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)
Boston Scientific Corp., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Boston Scientific Corp. net fixed asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
| 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). | Boston Scientific Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2020 to 2021 and from 2021 to 2022. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Boston Scientific Corp. total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Boston Scientific Corp. equity turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Net Fixed Asset Turnover
Boston Scientific Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 12,682) | 11,888) | 9,913) | 10,735) | 9,823) | |
| Property, plant and equipment, net | 2,446) | 2,252) | 2,084) | 2,079) | 1,782) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 5.18 | 5.28 | 4.76 | 5.16 | 5.51 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Abbott Laboratories | 4.76 | 4.81 | 3.83 | 3.97 | — | |
| Cigna Group | 47.53 | 46.73 | 37.85 | 34.45 | — | |
| CVS Health Corp. | 24.98 | 22.56 | 21.25 | 21.24 | — | |
| Elevance Health Inc. | 36.07 | 34.94 | 34.69 | 32.92 | — | |
| Humana Inc. | 28.71 | 26.97 | 32.05 | 32.93 | — | |
| Intuitive Surgical Inc. | 2.62 | 3.04 | 2.76 | 3.52 | — | |
| Medtronic PLC | 5.85 | 5.77 | 5.99 | 6.54 | — | |
| UnitedHealth Group Inc. | 31.81 | 31.81 | 29.64 | 27.60 | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 22.49 | 21.55 | 20.28 | 19.95 | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | 10.62 | 10.44 | 9.62 | 9.73 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Net fixed asset turnover = Net sales ÷ Property, plant and equipment, net
= 12,682 ÷ 2,446 = 5.18
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. | Boston Scientific Corp. net fixed asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Boston Scientific Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 12,682) | 11,888) | 9,913) | 10,735) | 9,823) | |
| Property, plant and equipment, net | 2,446) | 2,252) | 2,084) | 2,079) | 1,782) | |
| Operating lease right-of-use assets | 386) | 435) | 458) | 336) | —) | |
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 2,832) | 2,687) | 2,542) | 2,415) | 1,782) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.48 | 4.42 | 3.90 | 4.45 | 5.51 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Abbott Laboratories | 4.25 | 4.26 | 3.42 | 3.56 | — | |
| Cigna Group | 43.23 | 41.37 | 33.46 | 30.72 | — | |
| CVS Health Corp. | 10.46 | 9.09 | 8.04 | 7.77 | — | |
| Elevance Health Inc. | 31.64 | 30.12 | 29.26 | 27.82 | — | |
| Humana Inc. | 24.76 | 22.09 | 27.07 | 27.22 | — | |
| Intuitive Surgical Inc. | 2.53 | 2.93 | 2.66 | 3.32 | — | |
| Medtronic PLC | 5.06 | 4.84 | 5.02 | 6.54 | — | |
| UnitedHealth Group Inc. | 21.54 | 21.54 | 19.55 | 18.97 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Health Care Equipment & Services | 14.87 | 13.78 | 12.53 | 12.33 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | 8.57 | 8.28 | 7.55 | 7.63 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 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)
= 12,682 ÷ 2,832 = 4.48
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). | Boston Scientific Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2020 to 2021 and from 2021 to 2022. |
Total Asset Turnover
Boston Scientific Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 12,682) | 11,888) | 9,913) | 10,735) | 9,823) | |
| Total assets | 32,469) | 32,229) | 30,777) | 30,565) | 20,999) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.39 | 0.37 | 0.32 | 0.35 | 0.47 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Abbott Laboratories | 0.59 | 0.57 | 0.48 | 0.47 | — | |
| Cigna Group | 1.25 | 1.11 | 1.02 | 0.98 | — | |
| CVS Health Corp. | 1.41 | 1.25 | 1.16 | 1.15 | — | |
| Elevance Health Inc. | 1.51 | 1.41 | 1.39 | 1.33 | — | |
| Humana Inc. | 2.15 | 1.87 | 2.17 | 2.21 | — | |
| Intuitive Surgical Inc. | 0.48 | 0.42 | 0.39 | 0.46 | — | |
| Medtronic PLC | 0.35 | 0.32 | 0.32 | 0.34 | — | |
| UnitedHealth Group Inc. | 1.31 | 1.34 | 1.30 | 1.38 | — | |
| Total Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 1.22 | 1.13 | 1.08 | 1.07 | — | |
| Total Asset Turnover, Industry | ||||||
| Health Care | 0.81 | 0.76 | 0.70 | 0.71 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Total asset turnover = Net sales ÷ Total assets
= 12,682 ÷ 32,469 = 0.39
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. | Boston Scientific Corp. total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Equity Turnover
Boston Scientific Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 12,682) | 11,888) | 9,913) | 10,735) | 9,823) | |
| Stockholders’ equity | 17,573) | 16,622) | 15,326) | 13,877) | 8,726) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 0.72 | 0.72 | 0.65 | 0.77 | 1.13 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Abbott Laboratories | 1.19 | 1.20 | 1.06 | 1.03 | — | |
| Cigna Group | 4.00 | 3.66 | 3.16 | 3.36 | — | |
| CVS Health Corp. | 4.53 | 3.87 | 3.86 | 4.00 | — | |
| Elevance Health Inc. | 4.29 | 3.80 | 3.64 | 3.25 | — | |
| Humana Inc. | 6.04 | 5.15 | 5.54 | 5.35 | — | |
| Intuitive Surgical Inc. | 0.56 | 0.48 | 0.45 | 0.54 | — | |
| Medtronic PLC | 0.60 | 0.59 | 0.57 | 0.61 | — | |
| UnitedHealth Group Inc. | 4.14 | 3.98 | 3.90 | 4.17 | — | |
| Equity Turnover, Sector | ||||||
| Health Care Equipment & Services | 3.34 | 3.03 | 2.91 | 2.94 | — | |
| Equity Turnover, Industry | ||||||
| Health Care | 2.17 | 2.10 | 2.07 | 2.07 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Equity turnover = Net sales ÷ Stockholders’ equity
= 12,682 ÷ 17,573 = 0.72
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. | Boston Scientific Corp. equity turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |