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.
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Amphenol Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
The analysis of the financial ratios over the observed periods reveals distinct trends in asset utilization and equity efficiency.
- Net Fixed Asset Turnover
- This ratio, available from the end of 2019 onwards, exhibits an overall positive trend throughout the periods analyzed. Starting at 8.23, the ratio fluctuates slightly around the 8.0 mark in early 2020 but then shows a consistent upward trajectory from 2021 onwards. The figures peak at 10.64 in December 2022, indicating increased efficiency in generating sales from fixed assets. Following this peak, a gradual decline is observed in 2023, dropping to 9.55 in September before slightly recovering to 9.79 by the first quarter of 2024. This suggests an initial improvement in fixed asset productivity, followed by a mild slowdown or stabilization in the most recent periods.
- Total Asset Turnover
- The total asset turnover ratio, also commencing reporting in early 2020, demonstrates moderate variability but maintains relative stability overall. The ratio decreases from 0.76 in March 2020 to around 0.67-0.69 in mid-2020, followed by a gradual increase to a peak of 0.82 in both December 2022 and the first quarter of 2023. Subsequently, a slight decline is noted in late 2023, settling near 0.76-0.77 by the first quarter of 2024. This pattern reflects a recovery and strengthening in the company's ability to generate revenue from its total asset base, reaching near its highest utilization levels before a minor weakening in the most recent periods.
- Equity Turnover
- Equity turnover presents a somewhat downward trajectory over the period analyzed, indicating a reduction in revenue generated per unit of equity. Beginning at 1.82 in March 2020, the ratio decreases steadily through 2020 and 2021, reaching a low of approximately 1.50 by the second quarter of 2023. Although minor fluctuations are noted, the decreasing trend continues into 2024, with the latest figure around 1.48. This may suggest either an increase in equity base disproportionately to sales or a relative decrease in sales performance when measured against shareholder equity.
In summary, while the company improved its efficiency in utilizing fixed assets over the analyzed period, reflected by rising net fixed asset turnover, the total asset turnover ratio shows a recovery and stabilization, maintaining modest revenue generation from assets. Conversely, equity turnover declines over time, possibly indicating that sales growth has not kept pace with increases in equity or that equity has grown faster than revenues, warranting further examination of the company’s capital structure and profitability relative to shareholder investment.
Net Fixed Asset Turnover
Amphenol Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | 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) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Property, plant and equipment, less accumulated depreciation | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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 Q1 2024 Calculation
Net fixed asset turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Property, plant and equipment, less accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in the company's operational and asset management performance over the analyzed periods.
- Net Sales
- Net sales exhibited a generally upward trajectory from March 31, 2019, through December 31, 2021, with values increasing from approximately 1,958,500 thousand US dollars to over 3,026,800 thousand US dollars. This steady growth trend experienced a slight interruption early in 2020, coinciding with the onset of the global economic disruption, where sales dipped in the first two quarters compared to previous quarters. Following this period, net sales not only recovered but consistently rose, reaching peak figures by the fourth quarter of 2023. However, a moderate decline is observed again in the first quarter of 2024, where sales fell to approximately 3,256,300 thousand US dollars.
- Property, Plant, and Equipment (Net)
- Investment in property, plant, and equipment, after accounting for accumulated depreciation, showed a steady increase over time. Starting from 932,000 thousand US dollars in early 2019, the net fixed assets climbed consistently, surpassing the 1,300,000 thousand US dollars mark by the first quarter of 2024. This upward trend indicates ongoing capital expenditures and asset base expansion, likely supporting operational capacity growth alongside rising net sales.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available starting from the third quarter of 2019, reflects the efficiency with which the company generates sales from its fixed assets. Initially near 8.23, the ratio exhibits a general upward trend, peaking at around 10.64 toward the end of 2022. This suggests increasing efficiency in asset utilization over this period. Post-peak, a slight decline is apparent through 2023 and into early 2024 but remains relatively stable above 9.5, indicating maintained efficiency despite minor fluctuations.
