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: 2026-09-30), 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).
The long-term activity ratios demonstrate a consistent upward trajectory across all measured metrics from March 2022 through September 2026. This progression indicates a systemic improvement in asset utilization and revenue generation efficiency over the analyzed period, with a notable acceleration in performance beginning in late 2023 and early 2024.
- Fixed Asset Utilization
- Net fixed asset turnover exhibited a period of relative stability between March 2022 and June 2024, fluctuating within a range of 4.37 to 4.61. Following this period, a sustained increase is observed, with the ratio rising to 5.57 by September 2026. This trend is mirrored in the net fixed asset turnover including operating lease right-of-use assets, which grew from 3.87 to 5.05 over the same timeframe. The parallel growth in both metrics suggests that the increase in efficiency is driven by core fixed asset productivity rather than changes in leasing structures.
- Total Asset Efficiency
- Total asset turnover shows a gradual and steady improvement, moving from 0.41 in early 2022 to 0.54 by September 2026. While the growth is less aggressive than that of fixed asset turnover, the consistent quarterly increments indicate a broad-based improvement in the ability to generate sales from the entire asset base, including current and long-term assets.
- Equity Productivity
- Equity turnover experienced the most significant shift in trend. The ratio remained stable between 0.89 and 0.97 from March 2022 through September 2023. A sharp inflection point occurred in December 2023, where the ratio jumped to 1.15 and continued to climb, peaking at 1.41 in June 2026. This indicates a substantial increase in the volume of revenue generated per unit of shareholder equity, reflecting enhanced operational leverage or a strategic shift in the capital structure relative to revenue growth.
Overall, the data indicates that the organization has successfully transitioned from a phase of stable asset productivity into a phase of accelerated efficiency. The synchronized rise in fixed asset, total asset, and equity turnovers suggests an optimization of the balance sheet to support higher revenue throughput.
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Net Fixed Asset Turnover
RTX Corp., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | 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 | 24,965) | 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 | 17,235) | 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 | 5.57 | 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. | 5.69 | 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 | 6.64 | 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 | 5.93 | 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. | 12.42 | 8.28 | 8.07 | 8.09 | 5.65 | 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. | 6.87 | 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: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Fixed assets, net
= (24,965 + 24,708 + 22,076 + 24,238)
÷ 17,235 = 5.57
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a consistent improvement in asset utilization efficiency over the observed period from March 2022 to September 2026. A steady increase in the net fixed asset turnover ratio indicates that the organization is generating progressively higher volumes of revenue for every dollar invested in net fixed assets.
- Net Sales Performance
- Revenue exhibits a strong upward trajectory, growing from 15,716 million USD in March 2022 to 24,965 million USD by September 2026. While a significant temporary 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 consistently from late 2024 onward.
- Fixed Asset Growth
- The net fixed asset base grew at a moderate and controlled pace. Starting at 14,837 million USD in March 2022, the asset value reached 17,235 million USD by September 2026. This represents a gradual expansion of the company's productive capacity that remained relatively stable compared to the more volatile and aggressive growth seen in net sales.
- Net Fixed Asset Turnover Trend
- The turnover ratio shifted from 4.37 in March 2022 to 5.57 by September 2026. The period between March 2022 and December 2023 was characterized by relative stability, with the ratio fluctuating between 4.37 and 4.61. However, a distinct acceleration in efficiency began in 2024, with the ratio surpassing the 5.00 threshold by December 2024 and continuing to climb through 2026.
- Operational Efficiency Insight
- The divergence between the slow growth of fixed assets and the rapid increase in net sales suggests a significant optimization of existing capital. The ability to scale revenue by approximately 59% while only increasing net fixed assets by approximately 16% demonstrates enhanced operational leverage and a high rate of return on long-term physical investments.
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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)
| Sep 30, 2026 | 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 | 24,965) | 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 | 17,235) | 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 | 1,770) | 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) | 19,005) | 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 | 5.05 | 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 | 5.55 | 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: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Fixed assets, net (including operating lease, right-of-use asset)
= (24,965 + 24,708 + 22,076 + 24,238)
÷ 19,005 = 5.05
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a consistent improvement in asset utilization efficiency from March 2022 through September 2026. The overarching trend indicates a strengthening ability to generate higher revenue relative to the investment in net fixed assets.
- Net Sales Growth Trends
- Net sales exhibit a significant upward trajectory, increasing from 15,716 million USD in March 2022 to 24,965 million USD by September 2026. While a temporary decline is noted in September 2023, reaching 13,464 million USD, the subsequent quarters show a robust recovery and sustained growth, reflecting expanding top-line performance.
- Fixed Asset Base Stability
- Net fixed assets, inclusive of operating lease right-of-use assets, demonstrate a gradual and controlled increase. The asset base grew from 16,748 million USD in March 2022 to 19,005 million USD in September 2026. This modest growth rate relative to sales suggests that the company is expanding its operational capacity without requiring proportional increases in heavy capital investment.
- Net Fixed Asset Turnover Efficiency
- The net fixed asset turnover ratio shows a steady and positive progression, rising from 3.87 in March 2022 to 5.05 by September 2026. A period of accelerated efficiency gain is observed throughout 2024 and 2025, as the ratio moves from 4.11 in March 2024 to 4.72 by September 2025. This trend confirms that the company is achieving higher operational leverage, maximizing the productivity of its fixed asset investments to drive sales growth.
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Total Asset Turnover
RTX Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | 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 | 24,965) | 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 | 176,596) | 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 | 0.54 | 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. | 0.56 | 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 | 0.56 | 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 | 0.39 | 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. | 0.63 | 0.49 | 0.51 | 0.51 | 0.47 | 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 | 1.23 | 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: 2026-09-30), 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 Q3 2026 Calculation
Total asset turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Total assets
= (24,965 + 24,708 + 22,076 + 24,238)
÷ 176,596 = 0.54
2 Click competitor name to see calculations.
The company has demonstrated a consistent improvement in its operational efficiency regarding asset utilization from March 2022 through September 2026. The period is characterized by a steady increase in the total asset turnover ratio, indicating that the entity has become more effective at generating revenue from its asset base.
- Net Sales Performance
- Revenue exhibits a strong upward trajectory, growing from 15,716 million USD in March 2022 to 24,965 million USD by September 2026. While a significant temporary contraction occurred in September 2023, where sales dropped to 13,464 million USD, the recovery was immediate and robust. The overall growth in sales outpaced the growth of the asset base, serving as the primary driver for the improved turnover ratio.
- Asset Base Management
- Total assets remained relatively stable during the first half of the analyzed period, fluctuating slightly around the 160,000 million USD mark. A gradual increase began in 2024, with assets rising to 176,596 million USD by September 2026. The measured pace of asset expansion suggests a disciplined approach to capital investment, ensuring that new assets were integrated efficiently to support increasing sales volumes.
- Total Asset Turnover Ratio Trends
- The total asset turnover ratio transitioned from a period of stagnation to a period of steady growth. Between March 2022 and March 2023, the ratio remained largely flat, oscillating between 0.41 and 0.42. Starting in June 2024, a consistent quarterly climb is observed, with the ratio rising from 0.45 to a peak of 0.54 by June 2026. This progression indicates a meaningful increase in productivity per unit of investment, reflecting optimized asset utilization and stronger top-line performance.
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Equity Turnover
RTX Corp., equity turnover calculation (quarterly data)
| Sep 30, 2026 | 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 | 24,965) | 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 | 69,250) | 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 | 1.39 | 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. | 14.50 | 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 | 1.52 | 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 | 2.82 | 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. | 1.50 | 2.05 | 2.77 | 2.69 | 2.25 | 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. | 7.86 | 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: 2026-09-30), 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 Q3 2026 Calculation
Equity turnover
= (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
÷ Shareowners’ equity
= (24,965 + 24,708 + 22,076 + 24,238)
÷ 69,250 = 1.39
2 Click competitor name to see calculations.
A consistent upward trend in equity turnover is observed from March 2022 through September 2026, indicating a sustained improvement in the efficiency with which the company generates revenue relative to its equity base.
- Revenue Performance
- Net sales demonstrate a strong overall growth trajectory, increasing from 15,716 million US$ in March 2022 to 24,965 million US$ by September 2026. Despite a temporary contraction in September 2023, the subsequent recovery and continued expansion served as the primary driver for the improved turnover ratios.
- Equity Base Fluctuations
- Shareowners' equity remained relatively stable during the first year, peaking at 72,795 million US$ in March 2023. A notable decline occurred through the remainder of 2023, reaching a minimum of 59,798 million US$ in December 2023. From 2024 onward, a gradual recovery is observed, with equity rising to 69,250 million US$ by September 2026.
- Equity Turnover Analysis
- The equity turnover ratio transitioned from 0.89 in March 2022 to 1.39 in September 2026. A significant shift in efficiency is evident between June 2023 and December 2023, where the ratio rose from 0.97 to 1.15. This acceleration resulted from the simultaneous occurrence of increasing sales and a reduction in the equity base. Following this shift, the ratio stabilized at a higher plateau, generally maintaining values between 1.33 and 1.41 throughout 2024, 2025, and 2026, reflecting a more efficient utilization of shareholder capital to drive top-line growth.
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