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: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to Book Value (P/BV) since 2011
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Marathon Petroleum Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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 data reveals distinct trends in the turnover ratios over the observed periods.
- Net Fixed Asset Turnover
- The ratio initially showed a slight decline between the first and the fourth quarter of 2020, dropping from 2.72 to 1.79. However, from early 2021 onward, there was a noticeable and consistent upward trend, peaking at 4.98 in the third quarter of 2022. After this peak, the ratio stabilized slightly below this high level, maintaining values around 4.2 to 4.9 through the end of the data in September 2024. This suggests improved efficiency in the use of fixed assets over the period with some stabilization in the latter stages.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The pattern closely mirrors that of the net fixed asset turnover ratio without leases, but consistently registers slightly lower values. It declines from 2.58 in the first quarter of 2020 down to 1.72 in the fourth quarter of 2020, before rising steadily to a peak of 4.81 in the fourth quarter of 2022. Subsequently, the figure holds stable around the 4.0 to 4.7 range. This suggests that incorporating lease assets moderately affects the turnover but the overall trend is upward, indicating increasing asset utilization efficiency, including leased assets.
- Total Asset Turnover
- The total asset turnover ratio displays a decline from 1.26 in the first quarter of 2020 to a low of 0.81 in the second quarter of 2020. From there, the ratio rebounded gradually, reaching 1.97 by the fourth quarter of 2022. Following this, a slight decrease is observed, with turnover ratios fluctuating between 1.69 and 1.81 through the next several quarters. Towards the most recent quarters, a modest improvement is seen again, closing at 1.78 by September 2024. This pattern indicates some initial operational challenges or asset base expansions with lower revenue generation, followed by recovery and improved asset use, with some variability in more recent periods.
- Equity Turnover
- The equity turnover ratio experienced significant variability, starting at 3.68 in the first quarter of 2020 and rising sharply to 4.89 in the second quarter of that year. After a slight dip in subsequent quarters, the ratio climbed steadily, reaching 6.58 in the fourth quarter of 2022. Post this peak, it shows a moderate decline with fluctuations but maintains high values above 5.8, ending at 7.5 in the third quarter of 2024. This reflects increasing sales relative to shareholders' equity, suggesting enhanced use of equity in generating revenue over time, with some volatility possibly linked to market or operational dynamics.
Net Fixed Asset Turnover
Marathon Petroleum Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 2024 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of quarterly financial data reveals significant fluctuations and trends across several key metrics.
- Sales and Other Operating Revenues
- Over the examined periods, sales revenues exhibited notable volatility. Starting at approximately $28.3 billion in the first quarter of 2019, a general upward trend was observed through mid-2019, peaking near $33.5 billion in the second quarter of that year. However, this was followed by a sharp decline coinciding with early 2020, reaching a low near $12.2 billion in the second quarter of 2020, likely reflecting external economic disruptions. A recovery phase ensued, with revenues rebounding strongly to exceed $53.7 billion by mid-2022. Subsequently, a gradual downward adjustment occurred towards early 2024, stabilizing near $35.1 billion to $38 billion in the most recent quarters. This pattern suggests sensitivity to market conditions, with a capacity for recovery post economic stress.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment remained relatively stable overall, with a slight downward trend visible across the entire timeline. Starting slightly above $45 billion at the beginning of 2019, the value experienced minor fluctuations, with a noticeable decline during 2020, dropping towards $39 billion by year-end. A continued gradual decrease was observed subsequently, reaching just above $34.5 billion in the first three quarters of 2024. This steady reduction may be indicative of asset depreciation, divestitures, or limited capital expenditure during the period.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from the third quarter of 2019 onward, shows a progressive increase over time. Initial values hovered around 2.14 to 2.72, indicating moderate efficiency. From late 2020, the ratio improved markedly, surpassing 3.0 by early 2021 and rising steadily to peak values near 4.9 in late 2022 and early 2023. Although a mild decrease ensued thereafter, the ratio remains robust above 4.1 by mid-2024. This upward trend signifies enhanced utilization of fixed assets to generate revenue, reflecting operational improvements or higher revenue generation relative to asset base size.
In summary, the data highlights a company that encountered significant external pressures impacting sales in 2020 but demonstrated strong recovery and improved operational efficiency thereafter. Despite a gradual decrease in fixed asset values, increased turnover ratios suggest better leverage of asset investments to drive revenues. Monitoring the recent stabilization and slight declines in revenues along with the asset base will be critical to assessing future performance sustainability.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Marathon Petroleum Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Property, plant and equipment, net | ||||||||||||||||||||||||||||||
| Operating lease right of use 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 | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibited a fluctuating pattern over the observed periods. Starting at approximately 28.3 billion US dollars in March 2019, revenues rose to a peak in December 2021 at around 35.3 billion US dollars. A significant dip followed in early 2020, with the lowest point occurring in June 2020 at about 12.2 billion, likely reflecting external shocks. Post mid-2020, revenues generally increased, reaching a peak in June 2022 at approximately 53.8 billion US dollars. However, after this peak, a declining trend ensued, with revenues decreasing to about 35.1 billion by September 2024, indicating some challenges or normalization after the peak periods.
