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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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Medtronic PLC, long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
The long-term activity ratios exhibit divergent trends, characterized by a contraction in fixed asset efficiency contrasted with a gradual improvement in total asset and equity utilization. This divergence suggests a shift in the asset composition or a period of increased capital investment that has not yet translated into proportional revenue growth, while the overall efficiency of the balance sheet has improved.
- Net Fixed Asset Turnover
- A consistent downward trajectory is evident, with the ratio declining from 6.12 in July 2021 to a low of 4.85 in October 2025. Although a slight recovery to 5.02 was observed by July 2026, the overall trend indicates a reduction in the revenue generated per unit of net fixed assets. This pattern typically reflects an expansion of the fixed asset base through capital expenditures that precedes a corresponding increase in sales.
- Total Asset Turnover
- This ratio remained relatively stable, fluctuating between 0.33 and 0.36 for the first several years of the analyzed period. A positive trend emerged starting in January 2024, with the ratio steadily climbing to 0.40 by July 2026. This indicates a gradual and sustained improvement in the company's ability to generate sales from its total asset base.
- Equity Turnover
- A pronounced upward trend is observed in equity utilization. Following a period of stability near 0.60, the ratio began a sustained climb in January 2023, reaching 0.75 by July 2026. This upward movement indicates increasing efficiency in utilizing shareholder equity to drive revenue, reflecting stronger sales performance relative to the equity base.
Net Fixed Asset Turnover
Medtronic PLC, net fixed asset turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 24, 2026 | Jan 23, 2026 | Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Property, plant, and equipment, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
1 Q1 2027 Calculation
Net fixed asset turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Property, plant, and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
A sustained decline in the net fixed asset turnover ratio is observed over the analyzed period, indicating a reduction in the efficiency with which fixed assets are utilized to generate sales. While both net sales and net property, plant, and equipment (PPE) exhibited upward trajectories, the growth in the asset base outpaced the growth in revenue, resulting in a compression of the turnover ratio.
- Revenue and Asset Expansion Dynamics
- Net sales grew from 7,987 million USD in July 2021 to 9,756 million USD by July 2026. During the same interval, net property, plant, and equipment increased from 5,162 million USD to 7,473 million USD. The disproportionate increase in the investment in long-term fixed assets relative to the incremental gain in sales is the primary driver behind the deteriorating turnover efficiency.
- Turnover Ratio Trajectory
- The net fixed asset turnover ratio began the period at 6.12 and experienced a near-continuous descent, reaching a low of 4.85 in October 2025. This downward trend suggests that each dollar invested in net fixed assets generated progressively less revenue over time. The most significant period of decline occurred between January 2024 and October 2025, where the ratio fell from 5.54 to 4.85.
- Recent Stabilization Patterns
- Toward the end of the observed period, the ratio exhibited signs of stabilization and a slight recovery. After hitting the minimum value of 4.85, the ratio moved upward to 5.02 by July 2026. This suggests a potential realignment where revenue growth began to catch up with the expanded capacity of the fixed asset base, or a slowing in the rate of new capital expenditures.
Total Asset Turnover
Medtronic PLC, total asset turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 24, 2026 | Jan 23, 2026 | Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
1 Q1 2027 Calculation
Total asset turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of investment activity reveals a progressive improvement in the efficiency with which assets are utilized to generate revenue over the observed period. While both net sales and total assets exhibited fluctuations, the relationship between these two metrics shows a positive trajectory, particularly in the latter half of the timeframe.
- Net Sales Performance
- Net sales demonstrated a general upward trend, increasing from 7,987 million USD in July 2021 to a peak of 9,808 million USD by April 2026. Although periods of volatility were observed, including a decline to 7,371 million USD in July 2022, the overall movement indicates a sustained growth in top-line revenue generation.
- Total Asset Stability
- Total assets remained relatively stable throughout the period, fluctuating within a tight range between 89,749 million USD and 94,134 million USD. The lack of significant expansion in the asset base suggests that revenue growth was achieved without requiring proportional increases in capital investment or asset acquisition.
- Total Asset Turnover Efficiency
- The total asset turnover ratio reflects a steady increase in operational efficiency. After maintaining a plateau between 0.33 and 0.35 from July 2021 through April 2023, the ratio began a consistent ascent, reaching 0.40 by July 2026. This upward trend indicates that the company successfully generated more sales for every dollar of assets held, signaling improved asset productivity.
Equity Turnover
Medtronic PLC, equity turnover calculation (quarterly data)
| Jul 31, 2026 | Apr 24, 2026 | Jan 23, 2026 | Oct 24, 2025 | Jul 25, 2025 | Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30).
1 Q1 2027 Calculation
Equity turnover
= (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a consistent improvement in the equity turnover ratio over the period from July 2021 through July 2026. The ratio demonstrates a transition from a phase of stability to a phase of steady growth, indicating an enhanced capacity to generate sales relative to the company's equity base.
- Net Sales Trends
- Revenue exhibits a general upward trajectory, increasing from 7,987 million USD in July 2021 to 9,756 million USD by July 2026. Although periodic fluctuations occurred—including a notable dip to 7,371 million USD in July 2022—a sustained growth pattern emerged starting in 2024, with quarterly sales consistently remaining above 7,900 million USD and peaking at 9,808 million USD in April 2026.
- Shareholders' Equity Evolution
- The equity base remained relatively constant between 51,441 million USD and 52,672 million USD from July 2021 through January 2023. A contraction is observed starting in early 2024, with equity reaching a low of 47,893 million USD in July 2025. For the final quarters of the period, the equity base stabilized within the range of 48,652 million USD to 50,232 million USD, marking a decrease in total shareholders' equity compared to the 2021-2022 period.
- Equity Turnover Analysis
- The equity turnover ratio was stagnant between 0.59 and 0.62 from July 2021 through June 2023. From July 2023 onwards, a progressive increase is observed, with the ratio rising to 0.75 by July 2026. This upward trend is driven by the combination of increasing net sales and a reduced equity denominator. The result is a measurable increase in capital efficiency, as the company is generating significantly more revenue per dollar of shareholders' equity than at the start of the analyzed period.