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)
GE Aerospace, long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analyzed financial data reveals discernible trends in the turnover ratios over the periods under review.
- Net Fixed Asset Turnover
- This ratio showed a significant increase beginning in the first quarter of 2021, rising from 1.63 to values consistently above 4.3 in subsequent quarters. The peak values were observed around the middle of 2024, reaching as high as 7.23, before showing some volatility and a slight downward adjustment towards early 2025, yet maintaining levels above 4.8. This pattern suggests a substantial improvement in the efficiency of fixed asset utilization over time, indicating better asset management or increased sales relative to fixed assets.
- Total Asset Turnover
- The total asset turnover ratio was relatively stable but showed gradual improvement starting from 0.29 in early 2020. The ratio experienced modest growth through 2021 and 2022, reaching highs near 0.43, but then fluctuated with a downward trend to as low as 0.29 by mid-2025. Overall, this indicates moderate gains in asset utilization efficiency, though the later decline may warrant attention to asset management or sales generation effectiveness.
- Equity Turnover
- The equity turnover ratio exhibited variability, beginning around 2.05 in early 2021. It peaked above 2.7 in mid-2024 before declining to levels near 1.8-1.9 toward mid-2025. The fluctuations point to shifts in how effectively equity is being employed to generate revenue, with periods of improved performance followed by some decrease, possibly reflecting changes in equity financing or revenue generation dynamics.
In summary, net fixed asset turnover demonstrated the most pronounced growth and remained relatively high, indicating strong asset utilization improvements at the fixed asset level. Total asset turnover exhibited more modest improvements with recent volatility, and equity turnover showed variability with a peak followed by declines, suggesting varying efficiency in equity use over the examined time frame.
Net Fixed Asset Turnover
GE Aerospace, net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales of equipment and services | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | 19,491) | 17,813) | 17,470) | 16,316) | 20,272) | 17,876) | 16,060) | 18,814) | |||||||
| Property, plant and equipment, net | 7,523) | 7,426) | 7,277) | 7,254) | 7,095) | 12,345) | 12,494) | 12,203) | 12,374) | 12,170) | 14,478) | 14,295) | 14,790) | 15,036) | 15,609) | 15,873) | 16,169) | 16,296) | 44,662) | 44,830) | 45,504) | 45,979) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.05 | 4.85 | 4.83 | 6.03 | 7.23 | 4.77 | 5.17 | 5.50 | 5.58 | 5.84 | 5.08 | 5.04 | 4.83 | 4.73 | 4.55 | 4.53 | 4.45 | 4.33 | 1.63 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | 6.46 | 6.06 | 5.83 | 6.52 | 6.70 | 7.15 | 7.30 | 7.23 | 7.04 | 6.72 | 6.31 | 5.85 | 5.72 | 5.68 | 5.70 | 5.65 | 5.44 | 4.85 | 4.92 | — | — | — | |||||||
| Caterpillar Inc. | — | 4.45 | 4.59 | 4.85 | 5.01 | 5.08 | 5.04 | 5.17 | 5.10 | 4.91 | 4.70 | 4.62 | 4.36 | 4.18 | 3.99 | 3.84 | 3.59 | 3.32 | 3.15 | — | — | — | |||||||
| Eaton Corp. plc | — | 6.72 | 6.67 | 6.63 | 6.70 | 6.65 | 6.57 | 6.77 | 6.75 | 6.67 | 6.59 | 6.80 | 6.50 | 6.38 | 6.41 | 6.45 | 6.25 | 6.08 | 6.02 | — | — | — | |||||||
| Honeywell International Inc. | 6.24 | 6.31 | 6.22 | 6.50 | 6.49 | 6.48 | 6.48 | 6.64 | 6.59 | 6.57 | 6.48 | 6.54 | 6.45 | 6.27 | 6.18 | 6.28 | 6.15 | 5.88 | 5.86 | — | — | — | |||||||
| Lockheed Martin Corp. | 8.29 | 8.24 | 8.14 | 8.43 | 8.47 | 8.34 | 8.07 | 8.41 | 8.46 | 8.33 | 8.27 | 8.48 | 8.48 | 8.70 | 8.83 | 9.05 | 9.17 | 9.15 | 9.07 | — | — | — | |||||||
| RTX Corp. | 5.16 | 5.07 | 5.02 | 4.98 | 4.61 | 4.54 | 4.38 | 4.37 | 4.61 | 4.53 | 4.42 | 4.50 | 4.43 | 4.37 | 4.30 | 4.39 | 4.25 | 4.10 | 3.78 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Sales of equipment and servicesQ2 2025
+ Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024)
÷ Property, plant and equipment, net
= (10,150 + 9,000 + 9,879 + 8,943)
