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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
Hess Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
The analysis of the quarterly financial ratios reveals several notable trends over the observation period.
- Net Fixed Asset Turnover
- This ratio shows an overall increasing trend from 0.39 in March 2018 to a peak of 0.74 in September 2023, with some fluctuations in between. After a gradual decline from 0.42 in June 2019 to about 0.33 by December 2020, the ratio began to rise steadily from early 2021, reaching its highest levels in late 2022 and mid-2023 before slightly decreasing toward the last recorded period. This pattern indicates improving efficiency in utilizing fixed assets to generate revenue, particularly in recent years.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This metric follows a trend closely aligned with the basic net fixed asset turnover but consistently registers slightly lower values. Starting at 0.39 in March 2018, it dips modestly during 2019 and 2020, then climbs steadily beginning in early 2021, peaking near 0.72 in September 2023 before a minor decline. The adjusted ratio suggests that when incorporating leased assets, asset utilization efficiency shows a similar improvement trend, underlining consistent operational performance.
- Total Asset Turnover
- The total asset turnover ratio remains relatively stable around 0.3 through 2018 and 2019, though it experiences a gradual decline through 2020, hitting a low of 0.25 in September 2020. Beginning in 2021, the ratio demonstrates a progressive improvement, climbing to 0.52 by late 2022, followed by a slight tapering off in the first half of 2023. This pattern indicates enhanced overall asset efficiency, with the company becoming more effective in generating sales from its asset base over time.
- Equity Turnover
- Equity turnover exhibits a marked upward trajectory from 0.66 in early 2018 to a peak of 1.44 in September 2022. After a period of relatively steady ratios around 0.7 to 0.9 through 2018 to 2020, there is a pronounced acceleration starting in 2021, reaching highest utilization levels before a moderate decrease in 2023. This trend implies increasing efficiency in utilizing shareholders’ equity to generate revenues, reflecting potentially effective capital management and operational scaling.
Overall, the data illustrates progressive enhancements in asset and equity utilization starting around 2021, with all turnover ratios showing recovery and growth from previous declines observed during the 2019-2020 period. The upward trends suggest an improving operational environment and asset management efficiency, although some ratios show mild decreases toward mid-2023, indicating a potential plateauing or adjustments in operational dynamics.
Net Fixed Asset Turnover
Hess Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net, including finance lease right-of-use assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Q3 2023 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Property, plant and equipment, net, including finance lease right-of-use assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in revenues, fixed assets, and asset utilization ratios over the observed periods.
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibited a general pattern of growth interspersed with periods of decline. From early 2018 through the end of 2019, revenues fluctuated within a range roughly between 1,300 and 1,800 million US dollars, peaking at 1,793 million in September 2018 before a slight decline and subsequent recovery in late 2019. A significant downturn is evident in 2020, with revenues sharply decreasing to a low of 833 million in June 2020, likely reflecting adverse economic conditions during that period. Following this trough, revenues demonstrated a steady and marked recovery from late 2020 onward, surpassing previous highs with continuous growth culminating near or above 3,000 million US dollars by mid to late 2022. The data for 2023 indicates some volatility with a slight retreat in revenues to the 2,200 - 2,800 million range but maintaining a relatively elevated level compared to earlier years.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment, including finance lease right-of-use assets, remained relatively stable from 2018 through 2019, fluctuating around 16,000 million US dollars. A noticeable decline commenced at the start of 2020, descending from 17,113 million in late 2019 to a low near 14,283 million by December 2020. This downward trend suggests asset disposals, impairments, or reduced capital commitments during the economically challenging period. From 2021 onwards, the asset base gradually increased again, reaching approximately 16,534 million by the third quarter of 2023, indicating renewed investment or asset valuation improvements.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of fixed assets in generating sales, shows an overall upward trajectory. Starting near 0.39 to 0.41 during 2018 and 2019, the ratio declined modestly amid the pandemic in 2020 to approximately 0.33 - 0.35. However, a significant improvement followed, with the turnover rising steadily through 2021 and 2022, eventually peaking around 0.74 in 2022 and early 2023. This improvement indicates enhanced utilization of fixed assets to generate sales revenue, which is consistent with the recovery and growth seen in revenue figures. Some moderation occurs by late 2023 with a slight drop back to approximately 0.63.
Overall, the financial data indicates an initial period of stable operations followed by a sharp impact around 2020, coinciding with a widespread economic downturn. The subsequent recovery is characterized by both increased revenue levels and improved asset efficiency. Investments in fixed assets appear to have been curtailed during the downturn but resumed thereafter, supporting the growth in revenues and achieving higher asset utilization rates in recent periods.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Hess Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net, including finance lease right-of-use assets | ||||||||||||||||||||||||||||||
| Operating lease right-of-use assets, net | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Q3 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An examination of the quarterly financial data reveals several notable trends and patterns over the analyzed periods.
