Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Profitability Ratios (Summary)
Enphase Energy Inc., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit Margin
- The gross profit margin demonstrated an overall upward trend from March 2020 to December 2023. Beginning at 36.81% in early 2020, it steadily increased with some fluctuations, reaching 46.2% by the end of 2023. A notable increase occurred after March 2023, indicating improving cost efficiency or pricing power.
- Operating Profit Margin
- The operating profit margin showed variability throughout the analyzed quarters. It started at 19.23% in March 2020, increased to a peak of 24.07% by December 2020, but then declined to a low around 14.21%-15.62% during 2021 and early 2022. From mid-2022 onwards, the margin resumed an upward trajectory, peaking at 22.59% in September 2023 before a slight decrease to 19.46% at year-end 2023. This suggests periods of cost pressures or investment impacts followed by operational improvements.
- Net Profit Margin
- The net profit margin exhibited a declining phase from 31.15% in March 2020 to about 10.52%-11.71% in late 2020 and early 2022, reflecting narrower bottom-line profitability. However, from mid-2022 onward, a consistent improvement is observed, with the margin reaching 21.08% by September 2023 before dipping to 19.16% in December 2023. This pattern aligns with the operating margin trends, indicating a recovery in net profitability despite volatility.
- Return on Equity (ROE)
- ROE showed significant fluctuations over the period. Starting at a high 71.89% in March 2020, it dipped sharply to 13.2% by March 2021, and then recovered intermittently, reaching a peak of 58.88% in mid-2023. A decline to 44.62% was noted at the end of 2023. These variations suggest changes in financial leverage, profitability, and equity base that influenced shareholder returns substantially during the periods.
- Return on Assets (ROA)
- ROA trends mirror the ROE but at a lower magnitude. It declined from 22.05% at the beginning of 2020 to a low of 4.41% in March 2021. Subsequently, the metric steadily rose, reaching a peak of 16.52% in September 2023 before falling slightly to 12.97% by the end of 2023. This indicates improved asset utilization and efficiency in generating profits post the early 2021 downturn.
Return on Sales
Return on Investment
Gross Profit Margin
Enphase Energy Inc., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Gross profit | |||||||||||||||||||||
| Net revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Gross profit margin = 100
× (Gross profitQ4 2023
+ Gross profitQ3 2023
+ Gross profitQ2 2023
+ Gross profitQ1 2023)
÷ (Net revenuesQ4 2023
+ Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several important trends over the observed quarters. Net revenues demonstrate a general upward trajectory from early 2020 through 2023, indicating consistent growth in sales or service income. Starting at approximately $205.5 million in the first quarter of 2020, revenues rose steadily, reaching a peak near $726 million by the first quarter of 2023. However, a significant decline occurs in the latter part of 2023, where revenues fall sharply to about $302.6 million in the last quarter.
Gross profit follows a pattern broadly similar to net revenues but with more pronounced fluctuations. Initial gross profit stood at around $80.7 million in early 2020, experienced some variability in mid-2020, then generally increased, peaking near $326.4 million in the third quarter of 2023. However, a notable contraction in gross profit is observed in the final quarter of 2023, where it declines to approximately $146.7 million.
Examining the gross profit margin reveals a positive trend in profitability ratios. Margins begin at 36.81% in the first quarter of 2020 and progressively improve over the years to reach the mid-40% range. Toward the end of the timeframe, the margin peaks at 46.2% in the fourth quarter of 2023. This indicates an overall improvement in cost management or pricing power relative to revenue, reflecting enhanced efficiency or higher-value products or services.
- Net Revenues
- Show sustained growth from Q1 2020 through Q1 2023, approximately tripling in value before a rapid decline in late 2023.
- Gross Profit
- Mirrors revenue growth with increased values but exhibits more volatility; substantial growth through 2023 followed by steep reduction in the final quarter.
- Gross Profit Margin
- Improves consistently over the period, rising from under 37% in early 2020 to above 46% by the end of 2023, showing enhanced profitability efficiency despite the late-year decline in absolute figures.
The abrupt declines in net revenues and gross profit during the last reported quarter may signal potential operational challenges, changes in market conditions, or extraordinary events affecting performance. Nonetheless, the sustained improvement in gross profit margin throughout most of the period suggests effective margin management overall.