÷ 7,523 = 5.05
2 Click competitor name to see calculations.
- Sales of Equipment and Services
- Sales exhibit a cyclical and somewhat volatile pattern over the observed periods. From early 2020 to the end of 2021, sales fluctuated between approximately 16,000 and 20,000 million US dollars, with notable decreases followed by partial recoveries. A significant decline is observed starting from March 2023, where sales decrease dramatically to around 8,000–10,000 million US dollars in 2024 and early 2025, roughly half the level seen in prior years. This decline indicates a material reduction in revenue generation from equipment and services in recent periods.
- Property, Plant, and Equipment, Net
- There is a sharp decrease in net property, plant, and equipment values between December 2020 and March 2021, dropping from about 44,662 million to 16,296 million US dollars. Following this substantial reduction, the asset base stabilizes at a lower level, with gradual declines and minor fluctuations observed thereafter. The trend continues toward further reduction in 2024 and 2025, with values around 7,000 to 7,500 million, indicating significant asset divestitures, impairments, or reevaluations over the timeframe.
- Net Fixed Asset Turnover
- Net fixed asset turnover ratios show an increasing trend from late 2020 through the end of 2022, moving from around 1.63 to over 5.0. This increase indicates improved efficiency in using fixed assets to generate sales during this period. After peaking in late 2022 and early 2023, the ratio slightly declines but remains elevated between 4.7 and 5.8. An unusual spike appears in early 2024, reaching 7.23, followed by a decline. The higher turnover ratios from 2021 onward suggest an enhanced asset utilization despite the decline in overall asset base and sales.
- Overall Insights
- The data reveals a strategic or structural shift occurring around early 2021 characterized by a drastic reduction in fixed assets and a concomitant decline in sales levels subsequently. Despite lower asset values and sales volumes in later periods, the company demonstrates improved efficiency in asset utilization, as reflected by the increasing net fixed asset turnover ratios. This pattern could imply a focus on leaner operations, divestment of non-core assets, or a transition to less capital-intensive business activities. The marked decrease in sales in 2024 and 2025 warrants further investigation to understand drivers behind the volume reduction or potential market challenges.
Total Asset Turnover
GE Aerospace, total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales of equipment and services | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | 19,491) | 17,813) | 17,470) | 16,316) | 20,272) | 17,876) | 16,060) | 18,814) | |||||||
| Total assets | 125,256) | 124,123) | 123,140) | 126,698) | 123,190) | 163,942) | 163,045) | 156,662) | 163,006) | 164,472) | 187,788) | 180,877) | 185,540) | 191,961) | 198,874) | 237,133) | 237,559) | 245,164) | 253,452) | 254,315) | 256,487) | 262,021) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.30 | 0.29 | 0.29 | 0.35 | 0.42 | 0.36 | 0.40 | 0.43 | 0.42 | 0.43 | 0.39 | 0.40 | 0.39 | 0.37 | 0.36 | 0.30 | 0.30 | 0.29 | 0.29 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | 0.49 | 0.44 | 0.43 | 0.53 | 0.52 | 0.57 | 0.57 | 0.56 | 0.55 | 0.52 | 0.49 | 0.45 | 0.45 | 0.45 | 0.45 | 0.43 | 0.41 | 0.38 | 0.38 | — | — | — | |||||||
| Caterpillar Inc. | — | 0.70 | 0.70 | 0.72 | 0.76 | 0.76 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.66 | 0.63 | 0.61 | 0.58 | 0.57 | 0.53 | 0.50 | 0.50 | — | — | — | |||||||
| Eaton Corp. plc | — | 0.65 | 0.65 | 0.63 | 0.61 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 | 0.59 | 0.59 | 0.56 | 0.56 | 0.58 | 0.57 | 0.52 | 0.52 | 0.56 | — | — | — | |||||||
| Honeywell International Inc. | 0.51 | 0.52 | 0.51 | 0.52 | 0.54 | 0.56 | 0.60 | 0.59 | 0.58 | 0.60 | 0.57 | 0.58 | 0.55 | 0.54 | 0.53 | 0.54 | 0.53 | 0.51 | 0.51 | — | — | — | |||||||
| Lockheed Martin Corp. | 1.22 | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.29 | 1.19 | 1.18 | 1.21 | 1.25 | 1.24 | 1.24 | 1.28 | 1.32 | 1.28 | 1.28 | 1.28 | 1.29 | — | — | — | |||||||
| RTX Corp. | 0.50 | 0.50 | 0.50 | 0.48 | 0.45 | 0.44 | 0.43 | 0.41 | 0.44 | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | 0.40 | 0.40 | 0.39 | 0.38 | 0.35 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Sales of equipment and servicesQ2 2025
+ Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024)
÷ Total assets
= (10,150 + 9,000 + 9,879 + 8,943)
÷ 125,256 = 0.30
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends across sales of equipment and services, total assets, and total asset turnover ratios over the analyzed periods.
