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)
Target Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 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).
The long-term activity ratios exhibit a general trend of declining efficiency across several key metrics from May 2021 through May 2026, following a period of peak performance in early 2022.
- Net Fixed Asset Efficiency
- A sustained downward trajectory is observed in the net fixed asset turnover, which reached a peak of 3.76 in January 2022 before declining to 3.11 by May 2026. This pattern is closely mirrored by the net fixed asset turnover including operating lease right-of-use assets, which peaked at 3.45 in January 2022 and fell to 2.81 by May 2026. The consistent decline across both metrics suggests that the revenue generated per unit of fixed investment has diminished, or that the company has expanded its fixed asset base at a rate that exceeds its sales growth.
- Total Asset Utilization
- Total asset turnover demonstrated greater stability than fixed asset turnover, though a gradual decline is evident in the later stages of the period. The ratio reached peaks of 2.10 in April 2022 and April 2023, followed by a period of fluctuation. A low of 1.75 was recorded in November 2025, with a slight recovery to 1.83 by May 2026. This indicates a mild erosion in overall asset productivity over the long term.
- Equity Turnover Dynamics
- Equity turnover experienced the most significant volatility, characterized by a sharp ascent followed by a prolonged contraction. From an initial value of 6.56 in May 2021, the ratio climbed to a peak of 10.18 in July 2022. Subsequently, a steady decline occurred, bringing the ratio down to 6.49 by May 2026. This suggests a period of high efficiency or increased leverage relative to equity during 2021 and 2022, which was eventually offset by an increase in equity or a decrease in sales volume relative to the equity base.
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Net Fixed Asset Turnover
Target Corp., net fixed asset turnover calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 25,443) | 30,453) | 25,270) | 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) | |||||||
| Property and equipment, net | 34,175) | 33,749) | 33,710) | 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) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.11 | 3.10 | 3.12 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 8.39 | 8.34 | 8.43 | 8.46 | 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 | |||||||
| Walmart Inc. | 4.99 | 4.97 | 5.11 | 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 | |||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 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).
1 Q1 2027 Calculation
Net fixed asset turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Property and equipment, net
= (25,443 + 30,453 + 25,270 + 25,211)
÷ 34,175 = 3.11
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a consistent decline in the efficiency with which fixed assets are utilized to generate revenue over the observed period. While net sales exhibit significant seasonal fluctuations, the steady expansion of the fixed asset base has led to a contraction in the net fixed asset turnover ratio.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio peaked at 3.76 in January 2022 before entering a prolonged downward trajectory. From this peak, the ratio declined to 3.11 by May 2026. This downward trend indicates that each dollar invested in property and equipment is generating progressively less sales revenue over time.
- Asset Base Expansion
- A steady increase in net property and equipment is observed, rising from 26,804 million USD in May 2021 to 34,175 million USD by May 2026. This represents a sustained investment in long-term infrastructure and physical assets throughout the period.
- Revenue Performance and Correlation
- Net sales demonstrate a cyclical pattern with recurring peaks in the first quarter of each year, typically exceeding 30,000 million USD. However, these seasonal surges have not been sufficient to offset the growth in the asset base. The lack of a corresponding long-term upward trend in net sales, coupled with the continuous increase in net fixed assets, is the primary driver behind the deteriorating turnover ratio.
- Efficiency Insight
- The transition from a ratio of 3.66 in May 2021 to 3.11 in May 2026 suggests a diminishing marginal return on fixed asset investments. The capacity added to the business has not translated into proportional growth in top-line revenue, resulting in lower asset productivity.
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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)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 25,443) | 30,453) | 25,270) | 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) | |||||||
| Property and equipment, net | 34,175) | 33,749) | 33,710) | 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) | |||||||
| Operating lease assets | 3,652) | 3,703) | 3,739) | 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) | |||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 37,827) | 37,452) | 37,449) | 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) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.81 | 2.80 | 2.81 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 7.77 | 7.71 | 7.78 | 7.79 | 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 | |||||||
| Walmart Inc. | 4.52 | 4.50 | 4.62 | 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 | |||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 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).
1 Q1 2027 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (25,443 + 30,453 + 25,270 + 25,211)
÷ 37,827 = 2.81
2 Click competitor name to see calculations.
The analysis of the net fixed asset turnover reveals a sustained decline in the efficiency with which long-term assets are utilized to generate sales over the period from May 2021 to May 2026.
- Fixed Asset Accumulation
- Net property and equipment, including right-of-use assets, exhibited a consistent upward trajectory, increasing from 29,166 million USD in May 2021 to 37,827 million USD by May 2026. This steady growth indicates a sustained commitment to capital expenditure and the expansion of the company's physical and leased infrastructure.
- Revenue Generation Patterns
- Net sales demonstrated significant quarterly seasonality, with recurring peaks consistently occurring in the January/February periods. However, despite these cyclical spikes, the overall revenue trend remained relatively flat, with May 2026 sales of 25,443 million USD representing only a marginal increase over the May 2021 level of 24,197 million USD.
