Return on Assets (ROA)
since 2008
Calculation
Activision Blizzard Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss)1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 5.53% | = | 100 | × | 1,513) | ÷ | 27,383) |
| Dec 31, 2021 | 10.77% | = | 100 | × | 2,699) | ÷ | 25,056) |
| Dec 31, 2020 | 9.51% | = | 100 | × | 2,197) | ÷ | 23,109) |
| Dec 31, 2019 | 7.57% | = | 100 | × | 1,503) | ÷ | 19,845) |
| Dec 31, 2018 | 10.17% | = | 100 | × | 1,813) | ÷ | 17,835) |
| Dec 31, 2017 | 1.46% | = | 100 | × | 273) | ÷ | 18,668) |
| Dec 31, 2016 | 5.54% | = | 100 | × | 966) | ÷ | 17,452) |
| Dec 31, 2015 | 5.85% | = | 100 | × | 892) | ÷ | 15,251) |
| Dec 31, 2014 | 5.66% | = | 100 | × | 835) | ÷ | 14,746) |
| Dec 31, 2013 | 7.21% | = | 100 | × | 1,010) | ÷ | 14,012) |
| Dec 31, 2012 | 8.09% | = | 100 | × | 1,149) | ÷ | 14,200) |
| Dec 31, 2011 | 8.17% | = | 100 | × | 1,085) | ÷ | 13,277) |
| Dec 31, 2010 | 3.12% | = | 100 | × | 418) | ÷ | 13,406) |
| Dec 31, 2009 | 0.82% | = | 100 | × | 113) | ÷ | 13,742) |
| Dec 31, 2008 | -0.73% | = | 100 | × | (107) | ÷ | 14,701) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$ in millions
The financial performance from 2008 to 2022 is characterized by significant volatility in profitability juxtaposed with a consistent long-term expansion of the asset base. While total assets nearly doubled over the period, growing from 14.70 billion in 2008 to 27.38 billion by 2022, the return on assets (ROA) experienced several distinct cycles of growth and contraction.
- Initial Recovery and Growth Phase (2008–2012)
- Following a negative ROA of -0.73% in 2008, a period of rapid improvement was observed. Net income transitioned from a loss of 107 million to 1.15 billion by 2012, resulting in an ROA peak of 8.17% in 2011.
- Mid-Term Stability and Contraction (2013–2017)
- Between 2013 and 2016, ROA remained relatively stable, fluctuating between 5.54% and 7.21%. This trend was interrupted in 2017, when ROA dropped sharply to 1.46%, corresponding with a decrease in net income to 273 million.
- Peak Efficiency Period (2018–2021)
- A strong rebound in asset efficiency occurred between 2018 and 2021. ROA climbed steadily to reach a historical maximum of 10.77% in 2021. This growth was driven by net income reaching its peak of 2.70 billion, demonstrating a high capacity to generate profit from an increasing asset base.
- Recent Performance Trend (2022)
- A significant decline is observed in 2022, with ROA falling to 5.53%. This reduction is attributable to a drop in net income to 1.51 billion, occurring at a time when total assets reached their highest recorded level of 27.38 billion, thereby reducing the overall efficiency of the asset utilization.
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Comparison to Competitors
Activision Blizzard Inc., ROA, long-term trends, comparison to competitors
| Activision Blizzard Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 5.53% | 16.42% | 2.09% | 12.49% | 9.24% | 1.54% |
| Dec 31, 2021 | 10.77% | 21.16% | 5.13% | 23.72% | 11.48% | 0.98% |
| Dec 31, 2020 | 9.51% | 12.60% | 3.85% | 18.29% | 7.03% | -1.42% |
| Dec 31, 2019 | 7.57% | 12.45% | 4.96% | 13.86% | 5.49% | 5.70% |
| Dec 31, 2018 | 10.17% | 13.20% | 4.66% | 22.72% | 4.66% | 12.78% |
| Dec 31, 2017 | 1.46% | 6.42% | 12.15% | 18.85% | 2.94% | 9.37% |
| Dec 31, 2016 | 5.54% | 11.63% | 4.82% | 15.73% | 1.37% | 10.20% |
| Dec 31, 2015 | 5.85% | 11.09% | 4.90% | 7.46% | 1.20% | 9.51% |
| Dec 31, 2014 | 5.66% | 11.01% | 5.26% | 7.32% | 3.78% | 8.91% |
| Dec 31, 2013 | 7.21% | 11.65% | 4.29% | 8.38% | 2.08% | 7.55% |
| Dec 31, 2012 | 8.09% | 11.45% | 3.76% | 0.35% | 0.43% | 7.59% |
| Dec 31, 2011 | 8.17% | 13.42% | 2.64% | — | 7.37% | 6.66% |
| Dec 31, 2010 | 3.12% | 14.70% | 3.07% | — | 16.38% | 5.73% |
| Dec 31, 2009 | 0.82% | 16.10% | 3.23% | — | 17.04% | 5.24% |
| Dec 31, 2008 | -0.73% | 13.31% | 2.25% | — | 13.44% | 7.08% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Media & Entertainment)
Activision Blizzard Inc., ROA, long-term trends, comparison to sector (media & entertainment)
| Activision Blizzard Inc. | Media & Entertainment | |
|---|---|---|
| Dec 31, 2022 | 5.53% | 9.07% |
| Dec 31, 2021 | 10.77% | 13.02% |
| Dec 31, 2020 | 9.51% | 8.04% |
| Dec 31, 2019 | 7.57% | 8.75% |
| Dec 31, 2018 | 10.17% | 11.10% |
| Dec 31, 2017 | 1.46% | 10.43% |
| Dec 31, 2016 | 5.54% | 9.25% |
| Dec 31, 2015 | 5.85% | 7.95% |
| Dec 31, 2014 | 5.66% | 7.95% |
| Dec 31, 2013 | 7.21% | 7.34% |
| Dec 31, 2012 | 8.09% | 6.43% |
| Dec 31, 2011 | 8.17% | 6.19% |
| Dec 31, 2010 | 3.12% | 6.60% |
| Dec 31, 2009 | 0.82% | 6.26% |
| Dec 31, 2008 | -0.73% | 5.43% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Communication Services)
Activision Blizzard Inc., ROA, long-term trends, comparison to industry (communication services)
| Activision Blizzard Inc. | Communication Services | |
|---|---|---|
| Dec 31, 2022 | 5.53% | 5.43% |
| Dec 31, 2021 | 10.77% | 8.36% |
| Dec 31, 2020 | 9.51% | 4.69% |
| Dec 31, 2019 | 7.57% | 6.30% |
| Dec 31, 2018 | 10.17% | 7.37% |
| Dec 31, 2017 | 1.46% | 9.22% |
| Dec 31, 2016 | 5.54% | 6.13% |
| Dec 31, 2015 | 5.85% | 5.86% |
| Dec 31, 2014 | 5.66% | 4.94% |
| Dec 31, 2013 | 7.21% | 5.87% |
| Dec 31, 2012 | 8.09% | 3.63% |
| Dec 31, 2011 | 8.17% | 3.13% |
| Dec 31, 2010 | 3.12% | 5.26% |
| Dec 31, 2009 | 0.82% | 4.17% |
| Dec 31, 2008 | -0.73% | 4.53% |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).