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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Elevance Health Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
- Net fixed asset turnover
- The net fixed asset turnover ratio shows a consistent level of activity starting from March 31, 2020, with no data until the end of the year. From March 31, 2021, the ratio stabilizes around the mid-30s range, fluctuating slightly with values mostly between approximately 34 and 39. Notably, a rising trend is observed moving into 2023 and 2024, peaking at 39.41 on March 31, 2023. There is some minor volatility in the subsequent quarters but the ratio remains elevated compared to earlier periods, suggesting improved efficiency in the use of fixed assets over time.
- Total asset turnover
- The total asset turnover ratio starts being reported from March 31, 2020. After an initial data gap, it exhibits a generally increasing trend over the periods observed. The ratio hovers around 1.3 to 1.5, with a gradual rise evident from late 2021 through early 2025. Peak values appear in the range of 1.50 to 1.56, indicating a steady improvement in how the company utilizes its total assets to generate revenue. The ratio maintains a relatively consistent level without sharp fluctuations, reflecting operational stability.
- Equity turnover
- Equity turnover data begins in 2020, showing a steady increase from about 3.64 to a high near 4.36 by late 2023. The ratio reflects the company’s ability to generate sales from shareholder equity, with a general upward trajectory indicating improved efficiency in equity usage. After reaching a high in 2023, slight declines occur through 2024 but the ratio remains above 3.9, signaling maintained efficiency despite some short-term variations.
- Summary
- Across all three ratios, the company exhibits an overall positive pattern of improved asset and equity utilization from 2021 onwards. The net fixed asset turnover remains high and shows a tendency to increase, indicating effective deployment of fixed assets. Total asset turnover follows a gradual upward trend, reflecting growing revenue generation relative to total assets. Equity turnover demonstrates increased sales generated per unit of equity, peaking in 2023 with some stabilization thereafter. These trends collectively suggest enhanced operational efficiency and asset management over the observed periods.
Net Fixed Asset Turnover
Elevance Health Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024
+ Operating revenueQ2 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the data reveals several notable trends in operating revenue, property and equipment net values, and net fixed asset turnover ratios over the periods reviewed.
- Operating Revenue
- The operating revenue demonstrates a generally upward trajectory from March 31, 2020, through March 31, 2025. Starting at 29,448 million US dollars in early 2020, revenue shows moderate growth initially, with a slight acceleration observed starting in 2021. This trend continues with consistent quarterly increases reaching 48,765 million US dollars by the first quarter of 2025. Despite some minor quarterly fluctuations, the overall pattern indicates robust growth in operating revenue over the five-year horizon.
- Property and Equipment, Net
- The net value of property and equipment displays a gradual but consistent increase throughout the same timeframe. The value rises from 3,350 million US dollars in March 2020 to a peak of 4,652 million US dollars by December 2024, with a slight decrease to 4,617 million US dollars in early 2025. This slow growth suggests ongoing investment in fixed assets, aligning with the company's expanding operational capacity and supporting increased revenue generation.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, reported from the third quarter of 2020 onward, remains relatively stable with a small upward trend over time. Starting near 34.69, the ratio gradually rises to approximately 39.35 by March 2025. This improvement indicates enhanced efficiency in generating operating revenue relative to the net fixed assets held, which could be a result of better asset utilization or operational improvements.
In summary, the data reflects positive financial momentum characterized by steady revenue growth supported by incremental increases in fixed asset investment. Improved efficiency in asset use is evident from the rising fixed asset turnover ratio, highlighting effective management of the company's asset base relative to its revenue expansion.
Total Asset Turnover
Elevance Health Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Total asset turnover
= (Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024
+ Operating revenueQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several key trends in the company's operational and asset management performance over the period analyzed.
- Operating Revenue
- The operating revenue demonstrates a consistent upward trajectory across the observed quarters, increasing from approximately $29.4 billion in the first quarter of 2020 to nearly $48.8 billion by the first quarter of 2025. Periodic quarter-to-quarter growth reflects steady business expansion, with particularly notable increases in the years 2023 and 2024, signifying enhanced market presence or improved sales performance during these periods.
- Total Assets
- Total assets show a steady rise over the timeline, starting at around $82.4 billion in early 2020 and reaching close to $120 billion by the first quarter of 2025. This increase suggests ongoing investment in asset acquisition or accumulation, possibly linked to business growth or strategic initiatives. The asset base grows moderately over time, with smaller fluctuations, indicating controlled asset management without significant volatility.
- Total Asset Turnover
- The total asset turnover ratio, available from the fourth quarter of 2020 onward, ranges between approximately 1.29 and 1.56. Generally, this ratio shows a gradual improvement, indicating enhanced efficiency in using assets to generate revenue. The ratio peaks around mid-2023 and remains relatively stable thereafter, suggesting that the company has optimized its asset usage for revenue generation during the recent periods analyzed.
In summary, the data indicates a positive growth trend in revenues supported by a steadily increasing asset base. The improving asset turnover ratio reflects growing operational efficiency, implying effective asset utilization alongside business growth. The company appears to balance expansion with efficient asset management throughout the five-year period.
Equity Turnover
Elevance Health Inc., equity turnover calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2025 Calculation
Equity turnover
= (Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024
+ Operating revenueQ2 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue demonstrates a consistent upward trend over the periods examined. Starting from approximately $29.4 billion in the first quarter of 2020, it shows moderate growth through 2020 and 2021, with a notable increase in the second half of 2021. From 2022 onwards, revenue continues to rise steadily, reaching close to $48.8 billion by the first quarter of 2025. There is a slight plateau observed around late 2022 and early 2023, but the overall trajectory remains positive with significant growth during 2023 and early 2024.
- Shareholders’ Equity
- Shareholders' equity exhibits relative stability with gradual growth over the period. Beginning near $31.7 billion in early 2020, equity rises through 2021, peaking at slightly above $38 billion towards the end of 2021. Through 2022 and early 2023, equity experiences mild fluctuations, maintaining a range close to $36–38 billion. From mid-2023 onward, equity shows a stronger increasing pattern, reaching a high of approximately $43.8 billion by mid-2024. However, a notable dip occurs in the final quarter of 2024, followed by partial recovery by the first quarter of 2025, indicating some variance in equity possibly linked to market or company-specific factors.
- Equity Turnover Ratio
- The equity turnover ratio, available from late 2020 onwards, reveals a pattern of overall improvement in asset utilization relative to equity. Starting around 3.64 at the end of 2020, the ratio increases gradually through 2021, reaching a peak above 4.3 during 2022 and 2023. A slight decline is observed in 2024, dropping to approximately 3.94 in the third quarter before recovering towards 4.27 in early 2025. This suggests the company became more efficient in generating revenue from its equity base over the observed period, with some variability near the end.
- General Observations
- The financial data indicates sustained revenue growth alongside increasing shareholders' equity, reflecting healthy expansion and capital base strengthening. The improving equity turnover ratios corroborate enhanced operational efficiency, with the firm generating higher revenues per unit of equity. Periodic fluctuations in equity and the turnover ratio in late 2024 might warrant further analysis to understand underlying causes such as market conditions or changes in capital structure. Overall, the data portrays a positive performance trajectory with efficient use of equity in revenue generation.