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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Long-term Activity Ratios (Summary)
Humana Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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 data is available starting from March 31, 2020. Initially, it showed a gradual decline from 32.93 to a low of 26.97 by December 31, 2021. Following this period, the ratio showed a moderate improvement, stabilizing around the 28-29 range through December 31, 2022. From March 31, 2023, onwards, there is a marked increasing trend, with the ratio rising sharply to 42.25 by March 31, 2024, indicating a significant enhancement in the efficiency of fixed asset utilization in generating revenue.
- Total Asset Turnover
- The total asset turnover ratio begins at 2.21 on March 31, 2020, and experiences a notable decrease, reaching a low of approximately 1.73 by September 30, 2023. Some fluctuations are observed, with occasional minor upswings, such as at March 31, 2021 (2.17) and March 31, 2023 (2.15), but the overall trend is a decline over this period. However, from September 30, 2023, a modest recovery is evident, with the ratio increasing to 2.28 by March 31, 2024. This suggests some improvement in asset efficiency recently after a period of weaker performance.
- Equity Turnover
- The equity turnover ratio demonstrates some variability within a generally upward trend. Beginning at 5.35 on March 31, 2020, the ratio fluctuates moderately but shows mostly increasing movements following a dip to 4.65 on December 31, 2020. Peaks appear around March 31, 2023 (6.04) and extend to higher points through 2024, with the ratio reaching 6.48 by March 31, 2024. The data indicates growing efficiency in using shareholder equity to generate revenues, with a steady strengthening in the later periods.
Net Fixed Asset Turnover
Humana Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| External revenues | ||||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2024 Calculation
Net fixed asset turnover
= (External revenuesQ3 2024
+ External revenuesQ2 2024
+ External revenuesQ1 2024
+ External revenuesQ4 2023)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues
- The external revenues show a general upward trend over the analyzed period. Initial values around 16,000 million USD in early 2019 increased steadily, with a noticeable jump to approximately 18,700 million USD by the first quarter of 2020. This growth trajectory continued into 2021, reaching around 21,000 million USD by year-end. There is a further substantial increase in 2022 where revenues peak near 24,000 million USD in Q1, followed by a slight decline mid-year and a dip continuing into late 2022. Revenues recovered strongly again in 2023, surpassing 26,000 million USD consistently with Q1 2024 reaching nearly 29,300 million USD. This pattern reflects overall business expansion with some short-term variability.
- Property and Equipment, Net
- The net value of property and equipment demonstrates a steady increase from roughly 1,750 million USD in early 2019 to a peak of over 3,200 million USD in early 2023. After this peak, a downward trend is evident, with values reducing sequentially each quarter through to under 2,700 million USD by Q1 2024. This rise and subsequent decline may indicate phases of capital investment followed by asset disposals or depreciation effects accelerating towards recent quarters.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio starts at a relatively high level around 33 in late 2019 and then exhibits a gradual decline until mid-2022, dropping below 27. This decrement implies a decreasing efficiency or utilization rate of fixed assets relative to revenues. From mid-2022 onwards, the ratio begins to rise steadily, culminating in a marked increase to over 42 by early 2024, suggesting improved fixed asset productivity or a more efficient revenue generation from the fixed asset base during that recent period.
- Summary Insights
- The data highlights continuous revenue growth with periodic fluctuations reflecting possible external market impacts or internal operational shifts. The asset base expanded significantly before contracting in the most recent quarters, potentially pointing to strategic asset management adjustments. Meanwhile, the net fixed asset turnover ratio's pattern suggests a cycle of declining asset efficiency followed by recovery and improvement, which may be linked to the observed changes in asset valuation and revenue generation capabilities.