- Asset Turnover Efficiency
- The net fixed asset turnover ratio peaked at 3.45 in January 2022 before entering a prolonged downward trend. The ratio declined steadily to 2.81 by May 2026. This downward movement confirms that revenue growth has failed to keep pace with the growth of the asset base, resulting in lower productivity per unit of fixed asset.
The divergence between the steadily increasing asset base and the stagnant revenue trend suggests a diminishing marginal return on long-term investments. The erosion of the turnover ratio reflects a reduction in operational efficiency regarding long-term assets, as the expansion of infrastructure and right-of-use assets has outpaced the growth in top-line sales.
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Total Asset Turnover
Target Corp., total asset turnover calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 25,443) | 30,453) | 25,270) | 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) | |||||||
| Total assets | 58,010) | 59,490) | 59,991) | 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) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | 1.83 | 1.76 | 1.75 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 3.33 | 3.36 | 3.32 | 3.50 | 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 | |||||||
| Walmart Inc. | 2.48 | 2.48 | 2.41 | 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 | |||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 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).
1 Q1 2027 Calculation
Total asset turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Total assets
= (25,443 + 30,453 + 25,270 + 25,211)
÷ 58,010 = 1.83
2 Click competitor name to see calculations.
The analysis of asset utilization efficiency indicates a gradual decline in the total asset turnover ratio over the observed period, suggesting that the growth in the asset base has outpaced the growth in net sales.
- Net Sales Trends
- Net sales exhibit significant seasonal volatility, with consistent peaks occurring in the January and February reporting periods, reflecting typical retail holiday cycles. The highest quarterly revenue was recorded in February 2024 at 31,919 million US$, while the lowest occurred in May 2025 at 23,846 million US$. Despite these seasonal fluctuations, the overall revenue trajectory remained relatively flat over the five-year span.
- Total Asset Growth
- The total asset base demonstrated a steady upward trajectory. Starting at 50,471 million US$ in May 2021, assets grew to a peak of 59,991 million US$ by November 2025. This represents a sustained increase in the company's investment in its resource base, though a slight contraction is noted in the final reporting period ending May 2, 2026, with assets settling at 58,010 million US$.
- Total Asset Turnover Performance
- The total asset turnover ratio fluctuated between a high of 2.10 (recorded in April 2022 and April 2023) and a low of 1.75 (recorded in November 2025). An initial period of relative stability and efficiency was observed between May 2021 and April 2023, where the ratio frequently remained at or above 1.90. However, a sustained downward trend emerged starting in late 2023, with the ratio dipping consistently toward the 1.75 to 1.84 range throughout 2024 and 2025.
- Efficiency Insights
- The divergence between rising total assets and stagnant net sales has led to a contraction in asset productivity. The decline in the turnover ratio from 2.10 to 1.75 indicates that each dollar of assets is generating less revenue than in previous years. While a slight recovery to 1.83 is observed in May 2026, the overall trend suggests a decrease in the efficiency of long-term investment utilization.
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Equity Turnover
Target Corp., equity turnover calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 25,443) | 30,453) | 25,270) | 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) | |||||||
| Shareholders’ investment | 16,395) | 16,165) | 15,501) | 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) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | 6.49 | 6.48 | 6.79 | 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 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 8.59 | 8.75 | 9.07 | 9.25 | 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 | |||||||
| Walmart Inc. | 7.61 | 7.09 | 7.25 | 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 | |||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 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).
1 Q1 2027 Calculation
Equity turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Shareholders’ investment
= (25,443 + 30,453 + 25,270 + 25,211)
÷ 16,395 = 6.49
2 Click competitor name to see calculations.
The analysis of Target Corp.'s equity turnover reveals a distinct cyclical pattern characterized by an initial period of aggressive expansion in efficiency followed by a sustained contraction as shareholders' investment increased.
- Net Sales Performance
- Net sales exhibit consistent seasonal volatility, with recurring peaks occurring in the January reporting periods. These peaks typically reach between 30.4 billion and 31.9 billion USD, while troughs generally occur in the April and May periods, fluctuating between 23.8 billion and 25.4 billion USD. Despite these seasonal swings, the overall revenue baseline remained relatively stable over the analyzed period.
- Shareholders' Investment Trends
- The capital base underwent two primary phases. From May 2021 to April 2022, there was a significant reduction in shareholders' investment, falling from 14.9 billion USD to a low of 10.5 billion USD in July 2022. Following this trough, a consistent upward trend was established, with investment steadily climbing to reach 16.3 billion USD by May 2026.
- Equity Turnover Dynamics
- Equity turnover demonstrated a strong inverse correlation with the level of shareholders' investment. The ratio rose from 6.56 in May 2021 to a peak of 10.18 in July 2022, driven primarily by the contraction of the equity base during a period of stable sales. Subsequently, as shareholders' investment was rebuilt, the turnover ratio entered a period of steady decline, falling from 9.87 in October 2022 to 6.48 by January 2026.
- Long-term Efficiency Outlook
- By the final reporting periods of 2026, the equity turnover ratio stabilized around 6.49, effectively returning to the levels observed at the start of the analysis in 2021. This indicates a normalization of the relationship between the company's capital structure and its revenue-generating capacity after a period of high volatility in the equity base.
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