Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Economic Profit
Adobe Inc., economic profit calculation
US$ in millions
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2025 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 7,363 – 19.96% × 22,203 = 2,931
The analysis of economic profit reveals a period of significant volatility in value creation between 2020 and 2025. While the entity consistently maintained a positive economic profit, the magnitude of this value creation fluctuated sharply, culminating in a substantial peak in the final observed period.
- Net Operating Profit After Taxes (NOPAT)
- NOPAT demonstrated a non-linear trajectory, increasing from 4,082 million USD in 2020 to a peak of 6,201 million USD in 2021. A subsequent three-year decline followed, with figures falling to 5,235 million USD by 2024. This downward trend was reversed in 2025, with NOPAT surging to 7,363 million USD, representing the highest level of operating profitability in the observed timeframe.
- Cost of Capital and Invested Capital
- The cost of capital remained remarkably stable, hovering around the 20% mark with minimal variance between a high of 20.59% in 2023 and a low of 19.96% in 2025. Invested capital exhibited a steady increase from 18,837 million USD in 2020 to a peak of 24,970 million USD in 2023. However, the final two years show a contraction in the capital base, decreasing to 22,203 million USD by 2025.
- Economic Profit Dynamics
- Economic profit experienced extreme variance, reflecting the interplay between operational earnings and capital charges. A significant spike occurred in 2021 (1,889 million USD), followed by a period of compression where economic profit fell to 273 million USD in 2023 and 228 million USD in 2024. This compression was driven by the simultaneous occurrence of declining NOPAT and an expanding capital base. The trend shifted dramatically in 2025, with economic profit reaching 2,931 million USD, a result of the dual impact of increased operating profits and a reduced investment base.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Net Operating Profit after Taxes (NOPAT)
Adobe Inc., NOPAT calculation
US$ in millions
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowances for doubtful accounts.
3 Addition of increase (decrease) in deferred revenue.
4 Addition of increase (decrease) in equity equivalents to net income.
5 2025 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 438 × 3.30% = 14
6 2025 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 277 × 21.00% = 58
7 Addition of after taxes interest expense to net income.
8 2025 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 306 × 21.00% = 64
9 Elimination of after taxes investment income.
Net operating profit after taxes (NOPAT) exhibited considerable fluctuation over the observed period. While net income generally increased, NOPAT presented a more complex trajectory, indicating shifts in operational efficiency and cost structures relative to tax obligations.
- Overall Trend
- From 2020 to 2025, NOPAT demonstrated an initial increase, followed by a period of relative stability, and then a substantial rise. The period began with a NOPAT of US$4,082 million in 2020, peaking at US$6,201 million in 2021 before declining to US$5,690 million in 2022. A further decrease to US$5,413 million was noted in 2023, followed by US$5,235 million in 2024. A significant increase to US$7,363 million was observed in 2025.
- Comparison to Net Income
- A consistent difference between net income and NOPAT is apparent throughout the period. NOPAT consistently reports a lower value than net income, reflecting the impact of items such as depreciation, amortization, and other non-cash charges, as well as the effects of accounting for operating leases. The gap between net income and NOPAT varied annually, suggesting changes in the composition of earnings.
- Year-over-Year Changes
- The largest year-over-year increase in NOPAT occurred between 2020 and 2021, with an increase of US$2,119 million. The most substantial decline was observed between 2021 and 2022, decreasing by US$511 million. The period from 2023 to 2024 showed a modest decrease of US$78 million, while the final period from 2024 to 2025 demonstrated a substantial increase of US$2,128 million.
- Recent Performance
- The most recent two years, 2024 and 2025, show a notable shift. After a slight decrease in 2024, NOPAT experienced a significant increase in 2025, exceeding the previous peak observed in 2021. This suggests potential improvements in operational performance or changes in the tax environment during that period.
The fluctuations in NOPAT warrant further investigation to determine the underlying drivers. Analyzing changes in operating expenses, revenue growth, and tax rates would provide a more comprehensive understanding of these trends.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Cash Operating Taxes
Adobe Inc., cash operating taxes calculation
US$ in millions
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
The provision for (benefit from) income taxes exhibited considerable fluctuation over the observed period. Beginning with a significant benefit of approximately negative $1.084 billion in 2020, the provision shifted to a positive value of $883 million in 2021, and continued to increase to $1.252 billion in 2022 and $1.371 billion in 2023. This trend persisted into 2024, remaining stable at $1.371 billion, before increasing further to $1.604 billion in 2025.
Cash operating taxes demonstrated a consistent upward trend throughout the period. Starting at $435 million in 2020, these taxes increased to $710 million in 2021, $943 million in 2022, and a substantial rise to $1.761 billion in 2023. The growth continued, albeit at a slightly moderated pace, reaching $1.795 billion in 2024 and $2.112 billion in 2025.
- Provision for Income Taxes Trend
- The initial benefit in 2020 likely reflects tax loss carryforwards or other tax planning strategies. The subsequent shift to positive provisions indicates increasing profitability and a reduced reliance on such strategies. The consistent increases from 2021 through 2025 suggest sustained and growing taxable income.
- Cash Operating Taxes Trend
- The steady increase in cash operating taxes directly correlates with the increasing provision for income taxes, but also suggests a growing tax burden as a percentage of pre-tax income. The magnitude of the increase in cash taxes is greater than the increase in the provision, potentially indicating changes in deferred tax assets or liabilities.
- Relationship between Provision and Cash Taxes
- A divergence exists between the provision for income taxes and cash operating taxes. While both generally trend upwards, the cash taxes consistently represent a smaller proportion of the total tax expense recognized in the income statement. This difference is typical, as the provision includes both current and deferred tax components, while cash taxes represent actual cash outflows.
The observed trends suggest a strengthening financial position with increasing taxable income. However, the growing cash tax burden warrants continued monitoring to assess its impact on future cash flows and overall financial performance.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Invested Capital
Adobe Inc., invested capital calculation (financing approach)
US$ in millions
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of deferred revenue.
5 Addition of equity equivalents to stockholders’ equity.
6 Removal of accumulated other comprehensive income.
7 Subtraction of capital projects in-progress.
8 Subtraction of short-term investments.
The invested capital of the company demonstrates an overall increasing trend between 2020 and 2023, followed by a slight decrease in the most recent two periods. A closer examination of the components reveals fluctuations in both total reported debt & leases and stockholders’ equity, which contribute to the observed patterns in invested capital.
- Invested Capital Trend
- Invested capital increased from US$18,837 million in 2020 to US$24,970 million in 2023, representing a cumulative growth of approximately 32.5%. This indicates an expansion of the company’s asset base funded by both debt and equity. However, in 2024, invested capital decreased slightly to US$24,709 million, and further decreased to US$22,203 million in 2025. This recent decline suggests a potential shift in capital allocation strategy or a reduction in investment activities.
- Debt & Leases
- Total reported debt & leases exhibited a relatively stable pattern between 2020 and 2023, decreasing from US$4,708 million to US$4,080 million. This suggests a focus on debt reduction during this period. However, a significant increase is observed in 2024, rising to US$6,056 million, and continuing to US$6,648 million in 2025. This substantial increase in debt could be attributed to financing new investments, acquisitions, or share repurchases.
- Stockholders’ Equity
- Stockholders’ equity generally increased from US$13,264 million in 2020 to US$16,518 million in 2023, reflecting retained earnings and potentially new equity issuances. However, a decrease is noted in 2024, falling to US$14,105 million, and a more pronounced decrease in 2025 to US$11,623 million. This decline in stockholders’ equity could be due to share repurchases, dividend payments, or unrealized losses.
The interplay between debt and equity significantly influences the overall invested capital. While debt decreased initially, the recent increase, coupled with the decline in stockholders’ equity, contributes to the observed stabilization and subsequent decrease in invested capital in the latest reporting periods. Further investigation into the specific uses of the increased debt and the reasons for the equity decline would be necessary for a more comprehensive understanding.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Cost of Capital
Adobe Inc., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 124,829) | 124,829) | ÷ | 131,447) | = | 0.95 | 0.95 | × | 20.85% | = | 19.80% | ||
| Senior notes3 | 6,180) | 6,180) | ÷ | 131,447) | = | 0.05 | 0.05 | × | 4.16% × (1 – 21.00%) | = | 0.15% | ||
| Operating lease liability4 | 438) | 438) | ÷ | 131,447) | = | 0.00 | 0.00 | × | 3.30% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 131,447) | 1.00 | 19.96% | ||||||||||
Based on: 10-K (reporting date: 2025-11-28).
1 US$ in millions
2 Equity. See details »
3 Senior notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 177,820) | 177,820) | ÷ | 183,758) | = | 0.97 | 0.97 | × | 20.85% | = | 20.18% | ||
| Senior notes3 | 5,510) | 5,510) | ÷ | 183,758) | = | 0.03 | 0.03 | × | 3.56% × (1 – 21.00%) | = | 0.08% | ||
| Operating lease liability4 | 428) | 428) | ÷ | 183,758) | = | 0.00 | 0.00 | × | 2.69% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 183,758) | 1.00 | 20.27% | ||||||||||
Based on: 10-K (reporting date: 2024-11-29).
1 US$ in millions
2 Equity. See details »
3 Senior notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 269,437) | 269,437) | ÷ | 273,273) | = | 0.99 | 0.99 | × | 20.85% | = | 20.56% | ||
| Senior notes3 | 3,390) | 3,390) | ÷ | 273,273) | = | 0.01 | 0.01 | × | 2.77% × (1 – 21.00%) | = | 0.03% | ||
| Operating lease liability4 | 446) | 446) | ÷ | 273,273) | = | 0.00 | 0.00 | × | 2.50% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 273,273) | 1.00 | 20.59% | ||||||||||
Based on: 10-K (reporting date: 2023-12-01).
1 US$ in millions
2 Equity. See details »
3 Senior notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 157,657) | 157,657) | ÷ | 162,041) | = | 0.97 | 0.97 | × | 20.85% | = | 20.29% | ||
| Senior notes3 | 3,880) | 3,880) | ÷ | 162,041) | = | 0.02 | 0.02 | × | 2.67% × (1 – 21.00%) | = | 0.05% | ||
| Operating lease liability4 | 504) | 504) | ÷ | 162,041) | = | 0.00 | 0.00 | × | 2.37% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 162,041) | 1.00 | 20.34% | ||||||||||
Based on: 10-K (reporting date: 2022-12-02).
1 US$ in millions
2 Equity. See details »
3 Senior notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 235,808) | 235,808) | ÷ | 240,648) | = | 0.98 | 0.98 | × | 20.85% | = | 20.43% | ||
| Senior notes3 | 4,290) | 4,290) | ÷ | 240,648) | = | 0.02 | 0.02 | × | 2.67% × (1 – 21.00%) | = | 0.04% | ||
| Operating lease liability4 | 550) | 550) | ÷ | 240,648) | = | 0.00 | 0.00 | × | 2.28% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 240,648) | 1.00 | 20.47% | ||||||||||
Based on: 10-K (reporting date: 2021-12-03).
1 US$ in millions
2 Equity. See details »
3 Senior notes. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 219,283) | 219,283) | ÷ | 224,354) | = | 0.98 | 0.98 | × | 20.85% | = | 20.38% | ||
| Senior notes3 | 4,480) | 4,480) | ÷ | 224,354) | = | 0.02 | 0.02 | × | 2.67% × (1 – 21.00%) | = | 0.04% | ||
| Operating lease liability4 | 591) | 591) | ÷ | 224,354) | = | 0.00 | 0.00 | × | 2.32% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 224,354) | 1.00 | 20.43% | ||||||||||
Based on: 10-K (reporting date: 2020-11-27).
1 US$ in millions
2 Equity. See details »
3 Senior notes. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Adobe Inc., economic spread ratio calculation, comparison to benchmarks
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Economic profit1 | 2,931) | 228) | 273) | 1,391) | 1,889) | 235) | |
| Invested capital2 | 22,203) | 24,709) | 24,970) | 21,130) | 21,065) | 18,837) | |
| Performance Ratio | |||||||
| Economic spread ratio3 | 13.20% | 0.92% | 1.09% | 6.58% | 8.97% | 1.25% | |
| Benchmarks | |||||||
| Economic Spread Ratio, Competitors4 | |||||||
| Accenture PLC | 1.52% | 1.19% | 1.97% | 4.84% | 6.66% | — | |
| AppLovin Corp. | 28.93% | 1.21% | -20.00% | -26.37% | -29.58% | — | |
| Cadence Design Systems Inc. | -1.28% | -2.87% | 7.18% | 6.59% | 6.80% | — | |
| Datadog Inc. | -8.74% | -9.43% | -5.95% | -11.70% | -3.88% | — | |
| International Business Machines Corp. | -0.82% | -7.67% | -3.61% | -11.36% | -6.21% | — | |
| Intuit Inc. | -2.91% | -6.58% | -8.63% | -7.52% | 0.11% | — | |
| Microsoft Corp. | 5.63% | 7.51% | 10.56% | 18.54% | 27.58% | — | |
| Oracle Corp. | -7.90% | -7.76% | -8.56% | -7.56% | 0.65% | — | |
| Palantir Technologies Inc. | 41.88% | -12.04% | -8.76% | -32.50% | -39.96% | — | |
| Palo Alto Networks Inc. | -3.82% | 5.37% | 11.50% | 3.53% | -5.17% | — | |
| Salesforce Inc. | -12.37% | -14.18% | -17.63% | -14.50% | -12.36% | — | |
| ServiceNow Inc. | 2.66% | 5.94% | 5.23% | 0.73% | 1.94% | — | |
| Synopsys Inc. | -12.39% | -8.14% | -7.44% | -0.84% | -6.86% | -6.67% | |
| Workday Inc. | -11.52% | -12.93% | -19.15% | -13.98% | -19.23% | — | |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 Economic profit. See details »
2 Invested capital. See details »
3 2025 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × 2,931 ÷ 22,203 = 13.20%
4 Click competitor name to see calculations.
The economic performance profile between November 2020 and November 2025 is characterized by significant volatility in value creation and fluctuations in capital efficiency. While invested capital showed a general upward trajectory for the first several years of the period, the ability to generate returns above the cost of capital varied considerably, resulting in an inconsistent economic spread.
- Economic Profit Trends
- Economic profit experienced a period of extreme instability, peaking initially in December 2021 at 1,889 million USD. A subsequent decline occurred through 2022 and 2023, reaching a low of 228 million USD in November 2024. This downward trajectory was reversed sharply by November 2025, with economic profit surging to its highest point in the observed period at 2,931 million USD.
- Invested Capital Dynamics
- Invested capital expanded from 18,837 million USD in 2020 to a peak of 24,970 million USD in December 2023. Following this peak, a gradual reduction in invested capital is observed, descending to 22,203 million USD by November 2025. This suggests a shift from a phase of capital accumulation to one of capital optimization or divestment.
- Economic Spread Ratio Analysis
- The economic spread ratio mirrors the volatility of economic profit, indicating fluctuating efficiency in capital utilization. The ratio rose from 1.25% in 2020 to 8.97% in 2021, before contracting significantly to a period low of 0.92% in November 2024. This contraction indicates a phase where the return on invested capital barely exceeded the cost of capital. However, the period concludes with a substantial expansion to 13.20% in November 2025, representing the highest level of capital efficiency in the analyzed timeframe.
