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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Long-term Activity Ratios (Summary)
Builders FirstSource 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the quarterly financial ratios over the periods presented reveals several notable trends in asset and equity utilization efficiency.
- Net Fixed Asset Turnover
- This ratio exhibited a relatively stable performance around 10 to 11 in the initial periods from March 2018 through December 2020, with minor fluctuations. Starting in March 2021, there was a marked upward trend, peaking at 16.01 in June 2022. After this peak, the ratio gradually declined through March 2023, reaching 9.81. This pattern suggests a period of increasing efficiency in using fixed assets to generate sales through mid-2022, followed by a tapering off in asset utilization efficiency thereafter.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- When considering operating leases and right-of-use assets, the turnover ratio is consistently lower compared to the standard net fixed asset turnover, indicating the inclusion of additional asset bases. This ratio started at 11.53 in March 2018 but reduced sharply to a range between 7 and 8 during 2019 and 2020. Similar to the standard fixed asset turnover, there was an upward climb starting in March 2021, reaching a peak of 11.95 in June 2022 before declining to 7.68 by the end of the observed period. The trend parallels that of the net fixed asset turnover but reflects the impact of lease assets on asset efficiency measurement.
- Total Asset Turnover
- This ratio demonstrated a downward trend from 2.63 in March 2018 to a low of 1.17 in March 2021, indicating a decline in the ability to generate sales from the total assets over this interval. Following this low point, a recovery phase ensued, peaking at 2.14 in March 2023, before a slight decrease back to 1.61 by the end of the period. The dip and subsequent recovery suggest cyclic variations in overall asset utilization efficiency.
- Equity Turnover
- The equity turnover ratio showed a continuous and steep decline from 12.95 in March 2018 down to 7.42 in December 2020, suggesting a reduced use of equity to drive sales. A much sharper drop was observed by March 2021, where the ratio fell to 2.2. However, from this low base, a steady upward trend commenced, reaching a peak of 4.58 by March 2023, before a slight decline to 3.78 by September 2023. This pattern indicates a significant fluctuation in the company’s efficiency in using equity towards revenue generation, with a notable trough in early 2021 and subsequent partial recovery.
Net Fixed Asset Turnover
Builders FirstSource 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends across net sales, property, plant and equipment (PP&E), and net fixed asset turnover ratios over the observed periods.
- Net Sales
- Net sales exhibit significant fluctuations throughout the quarters. Starting at approximately 1.7 billion USD in March 2018, net sales generally increased with some volatility, peaking notably in the first half of 2021. During this period, sales surged to over 4.1 billion USD in March 2021 and further escalated to about 5.6 billion USD by June 2021. After this peak, net sales showed a declining trend toward early 2023, dropping to around 3.9 billion USD by September 2023. This pattern reflects strong growth phases interspersed with periods of contraction, suggesting possible cyclical or market-driven influences impacting revenue generation.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment increased steadily over the entire timeframe. Beginning at approximately 644 million USD in March 2018, there was a consistent upward trajectory with occasional larger increments, notably around the first quarter of 2021 where the value nearly doubled compared to earlier years, reaching over 1.3 billion USD. The upward trend continued through to September 2023, ending at about 1.76 billion USD. This sustained increase indicates ongoing investment or capital expenditures in fixed assets, which may support anticipated growth or operational expansion.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from December 2018 onward, shows variability with an overall declining trend in recent quarters. Initially fluctuating around 10 to 11.5 from late 2018 to early 2020, the ratio improved sharply from 2020 into early 2022, reaching a peak above 16 in December 2021. This suggests increased efficiency in utilizing fixed assets to generate sales during that period. However, from early 2022 to the latest available quarter, this ratio declined markedly to below 10 by September 2023. The decrease may reflect slower sales growth relative to the asset base or increasing asset investments outpacing sales increments, leading to less efficient asset utilization in recent periods.
In summary, net sales demonstrate significant episodic growth with recent declines, while property, plant, and equipment values steadily increase, reflecting continuous investment in fixed assets. The net fixed asset turnover ratio evidences improved asset efficiency up to late 2021, followed by a reduction in efficiency extending into 2023. These patterns collectively indicate a phase of aggressive asset growth and sales expansion succeeded by a moderation of sales performance and asset utilization efficiency.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Builders FirstSource Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||||||
| Operating lease right-of-use assets, net | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Over the observed periods, net sales exhibited significant fluctuations with an overall upward trend from 2018 through mid-2022, peaking in June 2021 at approximately 5.58 billion US dollars. Following this peak, net sales experienced a decline through 2023, falling to around 4.53 billion US dollars by September 2023. The sales trajectory indicates cyclical variations with strong growth phases, particularly notable during 2020 and early 2021, followed by periods of reduction, especially in 2023.
- Property, Plant and Equipment, Net (including Operating Lease, Right-of-Use Asset)
- The recorded net value of property, plant, and equipment showed a consistent upward trend throughout the period. Values rose steadily from approximately 644 million US dollars in March 2018 to over 2.25 billion US dollars by September 2023. This steady increase suggests ongoing investments in fixed assets and leasing agreements, reflecting an expansion of operational capacity or asset base over time.
- Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio displayed variability but remained within a range indicative of moderate to high efficiency in asset utilization. Starting at higher levels around 11.53 in September 2018, it decreased to a low near 6.29 in March 2021. Subsequently, the ratio improved again, reaching approximately 11.95 by September 2022, before declining gradually to 7.68 in September 2023. This pattern suggests fluctuations in how effectively the company generated sales from its fixed assets, with periods of both heightened and diminished operational efficiency.
- Overall Insights
- The data reveals a company undergoing significant growth in asset base, accompanied by periods of fluctuating sales performance. While investments in fixed assets increased consistently, sales growth was more variable, peaking mid-2021 and declining thereafter. The net fixed asset turnover ratio implies that the ability to generate sales from the asset base was strongest prior to 2021 and again mid-2022, with efficiency diminishing in recent quarters. This may indicate challenges in leveraging expanded assets amid changing market conditions or operational adjustments.
Total Asset Turnover
Builders FirstSource 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Total asset turnover
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The data reveals several noteworthy trends across net sales, total assets, and total asset turnover from March 2018 through September 2023.
- Net Sales
- Over the analyzed periods, net sales exhibit a generally increasing trend with some fluctuations. From the beginning in March 2018, net sales rose from approximately 1.7 billion USD to peak significantly around the first three quarters of 2021, reaching over 5.5 billion USD. Following this peak, net sales showed volatility, decreasing sharply in the subsequent quarters of 2022 and early 2023 to around 3.9 to 4.5 billion USD. The most recent quarter, September 2023, shows net sales stabilizing around 4.5 billion USD.
- Total Assets
- Total assets more than tripled from March 2018 to the highest recorded values in mid-2022. Starting near 3.1 billion USD, assets climbed steadily to over 12 billion USD in June 2022. After this high, assets slightly decreased and oscillated around 10.5 to 10.7 billion USD through 2023. The asset growth was notably steep from 2020 onward.
- Total Asset Turnover
- The total asset turnover ratio showed a declining trend after a peak in late 2018. Initially above 2.5, the ratio declined from 2.63 in September 2018 to lows around 1.17 in March 2021. From then on, it rebounded somewhat, fluctuating between 1.6 and 2.14 through 2022 and 2023, but generally remained below the levels seen prior to 2020. This trend indicates that although asset base increased substantially, the efficiency with which those assets were utilized to generate sales diminished, especially during the peak asset growth period.
In summary, the company experienced significant growth in both net sales and total assets between 2018 and 2021, although net sales peaked earlier and started to decline before assets slightly contracted. The declining and then modestly recovering asset turnover ratio suggests that the expansion in asset base outpaced sales growth at times, implying potential challenges in asset utilization efficiency during rapid growth periods. The recent quarters show a leveling off of both net sales and asset size, along with stable but moderate asset turnover ratios, which may indicate a period of consolidation or adjusted operational strategy.
Equity Turnover
Builders FirstSource 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Equity turnover
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited fluctuations throughout the observed periods. From March 31, 2018, through December 31, 2020, net sales showed moderate growth overall, with intermittent peaks and declines across quarters. A notable increase occurred in the first quarter of 2021, where net sales surged sharply to over 4 million US dollars and continued growing substantially through mid-2022, reaching a high point above 6.9 million US dollars by June 30, 2022. However, from late 2022 onward, net sales declined consistently, falling back to approximately 4.5 million US dollars by the third quarter of 2023. This pattern suggests a significant growth phase starting in early 2021, followed by a retrenchment in net sales in recent quarters.
- Stockholders’ Equity
- Stockholders' equity generally increased steadily from March 31, 2018, to December 31, 2020, rising from around 400 million to over 1.15 billion US dollars, indicating strengthening equity position during this period. Beginning in March 2021, stockholders’ equity spiked dramatically to approximately 5 billion US dollars and remained at an elevated plateau near this level through mid-2022. Subsequently, there was a gradual decline in stockholders’ equity, decreasing to roughly 4.6 billion US dollars by the third quarter of 2023. This elevated equity level in 2021 and 2022 followed by a decline suggests a significant capital event or equity transaction occurred around early 2021, with a partial unwinding or utilization of equity resources thereafter.
- Equity Turnover
- Equity turnover displays a distinctive trend, with data missing prior to March 31, 2018. From March 31, 2018, to December 31, 2020, the ratio declined steadily from approximately 12.95 down to 7.42, indicating that net sales were generated at a decreasing rate relative to equity during this interval. Entering 2021, equity turnover decreased sharply to values around 2.2 before gradually increasing again, reaching a peak near 4.58 by September 2023. This pattern corresponds inversely with the dramatic increase in stockholders’ equity in 2021, as the large equity base initially suppressed turnover ratios, but subsequently, as equity levels adjusted, efficiency relative to equity improved moderately.
- Overall Observations
- The data reflect a period of stable growth in net sales and equity until the end of 2020, followed by a substantial capital increase and sales expansion in early 2021. This was accompanied by a notable drop in equity turnover ratios due to the expanded equity base. Over the following two years, net sales declined from their peak, and equity also decreased somewhat, while equity turnover improved moderately but did not return to pre-2021 levels. These trends imply major corporate developments, such as financing events or acquisitions, impacting capital structure and revenue generation efficiency, with recent quarters showing signs of normalization or contraction in sales activity.