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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- Analysis of Reportable Segments
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- Capital Asset Pricing Model (CAPM)
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- Current Ratio since 2005
- Total Asset Turnover since 2005
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- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Hubbell Inc., 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates an overall fluctuating trend with some periods of decline and recovery. Starting from a value of 8.93 in March 31, 2019, the ratio experienced a slight increase reaching 9.31 by December 31, 2019. However, from early 2020 to late 2021, a steady decline occurred, with the ratio dropping from 9.09 to approximately 7.93 by December 31, 2021. From 2022 onwards, the ratio showed a robust recovery, rising steadily to peak near 10.09 by December 31, 2022, before slightly easing to 9.17 in September 30, 2023. This pattern indicates periods of varying efficiency in asset utilization, with recent quarters showing improved productivity of fixed assets.
- Total Asset Turnover
- The total asset turnover ratio displayed relative stability with moderate fluctuations across the periods. From March 31, 2019, it remained close to 0.9, slightly rising in the middle of 2019 and again towards 2023. The lowest value observed was approximately 0.77 at June 30, 2021, indicating reduced efficiency in using assets for generating sales during that period. Following this, a gradual recovery is evident, with the ratio increasing to around 0.93 by June 30, 2023 before a slight dip to 0.91 by September 30, 2023. The overall pattern suggests steady but modest improvements in total asset utilization in recent times.
- Equity Turnover
- The equity turnover ratio shows a clear downward trend from March 31, 2019, through September 30, 2023. The ratio started at about 2.52 and declined progressively, reaching its lowest point near 1.88 by December 31, 2021. Following this trough, a brief recovery occurred, with the ratio rising to approximately 2.10 by March 31, 2023. However, it declined again to 1.92 by September 30, 2023. This sustained decrease generally reflects lower efficiency in generating revenues from shareholders' equity over the period, despite some short-term rebounds.
Net Fixed Asset Turnover
Hubbell Inc., 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 thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Property, plant, and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX 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
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Property, plant, and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated fluctuating behavior across the reported quarters. Beginning at approximately 991 million USD in the first quarter of 2018, sales rose steadily through 2018, peaking at nearly 1.18 billion USD in the third quarter. This trend reversed in early 2019, with declines observed throughout most quarters of that year. The onset of 2020 saw a notable dip, with net sales decreasing to below 1 billion USD in the first quarter and partially recovering by the end of 2020. Sales showed a gradual upward trajectory in 2021, stabilizing near the 1 to 1.1 billion USD range. The most recent data from 2022 and 2023 indicate a strong upward trend in sales, reaching over 1.35 billion USD by the third quarter of 2023, suggesting robust growth and potential market expansion in that period.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment remained relatively stable from 2018 through mid-2021, fluctuating around the 490-520 million USD range. A slight dip is noticeable in early 2022, where values decreased to approximately 460 million USD but then recovered and increased significantly throughout 2022 and 2023, culminating at over 570 million USD by the third quarter of 2023. This pattern suggests possible asset disposals or revaluation in early 2022 followed by reinvestment or asset growth, reflecting capital expenditure activities or acquisitions during the later periods.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate sales, was not reported until 2018 Q3. Initial values were high, ranging around 8.9 to 9.3 through 2018 and 2019, indicating strong asset utilization. A decline occurred during 2020, with the ratio dropping to near 7.8, possibly due to the reduced sales environment or increased fixed assets. This ratio showed modest improvement throughout 2021 but remained below the earlier peaks. However, 2022 marked a significant increase, peaking at above 10.0 in the third quarter, the highest in the reported periods, indicating improved operational efficiency or higher sales relative to asset base. The ratio slightly declined again in 2023 but maintained values above 9.0, demonstrating sustained asset productivity.
