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)
United States Steel Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a declining trend from early 2018 through 2020, dropping from approximately 2.91 in March 2018 to a low of 1.41 by June 2021. This suggests decreasing efficiency in generating sales from fixed assets during this period. Beginning mid-2021, the ratio shows a recovery and upward movement, peaking at around 3.1 in March 2022. However, following this peak, the ratio again declines gradually, reaching approximately 2.02 by June 2023. Overall, this pattern indicates cycles of decreasing then improving operational efficiency related to fixed assets, with volatility particularly pronounced around the 2020–2021 timeframe.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The adjusted net fixed asset turnover ratio including operating lease assets mirrors the trend observed in the standard net fixed asset turnover. It shows a steady decline from about 2.91 in early 2018 to a trough near 1.37 in mid-2021, followed by a rebound reaching above 3.0 around early 2022. Subsequently, a decrease occurs through mid-2023, finishing near 1.99. The inclusion of right-of-use assets does not materially alter the overall pattern but consistently displays slightly lower ratios compared to the unadjusted measure, reflecting the impact of leasing arrangements on asset productivity metrics.
- Total Asset Turnover
- Total asset turnover experiences a gradual decline starting from about 1.29 in early 2018 to a bottom near 0.73 by June 2020. This decrease signals a reduction in how effectively the company utilizes its overall asset base to generate revenue during that period. Thereafter, a period of modest recovery occurs, with the ratio rising to just above 1.16 in late 2022, followed by a slight weakening through mid-2023 to about 0.94. The data suggests cyclical changes in asset utilization efficiency, with a marked downturn coinciding with the 2020 period and partial improvement thereafter.
- Equity Turnover
- Equity turnover remains relatively high in the earlier periods, starting at around 3.37 in March 2018 and maintaining levels above 3.0 until early 2019. Subsequently, a downward trajectory emerges, with the ratio decreasing steadily to approximately 2.3 by the end of 2020 and continuing to decline through 2023, reaching a low near 1.77 by June 2023. This declining trend indicates a reduction in revenue generated per unit of equity, which may suggest decreasing efficiency in utilizing shareholder equity or shifts in capital structure and business conditions affecting returns.
Net Fixed Asset Turnover
United States Steel Corp., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 5,008) | 4,470) | 4,338) | 5,203) | 6,290) | 5,234) | 5,622) | 5,964) | 5,025) | 3,664) | 2,562) | 2,340) | 2,091) | 2,748) | 2,824) | 3,069) | 3,545) | 3,499) | 3,691) | 3,729) | 3,609) | 3,149) | |||||||
| Property, plant and equipment, net | 9,436) | 8,875) | 8,492) | 7,978) | 7,443) | 7,416) | 7,254) | 7,380) | 7,375) | 7,563) | 5,444) | 5,430) | 5,410) | 5,407) | 5,447) | 5,310) | 5,233) | 4,989) | 4,865) | 4,643) | 4,401) | 4,357) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.02 | 2.29 | 2.48 | 2.80 | 3.10 | 2.95 | 2.80 | 2.33 | 1.84 | 1.41 | 1.79 | 1.84 | 1.98 | 2.25 | 2.38 | 2.60 | 2.76 | 2.91 | 2.91 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | 0.65 | 0.65 | 0.70 | 0.73 | 0.78 | 0.80 | 0.75 | 0.70 | 0.63 | 0.55 | 0.48 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Net fixed asset turnover
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ Property, plant and equipment, net
= (5,008 + 4,470 + 4,338 + 5,203)
÷ 9,436 = 2.02
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated a fluctuating but generally cyclical pattern over the reported quarters. Initially, sales increased from $3,149 million in March 2018 to a peak of $3,729 million in September 2018, before declining towards the end of that year. The following year, the trend was downward, reaching lower points during the middle and end of 2020, coinciding with the significant disruptions likely caused by broader market or economic conditions. A robust recovery began in early 2021, culminating in the highest quarterly sales of $5,964 million in September 2021. However, after this peak, there was a gradual decline through 2023, with sales dropping to $4,470 million by March 2023, indicating a potential stabilization at a level higher than the pre-2021 period but below the recent peak.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment exhibited a steady upward trend throughout the entire period. Starting at $4,357 million in March 2018, the figure rose consistently, reaching $5,444 million by December 2020. A marked jump occurred in early 2021, with values increasing significantly to $7,563 million in March 2021, remaining relatively stable through the end of 2021 and then continuing a gradual increase. By June 2023, the net value had reached $9,436 million, indicating ongoing investment and expansion in fixed assets, which may support future production capacity or operational improvements.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, calculated as net sales divided by net fixed assets, showed a downward trend from a peak of 2.91 in late 2018 to a low of 1.41 in March 2021. This decline suggests that asset growth outpaced sales volume during this period, potentially indicating underutilization of the asset base or timing differences between investment and revenue realization. Following the low point in early 2021, the ratio improved sharply, rising to 3.10 by December 2021, reflecting a period where sales growth outstripped increases in fixed assets. However, the ratio gradually declined again to 2.02 by June 2023, implying that fixed asset growth was again catching up with sales or that sales were moderating.
