Stock Analysis on Net

Target Corp. (NYSE:TGT)

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

Microsoft Excel

Long-term Activity Ratios (Summary)

Target Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Net fixed asset turnover 3.15 3.19 3.23 3.27 3.24 3.22 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
Net fixed asset turnover (including operating lease, right-of-use asset) 2.84 2.87 2.90 2.95 2.93 2.91 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
Total asset turnover 1.83 1.88 1.84 1.84 1.92 1.93 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
Equity turnover 6.85 7.08 7.27 7.42 7.44 7.70 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

Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).


Net Fixed Asset Turnover
The net fixed asset turnover ratio began to be recorded starting from February 2020 at 2.97. It showed a gradual increasing trend through the year 2021, peaking at 3.76 in April 2022. After this peak, the ratio experienced a slow decline, dropping to 3.15 by August 2025. This suggests that the efficiency in using fixed assets to generate sales improved notably until mid-2022, followed by a moderate decrease over the next three years.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
This ratio followed a similar pattern to the standard net fixed asset turnover but at slightly lower values overall. Starting at 2.74 in February 2020, it increased to a high of 3.45 in April 2022. Post this peak, there was a steady decline down to 2.84 by August 2025. The inclusion of operating lease assets appears to reduce the turnover ratio slightly, indicating these assets have a dilutive effect on turnover but follow the same overall trend.
Total Asset Turnover
Total asset turnover showed initial values of 1.83 in February 2020, followed by a slight decline through late 2020 to 1.75 in February 2021. Thereafter, it demonstrated a recovery and upward trend, reaching a peak of 2.10 in April and October 2022. After this, the ratio fluctuated, ending at 1.83 in August 2025. This pattern indicates that asset utilization efficiency improved significantly during 2021 and 2022 but returned to prior levels in subsequent years.
Equity Turnover
The equity turnover ratio exhibited notable growth from 6.60 in February 2020 to a peak of 10.18 in April 2022, indicating increased efficiency in generating revenue from shareholders' equity during this time. Following the peak, the ratio steadily declined, reaching 6.85 in August 2025. This decline could suggest changes in capital structure, decreased revenue relative to equity, or increased equity base diluting turnover efficiency over the later period.

Net Fixed Asset Turnover

Target Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Net sales 25,211 23,846 30,915 25,668 25,452 24,531 31,919 25,398 24,773 25,322 31,395 26,518 26,037 25,170 30,996 25,652 25,160 24,197 28,339 22,632 22,975 19,615 23,398 18,665 18,422 17,627
Property and equipment, net 33,568 33,182 33,022 32,931 33,075 33,114 33,096 33,168 32,947 32,396 31,512 30,921 29,820 28,670 28,181 27,915 27,244 26,804 26,879 26,773 26,739 26,589 26,283 26,384 26,012 25,706
Long-term Activity Ratio
Net fixed asset turnover1 3.15 3.19 3.23 3.27 3.24 3.22 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
Benchmarks
Net Fixed Asset Turnover, Competitors2
Costco Wholesale Corp. 8.62 8.69 8.65 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
Walmart Inc. 5.22 5.33 5.35 5.44 5.48 5.53 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-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q2 2026 Calculation
Net fixed asset turnover = (Net salesQ2 2026 + Net salesQ1 2026 + Net salesQ4 2025 + Net salesQ3 2025) ÷ Property and equipment, net
= (25,211 + 23,846 + 30,915 + 25,668) ÷ 33,568 = 3.15

2 Click competitor name to see calculations.


Net Sales
The net sales figures demonstrate variability with an overall upward trend punctuated by periodic fluctuations. Starting from approximately $17.6 billion in May 2019, sales peak repeatedly around $31 billion by early 2025. Notable increases occur in February 2020, January 2021, and late 2024, indicative of possible seasonality or promotional activity. Some declines follow these peaks, suggesting cyclicality in revenue generation.
Property and Equipment, Net
Property and equipment, net, remains relatively stable with gradual growth over the period. Valued at around $25.7 billion in May 2019, the amount modestly rises to approximately $33.6 billion by mid-2025. The steady increase indicates ongoing investment or capital expenditures. The incremental changes reflect a consistent asset base expansion rather than abrupt shifts.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio starts at about 2.97 in early 2020 and shows a rising trend that peaks near 3.76 in April 2022. This indicates improving efficiency in utilizing fixed assets to generate sales during that time. Following this peak, the ratio gradually declines to approximately 3.15 by August 2025. The initial increase suggests enhanced asset productivity or sales gains outpacing asset growth, while the later decline possibly reflects slower sales growth relative to asset base expansion or decreased asset utilization efficiency.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Target Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)

Microsoft Excel
Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Net sales 25,211 23,846 30,915 25,668 25,452 24,531 31,919 25,398 24,773 25,322 31,395 26,518 26,037 25,170 30,996 25,652 25,160 24,197 28,339 22,632 22,975 19,615 23,398 18,665 18,422 17,627
 
Property and equipment, net 33,568 33,182 33,022 32,931 33,075 33,114 33,096 33,168 32,947 32,396 31,512 30,921 29,820 28,670 28,181 27,915 27,244 26,804 26,879 26,773 26,739 26,589 26,283 26,384 26,012 25,706
Operating lease assets 3,694 3,739 3,763 3,513 3,545 3,486 3,362 3,086 2,840 2,640 2,657 2,596 2,542 2,571 2,556 2,539 2,503 2,362 2,227 2,208 2,233 2,235 2,236 2,151 2,062 2,019
Property and equipment, net (including operating lease, right-of-use asset) 37,262 36,921 36,785 36,444 36,620 36,600 36,458 36,254 35,787 35,036 34,169 33,517 32,362 31,241 30,737 30,454 29,747 29,166 29,106 28,981 28,972 28,824 28,519 28,535 28,074 27,725
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 2.84 2.87 2.90 2.95 2.93 2.91 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
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Costco Wholesale Corp. 7.92 8.01 7.97 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
Walmart Inc. 4.72 4.82 4.83 4.89 4.93 4.96 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-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

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) ÷ Property and equipment, net (including operating lease, right-of-use asset)
= (25,211 + 23,846 + 30,915 + 25,668) ÷ 37,262 = 2.84

2 Click competitor name to see calculations.


Net Sales
Net sales exhibit a fluctuating but generally upward trend over the observed periods. Starting at 17,627 million USD in May 2019, sales saw intermittent increases and declines, with notable peaks in February 2021 (28,339 million USD), January 2023 (31,395 million USD), and February 2024 (31,919 million USD). Despite these peaks, some quarters such as May 2020, May 2022, and May 2025 experienced significant reductions compared to preceding quarters. This pattern suggests seasonality or external influences impacting sales performance periodically.
Property and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
This asset category shows a consistent and steady increase throughout the timeline. From 27,725 million USD in May 2019, the net property and equipment value rose incrementally each period, reaching 37,262 million USD by August 2025. The growth appears linear without any significant fluctuations, indicating ongoing investment or capitalization in property and equipment assets.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
The net fixed asset turnover ratio was only reported starting February 2020 at 2.74 and demonstrated a gradual increase through early 2022, peaking around 3.45 in April 2022, which signifies an improved efficiency in utilizing fixed assets to generate sales. From that peak, the ratio experiences a steady decline, moving down to approximately 2.84 by August 2025. This downtrend suggests decreasing asset utilization efficiency after 2022, potentially due to increased asset base without proportional sales growth or other operational factors.

Total Asset Turnover

Target Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Net sales 25,211 23,846 30,915 25,668 25,452 24,531 31,919 25,398 24,773 25,322 31,395 26,518 26,037 25,170 30,996 25,652 25,160 24,197 28,339 22,632 22,975 19,615 23,398 18,665 18,422 17,627
Total assets 57,851 56,185 57,769 58,531 55,995 55,117 55,356 56,229 53,206 52,150 53,335 55,615 52,470 50,842 53,811 54,411 51,385 50,471 51,248 50,661 48,000 44,806 42,779 43,741 41,566 40,619
Long-term Activity Ratio
Total asset turnover1 1.83 1.88 1.84 1.84 1.92 1.93 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
Benchmarks
Total Asset Turnover, Competitors2
Costco Wholesale Corp. 3.49 3.54 3.46 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
Walmart Inc. 2.53 2.59 2.59 2.53 2.59 2.56 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-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q2 2026 Calculation
Total asset turnover = (Net salesQ2 2026 + Net salesQ1 2026 + Net salesQ4 2025 + Net salesQ3 2025) ÷ Total assets
= (25,211 + 23,846 + 30,915 + 25,668) ÷ 57,851 = 1.83

2 Click competitor name to see calculations.


Net Sales
The net sales figures exhibit a cyclical pattern with notable fluctuations over the periods analyzed. From May 2019 to February 2020, net sales rose from approximately 17.6 billion USD to nearly 23.4 billion USD, indicating substantial growth. However, the period immediately following saw some declines and recoveries, with sales oscillating between roughly 19.6 billion and 31.4 billion USD in subsequent quarters. The highest sales values tend to occur near the first quarter of each year, suggesting seasonal factors. Towards the later part of the dataset, from early 2023 to mid-2025, net sales maintain a somewhat steady range generally oscillating between 23.8 billion USD and 31.9 billion USD, with no consistent upward or downward trend but rather short-term variations.
Total Assets
Total assets steadily increased from approximately 40.6 billion USD in May 2019 to a peak of around 58.5 billion USD by late 2024. Despite minor fluctuations, the overall trajectory is upward, indicating asset base expansion. Small dips are observed around mid-2022 and early 2024, but these are temporary and followed by rebounds. This steady growth in assets reflects ongoing investment or accumulation of resources over the analyzed quarters.
Total Asset Turnover
The total asset turnover ratio, available starting from November 2019, generally remains within the range of approximately 1.75 to 2.1. It demonstrates relative stability with mild oscillations. The ratio peaks around mid-2022 to early 2023, reaching values close to 2.1, implying higher efficiency in generating sales from assets during that period. Afterward, the turnover ratio slightly decreases, settling closer to 1.83 towards mid-2025, indicating a marginal reduction in asset utilization efficiency.
Overall Insights
Combining the trends, the company shows consistent growth in total assets over time with net sales exhibiting seasonal and cyclical fluctuations but no definitive long-term upward or downward trend in the most recent periods. The asset turnover ratio’s stability around 2.0 suggests the company maintains steady operational efficiency in leveraging its asset base to generate revenue, though some decline is evident at the end of the dataset. The rise in assets without proportionate sustained growth in sales in some recent quarters may warrant monitoring the efficiency of asset use going forward.

Equity Turnover

Target Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Selected Financial Data (US$ in millions)
Net sales 25,211 23,846 30,915 25,668 25,452 24,531 31,919 25,398 24,773 25,322 31,395 26,518 26,037 25,170 30,996 25,652 25,160 24,197 28,339 22,632 22,975 19,615 23,398 18,665 18,422 17,627
Shareholders’ investment 15,420 14,947 14,666 14,489 14,429 13,840 13,432 12,514 11,990 11,605 11,232 11,019 10,592 10,774 12,827 13,803 14,860 14,959 14,440 13,319 12,578 11,169 11,833 11,545 11,836 11,117
Long-term Activity Ratio
Equity turnover1 6.85 7.08 7.27 7.42 7.44 7.70 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
Benchmarks
Equity Turnover, Competitors2
Costco Wholesale Corp. 9.72 10.13 10.38 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
Walmart Inc. 7.62 8.10 7.41 7.58 7.81 8.02 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-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).

1 Q2 2026 Calculation
Equity turnover = (Net salesQ2 2026 + Net salesQ1 2026 + Net salesQ4 2025 + Net salesQ3 2025) ÷ Shareholders’ investment
= (25,211 + 23,846 + 30,915 + 25,668) ÷ 15,420 = 6.85

2 Click competitor name to see calculations.


The financial data for the periods spanning from May 2019 to August 2025 reveal several notable trends across net sales, shareholders’ investment, and equity turnover ratio.

Net Sales
Net sales display a pattern of fluctuations with a generally upward trajectory interrupted by intermittent decreases. Initially, sales progress from approximately $17.6 billion in May 2019 to just over $23.3 billion by February 2020, marking a significant increase. However, a decline appears in May 2020, dropping to around $19.6 billion, likely reflecting external disruptions during that time. Sales recover thereafter, peaking at nearly $31 billion in January 2022, followed by recurring oscillations around the mid-$25 billion to mid-$30 billion range. The highest sales figure reaches approximately $31.9 billion in February 2024, before softening again in the subsequent quarters. This indicates resilience but with sensitivity to periodic market or operational factors.
Shareholders’ Investment
Shareholders’ investment steadily increases over the observed timeframe with some periods of minor contraction. Starting at about $11.1 billion in May 2019, investment rises moderately to exceed $14.4 billion by January 2021. A slight decline is evident between early 2021 and mid-2022, falling from approximately $14.8 billion to $10.6 billion, suggesting possible share repurchases, dividends, or write-downs. The trend reverses post-mid-2022 with continuous growth, reaching around $15.4 billion by August 2025. Overall, this suggests gradual strengthening of the equity base despite intermittent reductions.
Equity Turnover Ratio
The equity turnover ratio exhibits a general increasing trend from the first available figure around November 2019 through early 2022, escalating from 6.6 to a peak near 10.18 by October 2021. This rise reflects enhanced efficiency in generating sales relative to shareholders’ equity during that period. Post peak, the ratio begins a steady decline, descending to approximately 6.85 by August 2025. This decline may indicate a reduction in sales relative to the equity base or an expansion in equity outpacing sales growth in the later years.

In summary, net sales fluctuate with notable peaks and declines likely attributable to market conditions, while shareholders’ investment shows an overall upward trend interrupted by moderate decreases. The equity turnover ratio signals a period of increasing operational efficiency until 2021, followed by a gradual decline, suggesting changing dynamics in sales performance relative to equity levels. These patterns collectively point to a business cycle influenced by both external factors and internal capital management decisions over the analyzed period.