Operating Profit Margin
Enphase Energy Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Income from operations | |||||||||||||||||||||
| Net revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Operating profit margin = 100
× (Income from operationsQ4 2023
+ Income from operationsQ3 2023
+ Income from operationsQ2 2023
+ Income from operationsQ1 2023)
÷ (Net revenuesQ4 2023
+ Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Income from Operations
- The income from operations exhibits significant volatility across the observed quarters. Early in the period, there is a notable dip in the second quarter of 2020, with income decreasing sharply compared to the first quarter. Subsequently, a recovery and growth trend is observed through the end of 2020, peaking in the fourth quarter. Throughout 2021, income from operations shows fluctuations with a mild decline in some quarters followed by partial recoveries. The year 2022 marks a period of strong growth, with a consistent increase in operational income, reaching the highest levels within the dataset by the fourth quarter. In 2023, the income from operations declines sharply, turning negative in the last quarter, indicating operational challenges or increased costs affecting profitability.
- Net Revenues
- Net revenues demonstrate a general upward trajectory over the overall period. Initial quarters of 2020 show moderate revenue, followed by a steady increase especially noticeable from late 2020 onward. Revenue peaks around the end of 2022 and early 2023, illustrating successful sales growth or expanded market reach during this time. However, net revenues experience a downturn in the latter part of 2023, with a sharp decline in the last quarter. Despite this drop, the revenue remains higher than the early periods of 2020.
- Operating Profit Margin
- The operating profit margin maintains a relatively stable range with some degree of fluctuation. It generally hovers between approximately 15% to 24% throughout the time span. The margin improves after an initial dip in mid-2020, peaking towards the end of 2020. It then fluctuates but remains strong through 2021 and 2022, indicating maintained operational efficiency despite revenue changes. In 2023, the margin remains robust in the first three quarters but declines somewhat in the final quarter, consistent with the negative income from operations recorded at that time.
- Overall Insights
- The company displays resilience with increasing revenues and operational income through most of the period, particularly from late 2020 to 2022. The financial performance suggests effective market expansion and operational management during these years. The volatility observed in income from operations and the deterioration in the final quarter of 2023 could imply emerging challenges such as cost pressures, market contraction, or one-off expenses. Continuous monitoring would be advisable to assess the drivers behind the recent negative operational results.
Net Profit Margin
Enphase Energy Inc., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||
| Net revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ (Net revenuesQ4 2023
+ Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Income (Loss) Trends
- Net income exhibited significant volatility over the analyzed quarters. Starting with a positive income of $68.9 million in the first quarter of 2020, the company experienced a sharp loss of approximately $47.3 million in the following quarter. Subsequently, net income recovered and showed a generally upward trend through 2020, peaking at nearly $73 million at year-end. During 2021, net income displayed fluctuations with a secondary peak in the fourth quarter reaching about $52.6 million. The year 2022 saw a consistent increase in net income, culminating in a high of $153.8 million in the fourth quarter. However, the trend reversed in 2023, where net income declined progressively each quarter to approximately $20.9 million by year-end, indicating reduced profitability.
- Net Revenues Trends
- Revenues showed a strong and consistent growth trajectory from the first quarter of 2020 through the end of 2022. Starting at $205.5 million, revenues increased substantially, reaching a peak of $724.7 million in the first quarter of 2023. This steady revenue growth reflects robust sales expansion over nearly four years. Nevertheless, from the second quarter of 2023 onward, revenues dropped sharply, decreasing by more than 50% within the year to $302.6 million by December 2023, signaling a significant contraction in sales.
- Net Profit Margin Trends
- The net profit margin fluctuated but generally improved over the period from 2020 to early 2023. Margins started modestly around 31.15% in early 2020, experienced some dips mid-2020 and 2021, reaching lows near 10.5%, but showed a recovery trend through 2022 and into 2023. Peak margins near 21.1% were observed in the third quarter of 2023. However, by the end of 2023, the margin dropped slightly to around 19.2%, which, while lower than the peak, still indicates relatively healthy profitability compared to earlier periods.
- Summary of Observations
- The data reflects a company that experienced initial volatility in profitability but maintained strong revenue growth through 2022. Net income and margins generally improved alongside rising revenues, suggesting efficient management of costs and operations during this expansion phase. However, in 2023, both revenues and net income markedly declined, although profit margins remained relatively resilient, indicating that while sales volumes dropped, cost control measures might have helped preserve profitability to some extent. This recent downturn in financial results could warrant further investigation into market conditions, operational challenges, or other external factors impacting the company's performance at the end of the period.
