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)
Union Pacific Corp., 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 analysis of long-term activity ratios reveals a divergence between asset utilization efficiency, which remained relatively stable, and equity utilization, which experienced a consistent decline over the observed period.
- Fixed Asset Utilization
- Net fixed asset turnover exhibited a period of modest growth, rising from 0.41 in March 2022 to a peak of 0.45 in March 2023. Following this peak, the ratio stabilized, fluctuating narrowly between 0.41 and 0.42 through June 2026. A similar pattern is observed when including operating lease right-of-use assets, where the ratio peaked at 0.43 in late 2022 before settling into a consistent range of 0.40 to 0.42. This suggests that the company's ability to generate revenue from its physical infrastructure and leased assets has remained constant over the long term.
- Total Asset Efficiency
- Total asset turnover showed a slight upward trajectory in the first year, increasing from 0.35 in March 2022 to a peak of 0.38 between December 2022 and June 2023. For the remainder of the period, the ratio maintained a high degree of stability, centering around 0.36. The lack of significant volatility indicates a disciplined relationship between the growth of the total asset base and the generation of top-line revenue.
- Equity Turnover Trend
- A pronounced downward trend is evident in equity turnover. After reaching a maximum of 2.08 in September 2022, the ratio declined steadily and consistently, ending at 1.23 in June 2026. This sustained decrease indicates that the company is generating progressively less revenue for every unit of shareholder equity. This trend suggests an expansion of the equity base—potentially through retained earnings or capital contributions—that has outpaced the growth of quarterly revenues.
In summary, while the operational efficiency regarding fixed and total assets has remained stagnant yet stable, the declining equity turnover highlights a shift in the capital structure's efficiency in driving revenue growth.
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Net Fixed Asset Turnover
Union Pacific Corp., 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) | ||||||||||||||||||||||||
| Operating revenues | 6,864) | 6,217) | 6,085) | 6,244) | 6,154) | 6,027) | 6,121) | 6,091) | 6,007) | 6,031) | 6,159) | 5,941) | 5,963) | 6,056) | 6,180) | 6,566) | 6,269) | 5,860) | ||||||
| Properties, net | 60,199) | 59,955) | 59,645) | 59,392) | 59,017) | 58,710) | 58,343) | 58,036) | 57,835) | 57,590) | 57,398) | 57,010) | 56,641) | 56,274) | 56,038) | 55,689) | 55,315) | 55,064) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | ||||||
| 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 | ||||||
| Uber Technologies Inc. | — | 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 | ||||||
| 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. | — | 2.32 | 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
= (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
÷ Properties, net
= (6,864 + 6,217 + 6,085 + 6,244)
÷ 60,199 = 0.42
2 Click competitor name to see calculations.
The analysis of long-term activity indicates a period of high stability in asset utilization efficiency, characterized by a consistent relationship between capital investment and revenue generation. Despite a steady increase in the net value of properties, the net fixed asset turnover ratio remained within a narrow band, suggesting that revenue growth has largely kept pace with infrastructure expansion.
- Fixed Asset Investment Trends
- A consistent upward trajectory in net properties is observed, increasing from 55,064 million USD in March 2022 to 60,199 million USD by June 2026. This steady growth reflects a continuous commitment to capital expenditure and long-term infrastructure investment over the analyzed period.
- Operating Revenue Performance
- Operating revenues exhibited moderate fluctuations, generally stabilizing around the 6,000 million USD per quarter mark. Periodic peaks were noted in September 2022 at 6,566 million USD and June 2026 at 6,864 million USD, indicating occasional surges in volume or pricing power.