- Overall Insights
- The data reveals a pattern of significant capital investment beginning around 2020 and continuing through 2023, increasing the company's asset base substantially. While sales experienced notable volatility, particularly a sharp decline in 2020 and a strong rebound in 2021, the slower recovery in sales after 2021 compared to the continued asset growth suggests a shift toward a lower asset turnover. This may point to strategic capacity building or modernization efforts not yet fully reflected in top-line revenue growth. Monitoring this trend will be important to assess whether future sales growth will utilize the enhanced asset base efficiently.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United States Steel Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (5,008 + 4,470 + 4,338 + 5,203)
÷ 9,565 = 1.99
The analysis of the quarterly financial data reveals notable fluctuations and trends across key financial metrics over the periods presented.
- Net Sales
- Net sales exhibited a generally cyclical pattern with observable troughs and peaks. Starting at 3,149 million US dollars in the first quarter of 2018, sales increased steadily reaching a peak of 5,964 million in the third quarter of 2021. Following this peak, net sales showed some volatility but remained elevated relative to earlier years, declining to a low near 4,338 million in the second quarter of 2023 before a slight recovery to 5,008 million in the following quarter. The trend suggests a strong recovery and growth phase from 2020 onwards, after a decline during early 2020 likely associated with external macroeconomic factors.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment (including operating lease right-of-use assets) showed a clear upward trend over the full period analyzed. The value increased from 4,357 million US dollars in the first quarter of 2018 to 9,565 million by the second quarter of 2023. This steady increase indicates ongoing capital investment or acquisition of assets, reflecting expansion or modernization efforts. Notably, the most significant acceleration in these assets occurred between 2020 and 2021, implying substantial investment activities.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio, which measures the efficiency in generating sales from net fixed assets, was available from the third quarter of 2018 onward. The ratio began around 2.91 and then exhibited a gradual decline through 2020, hitting a low of 1.37 at the end of 2020. Subsequent quarters indicate a recovery and improvement in turnover efficiency, reaching as high as 3.04 by the fourth quarter of 2022 before declining again to approximately 1.99 by mid-2023. This pattern suggests fluctuating operational efficiency, with the lowest ratios occurring during periods corresponding to the peak asset base and possibly the COVID-19 pandemic impacts, followed by recovery as sales improved.
In summary, the data reflects a period of significant investment in property and equipment, with corresponding fluctuations in sales and asset utilization efficiency. The rise in net sales after 2020 and the earlier dip in the asset turnover ratio together imply challenges in asset utilization during the pandemic period, followed by a recovery phase in both revenue and operational efficiency. The company’s expanding asset base paired with recovering sales suggests a strategic push towards growth and capacity enhancement in recent periods.
Total Asset Turnover
United States Steel Corp., total asset turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 5,008) | 4,470) | 4,338) | 5,203) | 6,290) | 5,234) | 5,622) | 5,964) | 5,025) | 3,664) | 2,562) | 2,340) | 2,091) | 2,748) | 2,824) | 3,069) | 3,545) | 3,499) | 3,691) | 3,729) | 3,609) | 3,149) | |||||||
| Total assets | 20,309) | 19,540) | 19,458) | 19,958) | 19,858) | 19,224) | 17,816) | 17,333) | 16,084) | 14,689) | 12,059) | 11,731) | 12,551) | 12,366) | 11,608) | 10,917) | 11,291) | 11,152) | 10,982) | 10,569) | 10,058) | 10,026) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.94 | 1.04 | 1.08 | 1.12 | 1.16 | 1.14 | 1.14 | 0.99 | 0.85 | 0.73 | 0.81 | 0.85 | 0.86 | 0.99 | 1.11 | 1.26 | 1.28 | 1.30 | 1.29 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | 0.43 | 0.42 | 0.45 | 0.46 | 0.48 | 0.50 | 0.48 | 0.45 | 0.42 | 0.37 | 0.34 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Total asset turnover
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ Total assets
= (5,008 + 4,470 + 4,338 + 5,203)
÷ 20,309 = 0.94
2 Click competitor name to see calculations.
The analyzed data reveals trends across net sales, total assets, and total asset turnover over multiple quarters from March 2018 to June 2023.
- Net Sales
- Net sales exhibited an overall upward trend with significant fluctuations throughout the observed period. Starting at 3,149 million USD in March 2018, sales showed moderate growth reaching a peak around 3,729 million USD in September 2018, followed by declines and recoveries over subsequent quarters. Notably, there was a marked decline in net sales during the early quarters of 2020, coinciding with the global economic disruptions in that period, with figures dropping to as low as 2,091 million USD in June 2020. Following this sharp decline, net sales rebounded strongly, peaking considerably at 5,964 million USD in September 2021. After this peak, sales experienced a downward correction but remained elevated relative to earlier years, fluctuating between approximately 4,000 and 6,300 million USD from 2022 through mid-2023.