- Property, Plant and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- The net property, plant, and equipment balance demonstrated a gradual but consistent decrease throughout the timeframe. Starting around 47.8 billion US dollars in March 2019, the value declined steadily to approximately 35.7 billion by September 2024. This trend may suggest asset disposals, depreciation exceeding capital expenditures, or impairment events. The decrease is slight but consistent, with no significant reversals or increases.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio, which measures revenue generation efficiency relative to fixed assets, showed a marked improvement over the periods with data available. Beginning at 2.58 in September 2019, the ratio showed a declining trend until December 2020, reaching a low of approximately 1.72. Subsequently, a strong and steady increase occurred, rising to 4.81 in March 2023, indicating enhanced efficiency in asset utilization. After this peak, the ratio gradually declined but remained elevated, around 3.97 in September 2024. This shift reflects improved operational performance and possibly better asset management or market conditions in the latter periods.
Total Asset Turnover
Marathon Petroleum Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 2024 Calculation
Total asset turnover
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in key operational and financial metrics over the analyzed periods.
- Sales and other operating revenues
- Sales exhibited significant volatility throughout the time frame. From early 2019 through 2019, revenues fluctuated moderately, peaking at 33,547 million USD in the second quarter of 2019 before declining towards the end of that year. A sharp decrease is observed starting in the first quarter of 2020, with revenues dropping to 22,204 million USD and plummeting further to 12,195 million USD by mid-2020, likely reflecting external disruptions impacting demand or pricing. Recovery began in the third quarter of 2020, with revenues gradually increasing into 2021, reaching a new high of approximately 35,336 million USD by the fourth quarter. The upward trend accelerated in 2022, with revenues peaking at 53,795 million USD in the second quarter, followed by some fluctuations but generally remaining at elevated levels compared to pre-2020. Into 2023 and early 2024, sales showed moderate variability but trended slightly downward from prior peaks, suggesting market or operational adjustments.
- Total assets
- The total asset base showed relative stability with modest fluctuations through 2019, hovering near the 96,000 million USD mark. A notable decline is apparent commencing in early 2020, aligning with the period of reduced sales, where assets fell to around 84,000 million USD mid-year. Over 2021 and 2022, assets experienced some rebound, reaching approximately 96,700 million USD by mid-2022, close to previous highs. However, from late 2022 through 2024, a gradual contraction is observed, culminating near 79,800 million USD by the third quarter of 2024, indicating either asset divestitures, depreciation, or other balance sheet management activities.
- Total asset turnover
- The total asset turnover ratio, available from the first quarter of 2020, shows a pattern correlating inversely with asset levels and directly with revenues. Initially, turnover ratios are high (above 1.2) in early 2020, decline through late 2020 to a low of 0.81, indicating less efficient use of assets likely due to the revenue drop and relatively static asset base. From 2021 onwards, a consistent upward trend in asset turnover is observed, rising steadily to a peak of approximately 2.00 by the fourth quarter of 2022. This suggests improved operational efficiency or stronger revenue generation relative to asset levels. Entering 2023 and early 2024, the ratio slightly declines but remains comparatively high (around 1.7 to 1.8), indicating sustained efficiency improvements compared to early 2020 levels.
Overall, the data reflects a period of substantial operational disruption in early 2020 evidenced by sharply reduced revenues and asset levels, followed by a significant recovery with enhanced asset utilization efficiency. The later phases show signs of normalization with moderated revenues and a gradual reduction in total assets, while maintaining elevated turnover ratios indicative of improved asset management or profitability.
Equity Turnover
Marathon Petroleum Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Total MPC stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 2024 Calculation
Equity turnover
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Total MPC stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in key metrics over the observed periods.
- Sales and Other Operating Revenues
- There is a general upward trend in sales and other operating revenues from early 2019 through 2024 with some volatility. Revenues initially fluctuate around the 28,000 to 33,500 million USD range during 2019. A significant decline occurs in 2020, reaching a low point around mid-year, likely reflecting broader economic disruptions. Starting from early 2021, there is a clear recovery and steady increase, peaking notably in mid-2022 at over 53,000 million USD, before experiencing some moderation towards the end of 2023 and early 2024. Despite these fluctuations, the overall trajectory shows strong recovery and growth in revenue.
- Total MPC Stockholders’ Equity
- Stockholders’ equity shows a decline from 2019 through 2020, dropping from about 34,000 million USD to under 22,000 million USD. This decline coincides with the period of reduced sales and possible operational challenges. Beginning in 2021, equity shows some recovery but remains below the early 2019 levels. Subsequently, from 2021 through early 2024, equity trends downward again, ending near 19,000 million USD by the last quarter reported. The data suggests ongoing pressures on stockholders’ equity possibly indicating retained losses, dividend payments, or other capital activities.
- Equity Turnover Ratio
- The equity turnover ratio, which measures sales relative to equity, presents a rising trend following the sharp decline in equity. Starting at approximately 3.68 in late 2019, the ratio climbs steadily, reaching values above 6.0 from 2021 onward and peaking at 7.5 by mid-2024. This increase indicates that the company is generating higher sales volume relative to equity, which could reflect improved operational efficiency or leverage effects due to declining equity levels.
Overall, the data reflects a period of disruption around 2020 with pronounced declines in revenue and equity, followed by a robust recovery and strong revenue growth through mid-2022. However, stockholders’ equity does not fully recover, resulting in a higher equity turnover ratio, which suggests increased efficiency or greater risk exposure. These dynamics highlight both operational strengths in sales generation and potential concerns related to capital structure and equity valuation.