Overall, the company demonstrates growth in sales and a consistent increase in fixed asset investments, accompanied by improving asset utilization efficiency until late 2022. Recent periods show stabilization in asset turnover ratios and slight variability in sales, which may warrant monitoring to assess future performance trends.
Total Asset Turnover
Amphenol Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | 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) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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 Q1 2024 Calculation
Total asset turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends and patterns over the observed quarterly periods.
- Net Sales
- Net sales experienced an overall upward trend with some fluctuations across the quarters. Starting from approximately 1,958,500 in March 2019, sales peaked multiple times, notably reaching just above 3,290,000 by September 2022. Despite minor dips, such as in March 2020 and March 2023, net sales generally showed sustained growth, reaching over 3,250,000 by March 2024. These increases indicate expanding revenue generation over time, with some seasonal or market-related variations.
- Total Assets
- Total assets generally increased steadily throughout the period. From about 10,208,100 in March 2019, assets grew significantly to approximately 16,722,500 by March 2024. The data indicates consistent asset base growth, with occasional decelerations, particularly in the mid-2021 to early 2022 timeframe, but resuming growth afterward. This reflects ongoing investment and accumulation of resources or acquisitions contributing to the company’s capacity.
- Total Asset Turnover
- The total asset turnover ratio, available from September 2019 onward, fluctuated but showed an overall improving trend. Initially at 0.76, the ratio declined to 0.67-0.70 during early 2020 before gradually increasing thereafter. Notably, from mid-2021 to the end of 2023, the ratio rose to around 0.82, indicating improved efficiency in utilizing assets to generate sales. A slight decline to approximately 0.76-0.77 is observable in the most recent quarters, suggesting a marginal reduction in asset utilization efficiency.
In summary, the data depicts a company with steadily increasing net sales and total asset base over the given period, alongside improvements in asset utilization efficiency until recently. These trends suggest enhanced operational scale and increasingly effective deployment of assets, though the recent slight dip in asset turnover may warrant further observation.
Equity Turnover
Amphenol Corp., equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | 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) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Stockholders’ equity attributable to Amphenol Corporation | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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 Q1 2024 Calculation
Equity turnover
= (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
÷ Stockholders’ equity attributable to Amphenol Corporation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a general upward trend from March 2019 to December 2021, growing from approximately 1,958,500 to 3,026,800 thousand US dollars. There is a noticeable dip in the first half of 2020, likely reflecting external economic challenges at that time, as sales drop to around 1,862,000 and 1,987,500 thousand US dollars respectively. Following this period, net sales recover strongly and peak in the last quarter of 2023 at approximately 3,327,600 thousand US dollars. However, the data for March 2024 shows a slight decrease to 3,256,300 thousand US dollars, indicating the first quarterly contraction in recent years.
- Stockholders’ Equity Attributable to Amphenol Corporation
- Stockholders' equity shows continuous growth over the entire period, rising from 4,123,100 thousand US dollars in March 2019 to 8,681,500 thousand US dollars by March 2024. This steady increase demonstrates strengthening financial stability and retained earnings accumulation. The equity balance grows consistently across quarters, with minor accelerations in growth noted during 2022 and 2023, suggesting effective capital management and possibly increased profitability.
- Equity Turnover Ratio
- The equity turnover ratio, available from September 2019 onwards, fluctuates between 1.48 and 1.89. The ratio peaks in the third quarter of 2022 at 1.89, indicating a high efficiency in generating sales from equity during that period. However, there is a general declining trend observed after the peak, falling to 1.48 by March 2024. This decrease suggests a reduction in sales generated per unit of equity, which could imply either equity growth outpacing sales growth or diminishing sales efficiency relative to the equity base.
- Overall Trends and Insights
- The company shows robust growth in both net sales and equity over the five-year period. The dip in early 2020 sales marks a temporary disruption, after which recovery is strong. The rising equity base signals financial strength and potentially retained profits supporting growth. The equity turnover ratio variability indicates fluctuating efficiency in using equity to generate sales, with a recent downward trend that may warrant attention to maintain operational efficiency relative to equity expansion.