Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Booking Holdings Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
Profitability metrics exhibit a strong upward trajectory from March 2022 through June 2026, indicating a transition from a recovery phase to a period of sustained operational efficiency and high returns.
- Operating Profit Margin
- A consistent expansion is observed, with the margin rising from 23.83% in March 2022 to a peak of 32.87% by June 2026. The margin remained relatively stable above 27% from December 2022 onwards, suggesting a structural improvement in cost management and operational leverage.
- Net Profit Margin
- A rapid acceleration in net profitability occurred between March 2022 and September 2023, where the margin climbed from 4.16% to 25.70%. Although some volatility was present in late 2023 and 2024, the margin stabilized in a high range, ending at 25.53% in June 2026.
- Return on Assets (ROA)
- Asset efficiency demonstrates a steady long-term improvement, increasing from 2.32% in March 2022 to 24.29% by June 2026. This trend reflects an enhanced capacity to generate earnings from the company's asset base over the analyzed period.
- Return on Equity (ROE)
- An extreme increase was recorded during the initial year of measurement, escalating from 11.89% in March 2022 to 374.67% by March 2023. This sharp rise indicates a significant amplification of returns to shareholders relative to equity during that timeframe.
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Return on Sales
Return on Investment
Operating Profit Margin
Booking Holdings Inc., operating profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating income (loss) | 2,500) | 1,271) | 2,030) | 3,483) | 2,250) | 1,062) | 1,729) | 3,179) | 1,856) | 791) | 609) | 3,103) | 1,673) | 450) | 1,345) | 2,583) | 1,000) | 174) | ||||||
| Revenues | 7,352) | 5,532) | 6,349) | 9,008) | 6,798) | 4,762) | 5,471) | 7,994) | 5,859) | 4,415) | 4,784) | 7,341) | 5,462) | 3,778) | 4,049) | 6,052) | 4,294) | 2,695) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 32.87% | 32.63% | 32.79% | 32.74% | 32.85% | 32.49% | 31.83% | 27.92% | 28.39% | 28.07% | 27.31% | 31.85% | 31.29% | 29.59% | 29.85% | 28.74% | 27.56% | 23.83% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | — | 20.49% | 20.78% | 22.65% | 22.50% | 22.17% | 23.00% | 15.01% | 15.21% | 15.86% | 15.31% | 23.42% | 21.53% | 20.69% | 21.45% | 20.46% | 17.49% | 13.17% | ||||||
| Chipotle Mexican Grill Inc. | 14.65% | 15.27% | 16.23% | 16.38% | 16.65% | 17.01% | 16.94% | 16.97% | 16.75% | 15.99% | 15.78% | 15.63% | 15.42% | 14.89% | 13.44% | 12.15% | 11.36% | 10.65% | ||||||
| DoorDash, Inc. | 4.48% | 4.88% | 5.27% | 5.48% | 4.56% | 1.58% | -0.35% | -2.40% | -4.78% | -5.15% | -6.71% | -10.55% | -13.79% | -15.67% | -17.07% | -14.97% | -12.41% | -9.99% | ||||||
| McDonald’s Corp. | — | 46.27% | 46.10% | 46.09% | 45.80% | 45.22% | 45.19% | 44.90% | 45.29% | 45.99% | 45.68% | 45.68% | 45.40% | 40.96% | 40.42% | 39.48% | 39.87% | 43.71% | ||||||
| Starbucks Corp. | 7.62% | 7.18% | 7.90% | 10.81% | 12.51% | 13.96% | 14.95% | 15.92% | 16.08% | 16.64% | 16.32% | 15.31% | 14.92% | 14.26% | 14.32% | 15.33% | 16.27% | 16.92% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
= 100 × (2,500 + 1,271 + 2,030 + 3,483)
÷ (7,352 + 5,532 + 6,349 + 9,008)
= 32.87%
2 Click competitor name to see calculations.
The operating profit margin exhibits a sustained long-term upward trajectory, increasing from a low of 23.83% in March 2022 to a stabilized plateau of approximately 32.87% by June 2026. This progression indicates a significant enhancement in operational efficiency and an improved ability to convert revenue into operating income over the analyzed period.
