United Technologies Corp. (UTX)

Long-term (Investment) Activity Analysis

Difficulty: Beginner

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

United Technologies Corp., long-term (investment) activity ratios

Ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	United Technologies Corp.’s net fixed asset turnover deteriorated from 2016 to 2017 and from 2017 to 2018.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	United Technologies Corp.’s total asset turnover deteriorated from 2016 to 2017 and from 2017 to 2018.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	United Technologies Corp.’s equity turnover deteriorated from 2016 to 2017 and from 2017 to 2018.

United Technologies Corp., net fixed asset turnover calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net sales
	Fixed assets, net
	Ratio
	Net fixed asset turnover¹
	Benchmarks
	Net Fixed Asset Turnover, Competitors
	Boeing Co.
	General Dynamics Corp.
	Lockheed Martin Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	Net Fixed Asset Turnover, Sector
	Aerospace & Defense
	Net Fixed Asset Turnover, Industry
	Industrials

2018 Calculations

¹ Net fixed asset turnover = Net sales ÷ Fixed assets, net
= hidden ÷ hidden = hidden

Ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	United Technologies Corp.’s net fixed asset turnover deteriorated from 2016 to 2017 and from 2017 to 2018.

United Technologies Corp., total asset turnover calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net sales
	Total assets
	Ratio
	Total asset turnover¹
	Benchmarks
	Total Asset Turnover, Competitors
	Boeing Co.
	General Dynamics Corp.
	Lockheed Martin Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	Total Asset Turnover, Sector
	Aerospace & Defense
	Total Asset Turnover, Industry
	Industrials

2018 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= hidden ÷ hidden = hidden

Ratio	Description	The company
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	United Technologies Corp.’s total asset turnover deteriorated from 2016 to 2017 and from 2017 to 2018.

United Technologies Corp., equity turnover calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net sales
	Shareowners’ equity
	Ratio
	Equity turnover¹
	Benchmarks
	Equity Turnover, Competitors
	Boeing Co.
	General Dynamics Corp.
	Lockheed Martin Corp.
	Northrop Grumman Corp.
	Raytheon Co.
	Equity Turnover, Sector
	Aerospace & Defense
	Equity Turnover, Industry
	Industrials

2018 Calculations

¹ Equity turnover = Net sales ÷ Shareowners’ equity
= hidden ÷ hidden = hidden

Ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	United Technologies Corp.’s equity turnover deteriorated from 2016 to 2017 and from 2017 to 2018.

	United Technologies Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality