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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- Income Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2013
- Return on Assets (ROA) since 2013
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Hilton Worldwide Holdings Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a clear declining trend starting from March 31, 2020, where it was at 24.87, decreasing steadily to a low of 9.97 by June 30, 2021. After reaching this trough, the ratio experienced a consistent recovery, rising progressively through subsequent quarters and peaking at 33.02 by December 31, 2023. In the most recent quarters ending March 31 and June 30, 2024, the ratio slightly declined but remained relatively stable around 26.79 to 28.59. This pattern indicates a period of reduced efficiency or capacity utilization in fixed assets during 2020 and early 2021, likely followed by a strong operational rebound and improved asset utilization over the following years.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This modified turnover metric follows a similar trajectory to the standard net fixed asset turnover but at lower levels throughout the observed periods. The ratio declined from 7.58 in March 2020 to a low of 2.99 by June 2021, indicating reduced returns on assets when accounting for leased right-of-use assets. Subsequently, the ratio steadily increased, reaching a high of 10.6 by December 2023 and showing further gradual increases to 10.83 and 10.94 by March and June 2024 respectively. These developments reflect improving utilization efficiency of both owned and leased fixed assets after the downturn.
- Total Asset Turnover
- The total asset turnover ratio exhibits a pattern consistent with the fixed asset turnovers. Starting at 0.63 in March 2020, the ratio included a downward trend with the lowest point at 0.20 in June 2020, implying significantly diminished asset efficiency during that period. Thereafter, the ratio rose steadily and consistently over time, reaching 0.66 by December 2023 and modestly increasing to 0.69 by June 2024. This trend suggests an overall recovery in the efficiency of total asset utilization following the suppressed activity in early 2020.
- Equity Turnover
- No data was provided for the equity turnover ratio across the analyzed periods, preventing any assessment or trend analysis.
Net Fixed Asset Turnover
Hilton Worldwide Holdings Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2024 Calculation
Net fixed asset turnover
= (RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibited a generally cyclical pattern influenced by external factors. From March 2019 to December 2019, revenue remained relatively stable, fluctuating between approximately 2.2 billion and 2.5 billion US dollars. A significant decline occurred starting March 2020, corresponding with revenues dropping sharply to 1.92 billion and reaching a nadir of 564 million in June 2020. This downturn aligns with a disruptive period likely impacting business activity. Recovery began gradually in the second half of 2020, with revenues increasing to approximately 890 million by December 2020 and continuing to rise through 2021 and 2022. By mid-2023 through mid-2024, revenues consistently stayed above 2.5 billion, peaking near 2.95 billion in June 2024, indicating robust recovery and growth surpassing pre-downturn levels.
- Property and Equipment, Net
- The net value of property and equipment demonstrated a downward trend from early 2019 through approximately mid-2022, declining from 412 million to a low near 254 million. Thereafter, a moderate recovery was observed, with values increasing to around 382 million by March 2024 before stabilizing near 378 million by mid-2024. This pattern suggests asset disposals or depreciation effects during the initial decline phase, followed by reinvestment or asset acquisitions supporting the recovery phase.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, reported from March 2020 onward, shows a general upward trajectory, indicative of improving asset utilization efficiency. Initially, the ratio dropped from about 24.87 in March 2020 to a low of 9.97 in June 2021, reflecting subdued revenue generation relative to fixed assets during this period. Subsequently, a steady increase occurred, reaching a peak near 33.02 in December 2023, indicating enhanced productivity of fixed assets in driving revenues. Although a slight decline followed in early 2024 to approximately 26.79–28.59, the ratio remained significantly higher than the low point a few years earlier, implying sustained operational improvements.
- Overall Insights
- The financial data reveals a period of significant disruption beginning early 2020 with marked revenue declines and depreciating asset values, likely reflecting external economic or industry-wide challenges. The subsequent recovery phase shows strengthening revenues, gradual stabilization and growth in property and equipment assets, and markedly improved efficiency in asset utilization as evidenced by the rising net fixed asset turnover ratio. Recent data suggests the company has not only rebounded but is operating with greater asset efficiency than prior to the downturn, which may position it favorably for ongoing growth amid current market conditions.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Hilton Worldwide Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||||||||||||||
| Property and equipment, net (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 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibited a generally upward trajectory over the period, with notable fluctuations mainly related to the impact of external factors. Beginning at $2,204 million in March 2019, revenues increased to a peak of $2,484 million in June 2019, followed by a slight decline towards the end of 2019. A significant drop occurred during the first half of 2020, reaching a low of $564 million in June 2020, reflecting a sharp downturn. From this low, revenues recovered steadily throughout the remainder of 2020 and the next years, reaching $2,951 million by June 2024. This recovery indicates resilience and a rebound that surpassed pre-downturn levels.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease and right-of-use assets, showed a gradual decline over the analyzed period. Starting at $1,328 million in March 2019, this asset base contracted steadily to a low of $878 million in September 2022. Thereafter, a minor recovery is observed, with values rising to $988 million by June 2024. The overall downward trend may suggest asset disposals, revaluation losses, or reduced capital expenditure activities during the period, particularly pronounced during the years impacted by external disruptions.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio experienced significant variation, reflecting changes in revenue relative to the net fixed asset base. Early data for this metric is limited, but from December 2019 onward, the ratio started at 7.58x and reached a low of 2.99x in June 2021, coinciding with the revenue downturn and relatively stable fixed asset values. Following this trough, the ratio improved markedly, climbing to 10.94x by June 2024, indicating a more efficient use of the fixed asset base in generating revenues. The recurrent increase in turnover ratio suggests improved operational efficiency or better asset utilization over time.
- Summary of Insights
- The collected data reflects a period of initial growth interrupted by a substantial decline, likely due to adverse external conditions during 2020, followed by a strong recovery phase. Despite a reduction in the net value of property and equipment, the company demonstrated increased efficiency in asset utilization, as evidenced by the upward trend in net fixed asset turnover. This suggests management's ability to generate increasing revenues from a smaller asset base. The recovery in revenues beyond pre-affected levels and the improved turnover ratio are positive indicators of operational resilience and effective resource utilization over the period analyzed.
Total Asset Turnover
Hilton Worldwide Holdings Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2024 Calculation
Total asset turnover
= (RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibit a clear seasonal pattern with the first quarter typically lower than the second and third quarters. From March 2019 through December 2019, revenues were relatively stable, fluctuating between approximately 2,200 and 2,500 million US dollars. Beginning in the first quarter of 2020, there is a sharp decline due to external factors, reaching a low point in the second quarter of 2020 at 564 million US dollars. This is followed by a gradual but uneven recovery through 2021 and 2022, with revenues steadily improving each quarter and surpassing pre-2020 levels by the second quarter of 2022. By 2024, revenues show consistent growth, reaching nearly 3,000 million US dollars in the second quarter, indicating a strong recovery and expansion beyond previous highs.
- Total Assets
- Total assets remained stable around 14,850 to 15,400 million US dollars from March 2019 to December 2019. Thereafter, assets increased notably in 2020, peaking at around 17,129 million US dollars in the third quarter of 2020, likely reflecting changes in balance sheet management during a period of revenue decline. From 2021 onward, assets gradually returned to the 15,000 to 15,500 million US dollars range with minor fluctuations, showing a somewhat conservative asset base relative to peak levels in 2020. The data for 2024 shows a slight uptick towards 15,700 million US dollars in the first half.
- Total Asset Turnover Ratio
- The total asset turnover ratio started at a moderate level of approximately 0.63 in 2019 but experienced a significant decrease through 2020, hitting a low of 0.20 in the second quarter of 2020. This decline corresponds with the marked revenue drop and increased asset base, indicating reduced efficiency in asset utilization during the downturn. However, beginning late 2020 and continuing through 2021 to 2024, the ratio steadily improved each quarter, rising to approximately 0.69 by the second quarter of 2024. This upward trend reflects progressively better utilization of assets to generate revenues, surpassing pre-pandemic operational efficiency.
- Overall Analysis
- The financial data reveal a significant impact of adverse market conditions in 2020, marked by a sharp revenue decline and a temporary increase in total assets. Subsequently, the company demonstrated resilience through a steady recovery in revenue and improved asset efficiency. By mid-2022, revenues consistently exceeded pre-crisis levels while asset turnover ratios indicated enhanced operating efficiency, suggesting successful adaptation strategies. The stable asset base with improving turnover further implies effective asset management and operational recovery. The ongoing positive revenue trend into 2024 highlights sustained growth momentum.
Equity Turnover
Hilton Worldwide Holdings Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
| Total Hilton stockholders’ equity (deficit) | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2024 Calculation
Equity turnover
= (RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023)
÷ Total Hilton stockholders’ equity (deficit)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues
- The revenue figures exhibit a notable fluctuation over the observed periods. Initially, from March 2019 to December 2019, revenues remained relatively stable, fluctuating slightly between approximately 2,200 and 2,484 million USD. However, a sharp decline began in the first quarter of 2020, coinciding with the onset of the global pandemic, dropping to 1,920 million USD and plummeting further to a low of 564 million USD in June 2020. Revenues began a gradual recovery in the latter half of 2020, progressively increasing toward 890 million USD by December 2020. Starting in 2021, revenues accelerated the recovery trend, growing quarter on quarter and surpassing pre-pandemic levels by mid-2022. By June 2022, revenues reached 2,240 million USD, continuing an upward trajectory with minor quarterly variations. Latest figures indicate that revenues peaked at 2,951 million USD by June 2024, marking a strong rebound and sustained growth beyond pre-pandemic benchmarks.
- Total Hilton stockholders’ equity (deficit)
- The stockholders’ equity shows a deteriorating trend throughout the entire period. The equity began at a positive 100 million USD in March 2019 but started to decline rapidly toward year-end 2019 and into 2020. It recorded increasingly negative balances, reaching a large deficit of -1,490 million USD by December 2020, reflective of accumulated losses or other balance sheet deteriorations likely influenced by pandemic-related impacts. After December 2020, the negative equity continued to deepen despite the rebound in revenues. By March 2024, the deficit expanded further to -2,833 million USD, ultimately reaching -3,116 million USD by June 2024. This persistent negative trend in equity suggests significant financial challenges and possible capital structure issues despite the improving revenue situation.
- Equity turnover
- No data is available for the equity turnover ratio throughout the reported periods, which limits the ability to analyze efficiency in the use of equity to generate revenues.