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)
Nike Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover demonstrates a clear upward trend beginning in the May 31, 2020 period. The ratio increased from 7.69 to a peak of 10.27 by February 29, 2024, indicating progressively efficient utilization of fixed assets in generating sales. After reaching this peak, the ratio stabilizes slightly above 10 until May 31, 2025, when a decline to 9.59 occurs. This suggests a slight reduction in fixed asset efficiency toward the end of the observed period.
- Net Fixed Asset Turnover Including Operating Lease (Right-of-Use Asset)
- This adjusted asset turnover ratio follows a generally positive trajectory from May 31, 2020 through February 29, 2024, rising from approximately 4.7 to around 6.65. Some volatility is present, including a notable dip at May 31, 2022, where the ratio decreases to 5.34, but recovery follows. Post-February 2024, the ratio exhibits minor fluctuations with a slight downward trend, concluding at 6.14 by May 31, 2025. Consistently, this ratio remains lower than the net fixed asset turnover ratio, reflecting the impact of including right-of-use assets.
- Total Asset Turnover
- Total asset turnover shows some variability but reveals an improving trend from May 31, 2020 onward. Starting near 1.06, the ratio increased steadily to a high of 1.4 by May 31, 2023, indicating more efficient use of all assets to generate revenue. After May 2023, a gradual decline is noted, with the ratio decreasing to 1.27 by May 31, 2025. This pattern suggests that while asset efficiency has improved notably over this timeframe, recent periods illustrate normalization or slight easing.
- Equity Turnover
- Equity turnover exhibits a general downward trend from May 31, 2020, where it stands at 3.23, declining to a low near 2.98 around August 31, 2021. Following this trough, the ratio experiences moderate recovery, peaking at about 3.68 by May 31, 2023. Thereafter, it fluctuates moderately within a range near 3.4 to 3.66 before a slight decline to 3.5 is observable at the latest data point. Overall, the data suggest variations in equity utilization efficiency with some recovery after mid-2021, though it has not reached earlier higher levels.
Net Fixed Asset Turnover
Nike Inc., net fixed asset turnover calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Revenues | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | |||||||
| Property, plant and equipment, net | 4,828) | 4,717) | 4,857) | 4,948) | 5,000) | 5,082) | 5,153) | 5,109) | 5,081) | 4,939) | 4,854) | 4,778) | 4,791) | 4,806) | 4,812) | 4,869) | 4,904) | 4,958) | 4,959) | 4,969) | 4,866) | 4,783) | 4,668) | 4,615) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 9.59 | 10.14 | 10.08 | 10.11 | 10.27 | 10.15 | 10.00 | 10.07 | 10.08 | 10.25 | 10.12 | 9.87 | 9.75 | 9.74 | 9.62 | 9.49 | 9.08 | 7.77 | 7.71 | 7.51 | 7.69 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 5.95 | 6.00 | 6.19 | 6.29 | 6.22 | 6.50 | 6.46 | 6.47 | 6.39 | 6.65 | 6.66 | 6.82 | 6.74 | 6.68 | 6.85 | 6.42 | 5.90 | 5.65 | 5.54 | 5.84 | 5.92 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q4 2025 Calculation
Net fixed asset turnover
= (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
÷ Property, plant and equipment, net
= (11,097 + 11,269 + 12,354 + 11,589)
÷ 4,828 = 9.59
2 Click competitor name to see calculations.
The financial data reveals distinct trends in revenues, property, plant and equipment (PP&E) net values, and the net fixed asset turnover ratio over several quarters. These indicators collectively provide insights into operational efficiency, asset utilization, and revenue performance.
- Revenues
- Revenues exhibit fluctuations across the quarters, with a notable dip in May 2020, coinciding with a value significantly lower than surrounding periods. This decline reflects impacts likely attributable to broader economic conditions during that time. Subsequently, revenues recover and generally trend upwards through to November 2022, reaching peak levels. Following this peak, revenues show some volatility with a slight downtrend from early 2023 onwards, as indicated by declining values in several subsequent quarters, though remaining above the low observed in mid-2020.
- Property, Plant and Equipment, Net (PP&E)
- The net value of PP&E demonstrates a gradual upward trend from August 2019 through May 2021, indicating ongoing investment or capitalization of fixed assets. Post this period, the PP&E net value fluctuates mildly, with a modest overall decline from the second half of 2023 into 2025. This pattern may suggest a stabilization or potential divestitures of fixed assets. The changes in PP&E are less volatile compared to revenues, reflecting the generally less variable nature of physical asset investments.
- Net Fixed Asset Turnover Ratio
- This ratio, starting from a high value around 7.69 in early 2020, shows an increasing trend overall, peaking near 10.27 during mid-2024. The continued increase signals improving efficiency in utilizing fixed assets to generate revenues over time. The ratio's generally upward trajectory implies better operational performance or asset management, despite some minor fluctuations toward the later quarters where a slight decline is observed. The increase despite stable or slightly declining PP&E values underscores effective revenue generation relative to asset base size.
In summary, the revenues experienced a sharp but temporary downturn followed by recovery and variability in recent quarters. Asset values for property, plant, and equipment illustrate gradual investment growth with a recent decline, possibly reflecting asset management strategies. The net fixed asset turnover ratio's upward trajectory highlights enhanced effectiveness in asset utilization to drive revenue growth over the period analyzed.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Nike Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Revenues | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | |||||||
| Property, plant and equipment, net | 4,828) | 4,717) | 4,857) | 4,948) | 5,000) | 5,082) | 5,153) | 5,109) | 5,081) | 4,939) | 4,854) | 4,778) | 4,791) | 4,806) | 4,812) | 4,869) | 4,904) | 4,958) | 4,959) | 4,969) | 4,866) | 4,783) | 4,668) | 4,615) | |||||||
| Operating lease right-of-use assets, net | 2,712) | 2,614) | 2,736) | 2,792) | 2,718) | 2,856) | 2,943) | 2,939) | 2,923) | 2,834) | 2,809) | 2,880) | 2,926) | 3,959) | 3,017) | 3,078) | 3,113) | 3,149) | 3,086) | 3,158) | 3,097) | 2,907) | 2,882) | 2,832) | |||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 7,540) | 7,331) | 7,593) | 7,740) | 7,718) | 7,938) | 8,096) | 8,048) | 8,004) | 7,773) | 7,663) | 7,658) | 7,717) | 8,765) | 7,829) | 7,947) | 8,017) | 8,107) | 8,045) | 8,127) | 7,963) | 7,690) | 7,550) | 7,447) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 6.14 | 6.52 | 6.45 | 6.46 | 6.65 | 6.50 | 6.37 | 6.40 | 6.40 | 6.51 | 6.41 | 6.16 | 6.05 | 5.34 | 5.91 | 5.81 | 5.56 | 4.75 | 4.76 | 4.59 | 4.70 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 3.31 | 3.33 | 3.42 | 3.48 | 3.42 | 3.73 | 3.61 | 3.68 | 3.62 | 3.61 | 3.66 | 3.70 | 3.61 | 3.52 | 3.60 | 3.33 | 2.97 | 2.84 | 2.72 | 2.77 | 2.92 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q4 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (11,097 + 11,269 + 12,354 + 11,589)
÷ 7,540 = 6.14
2 Click competitor name to see calculations.
The financial data reveals several significant trends over the covered periods. Revenues exhibit fluctuations with some periods of recovery and decline. Notably, revenues dropped sharply around May 31, 2020, likely reflecting external challenges during that timeframe, but then recovered and generally increased through late 2022 and early 2023. However, after peaking in early 2023, revenues showed signs of moderate decline towards mid-2025, indicating potential challenges in sustaining earlier growth levels.
