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 Solvency Ratios
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- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
EQT Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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 quarterly financial ratios demonstrates distinct trends over the reported periods, reflecting changes in asset efficiency and equity utilization.
- Net Fixed Asset Turnover
- This ratio exhibits a gradual decline from 0.27 in the first quarter of 2019 to a low of 0.17 by the end of 2020, indicating a reduction in sales generated per unit of net fixed assets over this period. However, from early 2021 onward, a marked improvement is observed, with the ratio increasing steadily to reach 0.68 in the third quarter of 2022. This recovery and subsequent growth suggest enhanced utilization of fixed assets in generating revenue during the latter periods.
- Total Asset Turnover
- The total asset turnover ratio follows a similar pattern to the net fixed asset turnover. It starts at 0.23 in the first quarter of 2019 and declines gradually to 0.15 by the end of 2020, reflecting decreased efficiency in using total assets to produce sales. From the beginning of 2021, the ratio begins to recover, rising to 0.55 in the third quarter of 2022. This rebound points to an overall improvement in asset management and sales generation efficiency.
- Equity Turnover
- Equity turnover experienced a downward trend from 0.43 in early 2019 to 0.29 by the end of 2020, indicating reduced sales relative to shareholders' equity. Starting in 2021, there is a notable increase, with the ratio moving from 0.33 to a significant peak of 1.28 in the third quarter of 2022. This upward movement implies that the company has effectively leveraged equity to enhance sales, especially pronounced in the most recent periods.
Overall, the financial ratios suggest that the company faced challenges in asset and equity utilization efficiency through 2019 and 2020. Beginning in 2021, a sustained recovery and substantial improvement is evident across all turnover metrics, highlighting a positive shift in operational efficiency and asset management, culminating in heightened sales generation relative to assets and equity by 2022.
Net Fixed Asset Turnover
EQT Corp., net fixed asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
Net fixed asset turnover
= (Sales of natural gas, natural gas liquids and oilQ3 2022
+ Sales of natural gas, natural gas liquids and oilQ2 2022
+ Sales of natural gas, natural gas liquids and oilQ1 2022
+ Sales of natural gas, natural gas liquids and oilQ4 2021)
÷ Net property, plant and equipment
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed quarterly periods. The sales of natural gas, natural gas liquids, and oil display significant volatility, with a general pattern of decline during 2019 and the early part of 2020, followed by a strong recovery and substantial growth from 2021 onward. Initial sales figures peaked in the first quarter of 2019 and then decreased sharply reaching the lowest points in mid-2020. From late 2020 through 2022, however, sales rose markedly, reaching their highest levels in the final quarter of the data period. This indicates a resurgence in product demand or pricing improvements in recent periods.
The net property, plant, and equipment values exhibit a relatively stable trend, with only moderate fluctuations. There is a slight decline from early 2019 through mid-2020, followed by minor recoveries and subsequent stabilization through the end of 2022. This suggests restrained capital expenditure or asset sales during the early periods, with maintenance of assets in later quarters without substantial expansion or contraction in fixed assets.
The net fixed asset turnover ratio, which measures revenue generated per unit of fixed assets, shows an overall increasing trend. It starts relatively low in 2019 and early 2020, reflecting lower efficiency or capacity utilization during that timeframe. From late 2020 onwards, the ratio improves consistently, with a sharp increase in 2021 and continuing growth through 2022. This upward trend aligns with the observed increase in sales, indicating improved utilization of fixed assets and enhanced operational efficiency over the most recent periods.
- Sales of natural gas, natural gas liquids, and oil
- Experienced a pronounced decrease from early 2019 to mid-2020, followed by a robust recovery and strong growth through 2021 and 2022, culminating in record-high quarterly sales toward the end of the period.
- Net property, plant, and equipment
- Remained fairly stable with slight decreases in the earlier periods and modest fluctuations thereafter, suggesting maintenance-focused capital management without aggressive asset expansion.
- Net fixed asset turnover
- Improved steadily over the analyzed period, with significant gains starting in late 2020, indicating better asset utilization and increasing operational efficiency, consistent with rising sales volumes.
