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.
Long-term Activity Ratios (Summary)
Elevance Health Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
An analysis of the investment activity ratios reveals a general trend of improving asset utilization efficiency over the period from March 2022 through September 2026, characterized by steady growth in fixed asset productivity and relative stability in total asset turnover.
- Net Fixed Asset Turnover
- A consistent and significant upward trajectory is observed in this ratio, rising from 35.81 in March 2022 to 43.15 by September 2026. The growth was particularly pronounced starting in March 2024, indicating an increasing capacity to generate revenue from the company's net fixed assets.
- Total Asset Turnover
- This metric exhibited relative stability with a slight overall positive drift. The ratio moved from 1.42 in March 2022 to a peak of 1.63 in December 2025, before settling at 1.56 in September 2026. These fluctuations suggest a consistent and controlled utilization of the total asset base to drive sales.
- Equity Turnover
- The equity turnover ratio demonstrated periodic volatility. An initial increase was noted, peaking at 4.36 in September 2023, followed by a decline to a period low of 3.94 in September 2024. Subsequently, a strong recovery trend occurred, with the ratio climbing steadily to reach 4.46 by September 2026, reflecting improved efficiency in using shareholder equity to generate revenue.
Overall, the divergence between the rapidly increasing net fixed asset turnover and the more stable total asset turnover suggests that the gains in efficiency are primarily driven by the optimization of fixed assets rather than a broad shift in the total asset structure.
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Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | 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 | 50,440) | 49,826) | 49,494) | 49,311) | 50,087) | 49,421) | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | ||||||
| Property and equipment, net | 4,613) | 4,645) | 4,657) | 4,679) | 4,657) | 4,641) | 4,617) | 4,652) | 4,505) | 4,450) | 4,451) | 4,359) | 4,248) | 4,547) | 4,418) | 4,316) | 4,197) | 4,090) | 3,986) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 43.15 | 42.78 | 42.58 | 42.23 | 41.50 | 40.49 | 39.35 | 37.66 | 38.33 | 38.30 | 38.32 | 39.05 | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 3.64 | 3.65 | 3.75 | 3.81 | 3.78 | 3.87 | 3.94 | 3.88 | 3.98 | 3.99 | 3.95 | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | ||||||
| Intuitive Surgical Inc. | 2.04 | 1.99 | 1.94 | 1.88 | 1.87 | 1.83 | 1.82 | 1.80 | 1.77 | 1.84 | 1.93 | 2.01 | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | ||||||
| Medtronic PLC | 4.94 | 4.85 | 4.88 | 4.91 | 5.04 | 5.13 | 5.19 | 5.28 | 5.54 | 5.57 | 5.57 | 5.61 | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | ||||||
| UnitedHealth Group Inc. | — | 41.44 | 41.78 | 41.22 | 38.75 | 38.22 | 37.72 | 37.44 | 38.37 | 38.90 | 35.98 | 32.10 | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q3 2026 Calculation
Net fixed asset turnover
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Property and equipment, net
= (50,440 + 49,826 + 49,494 + 49,311)
÷ 4,613 = 43.15
2 Click competitor name to see calculations.
An analysis of the long-term activity ratios reveals a consistent improvement in asset efficiency over the period from March 2022 to September 2026. The primary driver of this trend is a significant increase in operating revenue that outpaced the growth of the company's net fixed asset base.
- Operating Revenue Growth
- Operating revenue demonstrated a sustained upward trajectory, rising from 37,886 million USD in March 2022 to 50,440 million USD by September 2026. A notable acceleration in revenue growth occurred between December 2024 and March 2025, where figures climbed from 44,989 million USD to 48,765 million USD, establishing a higher baseline for the subsequent periods.
- Net Fixed Asset Base Stability
- Property and equipment, net, remained relatively stable in comparison to revenue. After an initial increase from 3,986 million USD in March 2022 to a peak of 4,652 million USD in September 2024, the asset base plateaued. By September 2026, net fixed assets stood at 4,613 million USD, indicating that the company successfully scaled its operations without requiring proportional increases in physical infrastructure investment.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio reflects a clear increase in productivity. The ratio remained stable between 35.81 and 36.19 during the first fifteen months of the observed period. A shift occurred in September 2023, where the ratio jumped to 39.41, coinciding with a temporary reduction in net fixed assets. Following a period of consolidation between 37.66 and 39.05 through late 2024, a steady climb is observed from March 2025 (39.35) to September 2026 (43.15).
The divergence between the aggressive growth in operating revenue and the controlled growth of net fixed assets indicates an optimization of the company's capital intensive resources. The resulting upward trend in the turnover ratio suggests that each unit of investment in fixed assets is generating increasingly higher levels of revenue, reflecting enhanced operational efficiency in the utilization of long-term assets.
