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.
Long-term Activity Ratios (Summary)
Lowe’s Cos. Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
The investment activity ratios indicate a period of increasing asset efficiency peaking between late 2022 and early 2023, followed by a gradual decline and a recent modest recovery. The overall trend suggests a fluctuation in the capacity of the asset base to generate revenue, with a notable contraction in turnover rates starting in 2023.
- Net Fixed Asset Turnover
- An upward trend is observed from April 2021, where the ratio stood at 4.95, reaching a peak of 5.55 in October 2022. This was followed by a steady decline over several quarters, reaching a low of 4.60 in October 2025. By July 2026, the ratio returned to 4.95, effectively neutralizing the gains and losses seen over the five-year period.
- Net Fixed Asset Turnover Including Right-of-Use Assets
- The ratio including operating leases follows a trajectory nearly identical to the standard net fixed asset turnover. Starting at 4.11 in April 2021, it reached a maximum of 4.62 in October 2022. A subsequent decline led to a minimum of 3.72 in October 2025, before recovering to 4.05 by July 2026. The consistent gap between this and the standard fixed asset turnover reflects the impact of leased assets on overall investment efficiency.
- Total Asset Turnover
- Total asset utilization showed significant growth in the initial period, peaking at 2.22 in February 2023. Following this peak, a sustained downward trend is evident, with the ratio falling to 1.58 by October 2025. A slight recovery to 1.62 was noted by July 2026, indicating that the overall asset base has become less efficient at generating sales relative to the levels seen in early 2023.
- Equity Turnover
- Analysis of equity turnover is constrained by the lack of longitudinal data, as only a single value of 212.01 is available for April 2021. Consequently, no trend analysis or comparative conclusion can be drawn for this specific metric.
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Net Fixed Asset Turnover
Lowe’s Cos. Inc., net fixed asset turnover calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 25,956) | 23,078) | 20,584) | 20,813) | 23,959) | 20,930) | 18,554) | 20,170) | 23,586) | 21,364) | 18,603) | 20,471) | 24,956) | 22,347) | 22,445) | 23,479) | 27,476) | 23,659) | 21,340) | 22,918) | 27,570) | 24,422) | |||||||
| Property, less accumulated depreciation | 18,276) | 18,254) | 18,362) | 18,309) | 17,708) | 17,636) | 17,649) | 17,586) | 17,515) | 17,531) | 17,653) | 17,527) | 17,373) | 17,402) | 17,567) | 17,275) | 18,713) | 18,890) | 19,071) | 18,925) | 19,031) | 19,059) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.95 | 4.84 | 4.70 | 4.60 | 4.72 | 4.72 | 4.74 | 4.76 | 4.80 | 4.87 | 4.89 | 5.15 | 5.37 | 5.50 | 5.53 | 5.55 | 5.10 | 5.05 | 5.05 | 5.03 | 4.97 | 4.95 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 1.74 | 1.87 | 2.01 | 2.13 | 2.25 | 2.38 | 2.52 | 2.61 | 2.74 | 2.81 | 2.82 | 2.82 | 2.78 | 2.75 | 2.75 | 2.83 | 2.80 | 2.84 | |||||||
| Home Depot Inc. | 6.01 | 5.96 | 5.88 | 6.00 | 6.14 | 6.08 | 5.97 | 5.82 | 5.71 | 5.84 | 5.84 | 5.97 | 5.98 | 6.07 | 6.14 | 6.23 | 6.15 | 6.06 | 6.00 | 5.92 | 5.83 | 5.73 | |||||||
| TJX Cos. Inc. | 7.28 | 7.29 | 7.34 | 7.44 | 7.45 | 7.54 | 7.67 | 7.91 | 7.98 | 8.29 | 8.25 | 8.36 | 8.31 | 8.53 | 8.63 | 8.84 | 9.21 | 9.43 | 9.21 | 8.84 | 8.46 | 7.46 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Net fixed asset turnover
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Property, less accumulated depreciation
= (25,956 + 23,078 + 20,584 + 20,813)
÷ 18,276 = 4.95
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a cyclical pattern of efficiency in the utilization of long-term assets to generate sales revenue. Over the period from April 2021 to July 2026, the ratio experienced an initial rise to a peak, followed by a sustained decline and a subsequent upward trajectory.
