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)
Sysco Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a general declining trend from the earliest available data point where values start at 13.35 and decrease steadily to a low near 10.24. However, from that low point, there is a consistent recovery and subsequent increase, reaching a peak around 16.25 before experiencing a slight decline towards the end, settling at approximately 14.34. This pattern suggests periods of reduced efficiency in utilizing fixed assets followed by improved asset utilization, though recent quarters indicate a mild slowdown.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- This ratio shows a similar but overall lower trend compared to the net fixed asset turnover excluding right-of-use assets. Starting at 13.35, the ratio decreases more sharply to a minimum near 8.88, then gradually rebounds, peaking around 14.10 before declining again. This indicates that when including right-of-use assets, the efficiency of asset utilization appears lower, reflecting the impact of operating leases on the asset base. The recovery post-decline suggests an improvement in managing both owned and leased assets over time, yet the level remains below earlier peaks.
- Total Asset Turnover
- The total asset turnover ratio initially declines from 3.35 to approximately 2.00, indicating a diminished ability to generate sales from total assets during this period. After reaching this trough, the ratio steadily improves, climbing back above 3.00 and maintaining stability around this level in recent quarters. This recovery implies an enhanced efficiency in using total assets to generate revenues, reflecting possible improvements in asset management or sales growth relative to asset base.
- Equity Turnover
- The equity turnover ratio exhibits significant volatility throughout the period. Initially, it remains around the low 20s to high 20s, then displays sharp fluctuations, peaking at an exceptionally high level near 63.93 before declining again. This variability suggests changes in how effectively shareholder equity is being employed to produce sales, possibly influenced by changes in equity base, profit margins, or sales volumes. The most recent quarters show a moderate pattern around the mid-30s to low 40s, indicating somewhat improved but fluctuating efficiency in the use of equity.
Net Fixed Asset Turnover
Sysco Corp., net fixed asset turnover calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Sales | 20,556) | 19,380) | 19,288) | 19,620) | 19,728) | 18,876) | 18,594) | 19,127) | 18,957) | 16,902) | 16,320) | 16,457) | 16,137) | 11,825) | 11,559) | 11,777) | 8,867) | 13,699) | 15,025) | 15,303) | 15,475) | 14,658) | 14,766) | 15,215) | |||||||
| Plant and equipment at cost, less accumulated depreciation | 5,497) | 5,290) | 5,157) | 5,021) | 4,915) | 4,649) | 4,562) | 4,463) | 4,456) | 4,345) | 4,307) | 4,343) | 4,326) | 4,298) | 4,383) | 4,405) | 4,459) | 4,605) | 4,594) | 4,493) | 4,502) | 4,377) | 4,376) | 4,467) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 14.34 | 14.75 | 15.03 | 15.30 | 15.53 | 16.25 | 16.13 | 15.98 | 15.40 | 15.15 | 14.10 | 12.89 | 11.86 | 10.24 | 10.47 | 11.21 | 11.86 | 12.92 | 13.16 | 13.40 | 13.35 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 8.60 | 8.87 | 8.84 | 8.87 | 8.91 | 8.91 | 8.94 | 9.02 | 9.04 | 8.84 | 8.57 | 8.34 | 8.18 | 7.89 | 7.77 | 7.60 | 7.48 | 7.31 | 7.21 | 7.12 | 7.15 | — | — | — | |||||||
| Target Corp. | 3.25 | 3.22 | 3.28 | 3.37 | 3.46 | 3.52 | 3.62 | 3.73 | 3.76 | 3.70 | 3.68 | 3.66 | 3.48 | 3.31 | 3.17 | 3.01 | 2.97 | — | — | — | — | — | — | — | |||||||
| Walmart Inc. | 5.51 | 5.59 | 5.67 | 5.74 | 5.73 | 5.82 | 5.79 | 5.75 | 5.74 | 5.88 | 5.87 | 5.88 | 5.77 | 5.08 | 5.08 | 4.98 | 4.74 | — | — | — | — | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).
