Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

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Profitability Ratios (Summary)

Fortinet Inc., profitability ratios (quarterly data)

Microsoft Excel
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
Return on Sales
Gross profit margin
Operating profit margin
Net profit margin
Return on Investment
Return on equity (ROE)
Return on assets (ROA)

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).


Gross Profit Margin
The gross profit margin demonstrates an overall increasing trend from 74.99% at the end of the first quarter of 2018 to a peak of 78.07% in mid-2021. Following this peak, the margin gradually decreases to approximately 75.44% by the first quarter of 2023. This indicates an initial improvement in cost efficiency or pricing power, followed by a slight erosion in margins in more recent periods, though still remaining above the levels observed in early 2018.
Operating Profit Margin
Operating profit margin shows consistent growth throughout the data timeline, rising from 12.82% in early 2018 to 23.11% by the first quarter of 2023. There are steady increases each quarter with relatively minor fluctuations, suggesting improved operational efficiency and expense management over time. The margin nearly doubled, reflecting strong operational leverage and profitability improvements.
Net Profit Margin
The net profit margin follows an upward trajectory overall, starting at 18.44% in early 2018 and advancing to 20.46% by the first quarter of 2023. The margin experienced some variability, with a dip to around 15.14% in early 2020, likely reflecting temporary challenges or extraordinary items. However, it gradually recovers and sustains a healthy profitability level, implying stable bottom-line performance and effective cost control.
Return on Equity (ROE)
ROE shows significant volatility across the periods with initial values near 33%. Despite a decline to approximately 24.7% in early 2019, it spikes sharply in subsequent quarters, reaching an extraordinary peak of 8478.95% in the first quarter of 2023. This extreme increase suggests an unusual event or accounting anomaly impacting equity or net income, which requires further investigation to interpret accurately. Apart from this anomaly, underlying ROE trends indicate generally fluctuating but strong returns on shareholders’ equity.
Return on Assets (ROA)
ROA exhibits a steady upward trend from 10.79% in early 2018 to 14.15% by the first quarter of 2023. This points to increasing efficiency in asset utilization to generate profit. Notably, there is a dip around early 2019 to 8.4%, but the figure recovers quickly and continues to improve, demonstrating enhanced profitability relative to asset base over the period.

Return on Sales


Return on Investment


Gross Profit Margin

Fortinet Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
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
Selected Financial Data (US$ in thousands)
Gross profit
Revenue
Profitability Ratio
Gross profit margin1
Benchmarks
Gross Profit Margin, Competitors2
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Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Gross profit margin = 100 × (Gross profitQ1 2023 + Gross profitQ4 2022 + Gross profitQ3 2022 + Gross profitQ2 2022) ÷ (RevenueQ1 2023 + RevenueQ4 2022 + RevenueQ3 2022 + RevenueQ2 2022)
= 100 × ( + + + ) ÷ ( + + + ) =

2 Click competitor name to see calculations.


Revenue Trends
Revenue demonstrated a consistent upward trajectory from March 31, 2018, to March 31, 2023. Starting at approximately $399 million, it increased notably to over $1.26 billion by the end of the analyzed period. There were no significant declines, though the growth rate varied, with some quarters showing stronger gains than others. For example, the jump between December 31, 2020 ($748 million) and March 31, 2021 ($710 million) temporarily disrupted the upward trend but recovered in subsequent quarters.
Gross Profit Trends
Gross profit also showed steady growth over the period analyzed, rising from around $301.8 million in March 2018 to approximately $954.5 million by March 2023. This growth generally paralleled revenue increases, indicating effective cost management relative to sales expansion. A few quarters exhibited more pronounced increases, such as the rise from $581 million in December 2020 to $656 million in September 2021, reflecting robust operational performance.
Gross Profit Margin Trends
The gross profit margin percentages were available starting from March 31, 2019, showing values primarily within the mid-70% range. Margins showed a gradual upward trend initially, peaking around 78% in early 2021. Following this, there was a minor decrease, with margins stabilizing around 75% to 76% during 2022 and early 2023. This suggests relative stability in production and cost efficiencies, despite expanding scale and revenue.
Overall Observations
Overall, the data reveals strong growth in both revenue and gross profit over the five-year period. The gross profit margin remained fairly stable, indicating consistent cost controls even as the company scaled its revenues. Margins fluctuated slightly but maintained a range that reflects sustained profitability. The pattern suggests effective operational scaling, with no apparent erosion in profitability despite increased business volume.

