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)
Uber Technologies Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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 investment activity ratios demonstrate a significant divergence between fixed asset efficiency and overall asset and equity utilization. While the company has dramatically increased its ability to generate revenue from its fixed asset base, the overall efficiency of its total asset and equity bases has experienced a gradual decline following initial peaks.
- Net Fixed Asset Turnover
- A consistent and strong upward trajectory is observed, with the ratio increasing from 11.55 in March 2022 to 30.53 by June 2026. This represents a substantial improvement in the efficiency of fixed assets in generating revenue, suggesting a lean asset model or significant revenue growth relative to capital expenditures in fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar growth pattern is evident when including right-of-use assets, rising from 6.50 in March 2022 to 16.40 in June 2026. Although the values are lower than the pure fixed asset turnover—reflecting the impact of the larger asset base created by leases—the overall trend indicates that revenue growth has consistently outpaced the expansion of leased assets.
- Total Asset Turnover
- The total asset turnover ratio exhibited an initial increase, peaking at 1.04 in March 2023. Subsequently, a gradual downward trend emerged, with the ratio settling at 0.84 by June 2026. This suggests that while fixed assets are being utilized more efficiently, other components of the total asset base—such as current assets or cash reserves—have grown at a faster rate than revenue during the latter half of the period.
- Equity Turnover
- Equity turnover experienced a sharp increase in the early stages, reaching a peak of 4.65 in September 2022. However, a sustained decline followed, ending at 2.02 in June 2026. This downward trend indicates a significant increase in the equity base, likely driven by retained earnings or capital injections, which has outpaced the growth in revenue generation.
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Net Fixed Asset Turnover
Uber Technologies Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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) | ||||||||||||||||||||||||
| Revenue | 14,191) | 13,203) | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | ||||||
| Property and equipment, net | 1,809) | 1,842) | 1,897) | 1,930) | 1,948) | 1,941) | 1,952) | 1,982) | 2,034) | 2,033) | 2,073) | 2,100) | 2,116) | 2,142) | 2,082) | 1,942) | 1,861) | 1,853) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 30.53 | 29.15 | 27.42 | 25.70 | 24.30 | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 2.18 | 2.14 | 2.11 | 2.14 | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | ||||||
| Union Pacific Corp. | 0.42 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | ||||||
| United Airlines Holdings Inc. | 1.31 | 1.28 | 1.28 | 1.30 | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | ||||||
| United Parcel Service Inc. | 2.37 | 2.32 | 2.35 | 2.37 | 2.39 | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Net fixed asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property and equipment, net
= (14,191 + 13,203 + 14,366 + 13,467)
÷ 1,809 = 30.53
2 Click competitor name to see calculations.
A consistent and significant increase in asset utilization efficiency is observed over the analyzed period. The net fixed asset turnover ratio demonstrates a strong and uninterrupted upward trajectory, rising from 11.55 in March 2022 to 30.53 by June 2026.
- Revenue Growth Trends
- Revenue exhibited sustained expansion, increasing from 6,854 million US dollars in March 2022 to 14,191 million US dollars by June 2026. This steady growth in top-line performance provides the primary momentum for the improvement in the turnover ratio.
