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)
Visa Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
The analysis of the quarterly financial ratios reveals distinctive trends across the examined periods. The focus is on net fixed asset turnover, total asset turnover, and equity turnover ratios, which together provide insights into the company's operational efficiency and asset utilization over time.
- Net Fixed Asset Turnover
- This ratio exhibited relative stability with minor fluctuations, beginning at 8.38 at the end of 2017 and experiencing slight declines and recoveries throughout the periods. A gradual decrease is observable in 2020, reaching its lowest point around 7.92 to 7.98, likely reflecting reduced fixed asset efficiency during that year. However, from 2021 onwards, the ratio showed a consistent upward trend, peaking at 9.33 in the third quarter of 2022 before a slight decrease to 9.22 in early 2023. Overall, this suggests an improvement in generating sales from net fixed assets following the dip in 2020.
- Total Asset Turnover
- This ratio indicates the overall use of the company's assets to generate revenue and showed a modest upward trend over the analyzed period. Starting at 0.28 in late 2017, it gradually increased to around 0.30 to 0.32 throughout 2018 and 2019, with a small peak at 0.33 in the first quarter of 2020. A decline occurred in the middle of 2020, dipping to 0.27, which could reflect reduced asset productivity during that period. Subsequently, the ratio regained momentum with a steady increase through 2021 and beyond, reaching 0.36 by the first quarter of 2023. This trajectory suggests improving asset utilization and operational efficiency across recent quarters.
- Equity Turnover
- This ratio showed a generally strong upward trend over the period, indicating more effective use of equity to generate revenue. Beginning at 0.56 at the end of 2017, it increased steadily to 0.67 by the end of 2019. Despite a moderate drop to 0.57 to 0.60 in parts of 2020 and early 2021, likely due to Pandemic-related challenges, the ratio resumed its ascent afterward, reaching a high of 0.82 in late 2022 and maintaining near this level into early 2023. This consistent increase demonstrates the company's enhanced ability to leverage equity capital efficiently over time.
In summary, the ratios collectively imply that despite some disruptions around 2020, likely linked to external market conditions, the company has progressively improved its efficiency in utilizing fixed assets, total assets, and equity to generate revenue. These positive trends reflect effective management strategies and potential operational resilience in recent years.
Net Fixed Asset Turnover
Visa Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net revenues | 7,985) | 7,936) | 7,787) | 7,275) | 7,189) | 7,059) | 6,559) | 6,130) | 5,729) | 5,687) | 5,101) | 4,837) | 5,854) | 6,054) | 6,137) | 5,840) | 5,494) | 5,506) | 5,434) | 5,240) | 5,073) | 4,862) | |||||||
| Property, equipment and technology, net | 3,359) | 3,236) | 3,223) | 3,146) | 3,120) | 2,908) | 2,715) | 2,707) | 2,684) | 2,713) | 2,737) | 2,746) | 2,776) | 2,739) | 2,695) | 2,549) | 2,456) | 2,437) | 2,472) | 2,387) | 2,366) | 2,238) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 9.22 | 9.33 | 9.09 | 8.93 | 8.63 | 8.76 | 8.88 | 8.37 | 7.96 | 7.92 | 7.98 | 8.33 | 8.60 | 8.59 | 8.53 | 8.74 | 8.82 | 8.72 | 8.34 | 8.39 | 8.18 | 8.38 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | 40.46 | 38.17 | 37.12 | 35.78 | 34.22 | 32.49 | 30.83 | 31.16 | 30.44 | 29.69 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 9.07 | 9.15 | 9.23 | 9.25 | 9.33 | 9.48 | 9.44 | 9.27 | 9.15 | 8.94 | 8.48 | 8.48 | 8.68 | 8.70 | — | — | — | — | — | — | — | — | |||||||
