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.
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
EQT Corp., long-term (investment) activity ratios
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 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), 10-K (reporting date: 2017-12-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a fluctuating trend over the analyzed period. Starting at a low point of 0.13 in 2017, it peaked at 0.27 in 2018 before experiencing a decline to 0.23 in 2019 and further to 0.17 in 2020. In 2021, there was a notable increase to 0.37, marking the highest value in the five-year span. This indicates an overall improvement in the effectiveness of fixed assets in generating revenue by the end of the period, with a temporary dip during the middle years.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The inclusion of operating lease and right-of-use assets results in turnover ratios nearly identical to the net fixed asset turnover alone, suggesting that these elements have a minimal impact on the ratio values. The trends mirror those seen in the net fixed asset turnover, confirming a consistent pattern in asset utilization regardless of these additions.
- Total Asset Turnover
- Total asset turnover shows a somewhat similar pattern but at lower levels compared to net fixed asset turnover. It starts at 0.09 in 2017, increases significantly to 0.23 in 2018, then declines to 0.20 in 2019 and further to 0.15 in 2020. By 2021, it recovers noticeably to 0.31. This ratio reflects the company's overall asset utilization efficiency, which improved substantially after 2020, indicating better sales generation from total assets.
- Equity Turnover
- Equity turnover exhibits the highest values and most pronounced fluctuations among the examined ratios. Starting at 0.20 in 2017, it more than doubles to 0.43 in 2018 before decreasing to 0.39 in 2019 and then dropping further to 0.29 in 2020. The 2021 figure of 0.68 signifies a strong recovery and the highest turnover rate observed in the dataset. This suggests an enhanced efficiency in using shareholders' equity to generate sales toward the end of the period, despite volatility in earlier years.
Net Fixed Asset Turnover
EQT Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Sales of natural gas, natural gas liquids and oil | ||||||
| Net property, plant and equipment | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover = Sales of natural gas, natural gas liquids and oil ÷ Net property, plant and equipment
= ÷ =
2 Click competitor name to see calculations.
- Sales of natural gas, natural gas liquids and oil
- The sales figures show considerable fluctuations over the observed periods. Starting at approximately 2.65 billion USD in 2017, sales increased significantly in 2018 to about 4.70 billion USD. This was followed by a decline in 2019 and 2020, reaching approximately 3.79 billion USD and 2.65 billion USD respectively. A sharp increase occurred in 2021, where sales peaked at roughly 6.80 billion USD, the highest level in the five-year span examined.
- Net property, plant and equipment
- Net property, plant and equipment values display a downward trend from 2017 to 2020. The value decreased from about 19.73 billion USD in 2017 to approximately 16.05 billion USD in 2020, indicating a reduction in net asset base over this period. However, in 2021, there was a reversal of this trend, with an increase to roughly 18.42 billion USD, suggesting either new investments or revaluation of assets.
- Net fixed asset turnover
- The net fixed asset turnover ratio exhibits a variable pattern aligned partially with sales fluctuations. Starting at 0.13 in 2017, the ratio rose sharply to 0.27 in 2018, reflecting improved efficiency in utilizing fixed assets to generate sales. The ratio then declined to 0.23 in 2019 and further to 0.17 in 2020, signaling reduced asset utilization efficiency amid falling sales. In 2021, the ratio increased substantially to 0.37, the highest level recorded, consistent with the significant sales increase and an expanded asset base.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
EQT Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Sales of natural gas, natural gas liquids and oil | ||||||
| Net property, plant and equipment | ||||||
| Lease right-of-use assets (recorded in Other assets) | ||||||
| Net property, plant and equipment (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 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales of natural gas, natural gas liquids and oil ÷ Net property, plant and equipment (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Sales of natural gas, natural gas liquids and oil
- The sales experienced a significant increase from approximately $2.65 billion in 2017 to around $4.70 billion in 2018. This was followed by a decline to about $3.79 billion in 2019, and a further reduction to roughly $2.65 billion in 2020. However, sales rebounded strongly in 2021, reaching approximately $6.80 billion, the highest value in the observed period.