Operating Profit Margin

Fortinet Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
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
Selected Financial Data (US$ in thousands)
Operating income
Revenue
Profitability Ratio
Operating profit margin1
Benchmarks
Operating Profit Margin, Competitors2
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Datadog 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-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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Operating profit margin = 100 × (Operating incomeQ1 2023 + Operating incomeQ4 2022 + Operating incomeQ3 2022 + Operating incomeQ2 2022) ÷ (RevenueQ1 2023 + RevenueQ4 2022 + RevenueQ3 2022 + RevenueQ2 2022)
= 100 × ( + + + ) ÷ ( + + + ) =

2 Click competitor name to see calculations.


The financial data reveals several trends across multiple quarters.

Operating Income
Operating income exhibits a general upward trajectory over the analyzed period. Starting from 32.4 million USD in the first quarter of 2018, it demonstrates consistent growth with occasional fluctuations, reaching peaks such as 118.4 million USD in the fourth quarter of 2019 and 214.9 million USD in the fourth quarter of 2021. The highest value in the data appears as 357.8 million USD in the fourth quarter of 2022. Despite some variability, the overall trend signifies significant growth in operating income over the years.
Revenue
Revenue follows a similar upward trend, moving from 399 million USD in the first quarter of 2018 to a high of approximately 1.28 billion USD in the first quarter of 2023. There are steady increases across each quarter with some slight dips such as in the first quarter of 2019 and the first quarter of 2023 compared to their immediately preceding quarters. However, the general pattern indicates sustained growth in revenue over the observed timeframe.
Operating Profit Margin
The operating profit margin, reported as a percentage, shows a clear increasing trend starting from the earliest values available in the first quarter of 2019, where it was approximately 12.82%, rising progressively to 23.11% by the first quarter of 2023. The margins have steadily climbed with gradual increments each quarter, reflecting improving profitability relative to revenue over time.

Overall, the data points to a pattern of strong financial performance with expanding revenue and operating income alongside improving operational efficiency, as evidenced by rising operating profit margins. The company appears to be scaling its operations effectively while enhancing profitability margins throughout the span of these quarterly reports.


Net Profit Margin

Fortinet Inc., net profit margin calculation (quarterly data)

Microsoft Excel
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
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc.
Revenue
Profitability Ratio
Net profit margin1
Benchmarks
Net Profit Margin, Competitors2
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Datadog 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-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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Net profit margin = 100 × (Net income attributable to Fortinet, Inc.Q1 2023 + Net income attributable to Fortinet, Inc.Q4 2022 + Net income attributable to Fortinet, Inc.Q3 2022 + Net income attributable to Fortinet, Inc.Q2 2022) ÷ (RevenueQ1 2023 + RevenueQ4 2022 + RevenueQ3 2022 + RevenueQ2 2022)
= 100 × ( + + + ) ÷ ( + + + ) =

2 Click competitor name to see calculations.


The financial data over the analyzed periods indicates notable growth and consistent profitability trends. Revenue has demonstrated a generally upward trajectory, increasing from 399,000 thousand US dollars in the first quarter of 2018 to over 1,262,300 thousand US dollars by the first quarter of 2023. This reflects more than a threefold increase over the five-year span. Periods of steady growth are occasionally interspersed with marginal fluctuations; however, the overall pattern remains strongly positive.

Net income attributable to the company has also shown substantial growth, increasing from 41,600 thousand US dollars in early 2018 to 247,700 thousand US dollars by the first quarter of 2023. There is evident volatility in quarterly income figures, with occasional spikes and dips—for example, a particularly high net income in the last quarter of 2018 at 182,600 thousand dollars, followed by fluctuations in subsequent quarters. Despite these variations, net income maintains a clear upward trend overall.

The net profit margin as a percentage demonstrates strong and stable profitability. While data for the initial quarters of 2018 is missing, the available figures starting from late 2018 show net profit margins consistently hovering around 18% to 20%. This consistency suggests effective control over costs relative to revenue, with margins slightly improving towards the end of the latest period, reaching a peak of 20.46% in the first quarter of 2023.

Revenue Trend
Steady increase from 399,000 to 1,262,300 thousand US dollars between Q1 2018 and Q1 2023, with overall strong growth despite minor quarter-to-quarter fluctuations.
Net Income Trend
Growth from 41,600 to 247,700 thousand US dollars during the same period, marked by notable volatility but a positive long-term slope.
Net Profit Margin
Consistently strong range of approximately 18% to above 20%, indicating solid profitability management throughout the observed intervals.

In summary, the data reflects a company experiencing robust revenue expansion and improving profitability, supported by consistent net margins. The fluctuations in net income may warrant further analysis to understand the specific drivers behind quarterly variations. Nevertheless, the overall financial health, as portrayed through these key metrics, suggests positive operating performance and effective financial management over the period considered.


Return on Equity (ROE)

Fortinet Inc., ROE calculation (quarterly data)

Microsoft Excel
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
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc.
Total Fortinet, Inc. stockholders’ equity (deficit)
Profitability Ratio
ROE1
Benchmarks
ROE, Competitors2
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Datadog 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-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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
ROE = 100 × (Net income attributable to Fortinet, Inc.Q1 2023 + Net income attributable to Fortinet, Inc.Q4 2022 + Net income attributable to Fortinet, Inc.Q3 2022 + Net income attributable to Fortinet, Inc.Q2 2022) ÷ Total Fortinet, Inc. stockholders’ equity (deficit)
= 100 × ( + + + ) ÷ =

2 Click competitor name to see calculations.


Net Income Attributable to Fortinet, Inc.
The net income exhibits a generally upward trend over the observed periods, increasing from 41,600 thousand USD in March 2018 to a peak of 313,800 thousand USD in December 2022. There are some fluctuations, such as a notable jump from 123,400 thousand USD in September 2020 to 146,700 thousand USD in December 2020, as well as a sharp rise during 2021 and 2022. Despite a slight decline from December 2022 to March 2023, the net income remains significantly higher than in earlier years, indicating strong profitability growth overall.
Total Fortinet, Inc. Stockholders’ Equity (Deficit)
The total stockholders' equity displayed steady growth from 693,500 thousand USD in March 2018 to a high of 1,321,900 thousand USD by December 2019. However, beginning in 2020, equity values became more volatile, with a sharp decline observed after December 2021. By March 2022, equity turned markedly negative, reaching a low of -634,700 thousand USD in December 2022 before showing a partial recovery to 11,400 thousand USD by March 2023. This significant variation suggests potential disruptions or financial adjustments influencing the equity position in recent years.
Return on Equity (ROE)
ROE data is incomplete for the early periods but shows a high level of return starting around December 2018 with values approximately in the range of 32% to 33%. Subsequently, ROE increased substantially, peaking around June 2022 at an extremely high, potentially anomalous value of 2,930.6%, followed by very large fluctuations. These sharp spikes in ROE, particularly beyond typical ranges, likely reflect the impact of the substantial changes in stockholders' equity, including periods of negative equity, which can inflate ROE calculations abnormally.
Overall Observations
Net income growth suggests strong operational profitability and an improving financial performance over the period. However, the dramatic fluctuations and periods of negative stockholders’ equity raise concerns about the company’s balance sheet stability. The extreme volatility in ROE highlights the sensitivity of this metric to equity changes, and caution should be exercised when interpreting these unusually high ratios. The data indicates a need for further analysis of the equity structure and underlying causes of the negative equity instances, despite continued income growth.

Return on Assets (ROA)

Fortinet Inc., ROA calculation (quarterly data)

Microsoft Excel
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
Selected Financial Data (US$ in thousands)
Net income attributable to Fortinet, Inc.
Total assets
Profitability Ratio
ROA1
Benchmarks
ROA, Competitors2
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Datadog 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-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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
ROA = 100 × (Net income attributable to Fortinet, Inc.Q1 2023 + Net income attributable to Fortinet, Inc.Q4 2022 + Net income attributable to Fortinet, Inc.Q3 2022 + Net income attributable to Fortinet, Inc.Q2 2022) ÷ Total assets
= 100 × ( + + + ) ÷ =

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals distinct trends in net income, total assets, and return on assets (ROA) over the observed periods.

Net Income
Net income attributable to the company shows a general upward trajectory from March 2018 through the first quarter of 2023. Starting at 41,600 thousand USD in early 2018, net income experiences fluctuations but generally increases, reaching its highest reported value of 313,800 thousand USD in December 2022. Notably, the net income shows significant growth in the years 2020 through 2022, with peaks occurring in December quarters of most years, indicating possible seasonality or operational factors positively affecting income during these periods. The last reported quarter, March 2023, shows a slight decline relative to the previous quarter but remains significantly higher than values in preceding years.
Total Assets
Total assets demonstrate steady growth from March 2018's 2,400,700 thousand USD to 5,683,300 thousand USD by March 2023. The asset base expands consistently, with especially marked increases occurring during 2020 and 2021 periods. Some fluctuations are observed in late 2021 and 2022, but the general direction remains upward. The sharp rise between December 2020 and March 2021 suggests potential asset acquisitions or investments. This growth in total assets aligns with the company's ongoing expansion and capacity enhancement over the observed period.
Return on Assets (ROA)
ROA figures, available from late 2018 onwards, indicate a generally positive trend with gradual improvement over time. The ROA values start around 10.79% in September 2018 and show incremental increases, peaking at 14.15% in March 2023. This trend suggests improving efficiency in generating profits relative to the asset base. Occasional dips, such as in early 2021, are evident but recovery follows promptly. The rising ROA complements the growth in net income and assets, demonstrating enhanced financial performance and asset utilization.