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.
Paying user area
Try for free
Elevance Health Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Elevance Health Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
Elevance Health Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
The investment activity ratios demonstrate generally positive trends over the observed period, indicating increasing efficiency in asset utilization. Net fixed asset turnover, total asset turnover, and equity turnover all exhibited upward movement, though with some quarterly fluctuations. These trends suggest the company is generating more revenue relative to its investments in fixed assets, total assets, and equity, respectively.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio displayed a consistent increase from 35.81 in March 2022 to 42.23 in December 2025. While there were minor quarterly variations, the overall trajectory is upward, suggesting improved efficiency in utilizing fixed assets to generate sales. A notable increase occurred between September 2023 and December 2025, accelerating the rate of turnover.
- Total Asset Turnover
- Total asset turnover showed a similar pattern of growth, rising from 1.42 in March 2022 to 1.63 in December 2025. This indicates the company is becoming more effective at converting its investments in all assets into revenue. The ratio experienced a slight dip in the first half of 2024, but recovered and continued its upward trend in subsequent quarters. The most significant gains were observed in the latter half of the period.
- Equity Turnover
- Equity turnover also demonstrated a positive trend, increasing from 3.97 in March 2022 to 4.50 in December 2025. This suggests the company is generating more revenue for each dollar of equity invested. The ratio experienced some volatility, particularly between March 2022 and December 2022, but ultimately maintained a consistent upward trajectory. The rate of increase accelerated in the final quarters of the observed period.
Overall, the observed trends across all three ratios suggest improving operational efficiency and a strengthening ability to generate revenue from its asset base and equity investments. The consistent upward movement, particularly in the later quarters, indicates a positive performance trajectory.
Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Operating revenue | |||||||||||||||||||||
| Property and equipment, net | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Q4 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio for the analyzed period demonstrates a generally stable performance with a noticeable upward trend in the later quarters. Initially, the ratio fluctuates within a narrow range before exhibiting consistent growth. This suggests an increasing efficiency in utilizing fixed assets to generate revenue.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The net fixed asset turnover ratio begins at 35.81 and remains relatively consistent, oscillating between 35.81 and 36.22 throughout the first three quarters. A slight decrease is observed in the final quarter of 2022, settling at 36.07. This initial stability indicates a consistent level of revenue generation relative to the company’s net fixed assets.
- Transition and Growth (Mar 31, 2023 – Jun 30, 2024)
- From the first quarter of 2023, the ratio experiences a moderate increase, reaching 39.41 by the third quarter of 2023. This upward momentum continues into 2024, with the ratio fluctuating around the 38.30-39.35 range. This period suggests improved efficiency in asset utilization, potentially due to increased sales or optimized asset management.
- Accelerated Improvement (Sep 30, 2024 – Dec 31, 2025)
- The final period reveals a more pronounced upward trend. The ratio increases from 38.33 in the second quarter of 2024 to 42.23 by the end of 2025. This acceleration suggests a significant improvement in the company’s ability to generate revenue from its fixed assets, potentially indicating successful strategic investments or operational enhancements. The ratio consistently exceeds previous levels, demonstrating a sustained positive trajectory.
- Overall Trend
- The overall trend indicates a positive correlation between time and the net fixed asset turnover ratio. While initial fluctuations are minimal, a clear and consistent upward trend emerges, particularly in the latter half of the analyzed period. This suggests that the company is becoming increasingly efficient in its use of fixed assets to generate operating revenue.
The observed increase in the net fixed asset turnover ratio is a positive indicator of operational efficiency and effective asset management. Continued monitoring of this ratio will be important to assess the sustainability of this trend.
Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Operating revenue | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Q4 2025 Calculation
Total asset turnover
= (Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio for the analyzed period demonstrates a generally increasing trend, with some quarterly fluctuations. Initially, the ratio exhibited growth from 1.42 in March 2022 to a peak of 1.57 in September 2025. This indicates an improving efficiency in utilizing assets to generate revenue over the observed timeframe.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- The ratio experienced consistent growth, increasing from 1.42 to 1.51. This suggests a strengthening relationship between revenue generation and asset base during this period. The increase, while positive, was relatively modest.
- Fluctuation and Subsequent Growth (Mar 31, 2023 – Dec 31, 2024)
- Following the peak of 1.51 in June 2023, the ratio experienced a slight decline to 1.50 in December 2024. However, this was followed by a resumption of the upward trend, indicating a potential temporary slowdown in asset utilization efficiency before regaining momentum.
- Accelerated Growth (Sep 30, 2025 – Dec 31, 2025)
- The most significant increase occurred between September 2025 and December 2025, with the ratio rising from 1.57 to 1.63. This represents the highest point in the observed period and suggests a substantial improvement in asset utilization efficiency in the final quarter.
- Overall Observations
- The overall trend suggests that the company is becoming more effective at generating revenue from its assets. The fluctuations observed throughout the period do not appear to disrupt the long-term positive trajectory. The final increase to 1.63 indicates a potentially significant improvement in operational efficiency.
The observed increases in the total asset turnover ratio could be attributed to various factors, including improved sales processes, more efficient asset management, or a shift in the asset mix towards more productive assets. Further investigation would be required to determine the specific drivers behind these changes.
Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Operating revenue | |||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 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).
1 Q4 2025 Calculation
Equity turnover
= (Operating revenueQ4 2025
+ Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a generally stable pattern with some fluctuation. Initially, the ratio exhibits an increasing trend, followed by a period of relative stability and then a slight decline before recovering towards the end of the observed timeframe.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- From March 31, 2022, to December 31, 2022, the equity turnover ratio increased from 3.97 to 4.29. This indicates a growing efficiency in generating revenue relative to the shareholders’ equity invested in the business. The increase, while consistent, is moderate, suggesting a steady improvement rather than a dramatic shift in operational efficiency.
- Stabilization and Decline (Mar 31, 2023 – Sep 30, 2024)
- Following the peak in December 2022, the ratio experienced a slight decline, moving from 4.27 in March 2023 to 3.94 by September 2024. This suggests a temporary decrease in the efficiency of revenue generation relative to equity. The decrease is not substantial, but warrants attention as it deviates from the prior upward trend.
- Recovery and Peak (Dec 31, 2024 – Dec 31, 2025)
- The ratio then began to recover, increasing from 4.24 in December 2024 to reach 4.50 by December 2025. This represents the highest value observed throughout the analyzed period, indicating improved efficiency in utilizing shareholders’ equity to generate revenue. The recovery suggests a potential positive shift in operational performance or capital allocation strategies.
- Overall Observations
- The equity turnover ratio generally remains above 3.9, indicating that for every dollar of equity, approximately $3.90 to $4.50 of revenue is generated. The fluctuations observed throughout the period are relatively contained, suggesting a consistent, albeit not dramatically changing, level of operational efficiency. The final value of 4.50 suggests a positive trend in the utilization of equity to drive revenue generation.