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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2011
- Return on Assets (ROA) since 2011
- Price to Book Value (P/BV) since 2011
- Analysis of Revenues
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
LyondellBasell Industries N.V., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
The analysis of the quarterly financial ratios reveals several key trends in operational efficiency and asset utilization over the observed periods.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a clear downward trend from March 2015 through June 2016, declining from 5.21 to 2.83. Following this decline, the ratio stabilizes and gradually improves, reaching around 3.33 by mid-2018, before declining again towards mid-2019, settling at approximately 2.77. This pattern suggests a period of decreasing efficiency in generating sales from fixed assets initially, followed by a modest recovery, and then another reduction in turnover efficiency toward the end of the period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The trend closely mirrors that of the standard net fixed asset turnover ratio, indicating the inclusion of operating lease and right-of-use assets does not significantly alter the observed pattern. However, a notable divergence occurs in the last two quarters, where this ratio declines more sharply to 2.48 by June 2019, compared to 2.77 for the standard calculation, implying a greater impact on efficiency when lease assets are considered in more recent periods.
- Total Asset Turnover
- Total asset turnover experiences a declining trend from 1.88 in March 2015 to 1.22 by December 2016, indicating a reduction in the company's ability to generate sales from its total assets. Subsequently, the ratio slightly recovers, fluctuating around the 1.3 mark through 2017 and 2018, and then declines again in 2019 toward 1.18. This suggests moderate but inconsistent improvements in asset utilization after an initial drop, with recent quarters showing decreasing efficiency.
- Equity Turnover
- The equity turnover ratio exhibits a gradual decline over the time frame. Starting from 5.49 in March 2015, it decreases to approximately 4.69 by December 2016. The ratio further declines over the following years, with a more marked decrease to about 3.44 by June 2019. This trend suggests reduced sales generated per unit of equity, indicating potential challenges in converting equity capital into revenue at prior efficiency levels over time.
Overall, the data indicate a general decline in turnover ratios related to fixed assets, total assets, and equity over the multi-year period with intermittent periods of modest recovery. The more pronounced decline in ratios when including operating lease assets in recent quarters highlights the evolving impact of lease-related assets on productivity measures. Such trends may warrant further investigation into asset management and capital deployment strategies to understand the underlying causes of reduced efficiency and to identify opportunities for improvement.
Net Fixed Asset Turnover
LyondellBasell Industries N.V., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019
+ Sales and other operating revenuesQ4 2018
+ Sales and other operating revenuesQ3 2018)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis reveals several notable trends across the reported periods. Sales and other operating revenues exhibited considerable fluctuation, with a peak around mid-2014 followed by a significant decline through 2015. From early 2016 onwards, revenues gradually improved, reaching another high in early 2018 before showing a mild downward trend in subsequent quarters.
Property, plant, and equipment, net showed a consistent upward trajectory throughout the periods, indicating ongoing investment and asset growth. Beginning in 2014 at approximately $8.5 billion, the asset base expanded steadily, surpassing $13 billion by mid-2019. This suggests a continued focus on fixed asset development over time.
The net fixed asset turnover ratio, reflecting efficiency in generating sales from fixed assets, displayed a contrasting pattern. After missing data in earlier years, the ratio declined markedly from over 5.2 in late 2014 to below 3.0 by the end of 2016. Subsequently, a gradual improvement is visible, peaking slightly above 3.3 in mid-2018 before tapering off again towards mid-2019. This trend indicates a reduction in asset utilization efficiency during the earlier periods, followed by partial recovery.
- Sales and Other Operating Revenues
- Experienced high volatility with peaks in early 2014 and early 2018. The significant dip during 2015 suggests operational or market challenges, while gradual recovery from 2016 indicates resumed growth or stabilization.
- Property, Plant, and Equipment, Net
- Consistently increased, implying continued capital expenditures and expansion of the asset base over the five-year span.
- Net Fixed Asset Turnover Ratio
- Decreased sharply through late 2014 into 2016, revealing reduced efficiency possibly due to rapid asset additions outpacing sales growth. Partial recovery thereafter suggests improvement in asset utilization but not to prior peak levels.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
LyondellBasell Industries N.V., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||||||
| Operating lease assets | |||||||||||||||||||||||||||||
| Property, plant and equipment, net (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 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019
+ Sales and other operating revenuesQ4 2018
+ Sales and other operating revenuesQ3 2018)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends across sales, property, plant, and equipment values, as well as the net fixed asset turnover ratio over the period observed.
- Sales and Other Operating Revenues
- Sales exhibited fluctuations over the periods. Starting at approximately US$11,135 million in the first quarter of 2014, revenues peaked in the middle of 2014 but then experienced a marked decline through 2015, reaching a low of US$7,071 million by the end of 2015. From 2016 onwards, sales showed a gradual recovery, peaking again around early 2018 at approximately US$10,206 million, followed by a slight downward trend in 2019, with the last recorded value at US$9,048 million. This points to a cycle of contraction and recovery within the operating revenues during these years.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment, including operating lease right-of-use assets, demonstrated a generally increasing trend throughout the period. Beginning near US$8,556 million in early 2014, this asset base grew steadily, with occasional moderate increments, reaching US$14,845 million by mid-2019. This continuous growth suggests ongoing investment and capital expenditure in fixed assets.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures sales generated per unit of fixed assets, showed a declining trend from 2014 through 2016. It fell from 5.21 in late 2014 to around 2.83 at the end of 2016, indicating a diminished efficiency in generating sales from fixed assets during this period. Following this decline, the ratio exhibited modest improvement between 2017 and early 2018, rising to a peak of 3.33 before trending downward again if looking towards the later quarters of 2018 and 2019, ending at 2.48 by mid-2019. This pattern reflects fluctuating operational efficiency relative to the asset base, influenced likely by both sales volume changes and asset value growth.