- Fixed Asset Management
- Net property and equipment values initially grew, peaking at 2,142 million US dollars in March 2023. Following this peak, a gradual and consistent decline was observed, with the value decreasing to 1,809 million US dollars by June 2026. The reduction in the fixed asset base, occurring while revenue continued to scale, indicates a transition toward a more asset-light operational structure.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio more than doubled over the observed period. The acceleration is particularly pronounced from December 2023 onwards, as the ratio moved from 17.98 to 30.53. This trend signifies a substantial increase in the company's ability to generate revenue per unit of net fixed assets, reflecting enhanced operational efficiency and a decreased reliance on heavy capital investment to drive growth.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Uber Technologies Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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) | ||||||||||||||||||||||||
| Revenue | 14,191) | 13,203) | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | ||||||
| Property and equipment, net | 1,809) | 1,842) | 1,897) | 1,930) | 1,948) | 1,941) | 1,952) | 1,982) | 2,034) | 2,033) | 2,073) | 2,100) | 2,116) | 2,142) | 2,082) | 1,942) | 1,861) | 1,853) | ||||||
| Operating lease right-of-use assets | 1,558) | 1,458) | 1,114) | 1,126) | 1,153) | 1,162) | 1,158) | 1,190) | 1,181) | 1,216) | 1,241) | 1,259) | 1,295) | 1,335) | 1,449) | 1,405) | 1,481) | 1,439) | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 3,367) | 3,300) | 3,011) | 3,056) | 3,101) | 3,103) | 3,110) | 3,172) | 3,215) | 3,249) | 3,314) | 3,359) | 3,411) | 3,477) | 3,531) | 3,347) | 3,342) | 3,292) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 16.40 | 16.27 | 17.28 | 16.23 | 15.26 | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 1.57 | 1.53 | 1.51 | 1.53 | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | ||||||
| Union Pacific Corp. | 0.42 | 0.41 | 0.40 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | ||||||
| United Airlines Holdings Inc. | 1.16 | 1.14 | 1.16 | 1.17 | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | ||||||
| United Parcel Service Inc. | 2.15 | 2.10 | 2.11 | 2.13 | 2.17 | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (14,191 + 13,203 + 14,366 + 13,467)
÷ 3,367 = 16.40
2 Click competitor name to see calculations.
The financial data indicates a strong upward trajectory in operational efficiency regarding the utilization of long-term assets. A consistent increase in the net fixed asset turnover ratio is observed over the period from March 2022 to June 2026, driven by a combination of robust revenue growth and a disciplined, slightly contracting fixed asset base.
- Revenue Growth Trends
- Revenue exhibits a sustained expansion, rising from 6,854 million USD in March 2022 to 14,191 million USD by June 2026. This growth is characterized by steady quarterly increases, with a notable acceleration between December 2024 and December 2025, where revenue climbed from 11,959 million USD to 14,366 million USD.
- Fixed Asset Base Dynamics
- Net property and equipment, including right-of-use assets, remained relatively stable with a general downward trend for the majority of the analyzed period. After peaking at 3,531 million USD in December 2022, the asset base gradually declined to a low of 3,011 million USD by December 2025. A slight increase is observed in the first half of 2026, ending at 3,367 million USD in June 2026.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio demonstrates significant improvement, increasing from 6.50 in March 2022 to 16.40 in June 2026. This represents a substantial increase in the volume of revenue generated per unit of fixed asset. The ratio experienced its most rapid growth between December 2023 (11.25) and December 2025 (17.28), reflecting an optimized asset-light operational model where revenue scaling far outpaced the need for additional physical or leased infrastructure.
Overall, the analysis reveals a high degree of scalability. The divergence between the increasing revenue and the stable or decreasing fixed asset base suggests that the company has successfully increased its operational leverage, achieving higher productivity from its long-term investments.
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Total Asset Turnover
Uber Technologies Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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) | ||||||||||||||||||||||||
| Revenue | 14,191) | 13,203) | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | ||||||
| Total assets | 65,801) | 59,885) | 61,802) | 63,344) | 55,982) | 52,822) | 51,244) | 47,117) | 41,514) | 39,599) | 38,699) | 35,949) | 34,068) | 32,451) | 32,109) | 31,112) | 31,014) | 32,812) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.84 | 0.90 | 0.84 | 0.78 | 0.85 | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 1.01 | 1.00 | 1.00 | 1.03 | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | ||||||
| Union Pacific Corp. | 0.36 | 0.35 | 0.35 | 0.36 | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | ||||||
| United Airlines Holdings Inc. | 0.74 | 0.75 | 0.77 | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | ||||||
| United Parcel Service Inc. | 1.26 | 1.23 | 1.21 | 1.25 | 1.27 | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Total asset turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total assets
= (14,191 + 13,203 + 14,366 + 13,467)
÷ 65,801 = 0.84
2 Click competitor name to see calculations.
The analyzed period is characterized by aggressive scaling in both revenue and the total asset base. While revenue growth remained consistent over the timeframe, the acceleration in asset accumulation during the latter half of the period led to a decline in the overall efficiency of asset utilization.
