Analysis of Long-term (Investment) Activity Ratios
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)
Apple Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Apple Inc. net fixed asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Apple Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Apple Inc. total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Apple Inc. equity turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Net Fixed Asset Turnover
Apple Inc., net fixed asset turnover calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 391,035) | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | |
| Property, plant and equipment, net | 45,680) | 43,715) | 42,117) | 39,440) | 36,766) | 37,378) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 8.56 | 8.77 | 9.36 | 9.28 | 7.47 | 6.96 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Arista Networks Inc. | — | 57.69 | 46.11 | 37.49 | 71.90 | 61.38 | |
| Cisco Systems Inc. | 25.74 | 27.34 | 25.82 | 21.31 | 20.10 | 18.61 | |
| Dell Technologies Inc. | 13.75 | 16.48 | 18.69 | 14.65 | 15.22 | 17.23 | |
| Super Micro Computer Inc. | — | 24.54 | 18.17 | 12.95 | 14.28 | 16.88 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | — | 10.60 | 11.15 | 10.63 | 9.26 | 8.95 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | — | 3.78 | 4.44 | 4.74 | 4.57 | 4.64 | |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 391,035 ÷ 45,680 = 8.56
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Apple Inc. net fixed asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Apple Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 391,035) | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | |
| Property, plant and equipment, net | 45,680) | 43,715) | 42,117) | 39,440) | 36,766) | 37,378) | |
| Right-of-use assets, operating leases (included in Other non-current assets) | 10,234) | 10,661) | 10,417) | 10,087) | 8,570) | —) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 55,914) | 54,376) | 52,534) | 49,527) | 45,336) | 37,378) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 6.99 | 7.05 | 7.51 | 7.39 | 6.06 | 6.96 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Arista Networks Inc. | — | 37.21 | 29.52 | 20.50 | 21.16 | 18.98 | |
| Cisco Systems Inc. | 17.05 | 18.65 | 17.19 | 14.51 | 14.61 | 18.61 | |
| Dell Technologies Inc. | 12.39 | 14.75 | 16.10 | 11.02 | 11.76 | 17.23 | |
| Super Micro Computer Inc. | — | 23.02 | 16.78 | 12.07 | 12.96 | 16.88 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Technology Hardware & Equipment | — | 8.57 | 8.94 | 8.34 | 7.41 | 8.93 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | — | 3.31 | 3.84 | 4.03 | 3.87 | 4.34 | |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 391,035 ÷ 55,914 = 6.99
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Apple Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2022 to 2023 and from 2023 to 2024. |
Total Asset Turnover
Apple Inc., total asset turnover calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 391,035) | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | |
| Total assets | 364,980) | 352,583) | 352,755) | 351,002) | 323,888) | 338,516) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 1.07 | 1.09 | 1.12 | 1.04 | 0.85 | 0.77 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.59 | 0.65 | 0.51 | 0.49 | 0.58 | |
| Cisco Systems Inc. | 0.43 | 0.56 | 0.55 | 0.51 | 0.52 | 0.53 | |
| Dell Technologies Inc. | 1.08 | 1.14 | 1.09 | 0.76 | 0.78 | 0.81 | |
| Super Micro Computer Inc. | — | 1.94 | 1.62 | 1.59 | 1.74 | 2.08 | |
| Total Asset Turnover, Sector | |||||||
| Technology Hardware & Equipment | — | 1.00 | 1.01 | 0.89 | 0.77 | 0.74 | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | — | 0.61 | 0.65 | 0.62 | 0.58 | 0.59 | |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 391,035 ÷ 364,980 = 1.07
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Apple Inc. total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Equity Turnover
Apple Inc., equity turnover calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net sales | 391,035) | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | |
| Shareholders’ equity | 56,950) | 62,146) | 50,672) | 63,090) | 65,339) | 90,488) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 6.87 | 6.17 | 7.78 | 5.80 | 4.20 | 2.88 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Arista Networks Inc. | — | 0.81 | 0.90 | 0.74 | 0.70 | 0.83 | |
| Cisco Systems Inc. | 1.18 | 1.29 | 1.30 | 1.21 | 1.30 | 1.55 | |
| Dell Technologies Inc. | — | — | — | 38.01 | — | — | |
| Super Micro Computer Inc. | — | 3.61 | 3.64 | 3.25 | 3.13 | 3.72 | |
| Equity Turnover, Sector | |||||||
| Technology Hardware & Equipment | — | 4.94 | 5.86 | 4.61 | 3.97 | 3.35 | |
| Equity Turnover, Industry | |||||||
| Information Technology | — | 1.57 | 1.74 | 1.80 | 1.82 | 1.85 | |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Equity turnover = Net sales ÷ Shareholders’ equity
= 391,035 ÷ 56,950 = 6.87
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Apple Inc. equity turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |