Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Pfizer Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Oct 1, 2023 Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Net fixed asset turnover 3.40 3.46 3.26 2.97 2.98 3.14 3.88 4.48 5.46 6.17 6.47 6.64 6.12 5.46 4.79 3.89 3.31 3.01
Total asset turnover 0.30 0.30 0.28 0.26 0.25 0.26 0.32 0.36 0.48 0.51 0.51 0.52 0.50 0.45 0.39 0.33 0.29 0.27
Equity turnover 0.69 0.72 0.65 0.64 0.61 0.67 0.71 0.79 0.92 1.05 1.08 1.16 1.12 1.05 0.91 0.79 0.68 0.66

Based on: 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).


The analysis of the financial turnover ratios over the observed quarters reveals several notable trends and fluctuations.

Net Fixed Asset Turnover
This ratio showed a clear upward trend from the beginning of the data points, starting at 3.01 in December 2020, peaking at 6.64 in October 2022. Following this high, the ratio experienced a steady decline through 2023 and early 2024, dropping to 2.98 by March 2024. After the decline, a slight recovery is observable, with the ratio rising again to around 3.46 by September 2024 and then stabilizing near 3.4 by the end of March 2025. The initial increase suggests improved efficiency in using fixed assets to generate sales, while the subsequent decrease indicates diminishing efficiency, followed by a modest recovery towards the end of the observed period.
Total Asset Turnover
This ratio also increased from 0.27 in December 2020 to a peak of 0.52 in October 2022, indicating enhanced effectiveness in asset utilization to generate revenues. However, after reaching this peak, the ratio stabilized with slight fluctuations around the 0.5 mark before declining to 0.25 by March 2024. Similar to net fixed asset turnover, it showed a modest rebound later, rising back to 0.3 by December 2024 and maintaining this level into the first quarter of 2025. The overall pattern suggests initial growth in asset turnover efficiency followed by a period of decline and stabilization toward the end of the period.
Equity Turnover
The equity turnover ratio exhibited a consistent upward trend from late 2020, increasing from 0.66 to a high of 1.16 in October 2021, indicating stronger utilization of shareholder equity in generating revenues. Beyond this peak, the ratio experienced a gradual reduction, falling to 0.61 by March 2024. Subsequently, a partial recovery took place, with the ratio increasing again to 0.72 by September 2024. By March 2025, it slightly declined to 0.69. This suggests that while equity was initially deployed more efficiently, there was some contraction in this effectiveness before a modest recovery occurred.

In summary, all three turnover ratios—net fixed asset turnover, total asset turnover, and equity turnover—showed patterns characterized by initial improvement in efficiency, peaking mostly between late 2021 and late 2022, followed by declines through early 2024. Each ratio then demonstrated varying degrees of recovery by late 2024. These trends may reflect changes in operational efficiency, asset management, or shifts in sales volume relative to the asset and equity base during the period analyzed.


Net Fixed Asset Turnover

Pfizer Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Oct 1, 2023 Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Selected Financial Data (US$ in millions)
Revenues 13,715 17,763 17,702 13,283 14,879 14,568 13,492 13,007 18,486 24,289 22,638 27,742 25,661 23,838 24,035 18,899 14,516 11,684 10,277 9,864 10,083
Property, plant and equipment, net of accumulated depreciation 18,347 18,393 18,541 18,957 18,803 18,940 17,862 17,488 17,052 16,274 15,441 15,244 15,109 14,882 14,436 14,224 14,011 13,900 14,403 14,113 14,040
Long-term Activity Ratio
Net fixed asset turnover1 3.40 3.46 3.26 2.97 2.98 3.14 3.88 4.48 5.46 6.17 6.47 6.64 6.12 5.46 4.79 3.89 3.31 3.01
Benchmarks
Net Fixed Asset Turnover, Competitors2
AbbVie Inc. 10.95 10.97 10.80 10.95 10.92 10.89 11.18 11.33 11.51 11.76 11.82 11.57 11.18 11.00 10.75 10.41 9.67 8.73
Amgen Inc. 4.91 4.89 5.06 4.85 4.70 4.53 4.61 4.58 4.56 4.57 4.73 4.77 4.75 4.69 4.89 4.92 4.93 4.96
Bristol-Myers Squibb Co. 6.60 6.77 6.87 6.79 6.75 6.77 6.93 7.11 7.30 7.38 7.74 7.90 7.77 7.67 7.75 7.66 7.43 7.22
Danaher Corp. 4.66 4.78 4.90 5.08 5.20 5.25 6.01 6.68 7.31 7.96 8.40 8.12 7.94 7.77 7.71 7.84 7.59 6.83
Eli Lilly & Co. 2.65 2.63 2.53 2.62 2.64 2.64 2.70 2.62 2.63 2.81 3.14 3.18 3.22 3.15 3.11 3.02 2.95 2.83
Gilead Sciences Inc. 5.27 5.28 5.22 5.17 5.13 5.07 4.88 4.91 4.88 4.93 5.01 5.13 5.18 5.27 5.40 5.27 5.06 4.90
Johnson & Johnson 4.28 4.33 4.28 4.38 4.36 4.28 4.65 4.37 4.58 4.79 5.29 5.21 5.07 4.95 4.95 4.79 4.59 4.40
Merck & Co. Inc. 2.58 2.70 2.69 2.69 2.66 2.61 2.63 2.62 2.66 2.77 2.89 2.85 2.73 2.53 2.57 2.61 2.55 2.67
Regeneron Pharmaceuticals Inc. 3.00 3.09 3.12 3.13 3.10 3.16 3.27 3.23 3.19 3.23 3.70 3.91 4.64 4.62 3.99 3.69 2.82 2.64
Thermo Fisher Scientific Inc. 4.60 4.61 4.50 4.56 4.56 4.54 4.74 4.68 4.68 4.84 5.12 5.02 4.87 4.71 5.54 5.83 5.85 5.45
Vertex Pharmaceuticals Inc. 8.57 8.98 9.51 8.61 8.68 8.51 8.59 8.47 8.28 8.06 7.78 7.59 7.18 6.92 6.84 6.54 6.51 6.47

Based on: 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).

1 Q1 2025 Calculation
Net fixed asset turnover = (RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024) ÷ Property, plant and equipment, net of accumulated depreciation
= (13,715 + 17,763 + 17,702 + 13,283) ÷ 18,347 = 3.40

2 Click competitor name to see calculations.


The financial data demonstrates significant variations in the company's revenues, property, plant and equipment, and net fixed asset turnover over the observed periods.

Revenues
Revenues showed a notable upward trend starting from US$ 10,083 million in March 2020, rising steadily through 2020 and peaking at US$ 27,742 million in July 2022. Following this peak, revenues experienced a general decline, dropping to US$ 13,492 million by October 2023. Subsequently, revenues stabilized with some fluctuations, ending at US$ 13,715 million in March 2025. This pattern indicates a strong revenue growth phase through mid-2022, followed by a pronounced correction and subsequent stabilization at a lower level.
Property, Plant and Equipment (Net of Accumulated Depreciation)
The net value of property, plant, and equipment (PP&E) showed a consistent and gradual increase throughout the entire period. Starting at US$ 14,040 million in March 2020, the PP&E value grew steadily each quarter, reaching US$ 18,347 million by March 2025. This trend suggests ongoing investments in fixed assets and capacity expansion, reflecting a long-term commitment to maintaining or enhancing operational infrastructure despite fluctuations in revenue.
Net Fixed Asset Turnover
The net fixed asset turnover ratio, reflecting revenue generated per unit of net fixed assets, was unavailable in the earlier periods but was recorded from December 2020 onward. Initially, the ratio showed a clear upward trend, increasing from 3.01 to a peak of 6.64 in October 2022, implying improved efficiency in utilizing fixed assets to generate revenues. After the peak, the turnover ratio declined steadily, falling to 3.40 by March 2025. This decline may correlate with the reduction in revenues after mid-2022 and suggests a decrease in asset utilization efficiency following the earlier peak performance.