| AppLovin Corp. | 24.97 | 24.52 | 35.87 | 40.76 | 46.80 | 44.17 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 10.27 | 9.87 | 9.59 | 9.86 | 10.37 | 10.15 | 9.77 | 9.81 | 9.57 | 9.18 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 4.79 | 5.17 | 5.57 | 5.31 | 5.27 | 5.22 | 5.24 | 4.69 | 4.27 | 4.05 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Datadog Inc. | 13.07 | 12.96 | 13.36 | 13.81 | 13.97 | 13.15 | 13.69 | 12.79 | 12.63 | 12.70 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 11.12 | 11.34 | 11.35 | 11.75 | 11.31 | 10.50 | 10.07 | 6.68 | 6.93 | 7.33 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 14.70 | 14.38 | 14.33 | 15.00 | 13.74 | 13.08 | 12.35 | 11.24 | 9.74 | 10.55 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 2.47 | 2.64 | 2.66 | 2.74 | 2.75 | 2.76 | 2.81 | 2.91 | 2.96 | 3.07 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | 3.21 | 3.60 | 4.37 | 4.86 | 5.16 | 5.37 | 5.74 | 5.82 | 5.95 | 6.13 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 37.80 | 31.45 | 27.55 | 31.65 | 36.61 | 39.34 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 17.86 | 16.45 | 15.38 | 14.54 | 13.39 | 14.05 | 13.37 | 12.36 | 11.44 | 10.60 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 8.69 | 9.74 | 9.41 | 9.03 | 8.68 | 8.98 | 8.64 | 7.91 | 7.67 | 7.24 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 6.98 | 6.82 | 6.88 | 7.57 | 7.54 | 7.84 | 7.70 | 7.47 | 7.06 | 6.97 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 9.68 | 10.01 | 10.51 | 10.17 | 9.68 | 9.43 | 8.90 | 8.67 | 8.32 | 7.85 | 7.62 | 7.25 | 7.23 | 7.38 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 4.60 | 4.55 | 4.58 | 4.37 | 4.12 | 3.87 | 4.44 | 4.26 | 4.17 | 4.08 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
1 Q2 2023 Calculation
Net fixed asset turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Property, equipment and technology, net
= (7,985 + 7,936 + 7,787 + 7,275)
÷ 3,359 = 9.22
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a generally upward trend over the observed periods. Starting at 4,862 million US dollars at the end of 2017, revenues increased steadily, reaching a peak of 7,985 million US dollars by March 31, 2023. Notably, there was a decline during the early months of 2020, corresponding with the onset of the global pandemic, where revenues dropped from 6,054 million US dollars in December 2019 to a low of 4,837 million US dollars in June 2020. After this dip, revenues gradually recovered and continued an upward trend throughout 2021, 2022, and into early 2023, indicating resilience and growth post-pandemic disruptions.
- Property, Equipment, and Technology, Net
- The net value of property, equipment, and technology shows a gradual increase over the reported quarters. From 2,238 million US dollars at the end of 2017, the figure rose modestly, with some fluctuations, to 3,359 million US dollars as of March 31, 2023. The growth reflects ongoing investments in fixed assets, with particular acceleration noticeable from early 2021 onward, suggesting strategic enhancement of technological and physical infrastructure supporting the company's operations.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, representing the efficiency in using fixed assets to generate revenue, presents fluctuations but an overall stable and slightly increasing trend. Beginning at 8.38 at the end of 2017, the ratio experienced some declines during 2020, reaching a low of 7.92 in December 2020, which aligns with the decreased revenue during the pandemic. Subsequently, the ratio improved steadily, peaking at 9.33 in December 2022 before a minor dip to 9.22 in March 2023. This upward movement indicates enhanced utilization efficiency of fixed assets over recent periods.
Total Asset Turnover
Visa Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net revenues | 7,985) | 7,936) | 7,787) | 7,275) | 7,189) | 7,059) | 6,559) | 6,130) | 5,729) | 5,687) | 5,101) | 4,837) | 5,854) | 6,054) | 6,137) | 5,840) | 5,494) | 5,506) | 5,434) | 5,240) | 5,073) | 4,862) | |||||||
| Total assets | 86,755) | 85,387) | 85,501) | 85,410) | 81,808) | 81,929) | 82,896) | 82,671) | 80,195) | 80,426) | 80,919) | 77,884) | 72,820) | 74,781) | 72,574) | 70,249) | 69,865) | 71,655) | 69,225) | 68,175) | 69,042) | 67,154) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.36 | 0.35 | 0.34 | 0.33 | 0.33 | 0.31 | 0.29 | 0.27 | 0.27 | 0.27 | 0.27 | 0.29 | 0.33 | 0.31 | 0.32 | 0.32 | 0.31 | 0.30 | 0.30 | 0.29 | 0.28 | 0.28 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | 1.32 | 1.32 | 1.30 | 1.29 | 1.28 | 1.23 | 1.17 | 1.14 | 1.14 | 1.17 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 0.66 | 0.67 | 0.65 | 0.64 | 0.63 | 0.62 | 0.58 | 0.58 | 0.56 | 0.55 | 0.53 | 0.55 | 0.56 | 0.55 | — | — | — | — | — | — | — | — | |||||||
| AppLovin Corp. | 0.53 | 0.49 | 0.48 | 0.50 | 0.49 | 0.46 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 0.74 | 0.71 | 0.69 | 0.69 | 0.75 | 0.72 | 0.68 | 0.71 | 0.70 | 0.70 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 0.44 | 0.43 | 0.40 | 0.39 | 0.36 | 0.35 | 0.32 | 0.44 | 0.40 | 0.37 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Datadog Inc. | 0.57 | 0.57 | 0.56 | 0.55 | 0.51 | 0.47 | 0.43 | 0.40 | 0.37 | 0.34 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 0.46 | 0.45 | 0.48 | 0.48 | 0.47 | 0.44 | 0.43 | 0.42 | 0.44 | 0.47 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 0.50 | 0.49 | 0.46 | 0.45 | 0.43 | 0.69 | 0.62 | 0.56 | 0.53 | 0.81 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 0.56 | 0.56 | 0.54 | 0.56 | 0.54 | 0.53 | 0.50 | 0.52 | 0.50 | 0.49 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | 0.36 | 0.34 | 0.39 | 0.39 | 0.39 | 0.33 | 0.31 | 0.34 | 0.36 | 0.35 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 0.51 | 0.54 | 0.55 | 0.55 | 0.53 | 0.50 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 0.47 | 0.46 | 0.45 | 0.47 | 0.47 | 0.44 | 0.42 | 0.42 | 0.40 | 0.41 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 0.31 | 0.30 | 0.28 | 0.29 | 0.27 | 0.34 | 0.32 | 0.34 | 0.34 | 0.34 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 0.54 | 0.56 | 0.54 | 0.62 | 0.59 | 0.57 | 0.55 | 0.58 | 0.56 | 0.55 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 0.54 | 0.54 | 0.54 | 0.53 | 0.52 | 0.51 | 0.48 | 0.48 | 0.48 | 0.48 | 0.46 | 0.46 | 0.46 | 0.47 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 0.43 | 0.42 | 0.49 | 0.52 | 0.51 | 0.52 | 0.50 | 0.53 | 0.53 | 0.53 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
1 Q2 2023 Calculation
Total asset turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Total assets
= (7,985 + 7,936 + 7,787 + 7,275)
÷ 86,755 = 0.36
2 Click competitor name to see calculations.
The financial analysis reveals several noteworthy trends in key financial metrics over the examined quarters.
- Net Revenues
- Net revenues displayed a general upward trend from the end of 2017 through early 2023. Starting at approximately $4,862 million in December 2017, revenues grew steadily, reaching a peak of around $7,987 million by March 2023. Minor fluctuations can be observed, notably a dip during mid-2020, which corresponds to a period of lower revenue around $4,837 to $5,101 million, likely reflecting external challenges impacting the business environment. However, the recovery was substantial and sustained through subsequent quarters.
- Total Assets
- Total assets experienced mild volatility throughout the period but generally maintained a rising trajectory. From roughly $67,154 million at the end of 2017, assets increased gradually to approximately $86,755 million by March 2023. Several small declines appeared, particularly around early 2020 and into 2022, but these were followed by recoveries. The asset base shows a moderate expansion over time, aligning with the company’s revenue growth.
- Total Asset Turnover
- The total asset turnover ratio, representing efficiency in using assets to generate revenue, exhibited a gradual increase over the period reviewed. Beginning at 0.28 at the end of 2017, the ratio showed notable stability with slight increments through 2019 and a decline during 2020, likely concomitant with the revenue dip and asset increase in that period. From late 2020 onwards, the ratio improved steadily, reaching 0.36 by March 2023. This indicates improving efficiency in asset utilization over time.
Overall, the data illustrate a resilient financial performance with consistent revenue growth, a stable and moderately expanding asset base, and improving operational efficiency as evidenced by the increasing asset turnover ratio. The mid-period fluctuations correlate with broader economic disruptions but were followed by a recovery and further growth, suggesting adaptive management and effective resource use.
Equity Turnover
Visa Inc., equity turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net revenues | 7,985) | 7,936) | 7,787) | 7,275) | 7,189) | 7,059) | 6,559) | 6,130) | 5,729) | 5,687) | 5,101) | 4,837) | 5,854) | 6,054) | 6,137) | 5,840) | 5,494) | 5,506) | 5,434) | 5,240) | 5,073) | 4,862) | |||||||
| Equity | 38,565) | 36,924) | 35,581) | 35,483) | 35,989) | 36,194) | 37,589) | 37,790) | 37,696) | 37,679) | 36,210) | 35,524) | 34,585) | 35,270) | 34,684) | 34,995) | 34,275) | 34,095) | 34,006) | 33,318) | 34,103) | 33,401) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 0.80 | 0.82 | 0.82 | 0.79 | 0.75 | 0.70 | 0.64 | 0.60 | 0.57 | 0.57 | 0.60 | 0.64 | 0.69 | 0.67 | 0.66 | 0.64 | 0.63 | 0.62 | 0.61 | 0.60 | 0.57 | 0.56 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Accenture PLC | 2.66 | 2.72 | 2.79 | 2.79 | 2.76 | 2.64 | 2.59 | 2.48 | 2.49 | 2.50 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 1.24 | 1.27 | 1.25 | 1.20 | 1.19 | 1.17 | 1.07 | 1.05 | 1.04 | 1.01 | 0.97 | 1.06 | 1.11 | 1.11 | — | — | — | — | — | — | — | — | |||||||
| AppLovin Corp. | 1.90 | 1.53 | 1.48 | 1.55 | 1.53 | 1.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 1.31 | 1.25 | 1.30 | 1.27 | 1.25 | 1.14 | 1.09 | 1.13 | 1.15 | 1.10 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 1.50 | 1.48 | 1.42 | 1.36 | 1.26 | 1.18 | 1.00 | 0.94 | 0.83 | 0.75 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Datadog Inc. | 1.15 | 1.19 | 1.19 | 1.19 | 1.12 | 1.07 | 0.99 | 0.92 | 0.84 | 0.80 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 2.73 | 2.80 | 2.76 | 3.02 | 3.07 | 3.06 | 3.03 | 2.75 | 2.98 | 3.24 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 0.86 | 0.83 | 0.77 | 0.76 | 0.73 | 1.06 | 0.98 | 0.89 | 0.87 | 1.49 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 1.11 | 1.17 | 1.19 | 1.18 | 1.16 | 1.16 | 1.18 | 1.19 | 1.18 | 1.19 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | — | — | — | — | — | 7.73 | 4.46 | 4.98 | 4.13 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 0.69 | 0.73 | 0.74 | 0.77 | 0.74 | 0.70 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 8.44 | 11.45 | 26.20 | 15.31 | 41.24 | 8.78 | 6.71 | 4.00 | 3.65 | 4.80 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 0.49 | 0.47 | 0.46 | 0.44 | 0.42 | 0.53 | 0.51 | 0.50 | 0.50 | 0.53 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 1.16 | 1.36 | 1.44 | 1.53 | 1.57 | 1.57 | 1.60 | 1.57 | 1.58 | 1.59 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 0.91 | 0.92 | 0.92 | 0.88 | 0.86 | 0.84 | 0.79 | 0.79 | 0.78 | 0.78 | 0.75 | 0.76 | 0.80 | 0.81 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 1.11 | 1.13 | 1.13 | 1.16 | 1.21 | 1.31 | 1.32 | 1.35 | 1.41 | 1.47 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
1 Q2 2023 Calculation
Equity turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Equity
= (7,985 + 7,936 + 7,787 + 7,275)
÷ 38,565 = 0.80
2 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends in the company's quarterly performance over the observed periods. Net revenues display an overall upward trajectory, with fluctuations corresponding to different quarters. From December 2017 to March 2020, net revenues increased gradually, reaching a peak before experiencing a decline coinciding with mid-2020. This dip likely aligns with external economic factors affecting revenue during that period. Following this decline, net revenues resumed growth from late 2020 through the first quarter of 2023, surpassing previous highs and showing strong recovery by the end of the period.
Equity values present a relatively stable pattern with minor fluctuations. Beginning at approximately 33,401 million USD in December 2017, equity increased modestly, peaking near 37,790 million USD in late 2021. Subsequently, equity declined through 2022, before reversing course and rising towards the first quarter of 2023, ending at 38,565 million USD. These variations suggest periods of capital restructuring or changes in retained earnings, reflecting the company's financial management responses to market conditions.
The equity turnover ratio, which measures net revenues relative to average equity, illustrates an increasing efficiency trend over the period. Starting at 0.56 in December 2017, the ratio gradually climbs to about 0.69 by March 2020, indicating enhanced revenues generated per unit of equity. Despite some decrease in mid-2020, the ratio again trends upwards sharply after, reaching approximately 0.82 by the end of 2022 and maintaining slightly below at 0.80 in early 2023. This recovery and growth in equity turnover suggest improved operational efficiency and effective utilization of equity to drive revenues, even amid challenging market circumstances.
- Net Revenues
- Show steady growth from 2017 through early 2020, a mid-2020 decline, followed by a strong recovery extending into 2023.
- Equity
- Remains relatively stable with minor growth trends until late 2021, a decline through 2022, and a subsequent rise into early 2023.
- Equity Turnover
- Exhibits an increasing trend reflective of improved revenue generation efficiency per equity unit, interrupted briefly in 2020 but recovering strongly thereafter.