- Net Fixed Asset Turnover Analysis
- The net fixed asset turnover ratio showed a slight initial improvement, rising from 0.41 in March 2022 to a peak of 0.45 in March 2023. Following this peak, the ratio entered a stabilization phase, maintaining a value of 0.42 for much of 2023 and 2024. A marginal decline to 0.41 was recorded throughout 2025, before returning to 0.42 in June 2026. This pattern suggests that the company is maintaining a constant level of efficiency in extracting revenue from its fixed asset base, even as the absolute scale of those assets increases.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Union Pacific Corp., 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) | ||||||||||||||||||||||||
| Operating revenues | 6,864) | 6,217) | 6,085) | 6,244) | 6,154) | 6,027) | 6,121) | 6,091) | 6,007) | 6,031) | 6,159) | 5,941) | 5,963) | 6,056) | 6,180) | 6,566) | 6,269) | 5,860) | ||||||
| Properties, net | 60,199) | 59,955) | 59,645) | 59,392) | 59,017) | 58,710) | 58,343) | 58,036) | 57,835) | 57,590) | 57,398) | 57,010) | 56,641) | 56,274) | 56,038) | 55,689) | 55,315) | 55,064) | ||||||
| Operating lease assets | 875) | 907) | 1,036) | 1,090) | 1,193) | 1,142) | 1,297) | 1,345) | 1,386) | 1,453) | 1,643) | 1,670) | 1,651) | 1,700) | 1,672) | 1,703) | 1,706) | 1,727) | ||||||
| Properties, net (including operating lease, right-of-use asset) | 61,074) | 60,862) | 60,681) | 60,482) | 60,210) | 59,852) | 59,640) | 59,381) | 59,221) | 59,043) | 59,041) | 58,680) | 58,292) | 57,974) | 57,710) | 57,392) | 57,021) | 56,791) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 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 | ||||||
| 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 | ||||||
| Uber Technologies Inc. | — | 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 | ||||||
| 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. | — | 2.10 | 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)
= (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
÷ Properties, net (including operating lease, right-of-use asset)
= (6,864 + 6,217 + 6,085 + 6,244)
÷ 61,074 = 0.42
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a period of high stability in asset utilization efficiency, characterized by a net fixed asset turnover ratio that remained largely consistent despite a steady increase in the total asset base.
- Net Fixed Asset Turnover Trends
- The net fixed asset turnover ratio exhibited minimal volatility over the observed period. After a brief peak of 0.43 between September and December 2022, the ratio stabilized at 0.41 for the majority of 2023, 2024, and 2025. A slight decline to 0.40 occurred in December 2025, followed by a recovery to 0.42 by June 30, 2026. This consistency indicates that the company's ability to generate revenue from its fixed assets has remained constant, with revenue growth generally scaling in proportion to capital investments.
- Fixed Asset Base Expansion
- A continuous upward trend is observed in the value of net properties, including operating lease right-of-use assets. The asset base grew from 56,791 million USD in March 2022 to 61,074 million USD by June 2026. This linear progression suggests a disciplined and ongoing program of capital expenditure and infrastructure investment over the five-year span.
- Revenue Correlation and Operational Efficiency
- Operating revenues showed more significant quarterly fluctuations compared to the asset base, peaking at 6,566 million USD in September 2022 and reaching a high of 6,864 million USD in June 2026. Despite these fluctuations, the stability of the turnover ratio suggests that the asset base is well-aligned with demand. The increase in the ratio to 0.42 in the final quarter of the analysis coincides with a notable surge in operating revenues, indicating a temporary increase in the efficiency of asset utilization during that period.
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Total Asset Turnover
Union Pacific Corp., 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) | ||||||||||||||||||||||||
| Operating revenues | 6,864) | 6,217) | 6,085) | 6,244) | 6,154) | 6,027) | 6,121) | 6,091) | 6,007) | 6,031) | 6,159) | 5,941) | 5,963) | 6,056) | 6,180) | 6,566) | 6,269) | 5,860) | ||||||
| Total assets | 71,211) | 69,644) | 69,698) | 68,647) | 68,576) | 68,492) | 67,715) | 67,570) | 67,817) | 67,266) | 67,132) | 66,540) | 66,033) | 65,968) | 65,449) | 65,343) | 64,440) | 64,051) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 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 | ||||||
| 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 | ||||||
| Uber Technologies Inc. | — | 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 | ||||||
| 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. | — | 1.23 | 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
= (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
÷ Total assets
= (6,864 + 6,217 + 6,085 + 6,244)
÷ 71,211 = 0.36
2 Click competitor name to see calculations.
The analysis of the long-term activity ratios reveals a period of high stability in asset utilization efficiency, characterized by a consistent relationship between revenue generation and the expanding asset base.
- Total Asset Turnover Stability
- The total asset turnover ratio remained within a narrow range of 0.35 to 0.38 throughout the analyzed period. After a slight upward trajectory in 2022, peaking at 0.38 in December 2022, the ratio settled into a consistent pattern, fluctuating minimally between 0.35 and 0.36 from March 2023 through June 2026. This indicates a steady rate of revenue generation relative to the company's investment in assets.
- Revenue Trends
- Operating revenues exhibited moderate volatility, with an initial peak of 6,566 million USD in September 2022, followed by a period of consolidation where revenues generally fluctuated between 5,900 million USD and 6,200 million USD. A significant increase is observed in the final reported quarter, ending June 30, 2026, with revenues reaching 6,864 million USD.
- Asset Base Expansion
- A consistent and gradual increase in total assets is observed, rising from 64,051 million USD in March 2022 to 71,211 million USD by June 2026. The steady growth of the asset base suggests ongoing capital investment and expansion of the company's physical or financial infrastructure.
- Efficiency Correlation
- The stability of the turnover ratio despite the growth in total assets suggests that revenue growth has largely kept pace with capital expansion. The notable increase in revenue during the second quarter of 2026 effectively offset the expanded asset base, maintaining the turnover ratio at 0.36 and preventing a decline in asset productivity.
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Equity Turnover
Union Pacific Corp., 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) | ||||||||||||||||||||||||
| Operating revenues | 6,864) | 6,217) | 6,085) | 6,244) | 6,154) | 6,027) | 6,121) | 6,091) | 6,007) | 6,031) | 6,159) | 5,941) | 5,963) | 6,056) | 6,180) | 6,566) | 6,269) | 5,860) | ||||||
| Common shareholders’ equity | 20,673) | 19,418) | 18,467) | 17,304) | 16,258) | 16,039) | 16,890) | 16,584) | 16,489) | 15,665) | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 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 | ||||||
| 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 | ||||||
| Uber Technologies Inc. | — | 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 | ||||||
| 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. | — | 5.60 | 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
= (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
÷ Common shareholders’ equity
= (6,864 + 6,217 + 6,085 + 6,244)
÷ 20,673 = 1.23
2 Click competitor name to see calculations.
An analysis of the long-term investment activity reveals a sustained decline in equity turnover over the period from March 31, 2022, to June 30, 2026. While operating revenues remained relatively stable with moderate fluctuations, the common shareholders' equity experienced significant growth, resulting in a lower efficiency of revenue generation relative to the invested equity base.
- Operating Revenue Performance
- Operating revenues exhibited a period of relative stability, generally fluctuating between 5,860 million and 6,244 million US dollars for the majority of the timeframe. A notable increase is observed in the final quarter ending June 30, 2026, where revenues reached a peak of 6,864 million US dollars, representing the highest value in the dataset.
- Shareholders' Equity Growth
- A consistent upward trajectory is observed in common shareholders' equity. The equity base expanded from 11,897 million US dollars in March 2022 to 20,673 million US dollars by June 2026. This growth was nearly linear, with only a minor contraction observed in March 2025, indicating a substantial accumulation of capital or retained earnings over the observed period.
- Equity Turnover Ratio Dynamics
- The equity turnover ratio peaked in the second half of 2022, reaching a maximum of 2.08 in September 2022. Following this peak, a persistent downward trend emerged. The ratio declined from 2.08 to 1.23 by June 2026. This deterioration in the turnover ratio is directly attributable to the fact that the growth in shareholders' equity significantly outpaced the growth in operating revenues, suggesting a diminishing return on equity in terms of revenue generation capacity.
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