In summary, the data reflects a period of strong revenue growth and improving asset efficiency up to mid-2022, accompanied by steady investments in fixed assets. The post-peak period exhibits a decline in both revenue and asset turnover, although the company’s asset base has continued to expand. Monitoring these trends may be essential for assessing future operational efficiency and revenue recovery strategies.


Total Asset Turnover

Pfizer Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Oct 1, 2023 Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Selected Financial Data (US$ in millions)
Revenues 13,715 17,763 17,702 13,283 14,879 14,568 13,492 13,007 18,486 24,289 22,638 27,742 25,661 23,838 24,035 18,899 14,516 11,684 10,277 9,864 10,083
Total assets 208,028 213,396 219,476 216,193 221,095 226,501 215,021 220,168 195,617 197,205 194,350 195,290 183,841 181,476 179,188 169,920 158,818 154,229 178,983 177,934 166,336
Long-term Activity Ratio
Total asset turnover1 0.30 0.30 0.28 0.26 0.25 0.26 0.32 0.36 0.48 0.51 0.51 0.52 0.50 0.45 0.39 0.33 0.29 0.27
Benchmarks
Total Asset Turnover, Competitors2
AbbVie Inc. 0.42 0.42 0.39 0.39 0.37 0.40 0.40 0.41 0.42 0.42 0.41 0.40 0.40 0.38 0.37 0.36 0.33 0.30
Amgen Inc. 0.37 0.35 0.34 0.32 0.30 0.28 0.28 0.28 0.28 0.38 0.38 0.41 0.41 0.40 0.37 0.40 0.38 0.39
Bristol-Myers Squibb Co. 0.52 0.52 0.51 0.49 0.46 0.47 0.49 0.48 0.49 0.48 0.48 0.47 0.46 0.42 0.41 0.40 0.38 0.36
Danaher Corp. 0.30 0.31 0.29 0.30 0.28 0.28 0.29 0.33 0.35 0.37 0.39 0.38 0.36 0.35 0.34 0.34 0.33 0.29
Eli Lilly & Co. 0.55 0.57 0.54 0.54 0.56 0.53 0.55 0.54 0.52 0.58 0.62 0.62 0.62 0.58 0.58 0.56 0.54 0.53
Gilead Sciences Inc. 0.51 0.48 0.52 0.52 0.48 0.43 0.44 0.44 0.43 0.43 0.43 0.43 0.43 0.40 0.41 0.39 0.37 0.36
Johnson & Johnson 0.46 0.49 0.49 0.48 0.50 0.51 0.53 0.47 0.47 0.51 0.55 0.54 0.53 0.52 0.51 0.51 0.49 0.47
Merck & Co. Inc. 0.56 0.55 0.54 0.55 0.58 0.56 0.56 0.56 0.54 0.54 0.55 0.53 0.51 0.46 0.51 0.52 0.51 0.52
Regeneron Pharmaceuticals Inc. 0.38 0.38 0.37 0.37 0.38 0.40 0.41 0.41 0.41 0.42 0.50 0.52 0.63 0.63 0.57 0.58 0.52 0.50
Thermo Fisher Scientific Inc. 0.43 0.44 0.42 0.43 0.44 0.43 0.45 0.46 0.46 0.46 0.49 0.47 0.44 0.41 0.53 0.57 0.54 0.47
Vertex Pharmaceuticals Inc. 0.49 0.49 0.48 0.51 0.43 0.43 0.44 0.47 0.49 0.49 0.52 0.54 0.56 0.56 0.57 0.55 0.53 0.53

Based on: 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).

1 Q1 2025 Calculation
Total asset turnover = (RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024) ÷ Total assets
= (13,715 + 17,763 + 17,702 + 13,283) ÷ 208,028 = 0.30

2 Click competitor name to see calculations.


The analysis of the financial data reveals distinct trends in revenues, total assets, and total asset turnover ratios over multiple quarters.

Revenues
Revenues exhibited considerable volatility across the periods analyzed. Starting at approximately 10,083 million USD in March 2020, revenues increased with some fluctuations, reaching a peak around 27,742 million USD in the third quarter of 2022. The period from early 2020 through mid-2021 saw significant revenue growth, notably between April and December 2021, where revenues jumped from 14,516 million to 23,838 million USD.
Following the peak, revenues experienced a notable decrease in 2023, dropping to roughly 13,007 million USD by mid-year, before showing slight recovery towards the end of 2023 and early 2024. The latest quarters in 2024 and early 2025 indicate a fluctuating pattern with revenues ranging between approximately 13,715 million and 17,763 million USD, suggesting some stabilization but at levels below the earlier peaks.
Total Assets
Total assets show a generally upward trend with periodic small declines. From March 2020's 166,336 million USD, total assets increased steadily, reaching a high of about 226,501 million USD in mid-2023. This increase denotes asset growth over the examined period, supporting expanded operational capacity or investment activities.
After this peak, total assets slightly declined but overall remained relatively stable around the 210,000 to 220,000 million USD range through to early 2025. The fluctuations do not appear sharp, suggesting moderate asset management changes and possibly cyclical adjustments.
Total Asset Turnover
The total asset turnover ratio, available from the third quarter of 2020, reflects the efficiency of asset utilization in generating revenues. Initially, the ratio was 0.27 and saw a steady increase, reaching a maximum of 0.52 by mid-2022. This trend indicates improving efficiency in using assets to drive sales during this period.
From late 2022 onward, the ratio declined, dropping to around 0.25 by the end of 2023. This decline represents a reduction in asset utilization efficiency, potentially as a result of the revenue decrease observed during the same timeframe.
In 2024 and early 2025, a slight recovery is visible, with the ratio improving to approximately 0.3, suggesting some enhancements in operational effectiveness, although it remains below the previous peak.

Overall, the data suggest a phase of growth in both revenue and assets until mid-2022, accompanied by increasing operational efficiency. Following this period, the company experienced revenue declines and reduced asset turnover efficiency, coupled with stabilizing total asset levels. These patterns may warrant deeper investigation into market conditions, product portfolio changes, or other external factors influencing performance in the latter periods.


Equity Turnover

Pfizer Inc., equity turnover calculation (quarterly data)

Microsoft Excel
Mar 30, 2025 Dec 31, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Oct 1, 2023 Jul 2, 2023 Apr 2, 2023 Dec 31, 2022 Oct 2, 2022 Jul 3, 2022 Apr 3, 2022 Dec 31, 2021 Oct 3, 2021 Jul 4, 2021 Apr 4, 2021 Dec 31, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020
Selected Financial Data (US$ in millions)
Revenues 13,715 17,763 17,702 13,283 14,879 14,568 13,492 13,007 18,486 24,289 22,638 27,742 25,661 23,838 24,035 18,899 14,516 11,684 10,277 9,864 10,083
Total Pfizer Inc. shareholders’ equity 90,338 88,203 92,286 87,700 92,282 89,014 96,934 99,019 100,970 95,661 92,631 87,208 82,424 77,201 75,691 70,042 68,620 63,238 65,259 64,336 65,026
Long-term Activity Ratio
Equity turnover1 0.69 0.72 0.65 0.64 0.61 0.67 0.71 0.79 0.92 1.05 1.08 1.16 1.12 1.05 0.91 0.79 0.68 0.66
Benchmarks
Equity Turnover, Competitors2
AbbVie Inc. 40.40 16.94 9.21 8.11 6.79 5.24 4.56 4.35 4.27 3.36 3.62 3.91 3.48 3.65 4.07 4.27 3.66 3.50
Amgen Inc. 5.28 5.45 4.14 4.99 5.61 4.32 3.35 3.73 4.66 6.77 6.71 10.17 26.68 3.63 2.96 2.93 2.56 2.58
Bristol-Myers Squibb Co. 2.74 2.96 2.77 2.73 2.76 1.53 1.55 1.41 1.44 1.49 1.43 1.45 1.49 1.29 1.22 1.21 1.14 1.12
Danaher Corp. 0.47 0.48 0.46 0.47 0.44 0.45 0.49 0.54 0.58 0.63 0.67 0.66 0.65 0.65 0.65 0.62 0.61 0.56
Eli Lilly & Co. 3.11 3.17 2.87 2.87 2.80 3.17 2.86 2.67 2.47 2.68 2.90 3.40 3.14 3.15 3.58 4.15 3.69 4.35
Gilead Sciences Inc. 1.49 1.48 1.52 1.51 1.56 1.18 1.22 1.28 1.27 1.27 1.27 1.34 1.37 1.28 1.27 1.34 1.33 1.34
Johnson & Johnson 1.14 1.24 1.25 1.21 1.22 1.24 1.23 1.20 1.30 1.24 1.29 1.25 1.27 1.27 1.30 1.28 1.28 1.31
Merck & Co. Inc. 1.32 1.39 1.42 1.43 1.52 1.60 1.44 1.51 1.24 1.29 1.33 1.32 1.32 1.28 1.33 1.41 1.73 1.90
Regeneron Pharmaceuticals Inc. 0.48 0.48 0.47 0.48 0.49 0.51 0.53 0.53 0.53 0.54 0.64 0.69 0.83 0.86 0.78 0.82 0.77 0.77
Thermo Fisher Scientific Inc. 0.87 0.86 0.86 0.89 0.93 0.92 0.96 0.99 1.04 1.02 1.01 1.01 1.00 0.96 1.01 1.04 1.02 0.93
Vertex Pharmaceuticals Inc. 0.67 0.67 0.68 0.70 0.55 0.56 0.58 0.61 0.64 0.64 0.67 0.70 0.73 0.75 0.75 0.73 0.71 0.71

Based on: 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).

1 Q1 2025 Calculation
Equity turnover = (RevenuesQ1 2025 + RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024) ÷ Total Pfizer Inc. shareholders’ equity
= (13,715 + 17,763 + 17,702 + 13,283) ÷ 90,338 = 0.69

2 Click competitor name to see calculations.


Revenues
The revenue figures demonstrate a fluctuating pattern over the observed periods. Initially, there was a moderate rise from 10,083 million USD in March 2020 to a first peak of 24,035 million USD in October 2021. This peak was followed by a decline to 13,007 million USD by July 2023. Subsequently, revenues showed some recovery, increasing to 17,763 million USD in March 2025 before declining again to 13,715 million USD by the end of March 2025. Overall, the revenue experienced substantial volatility, with a notable surge during 2021 and a decline in later periods.
Total Pfizer Inc. shareholders’ equity
Shareholders’ equity exhibited a general upward trend from 65,026 million USD in March 2020 to a peak of 100,970 million USD in April 2023. After reaching this high point, equity values showed a moderate decline, falling to 88,203 million USD by March 2025, with some fluctuations in between. This indicates that the company was increasing its equity base significantly until early 2023, possibly through retained earnings or capital infusions, but faced some reductions afterward.
Equity turnover
The equity turnover ratio, available from late 2020 onwards, shows an increasing trend from 0.66 to a peak of 1.16 during October 2022, suggesting improved efficiency in generating revenues from shareholders' equity during this period. Post this peak, the ratio declined steadily to approximately 0.69 by March 2025. This decline may reflect the combination of decreasing revenues and relatively higher equity levels, indicating a reduction in how effectively the company is utilizing equity to generate sales in recent quarters.
Summary
In summary, the company experienced substantial revenue growth peaking around late 2021, followed by a period of declining top-line performance. Shareholders’ equity grew continuously until early 2023 before experiencing moderate reductions. The equity turnover ratio mirrored these dynamics, showing improved efficiency in revenue generation from equity until late 2022, with a subsequent downturn suggesting a less efficient use of equity resources in recent periods. The financial data points to a phase of expansion followed by stabilization challenges requiring attention to operational or market factors influencing performance.