1 Q4 2024 Calculation
Net fixed asset turnover
= (SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024
+ SalesQ1 2024)
÷ Plant and equipment at cost, less accumulated depreciation
= (20,556 + 19,380 + 19,288 + 19,620)
÷ 5,497 = 14.34
2 Click competitor name to see calculations.
The financial data reveals notable fluctuations and trends across sales, plant and equipment net values, and net fixed asset turnover over the analyzed periods.
- Sales
- Sales demonstrated an overall increasing trend throughout the reported quarters despite some periods of decline. From September 2018 to June 2020, sales decreased markedly, dropping from approximately 15,215 million USD to 8,867 million USD. This decline reflects a significant contraction, likely influenced by external disruptions. Following this, sales rebounded strongly, peaking at 19,728 million USD in July 2023 before experiencing a mild fluctuation but generally remaining above 19,000 million USD through mid-2024.
- Plant and Equipment at Cost, Less Accumulated Depreciation
- The net value of plant and equipment showed a steady incremental growth trend throughout the period. Starting at 4,467 million USD in September 2018, the value remained relatively stable with minor ups and downs until early 2020. From mid-2020 onward, the values increased consistently, reaching 5,497 million USD by June 2024. This steady rise suggests ongoing investments in fixed assets or capital expenditure contributing to asset base expansion.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio provides insight into the efficiency of asset utilization to generate sales. Beginning from values around 13.35 in March 2019, the ratio declined gradually until December 2020, hitting a low near 10.24, which indicates reduced efficiency during that period. Subsequently, the ratio improved significantly, reaching a peak of 16.25 in September 2023. This improvement corresponds with sales recovery and continued asset base growth, implying enhanced asset utilization and operational effectiveness in recent quarters. The ratio then demonstrated a slight downward adjustment entering mid-2024.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Sysco Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Sales | 20,556) | 19,380) | 19,288) | 19,620) | 19,728) | 18,876) | 18,594) | 19,127) | 18,957) | 16,902) | 16,320) | 16,457) | 16,137) | 11,825) | 11,559) | 11,777) | 8,867) | 13,699) | 15,025) | 15,303) | 15,475) | 14,658) | 14,766) | 15,215) | |||||||
| Plant and equipment at cost, less accumulated depreciation | 5,497) | 5,290) | 5,157) | 5,021) | 4,915) | 4,649) | 4,562) | 4,463) | 4,456) | 4,345) | 4,307) | 4,343) | 4,326) | 4,298) | 4,383) | 4,405) | 4,459) | 4,605) | 4,594) | 4,493) | 4,502) | 4,377) | 4,376) | 4,467) | |||||||
| Operating lease right-of-use assets, net | 923) | 882) | 824) | 774) | 732) | 709) | 709) | 705) | 723) | 787) | 725) | 751) | 709) | 661) | 636) | 621) | 604) | 621) | 631) | 627) | —) | —) | —) | —) | |||||||
| Plant and equipment at cost, less accumulated depreciation (including operating lease, right-of-use asset) | 6,420) | 6,173) | 5,982) | 5,795) | 5,647) | 5,358) | 5,271) | 5,167) | 5,180) | 5,132) | 5,032) | 5,094) | 5,035) | 4,959) | 5,018) | 5,026) | 5,062) | 5,225) | 5,225) | 5,120) | 4,502) | 4,377) | 4,376) | 4,467) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 12.28 | 12.64 | 12.96 | 13.26 | 13.52 | 14.10 | 13.96 | 13.80 | 13.25 | 12.82 | 12.07 | 10.99 | 10.19 | 8.88 | 9.15 | 9.82 | 10.45 | 11.39 | 11.57 | 11.76 | 13.35 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 7.89 | 8.11 | 8.04 | 8.08 | 8.09 | 8.04 | 8.05 | 8.12 | 8.12 | 7.94 | 7.67 | 7.43 | 7.28 | 7.02 | 6.88 | 6.75 | 6.64 | 6.48 | 6.43 | 6.35 | 7.15 | — | — | — | |||||||
| Target Corp. | 2.95 | 2.95 | 3.02 | 3.12 | 3.19 | 3.24 | 3.33 | 3.42 | 3.45 | 3.39 | 3.37 | 3.36 | 3.21 | 3.06 | 2.92 | 2.78 | 2.74 | — | — | — | — | — | — | — | |||||||
| Walmart Inc. | 4.93 | 4.99 | 5.04 | 5.09 | 5.08 | 5.15 | 5.09 | 5.04 | 5.04 | 5.14 | 5.13 | 5.14 | 5.05 | 4.38 | 4.38 | 4.30 | 4.09 | — | — | — | — | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).
