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)
RTX Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 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).
A comprehensive review of long-term activity ratios reveals a consistent upward trajectory in asset and equity utilization efficiency over the analyzed period. While metrics remained relatively stable between early 2022 and mid-2024, a marked acceleration in efficiency is observable from late 2024 through June 2026.
- Net Fixed Asset Turnover
- The efficiency of fixed assets in generating revenue demonstrated steady growth, rising from 4.37 in March 2022 to 5.51 by June 2026. A significant inflection point occurred in September 2024, where the ratio climbed from the 4.6 range to nearly 5.0, signaling a substantial improvement in the productivity of the company's long-term physical infrastructure.
- Net Fixed Asset Turnover including Operating Leases
- When incorporating right-of-use assets, the turnover ratio mirrors the general trend of the standard fixed asset turnover but at a lower baseline. This ratio increased from 3.87 in March 2022 to 5.00 in June 2026. The convergence toward higher values suggests that both owned and leased assets are being utilized more intensively to drive top-line growth.
- Total Asset Turnover
- Total asset utilization showed a more gradual but steady improvement. After maintaining a tight range between 0.41 and 0.44 for over two years, the ratio began a consistent ascent in late 2024, reaching 0.54 by June 2026. This indicates an overall enhancement in the company's ability to generate sales from its entire asset base, including current and non-current assets.
- Equity Turnover
- Equity turnover experienced the most pronounced shift in the dataset. After remaining under 1.00 for the first several quarters, the ratio surged to 1.15 in December 2023 and continued upward to reach 1.41 by June 2026. This trend reflects a significant increase in the volume of revenue generated relative to shareholder equity, suggesting enhanced capital efficiency.
The synchronized increase across all four activity ratios indicates a systemic improvement in operational efficiency. The transition from stable ratios to an accelerating growth phase suggests that the company is successfully scaling its revenue generation without a proportional increase in its asset or equity base.
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Net Fixed Asset Turnover
RTX Corp., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 24,708) | 22,076) | 24,238) | 22,478) | 21,581) | 20,306) | 21,623) | 20,089) | 19,721) | 19,305) | 19,927) | 13,464) | 18,315) | 17,214) | 18,093) | 16,951) | 16,314) | 15,716) | ||||||
| Fixed assets, net | 16,965) | 16,842) | 16,868) | 16,325) | 16,205) | 16,135) | 16,089) | 15,886) | 15,693) | 15,638) | 15,748) | 15,347) | 15,295) | 15,149) | 15,170) | 14,668) | 14,741) | 14,837) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 5.51 | 5.37 | 5.25 | 5.27 | 5.16 | 5.07 | 5.02 | 4.98 | 4.61 | 4.54 | 4.38 | 4.37 | 4.61 | 4.53 | 4.42 | 4.50 | 4.43 | 4.37 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Boeing Co. | 5.76 | 5.85 | 5.82 | 6.69 | 6.46 | 6.06 | 5.83 | 6.52 | 6.70 | 7.15 | 7.30 | 7.23 | 7.04 | 6.72 | 6.31 | 5.85 | 5.72 | 5.68 | ||||||
| Caterpillar Inc. | 4.54 | 4.40 | 4.23 | 4.27 | 4.29 | 4.45 | 4.59 | 4.85 | 5.01 | 5.08 | 5.04 | 5.17 | 5.10 | 4.91 | 4.70 | 4.62 | 4.36 | 4.18 | ||||||
| Eaton Corp. plc | 6.39 | 6.24 | 6.36 | 6.55 | 6.45 | 6.72 | 6.67 | 6.63 | 6.70 | 6.65 | 6.57 | 6.77 | 6.75 | 6.67 | 6.59 | 6.80 | 6.50 | 6.38 | ||||||
| GE Aerospace | 5.83 | 5.64 | 5.30 | 5.30 | 5.05 | 4.85 | 4.83 | 6.03 | 7.23 | 4.77 | 5.17 | 5.50 | 5.58 | 5.84 | 5.08 | 5.04 | 4.83 | 4.73 | ||||||
| Honeywell International Inc. | 8.28 | 8.07 | 8.09 | 5.80 | 5.94 | 6.17 | 6.22 | 6.50 | 6.49 | 6.48 | 6.48 | 6.64 | 6.59 | 6.57 | 6.48 | 6.54 | 6.45 | 6.27 | ||||||
| Lockheed Martin Corp. | 6.76 | 6.66 | 8.46 | 8.41 | 8.29 | 8.24 | 8.14 | 8.43 | 8.47 | 8.34 | 8.07 | 8.41 | 8.46 | 8.33 | 8.27 | 8.48 | 8.48 | 8.70 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 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).