Total Asset Turnover
EQT Corp., total asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
Total asset turnover
= (Sales of natural gas, natural gas liquids and oilQ3 2022
+ Sales of natural gas, natural gas liquids and oilQ2 2022
+ Sales of natural gas, natural gas liquids and oilQ1 2022
+ Sales of natural gas, natural gas liquids and oilQ4 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals distinct trends in sales, asset base, and efficiency ratios over the reported quarters. The sales figures for natural gas, natural gas liquids, and oil demonstrate considerable fluctuations, initially declining from early 2019 through mid-2020 and then recovering robustly through to the third quarter of 2022. Specifically, sales decreased from a high point in the first quarter of 2019 to a trough around mid-2020, followed by a significant upward trajectory reaching the highest levels in the latest reported quarters of 2022.
Total assets exhibit a moderate downward trend through 2019 into mid-2020, followed by stabilization and subsequent growth. After dipping from approximately 20.3 billion US dollars to around 17.5 billion by the third quarter of 2020, total assets gradually increased, surpassing earlier levels and peaking near 22.6 billion US dollars in the second quarter of 2022, with a slight decline in the latest quarter.
The total asset turnover ratio, a measure of asset utilization efficiency, shows an initial decline from 0.23 in early 2019 to a low of 0.15 in late 2020. However, this is followed by a steady and marked improvement, reaching 0.55 by the third quarter of 2022. This indicates a significant enhancement in the company's ability to generate sales from its asset base during the latest periods.
- Sales Trend
- Sales declined steadily from over 1.27 billion US dollars in early 2019 to a low below 500 million in mid-2020, then increased sharply to nearly 3.7 billion by late 2022.
- Total Assets
- Total assets decreased from approximately 20.3 billion to 17.5 billion between early 2019 and late 2020, followed by a recovery and growth exceeding 22 billion in 2022.
- Total Asset Turnover Ratio
- The ratio fell from 0.23 to 0.15 during the early periods, then rose significantly, more than tripling to 0.55 by late 2022, reflecting improved asset efficiency.
In summary, the combined data suggests that despite a period of contraction and reduced efficiency through 2019 and 2020, the company experienced a strong recovery in sales and improved operational efficiency, as evidenced by the rising asset turnover ratio and expanding total assets, throughout 2021 and into 2022.
Equity Turnover
EQT Corp., equity turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
Equity turnover
= (Sales of natural gas, natural gas liquids and oilQ3 2022
+ Sales of natural gas, natural gas liquids and oilQ2 2022
+ Sales of natural gas, natural gas liquids and oilQ1 2022
+ Sales of natural gas, natural gas liquids and oilQ4 2021)
÷ Common shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales of natural gas, natural gas liquids and oil
- Sales figures exhibit a clear seasonal and cyclical pattern with fluctuations over the analyzed quarters. Starting from a high near $1.27 billion in the first quarter of 2019, sales decreased progressively through 2019, reaching a low in mid-2020 below $500 million. A recovery phase ensued from late 2020 onward, with significant growth culminating in peak sales exceeding $3.6 billion by the third quarter of 2022. This represents a nearly fivefold increase from the mid-2020 low, indicating strong market rebound or increased production and sales activities in recent periods.
- Common shareholders’ equity
- Equity levels demonstrated a declining trend from early 2019 through the end of 2021, decreasing from approximately $11.1 billion to around $8.2 billion. The downward movement reflects potential equity reductions, possibly due to losses, distributions, or share repurchases. However, starting in 2022, equity values showed signs of recovery, increasing steadily up to nearly $9.6 billion by the third quarter of 2022. This partial rebound may suggest improved profitability or capital restructuring during the latest periods.
- Equity turnover ratio
- The equity turnover ratio trended downward from 0.43 in the first quarter of 2019 to a low of 0.29 at the end of 2020, indicating a decrease in sales generated per unit of shareholder equity. This decline corresponds with the fall in sales and equity during the same timeframe. From early 2021 onward, the ratio reversed course sharply, rising from 0.33 to 1.28 by the third quarter of 2022. This substantial increase aligns with the surge in sales, suggesting enhanced capital efficiency in utilizing shareholder equity to generate revenue in the most recent quarters.