1 Q4 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024
+ SalesQ1 2024)
÷ Plant and equipment at cost, less accumulated depreciation (including operating lease, right-of-use asset)
= (20,556 + 19,380 + 19,288 + 19,620)
÷ 6,420 = 12.28
2 Click competitor name to see calculations.
The data reveals distinct patterns in sales, plant and equipment values, and asset utilization ratios over the observation period.
- Sales Trends
- Sales experienced fluctuations, starting near 15.2 billion US dollars in late September 2018 and demonstrating a generally stable range around 14.5 to 15.5 billion until early 2020. In the second quarter of 2020, there was a marked decline to approximately 8.9 billion, likely influenced by external market disruptions. Subsequently, sales recovered steadily, reaching nearly 19 billion by mid-2022 before stabilizing in the high 18 to 19 billion range through early 2024. The latter quarters show a moderate upward trend, with the most recent quarter peaking above 20.5 billion.
- Plant and Equipment Values
- The net book value of plant and equipment increased gradually from about 4.5 billion US dollars in late 2018 to over 6.4 billion by mid-2024. Minor declines are present in early 2020 but the overall trend is upward, reflecting steady investment or capitalization. This consistent increase suggests ongoing capital expenditure or asset revaluation offsetting accumulated depreciation, maintaining the asset base despite operational challenges.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, indicating efficiency in utilizing fixed assets to generate sales, shows a declining trend from approximately 13.4 in early 2019 down to around 8.9 in late 2020. This reduction corresponds temporally with the decline in sales and increase in asset base, signaling decreased asset utilization efficiency during this period. However, from late 2020 onward, the ratio improves steadily, peaking near 14.1 in early 2023 before gradually tapering to around 12.3 by mid-2024. This suggests recovery in asset productivity following the initial downturn.
Total Asset Turnover
Sysco Corp., total asset turnover calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Sales | 20,556) | 19,380) | 19,288) | 19,620) | 19,728) | 18,876) | 18,594) | 19,127) | 18,957) | 16,902) | 16,320) | 16,457) | 16,137) | 11,825) | 11,559) | 11,777) | 8,867) | 13,699) | 15,025) | 15,303) | 15,475) | 14,658) | 14,766) | 15,215) | |||||||
| Total assets | 24,917) | 24,712) | 24,741) | 23,273) | 22,821) | 22,702) | 22,087) | 22,211) | 22,086) | 22,324) | 21,427) | 22,103) | 21,414) | 22,043) | 22,490) | 22,742) | 22,628) | 20,432) | 19,372) | 18,957) | 17,967) | 18,201) | 18,194) | 18,542) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Total asset turnover1 | 3.16 | 3.16 | 3.13 | 3.30 | 3.34 | 3.33 | 3.33 | 3.21 | 3.11 | 2.95 | 2.83 | 2.53 | 2.40 | 2.00 | 2.04 | 2.17 | 2.34 | 2.91 | 3.12 | 3.18 | 3.35 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 3.57 | 3.66 | 3.68 | 3.27 | 3.45 | 3.46 | 3.44 | 3.43 | 3.47 | 3.34 | 3.27 | 3.10 | 3.24 | 3.19 | 3.19 | 2.81 | 2.94 | 3.04 | 3.18 | 2.94 | 3.29 | — | — | — | |||||||
| Target Corp. | 1.94 | 1.90 | 2.03 | 2.10 | 2.05 | 1.95 | 2.06 | 2.10 | 1.97 | 1.90 | 1.95 | 1.94 | 1.83 | 1.75 | 1.76 | 1.79 | 1.83 | — | — | — | — | — | — | — | |||||||
| Walmart Inc. | 2.55 | 2.44 | 2.45 | 2.52 | 2.49 | 2.40 | 2.36 | 2.32 | 2.32 | 2.32 | 2.35 | 2.36 | 2.20 | 2.17 | 2.27 | 2.28 | 2.20 | — | — | — | — | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).
1 Q4 2024 Calculation
Total asset turnover
= (SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024
+ SalesQ1 2024)
÷ Total assets
= (20,556 + 19,380 + 19,288 + 19,620)
÷ 24,917 = 3.16
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns over the period under review. Sales figures exhibit a general upward trajectory despite periodic fluctuations, with a substantial dip observed around mid-2020, followed by a consistent recovery and growth through to mid-2024. This pattern suggests a resilience in revenue streams with potential market or operational impacts occurring during that mid-period.
Total assets demonstrate a relatively stable trend with gradual growth over the quarters. Initial values around 18,500 million US dollars increase moderately to nearly 25,000 million US dollars by mid-2024. This steady increase in total assets indicates an ongoing expansion or accumulation of resources, which may support operational capacity or strategic investments.
Total asset turnover ratios, available for partial periods, indicate an initial decline followed by a significant recovery and improvement. The ratio decreases from around 3.35 to lows near 2.00 in late 2020, coinciding with the sales dip and asset increase, implying reduced efficiency in asset utilization during that period. Subsequently, the ratio demonstrates a strong rebound, rising gradually to about 3.16 in mid-2024, reflecting enhanced effectiveness in generating sales from asset bases post-recovery.
- Sales
- Significant decline around the second quarter of 2020 is evident, with sales dropping from over 13,600 million to below 9,000 million US dollars. Following this decline, sales recover robustly, reaching peak levels exceeding 20,000 million US dollars by mid-2024.
- Pre-pandemic periods show stable sales figures fluctuating slightly around the 14,500 to 15,000 million range.
- Post-pandemic growth appears strong and sustained, indicating improved market conditions or operational performance.
- Total assets
- Demonstrate consistent growth from approximately 18,500 million to nearly 25,000 million US dollars over six years.
- Some modest fluctuations are present, but the overall trend is upward, reflecting asset accumulation or investment.
- The increase during the mid-2020 period suggests possible asset build-up during lower sales periods.
- Total asset turnover
- Ratio decreases sharply during 2019-2020, from above 3.3 to near 2.0, indicating decreased efficiency in using assets for revenue generation.
- The post-2020 period sees a recovery and improvement, with the ratio returning to approximately 3.1 to 3.3, suggesting a return to or improvement upon previous efficiency levels.
- This pattern aligns with the sales and asset trends, emphasizing an initial strain followed by operational recovery.
Overall, the data reflect a period of challenge around mid-2020, characterized by decreased sales and asset utilization efficiency, followed by a substantial recovery phase. The continued asset growth alongside rebounding sales and turnover ratios signals successful management response to adverse conditions and a strengthening financial position.
Equity Turnover
Sysco Corp., equity turnover calculation (quarterly data)
| Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Sales | 20,556) | 19,380) | 19,288) | 19,620) | 19,728) | 18,876) | 18,594) | 19,127) | 18,957) | 16,902) | 16,320) | 16,457) | 16,137) | 11,825) | 11,559) | 11,777) | 8,867) | 13,699) | 15,025) | 15,303) | 15,475) | 14,658) | 14,766) | 15,215) | |||||||
| Shareholders’ equity | 1,860) | 2,101) | 2,404) | 2,126) | 2,009) | 1,575) | 1,437) | 1,115) | 1,382) | 1,321) | 1,221) | 1,673) | 1,553) | 1,396) | 1,427) | 1,300) | 1,159) | 2,029) | 2,528) | 2,455) | 2,503) | 2,362) | 2,168) | 2,639) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||
| Equity turnover1 | 42.39 | 37.13 | 32.24 | 36.14 | 38.00 | 47.96 | 51.22 | 63.93 | 49.66 | 49.81 | 49.74 | 33.45 | 33.03 | 31.55 | 32.17 | 37.97 | 45.65 | 29.33 | 23.92 | 24.52 | 24.02 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 10.57 | 11.43 | 11.76 | 9.22 | 9.49 | 9.80 | 10.09 | 10.56 | 10.79 | 10.69 | 10.62 | 10.78 | 10.93 | 11.10 | 11.18 | 11.40 | 8.93 | 9.37 | 9.32 | 9.54 | 9.80 | — | — | — | |||||||
| Target Corp. | 8.00 | 8.54 | 9.01 | 9.42 | 9.72 | 9.87 | 10.18 | 9.93 | 8.26 | 7.49 | 6.75 | 6.56 | 6.48 | 6.65 | 6.73 | 7.17 | 6.60 | — | — | — | — | — | — | — | |||||||
| Walmart Inc. | 7.66 | 7.97 | 7.86 | 8.52 | 7.90 | 8.23 | 7.51 | 7.42 | 6.82 | 6.89 | 6.98 | 7.13 | 6.86 | 6.69 | 7.14 | 7.78 | 6.96 | — | — | — | — | — | — | — | |||||||
Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).
1 Q4 2024 Calculation
Equity turnover
= (SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024
+ SalesQ1 2024)
÷ Shareholders’ equity
= (20,556 + 19,380 + 19,288 + 19,620)
÷ 1,860 = 42.39
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends across sales, shareholders' equity, and equity turnover ratios over the observed periods.
- Sales
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Sales exhibit a generally fluctuating yet upward trajectory over the entire timeline. From approximately 15,215 million US dollars in late September 2018, sales experienced a decline moving into mid-2020, reaching a low point of around 8,867 million US dollars in June 2020. Subsequent quarters show a recovery trend with sales rising steadily, culminating in 20,556 million US dollars by June 2024.
This pattern suggests a significant impact likely associated with mid-2020 factors, followed by a robust rebound and growth phase. The recovery surpasses pre-decline levels, indicating resilience and strengthening sales performance towards the end of the period.
- Shareholders' Equity
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Shareholders' equity displays notable volatility with an overall downward shift over time. Starting at 2,639 million US dollars in September 2018, equity values declined sharply through the initial years, hitting lows near 1,159 million US dollars in mid-2020. Some intermittent recovery is visible thereafter, peaking at around 2,404 million US dollars in December 2023. Nonetheless, by June 2024, equity recedes again to approximately 1,860 million US dollars.
This uneven pattern suggests fluctuations in net asset value available to shareholders, possibly influenced by internal financial strategies, market conditions, or retained earnings variations. The mid-2020 low coincides with the sales low point, indicating significant pressure on equity during that time.
- Equity Turnover Ratio
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The equity turnover ratio, available from March 2019 onwards, indicates substantial increases following its initial recording in the 24.02–24.52 range. A sharp rise is evident around June 2020, peaking at 63.93 by October 2022, before experiencing some decline yet remaining elevated relative to initial values, settling near 42.39 in June 2024.
High equity turnover values signal increased efficiency in utilizing equity to generate sales. The peak periods coincide with times when shareholders' equity was at relatively low points while sales recovered strongly, demonstrating more effective use of equity capital during recovery phases.
In summary, the data illustrates a pronounced dip in sales and equity around mid-2020, followed by a strong sales rebound and fluctuating but generally diminished equity levels. The corresponding surge in equity turnover ratios during these periods implies improved capital efficiency amid fluctuating asset bases. These dynamics reflect the company’s adaptive financial performance through the stresses and recoveries of the observed quarters.