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)
Corning Inc., 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 focuses on three key turnover ratios over the examined periods: net fixed asset turnover, total asset turnover, and equity turnover. These ratios provide insights into the efficiency of asset and equity utilization in generating revenue.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio presents a generally positive trend starting from approximately 0.75 in the first quarter of 2020. After a slight decline through the end of 2020, it recovers and steadily rises between early 2021 and late 2022, peaking near 0.99. However, from the end of 2022 onward, the ratio experiences some fluctuations, generally trending downward but remaining within a range close to 0.86 to 0.92 through the first quarter of 2024. This pattern indicates an improvement in the company's efficiency in using fixed assets up to late 2022, followed by a modest reduction in asset utilization efficiency more recently.
- Total Asset Turnover
- This ratio remains relatively stable throughout the period, beginning near 0.40 in early 2020, following some initial data absence. There is a gradual increase, reaching approximately 0.50 in late 2022, suggesting improved efficiency in total asset utilization during this timeframe. Subsequently, there is a slight but steady decline from late 2022 through the first quarter of 2024, settling around 0.44 to 0.45. The overall trend reflects moderate growth in asset turnover, followed by a mild decrease, indicating minor challenges in maintaining asset efficiency recently.
- Equity Turnover
- The equity turnover ratio shows more pronounced variability. Starting slightly below 0.90 in the first quarter of 2020, it rises to above 1.20 by late 2022, indicating stronger revenue generation relative to equity. This ascent is marked by incremental gains quarter-on-quarter, peaking at 1.28 before experiencing a decrease in early 2023. The ratio declines moderately but remains above 1.00 through early 2024, indicating sustained but slightly reduced efficiency in equity usage compared to earlier peaks.
In summary, the data reflects improvements in underlying operational efficiency from 2020 through late 2022, particularly notable in net fixed asset turnover and equity turnover. However, from late 2022 to early 2024, there is evidence of some softness across all turnover metrics, implying possible challenges in maintaining the previously observed efficiency gains.
Net Fixed Asset Turnover
Corning Inc., 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 millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Property, plant and equipment, net of 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, net of accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited fluctuations over the observed quarterly periods. Initially, sales were relatively stable around the 2800–2950 million USD range from early 2019 through the end of 2019. A noticeable decline occurred starting in the first quarter of 2020, coinciding with the global economic disruptions during that period, reaching a low near 2391 million USD in March 2020. Sales recovered gradually from mid-2020 onward, peaking in December 2021 at 3676 million USD. However, from 2022 onwards, net sales displayed a modest downward trend with sequential quarterly decreases, falling from approximately 3680 million USD in March 2022 to around 2975 million USD by March 2024. This indicates some challenges in sustaining the growth momentum seen during 2020-2021.
- Property, Plant and Equipment, Net of Accumulated Depreciation
- The net book value of fixed assets remained relatively stable, fluctuating between approximately 14,000 million USD and 15,800 million USD across the entire period. After a slight increase through 2019, asset values peaked near 15,800 million USD in late 2021 and early 2022. Subsequently, a gradual downward movement is observed, dropping to around 14,199 million USD by March 2024. This pattern suggests limited major capital expenditures or asset disposals during this timeframe, with asset base stability supporting ongoing operations.
- Net Fixed Asset Turnover
- Net fixed asset turnover experienced a consistent upward trend throughout the data set, starting with a ratio around 0.70-0.75 in late 2019. The ratio increased steadily reaching a peak of 0.99 in September 2022. This indicates improving efficiency in generating sales from the property, plant, and equipment asset base. After this peak, turnover slightly declined but remained high near 0.86-0.91 by early 2024. These changes imply favorable utilization of fixed assets over time, with a marginal dip potentially reflecting the recent sales decrease or asset base fluctuations.
- Overall Insights
- The data demonstrate resilience following initial sales impacts in early 2020, with recovery and growth through 2021 supported by consistent asset levels and increasing asset turnover efficiency. However, in the most recent periods, a reduction in sales coupled with a slight decline in asset book values and turnover ratios suggests emerging pressure on operational performance or market conditions affecting demand. Continued monitoring of the interplay between sales trends and asset utilization will be critical to assess future operational effectiveness and capital investment strategies.
Total Asset Turnover
Corning Inc., 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 millions) | ||||||||||||||||||||||||||||
| 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 analysis of the quarterly financial data reveals several notable trends in the company's performance over the observed periods.
- Net Sales
- Net sales demonstrate a pattern of fluctuations with some degree of seasonality. From March 2019 to December 2019, sales ranged between approximately 2,800 and 2,900 million US dollars, showing mild variation. A decline is observed in the first quarter of 2020, dropping to 2,391 million, coinciding with broader economic impacts likely related to that period. However, there is a subsequent recovery and increase through the remainder of 2020, peaking at 3,350 million in December 2020, indicating a rebound in demand or improved market conditions.
- Entering 2021, the company maintained relatively high sales levels, generally in the 3,000 to 3,600 million range, although by late 2022 and into 2023 sales have exhibited a gradual downward trend, declining to just below 3,000 million by March 2024. This suggests weakening revenue generation capacity or possible market pressures in the more recent quarters.
- Total Assets
- Total assets have shown moderate variability but without a clear directional trend over the period. Starting around 27,321 million in early 2019, assets increased to approximately 30,775 million by the end of 2020, reflecting asset growth during that interval. Subsequently, total assets have generally stabilized within the range of 28,000 to 30,000 million, with a slight downward movement observed toward early 2024, ending near 27,618 million.
- The fluctuations suggest strategic adjustments in asset management or capital expenditure cycles, but no drastic changes are evident that would imply major acquisitions or divestitures.
- Total Asset Turnover
- The total asset turnover ratio, available from late 2019 onwards, illustrates an improving efficiency trend initially. Starting around 0.36 to 0.40 in 2019-2020, the ratio increased steadily, reaching a peak of 0.50 in late 2021. This indicates enhanced utilization of assets to generate sales during this period, likely due to operational improvements or a favorable sales environment.
- Following the peak, the ratio gradually declined to approximately 0.44-0.45 by early 2024. The decline in turnover ratio in recent quarters, combined with the observed decrease in sales, may reflect challenges in maintaining sales volume relative to asset base or possibly increased asset holdings not yet fully leveraged.
In summary, the company experienced a dip in sales early in 2020 followed by a recovery phase peaking in 2021, accompanied by improved asset turnover efficiency. Post-2021, both sales and asset turnover show signs of weakening, whereas total asset levels have remained relatively stable with slight fluctuations. These patterns suggest a cycle of recovery and growth followed by a period of stabilization and modest slowdown in operational efficiency and revenue generation.
Equity Turnover
Corning Inc., 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 millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total Corning Incorporated shareholders’ equity | ||||||||||||||||||||||||||||
| 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)
÷ Total Corning Incorporated shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrate a generally fluctuating pattern over the observed quarters. Starting at approximately $2,812 million in March 2019, sales increased modestly to a peak of around $3,615 million in September 2021. A notable dip occurred in early 2020, with net sales dropping to about $2,391 million in March 2020, likely reflecting external economic factors. Following this downturn, sales recovered steadily throughout 2020 and 2021, reaching an apex in the third quarter of 2021. However, from late 2021 onward, sales have shown a gradual decline, decreasing to around $2,975 million by March 2024.
- Total Shareholders’ Equity
- Total shareholders’ equity exhibits a declining trend over the period observed. Beginning at approximately $13,607 million in March 2019, equity decreased steadily through 2020 and 2021, reaching a low of about $11,284 million in September 2022. Some fluctuations are observable, with minor recoveries in certain quarters, such as late 2020 and late 2022, but overall, the equity base shows a contraction to around $11,226 million by March 2024. This reduction in equity may indicate distributions, retained earnings fluctuations, or other capital changes.
- Equity Turnover
- Equity turnover ratios are available starting from the third quarter of 2019 and show an increasing trend across the reported periods. Initial values hovered near 0.89 to 0.91 in 2019 and early 2020, then showed a consistent upward trajectory, peaking at approximately 1.28 in the third quarter of 2022. Following this peak, the ratio slightly decreased but remained elevated relative to initial values, stabilizing around 1.09 to 1.10 by early 2024. This upward trend suggests improved efficiency in generating sales relative to shareholders' equity over time.