Total Asset Turnover
Humana Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| External revenues | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2024 Calculation
Total asset turnover
= (External revenuesQ3 2024
+ External revenuesQ2 2024
+ External revenuesQ1 2024
+ External revenuesQ4 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- External Revenues
- The external revenues exhibit a general upward trend over the analyzed periods, starting at 16,006 million USD at the end of Q1 2019 and reaching 29,054 million USD by Q3 2024. There are periodic fluctuations, with revenues increasing steadily through 2019 and peaking in Q1 2020 at 18,786 million USD. Following this, there is continued growth with some variability, including a peak in Q1 2022 at 23,967 million USD. After a slight dip in late 2022, revenues increase again sharply in 2023, reaching a new high of 29,323 million USD in Q1 2024 before slightly declining through Q3 2024. This pattern suggests robust revenue growth with some seasonal or cyclical variations.
- Total Assets
- Total assets also show a significant upward trend over the period. Beginning at 28,349 million USD at the end of Q1 2019, total assets grow to a peak of 50,765 million USD by Q3 2022. Thereafter, however, there is considerable volatility, with assets declining to 43,055 million USD by Q4 2022, followed by a recovery and subsequent fluctuations around the 50,000 million USD mark through mid-2024. These changes in total assets may reflect asset reallocation, acquisitions, disposals, or valuation adjustments, indicating dynamic asset management during the period.
- Total Asset Turnover
- Total asset turnover ratios are only available beginning from Q4 2019. The ratio begins at 2.21 and then shows a declining trend through much of 2020, reaching lows around 1.78-1.82. In 2021, the turnover remains relatively stable but lower than the initial reading, fluctuating between approximately 1.78 and 2.08. During 2022 and 2023, the ratio varies notably, with some quarters dipping below 1.8 and others rising above 2.1. Specifically, Q1 2023 presents a higher turnover of 2.15, which then drops in subsequent quarters before climbing again in 2024 to values above 2.2. This variation suggests changing efficiency in asset use relative to revenue generation over time, with periods of both improved and weakened asset productivity.
- Overall Analysis
- The financial data reveal an organization experiencing substantial revenue growth paired with increasing asset bases, indicative of expansion activities. Despite growth in external revenues and assets, the total asset turnover reflects fluctuating efficiency in utilizing assets to generate revenues. Periodic declines in turnover may indicate times when asset growth outpaced revenue increases or when operational efficiency was challenged. Conversely, higher turnover periods suggest improved management of asset utilization. The trends warrant attention to maintaining or enhancing asset productivity amidst ongoing growth and changes in asset structure.
Equity Turnover
Humana Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| External revenues | ||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2024 Calculation
Equity turnover
= (External revenuesQ3 2024
+ External revenuesQ2 2024
+ External revenuesQ1 2024
+ External revenuesQ4 2023)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in external revenues, stockholders’ equity, and equity turnover over the examined periods.
- External Revenues
- External revenues exhibited a generally upward trajectory throughout the period. Starting from approximately $16,006 million in March 2019, revenues increased steadily with some fluctuations, reaching a peak around $29,323 million by March 2024. Notable acceleration occurred during the latter years, particularly from 2021 onwards, highlighting strong revenue growth. Minor dips were observed in late 2022 but were quickly recovered in subsequent quarters, indicating resilience in revenue generation.
- Stockholders’ Equity
- Stockholders’ equity showed moderate fluctuations with an overall upward trend. The figure rose from about $10,841 million in March 2019 to a peak near $16,254 million in September 2022, followed by some variability. Periods of decline were identified, particularly towards the fourth quarter of 2022 and early 2023, before equity values rebounded again in late 2023 and into 2024, reaching $17,565 million by September 2024. These movements suggest periods of both equity build-up and potential capital retraction or financial adjustments.
- Equity Turnover Ratio
- The equity turnover ratio, available from December 2019 onwards, consistently ranged from about 4.65 to 6.7. The ratio peaked around mid-2024, indicating increased efficiency in utilizing equity to generate revenues. A noticeable upward momentum is observed in the latter part of the dataset, with the ratio rising from approximately 5.35 in late 2019 to values exceeding 6.4 by 2024. This trend reflects improving operational performance and effective capital deployment over time.
Overall, the data indicate strong revenue growth supported by improving equity utilization, despite some periods of volatility in stockholders’ equity. The rising equity turnover ratio suggests enhancements in generating returns on equity capital, aligning with the upward movement in revenues. These patterns collectively point to a strengthening financial position and increasingly efficient capital management.