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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a general downward trend from March 2020 through December 2021, decreasing from 33.2 to 26.97. This decline suggests reduced efficiency in generating sales from fixed assets during this period. However, from March 2022 onward, the ratio showed a steady upward recovery, reaching 42.25 by September 2024. This recent increase indicates an enhanced utilization of fixed assets or possibly greater sales generation relative to fixed asset investment in the later periods.
- Total Asset Turnover
- The total asset turnover ratio fluctuated over the multiple quarters without a clear long-term upward or downward trend. Initially, it declined from 1.94 in March 2020 to 1.78 by September 2021, reflecting a temporary reduction in asset utilization efficiency. Subsequently, the ratio maintained moderate fluctuations and showed some improvement, reaching 2.28 by September 2024. This suggests a modest enhancement in the overall efficiency with which the company's total assets were used to generate sales in recent periods.
- Equity Turnover
- The equity turnover ratio experienced some volatility with an overall increasing tendency across the examined timeframe. From 5.44 in March 2020, the ratio dipped to around 4.65 by September 2020 but then rebounded and consistently rose to peak at 6.7 in June 2024. Following this peak, it slightly declined but remained relatively high at 6.48 in September 2024. This trend implies a strengthening in the company's ability to generate revenue from its equity base over time.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- External Revenues
- The external revenues demonstrate a generally upward trajectory over the analyzed periods. Starting from approximately $18.8 billion in the first quarter of 2020, revenues show some fluctuations but maintain a strong growth trend, reaching about $29.3 billion by the first quarter of 2024. Notably, revenues experienced a substantial increase between early 2021 and early 2023, with slight volatility towards the end of 2023, before rising again in early 2024.
- Property and Equipment, Net
- The net value of property and equipment steadily increased from about $2.0 billion in the first quarter of 2020 to a peak near $3.3 billion by the end of 2022 and early 2023. However, starting in the first quarter of 2023, a decline is evident, with the value decreasing consistently to approximately $2.7 billion by the third quarter of 2024. This trend may indicate asset disposals, depreciation exceeding new investments, or strategic shifts in capital expenditures during this recent period.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures efficiency in generating revenues from fixed assets, shows a declining trend from a high of 33.2 in early 2020 down to a low near 26.97 by the end of 2021. This decline suggests that initially, the growth in property and equipment outpaced revenue growth, reducing efficiency. However, from early 2022 onward, the ratio exhibits a strong recovery and upward trend, rising sharply to over 42 by the third quarter of 2024. This reversal indicates improved utilization of fixed assets, likely driven by higher revenue growth relative to the asset base, especially considering the reduction in net property and equipment during the recent periods.
Total Asset Turnover
Humana Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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).
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.
- Revenue Trends
- External revenues demonstrated a consistent upward trajectory throughout the reported periods. Starting at approximately $18.8 billion in the first quarter of 2020, revenues saw a moderate increase in 2021, reaching over $21 billion by year-end. In 2022, revenues fluctuated slightly but remained relatively stable around $22 to $24 billion. A more pronounced growth was observed in 2023, with revenues climbing above $26 billion and stabilizing around that level for most of the year. The first three quarters of 2024 sustained this ascending pattern, culminating near $29 billion in the latest quarter. This indicates strong revenue growth momentum overall.
- Total Assets Evolution
- Total assets displayed significant variability over the examined periods. Assets started at about $34.6 billion in early 2020, rising moderately in the subsequent quarters and peaking above $45 billion by March 2022. However, towards the end of 2022, a notable decrease brought assets down close to $43 billion. The first half of 2023 saw another peak with assets exceeding $56 billion, but this was followed by a significant contraction toward the end of the year and into early 2024, with assets settling slightly above $50 billion. The overall pattern suggests active asset management with periods of accumulation and reduction possibly linked to strategic adjustments or balance sheet optimization.
- Total Asset Turnover Ratios
- The total asset turnover ratio experienced fluctuations within a relatively narrow range. The ratio started near 1.94 in early 2020, dipping below 1.8 during some quarters of 2021 and early 2022, indicating a reduction in revenue generated per unit of asset. In the latter half of 2022 and throughout 2023, turnover ratios rebounded and strengthened, peaking at around 2.15 in late 2022. In 2024, the ratio further improved, consistently staying above 2.15 and reaching a high of approximately 2.28. This upward trend indicates an increasing efficiency in asset utilization to generate revenues over the most recent periods.
- Overall Insights
- The financial data reveals that revenue growth has been robust and sustained, outpacing fluctuations in total asset levels. While total assets have undergone considerable changes, presumably due to strategic decisions or external factors, the increasing asset turnover ratio signals improved operational efficiency. The company appears to have enhanced its ability to generate revenue from its asset base, especially notable in the recent quarters. This combination of growing revenues with improving asset efficiency reflects positively on operational and asset management effectiveness.
Equity Turnover
Humana Inc., equity turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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).
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 quarterly financial metrics exhibit a dynamic pattern over the observed periods, reflecting fluctuations in key areas such as external revenues, stockholders’ equity, and equity turnover.
- External Revenues
- The external revenues show an overall upward trend from March 2020 through September 2024. Starting at approximately $18.8 billion in the first quarter of 2020, revenues increased with some fluctuation, reaching about $29.1 billion by September 2024. There is notable growth between the first quarter of 2021 and the first quarter of 2022, where revenues rose from roughly $20.6 billion to $24.0 billion. Although some quarters, particularly in 2022 and early 2023, experienced mild declines or stagnation, the general direction remains positive, indicating effective revenue expansion over the long term.
- Stockholders’ Equity
- Stockholders' equity presents a more variable pattern without a consistent upward or downward trajectory. It starts at $12.4 billion in the first quarter of 2020, rises substantially to around $16.3 billion by the third quarter of 2021, then experiences both increases and decreases in subsequent quarters. For instance, equity dips slightly toward the end of 2021 and early 2022, then recovers and grows again to approximately $17.6 billion by September 2024. The fluctuations suggest adjustments in retained earnings, possible share repurchases, or other equity-related activities impacting the balance sheet.
- Equity Turnover
- The equity turnover ratio, a measure of revenue generated per unit of equity, reveals a general upward trend, indicating improved efficiency in the use of equity to generate revenues. Starting at 5.44 in March 2020, the ratio shows some volatility initially, then steadily increases from mid-2022 onward, peaking around 6.7 in June 2024 before slightly retreating to 6.48 by September 2024. This progression suggests that the company has been enhancing its revenue generation capacity relative to its equity base, potentially reflecting operational improvements or strategic financial management.
In summary, the data indicates robust revenue growth accompanied by a variable equity base, with increasing efficiency in the use of equity to produce revenue over the analyzed timeframe. These patterns may reflect successful revenue generation strategies alongside active management of equity resources.