- Sales of Equipment and Services
- Sales figures demonstrate a recurring seasonal pattern, with lower sales in the first quarter of each year followed by progressive increases in subsequent quarters. For instance, in 2023, sales started at approximately 13,694 million USD in the first quarter and rose to 18,516 million USD by the fourth quarter, suggesting cyclical business activity or seasonality in demand.
- There is also a pronounced decline in the first quarter of 2024, with sales dropping sharply to 8,076 million USD, roughly half of the previous year's corresponding quarter. Although sales modestly recover throughout 2024 and into early 2025, they remain generally lower compared to the earlier years, indicating potential challenges impacting revenue generation during this period.
- Overall, the sales data highlights volatility with an observable decreasing trend starting from 2023 and persisting into 2025, implying external or internal factors adversely affecting market performance.
- Total Assets
- Total assets exhibit a downward trajectory throughout the entire period. In early 2020, total assets stood at around 262 billion USD and continuously declined with intermittent minor recoveries, reaching approximately 125 billion USD by mid-2025.
- The most significant decreases occur post-2021, coinciding with shrinking asset bases from roughly 198 billion USD at the end of 2021 to near 125 billion USD by mid-2025. This reduction may imply asset divestitures, write-downs, or other rebalancing actions impacting the asset base.
- Stabilization signs appear sporadically, such as modest increases noted at year-end periods in 2022 and 2023, though these are insufficient to reverse the overall declining pattern.
- Total Asset Turnover Ratio
- The total asset turnover ratio data begins from the third quarter of 2020, showing values fluctuating between 0.29 to 0.43. This reflects moderate efficiency in generating sales from assets.
- From late 2020 through 2023, ratios generally trend upward, peaking around 0.43, which indicates improved operational efficiency or better utilization of remaining assets to generate revenue during that span.
- However, from 2023 onward, the ratio declines again toward 0.29–0.30 by mid-2025, corresponding chronologically with the sustained decline in sales and significant asset reduction, suggesting that diminished asset bases and falling sales have reduced overall asset productivity.
In summary, the data illustrates a contraction phase for the company following peak levels in earlier years. Sales have become more volatile with notable decreases starting in 2023, total assets have consistently declined over the analyzed period, and asset turnover ratios have similarly fluctuated with peaks around 2022-2023 before declining again. These patterns suggest pressures on both revenue generation and asset management efficiencies, warranting attention to the underlying operational and market factors influencing performance.
Equity Turnover
GE Aerospace, equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales of equipment and services | 10,150) | 9,000) | 9,879) | 8,943) | 8,223) | 8,076) | 18,516) | 16,504) | 15,851) | 13,694) | 21,012) | 18,438) | 17,880) | 16,272) | 19,491) | 17,813) | 17,470) | 16,316) | 20,272) | 17,876) | 16,060) | 18,814) | |||||||
| Shareholders’ equity | 19,135) | 19,251) | 19,342) | 18,874) | 18,598) | 29,855) | 27,378) | 28,665) | 31,194) | 31,652) | 36,366) | 31,475) | 34,649) | 39,005) | 40,310) | 37,477) | 33,487) | 33,585) | 35,552) | 33,269) | 33,674) | 35,284) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 1.98 | 1.87 | 1.82 | 2.32 | 2.76 | 1.97 | 2.36 | 2.34 | 2.21 | 2.24 | 2.02 | 2.29 | 2.06 | 1.82 | 1.76 | 1.92 | 2.15 | 2.10 | 2.05 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Caterpillar Inc. | — | 3.31 | 3.15 | 3.21 | 3.68 | 3.61 | 3.28 | 3.10 | 3.39 | 3.24 | 3.57 | 3.45 | 3.26 | 2.92 | 2.92 | 2.74 | 2.57 | 2.43 | 2.55 | — | — | — | |||||||
| Eaton Corp. plc | — | 1.37 | 1.35 | 1.29 | 1.26 | 1.23 | 1.22 | 1.23 | 1.23 | 1.23 | 1.22 | 1.26 | 1.21 | 1.19 | 1.20 | 1.22 | 1.24 | 1.18 | 1.20 | — | — | — | |||||||
| Honeywell International Inc. | 2.48 | 2.25 | 2.07 | 2.17 | 2.20 | 2.24 | 2.31 | 2.11 | 2.09 | 2.13 | 2.12 | 1.97 | 1.96 | 1.87 | 1.85 | 1.94 | 1.89 | 1.81 | 1.86 | — | — | — | |||||||
| Lockheed Martin Corp. | 13.47 | 10.75 | 11.22 | 9.90 | 11.51 | 10.47 | 9.89 | 7.30 | 7.29 | 6.86 | 7.12 | 5.41 | 5.61 | 6.57 | 6.12 | 6.89 | 10.24 | 10.46 | 10.87 | — | — | — | |||||||
| RTX Corp. | 1.34 | 1.33 | 1.34 | 1.29 | 1.23 | 1.17 | 1.15 | 0.96 | 0.97 | 0.94 | 0.92 | 0.94 | 0.93 | 0.89 | 0.88 | 0.89 | 0.88 | 0.84 | 0.78 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Sales of equipment and servicesQ2 2025
+ Sales of equipment and servicesQ1 2025
+ Sales of equipment and servicesQ4 2024
+ Sales of equipment and servicesQ3 2024)
÷ Shareholders’ equity
= (10,150 + 9,000 + 9,879 + 8,943)
÷ 19,135 = 1.98
2 Click competitor name to see calculations.
The quarterly financial data indicates several notable trends and fluctuations across the different financial metrics observed.
- Sales of Equipment and Services
- Sales exhibited a cyclical pattern with periods of both increase and decline across the timeline. From March 2020 to December 2020, sales generally increased from 18,814 million USD to 20,272 million USD. However, sales saw a decline again in the early quarters of 2021, dropping to as low as 16,316 million USD in March 2021, followed by gradual recovery through the remainder of 2021 and into 2022. The highest sales were recorded in December 2022 at 21,012 million USD, followed by a decrease in the first quarter of 2023. Notably, from March 2024 onwards, sales substantially declined relative to prior periods, with values dropping below 10,000 million USD consistently which indicates a significant contraction in sales volume or revenue.
- Shareholders’ Equity
- Shareholders’ equity demonstrated a gradual decline over the reported periods with intermittent fluctuations. It started at approximately 35,284 million USD in March 2020 and experienced modest changes until December 2021 where it peaked at 40,310 million USD. Following this peak, equity steadily decreased through the end of 2023, reaching approximately 27,378 million USD in December 2023. A further significant decline is observed in 2024 and 2025, with equity levels falling sharply to around 19,135 million USD by June 2025. This downward trend suggests potential erosion in net asset value or retained earnings during this period.
- Equity Turnover Ratio
- The equity turnover ratio, reported intermittently, showed variability throughout the timeline. Early in the period, the ratio hovered around 2.05 to 2.15 from March to September 2020. It then decreased to a low of 1.76 in March 2021 before rebounding and increasing to as high as 2.36 in March 2024. This metric reveals fluctuating efficiency in utilizing equity to generate sales, with periods indicating increased operational efficiency and others suggesting reduced effectiveness. There was a notable dip in the last quarters reported, with the ratio falling from 2.32 in September 2024 down to approximately 1.87 by June 2025, reflecting potentially reduced asset utilization efficiency or declining sales relative to equity.
Overall, the data indicates that despite some periods of recovery, sales and shareholders’ equity have trended downward significantly in recent quarters. The equity turnover ratio's fluctuations suggest varying efficiency in generating sales from shareholders’ equity, with recent downward trends reinforcing concerns about operational or financial challenges. The decline in both sales and equity may point to broader systemic issues affecting the company's financial health during the most recent periods analyzed.