Return on Equity (ROE)
Enphase Energy Inc., ROE calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||
| Stockholders’ equity (deficit) | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
ROE = 100
× (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ Stockholders’ equity (deficit)
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Trends
- The net income displayed notable volatility during the initial quarters of 2020, transitioning from a positive figure to a substantial loss and subsequently recovering. From the first quarter of 2021 onward, the net income generally exhibited an upward trend with significant quarterly fluctuations. Peaks were observed in the fourth quarters of both 2022 and 2023, reaching values above 150 million US dollars, although the most recent quarter ended with a marked decrease compared to the previous quarter.
- Stockholders’ Equity (Deficit) Trends
- Stockholders’ equity demonstrated an overall positive trajectory across the observed period, increasing from approximately 316 million US dollars to just under 1 billion US dollars by the end of 2023. Despite some fluctuations, particularly a decline between the fourth quarter of 2021 and the first quarter of 2022, equity levels maintained a generally upward path, reflecting growing retained earnings and/or capital contributions over time.
- Return on Equity (ROE) Analysis
- ROE presented a pattern of high variability in early 2020, with figures descending sharply before stabilizing above 25% from the second quarter of 2021 onward. Throughout 2022 and 2023, ROE consistently remained elevated, frequently exceeding 45%, indicating efficient use of equity capital to generate profits. The peak ROE was recorded in the second quarter of 2023, suggesting enhanced profitability relative to equity during this time. The last quarter showed a decline, corresponding with the reduction in net income despite stable stockholders’ equity.
- Overall Observations
- The data reflects a company experiencing significant earnings fluctuations early in the period, followed by increased stability and growth in profitability. Stockholders’ equity expanded substantially, indicating financial strengthening. The elevated and generally rising ROE suggests effective management of equity to generate profits, though recent quarters hint at some moderation in earnings performance. The combination of growth in equity and high return on equity signals a positive financial condition, while the quarterly net income variability points to the importance of monitoring operational factors influencing earnings consistency.
Return on Assets (ROA)
Enphase Energy Inc., ROA calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
ROA = 100
× (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data exhibits several notable trends over the analyzed quarters. Net income demonstrates significant fluctuations, with initial volatility observed in 2020, including a substantial loss in the second quarter followed by recoveries in subsequent quarters. Starting from 2021, net income values generally increase, reaching a peak toward the end of 2022 and early 2023, before experiencing a sharp decline in the last quarter of 2023.
Total assets present a clear growth pattern over the entire period. Beginning with just over one billion US dollars in early 2020, total assets approximately triple by the end of 2023, indicating considerable expansion. The growth is steady and consistent, despite minor variations during some quarters.
Return on Assets (ROA) displays a declining trend from the first quarter of 2020 through 2021, reaching its lowest points, which corresponds to the period when net income was more volatile and negative in some quarters. However, from late 2021 onwards, ROA improves substantially, indicating better asset utilization in generating profits. This upward trend continues through 2022 and the majority of 2023, before a slight decrease in the last recorded quarter.
- Net Income (US$ in thousands)
- Exhibits high volatility in 2020, including a significant loss in Q2 2020, followed by recovery phases.
- Shows steady growth from 2021 through early 2023, with record highs in late 2022 and early 2023.
- Declines markedly in the final quarter of 2023.
- Total Assets (US$ in thousands)
- Consistently increase throughout the period, growing from approximately 1.03 billion to over 3.38 billion.
- Reflects a nearly threefold increase in asset base, indicating expansion or increased investment.
- Return on Assets (ROA, %)
- Declines from early 2020 into 2021, aligning with periods of lower or negative net income.
- Improves steadily from late 2021 through most of 2023, reaching its highest points during this stretch.
- Experiences a moderate decline in the final quarter of 2023, though remaining well above earlier lows.
Overall, the data reveals a company in a growth phase, significantly expanding its asset base while recovering profitability after early volatility. The improvement in ROA from 2022 onwards suggests enhanced efficiency in leveraging assets to generate profits. Nevertheless, the decline in net income and ROA in the last quarter of 2023 warrants attention to identify underlying causes and assess potential impacts on future performance.