2.43 | 2.40 | 2.58 | 2.73 | 2.69 | 2.90 | 3.01 | 3.26 | 3.46 | 3.56 | 3.45 | 3.46 | 3.41 | 3.18 | 3.11 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Net fixed asset turnover
= (Company revenues excluding Ford CreditQ2 2026
+ Company revenues excluding Ford CreditQ1 2026
+ Company revenues excluding Ford CreditQ4 2025
+ Company revenues excluding Ford CreditQ3 2025)
÷ Net property
= (44,891 + 39,819 + 42,446 + 47,185)
÷ 39,958 = 4.36
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover indicates a general increase in asset efficiency from early 2022 through mid-2026, characterized by an initial growth phase, a period of stabilization, and a significant volatility spike in late 2025.
- Initial Efficiency Gains (2022–2023)
- A consistent upward trend in the net fixed asset turnover ratio is observed from March 2022 to September 2023, rising from 3.41 to 4.18. This improvement suggests that revenue growth—which increased from 32,195 million USD to 41,176 million USD during this window—outpaced the expansion of the net property base, indicating enhanced operational productivity of fixed assets.
- Stabilization Period (2024–Mid-2025)
- Between December 2023 and June 2025, the turnover ratio entered a phase of relative stability, fluctuating within a narrow range between 3.93 and 4.15. During this interval, net property exhibited a steady increase, peaking at 43,877 million USD in June 2025. The stability of the ratio during this time reflects a proportional alignment between capital investment in property and the corresponding generation of revenue.
- Asset Base Contraction and Ratio Spike (Late 2025–2026)
- A significant deviation occurs in December 2025, where the turnover ratio spikes to 4.67, followed by 4.63 in March 2026. This acceleration is not primarily driven by revenue growth, but rather by a sharp reduction in net property, which dropped from 44,735 million USD in September 2025 to 37,288 million USD in December 2025. This suggests an asset write-down or divestment that mathematically inflated the turnover ratio.
By June 2026, the turnover ratio began a moderate correction to 4.36, coinciding with a recovery in net property values to 39,958 million USD. Overall, while the long-term trend shows an improvement in the company's ability to generate revenue per unit of fixed assets, the most pronounced changes in the latter part of the period were driven by fluctuations in the asset base rather than fundamental shifts in revenue performance.
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Total Asset Turnover
Ford Motor Co., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | 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) | ||||||||||||||||||||||||
| Company revenues excluding Ford Credit | 44,891) | 39,819) | 42,446) | 47,185) | 46,943) | 37,422) | 44,936) | 43,069) | 44,811) | 39,890) | 43,213) | 41,176) | 42,427) | 39,085) | 41,745) | 37,205) | 37,934) | 32,195) | ||||||
| Total assets | 285,531) | 282,434) | 289,160) | 300,990) | 292,725) | 284,539) | 285,196) | 287,047) | 276,586) | 274,341) | 273,310) | 268,073) | 265,991) | 256,800) | 255,884) | 246,919) | 245,755) | 252,986) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.61 | 0.62 | 0.60 | 0.59 | 0.59 | 0.60 | 0.61 | 0.60 | 0.61 | 0.61 | 0.61 | 0.61 | 0.60 | 0.61 | 0.58 | 0.58 | 0.56 | 0.49 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| General Motors Co. | 0.60 | 0.60 | 0.60 | 0.59 | 0.59 | 0.61 | 0.61 | 0.58 | 0.58 | 0.58 | 0.58 | 0.56 | 0.57 | 0.55 | 0.55 | 0.52 | 0.47 | 0.47 | ||||||
| Tesla Inc. | 0.70 | 0.68 | 0.69 | 0.72 | 0.72 | 0.77 | 0.80 | 0.81 | 0.84 | 0.87 | 0.91 | 1.02 | 1.04 | 0.99 | 0.99 | 1.01 | 0.98 | 0.94 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Total asset turnover
= (Company revenues excluding Ford CreditQ2 2026
+ Company revenues excluding Ford CreditQ1 2026
+ Company revenues excluding Ford CreditQ4 2025
+ Company revenues excluding Ford CreditQ3 2025)
÷ Total assets
= (44,891 + 39,819 + 42,446 + 47,185)
÷ 285,531 = 0.61
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals an initial phase of efficiency improvement followed by a prolonged period of stability. The ratio increased from a low of 0.49 in March 2022 to a consistent range of 0.59 to 0.62 from March 2023 through June 2026, indicating a stabilization in how effectively assets are utilized to generate revenue.