- Revenue Trajectory
- Revenue demonstrated a strong and consistent upward trend, rising from 6,854 million USD in March 2022 to 14,191 million USD by June 2026. Despite minor seasonal or quarterly dips observed in March 2025 and March 2026, the overall growth path indicates a significant expansion of the company's top-line capacity.
- Asset Base Expansion
- Total assets grew substantially from 32,812 million USD in March 2022 to 65,801 million USD in June 2026. The growth pattern was particularly aggressive starting in early 2024, where the asset base expanded from 39,599 million USD in March 2024 to over 65,000 million USD by mid-2026, representing a near-doubling of the asset base in approximately two and a half years.
- Total Asset Turnover Dynamics
- The total asset turnover ratio followed a non-linear path, divided into three distinct phases. An initial improvement phase occurred between March 2022 and March 2023, where the ratio climbed from 0.65 to a peak of 1.04, suggesting high efficiency in deploying assets to generate revenue. A second phase of relative stability followed from June 2023 to March 2024, with the ratio oscillating between 0.96 and 1.03. The final phase, spanning from June 2024 to June 2026, showed a general decline, reaching a low of 0.78 in September 2025 before closing at 0.84. This downward trend highlights that asset growth began to outpace revenue growth, resulting in a decrease in the revenue generated per unit of asset.
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Equity Turnover
Uber Technologies Inc., equity turnover calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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) | ||||||||||||||||||||||||
| Revenue | 14,191) | 13,203) | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity | 27,316) | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 2.02 | 2.17 | 1.92 | 1.76 | 2.09 | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 3.20 | 3.19 | 3.13 | 3.29 | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | ||||||
| Union Pacific Corp. | 1.23 | 1.27 | 1.33 | 1.42 | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | ||||||
| United Airlines Holdings Inc. | 3.77 | 3.81 | 3.87 | 4.08 | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | ||||||
| United Parcel Service Inc. | 5.97 | 5.60 | 5.46 | 5.66 | 5.73 | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Equity turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Total Uber Technologies, Inc. stockholders’ equity
= (14,191 + 13,203 + 14,366 + 13,467)
÷ 27,316 = 2.02
2 Click competitor name to see calculations.
The analysis of equity turnover reveals a distinct transition in the company's capital efficiency and balance sheet structure over the period from March 2022 to June 2026.
- Revenue Trajectory
- Revenue exhibits a consistent long-term upward trend, increasing from 6,854 million USD in March 2022 to 14,191 million USD by June 2026. Although minor quarterly contractions are noted in the first quarters of 2025 and 2026, the overall trajectory indicates sustained growth in top-line performance and market scale.
- Equity Accumulation
- Total stockholders' equity experienced early volatility in 2022, reaching a minimum of 6,247 million USD in September 2022. Subsequently, a period of aggressive expansion occurred, with equity rising sharply from 11,249 million USD in December 2023 to 27,316 million USD by June 2026. This suggests a significant strengthening of the company's net asset base through retained earnings or capital contributions.
- Equity Turnover Dynamics
- The equity turnover ratio demonstrates a clear shift in efficiency patterns. An initial increase is observed from March 2022 (2.40) to a peak of 4.65 in September 2022, indicating high revenue generation per unit of equity. Following this peak, a persistent downward trend emerged, with the ratio declining to 2.04 by December 2024 and fluctuating between 1.76 and 2.17 throughout 2025 and 2026.
The compression of the equity turnover ratio is primarily attributed to the growth rate of stockholders' equity outpacing the growth rate of revenue. While revenue more than doubled over the analyzed timeframe, the equity base expanded more aggressively, particularly in the latter half of the period. This divergence indicates a transition from a lean, high-turnover capital structure toward a more heavily capitalized balance sheet, which may reflect a strategic shift toward financial stability and increased internal capitalization.
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