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
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2008
- Return on Assets (ROA) since 2008
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Visa Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
The analysis of the quarterly financial ratios over the observed periods reveals distinct trends in asset efficiency and equity utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a relatively stable performance with minor fluctuations, starting at 8.15 in late 2017 and rising gradually to a peak around 9.33 in the first quarter of 2023. There are small troughs observed during 2020, coinciding with a dip to approximately 7.92-7.98 in mid-2020, possibly reflecting external macroeconomic conditions impacting asset use efficiency during that period. Overall, the ratio shows an improving trend in utilizing fixed assets to generate revenue as of the latest quarter.
- Total Asset Turnover
- This ratio maintains a generally upward trajectory from about 0.27 at the end of 2017 to 0.36 by the first quarter of 2023. Notable is a modest decline around early 2020, where turnover reduced to about 0.27, followed by a recovery and incremental increases thereafter. This indicates a gradual improvement in how efficiently the company is utilizing its total assets to generate sales over time, despite short-term setbacks.
- Equity Turnover
- The equity turnover ratio similarly follows a positive trend, climbing from approximately 0.56 in late 2017 to a high around 0.82 in late 2022 and early 2023. A temporary reduction is noticeable around early to mid-2020, suggesting a brief period of reduced efficiency in using shareholders’ equity, possibly linked to market or operational challenges during that timeframe. The ratio's recovery and growth beyond pre-2020 levels imply sustained improvements in leveraging equity to produce revenue.
In summary, all three turnover ratios reveal consistent improvement in efficiency metrics over the long term, with a concurrent short-term decline around early 2020, likely associated with external disruptions. The recovery and subsequent growth across these ratios reflect enhanced asset and equity utilization in the later quarters, signaling positive operational trends.
Net Fixed Asset Turnover
Visa Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||||||
| Property, equipment and technology, net | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||||||
| Microsoft Corp. | ||||||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
1 Q2 2023 Calculation
Net fixed asset turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Property, equipment and technology, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a generally upward trend over the examined period, increasing from 4,461 million USD at the end of 2016 to 7,985 million USD by the end of the first quarter of 2023. While there are some fluctuations, notable declines appear around early 2020, which can be linked to broader economic disruptions during that period. After this dip, revenues recovered and continued a steady growth trajectory, reaching peak values above 7,700 million USD in late 2022 and early 2023.
- Property, Equipment and Technology, Net
- The net investment in property, equipment, and technology rises steadily from 2,201 million USD at the end of 2016 to 3,359 million USD by March 2023. This reflects an ongoing commitment to capital assets over the years, with incremental increases observed each quarter. The growth appears relatively consistent, showing no major contractions or abrupt changes.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, reported from mid-2017 onward, generally indicates efficient utilization of fixed assets in generating revenues. The ratio fluctuates mostly between 7.9 and 9.3, showing a slight upward trend over time. The lowest values are observed around mid-2020, coinciding with the dip in net revenues, while the highest turnover occurs at the end of 2022. This suggests that despite growing property and technology investment, the company has maintained or slightly improved its efficiency in leveraging fixed assets to produce net revenue.
- Summary of Patterns and Insights
- The financial data portrays a company experiencing sustained growth in revenues and steady capital asset investment over the medium term. Although impacted temporarily around early 2020, likely due to external economic conditions, net revenues recovered robustly. Concurrently, the efficiency in asset use, as measured by net fixed asset turnover, remained stable to improving, highlighting effective management of capital resources. The combination of rising revenues and controlled asset growth demonstrates effective scaling of operations during the covered period.
Total Asset Turnover
Visa Inc., total asset turnover calculation (quarterly data)
| 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 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||||||
| Microsoft Corp. | ||||||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
1 Q2 2023 Calculation
Total asset turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals a general upward trend in net revenues over the observed periods, despite some fluctuations linked to external factors. Net revenues grew from approximately $4,461 million at the end of 2016 to around $7,985 million by the first quarter of 2023. This increase denotes a substantial expansion of the company’s income-generating capacity over these years.
Total assets also displayed a growth trajectory with some intermittent variations. The total assets rose from about $63,370 million at the end of 2016 to nearly $86,755 million by March 2023. This suggests consistent asset base expansion, supporting the company’s operational and strategic growth initiatives.
The total asset turnover ratio, which measures the efficiency with which assets generate revenue, shows incremental improvement throughout the period where data is available, starting at around 0.27 in mid-2017 and progressing to 0.36 by early 2023. The modest fluctuations within this upward trend suggest improving utilization of assets to produce revenues, indicating enhanced operational efficiency.
- Net Revenues
- Displayed steady growth with periodic dips, particularly notable in 2020, likely due to external market disruptions. Post-2020, the recovery and growth are pronounced, culminating in peak revenues in early 2023.
- Total Assets
- Experienced consistent growth with occasional short-term declines. The asset base expanded by approximately 37% over the analyzed timeframe, forming a solid foundation for revenue growth.
- Total Asset Turnover
- The ratio improved from 0.27 to 0.36 over the period, evidencing better asset efficiency. Periodic small declines were followed by recoveries, suggesting responsive management to changing economic conditions.
Overall, the company has demonstrated robust growth in revenues alongside an expanding asset base and increasing asset utilization efficiency. These trends reflect positively on the company's operational performance and strategic management efforts over the analyzed periods.
Equity Turnover
Visa Inc., equity turnover calculation (quarterly data)
| 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 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||||||
| Fair Isaac Corp. | ||||||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||||||
| Microsoft Corp. | ||||||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).
1 Q2 2023 Calculation
Equity turnover
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ Equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods. Net revenues exhibited a general upward trajectory from the end of 2016 through early 2020, increasing from 4,461 million USD to a peak of 6,130 million USD by the third quarter of 2021. However, there was a temporary decline observed during the early quarters of 2020, coinciding with global economic disruptions, with revenues dropping to 4,837 million USD in the second quarter of 2020. Following this dip, a consistent recovery trend is apparent, with revenues steadily rising again and reaching 7,985 million USD by the first quarter of 2023.
Equity values demonstrated relatively stable fluctuations within the range of approximately 30,000 million to 38,000 million USD. Initially, equity decreased slightly from 31,726 million USD at the end of 2016 to around 30,783 million USD by the first quarter of 2017, followed by a gradual increase reaching 37,790 million USD toward the end of 2021. A mild reduction in equity is observed starting from early 2022, descending to 35,483 million USD near the end of 2022, before recovering slightly to 38,565 million USD in the first quarter of 2023.
Equity turnover ratio data, available from mid-2017 onwards, shows a steady increase from 0.56 to a peak of 0.82 by the end of 2022. This upward trend indicates improving efficiency in utilizing equity to generate net revenues. The ratio fluctuated slightly around 0.80 during the transition between late 2022 and early 2023, suggesting a stabilization of this efficiency metric.
- Net Revenues
- Displayed consistent growth with a temporary decline in early 2020, followed by recovery and new highs in 2022 and early 2023.
- Equity
- Fluctuated moderately, with periods of both increase and decrease, maintaining an overall stable capital base through the analyzed periods.
- Equity Turnover Ratio
- Demonstrated a continual increase indicating enhanced utilization of equity to generate revenues, stabilizing near recent peaks.
In summary, the data reflects resilience and growth in revenue generation accompanied by steady equity management. The improving equity turnover ratio underscores operational efficiency gains over time despite external economic pressures affecting certain periods. Such trends suggest favorable financial health and operational performance across the analyzed timeframe.