- Initial Expansion Phase (2022)
- A consistent quarterly improvement is observed throughout 2022, with the margin climbing from 23.83% in the first quarter to 29.85% by the fourth quarter. This phase reflects a rapid recovery or optimization of the cost structure relative to increasing revenues.
- Period of Volatility (2023–2024)
- The margins entered a phase of fluctuation between 2023 and 2024. A peak of 31.85% was reached in September 2023, followed by a notable contraction to 27.31% in December 2023. While 2024 began with a gradual recovery, the margin saw another surge toward the end of the year, closing December 2024 at 31.83%.
- Stabilization and Maturity (2025–2026)
- Beginning in March 2025, the operating profit margin entered a period of high-level stability, consistently remaining above the 32% threshold. The margin fluctuated minimally between 32.49% and 32.87% through June 2026, suggesting that the organization achieved a sustainable equilibrium between its operating expenses and revenue generation.
- Correlation with Revenue Seasonality
- Although revenues and operating income show significant seasonal swings—typically peaking in the third quarter of each year—the operating margin became less sensitive to these fluctuations over time. The stabilization observed in 2025 and 2026 indicates a more disciplined management of variable costs during both peak and off-peak revenue periods.
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Net Profit Margin
Booking Holdings Inc., net profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income (loss) | 1,950) | 1,083) | 1,428) | 2,748) | 895) | 333) | 1,068) | 2,517) | 1,521) | 776) | 222) | 2,511) | 1,290) | 266) | 1,235) | 1,666) | 857) | (700) | ||||||
| Revenues | 7,352) | 5,532) | 6,349) | 9,008) | 6,798) | 4,762) | 5,471) | 7,994) | 5,859) | 4,415) | 4,784) | 7,341) | 5,462) | 3,778) | 4,049) | 6,052) | 4,294) | 2,695) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 25.53% | 22.23% | 20.08% | 19.37% | 19.23% | 22.58% | 24.78% | 21.85% | 22.46% | 21.81% | 20.07% | 25.70% | 23.04% | 22.14% | 17.89% | 15.24% | 10.54% | 4.16% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | — | 19.90% | 20.51% | 22.03% | 22.67% | 22.60% | 23.85% | 16.96% | 46.11% | 48.23% | 48.32% | 56.87% | 25.31% | 23.30% | 22.54% | 20.29% | 16.91% | 12.12% | ||||||
| Chipotle Mexican Grill Inc. | 11.42% | 11.96% | 12.88% | 13.04% | 13.32% | 13.59% | 13.56% | 13.51% | 13.23% | 12.70% | 12.45% | 12.27% | 12.00% | 11.49% | 10.41% | 9.61% | 9.28% | 8.74% | ||||||
| DoorDash, Inc. | 5.29% | 6.29% | 6.82% | 6.83% | 6.57% | 3.02% | 1.15% | -1.69% | -4.24% | -4.61% | -6.46% | -12.81% | -16.47% | -18.98% | -20.74% | -14.51% | -12.17% | -9.97% | ||||||
| McDonald’s Corp. | — | 31.62% | 31.85% | 32.04% | 32.21% | 31.75% | 31.72% | 31.79% | 32.25% | 33.36% | 33.22% | 33.31% | 33.06% | 29.36% | 26.65% | 25.41% | 25.77% | 29.93% | ||||||
| Starbucks Corp. | 3.89% | 3.63% | 4.99% | 7.18% | 8.61% | 9.73% | 10.40% | 11.16% | 11.38% | 11.70% | 11.46% | 10.80% | 10.46% | 10.09% | 10.18% | 13.03% | 14.07% | 14.47% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
= 100 × (1,950 + 1,083 + 1,428 + 2,748)
÷ (7,352 + 5,532 + 6,349 + 9,008)
= 25.53%
2 Click competitor name to see calculations.
The financial data reveals a significant long-term expansion in profitability, characterized by a substantial increase in net profit margins from early 2022 through mid-2026. While revenues and net income exhibit strong seasonal fluctuations, the overall trajectory of the net profit margin demonstrates an upward shift in operational efficiency and bottom-line performance.
