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.
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- Statement of Comprehensive Income
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
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Long-term Activity Ratios (Summary)
Halliburton Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
The analysis of the quarterly financial ratios reveals distinct trends in asset and equity utilization over the periods considered.
- Net Fixed Asset Turnover
- This ratio declined from 2.65 in the first quarter of 2015 to a low of 1.86 in the last quarter of 2016, indicating diminishing efficiency in using fixed assets to generate sales during this period. From early 2017 onwards, there was a consistent recovery, with the ratio rising steadily to 2.72 by the third quarter of 2018, followed by a slight dip to 2.68 in the final quarter. This recovery suggests improved management of fixed assets and a stronger sales generation capability relative to investment in fixed assets in the more recent periods.
- Total Asset Turnover
- The total asset turnover ratio experienced a decline from 1.06 in the first quarter of 2015 to a trough of 0.59 at the end of 2016. This decline points to reduced overall efficiency in using total assets to produce revenue. However, from early 2017 onward, there was notable improvement, with the ratio climbing to 0.93 by the third quarter of 2018 before a slight decrease to 0.92 in the last quarter. Despite the improvement, the ratio remains significantly below initial 2015 levels, indicating that overall asset utilization has not fully returned to previous efficiency levels.
- Equity Turnover
- The equity turnover ratio showed a downward trend from 2.09 in early 2015 to 1.53 in the fourth quarter of 2015, signaling a reduction in the efficiency of equity usage to generate sales. However, after a modest rebound in the first half of 2016, there was a temporary dip again before a consistent upward trend beginning in 2017. The ratio increased to a peak of 2.67 by the third quarter of 2018, followed by a slight decline to 2.52 at the end of 2018. This overall pattern denotes improved efficiency in utilizing shareholders' equity to drive revenue generation over the latter periods.
In summary, the data reflects a period of declining asset and equity utilization efficiency through 2015 and 2016, followed by a recovery period during 2017 and 2018. Net fixed asset turnover and equity turnover ratios show a more robust rebound toward the end of the period, whereas total asset turnover exhibits improvement but remains below earlier levels. These dynamics suggest ongoing adjustments in operational effectiveness and asset management, with progressively better returns on fixed assets and equity but with total assets utilization less fully recovered.
Net Fixed Asset Turnover
Halliburton Co., net fixed asset turnover calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Property, plant, and equipment, net of accumulated depreciation | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| SLB N.V. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2018 Calculation
Net fixed asset turnover
= (RevenueQ4 2018
+ RevenueQ3 2018
+ RevenueQ2 2018
+ RevenueQ1 2018)
÷ Property, plant, and equipment, net of accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data over the observed periods reveals several notable trends related to revenue, property, plant, and equipment (PP&E), and net fixed asset turnover.
- Revenue
- Revenue exhibited a general decline beginning in the first quarter of 2015, dropping from $7,050 million to a low point around $3,833 million by the third quarter of 2016. Following this trough, revenue showed a steady recovery trend through 2017 and into 2018, reaching approximately $6,172 million in the third quarter of 2018 before slightly decreasing to $5,936 million by the end of the same year. This pattern suggests an initial contraction likely due to market or operational challenges, followed by gradual improvement and partial recovery.
- Property, Plant, and Equipment (Net)
- The net value of PP&E showed a consistent downward trend from $12,299 million at the start of the period to around $8,532 million by the end of 2016. After this point, the net PP&E stabilized somewhat, fluctuating slightly but maintaining a range between $8,374 million and $8,961 million throughout 2017 and 2018. The initial continuous decline could indicate substantial depreciation, asset disposals, or limited new capital investment during the earlier periods, while the later stabilization points to a more cautious or balanced approach in asset management.
- Net Fixed Asset Turnover
- This ratio, which measures revenue generated per dollar of fixed assets, closely mirrors the dynamics observed in revenue and asset base changes. The ratio decreased from 2.65 in early 2015 to a low of 1.86 by the end of 2016, reflecting decreased efficiency or underutilization of fixed assets during the revenue downturn. However, starting in 2017, the net fixed asset turnover steadily improved, reaching 2.72 in the third quarter of 2018 and slightly reducing to 2.68 by the year-end. The improvement indicates enhanced asset utilization and revenue generation capacity relative to the asset base following the recovery phase.
Overall, the data reflects a challenging period characterized by declining revenues and asset base contraction until late 2016, followed by operational recovery and improved asset efficiency. The stabilization and improvement in both revenue and net fixed asset turnover after 2016 suggest successful strategic adjustments or market conditions favoring growth, while the controlled asset base reduction points to prudent asset management during the turbulent period.
Total Asset Turnover
Halliburton Co., total asset turnover calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| SLB N.V. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2018 Calculation
Total asset turnover
= (RevenueQ4 2018
+ RevenueQ3 2018
+ RevenueQ2 2018
+ RevenueQ1 2018)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends concerning revenue, total assets, and total asset turnover over the four-year period examined.
- Revenue Trends
- The revenue exhibited a generally declining trend from early 2015 through mid-2016, decreasing from approximately 7.05 billion US dollars in the first quarter of 2015 to a low of about 3.83 billion US dollars in the third quarter of 2016. Following this trough, revenue showed a steady recovery and gradual growth through 2017 and into 2018, reaching a peak of roughly 6.17 billion US dollars in the third quarter of 2018 before slightly decreasing in the last quarter of 2018.
- Total Assets Trends
- Total assets displayed some volatility during the period. They increased significantly from approximately 30.6 billion US dollars at the end of the first quarter of 2015 to a peak of around 36.9 billion US dollars at the end of 2015. Thereafter, there was a consistent decline through 2016 and 2017, bottoming near 25 billion US dollars by the end of 2017. From that point forward, total assets stabilized and remained relatively flat around the 25.0 to 26.0 billion US dollar range through the end of 2018.
- Total Asset Turnover Trends
- The total asset turnover ratio, which measures the efficiency of assets in generating revenue, began above 1.0 in early 2015 but declined steadily, reaching a low near 0.59 during late 2016. Following the decline in total assets, the ratio gradually recovered to 0.92 by the end of 2018. This recovery suggests an improvement in asset utilization efficiency during the latter part of the period.
- Overall Insights
- The initial period was marked by revenue decline and asset base expansion, which coincided with reduced asset turnover, indicating less efficient use of assets relative to revenue generation. Following the asset reduction phase post-2015, the company achieved a revenue rebound alongside improving asset turnover ratios, reflecting enhanced operational efficiency. The stabilization of total assets in conjunction with revenue growth and increasing turnover suggests a positive adjustment in asset management and business activity in the more recent quarters.
Equity Turnover
Halliburton Co., equity turnover calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Company shareholders’ equity | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| SLB N.V. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2018 Calculation
Equity turnover
= (RevenueQ4 2018
+ RevenueQ3 2018
+ RevenueQ2 2018
+ RevenueQ1 2018)
÷ Company shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals notable trends in revenue, shareholders’ equity, and equity turnover ratios over the analyzed periods.
- Revenue
- Revenue exhibited a declining trend from March 2015 through the end of 2016, falling from 7,050 million USD to a low of 3,833 million USD in September 2016. This represents a significant reduction over an 18-month span. Following this trough, revenue began to recover steadily throughout 2017 and 2018, reaching a peak of 6,172 million USD in September 2018 before slightly declining to 5,936 million USD in the last quarter of 2018. The recovery phase indicates a positive rebound after the mid-2016 low point.
- Company Shareholders’ Equity
- Shareholders’ equity diminished progressively from 15,591 million USD in March 2015 to a low of 8,322 million USD by December 2017. This nearly 47% decrease over the period suggests substantial value erosion, likely influenced by operational losses or write-downs. In 2018, equity stabilized somewhat, showing a gradual increase to 9,522 million USD by December 2018, indicating possible improvements in retained earnings or asset valuations.
- Equity Turnover Ratio
- The equity turnover ratio, measuring how efficiently the company generated revenue from its equity, initially declined from 2.09 in March 2015 to 1.53 by December 2015. This decline coincides with revenue reductions and slight changes in equity. However, from early 2016 onwards, the ratio fluctuated but generally trended upwards, peaking at 2.67 in the third quarter of 2018, correlating with revenue recovery and stabilized equity levels. This increase suggests improving operational efficiency in utilizing equity to generate sales.
In summary, the data reflects a challenging period marked by revenue declines and reduced equity through 2016 and 2017, followed by a recovery phase into 2018 characterized by increasing revenue and improved equity turnover. While shareholders’ equity remained depressed relative to early 2015 levels, the recent upward trend could indicate stabilization efforts yielding results.