- Net property, plant and equipment (including operating lease, right-of-use asset)
- The net property, plant, and equipment showed a declining trend from $19.73 billion in 2017 to $16.08 billion in 2020. In 2021, there was a noticeable increase to $18.45 billion, partially reversing the previous downward trend.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio increased from 0.13 in 2017 to 0.27 in 2018, indicating improved efficiency in using fixed assets to generate sales. It then decreased to 0.23 in 2019 and further to 0.16 in 2020. In 2021, the ratio significantly rose to 0.37, suggesting enhanced asset utilization and operational performance.
- Overall analysis
- The sales trend fluctuated notably, with considerable growth in 2018 and 2021, while experiencing declines in 2019 and 2020. Correspondingly, net property, plant, and equipment decreased over the majority of the period until a recovery in 2021. The net fixed asset turnover ratio generally followed an inverse pattern to assets, improving during years with lower asset base and higher sales, particularly in 2018 and 2021. This indicates that the company increased efficiency in utilizing its fixed assets to drive revenue, especially in 2021. The combined trends suggest a period of optimization and recovery after asset reductions and sales declines.
Total Asset Turnover
EQT Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Sales of natural gas, natural gas liquids and oil | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Total Asset Turnover, Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Total asset turnover = Sales of natural gas, natural gas liquids and oil ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Sales trends
- Sales of natural gas, natural gas liquids, and oil showed a general upward trend over the five-year period, with some fluctuations. The sales increased significantly from 2,651,318 thousand US dollars in 2017 to 4,695,519 thousand in 2018, representing a strong growth. However, in 2019 and 2020, sales declined to 3,791,414 and 2,650,299 thousand US dollars, respectively. There was a notable recovery in 2021, with sales reaching 6,804,020 thousand US dollars, the highest level in the period analyzed.
- Total assets trends
- Total assets decreased consistently from 29,522,604 thousand US dollars in 2017 to 18,113,469 thousand in 2020, reflecting a significant reduction in asset base. In 2021, total assets increased again to 21,607,388 thousand US dollars but remained below the initial 2017 level. This indicates an overall contraction in asset holdings over the period with a partial recovery at the end.
- Total asset turnover trends
- The total asset turnover ratio, which measures efficiency in using assets to generate sales, improved substantially over the five years. Starting at 0.09 in 2017, it more than doubled to 0.23 in 2018, then showed a slight decline to 0.20 in 2019 and further to 0.15 in 2020. In 2021, this ratio climbed sharply to 0.31, the highest level observed, indicating enhanced asset utilization efficiency despite fluctuations in sales and asset levels.
- Summary insights
- The financial data reveal a period characterized by volatility in sales and a general decline followed by partial recovery in total assets. Despite the reduction in asset base until 2020, the company improved its efficiency in asset utilization over the years, culminating in the highest asset turnover ratio in 2021. The rebound in sales in 2021, combined with improved asset turnover, suggests a positive shift in operational performance and resource management toward the end of the period analyzed.
Equity Turnover
EQT Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Sales of natural gas, natural gas liquids and oil | ||||||
| Common shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Equity Turnover, Industry | ||||||
| Energy | ||||||
Based on: 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), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Equity turnover = Sales of natural gas, natural gas liquids and oil ÷ Common shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Sales of natural gas, natural gas liquids and oil
- The sales figures demonstrate significant fluctuations over the observed period. Starting at approximately 2.65 billion US dollars in 2017, sales peaked in 2018 at around 4.70 billion, followed by a decline in 2019 and 2020 to roughly 3.79 billion and 2.65 billion respectively. A strong recovery occurred in 2021, with sales reaching approximately 6.80 billion US dollars, the highest value in the presented timeline.
- Common shareholders’ equity
- Common shareholders’ equity exhibited a decreasing trend from 2017 through 2020, falling from about 13.32 billion US dollars to around 9.26 billion. A modest increase was noted in 2021, with equity rising to just over 10.03 billion US dollars. Despite the uptick, the equity level in 2021 remains lower than the initial figure recorded in 2017.
- Equity turnover ratio
- The equity turnover ratio shows variable performance across the years. Initially low at 0.2 in 2017, it increased significantly to 0.43 in 2018, then slightly declined to 0.39 in 2019. The ratio dropped further to 0.29 in 2020 before rising sharply to 0.68 in 2021. This variability indicates changing efficiency in the use of equity to generate sales, with 2021 reflecting the highest turnover and, thus, potentially improved equity utilization.