Stock Analysis on Net

ON Semiconductor Corp. (NASDAQ:ON)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Adjusted Financial Ratios

Microsoft Excel

Paying user area

The data is hidden behind: . Unhide it.

This is a one-time payment. There is no automatic renewal.


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Adjusted Financial Ratios (Summary)

ON Semiconductor Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported
Adjusted
Solvency Ratios
Debt to Equity
Reported
Adjusted
Debt to Capital
Reported
Adjusted
Financial Leverage
Reported
Adjusted
Profitability Ratios
Net Profit Margin
Reported
Adjusted
Return on Equity (ROE)
Reported
Adjusted
Return on Assets (ROA)
Reported
Adjusted

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


Total Asset Turnover
The reported total asset turnover ratio experienced a slight decline from 0.65 in 2019 to 0.61 in 2020. It then improved to 0.7 in 2021 and stabilized at this level in 2022 before decreasing again to 0.62 in 2023. The adjusted total asset turnover follows a comparable pattern but consistently shows slightly higher values than reported, peaking at 0.73 in 2021 and dropping to 0.65 by 2023. This indicates variability in asset utilization efficiency with a tendency towards moderate turnover.
Debt to Equity
Both reported and adjusted debt to equity ratios show a consistent downward trend from 2019 through 2023. Reported debt to equity fell from 1.09 in 2019 to 0.43 in 2023, while the adjusted ratio decreased from 1.21 to 0.5 during the same period. This trend suggests a significant reduction in reliance on debt financing relative to equity, enhancing the company’s financial stability and reducing leverage risk.
Debt to Capital
The reported debt to capital ratio decreased from 0.52 in 2019 to 0.3 in 2023, while the adjusted values followed a similar pattern, declining from 0.55 to 0.33. This steady reduction reflects a strengthening capital structure with less dependence on debt, aligning with the observed debt to equity ratios.
Financial Leverage
Financial leverage ratios also declined consistently over the period. The reported financial leverage ratio went from 2.55 in 2019 to 1.7 in 2023, with the adjusted ratio showing a similar decrease from 2.64 to 1.74. This decline implies reduced use of borrowed funds to finance assets, suggesting a more conservative approach to leverage.
Net Profit Margin
Net profit margin exhibited substantial growth. The reported margin increased markedly from 3.84% in 2019 to 26.46% in 2023, with the most significant increases occurring between 2020 and 2022. The adjusted net profit margin displays a comparable trajectory, rising from 3.81% to 24.91%. This indicates improved profitability and efficiency in generating net income from revenues.
Return on Equity (ROE)
ROE experienced a robust upward trend from 6.41% in 2019 to a peak of approximately 32.98% in 2022 for the adjusted figure, before moderating slightly to around 28% in 2023 for both reported and adjusted measures. The increase in ROE reflects enhanced returns generated on shareholders' equity, driven by both improved profitability and efficient capital use.
Return on Assets (ROA)
ROA similarly showed significant improvement, increasing from about 2.5% in 2019 to around 16.5% in 2023 in reported terms. The adjusted ROA follows a similar pattern with slight variation, reaching close to 16% in 2023. The rising ROA indicates better asset utilization in generating earnings over the analyzed periods.

ON Semiconductor Corp., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted
Selected Financial Data (US$ in thousands)
Revenue
Adjusted total assets2
Activity Ratio
Adjusted total asset turnover3

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= ÷ =


Revenue
The revenue increased from 5,517,900 thousand US dollars in 2019 to 6,739,800 thousand US dollars in 2021, reflecting a notable upward trend during this period. This growth continued into 2022, reaching a peak of 8,326,200 thousand US dollars. However, in 2023, revenue experienced a slight decline, falling to 8,253,000 thousand US dollars, indicating a minor contraction after several years of growth.
Total assets
Total assets showed consistent growth over the five-year period, rising from 8,425,500 thousand US dollars in 2019 to 13,215,200 thousand US dollars by the end of 2023. The increase was particularly pronounced in 2022 and 2023, suggesting significant asset accumulation or investments during these years.
Reported total asset turnover
The reported total asset turnover ratio started at 0.65 in 2019, declining gradually to 0.61 in 2020. It then improved to 0.7 in both 2021 and 2022, indicating enhanced asset utilization efficiency during this period. However, this ratio decreased again to 0.62 in 2023, which may suggest a reduction in revenue generation relative to asset base in the most recent year.
Adjusted total assets
Adjusted total assets followed a similar upward trajectory as total assets, increasing from 8,117,700 thousand US dollars in 2019 to 12,614,400 thousand US dollars in 2023. The growth was steady, with notable increases in 2022 and 2023, possibly reflecting adjustments for asset valuations or exclusions of certain items impacting the total asset figures.
Adjusted total asset turnover
The adjusted total asset turnover ratio mirrored the reported asset turnover trend, starting at 0.68 in 2019, dipping to 0.64 in 2020, and then peaking at 0.73 in 2021. It slightly declined to 0.72 in 2022 before decreasing to 0.65 in 2023. This indicates that, despite asset growth, the company's efficiency in generating revenue from its adjusted asset base weakened somewhat in the most recent year.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt
Total ON Semiconductor Corporation stockholders’ equity
Solvency Ratio
Debt to equity1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2
Adjusted total stockholders’ equity3
Solvency Ratio
Adjusted debt to equity4

