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.
Long-term Activity Ratios (Summary)
United Parcel Service Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed a generally increasing trend from March 2021 through September 2022, rising from 2.76 to a peak of 3.01. Following this peak, there was a steady decline through to June 2025, where the ratio stood at 2.39. This pattern suggests an initial improvement in the efficiency of fixed asset utilization, followed by a gradual decrease in this efficiency over the latter periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease right-of-use assets, the net fixed asset turnover ratio followed a similar trajectory as the standard net fixed asset turnover. The ratio increased from 2.52 in March 2021 to a peak of 2.73 in September 2022, then declined steadily, reaching 2.17 by June 2025. The consistently lower values compared to the standard ratio reflect the impact of including lease assets, but the overall trend confirms the same pattern of efficiency gains followed by a decrease.
- Total Asset Turnover
- Total asset turnover remained relatively stable with minor fluctuations. From March 2021 to September 2022, the ratio hovered around 1.41 to 1.45, but from December 2022 onwards, a modest downward trend emerged, with values mostly between 1.27 and 1.33 by June 2025. This indicates a slight decrease in the company's effectiveness in generating revenue from its total assets over the most recent periods.
- Equity Turnover
- The equity turnover ratio decreased sharply from 12.52 in March 2021 to a low of around 4.80 in June 2023, indicating a reduction in the company's efficiency in generating sales relative to shareholder equity during this period. After June 2023, the ratio stabilized somewhat, fluctuating modestly between 4.86 and 5.81, and experienced a slight upward movement reaching 5.73 by June 2025. This suggests some recovery in equity usage efficiency, although the ratio remains significantly below initial levels.
Net Fixed Asset Turnover
United Parcel Service Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 21,221) | 21,546) | 25,301) | 22,245) | 21,818) | 21,706) | 24,917) | 21,061) | 22,055) | 22,925) | 27,033) | 24,161) | 24,766) | 24,378) | 27,771) | 23,184) | 23,424) | 22,908) | ||||||
| Property, plant and equipment, net | 37,711) | 37,250) | 37,179) | 37,389) | 37,129) | 37,168) | 36,945) | 36,013) | 35,501) | 34,995) | 34,719) | 33,625) | 33,487) | 33,595) | 33,475) | 32,859) | 32,631) | 32,455) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 2.39 | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | 2.91 | 2.87 | 2.83 | 2.76 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | 2.35 | 2.25 | 2.16 | 2.09 | ||||||
| Uber Technologies Inc. | 24.30 | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | 9.42 | 8.33 | 7.21 | 6.14 | ||||||
| Union Pacific Corp. | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | 0.40 | 0.39 | 0.38 | 0.36 | ||||||
| United Airlines Holdings Inc. | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | 0.77 | 0.62 | 0.45 | 0.33 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 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).
1 Q2 2025 Calculation
Net fixed asset turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Property, plant and equipment, net
= (21,221 + 21,546 + 25,301 + 22,245)
÷ 37,711 = 2.39
2 Click competitor name to see calculations.
The analysis of the financial data over the given periods reveals distinct trends in revenue, property, plant and equipment (net), and net fixed asset turnover for the company.
- Revenue Trends
- Revenue displays a fluctuation pattern across quarters. Initially, revenue rose moderately from $22,908 million in the first quarter of 2021 to a peak of $27,771 million in the fourth quarter of 2021. Following this peak, revenue experienced a decline in the early quarters of 2022, fluctuating near the $24,000 million level. The fourth quarter of 2022 again saw an increase to $27,033 million. Subsequently, from the first quarter of 2023 onwards, revenue shows a general decreasing trend, dropping to $21,221 million by mid-2025 with occasional minor upticks. Overall, the revenue pattern suggests seasonal peaks towards year-end quarters with periodic declines in other quarters over the years.
- Property, Plant and Equipment (Net)
- The net value of property, plant, and equipment steadily increased throughout the period covered. Starting at $32,455 million in the first quarter of 2021, the asset base consistently expanded each quarter, reaching $37,711 million by mid-2025. This gradual growth indicates ongoing capital investments and asset accumulation, reflecting a possible strategy of capacity expansion or modernization to support operational needs.
- Net Fixed Asset Turnover Ratio
- The ratio of revenue to net fixed assets, or net fixed asset turnover, initially increased from 2.76 in the first quarter of 2021 to a peak of 3.01 in the third quarter of 2022, suggesting improved efficiency in utilizing fixed assets to generate revenue during this timeframe. However, post the third quarter of 2022, the turnover ratio demonstrated a steady decline, falling to 2.39 by mid-2025. This decline can be associated with the simultaneous decrease in revenue and continuous growth in fixed asset base, indicating a reduction in asset utilization efficiency over the latter part of the period.
In summary, while the company experienced growth in its asset base and maintained traditionally higher revenue towards the end of calendar years, recent periods show a reduction in revenue and corresponding efficiency of asset utilization. The divergence between rising fixed assets and declining turnover ratio warrants attention, as it may affect future profitability and return on investment unless offset by anticipated revenue increases or operational improvements.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Parcel Service Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 21,221) | 21,546) | 25,301) | 22,245) | 21,818) | 21,706) | 24,917) | 21,061) | 22,055) | 22,925) | 27,033) | 24,161) | 24,766) | 24,378) | 27,771) | 23,184) | 23,424) | 22,908) | ||||||
| Property, plant and equipment, net | 37,711) | 37,250) | 37,179) | 37,389) | 37,129) | 37,168) | 36,945) | 36,013) | 35,501) | 34,995) | 34,719) | 33,625) | 33,487) | 33,595) | 33,475) | 32,859) | 32,631) | 32,455) | ||||||
| Operating lease right-of-use assets | 3,979) | 4,015) | 4,149) | 4,129) | 4,088) | 4,223) | 4,308) | 4,162) | 4,219) | 4,089) | 3,755) | 3,417) | 3,436) | 3,481) | 3,562) | 3,460) | 3,568) | 3,044) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | 41,690) | 41,265) | 41,328) | 41,518) | 41,217) | 41,391) | 41,253) | 40,175) | 39,720) | 39,084) | 38,474) | 37,042) | 36,923) | 37,076) | 37,037) | 36,319) | 36,199) | 35,499) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 2.17 | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | 2.63 | 2.60 | 2.55 | 2.52 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | 1.64 | 1.58 | 1.51 | 1.47 | ||||||
| Uber Technologies Inc. | 15.26 | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | 5.39 | 4.95 | 4.25 | 3.57 | ||||||
| Union Pacific Corp. | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | 0.38 | 0.38 | 0.37 | 0.35 | ||||||
| United Airlines Holdings Inc. | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | 0.67 | 0.54 | 0.40 | 0.29 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 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).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (21,221 + 21,546 + 25,301 + 22,245)
÷ 41,690 = 2.17
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrates a recurring seasonal pattern with peaks typically occurring in the fourth quarter of each year, reflecting higher demand during this period. Over the examined quarters, revenue experienced fluctuations, with a notable increase in the fourth quarter of 2021 (27,771 million USD) and 2022 (27,033 million USD). However, starting from the first quarter of 2023, a declining trend is observed, reaching a low in the third quarter of 2023 (21,061 million USD) before showing some recovery towards the end of 2024 and early 2025. The overall pattern suggests sensitivity to seasonal factors as well as possible challenges affecting revenue generation in recent quarters.
- Property, Plant, and Equipment (PP&E) Net Balance
- The net balance of property, plant, and equipment, which includes operating lease right-of-use assets, shows a consistent and gradual upward trajectory throughout the period. Starting from approximately 35,499 million USD in the first quarter of 2021, it increased steadily to 41,690 million USD by the second quarter of 2025. This trend indicates ongoing investment or capital expenditure in fixed assets, which may support operational capacity or modernization efforts. There are no significant declines or volatility visible, implying stable asset base growth.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, calculated including operating leases, initially improves from 2.52 in the first quarter of 2021 to a peak of 2.73 in the third quarter of 2022, reflecting increasing efficiency in generating revenue from fixed assets. After this peak, the ratio steadily declines, reaching 2.17 by the second quarter of 2024 and remaining around this level into mid-2025. This decline suggests a reduced effectiveness in utilizing fixed assets for revenue production, possibly related to the plateauing increases in fixed asset investment combined with fluctuating or decreasing revenues in the later periods.
- Summary Insights
- The data suggests that while fixed asset investments continue to grow, there is a diminishing return on asset utilization as demonstrated by the declining net fixed asset turnover ratio post-2022. Coupled with the volatility and overall decrease in revenue observed after early 2023, this could indicate emerging operational inefficiencies or external challenges impacting revenue growth. The consistent seasonal patterns in revenue highlight predictable demand cycles, although recent lower peaks may warrant closer attention to market conditions or competitive pressures. The steady expansion of the asset base suggests a strategic focus on capacity or infrastructure, but the declining asset turnover ratio signals the need to ensure these investments translate effectively into revenue growth.
Total Asset Turnover
United Parcel Service Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 21,221) | 21,546) | 25,301) | 22,245) | 21,818) | 21,706) | 24,917) | 21,061) | 22,055) | 22,925) | 27,033) | 24,161) | 24,766) | 24,378) | 27,771) | 23,184) | 23,424) | 22,908) | ||||||
| Total assets | 70,923) | 68,466) | 70,070) | 68,263) | 69,418) | 67,628) | 70,857) | 70,281) | 70,347) | 72,189) | 71,124) | 69,544) | 70,089) | 70,113) | 69,405) | 65,739) | 64,869) | 63,312) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 1.27 | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | 1.40 | 1.44 | 1.43 | 1.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | 1.01 | 0.95 | 0.92 | 0.92 | ||||||
| Uber Technologies Inc. | 0.85 | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | 0.45 | 0.40 | 0.35 | 0.31 | ||||||
| Union Pacific Corp. | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | 0.31 | ||||||
| United Airlines Holdings Inc. | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | 0.36 | 0.29 | 0.21 | 0.17 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 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).
1 Q2 2025 Calculation
Total asset turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Total assets
= (21,221 + 21,546 + 25,301 + 22,245)
÷ 70,923 = 1.27
2 Click competitor name to see calculations.
The analyzed financial data reveals notable trends concerning revenue, total assets, and total asset turnover over multiple quarters. These metrics provide insights into the operational performance and asset utilization efficiency.
- Revenue
- Revenue demonstrates a seasonal pattern with peaks typically occurring in the fourth quarter of each year, reflecting cyclical demand fluctuations. The highest values within each year are observed in December, followed by a decline in the subsequent first quarter. Notably, revenue generally increased from early 2021 through the end of 2022, reaching a peak in the fourth quarter of 2022. However, from 2023 onwards, there is a visible downward trend in revenue values, with the first quarters especially showing declines compared to previous years. This indicates potential challenges in maintaining revenue growth in recent periods.
- Total Assets
- Total assets show an overall increasing trend from March 2021 through most of the analyzed period, with occasional slight decreases or stabilizations. The asset base expanded from approximately $63.3 billion in March 2021 to about $71.1 billion in December 2022. Post this peak, the asset total fluctuates moderately but remains largely stable in the $67 billion to $70 billion range. This stability suggests a controlled asset management approach, balancing growth and optimization without significant expansions or contractions in the asset base.
- Total Asset Turnover
- The total asset turnover ratio, representing the efficiency in using assets to generate revenue, generally declined over time. Initial ratios were around 1.4 to 1.45 from 2021 to early 2022, indicating a relatively high asset usage efficiency. Starting mid-2022, a gradual decline in turnover ratio emerges, decreasing to approximately 1.27 by mid-2025. This decreasing trend points to diminishing effectiveness in asset utilization, potentially due to rising asset levels relative to generated revenues or operational inefficiencies.
