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)
DexCom Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a consistent declining trend from March 2019 through December 2022, decreasing from 5.09 to a low of 2.76. This indicates a gradual reduction in the efficiency with which the company utilizes its fixed assets to generate sales. However, starting in March 2023, a slight recovery is observed, with the ratio improving to 3.15 by September 2023.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar downward trajectory is noted when including operating lease right-of-use assets. The ratio decreases from 4.53 in March 2019 to 2.56 in December 2022, representing diminishing asset utilization efficiency under this broader asset base. A mild improvement follows in the first three quarters of 2023, reaching 2.95 by September 2023, suggesting some operational adjustments or asset base optimization.
- Total Asset Turnover
- The total asset turnover ratio demonstrates volatility with an initial increase from 0.57 in March 2019 to 0.65 in March 2020, before entering a downward phase, falling to as low as 0.45 by December 2020. This could reflect operational challenges or asset base expansion not immediately matched by revenue growth. From 2021 onward, the ratio fluctuates within a narrow band (0.46 to 0.57), indicating some stabilization though no significant upward trend. The ratio dips again in mid-2023 but shows partial recovery by September 2023.
- Equity Turnover
- Equity turnover initially hovers around levels between 1.67 and 1.77 through 2019 and early 2020 but sees a consistent decrease to near 1.05 by December 2020, highlighting reduced efficiency in generating sales from shareholders’ equity. Subsequently, an improving trend emerges, rising to 1.53 by September 2022, implying enhanced utilization of equity. This is followed by minor fluctuations in 2023, maintaining levels above 1.35, which suggests a relatively more effective employment of equity capital compared to the mid-2020 trough.
Net Fixed Asset Turnover
DexCom Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2023 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 975,000) | 871,300) | 741,500) | 815,200) | 769,600) | 696,200) | 628,800) | 698,200) | 650,200) | 595,100) | 505,000) | 568,900) | 500,900) | 451,800) | 405,100) | 462,800) | 396,300) | 336,400) | 280,500) | ||||||
| Property and equipment, net | 1,078,900) | 1,077,600) | 1,075,500) | 1,055,600) | 1,002,500) | 942,900) | 856,500) | 801,800) | 742,200) | 676,000) | 589,900) | 515,300) | 461,800) | 384,300) | 346,100) | 321,300) | 301,000) | 253,200) | 221,400) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 3.15 | 2.97 | 2.81 | 2.76 | 2.79 | 2.84 | 3.00 | 3.05 | 3.12 | 3.21 | 3.44 | 3.74 | 3.94 | 4.47 | 4.62 | 4.59 | 4.49 | 4.82 | 5.09 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | 4.81 | 4.79 | 4.56 | 4.23 | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | 34.94 | 34.54 | 34.17 | 34.94 | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | 3.04 | 3.16 | 3.13 | 2.86 | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | 5.77 | 5.56 | 5.64 | 5.72 | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | 31.81 | 31.77 | 30.94 | 30.76 | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 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).
1 Q3 2023 Calculation
Net fixed asset turnover
= (RevenueQ3 2023
+ RevenueQ2 2023
+ RevenueQ1 2023
+ RevenueQ4 2022)
÷ Property and equipment, net
= (975,000 + 871,300 + 741,500 + 815,200)
÷ 1,078,900 = 3.15
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends regarding the company's revenue, net property and equipment, and net fixed asset turnover over the periods observed.
- Revenue Trends
- The revenue experienced consistent growth from March 2019 through December 2019, increasing from approximately $280.5 million to $462.8 million. This positive trajectory was interrupted in the first quarter of 2020, which showed a decline to $405.1 million. Following this dip, revenue resumed its upward trend throughout 2020 and 2021, reaching peaks such as $698.2 million by December 2021. However, fluctuations appeared starting in early 2022, with a drop in revenue seen at March 2022 ($628.8 million) before rising again to a peak of $815.2 million by December 2022. The most recent data points reflect further increases in revenue up to $975 million by September 2023, suggesting strong sales momentum in recent quarters.
- Property and Equipment, Net
- The net property and equipment balance showed a steady and substantial increase over the entire period. Starting at $221.4 million in March 2019, it grew consistently quarter over quarter, reaching $1.0789 billion by September 2023. This robust increase indicates significant capital investment or asset acquisition during the period, reflecting growth in the company's infrastructure or capacity.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures efficiency in using fixed assets to generate revenue, demonstrated a notable declining trend throughout the periods. It started at 5.09 in March 2019 and steadily decreased nearly every quarter, hitting a low of 2.76 by December 2022. Following this low, a modest recovery to 3.15 was observed by September 2023. The initial decline suggests that the growth rate of fixed assets outpaced revenue growth, leading to lower efficiency in asset utilization. The recent improvement could indicate better revenue generation relative to asset growth or improved operational efficiency.
Overall, the data reflect a company that has been expanding its asset base significantly while experiencing generally positive revenue growth but with some fluctuations. The decline in asset turnover ratios initially points to challenges in maintaining asset productivity relative to asset expansion, although recent data suggest some recovery in this efficiency metric.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
DexCom Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 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), 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).
1 Q3 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ3 2023
+ RevenueQ2 2023
+ RevenueQ1 2023
+ RevenueQ4 2022)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (975,000 + 871,300 + 741,500 + 815,200)
÷ 1,152,300 = 2.95
The company's revenue exhibited a generally increasing trend over the periods analyzed, with some fluctuations. Starting from approximately $280.5 million in March 2019, revenue increased steadily to reach a peak of $815.2 million by December 2022. In the most recent quarters, there were further appreciable gains, culminating in revenue of $975.0 million in September 2023. Notably, there was a moderate decline in the first quarter of 2020, followed by a recovery and subsequent growth trend continuing through 2023.
Property and equipment, net of accumulated depreciation and including operating lease right-of-use assets, showed a consistent upward trajectory throughout the timeframe. The net book value rose from $249.1 million in the first quarter of 2019 to $1.153 billion by September 2023. This steady asset growth reflects ongoing investments or capital expenditures supporting business operations. The magnitude of increase suggests substantial asset additions, particularly significant in the second half of the timeline.
The net fixed asset turnover ratio, which measures revenue generated per dollar of net fixed assets, demonstrated a declining trend over the period. Beginning at a high of 4.53 in March 2019, it gradually diminished to a low near 2.56 by December 2022 before showing slight improvement to 2.95 in September 2023. This decline indicates that revenue growth has not kept pace proportionally with asset growth, potentially reflecting increasing capital intensity or changes in operational efficiency.
- Revenue Trends
- Steady increase over nearly five years, despite minor short-term decreases; strong recovery and growth evident in later quarters.
- Property and Equipment
- Continuous accumulation of assets, with net values approximately quadrupling from 2019 to 2023, indicating significant ongoing investment.
- Net Fixed Asset Turnover
- Declining ratio suggests decreasing efficiency in asset utilization relative to revenue generation, although slight recent improvements may signal operational adjustments.
Total Asset Turnover
DexCom Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 975,000) | 871,300) | 741,500) | 815,200) | 769,600) | 696,200) | 628,800) | 698,200) | 650,200) | 595,100) | 505,000) | 568,900) | 500,900) | 451,800) | 405,100) | 462,800) | 396,300) | 336,400) | 280,500) | ||||||
| Total assets | 6,596,200) | 6,820,700) | 5,515,900) | 5,391,700) | 4,899,200) | 5,217,400) | 5,057,000) | 4,863,600) | 4,775,900) | 4,503,800) | 4,389,800) | 4,290,500) | 3,833,200) | 3,521,800) | 2,447,900) | 2,395,000) | 2,185,700) | 2,065,900) | 1,974,000) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.52 | 0.47 | 0.55 | 0.54 | 0.57 | 0.51 | 0.51 | 0.50 | 0.49 | 0.48 | 0.46 | 0.45 | 0.47 | 0.49 | 0.65 | 0.62 | 0.62 | 0.59 | 0.57 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | 0.57 | 0.57 | 0.55 | 0.51 | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | 1.41 | 1.35 | 1.33 | 1.29 | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | 0.42 | 0.42 | 0.42 | 0.39 | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.32 | 0.29 | 0.29 | 0.30 | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | 1.34 | 1.30 | 1.29 | 1.27 | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 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).
1 Q3 2023 Calculation
Total asset turnover
= (RevenueQ3 2023
+ RevenueQ2 2023
+ RevenueQ1 2023
+ RevenueQ4 2022)
÷ Total assets
= (975,000 + 871,300 + 741,500 + 815,200)
÷ 6,596,200 = 0.52
2 Click competitor name to see calculations.
The quarterly financial performance demonstrates a general upward trajectory in revenue over the examined periods. Beginning at $280.5 million in the first quarter of 2019, revenue consistently increased, with notable growth during certain periods, reaching $975 million by the third quarter of 2023. However, some fluctuations are evident, such as a decline in revenue observed in the first quarter of 2020 and again in the first quarter of 2022 and 2023, indicating some seasonality or external factors influencing sales.
Total assets exhibited a substantial increase from approximately $1.97 billion in the first quarter of 2019, rising steadily with periods of sharper growth, particularly between the second quarter of 2020 and mid-2023. Total assets peaked around $6.82 billion in the second quarter of 2023 before slightly declining in the third quarter of 2023 to approximately $6.60 billion. This growth may reflect significant investments, acquisitions, or capital expenditures during the analyzed timeframe.
The total asset turnover ratio, which measures the efficiency of asset use in generating revenue, shows variability throughout the periods. Initially, the ratio rose from 0.57 to 0.65 by the first quarter of 2020, indicating improving efficiency. However, this was followed by a notable decrease to a low of around 0.45 by the fourth quarter of 2020. After this decline, the ratio gradually improved again, reaching approximately 0.57 by the third quarter of 2022, before experiencing another decline and then a slight recovery in the third quarter of 2023 to 0.52. The fluctuations imply varying efficiency in asset utilization, possibly impacted by changes in business operations, asset base expansion, or market conditions.
- Revenue Trends
- Consistent growth with periodic declines; revenue nearly tripled over five years, reaching $975 million by Q3 2023.
- Total Assets
- Steady increase from $1.97 billion to a peak near $6.82 billion, indicating large asset accumulation potentially for growth or strategic initiatives.
- Total Asset Turnover Ratio
- Fluctuated between 0.45 and 0.65, reflecting variable asset utilization efficiency; improvements coincided with periods of revenue growth, while declines may indicate slower revenue generation relative to asset base expansion.
- Overall Observations
- The company has expanded its asset base significantly while growing revenue, yet efficiency in asset use has varied, suggesting a dynamic operational environment and the need for ongoing focus on optimizing asset deployment to sustain profitability.
Equity Turnover
DexCom Inc., equity turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Revenue | 975,000) | 871,300) | 741,500) | 815,200) | 769,600) | 696,200) | 628,800) | 698,200) | 650,200) | 595,100) | 505,000) | 568,900) | 500,900) | 451,800) | 405,100) | 462,800) | 396,300) | 336,400) | 280,500) | ||||||
| Stockholders’ equity | 2,267,900) | 2,100,400) | 2,233,000) | 2,131,800) | 1,824,500) | 2,255,900) | 2,189,300) | 2,251,500) | 2,136,100) | 1,997,600) | 1,903,200) | 1,826,500) | 1,499,300) | 1,353,900) | 934,500) | 882,600) | 764,300) | 688,300) | 668,600) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.50 | 1.52 | 1.35 | 1.36 | 1.53 | 1.19 | 1.17 | 1.09 | 1.09 | 1.09 | 1.06 | 1.05 | 1.21 | 1.27 | 1.71 | 1.67 | 1.77 | 1.77 | 1.69 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | 1.20 | 1.23 | 1.19 | 1.11 | — | — | — | — | — | — | — | — | ||||||
| Elevance Health Inc. | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | 3.80 | 3.71 | 3.65 | 3.65 | — | — | — | — | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | 0.48 | 0.48 | 0.48 | 0.45 | — | — | — | — | — | — | — | — | ||||||
| Medtronic PLC | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | 0.59 | 0.55 | 0.56 | 0.56 | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | 3.98 | 3.95 | 3.92 | 3.94 | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 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).
1 Q3 2023 Calculation
Equity turnover
= (RevenueQ3 2023
+ RevenueQ2 2023
+ RevenueQ1 2023
+ RevenueQ4 2022)
÷ Stockholders’ equity
= (975,000 + 871,300 + 741,500 + 815,200)
÷ 2,267,900 = 1.50
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in key performance indicators over the period analyzed.
- Revenue Trends
- Revenue shows a general upward trajectory with some fluctuations. From March 2019 to December 2019, revenue increased steadily from approximately $280.5 million to $462.8 million. A decline is observed in the first quarter of 2020 reaching $405.1 million, potentially reflecting initial market disruptions. Subsequently, revenue resumed growth through 2020, peaking at about $568.9 million by year-end. The data from 2021 indicates further growth, hitting $698.2 million by the end of the year. However, a slight seasonal dip in revenue is visible in the first quarter of 2022 at $628.8 million, followed by strong growth again through to the third quarter of 2023, where revenue peaks at $975 million. This overall growth pattern suggests strong demand with some seasonal or market variations affecting quarter-to-quarter results.
- Stockholders’ Equity Patterns
- Stockholders’ equity increased substantially over the observed timeframe, starting from roughly $668.6 million in March 2019 and growing steadily to reach around $1.83 billion by December 2020. This reflects strong capital accumulation and possibly retained earnings growth. Equity continued to rise in 2021, peaking at approximately $2.25 billion in December. There is a noticeable dip in the third quarter of 2022 to about $1.82 billion, after which equity rebounded in the following quarters, closing at roughly $2.27 billion in September 2023. These fluctuations may be due to share buybacks, dividends, or other capital structure adjustments but overall indicate continued strengthening of the equity base.
- Equity Turnover Analysis
- Equity turnover, calculated as revenue divided by stockholders’ equity, displays variability indicative of changes in asset utilization and revenue generation efficiency relative to equity. Initially, equity turnover ranged around 1.67 to 1.77 in 2019, signaling relatively consistent asset efficiency. There is a marked decline during 2020 to values as low as 1.05 by year-end, corresponding with the period when equity grew sharply, possibly diluting turnover ratios. Throughout 2021, equity turnover stabilizes near 1.09, showing modest efficiency in converting equity into revenue. From early 2022 onward, the ratio rebounds, reaching above 1.5 by late 2022 and maintaining levels between 1.35 and 1.52 into 2023. This recovery in turnover ratio suggests improved utilization of equity in generating revenue in recent periods.
In summary, the financial data reveals a growth-oriented performance with increasing revenues and stockholders’ equity, despite some quarterly volatility and a temporary decline in equity turnover. The company's ability to grow equity while enhancing its turnover ratio in recent quarters indicates improving operational efficiency and financial health.