- Correlation and Value Creation
- A notable inverse relationship is observed in the final year of the analysis; while invested capital decreased, both economic profit and the economic spread ratio increased dramatically. This indicates that the surge in value creation was driven by increased operational efficiency and higher returns per unit of capital rather than through the expansion of the capital base.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Economic Profit Margin
Adobe Inc., economic profit margin calculation, comparison to benchmarks
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Economic profit1 | 2,931) | 228) | 273) | 1,391) | 1,889) | 235) | |
| Revenue | 23,769) | 21,505) | 19,409) | 17,606) | 15,785) | 12,868) | |
| Add: Increase (decrease) in deferred revenue | 771) | 309) | 536) | 536) | 1,119) | 258) | |
| Adjusted revenue | 24,540) | 21,814) | 19,945) | 18,142) | 16,904) | 13,126) | |
| Performance Ratio | |||||||
| Economic profit margin2 | 11.94% | 1.04% | 1.37% | 7.67% | 11.17% | 1.79% | |
| Benchmarks | |||||||
| Economic Profit Margin, Competitors3 | |||||||
| Accenture PLC | 0.97% | 0.67% | 1.01% | 2.33% | 3.42% | — | |
| AppLovin Corp. | 29.73% | 1.17% | -27.38% | -49.38% | -59.23% | — | |
| Cadence Design Systems Inc. | -1.92% | -4.40% | 7.15% | 6.57% | 6.91% | — | |
| Datadog Inc. | -5.18% | -8.56% | -3.72% | -8.10% | -3.08% | — | |
| International Business Machines Corp. | -1.46% | -13.55% | -6.43% | -19.67% | -11.82% | — | |
| Intuit Inc. | -3.75% | -10.11% | -14.13% | -14.48% | 0.14% | — | |
| Microsoft Corp. | 8.39% | 10.50% | 12.02% | 17.77% | 22.89% | — | |
| Oracle Corp. | -15.82% | -14.76% | -16.57% | -13.87% | 1.29% | — | |
| Palantir Technologies Inc. | 21.69% | -10.44% | -4.70% | -54.53% | -65.82% | — | |
| Palo Alto Networks Inc. | -4.52% | 5.70% | 11.42% | 4.11% | -6.95% | — | |
| Salesforce Inc. | -26.71% | -32.78% | -44.58% | -40.27% | -28.34% | — | |
| ServiceNow Inc. | 2.94% | 4.88% | 4.21% | 0.58% | 1.68% | — | |
| Synopsys Inc. | -72.30% | -13.64% | -10.49% | -1.18% | -10.92% | -11.45% | |
| Workday Inc. | -12.24% | -14.39% | -23.49% | -18.95% | -25.09% | — | |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 Economic profit. See details »
2 2025 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenue
= 100 × 2,931 ÷ 24,540 = 11.94%
3 Click competitor name to see calculations.
The analysis of the economic profit margin reveals a period of significant volatility despite a consistent and steady increase in adjusted revenue. While revenue grew monotonically from US$ 13,126 million in 2020 to US$ 24,540 million in 2025, the ability to generate economic value above the cost of capital fluctuated sharply over the same period.
- Revenue Growth Trends
- Adjusted revenue exhibited a sustained upward trajectory throughout the analyzed timeframe. The growth was characterized by a steady year-over-year increase, expanding by approximately 87% from November 2020 to November 2025.
- Economic Profit Volatility
- Economic profit demonstrated an inconsistent pattern. A substantial increase occurred in 2021, reaching US$ 1,889 million, followed by a progressive decline over the next three years, bottoming out at US$ 228 million in 2024. A sharp recovery is observed in 2025, where economic profit surged to a period high of US$ 2,931 million.
- Economic Profit Margin Dynamics
- The economic profit margin mirrored the volatility of the absolute economic profit figures. The margin rose from 1.79% in 2020 to a peak of 11.17% in 2021, before contracting significantly to 1.37% in 2023 and 1.04% in 2024. This downward trend indicates a period where value creation relative to the capital charge was severely diminished. The cycle concluded with a strong rebound in 2025, with the margin reaching its highest recorded level of 11.94%.
Overall, the data indicates that revenue expansion did not correlate linearly with economic value creation. The significant dip in the economic profit margin between 2022 and 2024 suggests an increase in the cost of capital or a decrease in operational efficiency relative to investment, which was subsequently reversed by a strong performance in 2025.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?