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)
Kimberly-Clark Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrated relative stability over the observed periods, fluctuating slightly around an average of approximately 2.5. Initially, the ratio remained constant at 2.51 in early 2017 and gradually declined to 2.46 by the end of 2017. The first half of 2018 experienced a modest increase, peaking at 2.63 in the third quarter, followed by a slight decline by year-end. From 2019 onward, this ratio tended to marginally decrease, culminating at 2.39 by the first quarter of 2021. This trend indicates consistent utilization of net fixed assets to generate sales, with a minor downward tendency in recent quarters.
- Total Asset Turnover
- The total asset turnover ratio exhibited a pattern of minor fluctuations within a narrow band around 1.2 during the initial part of the timeline. It reached a short-term high of 1.27 in mid-2018 and remained steady at this elevated level through the end of that year. However, starting in 2019, a gradual downward trajectory emerged, declining steadily to 1.10 by the first quarter of 2021. This deceleration suggests a decreasing efficiency in utilizing total assets to generate revenue over the more recent reporting periods.
- Equity Turnover
- Equity turnover displayed considerable volatility across the reported quarters with notable peaks and troughs. The ratio surged to extremely high values during early 2017 quarters, with a maximum of 178.19, followed by a sharp decline to as low as 29.03 by the end of that year. The data for 2018 and part of 2019 is not provided, but resuming records show moderate figures ranging from approximately 30.58 to 70.31 between late 2019 and early 2021. The dramatic variations in this ratio imply significant swings in the relationship between sales and shareholders' equity, possibly influenced by changes in equity structure or sales volume.
Net Fixed Asset Turnover
Kimberly-Clark Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
Net fixed asset turnover
= (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several trends over the analyzed periods. Net sales generally exhibit moderate fluctuations, with a gradual upward trajectory over the longer term. Starting at a value of 4,483 million USD in March 2017, net sales reached a peak of 5,009 million USD by March 2020. Despite some variability within quarters, the sales figures demonstrate resilience and periodic growth.
Regarding property, plant, and equipment, net values show a dynamic pattern with alternating increases and decreases across quarters. The net value decreased from 7,251 million USD in March 2017 to 7,046 million USD by June 2018, then recovered to higher levels such as 8,042 million USD in March 2021. This suggests ongoing capital investments combined with asset disposals or depreciation effects, reflecting continuous asset base management.
The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate sales, remains relatively stable with slight variations. It begins at 2.51 in the first quarter of 2017, peaks slightly at 2.63 during the third quarter of 2018, and declines gradually thereafter to around 2.39 by March 2021. This indicates a marginal decrease in asset utilization efficiency over time, possibly due to increases in asset base outpacing net sales growth during some periods.
- Net Sales:
- Exhibit moderate growth with some quarterly fluctuation, peaking in early 2020. Overall upward trend suggests steady market demand and sales performance.
- Property, Plant, and Equipment, Net:
- Show continuous asset adjustments with periods of both decline and growth. Investment activity and asset management strategies are evident through these changes.
- Net Fixed Asset Turnover Ratio:
- Maintains stability with minor declines toward later periods, indicating a slight reduction in how effectively fixed assets are employed to generate sales.
Total Asset Turnover
Kimberly-Clark Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
Total asset turnover
= (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited mixed trends from March 2017 through March 2021. Initial growth was observed from Q1 2017 (4,483 million USD) to Q1 2018 (4,731 million USD), followed by a period of relative stability and minor fluctuations around a range near 4,500 million USD. Notably, Q1 2020 recorded a significant increase to 5,009 million USD, the highest point in the dataset, before decreasing again in subsequent quarters but remaining above historical levels, ending at 4,743 million USD in Q1 2021. This suggests a spike in sales during early 2020 with a partial retention of increased activity afterwards.
- Total Assets
- The total assets showed a gradual upward trend over the analyzed period. Starting at 14,758 million USD in Q1 2017, asset levels experienced modest fluctuations but generally increased, reaching a peak of 17,523 million USD in Q4 2020. Slight decline followed in Q1 2021 with total assets recorded at 17,226 million USD. This upward movement indicates consistent asset growth albeit with minor variability in the later stages of the period.
- Total Asset Turnover
- The total asset turnover ratio remained relatively stable between 1.09 and 1.27 throughout the quarters. The ratio started at 1.23 in Q1 2017, peaked around mid-2018 at approximately 1.27, and then experienced a gradual decline to a low of 1.09 in Q4 2020. By Q1 2021, a slight recovery to 1.10 occurred. The downward trend in asset turnover suggests the company generated slightly less sales per dollar of assets over time, which may be indicative of either asset accumulation outpacing sales growth or decreasing operational efficiency.
Equity Turnover
Kimberly-Clark Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Total Kimberly-Clark Corporation stockholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2021 Calculation
Equity turnover
= (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
÷ Total Kimberly-Clark Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales exhibit moderate fluctuations over the periods analyzed. Starting at 4,483 million USD in March 2017, sales generally trend upward with some variability, reaching a peak of 5,009 million USD in March 2020. Following this peak, there is a slight decline and stabilization around the 4,700 to 4,800 million USD range through March 2021. This pattern suggests periods of growth interrupted by correction or stabilization phases, with sales remaining relatively stable in the most recent quarters.
- Total Stockholders’ Equity
- The total stockholders’ equity exhibits high volatility and a generally negative trend through several periods. Initially positive at 136 million USD in March 2017, it peaks at 629 million USD in June 2017 but subsequently declines into negative territory by the end of 2017, reaching as low as -305 million USD in December 2018. The equity remains negative through much of 2019 and early 2020, before recovering to positive values again by March 2020 and maintaining a positive range up to 626 million USD by December 2020. There is a slight decrease towards March 2021 but it remains positive. These fluctuations indicate potential challenges in maintaining consistent shareholder equity value during the middle periods, with recovery signs in more recent quarters.
- Equity Turnover Ratio
- The equity turnover ratio shows significant variability and inconsistent data availability. High ratios are observed in early periods, such as 133.89 in March 2017 and 178.19 in June 2017, indicating strong net sales relative to equity during those quarters. However, subsequent values drop dramatically, with a low point of 29.03 in December 2017. The ratio data is missing for several intermediate quarters, making it difficult to assess continuous trends. Towards the end of the timeline, resumed values show moderation, with ratios ranging from about 30.58 to 70.31, suggesting a normalization or stabilization of sales relative to equity. This pattern reflects volatility in the efficiency of asset utilization or changes in equity base size over time.
- Overall Observations
- The financial data indicates a company experiencing fluctuating equity positions and somewhat stable yet variably growing sales. The substantial deviations in equity could be reflective of operational challenges, financial adjustments, or strategic investments impacting net worth during the period. Sales figures, while showing growth potential, have not exhibited a clear upward trajectory without interruptions, suggesting external or internal factors influencing revenue generation cycles.