1 Q2 2026 Calculation
Net fixed asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Fixed assets, net
= (24,708 + 22,076 + 24,238 + 22,478)
÷ 16,965 = 5.51
2 Click competitor name to see calculations.
An analysis of the long-term activity ratios reveals a consistent improvement in asset productivity over the observed period. The efficiency with which fixed assets are utilized to generate revenue has shifted from a period of relative stability to one of accelerated growth, indicating an optimized relationship between capital investment and sales output.
- Revenue Growth and Asset Utilization
- Net sales exhibited a strong upward trajectory, increasing from 15,716 million in March 2022 to 24,708 million by June 2026. Throughout this period, net fixed assets grew at a significantly slower pace, rising from 14,837 million to 16,965 million. This divergence suggests that revenue growth is being driven by increased operational efficiency rather than proportional increases in physical infrastructure.
- Net Fixed Asset Turnover Trends
- The net fixed asset turnover ratio remained within a narrow range between 4.37 and 4.61 from March 2022 through March 2024. A notable inflection point occurred in late 2024, where the ratio surpassed the 5.0 threshold for the first time. By June 2026, the ratio reached 5.51, representing a substantial increase in the volume of sales generated per unit of net fixed assets.
- Volatility and Recovery Patterns
- A temporary contraction in performance is observed in September 2023, where net sales dropped to 13,464 million, causing the turnover ratio to decline to 4.37. However, this was followed by a rapid recovery and a subsequent trend of continuous improvement, suggesting that the underlying drivers of asset efficiency remained intact despite short-term fluctuations.
- Operational Efficiency Insight
- The steady climb in the turnover ratio toward 5.51 indicates an enhancing capacity to scale operations without requiring commensurate capital expenditure in fixed assets. This trend reflects improved asset turnover and suggests a higher return on the company's long-term investment in physical property, plant, and equipment.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
RTX Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 24,708) | 22,076) | 24,238) | 22,478) | 21,581) | 20,306) | 21,623) | 20,089) | 19,721) | 19,305) | 19,927) | 13,464) | 18,315) | 17,214) | 18,093) | 16,951) | 16,314) | 15,716) | ||||||
| Fixed assets, net | 16,965) | 16,842) | 16,868) | 16,325) | 16,205) | 16,135) | 16,089) | 15,886) | 15,693) | 15,638) | 15,748) | 15,347) | 15,295) | 15,149) | 15,170) | 14,668) | 14,741) | 14,837) | ||||||
| Operating lease right-of-use assets | 1,727) | 1,773) | 1,887) | 1,899) | 1,869) | 1,899) | 1,864) | 1,846) | 1,664) | 1,639) | 1,638) | 1,755) | 1,812) | 1,844) | 1,829) | 1,802) | 1,866) | 1,911) | ||||||
| Fixed assets, net (including operating lease, right-of-use asset) | 18,692) | 18,615) | 18,755) | 18,224) | 18,074) | 18,034) | 17,953) | 17,732) | 17,357) | 17,277) | 17,386) | 17,102) | 17,107) | 16,993) | 16,999) | 16,470) | 16,607) | 16,748) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 5.00 | 4.85 | 4.72 | 4.72 | 4.63 | 4.53 | 4.50 | 4.46 | 4.17 | 4.11 | 3.96 | 3.92 | 4.13 | 4.04 | 3.95 | 4.01 | 3.93 | 3.87 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||
| Eaton Corp. plc | 5.40 | 5.26 | 5.40 | 5.59 | 5.48 | 5.53 | 5.49 | 5.43 | 5.50 | 5.53 | 5.55 | 5.74 | 5.71 | 5.65 | 5.58 | 5.73 | 5.59 | 5.58 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 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).
1 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Fixed assets, net (including operating lease, right-of-use asset)
= (24,708 + 22,076 + 24,238 + 22,478)
÷ 18,692 = 5.00
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a consistent long-term upward trajectory, rising from 3.87 in March 2022 to 5.00 by June 2026. This trend indicates a progressive increase in operational efficiency, as the company has successfully generated higher volumes of revenue relative to its investment in fixed assets, including right-of-use assets.
- Revenue Growth and Volatility
- Net sales grew from 15,716 million US$ in March 2022 to 24,708 million US$ by June 2026. While a significant temporary contraction occurred in September 2023, where sales dropped to 13,464 million US$, the subsequent recovery was robust, with sales consistently expanding in the following quarters.