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total ON Semiconductor Corporation stockholders’ equity
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= ÷ =


The analysis of the financial data reveals several key trends concerning the company's debt and equity structure over the five-year period from 2019 to 2023.

Total Debt
The total debt shows a general declining trend from 3,612,500 thousand US dollars in 2019 to 3,097,500 thousand US dollars in 2021, followed by a slight increase in subsequent years, reaching 3,359,800 thousand US dollars in 2023. This indicates the company reduced its total debt initially, then moderately increased it towards the end of the period.
Total Stockholders’ Equity
The stockholders' equity consistently increased throughout the period, from 3,301,700 thousand US dollars in 2019 to 7,782,600 thousand US dollars in 2023. This upward trend reflects ongoing growth in the company’s equity base, possibly due to retained earnings or additional equity financing.
Reported Debt to Equity Ratio
The reported debt to equity ratio declined significantly from 1.09 in 2019 to 0.43 in 2023. This suggests a strengthening equity position relative to debt obligations, indicating improved financial leverage and potentially lower financial risk.
Adjusted Total Debt
The adjusted total debt follows a pattern similar to the reported total debt but remains slightly higher in each year, starting at 3,726,500 thousand US dollars in 2019, decreasing to 3,272,400 thousand US dollars in 2021, and then rising modestly to 3,623,800 thousand US dollars in 2023. This measure also reflects prudent debt management with careful adjustments for additional liabilities.
Adjusted Total Stockholders’ Equity
The adjusted stockholders' equity values parallel the reported equity figures, increasing steadily from 3,076,700 thousand US dollars in 2019 to 7,256,400 thousand US dollars in 2023. The persistent growth in adjusted equity supports the observation of a stronger capital base.
Adjusted Debt to Equity Ratio
The adjusted debt to equity ratio decreases from 1.21 in 2019 to 0.50 in 2023. This trend confirms the company’s improving financial stability when considering adjusted debt and equity measures, reflecting a more conservative and possibly more accurate depiction of the company’s leverage.

Overall, the company demonstrates a strategic reduction in leverage over the five years, predominantly through increased equity and controlled debt levels. The declining debt to equity ratios indicate a progressively more robust financial position and reduced reliance on debt financing. The slight uptick in debt in the last two years warrants attention but is offset by substantial equity growth, sustaining the company's strong capital structure.


Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt
Total capital
Solvency Ratio
Debt to capital1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2
Adjusted total capital3
Solvency Ratio
Adjusted debt to capital4

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =


Total Debt
The total debt exhibits a declining trend from 2019 through 2021, decreasing from $3.61 billion to approximately $3.10 billion. However, starting in 2022, there is a reversal of this trend, with total debt increasing to $3.23 billion in 2022 and further to $3.36 billion in 2023.
Total Capital
Total capital shows a consistent increase over the five-year period. It grew from about $6.91 billion in 2019 to $11.14 billion in 2023, reflecting a steady accumulation of capital resources or equity.
Reported Debt to Capital Ratio
The reported debt to capital ratio demonstrates a clear downward trajectory from 0.52 in 2019 to 0.30 in 2023. This indicates an improvement in capital structure, with a reduced relative reliance on debt financing over equity or total capital.
Adjusted Total Debt
Adjusted total debt follows a similar pattern to total debt, starting at $3.73 billion in 2019, decreasing to $3.27 billion in 2021, then increasing again to $3.62 billion by 2023. This suggests that when considering adjustments, the company’s debt level also experienced a decrease followed by a recent increase.
Adjusted Total Capital
Adjusted total capital increased from $6.80 billion in 2019 to $10.88 billion in 2023, mirroring the growth trend in reported total capital, indicating overall growth in capital base after adjustments.
Adjusted Debt to Capital Ratio
Similar to the reported ratio, the adjusted debt to capital ratio decreases from 0.55 in 2019 to 0.33 in 2023. The decline suggests a strengthening financial position with less proportional debt, even when adjusted figures are considered.

Overall, the data indicate that while the absolute amount of debt saw an initial decline followed by a recent rise, the company’s capital base expanded substantially over the period, resulting in significantly lower debt-to-capital ratios both reported and adjusted. This implies an improved financial leverage position and potentially greater financial stability as equity growth has outpaced debt increases in recent years.


Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets
Total ON Semiconductor Corporation stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2
Adjusted total stockholders’ equity3
Solvency Ratio
Adjusted financial leverage4

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total ON Semiconductor Corporation stockholders’ equity
= ÷ =

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= ÷ =


Asset Growth
The total assets exhibit a consistent upward trend throughout the five-year period. Starting from approximately 8.43 billion US dollars at the end of 2019, assets increased steadily each year to reach around 13.22 billion US dollars by the end of 2023, reflecting significant expansion and asset accumulation over the period.
Stockholders’ Equity Development
Stockholders’ equity has also shown a robust increase during the same timeframe. Beginning at about 3.30 billion US dollars in 2019, it rose steadily year over year to 7.78 billion US dollars by 2023. This growth indicates strengthening equity base and potentially improved financial stability or profitability retention.
Reported Financial Leverage
Reported financial leverage, defined as a ratio, demonstrates a decreasing trend from 2.55 in 2019 to 1.70 in 2023. This reduction suggests a gradual decline in the use of debt relative to equity, indicating an improvement in the company’s capital structure and possibly a reduced financial risk profile.
Adjusted Total Assets and Equity
Adjusted total assets and adjusted total stockholders’ equity parallel the trends seen in their reported counterparts, increasing from about 8.12 billion and 3.08 billion US dollars respectively in 2019 to approximately 12.61 billion and 7.26 billion US dollars in 2023. This consistency reinforces the observed growth patterns.
Adjusted Financial Leverage
The adjusted financial leverage ratio also declines over the five years, from 2.64 in 2019 to 1.74 in 2023. This movement aligns closely with the reported financial leverage trend, further suggesting a strategic reduction in leverage and enhanced equity strength.
Summary of Financial Trends
Overall, the company exhibits robust growth in its asset base and stockholders’ equity while simultaneously reducing its reliance on financial leverage. This combination points toward improved financial health and a potentially more conservative capital structure, which may enhance financial flexibility and reduce risk exposure going forward.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to ON Semiconductor Corporation
Revenue
Profitability Ratio
Net profit margin1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Revenue
Profitability Ratio
Adjusted net profit margin3

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to ON Semiconductor Corporation ÷ Revenue
= 100 × ÷ =

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × ÷ =


Revenue Trends
Revenue showed a decline from 5,517,900 thousand US dollars in 2019 to 5,255,000 thousand in 2020. Subsequently, there was a strong recovery and growth in 2021 and 2022, reaching 6,739,800 thousand and 8,326,200 thousand US dollars respectively. However, in 2023, revenue slightly decreased to 8,253,000 thousand US dollars, indicating some stabilization or minor slowdown after prior rapid growth.
Net Income Attributable to ON Semiconductor Corporation
Net income demonstrated a significant upward trend from 211,700 thousand US dollars in 2019 to 2,183,700 thousand US dollars in 2023. The most notable increase occurred between 2020 and 2021, with net income rising more than fourfold. This substantial increase continued with further gains in 2022 and 2023, revealing strong profitability improvements during the period.
Reported Net Profit Margin
The reported net profit margin improved consistently over the five years, starting at 3.84% in 2019 and increasing to 26.46% in 2023. The margin more than doubled each year from 2020 to 2022, showing enhanced operational efficiency or better cost management. The slight increase from 22.85% in 2022 to 26.46% in 2023 suggests the company maintained strong profitability levels despite a small revenue reduction.
Adjusted Net Income and Adjusted Net Profit Margin
Adjusted net income exhibited a similar growth pattern, starting at 210,200 thousand US dollars in 2019 and reaching 2,056,100 thousand US dollars in 2023, with a dip in 2020 to 124,600 thousand US dollars. The adjusted net profit margin rose from 3.81% in 2019 to 24.91% in 2023, with a temporary decline in 2020 followed by rapid improvement in subsequent years. This adjusted analysis reinforces the overall story of strong financial recovery and improved profitability after 2020.
Overall Observations
The company experienced a temporary setback in 2020 in both revenue and profit metrics, which was followed by substantial growth and profitability enhancement through 2023. The consistent margin improvements alongside increasing net income reflect effective cost control, improved pricing, or favorable market conditions. Despite a slight dip in revenue in the final year, profitability remained robust, indicating overall financial strength and efficiency gains over the period analyzed.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to ON Semiconductor Corporation
Total ON Semiconductor Corporation stockholders’ equity
Profitability Ratio
ROE1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted total stockholders’ equity3
Profitability Ratio
Adjusted ROE4

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income attributable to ON Semiconductor Corporation ÷ Total ON Semiconductor Corporation stockholders’ equity
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total stockholders’ equity
= 100 × ÷ =


The financial data reveals several notable trends across the five-year span from 2019 to 2023.

