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 Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2013
- Total Asset Turnover since 2013
- Price to Earnings (P/E) since 2013
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Twitter Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a gradual decline over the observed period. Starting at 3.19 in March 2018, it fluctuated slightly but sustained a downward trend, reaching approximately 2.40 by June 2022. This indicates a decreasing efficiency in generating revenue from net fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease right-of-use assets, this turnover ratio showed a more pronounced fall. Initially aligned with the standard net fixed asset turnover at 3.19 in March 2018, it dropped sharply to around 1.95 by the first quarter of 2019 and then continued a modest downward trajectory, reaching approximately 1.47 by mid-2022. This suggests the impact of incorporating operating lease assets leads to a lower turnover ratio, reflecting changes in asset recognition and utilization efficiency.
- Total Asset Turnover
- Total asset turnover initially decreased from 0.34 in March 2018 to a low near 0.26 in late 2019 and early 2020, indicating less efficient use of total assets to generate sales. However, after this trough, there was an upward recovery, reaching 0.39 by March and June 2022, pointing to improved effectiveness in asset use in the more recent periods.
- Equity Turnover
- Equity turnover showed an overall strong upward trend during the timeframe. Beginning at 0.49 in March 2018, it remained relatively steady until early 2020. Subsequently, the ratio increased markedly, rising to 0.88 by June 2022. This reflects enhanced efficiency in generating revenue relative to shareholders’ equity and may indicate a more aggressive use of equity capital or improved profitability relative to equity.
Net Fixed Asset Turnover
Twitter Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2022 Calculation
Net fixed asset turnover
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The company’s revenue exhibited a generally upward trajectory from March 2018 through the end of 2021, with some volatility over the quarters. Starting at approximately $665 million in the first quarter of 2018, revenue gradually increased to exceed $1.56 billion by the last quarter of 2021. Notably, there were fluctuations within individual years, with some quarters showing revenue declines compared to their immediate predecessors, such as the second quarter of 2020. However, the overall trend pointed to growth across the timeframe observed. In early 2022, however, revenue showed signs of flattening or slight decline, with figures around $1.20 billion to $1.18 billion, indicating a potential moderation after a peak period.
- Property and Equipment, Net
- The net value of property and equipment demonstrated a consistent increase throughout the six-year period. Starting from approximately $802 million in early 2018, the asset base grew steadily each quarter, reaching over $2.17 billion by mid-2022. This steady growth highlights ongoing capital investment and asset accumulation, supporting potential expansion or modernization of operational infrastructure.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, representing revenue generated per unit of fixed assets, displayed a declining trend over time. Initially above 3.1 in early 2018, the ratio gradually decreased to values near 2.4 by mid-2022. This decline suggests that revenue growth has not kept pace proportionally with the expansion of fixed assets, indicating a possible decrease in asset utilization efficiency or a shift in business strategy resulting in higher capital intensity.
- Overall Analysis
- The financial data reveal a company with growing revenues and a significantly expanding asset base over the analyzed period. However, the decreasing net fixed asset turnover ratio implies that each dollar invested in property and equipment is generating less revenue compared to earlier periods. This may call for an assessment of asset efficiency or a reassessment of capital allocation policies. The recent slowdown or slight reduction in revenue despite continued asset growth should be monitored for potential impacts on profitability and operational efficiency.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Twitter Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||
| Property 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 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2022 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue displayed a generally upward trajectory from the first quarter of 2018 through the end of 2021, with intermittent fluctuations. Initially, revenue increased steadily from approximately $665 million in March 2018 to over $1.56 billion by December 2021, indicating substantial growth over this period. However, there were periods of decline, notably in the first half of 2020, where revenue decreased from roughly $808 million in March to around $683 million in June, before resuming an upward movement. The growth pace accelerated in the latter part of 2020 and throughout 2021, reaching its peak in December 2021. In 2022, a downward adjustment in revenue was observed, declining to approximately $1.20 billion in March and remaining near this level into June, representing a notable drop compared to previous quarters.
- Property and Equipment, Net
- The net value of property and equipment, including operating lease and right-of-use assets, showed a consistent and significant increase throughout the entire period. Starting at around $802 million in March 2018, the asset base nearly quadrupled to approximately $3.55 billion by June 2022. This growth reflects extensive capital investment or asset acquisition, with particularly rapid increases commencing in early 2019 and continuing consistently through mid-2022.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio experienced a strong decline over the observed period. Initially, values fluctuated around 3.0 or higher in 2018, indicating relatively efficient use of fixed assets in generating revenue. From 2019 onward, the ratio diminished steadily, dropping from approximately 2.0 in early 2019 to a low near 1.47 by mid-2022. This decline indicates that revenue generated per unit of net fixed assets decreased, suggesting either slower revenue growth relative to asset expansion or less efficient asset utilization over time.