- Fixed Asset Stability
- The investment in net fixed assets remained relatively stable throughout the analyzed period, moving from 16,748 million US$ to 18,692 million US$. The modest growth rate of the asset base compared to the aggressive growth in net sales explains the steady climb in the turnover ratio.
- Asset Utilization Efficiency
- A marked acceleration in asset productivity is observed starting in early 2024. The turnover ratio climbed from 4.11 in March 2024 to a peak of 5.00 in June 2026. This suggests that the company is effectively sweating its existing assets and optimizing capacity to handle increased demand without requiring proportional increases in capital expenditure.
- Ratio Correlation
- The correlation between the stable asset base and rising revenue suggests a shift toward higher asset productivity. The increase in the ratio from approximately 3.9 to 5.0 represents a substantial improvement in the efficiency of long-term investment utilization over the five-year quarterly sequence.
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Total Asset Turnover
RTX Corp., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 24,708) | 22,076) | 24,238) | 22,478) | 21,581) | 20,306) | 21,623) | 20,089) | 19,721) | 19,305) | 19,927) | 13,464) | 18,315) | 17,214) | 18,093) | 16,951) | 16,314) | 15,716) | ||||||
| Total assets | 173,972) | 170,431) | 171,079) | 168,672) | 167,139) | 164,864) | 162,861) | 164,822) | 161,169) | 160,187) | 161,869) | 162,443) | 162,161) | 161,636) | 158,864) | 158,225) | 159,017) | 159,366) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.54 | 0.53 | 0.52 | 0.51 | 0.50 | 0.50 | 0.50 | 0.48 | 0.45 | 0.44 | 0.43 | 0.41 | 0.44 | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Boeing Co. | 0.57 | 0.56 | 0.53 | 0.54 | 0.49 | 0.44 | 0.43 | 0.53 | 0.52 | 0.57 | 0.57 | 0.56 | 0.55 | 0.52 | 0.49 | 0.45 | 0.45 | 0.45 | ||||||
| Caterpillar Inc. | 0.69 | 0.70 | 0.65 | 0.65 | 0.66 | 0.70 | 0.70 | 0.72 | 0.76 | 0.76 | 0.73 | 0.73 | 0.72 | 0.70 | 0.69 | 0.66 | 0.63 | 0.61 | ||||||
| Eaton Corp. plc | 0.53 | 0.52 | 0.67 | 0.66 | 0.64 | 0.65 | 0.65 | 0.63 | 0.61 | 0.61 | 0.60 | 0.61 | 0.60 | 0.60 | 0.59 | 0.59 | 0.56 | 0.56 | ||||||
| GE Aerospace | 0.37 | 0.35 | 0.33 | 0.31 | 0.30 | 0.29 | 0.29 | 0.35 | 0.42 | 0.36 | 0.40 | 0.43 | 0.42 | 0.43 | 0.39 | 0.40 | 0.39 | 0.37 | ||||||
| Honeywell International Inc. | 0.49 | 0.51 | 0.51 | 0.48 | 0.49 | 0.51 | 0.51 | 0.52 | 0.54 | 0.56 | 0.60 | 0.59 | 0.58 | 0.60 | 0.57 | 0.58 | 0.55 | 0.54 | ||||||
| Lockheed Martin Corp. | 1.23 | 1.27 | 1.25 | 1.22 | 1.22 | 1.27 | 1.28 | 1.28 | 1.29 | 1.27 | 1.29 | 1.19 | 1.18 | 1.21 | 1.25 | 1.24 | 1.24 | 1.28 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 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).
1 Q2 2026 Calculation
Total asset turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Total assets
= (24,708 + 22,076 + 24,238 + 22,478)
÷ 173,972 = 0.54
2 Click competitor name to see calculations.
The total asset turnover exhibits a consistent upward trajectory over the analyzed period, indicating a steady improvement in the efficiency with which assets are utilized to generate revenue. The overall trend demonstrates that revenue growth has significantly outpaced the expansion of the asset base, leading to enhanced operational productivity.
- Net Sales Performance
- Revenue shows a sustained growth trend, rising from 15,716 million USD in March 2022 to 24,708 million USD by June 2026. While a notable contraction occurred in September 2023, where sales dropped to 13,464 million USD, the subsequent recovery was rapid, with sales exceeding 20,000 million USD per quarter starting in late 2024.
- Total Asset Base Evolution
- The asset base remained relatively stable throughout the first half of the period, fluctuating narrowly around 160,000 million USD. A gradual expansion phase began in 2024, with total assets increasing to 173,972 million USD by June 2026. This controlled growth suggests that the increase in revenue was not driven by aggressive capital expenditure, but rather by better utilization of existing resources.
- Asset Turnover Ratio Analysis
- The turnover ratio improved from 0.41 in March 2022 to 0.54 by June 2026. The period can be divided into two phases: a phase of relative stability between March 2022 and March 2024, where the ratio fluctuated between 0.41 and 0.44, and a phase of consistent acceleration starting in June 2024. From June 2024 onward, the ratio climbed steadily from 0.45 to 0.54, reflecting a marked increase in the company's ability to convert its investment in assets into top-line growth.
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Equity Turnover
RTX Corp., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 3, 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net sales | 24,708) | 22,076) | 24,238) | 22,478) | 21,581) | 20,306) | 21,623) | 20,089) | 19,721) | 19,305) | 19,927) | 13,464) | 18,315) | 17,214) | 18,093) | 16,951) | 16,314) | 15,716) | ||||||
| Shareowners’ equity | 66,377) | 66,280) | 65,245) | 64,514) | 62,398) | 61,516) | 60,156) | 61,114) | 58,985) | 60,485) | 59,798) | 69,596) | 72,480) | 72,795) | 72,632) | 70,187) | 70,441) | 72,462) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 1.41 | 1.36 | 1.36 | 1.33 | 1.34 | 1.33 | 1.34 | 1.29 | 1.23 | 1.17 | 1.15 | 0.96 | 0.97 | 0.94 | 0.92 | 0.94 | 0.93 | 0.89 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Boeing Co. | 15.41 | 15.40 | 16.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 3.66 | 3.59 | 3.00 | 2.96 | 3.19 | 3.31 | 3.15 | 3.21 | 3.68 | 3.61 | 3.28 | 3.10 | 3.39 | 3.24 | 3.57 | 3.45 | 3.26 | 2.92 | ||||||
| Eaton Corp. plc | 1.48 | 1.45 | 1.41 | 1.41 | 1.40 | 1.37 | 1.35 | 1.29 | 1.26 | 1.23 | 1.22 | 1.23 | 1.23 | 1.23 | 1.22 | 1.26 | 1.21 | 1.19 | ||||||
| GE Aerospace | 2.69 | 2.49 | 2.27 | 2.14 | 1.98 | 1.87 | 1.82 | 2.32 | 2.76 | 1.97 | 2.36 | 2.34 | 2.21 | 2.24 | 2.02 | 2.29 | 2.06 | 1.82 | ||||||
| Honeywell International Inc. | 2.05 | 2.77 | 2.69 | 2.31 | 2.36 | 2.19 | 2.07 | 2.17 | 2.20 | 2.24 | 2.31 | 2.11 | 2.09 | 2.13 | 2.12 | 1.97 | 1.96 | 1.87 | ||||||
| Lockheed Martin Corp. | 8.78 | 10.03 | 11.17 | 11.87 | 13.47 | 10.75 | 11.22 | 9.90 | 11.51 | 10.47 | 9.89 | 7.30 | 7.29 | 6.86 | 7.12 | 5.41 | 5.61 | 6.57 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-03), 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).
1 Q2 2026 Calculation
Equity turnover
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ Shareowners’ equity
= (24,708 + 22,076 + 24,238 + 22,478)
÷ 66,377 = 1.41
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a sustained improvement in revenue generation efficiency relative to the equity base from March 2022 through June 2026. The ratio exhibits a consistent upward trajectory, evolving from a sub-1.0 level to a peak of 1.41, which indicates an enhanced ability to leverage shareowners' equity to drive net sales.
- Net Sales Performance
- A general expansion in net sales is observed, with values increasing from 15,716 million USD in March 2022 to 24,708 million USD by June 2026. Despite a significant temporary contraction in September 2023, the overall trend remains positive, providing the necessary numerator growth to elevate the turnover ratio over the analyzed period.
- Shareowners' Equity Fluctuations
- Equity levels demonstrated a period of contraction followed by a gradual recovery. From a peak of 72,462 million USD in March 2022, equity declined to a low of 59,798 million USD by December 2023. Although equity subsequently trended upward to reach 66,377 million USD by June 2026, it remained below early 2022 levels. This reduction in the equity base contributed significantly to the acceleration of the turnover ratio.
- Equity Turnover Dynamics
- The equity turnover ratio rose steadily from 0.89 in March 2022 to 1.41 in June 2026. A critical inflection point occurred between September 2023 and December 2023, where the ratio jumped from 0.96 to 1.15. This shift suggests a strategic or operational transition toward a more lean equity structure combined with increasing sales volume, resulting in a more efficient use of investment capital.
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