Net property, plant, and equipment (including operating lease, right-of-use assets) display a gradual upward trend from August 2019 until early 2022, reaching a peak around February 2022. Following this, a decline is observable through the subsequent periods, suggesting potential divestments, asset disposals, or reduced capital expenditures starting from that peak. This downward movement continues into mid-2025, reflecting a strategic adjustment or asset optimization by management.
The net fixed asset turnover ratio, which captures the efficiency of asset utilization in generating revenue, shows that despite fluctuations in revenues and asset values, asset productivity has seen an overall increase since May 2020. The ratio rises from approximately 4.7 to a peak near 6.65 by late 2023. Although a slight dip is noted afterward, the ratio remains elevated compared to earlier periods. This implies improvements in operational efficiency, better asset management, or a shift to higher-margin activities requiring fewer assets.
- Revenues
- Experienced a significant dip in mid-2020, followed by a recovery and growth up to early 2023, then a moderate decline through mid-2025.
- Property, plant, and equipment, net
- Gradually increased until early 2022, then steadily decreased through mid-2025, suggesting asset rationalization or reduced capital spending.
- Net fixed asset turnover ratio
- Improved markedly from mid-2020 onwards, indicating enhanced efficiency in asset utilization despite asset base fluctuations.
Overall, the data suggests that while revenues encountered volatility, the company's asset base was managed more efficiently over time, enhancing operational performance. The reduction in fixed assets alongside maintained or increased turnover ratios may reflect a strategic focus on optimizing resource allocation and improving profitability margins in a changing business environment.
Total Asset Turnover
Nike Inc., total asset turnover calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Revenues | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | |||||||
| Total assets | 36,579) | 37,793) | 37,959) | 37,867) | 38,110) | 37,356) | 37,203) | 36,786) | 37,531) | 38,294) | 39,647) | 41,088) | 40,321) | 39,577) | 38,917) | 37,917) | 37,740) | 36,185) | 34,836) | 33,258) | 31,342) | 26,220) | 26,602) | 26,249) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Total asset turnover1 | 1.27 | 1.27 | 1.29 | 1.32 | 1.35 | 1.38 | 1.39 | 1.40 | 1.36 | 1.32 | 1.24 | 1.15 | 1.16 | 1.18 | 1.19 | 1.22 | 1.18 | 1.06 | 1.10 | 1.12 | 1.19 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 1.39 | 1.44 | 1.48 | 1.44 | 1.36 | 1.53 | 1.47 | 1.53 | 1.45 | 1.41 | 1.44 | 1.41 | 1.27 | 1.28 | 1.25 | 1.15 | 1.05 | 1.12 | 1.11 | 1.20 | 1.21 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q4 2025 Calculation
Total asset turnover
= (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
÷ Total assets
= (11,097 + 11,269 + 12,354 + 11,589)
÷ 36,579 = 1.27
2 Click competitor name to see calculations.
The analysis of the financial data over the presented periods reveals several notable trends across revenues, total assets, and total asset turnover ratios.
- Revenues
- Revenues demonstrate a volatile pattern with initial fluctuations followed by a period of growth and some subsequent declines. Starting from a high of 10,660 million USD in August 2019, revenues experienced a dip to 6,313 million USD in May 2020, likely indicating a significant disruption. After this low point, revenues recovered and increased, reaching a peak of 13,388 million USD in November 2023. However, post-peak, revenues show a downward tendency, declining to 11,097 million USD by May 2025. This suggests a cycle of recovery and growth followed by a moderate decrease nearing the latest observed period.
- Total Assets
- Total assets show a generally upward trend from 26,249 million USD in August 2019 to a peak of 41,088 million USD in August 2022. After this peak, total assets decline consistently, dropping to 36,579 million USD by May 2025. The increase until mid-2022 suggests expansion or acquisition of assets, whereas the subsequent decline may indicate asset disposals, depreciation, or other balance sheet adjustments.
- Total Asset Turnover
- The total asset turnover ratio, available from February 2020 onwards, indicates improving efficiency in asset utilization over time. Starting at 1.19 in February 2020, the ratio dipped gradually to 1.06 in May 2020 but then showed a steady increase, reaching 1.40 by May 2023. Afterwards, the ratio slightly moderated, settling around 1.27 by May 2025. This trend implies that the company improved its ability to generate revenues from its asset base, especially during the recovery and growth phases, with a slight normalization in efficiency in the latest periods.
In summary, the data exhibits a recovery from a downturn in mid-2020, with revenues and asset turnover improving significantly through 2023. Despite asset growth peaking in 2022, assets started to decline thereafter. The moderate revenue drop and decrease in asset base in the latest periods may reflect strategic adjustments or external market influences affecting the company’s operational scale.
Equity Turnover
Nike Inc., equity turnover calculation (quarterly data)
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Revenues | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | |||||||
| Shareholders’ equity | 13,213) | 14,007) | 14,037) | 13,944) | 14,430) | 14,226) | 14,146) | 13,971) | 14,004) | 14,531) | 15,272) | 15,822) | 15,281) | 14,809) | 14,924) | 14,343) | 12,767) | 11,931) | 10,640) | 9,224) | 8,055) | 9,045) | 9,351) | 9,200) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Equity turnover1 | 3.50 | 3.41 | 3.49 | 3.59 | 3.56 | 3.63 | 3.64 | 3.68 | 3.66 | 3.48 | 3.22 | 2.98 | 3.06 | 3.16 | 3.10 | 3.22 | 3.49 | 3.23 | 3.60 | 4.05 | 4.64 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| lululemon athletica inc. | 2.45 | 2.55 | 2.48 | 2.33 | 2.27 | 2.61 | 2.50 | 2.56 | 2.58 | 2.46 | 2.47 | 2.49 | 2.28 | 2.20 | 2.07 | 1.89 | 1.72 | 1.88 | 1.93 | 2.10 | 2.04 | — | — | — | |||||||
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q4 2025 Calculation
Equity turnover
= (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
÷ Shareholders’ equity
= (11,097 + 11,269 + 12,354 + 11,589)
÷ 13,213 = 3.50
2 Click competitor name to see calculations.
The revenue figures demonstrate notable fluctuations over the examined periods. Initially, revenues started at approximately $10.66 billion in August 2019 and experienced a decline to about $6.31 billion by May 2020. This drop likely reflects external challenges impacting sales during this interval. However, following this trough, revenues recovered and showed a general upward trend, reaching peaks around $13.38 billion in November 2023 before exhibiting some variability and a slight downward adjustment toward May 2025, ending near $11.10 billion.
Shareholders’ equity also reveals important trends. It began close to $9.2 billion in August 2019, followed by some volatility but a mostly increasing trajectory up until around November 2022, where equity peaked near $15.8 billion. Thereafter, shareholders’ equity declined gradually and showed moderate fluctuation, settling at approximately $13.2 billion by May 2025. This pattern indicates a phase of equity growth possibly related to retained earnings or asset appreciation, succeeded by a phase of contraction or adjustment.
Equity turnover ratios, available from May 2020 onwards, started at a high of 4.64 and then broadly decreased over subsequent quarters, stabilizing around values slightly above 3.0. This decline and stabilization suggest that while revenues relative to equity contracted initially after May 2020, the company maintained a relatively consistent efficiency in using equity to generate sales in later periods, though at a lower turnover rate than the peak.
Overall, the data reflects a period of considerable impact on revenues mid-2020, followed by recovery and growth, contrasted with a peak and subsequent reduction in shareholders’ equity starting late 2022. The equity turnover ratio’s decline and relative stabilization signals a shift in the operational efficiency of equity usage to generate revenue, potentially reflecting strategic or market environment changes over the timeline observed.