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Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | 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 | 50,440) | 49,826) | 49,494) | 49,311) | 50,087) | 49,421) | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | ||||||
| Total assets | 127,801) | 126,438) | 125,827) | 121,494) | 122,749) | 121,938) | 119,717) | 116,889) | 116,533) | 112,988) | 111,894) | 108,928) | 110,478) | 109,168) | 109,040) | 102,772) | 103,026) | 100,877) | 100,486) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 1.56 | 1.57 | 1.58 | 1.63 | 1.57 | 1.54 | 1.52 | 1.50 | 1.48 | 1.51 | 1.52 | 1.56 | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 0.43 | 0.41 | 0.51 | 0.52 | 0.51 | 0.52 | 0.52 | 0.55 | 0.56 | 0.56 | 0.55 | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | ||||||
| Intuitive Surgical Inc. | 0.60 | 0.53 | 0.53 | 0.49 | 0.50 | 0.45 | 0.45 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | ||||||
| Medtronic PLC | 0.39 | 0.38 | 0.38 | 0.37 | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.35 | 0.35 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | ||||||
| UnitedHealth Group Inc. | — | 1.44 | 1.43 | 1.43 | 1.36 | 1.35 | 1.31 | 1.32 | 1.30 | 1.33 | 1.32 | 1.34 | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q3 2026 Calculation
Total asset turnover
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Total assets
= (50,440 + 49,826 + 49,494 + 49,311)
÷ 127,801 = 1.56
2 Click competitor name to see calculations.
The financial data reveals a consistent expansion in both operating revenue and the total asset base from March 2022 through September 2026. This overall growth indicates a scaling of operations and a steady increase in the resources deployed to generate income.
- Operating Revenue Trends
- Revenue exhibited a sustained upward trajectory, rising from US$ 37,886 million in March 2022 to US$ 50,440 million by September 2026. A notable acceleration in growth is observable beginning in March 2025, where quarterly revenue surpassed the US$ 48 billion threshold and remained above US$ 49 billion for the duration of the subsequent periods.
- Total Asset Growth
- The total asset base grew steadily from US$ 100,486 million in the first quarter of 2022 to US$ 127,801 million by the third quarter of 2026. This consistent increase suggests a strategic expansion of the balance sheet to support the growing volume of business operations.
- Total Asset Turnover Performance
- The total asset turnover ratio demonstrates a general improvement in operational efficiency over the analyzed period. Starting at 1.42 in March 2022, the ratio reached a peak of 1.63 in December 2025. Although periodic fluctuations occurred—such as a decline to 1.48 in September 2024—the ratio generally trended upward, indicating that revenue growth largely outpaced the growth of the asset base. By September 2026, the ratio stabilized at 1.56, signifying a higher level of asset productivity compared to the baseline in early 2022.
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Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | 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 | 50,440) | 49,826) | 49,494) | 49,311) | 50,087) | 49,421) | 48,765) | 44,989) | 44,719) | 43,223) | 42,273) | 42,454) | 42,480) | 43,377) | 41,898) | 39,667) | 39,625) | 38,482) | 37,886) | ||||||
| Shareholders’ equity | 44,681) | 44,883) | 43,902) | 43,882) | 43,953) | 43,722) | 42,503) | 41,315) | 43,775) | 42,191) | 40,608) | 39,306) | 38,423) | 38,205) | 37,356) | 36,307) | 35,991) | 35,812) | 35,975) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 4.46 | 4.43 | 4.52 | 4.50 | 4.40 | 4.30 | 4.27 | 4.24 | 3.94 | 4.04 | 4.20 | 4.33 | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 0.91 | 0.87 | 0.85 | 0.86 | 0.85 | 0.87 | 0.88 | 1.04 | 1.04 | 1.04 | 1.04 | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | ||||||
| Intuitive Surgical Inc. | 0.72 | 0.61 | 0.61 | 0.56 | 0.57 | 0.51 | 0.51 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | ||||||
| Medtronic PLC | 0.72 | 0.71 | 0.71 | 0.70 | 0.67 | 0.68 | 0.68 | 0.64 | 0.62 | 0.62 | 0.62 | 0.61 | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | ||||||
| UnitedHealth Group Inc. | — | 4.53 | 4.55 | 4.71 | 4.49 | 4.41 | 4.26 | 4.26 | 4.12 | 4.27 | 4.33 | 4.14 | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q3 2026 Calculation
Equity turnover
= (Operating revenueQ3 2026
+ Operating revenueQ2 2026
+ Operating revenueQ1 2026
+ Operating revenueQ4 2025)
÷ Shareholders’ equity
= (50,440 + 49,826 + 49,494 + 49,311)
÷ 44,681 = 4.46
2 Click competitor name to see calculations.
The financial performance from March 2022 through September 2026 is characterized by a consistent expansion in operating revenue and a corresponding growth in the shareholders' equity base, maintaining a relatively stable equity turnover ratio.
- Operating Revenue Trends
- Operating revenue demonstrated a sustained upward trajectory, increasing from 37,886 million USD in March 2022 to 50,440 million USD by September 2026. A notable acceleration in growth occurred between December 2024 and March 2025, where revenue rose from 44,989 million USD to 48,765 million USD, marking one of the most significant quarterly increments in the analyzed period.
- Shareholders' Equity Evolution
- Shareholders' equity grew from 35,975 million USD in March 2022 to 44,681 million USD in September 2026. While the general trend was positive, a distinct contraction was observed in December 2024, with equity falling to 41,315 million USD from a previous high of 43,775 million USD. This dip was followed by a steady recovery throughout 2025 and 2026.
- Equity Turnover Analysis
- The equity turnover ratio remained within a tight range between 3.94 and 4.52, indicating a consistent relationship between the company's capital base and its ability to generate revenue. The ratio peaked at 4.52 in March 2026 before stabilizing around 4.46. A temporary decline was observed between March 2024 and September 2024, reaching a period low of 3.94, which suggests a phase where equity growth momentarily outpaced revenue growth. Following this period, the turnover ratio improved, reflecting enhanced asset utilization and revenue generation efficiency relative to the invested equity.
Overall, the data indicates a scalable business model where revenue growth has largely synchronized with the expansion of the equity base, preventing significant volatility in investment efficiency ratios over the long term.
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