- Peak Asset Efficiency (2021 - 2022)
- The ratio remained relatively stable between 4.95 and 5.10 during the first year, before reaching a maximum value of 5.55 in October 2022. This peak coincided with a reduction in net fixed assets to their lowest recorded level of 17,275 million US$, indicating a high level of sales generation relative to the invested fixed asset base.
- Efficiency Contraction (2023 - 2025)
- Following the peak in late 2022, a consistent downward trend is observed. The ratio declined from 5.55 to a low of 4.60 by October 2025. This contraction suggests a period where sales growth did not keep pace with the maintenance or slight increase of the fixed asset base, which climbed back toward the 18,300 million US$ range.
- Recovery Phase (2026)
- A reversal of the downward trend is evident starting in January 2026, with the ratio increasing from 4.70 to 4.95 by July 2026. This recovery was primarily driven by a growth in net sales, which rose to 25,956 million US$ by the end of the period, while the net fixed asset base remained stable at approximately 18,276 million US$.
Overall, the data indicates that the organization's ability to generate revenue from its fixed asset base has returned to levels observed at the start of the analysis period, following a multi-quarter period of reduced efficiency through 2024 and 2025.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Lowe’s Cos. Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 25,956) | 23,078) | 20,584) | 20,813) | 23,959) | 20,930) | 18,554) | 20,170) | 23,586) | 21,364) | 18,603) | 20,471) | 24,956) | 22,347) | 22,445) | 23,479) | 27,476) | 23,659) | 21,340) | 22,918) | 27,570) | 24,422) | |||||||
| Property, less accumulated depreciation | 18,276) | 18,254) | 18,362) | 18,309) | 17,708) | 17,636) | 17,649) | 17,586) | 17,515) | 17,531) | 17,653) | 17,527) | 17,373) | 17,402) | 17,567) | 17,275) | 18,713) | 18,890) | 19,071) | 18,925) | 19,031) | 19,059) | |||||||
| Operating lease right-of-use assets | 4,071) | 4,182) | 4,303) | 4,345) | 3,887) | 3,799) | 3,738) | 3,771) | 3,819) | 3,829) | 3,733) | 3,647) | 3,650) | 3,504) | 3,518) | 3,512) | 4,158) | 4,131) | 4,108) | 4,161) | 3,820) | 3,886) | |||||||
| Property, less accumulated depreciation (including operating lease, right-of-use asset) | 22,347) | 22,436) | 22,665) | 22,654) | 21,595) | 21,435) | 21,387) | 21,357) | 21,334) | 21,360) | 21,386) | 21,174) | 21,023) | 20,906) | 21,085) | 20,787) | 22,871) | 23,021) | 23,179) | 23,086) | 22,851) | 22,945) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.05 | 3.94 | 3.81 | 3.72 | 3.87 | 3.88 | 3.91 | 3.92 | 3.94 | 4.00 | 4.04 | 4.26 | 4.43 | 4.58 | 4.60 | 4.62 | 4.17 | 4.15 | 4.15 | 4.12 | 4.14 | 4.11 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 1.44 | 1.53 | 1.62 | 1.69 | 1.76 | 1.85 | 1.94 | 1.97 | 2.05 | 2.09 | 2.08 | 2.07 | 2.04 | 2.03 | 2.03 | 2.10 | 2.09 | 2.13 | |||||||
| Home Depot Inc. | 4.52 | 4.48 | 4.42 | 4.53 | 4.64 | 4.59 | 4.52 | 4.41 | 4.31 | 4.48 | 4.49 | 4.69 | 4.69 | 4.78 | 4.83 | 4.95 | 4.95 | 4.90 | 4.85 | 4.79 | 4.70 | 4.63 | |||||||
| TJX Cos. Inc. | 3.16 | 3.16 | 3.25 | 3.28 | 3.26 | 3.26 | 3.32 | 3.38 | 3.37 | 3.41 | 3.40 | 3.36 | 3.29 | 3.34 | 3.36 | 3.38 | 3.45 | 3.47 | 3.44 | 3.19 | 3.02 | 2.66 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Property, less accumulated depreciation (including operating lease, right-of-use asset)
= (25,956 + 23,078 + 20,584 + 20,813)
÷ 22,347 = 4.05
2 Click competitor name to see calculations.
The analysis of long-term investment efficiency reveals a fluctuating trend in net fixed asset turnover, reflecting the relationship between revenue generation and the investment in physical and right-of-use assets.
- Peak Efficiency Phase
- A significant increase in asset turnover occurred between October 2022 and May 2023, with the ratio peaking at 4.62. This spike was primarily driven by a contraction in the net fixed asset base, which reached a period low of approximately 20.79 billion, while net sales remained relatively resilient, thereby increasing the revenue generated per unit of fixed asset.
- Period of Efficiency Decline
- A sustained downward trend is observed from August 2023 through October 2025, during which the turnover ratio fell from 4.43 to a minimum of 3.72. This decline was the result of a combination of decreasing net sales, which dipped as low as 18.55 billion, and a simultaneous gradual increase in the net fixed asset base toward the end of 2025.
- Recovery and Stabilization
- A positive reversal is evident in the first half of 2026, with the turnover ratio recovering to 4.05 by July 2026. This improvement is directly correlated with a strong rebound in net sales, which climbed to 25.96 billion, allowing the company to restore its asset utilization efficiency to levels comparable to those seen in early 2021.
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Total Asset Turnover
Lowe’s Cos. Inc., total asset turnover calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 25,956) | 23,078) | 20,584) | 20,813) | 23,959) | 20,930) | 18,554) | 20,170) | 23,586) | 21,364) | 18,603) | 20,471) | 24,956) | 22,347) | 22,445) | 23,479) | 27,476) | 23,659) | 21,340) | 22,918) | 27,570) | 24,422) | |||||||
| Total assets | 55,881) | 54,941) | 54,144) | 53,453) | 46,614) | 45,372) | 43,102) | 44,743) | 44,934) | 45,365) | 41,795) | 42,519) | 44,521) | 45,917) | 43,708) | 46,973) | 46,725) | 49,725) | 44,640) | 49,400) | 49,404) | 51,200) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 1.62 | 1.61 | 1.59 | 1.58 | 1.79 | 1.83 | 1.94 | 1.87 | 1.87 | 1.88 | 2.07 | 2.12 | 2.09 | 2.09 | 2.22 | 2.04 | 2.04 | 1.92 | 2.16 | 1.93 | 1.92 | 1.84 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 0.71 | 0.81 | 0.88 | 0.95 | 0.98 | 1.01 | 1.02 | 1.06 | 1.09 | 1.11 | 1.09 | 1.14 | 1.13 | 1.13 | 1.11 | 1.17 | 1.16 | 1.16 | |||||||
| Home Depot Inc. | 1.55 | 1.54 | 1.57 | 1.56 | 1.65 | 1.64 | 1.66 | 1.59 | 1.57 | 1.92 | 1.99 | 2.03 | 2.03 | 2.04 | 2.06 | 2.05 | 2.05 | 1.99 | 2.10 | 2.02 | 2.04 | 1.95 | |||||||
| TJX Cos. Inc. | 1.68 | 1.70 | 1.69 | 1.68 | 1.76 | 1.79 | 1.78 | 1.74 | 1.82 | 1.85 | 1.82 | 1.72 | 1.77 | 1.75 | 1.76 | 1.73 | 1.83 | 1.80 | 1.71 | 1.52 | 1.50 | 1.25 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Total asset turnover
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Total assets
= (25,956 + 23,078 + 20,584 + 20,813)
÷ 55,881 = 1.62
2 Click competitor name to see calculations.
The analysis of total asset turnover reveals a cyclical pattern of efficiency followed by a period of asset expansion that has negatively impacted the turnover ratio. The metric peaked in early 2023 before entering a downward trajectory, coinciding with a significant increase in the total asset base during the latter part of the observed period.
- Total Asset Turnover Trends
- The total asset turnover ratio experienced an initial upward trend, rising from 1.84 in April 2021 to a peak of 2.22 in February 2023. This suggests a period of increasing operational efficiency where the organization generated more revenue per dollar of assets owned. Following this peak, the ratio entered a steady decline, falling to 1.87 by August 2024 and reaching a low of 1.58 in October 2025. The ratio stabilized slightly in the final quarters, ending at 1.62 in July 2026.
- Revenue Performance and Seasonality
- Net sales exhibit strong seasonal volatility, consistently peaking in the July quarters (e.g., $27.57 billion in July 2021, $27.47 billion in July 2022, and $25.95 billion in July 2026). A period of revenue contraction was observed between February 2024 and January 2025, where sales dipped to approximately $18.5 billion. While sales recovered toward the end of the period, they did not return to the highs seen in 2021.