- Summary Insights
- The overall analysis reveals cyclical fluctuations in net sales with a general recovery and growth trajectory starting from 2021 into 2023. Asset base values indicate a phase of relative stability followed by notable expansion, possibly tied to strategic investments. Efficiency in asset utilization, as shown by the net fixed asset turnover ratio, correlates with these trends, declining during periods of sales challenges and asset accumulation, then improving markedly as sales growth accelerates. The company’s recent performance suggests effective asset management aligned with growing sales, pointing to operational strengthening and positive market conditions in the most recent quarters.
Total Asset Turnover
Hubbell Inc., 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 thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX 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
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
Analysis of the quarterly financial data reveals several notable trends over the examined periods.
- Net Sales
- Net sales demonstrated a fluctuating yet generally increasing trend from March 2018 through September 2023. Initially, net sales rose from 991,200 thousand US dollars in March 2018 to a peak of approximately 1,179,700 thousand US dollars in September 2018. A slight decline followed by a rebound led to some variation through 2019 and 2020, including a visible dip around mid-2020, coinciding with a challenging economic context. From March 2021 onward, net sales steadily increased, reaching a high of 1,375,800 thousand US dollars in September 2023, indicating a recovery and growth in revenue generation in more recent quarters.
- Total Assets
- Total assets remained relatively stable but showed gradual growth over the entire period. Starting at approximately 4,975,400 thousand US dollars in March 2018, total assets experienced minor fluctuations but generally increased, reaching about 5,768,300 thousand US dollars by September 2023. Notable increases occurred around early 2021 and from mid-2022 onward, suggesting ongoing asset accumulation or investment during those periods. However, some declines were also observed, particularly at the end of 2019 and intermittently in 2020 and 2022.
- Total Asset Turnover
- Total asset turnover ratios, available from September 2018 onward, consistently hovered between 0.77 and 0.94, showing moderate efficiency in utilizing assets to generate sales. Initially around 0.92 in late 2018 and early 2019, the ratio declined steadily through 2020, reaching a low near 0.77, reflective of lower sales relative to asset base during that period. From 2021 onwards, asset turnover ratios improved, stabilizing near 0.9 by 2023. This rebound indicates an enhanced efficiency in asset use, correlating with increased sales performance in recent quarters.
Equity Turnover
Hubbell Inc., 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 thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Total Hubbell Incorporated shareholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX 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
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Total Hubbell Incorporated shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures display a general upward trend over the observed periods, albeit with some fluctuations. Starting from 991.2 million US dollars in March 2018, sales increased significantly, reaching peaks above 1.36 billion by September 2023. A notable dip occurred around the second and fourth quarters of 2020, aligning with a global economic downturn. Post-2020, a steady recovery is evident, with sales surpassing pre-pandemic levels by early 2022 and continuing to rise through 2023.
- Total Shareholders’ Equity
- Shareholders' equity shows consistent growth throughout the periods under review. Beginning at approximately 1.66 billion US dollars in March 2018, equity rose steadily to reach about 2.74 billion by September 2023. The increase indicates sustained accumulation of retained earnings and/or capital infusions, with no evident periods of decline or stagnation. This trend suggests strengthening financial stability and shareholder value over time.
- Equity Turnover Ratio
- The equity turnover ratio, available from September 2018, exhibits a gradual decline from 2.52 to around 1.88 by December 2021. This indicates that net sales generated per unit of shareholders’ equity reduced over this timeframe, reflecting either a slower sales growth relative to equity expansion or increased equity base diluting turnover efficiency. From early 2022 onwards, a moderate rebound in the ratio occurs, moving upward to approximately 1.92 by September 2023, suggesting an improvement in the utilization of equity to generate sales, though not reaching the earlier peak levels observed in 2018.
- Overall Observations
- While net sales and shareholders’ equity have both trended upward across the period analyzed, the declining equity turnover ratio until late 2021 implies that increases in equity have outpaced sales growth during that time. The partial recovery in equity turnover later suggests a more efficient deployment of equity to sustain sales growth. The dip in sales in 2020 aligns temporally with external economic challenges, from which recovery appears robust. The combined data depict a company with expanding financial resources and recovering operational efficiency.