- Net Profit Margin Evolution
- A period of rapid margin expansion is observed between March 2022 and September 2023, where the net profit margin climbed from 4.16% to a peak of 25.70%. Following this initial growth phase, margins entered a period of relative stabilization, generally fluctuating between 19% and 25%. A notable dip occurred in the first half of 2025, with margins dropping to 19.23% in June 2025, before recovering strongly to reach 25.53% by June 2026.
- Revenue Seasonality and Growth
- A consistent seasonal pattern is evident, with revenues peaking in the third quarter (September) of every year. Revenue grew from 2,695 million US$ in March 2022 to 7,352 million US$ by June 2026. The most significant peak was recorded in September 2025, reaching 9,008 million US$. This cyclical trend suggests a high dependence on third-quarter demand.
- Net Income Performance
- Net income closely mirrors the seasonal trajectory of revenues, typically peaking in the September quarters. After an initial loss of 700 million US$ in March 2022, the company achieved progressively higher quarterly peaks, rising from 1,666 million US$ in September 2022 to 2,748 million US$ in September 2025. The ability to maintain positive net income across nearly all quarters following the initial period indicates a strengthened financial position.
- Correlation Between Volume and Profitability
- Analysis indicates that while higher revenue volumes in the third quarters typically drive higher absolute net income, the net profit margin does not always peak simultaneously with revenue. For instance, in 2024, the margin peaked in December (24.78%) despite revenue being higher in September. This suggests that profitability is influenced not only by seasonal volume but also by periodic cost optimizations or shifts in revenue mix.
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Return on Equity (ROE)
Booking Holdings Inc., ROE calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income (loss) | 1,950) | 1,083) | 1,428) | 2,748) | 895) | 333) | 1,068) | 2,517) | 1,521) | 776) | 222) | 2,511) | 1,290) | 266) | 1,235) | 1,666) | 857) | (700) | ||||||
| Stockholders’ equity (deficit) | (10,783) | (8,724) | (5,578) | (4,736) | (6,657) | (6,112) | (4,020) | (3,653) | (4,276) | (4,052) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | 374.67% | 109.92% | 66.51% | 38.58% | 11.89% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | — | 32.96% | 30.63% | 30.56% | 33.73% | 31.98% | 31.48% | 21.65% | 60.53% | 62.55% | 58.69% | 59.85% | 45.46% | 38.34% | 34.05% | 29.40% | 23.80% | 16.92% | ||||||
| Chipotle Mexican Grill Inc. | 64.52% | 60.31% | 54.26% | 47.69% | 43.70% | 44.73% | 41.97% | 41.08% | 37.99% | 38.57% | 40.13% | 40.55% | 40.27% | 41.60% | 37.97% | 34.75% | 35.10% | 32.06% | ||||||
| DoorDash, Inc. | 8.48% | 9.08% | 9.32% | 9.09% | 8.75% | 4.04% | 1.58% | -2.27% | -5.68% | -6.00% | -8.20% | -15.92% | -19.79% | -20.85% | -20.21% | -12.89% | -9.26% | -11.29% | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
ROE = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Stockholders’ equity (deficit)
= 100 × (1,950 + 1,083 + 1,428 + 2,748)
÷ -10,783 = —
2 Click competitor name to see calculations.
An analysis of the financial results reveals a significant divergence between the company's profitability and its capital structure. While net income has generally expanded and remained positive across most quarters, stockholders' equity has undergone a consistent and severe decline, eventually transitioning into a substantial deficit.
- Net Income Performance
- Net income exhibits a consistent upward trajectory with pronounced seasonal fluctuations. A recurring pattern is observed where performance peaks in the third quarter of each year, as seen in the high values recorded in September 2022, 2023, 2024, and 2025. Despite occasional quarterly dips, such as those seen in March and December, the overall earnings capacity has strengthened over the analyzed period.
- Stockholders' Equity Trend
- A continuous erosion of stockholders' equity is evident, moving from a positive balance of 4,373 million USD in March 2022 to a deficit of 10,783 million USD by June 2026. The transition to a negative equity position occurred between March 2023 and June 2023. This trend indicates a capital structure likely characterized by aggressive share repurchases or significant debt utilization that exceeds the total asset base.