In summary, the period shows a company experiencing significant sales volatility with a recovery phase after 2015, concurrent with a consistent increase in fixed asset investment. The net fixed asset turnover ratio decline followed by partial recovery suggests challenges in maintaining asset efficiency amid changing sales volumes and increasing fixed asset investments. Monitoring these metrics in relation to strategic initiatives and market conditions would be advisable to assess ongoing performance and capital utilization efficiency.
Total Asset Turnover
LyondellBasell Industries N.V., total asset turnover calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Total asset turnover
= (Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019
+ Sales and other operating revenuesQ4 2018
+ Sales and other operating revenuesQ3 2018)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends over the analyzed periods. Initially, sales and other operating revenues experienced fluctuations, with a marked decline between the end of 2014 and 2016, followed by a general recovery trend through to mid-2019. Total assets show a gradual increase with some variability, indicating growth in the asset base over time. The total asset turnover ratio demonstrates a declining trend from 2014 through 2016, reflecting reduced efficiency in asset utilization, but later stabilizes and somewhat improves before declining again in mid-2019.
- Sales and Other Operating Revenues
- There is a peak in the first half of 2014, with revenues exceeding 12 billion US dollars, followed by a sharp decline through 2015 to below 7 billion. From 2016 onwards, the figures generally increased, reaching over 10 billion at certain points before a dip occurred again in late 2018 and early 2019. This pattern suggests significant volatility possibly linked to market conditions impacting sales volume or pricing.
- Total Assets
- Total assets decreased from nearly 28 billion at the beginning of 2014 to around 22.7 billion by the end of 2015. From 2016 forward, assets showed a consistent upward trajectory, reaching approximately 31 billion by mid-2019. The growth in assets indicates capital investment or accumulation of resources by the company during this later period.
- Total Asset Turnover
- The total asset turnover ratio, which measures how efficiently assets generate revenue, declined from 1.88 in late 2014 to a low of 1.22 by the end of 2016. This decline aligns with the reduction in sales and increase in assets, implying diminished efficiency in asset use. Subsequently, the ratio improved slightly to around 1.39 in early 2018, suggesting better asset utilization. However, toward mid-2019, a downward trend resumed, falling to 1.18, indicating a potential efficiency concern despite the asset growth.
Equity Turnover
LyondellBasell Industries N.V., equity turnover calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||||||
| Total Company share of stockholders’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q2 2019 Calculation
Equity turnover
= (Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019
+ Sales and other operating revenuesQ4 2018
+ Sales and other operating revenuesQ3 2018)
÷ Total Company share of stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several key trends in sales revenues, equity levels, and efficiency ratios over the observed periods.
- Sales and Other Operating Revenues
- The sales figures exhibit a pattern of fluctuations with an overall downward trend from early 2014 through 2016, followed by a rebound and stabilization thereafter. Revenues decreased sharply from over 11 billion US dollars in early 2014 to a trough around 6.7 billion in early 2016. Subsequently, sales gradually recovered, reaching a peak of over 10 billion in mid-2018 before declining again towards the end of 2018 and early 2019. This indicates a period of contraction, likely tied to market conditions or operational challenges, with partial recovery achieved in the later periods.
- Total Company Share of Stockholders’ Equity
- Equity levels consistently declined from 2014’s high of nearly 11.8 billion US dollars to a low point in 2016, mirroring the sales drop. After stabilizing in 2016, equity saw a steady increase from the end of 2016 through 2018, surpassing 11 billion by early 2018. The latter half of 2018 and into 2019 shows a slight decrease and then stabilization again near 10.1 billion. This pattern suggests an initial erosion of shareholder value or retained earnings during the challenging period followed by a recovery phase reinforced by improved operational or market outcomes.
- Equity Turnover Ratio
- The equity turnover ratio, available from late 2014 onwards, tracks operational efficiency in generating sales from equity. The ratio begins at a high around 5.5 in late 2014 and maintains levels above 5 until 2015, indicating strong utilization of equity. However, from 2016 onward, the ratio demonstrates a steady decline, dropping below 4 by 2018 and further declining towards 3.4 by mid-2019. This diminishing trend signals a reduced efficiency in leveraging shareholders’ equity to generate sales, possibly due to slower sales growth relative to equity or changes in operational leverage.
In summary, the company experienced a contraction phase from 2014 through early 2016 evidenced by decreasing sales and equity. Post-2016, there is an observable recovery in sales and equity, though equity turnover trends downward, indicating less efficient equity utilization over time. These dynamics suggest external or internal factors impacting revenue generation and capital management, with operational efficiency warranting further analysis to ensure sustainable growth.