- Sales and Other Operating Revenues
- The sales and other operating revenues show fluctuations with an overall increasing trend from early 2018 through mid-2023. Initial values around 1,346 million US dollars in Q1 2018 rise to a peak of approximately 3,122 million US dollars by Q3 2022. Despite some volatility, there is a marked increase in revenue particularly starting from 2021, with values generally maintaining above 2,300 million US dollars and peaking in late 2022. The period of early to mid-2020 exhibits a noticeable dip, likely influenced by broader economic conditions, with revenues declining to as low as 833 million US dollars in Q2 2020 before recovering steadily thereafter.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment, including finance lease right-of-use assets, remains relatively stable with slight fluctuations across the quarters. Starting at around 16,181 million US dollars in Q1 2018, values show a moderate decline through 2020, dropping to approximately 14,709 million US dollars by Q4 2020. From 2021 onward, the net value gradually increases, reaching approximately 17,015 million US dollars by Q3 2023. This suggests ongoing investments or asset valuation adjustments supporting operational capacity.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio exhibits an upward trajectory over the period, indicating improving efficiency in using fixed assets to generate sales. Beginning at approximately 0.39 in late 2018 and early 2019, the ratio experiences a decline during 2019 and early 2020, reaching a low of 0.32 in Q4 2020, aligning with reduced sales volumes during that time. Following this trough, a consistent increase is observed from 2021 forward, peaking at 0.72 in Q2 2023 before slightly moderating to 0.61 by Q3 2023. This reflects enhanced asset utilization and potentially improved operational performance in recent quarters.
Overall, the data demonstrates resilience and recovery after a downturn in 2020, with growing revenues and improved asset efficiency in recent years. The gradual increase in net fixed assets accompanied by higher turnover ratios suggests effective capital management supporting revenue growth.
Total Asset Turnover
Hess Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Q3 2023 Calculation
Total asset turnover
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns over the observed periods.
- Sales and Other Operating Revenues
- Sales and other operating revenues demonstrated fluctuating values across the quarters. Initially, from Q1 2018 to Q4 2018, revenue figures showed an overall upward trend, increasing from 1,346 million US dollars to a peak near 1,793 million in Q3 2018 before slightly declining by the end of 2018. In 2019, revenues remained moderate but stable, fluctuating around the 1,500 to 1,600 million US dollars range. A significant dip occurred in 2020, with revenues falling sharply in Q2 2020 to 833 million, which corresponds with generally difficult market conditions during that period. Following this decline, there was a marked recovery in revenues starting in late 2020 and accelerating through 2021 and 2022, reaching peak levels above 3,100 million US dollars by mid-2022. The trend moderated somewhat in 2023 with revenues decreasing but remaining relatively high compared to earlier years.
- Total Assets
- Total assets remained relatively stable throughout the observed periods, fluctuating marginally around the 21,000 million US dollars mark. There was a gentle downward trend from Q1 2018 through 2020, bottoming out just below 19,000 million US dollars in late 2020, likely reflecting asset write-downs or divestitures amid challenging economic conditions. From 2021 onward, total assets showed a steady recovery and gradual increase, peaking above 23,000 million US dollars by late 2023. The asset base exhibited resilience and gradual growth despite the volatility in revenues.
- Total Asset Turnover
- Asset turnover ratios started around 0.3 in the earliest recorded quarter and remained within a narrow range around 0.3 through 2018 and 2019. There was a slight decline toward the end of 2020, with turnover ratios falling as low as 0.25, reflecting the impact of reduced revenues during that period relative to the asset base. However, from 2021 onwards, the turnover ratio improved significantly, increasing steadily to reach approximately 0.52 by mid-2023. This indicates enhanced efficiency in using assets to generate sales during the recovery and growth phases, despite total assets growing at a slower pace.
Overall, the data highlights a period of volatility influenced by external factors impacting revenues and asset values through 2020, followed by a robust recovery demonstrating improved asset utilization and growing sales volumes. The strengthening turnover ratios alongside increasing asset values suggest operational improvements and effective capital deployment in the most recent periods.
Equity Turnover
Hess Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Total Hess Corporation stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Q3 2023 Calculation
Equity turnover
= (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
÷ Total Hess Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates varied trends for sales revenues, stockholders' equity, and equity turnover over the examined periods.
- Sales and Other Operating Revenues
- Sales demonstrated a fluctuating yet generally increasing pattern from early 2018 through 2023. Initial quarters show growth from 1,346 million USD in March 2018 to peak levels generally exceeding 2,900 million USD from mid-2022 onward. Notable dips occurred during 2020, coinciding with a global economic downturn, where revenues dropped to a low of 833 million USD in June 2020. Recovery is evident in 2021 and onward, with revenues surpassing previous highs, peaking at 3,122 million USD in September 2022. The most recent quarters show slight volatility but maintain high revenue levels above 2,200 million USD.
- Total Hess Corporation Stockholders’ Equity
- Equity values show a declining trend from 2018 through 2020, falling from 10,605 million USD in March 2018 to a minimum of 5,366 million USD by December 2020. This significant reduction possibly reflects challenging market conditions or operational pressures during that timeframe. From 2021 forward, equity begins to recover, stabilizing between 5,600 and 8,600 million USD across 2021 to 2023. The gradual increase suggests improved financial health or capital restructuring, though levels have not returned to the 2018 peak by the latest period.
- Equity Turnover
- Equity turnover, available from late 2018 onward, shows a clear upward trajectory. Starting at a ratio of 0.66 around the end of 2018, it climbs steadily through subsequent periods, reaching a peak of about 1.44 in June 2023. This increase indicates enhanced efficiency in using equity to generate sales. The upward movement aligns with the recovery and growth observed in sales figures, despite relatively modest equity growth, suggesting improving asset utilization or operational leverage over the years.
Overall, the data portrays a company experiencing a period of financial stress around 2020 with both decreasing equity and dipping revenues. Post-2020, improvements are notable with sales recovering strongly, equity stabilizing and modestly increasing, and efficient use of equity capital improving markedly as reflected in rising equity turnover ratios. This suggests effective strategic adjustments and operational improvements in recent years.