- Return on Equity (ROE) Interpretation
- The ROE figures show an exponential increase from 11.89% in March 2022 to 374.67% in March 2023. This surge is not primarily driven by profit growth, but by the rapid contraction of the equity base. As the denominator approached zero, the ROE ratio became mathematically distorted. Following the transition to negative stockholders' equity in June 2023, the ROE metric ceased to be a meaningful indicator of performance, as a negative equity base renders the traditional ratio inapplicable for assessing operational efficiency.
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Return on Assets (ROA)
Booking Holdings Inc., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income (loss) | 1,950) | 1,083) | 1,428) | 2,748) | 895) | 333) | 1,068) | 2,517) | 1,521) | 776) | 222) | 2,511) | 1,290) | 266) | 1,235) | 1,666) | 857) | (700) | ||||||
| Total assets | 29,682) | 27,720) | 29,264) | 28,752) | 30,684) | 27,191) | 27,708) | 27,978) | 28,541) | 27,728) | 24,342) | 25,635) | 26,558) | 25,206) | 25,361) | 22,063) | 24,493) | 22,384) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 24.29% | 22.20% | 18.47% | 17.54% | 15.69% | 20.00% | 21.23% | 18.00% | 17.62% | 17.31% | 17.62% | 20.68% | 16.78% | 15.96% | 12.06% | 11.06% | 6.30% | 2.32% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | — | 9.38% | 11.31% | 11.41% | 9.73% | 10.13% | 12.63% | 8.29% | 18.40% | 20.13% | 23.21% | 25.47% | 10.85% | 10.13% | 11.80% | 10.13% | 6.55% | 4.70% | ||||||
| Chipotle Mexican Grill Inc. | 16.01% | 16.49% | 17.07% | 16.55% | 16.64% | 17.26% | 16.67% | 16.47% | 15.81% | 15.41% | 15.27% | 14.79% | 14.75% | 14.64% | 12.98% | 11.86% | 11.55% | 10.58% | ||||||
| DoorDash, Inc. | 4.30% | 4.70% | 4.76% | 4.80% | 4.61% | 2.50% | 0.96% | -1.40% | -3.44% | -3.67% | -5.15% | -10.43% | -13.19% | -14.09% | -13.94% | -9.21% | -6.91% | -7.70% | ||||||
| McDonald’s Corp. | — | 14.45% | 14.39% | 13.89% | 14.09% | 14.49% | 14.90% | 14.68% | 15.44% | 16.06% | 15.08% | 16.00% | 15.86% | 13.22% | 12.25% | 12.19% | 12.35% | 13.98% | ||||||
| Starbucks Corp. | 4.89% | 4.25% | 5.80% | 7.82% | 9.89% | 11.03% | 12.00% | 13.52% | 14.16% | 14.71% | 14.01% | 13.17% | 12.43% | 11.75% | 11.73% | 14.80% | 15.19% | 15.24% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
ROA = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Total assets
= 100 × (1,950 + 1,083 + 1,428 + 2,748)
÷ 29,682 = 24.29%
2 Click competitor name to see calculations.
The company demonstrates a consistent long-term expansion in Return on Assets (ROA), reflecting a heightened capacity to translate investments into net earnings. Starting from a low of 2.32% in March 2022, the ROA progressed to 24.29% by June 2026, signaling a substantial increase in operational efficiency and asset productivity over the analyzed period.
- ROA Growth Trajectory
- A sharp upward trend is evident between March 2022 and September 2023, during which the ROA increased from 2.32% to 20.68%. This initial phase of growth coincides with a transition from a quarterly net loss of 700 million in early 2022 to a period of sustained profitability.
- Asset Base Expansion and Efficiency
- Total assets grew from 22.38 billion in March 2022 to 29.68 billion by June 2026. Despite this expansion of the asset base, the ROA maintained an overall upward trajectory, indicating that the growth in net income significantly outpaced the growth in total assets, thereby enhancing capital efficiency.
- Volatility and Periodicity
- Quarterly fluctuations in net income are observable, with notable dips occurring in March 2023 and March 2025. These contractions in earnings resulted in corresponding temporary declines in ROA. However, these dips were followed by strong recoveries, culminating in a peak ROA of 24.29% in June 2026, driven by a quarterly net income of 1.95 billion.
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