In summary, the financial data points to a company experiencing seasonal revenue patterns with a peak at year-end, an expanding and then stabilizing asset base, and a gradual decline in asset turnover efficiency. While asset growth was managed without extreme volatility, decreasing revenue in the most recent quarters combined with lower asset turnover suggests challenges in scaling revenue proportionally to assets held, warranting attention to operational effectiveness and market conditions affecting revenue generation.
Equity Turnover
United Parcel Service Inc., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 21,221) | 21,546) | 25,301) | 22,245) | 21,818) | 21,706) | 24,917) | 21,061) | 22,055) | 22,925) | 27,033) | 24,161) | 24,766) | 24,378) | 27,771) | 23,184) | 23,424) | 22,908) | ||||||
| Equity for controlling interests | 15,750) | 15,660) | 16,718) | 16,857) | 17,030) | 16,909) | 17,306) | 19,168) | 20,019) | 20,038) | 19,786) | 16,968) | 16,289) | 15,416) | 14,253) | 12,041) | 10,805) | 7,147) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 5.73 | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | 6.83 | 7.84 | 8.56 | 12.52 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | 3.47 | 3.58 | 3.55 | 3.67 | ||||||
| Uber Technologies Inc. | 2.09 | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | 1.21 | 1.07 | 0.90 | 0.79 | ||||||
| Union Pacific Corp. | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | 1.54 | 1.52 | 1.44 | 1.19 | ||||||
| United Airlines Holdings Inc. | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | 4.90 | 3.66 | 2.98 | 2.04 | ||||||
Based on: 10-Q (reporting date: 2025-06-30), 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).
1 Q2 2025 Calculation
Equity turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Equity for controlling interests
= (21,221 + 21,546 + 25,301 + 22,245)
÷ 15,750 = 5.73
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrates a cyclical pattern with notable fluctuations across quarters. Initially, a rising trajectory is observed from the first quarter of 2021 through the end of that year, peaking in the fourth quarter of 2021 at approximately 27.8 billion USD. The first half of 2022 maintains a relatively stable revenue stream, with values oscillating around 24 to 27 billion USD. However, starting from the first quarter of 2023, a declining trend emerges, with revenue dipping below 22 billion USD in several quarters. Despite a moderate recovery in the fourth quarter of 2023 and the fourth quarter of 2024, the overall revenue levels remain lower compared to the peak periods in 2021.
- Equity for Controlling Interests
- Equity for controlling interests shows steady growth throughout 2021 and 2022, increasing from approximately 7.1 billion USD at the beginning of 2021 to nearly 19.8 billion USD by the end of 2022. This growth indicates strengthening shareholder value or retained earnings growth during this period. Nonetheless, starting in 2023, equity experiences a gradual decline, falling from around 20 billion USD in early 2023 to approximately 15.7 billion USD by mid-2025. This downward trend may reflect distributions, losses, or other equity-reducing activities impacting the company's net assets.
- Equity Turnover Ratio
- The equity turnover ratio exhibits a declining trend from 12.52 in March 2021 to approximately 5.07 at the end of 2022, indicating that revenue generation is becoming less efficient relative to equity invested. Post-2022, the ratio stabilizes around the 5.0 to 5.8 range, with small fluctuations but no significant recovery to earlier levels. This stabilization at a lower ratio range suggests a reduced capacity to generate revenue from equity compared to the earlier periods in 2021, potentially pointing to increased capital base or challenges in sales growth.
- Overall Insights
- The analyzed data reflects a company that experienced strong growth in both revenue and equity through 2021 and 2022, followed by a period of revenue contraction and equity depletion starting in early 2023. Meanwhile, the equity turnover ratio's sharp decline from early 2021 to 2023 indicates a decreased revenue-to-equity efficiency, which remains subdued through mid-2025. These patterns could imply operational or market challenges impacting profitability and equity retention in the recent periods, warranting further review of underlying drivers including cost structure, market conditions, and capital management strategies.