Intuitive Surgical Inc. (NASDAQ:ISRG)

Return on Investment

Intuitive Surgical Inc., profitability ratios (quarterly data)

	Sep 30, 2026	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
Return on Sales
Gross profit margin	67.19%	66.68%	66.29%	66.00%	66.38%	66.61%	67.09%	67.46%	66.98%	66.86%	66.43%	66.39%	66.61%	66.74%	66.86%	67.44%	67.77%	68.16%	68.84%
Operating profit margin	28.37%	31.28%	30.45%	29.27%	29.30%	28.80%	28.20%	28.12%	26.24%	25.79%	25.26%	24.80%	24.66%	24.34%	24.21%	25.35%	27.05%	28.48%	30.69%
Net profit margin	25.54%	28.45%	28.15%	28.38%	28.58%	28.51%	28.41%	27.81%	28.51%	27.65%	27.16%	25.24%	22.14%	21.38%	20.40%	21.25%	22.52%	24.05%	27.84%
Return on Investment
Return on equity (ROE)	18.50%	17.28%	17.05%	16.02%	16.23%	14.61%	14.47%	14.13%	14.39%	14.23%	14.24%	13.51%	12.10%	12.00%	11.70%	11.98%	11.97%	11.93%	13.58%
Return on assets (ROA)	15.28%	15.04%	14.81%	13.96%	14.19%	12.93%	12.88%	12.39%	12.64%	12.57%	12.56%	11.64%	10.31%	10.25%	10.05%	10.19%	10.39%	10.47%	12.02%

The financial performance exhibits a period of margin compression followed by a sustained recovery in operational efficiency and an upward trajectory in returns on invested capital.

Profitability Margins: Gross profit margins remained relatively stable throughout the period, fluctuating within a narrow range between 66.00% and 68.84%. A gradual decline was observed from March 2022 through December 2023, after which the margin stabilized and showed a slight recovery toward 67.19% by September 2026. In contrast, operating and net profit margins experienced more significant volatility. Operating profit margins declined from 30.69% in March 2022 to a low of 24.21% in March 2023, followed by a consistent recovery that peaked at 31.28% in June 2026 before retreating to 28.37% in the final quarter. Net profit margins mirrored this trend, dropping to a low of 20.40% in March 2023 and subsequently recovering to reach a peak of 28.58% in September 2025.
Returns on Investment: Return on Equity (ROE) and Return on Assets (ROA) demonstrate a strong and consistent growth pattern starting in late 2023. ROE remained stagnant between 11.70% and 13.58% during 2022 and early 2023, but then entered a period of steady expansion, reaching 18.50% by September 2026. Similarly, ROA climbed from a low of 10.05% in March 2023 to a high of 15.28% by September 2026. This synchronized growth in both ROE and ROA suggests a significant improvement in asset utilization and overall capital efficiency over the latter half of the analyzed period.

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Intuitive Surgical Inc., gross profit margin calculation (quarterly data)

	Sep 30, 2026	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 thousands)
Gross profit	2,084,300)	1,960,400)	1,830,500)	1,904,300)	1,662,400)	1,617,900)	1,457,700)	1,642,200)	1,373,900)	1,372,700)	1,245,400)	1,277,400)	1,167,200)	1,171,900)	1,113,000)	1,110,900)	1,052,100)	1,023,300)	1,009,700)
Revenue	3,048,700)	2,892,300)	2,770,800)	2,866,200)	2,505,100)	2,440,000)	2,253,400)	2,413,500)	2,038,100)	2,009,900)	1,890,600)	1,928,300)	1,743,700)	1,755,900)	1,696,200)	1,655,000)	1,557,400)	1,522,100)	1,487,700)
Profitability Ratio
Gross profit margin¹	67.19%	66.68%	66.29%	66.00%	66.38%	66.61%	67.09%	67.46%	66.98%	66.86%	66.43%	66.39%	66.61%	66.74%	66.86%	67.44%	67.77%	68.16%	68.84%
Benchmarks
Gross Profit Margin, Competitors²
Abbott Laboratories	—	52.49%	52.53%	52.62%	51.96%	51.90%	51.50%	50.93%	50.96%	50.53%	50.27%	50.28%	49.97%	50.23%	50.66%	51.54%	52.60%	53.54%	52.44%
Elevance Health Inc.	14.30%	14.10%	14.18%	14.26%	14.45%	14.93%	15.66%	15.92%	16.62%	17.16%	16.92%	16.79%	16.86%	16.89%	16.90%	16.79%	16.85%	16.79%	16.89%
Medtronic PLC	64.86%	65.51%	65.29%	65.32%	65.27%	65.04%	65.16%	65.34%	65.50%	65.40%	65.68%	65.67%	66.43%	67.21%	67.61%	67.98%	67.89%	67.39%	66.53%
UnitedHealth Group Inc.	—	18.77%	18.07%	17.81%	18.80%	19.83%	20.98%	21.31%	21.91%	22.63%	23.18%	23.64%	24.16%	24.08%	24.20%	24.09%	23.74%	23.51%	23.31%

¹ Q3 2026 Calculation
Gross profit margin = 100 × (Gross profit_{Q3 2026} + Gross profit_{Q2 2026} + Gross profit_{Q1 2026} + Gross profit_{Q4 2025}) ÷ (Revenue_{Q3 2026} + Revenue_{Q2 2026} + Revenue_{Q1 2026} + Revenue_{Q4 2025})
= 100 × (2,084,300 + 1,960,400 + 1,830,500 + 1,904,300) ÷ (3,048,700 + 2,892,300 + 2,770,800 + 2,866,200) = 67.19%

² Click competitor name to see calculations.

The financial results demonstrate a consistent expansion in both total revenue and absolute gross profit over the analyzed period. Revenue increased from 1.487 billion USD in March 2022 to 3.048 billion USD by September 2026, while gross profit grew from 1.009 billion USD to 2.084 billion USD. This indicates a strong upward trajectory in top-line growth and a corresponding increase in absolute profitability.

Gross Profit Margin Contraction: A gradual downward trend in the gross profit margin was observed throughout the first two years of the period, declining from a peak of 68.84% in March 2022 to 66.39% by December 2023. This suggests that during this phase, the cost of goods sold grew at a slightly faster rate than revenue.
Margin Stabilization and Periodicity: Following the initial decline, the margin entered a phase of volatility with intermittent recoveries. A recovery peak was reached in December 2024 at 67.46%, followed by a subsequent dip that brought the margin to 66.00% by December 2025. These fluctuations point to periodic shifts in production costs or changes in the underlying product mix.
Recent Margin Recovery: The data for 2026 indicates a sustained recovery in profitability ratios. The gross profit margin rose consecutively from 66.29% in March 2026 to 67.19% by September 2026, signaling improved operational efficiency or pricing power toward the end of the observed timeframe.

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Intuitive Surgical Inc., operating profit margin calculation (quarterly data)

	Sep 30, 2026	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 thousands)
Income from operations	592,600)	971,900)	855,300)	864,300)	759,700)	743,400)	578,100)	734,900)	577,300)	567,300)	469,400)	450,200)	465,800)	463,200)	387,600)	372,500)	398,900)	397,600)	408,100)
Revenue	3,048,700)	2,892,300)	2,770,800)	2,866,200)	2,505,100)	2,440,000)	2,253,400)	2,413,500)	2,038,100)	2,009,900)	1,890,600)	1,928,300)	1,743,700)	1,755,900)	1,696,200)	1,655,000)	1,557,400)	1,522,100)	1,487,700)
Profitability Ratio
Operating profit margin¹	28.37%	31.28%	30.45%	29.27%	29.30%	28.80%	28.20%	28.12%	26.24%	25.79%	25.26%	24.80%	24.66%	24.34%	24.21%	25.35%	27.05%	28.48%	30.69%
Benchmarks
Operating Profit Margin, Competitors²
Abbott Laboratories	—	15.77%	17.07%	18.17%	17.59%	17.43%	16.84%	16.27%	16.24%	15.92%	15.76%	16.15%	15.02%	15.23%	16.77%	19.16%	20.95%	22.42%	20.73%
Elevance Health Inc.	2.48%	2.47%	2.79%	3.33%	3.58%	3.76%	4.07%	4.16%	4.55%	4.76%	4.64%	4.47%	4.58%	4.96%	4.99%	4.94%	5.01%	5.07%	5.10%
Medtronic PLC	17.00%	17.88%	17.90%	17.76%	16.78%	16.39%	15.82%	15.89%	17.50%	17.41%	17.83%	17.56%	18.17%	19.02%	19.37%	18.15%	17.89%	16.68%	14.78%
UnitedHealth Group Inc.	—	4.86%	4.23%	4.27%	6.12%	7.37%	8.27%	8.17%	8.28%	8.40%	8.58%	8.80%	8.86%	8.83%	8.87%	8.83%	8.65%	8.32%	8.19%

¹ Q3 2026 Calculation
Operating profit margin = 100 × (Income from operations_{Q3 2026} + Income from operations_{Q2 2026} + Income from operations_{Q1 2026} + Income from operations_{Q4 2025}) ÷ (Revenue_{Q3 2026} + Revenue_{Q2 2026} + Revenue_{Q1 2026} + Revenue_{Q4 2025})
= 100 × (592,600 + 971,900 + 855,300 + 864,300) ÷ (3,048,700 + 2,892,300 + 2,770,800 + 2,866,200) = 28.37%

² Click competitor name to see calculations.

The operational profitability of the organization exhibits a cyclical trend over the analyzed period, characterized by a significant initial contraction, a sustained multi-year recovery, and a recent decline in the final quarter.

Initial Margin Contraction (March 2022 – March 2023): A consistent decline in the operating profit margin is observed during the first year of the data set. The margin decreased from 30.69% in March 2022 to a period low of 24.21% by March 2023. Despite a steady increase in revenue from 1.48 billion to 1.69 billion during this window, income from operations failed to keep pace, indicating an increase in operating expenses relative to top-line growth.
Sustained Expansion Phase (June 2023 – June 2026): Starting in June 2023, the operating profit margin entered a period of prolonged recovery and expansion. The margin rose incrementally from 24.34% to a peak of 31.28% in June 2026. This growth was supported by a substantial increase in operating income, which climbed from 463.2 million in June 2023 to 971.9 million in June 2026. This trend suggests improved operational efficiency and the successful scaling of the business model as revenue grew from 1.75 billion to 2.89 billion.
Recent Operational Correction (September 2026): The final period shows a sharp divergence between revenue and operating profit. While revenue continued its upward trajectory to 3.04 billion, income from operations experienced a significant drop to 592.6 million. This resulted in the operating profit margin falling to 28.37%, marking the first substantial decline in profitability since early 2023.

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Intuitive Surgical Inc., net profit margin calculation (quarterly data)

	Sep 30, 2026	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 thousands)
Net income attributable to Intuitive Surgical, Inc.	522,800)	818,100)	821,500)	794,800)	704,400)	658,400)	698,400)	685,700)	565,100)	526,900)	544,900)	606,200)	415,700)	420,800)	355,300)	324,900)	324,000)	307,800)	365,600)
Revenue	3,048,700)	2,892,300)	2,770,800)	2,866,200)	2,505,100)	2,440,000)	2,253,400)	2,413,500)	2,038,100)	2,009,900)	1,890,600)	1,928,300)	1,743,700)	1,755,900)	1,696,200)	1,655,000)	1,557,400)	1,522,100)	1,487,700)
Profitability Ratio
Net profit margin¹	25.54%	28.45%	28.15%	28.38%	28.58%	28.51%	28.41%	27.81%	28.51%	27.65%	27.16%	25.24%	22.14%	21.38%	20.40%	21.25%	22.52%	24.05%	27.84%
Benchmarks
Net Profit Margin, Competitors²
Abbott Laboratories	—	11.65%	13.91%	14.72%	31.88%	32.43%	31.89%	31.95%	13.99%	13.65%	13.96%	14.27%	12.92%	12.83%	13.98%	15.88%	17.52%	18.78%	17.35%
Elevance Health Inc.	2.58%	2.50%	2.64%	2.87%	2.86%	2.85%	3.26%	3.41%	3.72%	3.93%	3.66%	3.52%	3.63%	3.89%	3.89%	3.87%	4.09%	4.13%	4.37%
Medtronic PLC	13.00%	13.71%	13.63%	13.90%	12.83%	13.00%	12.05%	11.36%	13.00%	12.84%	11.47%	12.03%	13.20%	14.03%	16.75%	15.90%	15.46%	14.79%	12.29%
UnitedHealth Group Inc.	—	3.17%	2.70%	2.72%	4.09%	5.10%	5.46%	3.65%	3.68%	3.70%	4.09%	6.09%	6.09%	6.11%	6.21%	6.25%	6.21%	5.99%	5.91%

¹ Q3 2026 Calculation
Net profit margin = 100 × (Net income attributable to Intuitive Surgical, Inc._{Q3 2026} + Net income attributable to Intuitive Surgical, Inc._{Q2 2026} + Net income attributable to Intuitive Surgical, Inc._{Q1 2026} + Net income attributable to Intuitive Surgical, Inc._{Q4 2025}) ÷ (Revenue_{Q3 2026} + Revenue_{Q2 2026} + Revenue_{Q1 2026} + Revenue_{Q4 2025})
= 100 × (522,800 + 818,100 + 821,500 + 794,800) ÷ (3,048,700 + 2,892,300 + 2,770,800 + 2,866,200) = 25.54%

² Click competitor name to see calculations.

An analysis of the net profit margin reveals a distinct U-shaped trajectory between March 2022 and September 2025, followed by a sharp contraction in the final reported quarter. The company experienced an initial period of margin erosion, a sustained recovery toward historical peaks, and a recent divergence where revenue growth failed to translate into proportional net income gains.

Initial Margin Contraction (March 2022 – March 2023): A consistent downward trend in profitability is observed during the first year of the analyzed period. The net profit margin declined from 27.84% in March 2022 to a trough of 20.40% by March 2023. This compression occurred despite a moderate increase in quarterly revenue, indicating that operating expenses or costs of goods sold grew at a faster rate than top-line earnings during this window.
Recovery and Stabilization Phase (June 2023 – September 2025): Following the March 2023 low, a period of steady margin expansion is evident. Profitability recovered to 25.24% by December 2023 and continued to climb, eventually stabilizing in the 27% to 28% range throughout 2024 and early 2025. The net profit margin reached its peak of 28.58% in September 2025. This phase demonstrates strong operational leverage, as net income grew from approximately $355 million in March 2023 to over $700 million by September 2025, while revenue scaled from $1.7 billion to $2.5 billion.
Recent Profitability Divergence (December 2025 – September 2026): While revenue continued its upward trajectory, reaching a period high of $3.05 billion in September 2026, the net profit margin exhibited a significant decline in the final quarter. After maintaining levels above 28% for several quarters, the margin dropped to 25.54% by September 30, 2026. This decline is particularly notable as net income fell to $522.8 million from a previous high of $821.5 million in March 2026, suggesting a substantial increase in quarterly expenditures or non-recurring costs that offset the gains from record-high revenues.

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Intuitive Surgical Inc., ROE calculation (quarterly data)

	Sep 30, 2026	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 thousands)
Net income attributable to Intuitive Surgical, Inc.	522,800)	818,100)	821,500)	794,800)	704,400)	658,400)	698,400)	685,700)	565,100)	526,900)	544,900)	606,200)	415,700)	420,800)	355,300)	324,900)	324,000)	307,800)	365,600)
Total Intuitive Surgical, Inc. stockholders’ equity	15,986,200)	18,168,400)	17,474,500)	17,824,000)	16,929,700)	17,845,700)	17,106,400)	16,433,700)	15,583,300)	14,708,300)	13,962,600)	13,307,600)	12,539,000)	11,879,100)	11,217,700)	11,041,900)	11,515,400)	12,023,000)	12,102,300)
Profitability Ratio
ROE¹	18.50%	17.28%	17.05%	16.02%	16.23%	14.61%	14.47%	14.13%	14.39%	14.23%	14.24%	13.51%	12.10%	12.00%	11.70%	11.98%	11.97%	11.93%	13.58%
Benchmarks
ROE, Competitors²
Abbott Laboratories	—	10.61%	12.06%	12.51%	27.43%	27.65%	27.66%	28.12%	14.49%	14.13%	14.51%	14.83%	13.77%	13.88%	15.68%	18.90%	22.11%	23.44%	21.82%
Elevance Health Inc.	11.50%	11.06%	11.94%	12.90%	12.59%	12.26%	13.92%	14.47%	14.66%	15.86%	15.38%	15.23%	15.82%	16.78%	16.62%	16.59%	17.26%	17.04%	17.36%
Medtronic PLC	9.42%	9.79%	9.73%	9.71%	8.63%	8.84%	8.19%	7.32%	8.11%	7.97%	7.07%	7.30%	7.90%	8.33%	9.88%	9.59%	9.35%	9.05%	7.54%
UnitedHealth Group Inc.	—	14.34%	12.30%	12.81%	18.36%	22.48%	23.26%	15.55%	15.14%	15.78%	17.72%	25.22%	25.67%	25.63%	25.46%	25.87%	26.03%	25.07%	23.98%

¹ Q3 2026 Calculation
ROE = 100 × (Net income attributable to Intuitive Surgical, Inc._{Q3 2026} + Net income attributable to Intuitive Surgical, Inc._{Q2 2026} + Net income attributable to Intuitive Surgical, Inc._{Q1 2026} + Net income attributable to Intuitive Surgical, Inc._{Q4 2025}) ÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 100 × (522,800 + 818,100 + 821,500 + 794,800) ÷ 15,986,200 = 18.50%

² Click competitor name to see calculations.

The financial trajectory from March 2022 through September 2026 reflects a period of substantial growth in profitability and capital efficiency. While the initial phase was characterized by volatility and a slight contraction in return on equity, the latter half of the period shows a consistent upward trend in the ability to generate profit from shareholders' equity.

Return on Equity (ROE) Evolution: ROE exhibited a recovery and subsequent expansion. After starting at 13.58% in March 2022, the ratio declined to a trough of 11.70% by March 2023. Following this period, a sustained increase is observed, with the ratio surpassing 14% in early 2024 and accelerating to a peak of 18.50% by September 2026. This indicates an improving efficiency in utilizing equity to drive net earnings.
Net Income Performance: Earnings attributable to the company showed significant growth over the analyzed timeframe. Quarterly net income rose from 365.6 million USD in March 2022 to a peak of 821.5 million USD in March 2026. This strong earnings growth acted as the primary catalyst for the expansion of the ROE, particularly during the 2025 and 2026 periods where income levels remained consistently high.
Equity Base Dynamics: Total stockholders' equity grew from 12.1 billion USD in March 2022 to 18.1 billion USD in June 2026. Typically, an increasing equity base can dilute ROE; however, the concurrent growth in net income outpaced the expansion of the equity base. This suggests that the increase in ROE was driven by operational profitability.

The final quarter of the analysis, ending September 2026, shows a simultaneous decrease in both net income and total equity. Despite these decreases, the ROE reached its highest point of 18.50%, suggesting that the reduction in the equity base occurred more rapidly than the decline in net income, thereby mathematically augmenting the return percentage.

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Intuitive Surgical Inc., ROA calculation (quarterly data)

	Sep 30, 2026	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 thousands)
Net income attributable to Intuitive Surgical, Inc.	522,800)	818,100)	821,500)	794,800)	704,400)	658,400)	698,400)	685,700)	565,100)	526,900)	544,900)	606,200)	415,700)	420,800)	355,300)	324,900)	324,000)	307,800)	365,600)
Total assets	19,349,100)	20,876,600)	20,111,000)	20,458,700)	19,351,800)	20,163,200)	19,220,400)	18,743,200)	17,743,400)	16,649,900)	15,828,000)	15,441,500)	14,712,700)	13,903,300)	13,053,200)	12,974,000)	13,260,800)	13,705,200)	13,678,400)
Profitability Ratio
ROA¹	15.28%	15.04%	14.81%	13.96%	14.19%	12.93%	12.88%	12.39%	12.64%	12.57%	12.56%	11.64%	10.31%	10.25%	10.05%	10.19%	10.39%	10.47%	12.02%
Benchmarks
ROA, Competitors²
Abbott Laboratories	—	4.97%	5.68%	7.52%	16.60%	16.64%	16.58%	16.46%	7.76%	7.61%	7.77%	7.82%	7.16%	7.04%	7.87%	9.31%	10.84%	11.53%	10.44%
Elevance Health Inc.	4.02%	3.93%	4.17%	4.66%	4.51%	4.40%	4.94%	5.12%	5.51%	5.92%	5.58%	5.50%	5.50%	5.87%	5.69%	5.86%	6.03%	6.05%	6.21%
Medtronic PLC	5.04%	5.22%	5.12%	5.09%	4.73%	4.76%	4.38%	4.09%	4.63%	4.55%	3.99%	4.13%	4.32%	4.63%	5.79%	5.54%	5.35%	5.13%	4.23%
UnitedHealth Group Inc.	—	4.56%	3.85%	3.89%	5.58%	6.90%	7.14%	4.83%	4.78%	4.93%	5.40%	8.18%	7.69%	7.53%	7.30%	8.19%	7.99%	7.93%	7.89%

¹ Q3 2026 Calculation
ROA = 100 × (Net income attributable to Intuitive Surgical, Inc._{Q3 2026} + Net income attributable to Intuitive Surgical, Inc._{Q2 2026} + Net income attributable to Intuitive Surgical, Inc._{Q1 2026} + Net income attributable to Intuitive Surgical, Inc._{Q4 2025}) ÷ Total assets
= 100 × (522,800 + 818,100 + 821,500 + 794,800) ÷ 19,349,100 = 15.28%

² Click competitor name to see calculations.

The financial trajectory demonstrates a transition from initial margin compression to a period of sustained efficiency gains. After a gradual decline throughout 2022 and early 2023, the Return on Assets (ROA) exhibited a consistent upward trend, indicating an improved capacity to generate profit from the asset base.

Return on Assets (ROA) Trend Analysis: The ROA began at 12.02% in March 2022 and experienced a steady contraction, reaching a trough of 10.05% by March 2023. This downward trend reversed in the second quarter of 2023, initiating a period of growth that saw the ratio surpass its initial 2022 levels by March 2024. The ratio continued to climb, ultimately peaking at 15.28% by September 2026.
Net Income and Asset Base Correlation: Total assets grew substantially over the analyzed period, increasing from 13.68 billion in March 2022 to a high of 20.88 billion in June 2026. Parallel to this expansion, net income attributable to the company rose from 365.6 million to a peak of 821.5 million in March 2026. The expansion of the ROA from 10.05% in early 2023 to 15.28% in late 2026 indicates that net income growth accelerated at a faster rate than asset accumulation.
Profitability Acceleration: A notable acceleration in profitability is observable starting in 2024. The ROA maintained a stable range around 12.5% during the first half of 2024 before entering a more aggressive growth phase. This is particularly evident between December 2024 (12.39%) and September 2026 (15.28%), signaling enhanced operational efficiency and optimized utilization of resources.

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