- Overall Analysis
- The data indicate a substantial increase in the asset base over the period, aligned with a general growth in revenue through 2021. However, the declining asset turnover ratio points to diminishing efficiency in using these assets to generate revenue. While revenue reached new highs in late 2021, a subsequent decline in early 2022 contrasts with continued asset growth, potentially indicating overinvestment or market challenges impacting revenue generation efficiency. The fluctuation and recent downturn in revenue, combined with continuing asset growth, suggest a need for strategic evaluation of asset utilization and revenue performance going forward.
Total Asset Turnover
Twitter Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2022 Calculation
Total asset turnover
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue displayed a generally increasing trajectory from March 2018 through December 2021, starting at approximately 665 million USD and reaching a peak of about 1.57 billion USD in the last quarter of 2021. Notable fluctuations were observed during this period, with revenue temporarily declining between the first quarter of 2019 and the second quarter of 2020. After this dip, revenue rebounded strongly, achieving record highs in 2021. However, in the two quarters of 2022 shown, revenue experienced a decline, dropping to approximately 1.17 billion USD by June 2022.
- Total Assets Trends
- Total assets consistently increased from March 2018, starting at approximately 7.5 billion USD, and reaching a high of nearly 15.3 billion USD in mid-2021. Following this peak, total assets declined somewhat but remained above 13.5 billion USD by mid-2022. Overall, the asset base expanded significantly until 2021, indicating potential investments or acquisitions, with a moderate contraction thereafter.
- Total Asset Turnover Analysis
- The total asset turnover ratio, representing revenue generated per unit of asset, generally exhibited a slight decline from 0.34 in early 2018 to a low around 0.26 during 2019 and 2020. Starting in late 2020, a recovery trend became evident, with the ratio improving steadily to 0.39 by mid-2022. This suggests enhanced efficiency in asset utilization in recent periods, potentially reflecting improved operational performance or revenue growth relative to asset size.
- Overall Insights
- The company expanded its revenue and asset base significantly over the reviewed period, reaching peak figures in late 2021. Despite a subsequent decline in revenue and total assets in early 2022, the improving asset turnover ratio indicates better utilization of resources to generate sales. This improvement in efficiency is a positive sign, potentially mitigating the impact of the recent revenue and asset contractions.
Equity Turnover
Twitter Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 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), 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).
1 Q2 2022 Calculation
Equity turnover
= (RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021
+ RevenueQ3 2021)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrates fluctuations across the periods, with an initial upward trend from early 2018 through the end of that year. It peaks notably in December 2018 and December 2019, indicating strong quarterly performance during these periods. However, a decline is observed in the first half of 2020, likely reflecting external market pressures or operational challenges during that time. Subsequently, revenue rebounds markedly in the latter part of 2020 and continues to show a general upward trajectory through the end of 2021, reaching the highest levels in December 2021. In 2022, revenue shows a decline in both reported periods, signifying a possible downturn or recalibration in sales or service income.
- Stockholders’ Equity Analysis
- Stockholders’ equity exhibits a steady increase from March 2018 until December 2019, suggesting accumulated retained earnings or capital injections during this timeframe. From early 2020, equity levels fluctuate with a notable decline by the mid-2020 quarter, potentially reflecting increased liabilities, stock repurchases, or losses. The equity stabilizes with minor variations through the end of 2021, though by mid-2022, equity reaches its lowest point across the analyzed periods. This downward movement in equity during 2022 may imply financial strain or restructuring effects.
- Equity Turnover Ratio Behavior
- The equity turnover ratio starts at a moderate level in early 2018 and experiences a relative decline through 2019, indicating slower revenue generation relative to equity during this period. From the end of 2019 onwards, a consistent increase is observable, with the ratio growing steadily through 2021 and peaking in early to mid-2022. This rise suggests improved efficiency in utilizing equity to generate revenue. The near doubling of the ratio from early 2018 to mid-2022 reflects a significant enhancement in capital usage effectiveness.
- Overall Insights
- The company’s financial profile over the examined periods highlights volatility in revenue patterns with strong seasonal or cyclical peaks, contrasted by more gradual changes in equity. The increasing equity turnover ratio in recent years points to enhanced operational efficiency or strategic adjustments leading to better revenue generation relative to equity. The decline in both revenue and equity in early to mid-2022 warrants attention, suggesting potential challenges or shifts in business or market conditions affecting financial stability and performance.