- Revenue Growth Trends
- Revenues excluding Ford Credit demonstrated a general upward trajectory over the analyzed period. From a starting point of 32,195 million USD in March 2022, revenues reached a peak of 47,185 million USD in September 2025. Despite some quarterly volatility, the trend reflects a substantial expansion in top-line performance.
- Asset Base Expansion
- Total assets grew from 252,986 million USD in March 2022 to a maximum of 300,990 million USD in June 2025. The increase in the asset base was gradual, with the company maintaining a total asset value generally between 270,000 and 300,000 million USD from 2023 onwards.
- Efficiency Correlation
- The total asset turnover ratio stabilized around 0.60-0.61 for the majority of the period. This suggests that the growth in the asset base was closely mirrored by the growth in revenue, resulting in a constant rate of asset productivity. The slight peak of 0.62 in March 2026 indicates a marginal improvement in efficiency toward the end of the period as revenue remained strong relative to a slightly contracted asset base of 282,434 million USD.
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Equity Turnover
Ford Motor Co., equity turnover calculation (quarterly data)
| Jun 30, 2026 | 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) | ||||||||||||||||||||||||
| Company revenues excluding Ford Credit | 44,891) | 39,819) | 42,446) | 47,185) | 46,943) | 37,422) | 44,936) | 43,069) | 44,811) | 39,890) | 43,213) | 41,176) | 42,427) | 39,085) | 41,745) | 37,205) | 37,934) | 32,195) | ||||||
| Equity attributable to Ford Motor Company | 35,719) | 37,453) | 35,952) | 47,392) | 45,057) | 44,635) | 44,835) | 44,315) | 43,567) | 42,870) | 42,773) | 44,263) | 43,677) | 42,366) | 43,242) | 42,125) | 44,169) | 44,985) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 4.88 | 4.71 | 4.84 | 3.72 | 3.83 | 3.81 | 3.85 | 3.86 | 3.88 | 3.89 | 3.88 | 3.71 | 3.67 | 3.68 | 3.45 | 3.39 | 3.14 | 2.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| General Motors Co. | 2.72 | 2.67 | 2.75 | 2.57 | 2.58 | 2.68 | 2.72 | 2.36 | 2.38 | 2.41 | 2.45 | 2.12 | 2.18 | 2.12 | 2.12 | 2.06 | 1.86 | 1.89 | ||||||
| Tesla Inc. | 1.19 | 1.16 | 1.15 | 1.20 | 1.20 | 1.28 | 1.34 | 1.39 | 1.43 | 1.47 | 1.55 | 1.79 | 1.84 | 1.79 | 1.82 | 1.88 | 1.85 | 1.82 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Equity turnover
= (Company revenues excluding Ford CreditQ2 2026
+ Company revenues excluding Ford CreditQ1 2026
+ Company revenues excluding Ford CreditQ4 2025
+ Company revenues excluding Ford CreditQ3 2025)
÷ Equity attributable to Ford Motor Company
= (44,891 + 39,819 + 42,446 + 47,185)
÷ 35,719 = 4.88
2 Click competitor name to see calculations.
The analysis of equity turnover from March 2022 to June 2026 reveals a transition from a period of revenue-driven efficiency gains to a phase of ratio inflation driven by a significant contraction in the equity base.
- Revenue Performance (Excluding Ford Credit)
- Revenues exhibited a general upward trajectory, increasing from 32,195 million USD in March 2022 to a peak of 47,185 million USD in June 2025. Although quarterly fluctuations occurred, the overall trend indicates a sustained expansion in operational scale over the observed period.
- Equity Base Dynamics
- Equity attributable to the company remained relatively stable between 42,125 million USD and 45,057 million USD from March 2022 through September 2025. A marked decline is observed starting in December 2025, with equity falling to 35,952 million USD and continuing to fluctuate at lower levels through June 2026.
- Equity Turnover Ratio Trends
- The equity turnover ratio progressed through three distinct phases. An initial growth phase is observed from March 2022 to December 2022, where the ratio rose from 2.78 to 3.45. This was followed by a period of stabilization between March 2023 and December 2024, with the ratio maintaining a narrow range between 3.67 and 3.89. A final sharp increase occurred starting in December 2025, with the ratio jumping to 4.84 and remaining above 4.70 through June 2026. This late-stage surge is primarily attributable to the reduction in the equity denominator rather than proportional increases in revenue.
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