Net Income
The net income attributable to ON Semiconductor Corporation exhibited a significant upward trajectory over the period. Starting at $211.7 million in 2019, the figure increased steadily to $234.2 million in 2020, then surged considerably to $1.01 billion in 2021. Growth continued through 2022 and 2023 reaching $1.90 billion and $2.18 billion respectively, indicating a strong expansion in profitability.
Total Stockholders’ Equity
Total stockholders' equity also showed consistent growth year-over-year. The equity rose from approximately $3.30 billion in 2019 to $3.54 billion in 2020, followed by more marked increments to $4.59 billion in 2021, $6.19 billion in 2022, and $7.78 billion in 2023. This steady increase suggests effective capital management and accumulation of shareholder value.
Reported Return on Equity (ROE)
The reported ROE percentage demonstrated significant improvement during the timeframe. Starting at 6.41% in 2019, it saw a modest increase to 6.62% in 2020, then jumped sharply to 22.02% in 2021. The upward trend continued, reaching a peak of 30.74% in 2022, before slightly declining to 28.06% in 2023. This reflects enhanced profitability relative to equity, with a slight moderation in the most recent year.
Adjusted Net Income
The adjusted net income figures followed a similar pattern to the reported net income but showed a dip in 2020 to $124.6 million from $210.2 million in 2019. After this decrease, adjusted net income increased sharply to $1.12 billion in 2021 and continued rising to $1.94 billion in 2022. In 2023, it experienced a slight reduction to $2.06 billion, mirroring the trends observed in reported net income but with more fluctuation in the earlier years.
Adjusted Total Stockholders’ Equity
Adjusted total stockholders' equity movements paralleled the reported equity figures but started lower. It grew from approximately $3.08 billion in 2019 to $3.19 billion in 2020, then increased to $4.29 billion in 2021. Subsequent years showed further substantial growth to $5.87 billion in 2022 and $7.26 billion in 2023. This trend confirms strengthened equity base when adjustments are taken into account.
Adjusted ROE
The adjusted return on equity started at 6.83% in 2019 but declined noticeably to 3.90% in 2020, reflecting the dip in adjusted net income for that year. However, it rebounded strongly to 26.17% in 2021 and rose further to peak at 32.98% in 2022. In 2023, it declined slightly to 28.33%, closely mirroring the reported ROE trend and indicating sustained high returns on equity with minor recent moderation.

Overall, the data indicates a period of robust growth in profitability and equity, especially notable in the post-2020 period. Returns on equity improved significantly, showing strong capital efficiency, although there was some moderation in the latest year. The adjusted figures align closely with reported values, lending credibility to the earnings quality. The notable dip in adjusted net income and adjusted ROE in 2020 suggests an anomalous event or adjustment impact during that year, followed by strong recovery and growth in subsequent years.


Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to ON Semiconductor Corporation
Total assets
Profitability Ratio
ROA1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted total assets3
Profitability Ratio
Adjusted ROA4

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income attributable to ON Semiconductor Corporation ÷ Total assets
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =


Net Income
Net income attributable to the company showed a strong upward trend over the five-year period. Starting at approximately $212 million in 2019, it increased modestly to $234 million in 2020, followed by a substantial rise to around $1.01 billion in 2021. This growth continued, reaching $1.90 billion in 2022 and further to $2.18 billion in 2023, indicating significant profitability improvement.
Total Assets
Total assets grew steadily from $8.43 billion in 2019 to $13.22 billion in 2023. The increase was consistent each year, with the largest jump between 2021 and 2022, where assets expanded by over $2.35 billion. This trend reflects ongoing investment and asset accumulation.
Reported Return on Assets (ROA)
The reported ROA displayed a strong positive trajectory, rising from 2.51% in 2019 to 16.52% in 2023. Notably, ROA nearly quadrupled between 2020 and 2021, indicating a significant efficiency improvement in utilizing assets to generate net income. The increase continued, though at a slower pace, through 2023.
Adjusted Net Income
Adjusted net income showed volatility early in the period, decreasing sharply from $210 million in 2019 to $125 million in 2020. Subsequently, it recovered strongly, rising to $1.12 billion in 2021 and peaking at $1.94 billion in 2022. The figure slightly decreased to $2.06 billion in 2023, remaining significantly higher than the initial years.
Adjusted Total Assets
Adjusted total assets followed a pattern similar to total assets, increasing gradually from $8.12 billion in 2019 to $12.61 billion in 2023. Growth was steady each year, with a marked increase between 2021 and 2022, indicating persistent expansion and asset growth after adjustment.
Adjusted Return on Assets (ROA)
Adjusted ROA fluctuated during the period, initially declining from 2.59% in 2019 to 1.51% in 2020, before surging sharply to 12.13% in 2021 and peaking at 16.68% in 2022. It eased slightly to 16.3% in 2023 but remained substantially higher than earlier years. This indicates improved operational efficiency over time when accounting for adjustments.