- Total Assets
- Total assets demonstrated a steady and consistent increase over the entire span. Starting from 10,026 million USD in March 2018, total assets gradually rose each quarter, reaching over 20,000 million USD by June 2023. This growth appears relatively stable without sharp drops, reflecting possible ongoing investments or asset accumulation by the company. The increase in asset base more than doubled over the approximate five-year period, indicating an expansion in the company's scale of operations or asset holdings.
- Total Asset Turnover Ratio
- The total asset turnover ratio showed a declining trend initially, moving from 1.29 in September 2018 to a low of 0.73 in March 2021. This decline suggests that despite the growing asset base, the efficiency in generating sales from assets decreased during these quarters, potentially reflecting underutilization or lagging sales growth relative to asset expansion. However, post-March 2021, the asset turnover ratio improved notably, reaching around 1.16 by September and December 2022, before gradually declining again to 0.94 by June 2023. This recovery phase implies better asset utilization or improved operational efficiency in the mid-2021 to late-2022 period, with a slight softening afterward.
- Overall Insights
- The combination of increasing total assets alongside fluctuating net sales and varying asset turnover ratios reflects a dynamic operational environment. The initial decline in asset turnover suggests challenges in maintaining sales growth proportional to asset increases, possibly influenced by external economic factors in 2020. The strong sales recovery and subsequent asset turnover improvement from 2021 onward indicate operational adjustments leading to better asset efficiency. However, slightly reduced turnover in recent quarters could point to emerging inefficiencies or market pressures. Continuous monitoring of the balance between asset expansion and sales generation efficiency will be important for sustaining financial performance.
Equity Turnover
United States Steel Corp., equity turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net sales | 5,008) | 4,470) | 4,338) | 5,203) | 6,290) | 5,234) | 5,622) | 5,964) | 5,025) | 3,664) | 2,562) | 2,340) | 2,091) | 2,748) | 2,824) | 3,069) | 3,545) | 3,499) | 3,691) | 3,729) | 3,609) | 3,149) | |||||||
| Total United States Steel Corporation stockholders’ equity | 10,725) | 10,302) | 10,218) | 10,437) | 10,198) | 9,698) | 9,010) | 7,916) | 5,851) | 4,627) | 3,786) | 3,449) | 3,617) | 3,725) | 4,092) | 4,199) | 4,311) | 4,235) | 4,202) | 3,941) | 3,605) | 3,438) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 1.77 | 1.97 | 2.06 | 2.14 | 2.27 | 2.25 | 2.25 | 2.17 | 2.32 | 2.30 | 2.57 | 2.90 | 2.97 | 3.27 | 3.16 | 3.29 | 3.36 | 3.43 | 3.37 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | 1.35 | 1.34 | 1.46 | 1.55 | 1.63 | 1.65 | 1.63 | 1.59 | 1.58 | 1.49 | 1.40 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Equity turnover
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ Total United States Steel Corporation stockholders’ equity
= (5,008 + 4,470 + 4,338 + 5,203)
÷ 10,725 = 1.77
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated a fluctuating trend across the periods analyzed. Initially, sales rose from $3,149 million in March 2018 to a peak of $3,729 million in September 2018, followed by a general decline reaching a low point of $2,091 million in June 2020. This sharp decrease coincides with a challenging period possibly reflecting adverse market conditions. From mid-2020 onward, net sales recovered strongly, reaching a significant high of $5,964 million in September 2021. After this peak, sales declined somewhat but remained elevated relative to earlier periods, stabilizing around $4,470 to $5,008 million in the first half of 2023.
- Total Stockholders’ Equity
- Stockholders’ equity showed consistent growth throughout the timeframe. Starting at $3,438 million in March 2018, equity gradually increased each quarter with minor fluctuations, culminating in a value of $10,725 million by June 2023. This steady upward trend indicates solid capital retention and accumulation, reflecting possible retained earnings and/or additional equity financing over the years. Notably, the growth accelerated from 2020 onward, aligning with the recovery and growth phases seen in net sales.
- Equity Turnover Ratio
- The equity turnover ratio, which measures the efficiency of utilizing equity to generate sales, exhibited a generally declining trajectory from 2018 through 2023. Initially recorded at about 3.37 in March 2018, the ratio gradually reduced to 1.77 by June 2023. Despite fluctuations, the decline suggests that the growth in equity outpaced the growth in sales over time, indicating decreased efficiency in generating net sales from each dollar of equity. This trend aligns with the substantial increase in equity relative to sales during the latter periods.
- Summary Insights
- Overall, the data reveals a period marked by initial growth in sales, followed by a downturn likely influenced by external factors around 2020, and subsequent recovery with substantial sales growth through 2021. Equity steadily increased throughout, reflecting strengthening financial stability and capital base. However, the declining equity turnover ratio points to reduced effectiveness in utilizing equity to produce sales, which may warrant closer scrutiny or strategic adjustments to improve operational efficiency relative to equity investments.