- Asset Base Fluctuations
- Total assets remained relatively stable between $44 billion and $51 billion from 2021 through early 2024, reaching a low of $41.79 billion in February 2024. However, starting in May 2025, a substantial expansion of the asset base occurred, with total assets increasing from $45.37 billion to $55.88 billion by July 2026. This rapid growth in the asset base, without a proportional increase in net sales, served as the primary driver for the decline in the total asset turnover ratio.
- Efficiency Synthesis
- The divergence between asset growth and revenue growth in the final six quarters indicates a decrease in asset productivity. While the period between 2021 and 2023 was characterized by lean asset management and high turnover, the most recent data suggests an investment phase or asset accumulation that has yet to translate into commensurate sales growth, resulting in the lowest efficiency levels recorded in the analyzed timeframe.
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Equity Turnover
Lowe’s Cos. Inc., equity turnover calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 25,956) | 23,078) | 20,584) | 20,813) | 23,959) | 20,930) | 18,554) | 20,170) | 23,586) | 21,364) | 18,603) | 20,471) | 24,956) | 22,347) | 22,445) | 23,479) | 27,476) | 23,659) | 21,340) | 22,918) | 27,570) | 24,422) | |||||||
| Shareholders’ equity (deficit) | (7,437) | (9,270) | (9,917) | (10,382) | (11,400) | (13,254) | (14,231) | (13,419) | (13,763) | (14,606) | (15,050) | (15,147) | (14,732) | (14,710) | (14,254) | (12,868) | (8,442) | (6,877) | (4,816) | (1,576) | (175) | 445) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 212.01 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 1.41 | 1.68 | 1.74 | 1.87 | 2.01 | 2.13 | 2.23 | 2.39 | 2.56 | 2.73 | 2.85 | 3.03 | 3.19 | 3.40 | 3.52 | 3.65 | 3.70 | 3.57 | |||||||
| Home Depot Inc. | 10.18 | 12.01 | 12.85 | 13.72 | 15.48 | 20.48 | 24.02 | 26.72 | 34.41 | 83.42 | 146.23 | 107.49 | 116.01 | 430.25 | 100.77 | 121.18 | 655.02 | — | — | 142.70 | 69.80 | 80.86 | |||||||
| TJX Cos. Inc. | 5.86 | 5.92 | 5.92 | 6.30 | 6.53 | 6.70 | 6.72 | 6.90 | 7.15 | 7.32 | 7.42 | 7.66 | 7.75 | 7.83 | 7.85 | 8.70 | 9.20 | 8.91 | 8.09 | 7.08 | 6.75 | 6.16 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Equity turnover
= (Net salesQ2 2027
+ Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026)
÷ Shareholders’ equity (deficit)
= (25,956 + 23,078 + 20,584 + 20,813)
÷ -7,437 = —
2 Click competitor name to see calculations.
The financial data reveals a significant divergence between revenue generation and the company's equity position over the analyzed period. While net sales demonstrate consistent seasonal patterns and substantial volume, shareholders' equity shifted from a positive position to a prolonged and deep deficit, rendering traditional equity turnover analysis largely inapplicable for the majority of the timeframe.
- Net Sales Trends
- Revenue exhibits a strong seasonal cycle, with peak performance consistently occurring in the July quarters, reaching highs of 27,570 million USD in July 2021 and 27,476 million USD in July 2022. A period of contraction is observed between February 2024, where sales reached a low of 18,603 million USD, and July 2026, where sales rebounded to 25,956 million USD. Despite these fluctuations, the company maintained a high volume of sales relative to its capital structure.
- Shareholders' Equity Evolution
- A critical transition occurred between April 2021 and July 2021, as shareholders' equity moved from a positive 445 million USD to a deficit of 175 million USD. This deficit widened aggressively, peaking at 14,732 million USD in August 2023. Starting in 2024, a gradual recovery trend is observed, with the deficit narrowing to 7,437 million USD by July 2026. This trajectory suggests significant capital outflows or accumulated losses that have only recently begun to stabilize.
- Equity Turnover Analysis
- The equity turnover ratio was only meaningfully recorded at the start of the period in April 2021 at 212.01. For all subsequent quarters, the presence of negative shareholders' equity precludes the calculation of a meaningful turnover ratio. In financial analysis, a negative equity base invalidates the equity turnover metric, as the ratio no longer measures the efficiency of asset utilization funded by shareholders, but rather reflects a capital structure where liabilities exceed assets.
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