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)
O’Reilly Automotive Inc., profitability ratios (quarterly data)
Based on: 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).
The financial performance over the observed quarters exhibits notable trends across key profitability and return metrics.
- Gross Profit Margin
- The gross profit margin remained relatively stable throughout the period, fluctuating slightly around the 52.5% to 53.1% range from early 2018 to late 2019. Starting in 2020, there is a mild downward trend, with the margin decreasing gradually to 51.66% by the third quarter of 2022. This suggests a slight compression in the profitability at the gross level over the recent quarters.
- Operating Profit Margin
- Operating profit margin demonstrated a generally stable trend with minor fluctuations. From 2018 through 2019, it hovered around 18.9% to 19.17%. A notable increase is observed from mid-2020 onwards, peaking around 21.89% in the last reported quarter of 2021. However, a slight decline is evident moving into 2022, reaching approximately 20.97%, indicating a modest reduction in operational profitability in the most recent periods.
- Net Profit Margin
- The net profit margin exhibits a gradual upward trend throughout the majority of the timeline. Beginning at approximately 12.89% in the first quarter of 2018, it rose consistently, peaking near 16.24% by the last quarter of 2021. Post-peak, a slight decrease is noticed in 2022, with the margin settling around 15.39%. This upward movement highlights improved overall profitability retaining earnings after all expenses, albeit with some recent softness.
- Return on Equity (ROE)
- Return on equity shows significant volatility throughout the periods reported. Early values range widely from approximately 267% to above 374%, surging dramatically to over 900% during mid to late 2019 and again spiking beyond 1200% in 2020. The pattern suggests irregular fluctuations, with some very high peaks, indicating potential changes in equity base or one-time effects impacting net income. Notably, several recent data points are missing which limits conclusive trend analysis in the latter periods.
- Return on Assets (ROA)
- Return on assets remained relatively consistent and exhibited a positive trend from 2018 through 2021. The metric started in the 15% range, experienced some dips around 2019 and early 2020 lowering to approximately 12.3%, then steadily increased to reach approximately 18.5% by early 2022 before slight stabilization. This trend indicates improved efficiency in asset utilization driving profit generation over time.
In summary, the company maintained generally stable gross and operating margins with recent tendencies towards minor compression at the gross level and slight easing in the operating margin after its peak. The net margin improved steadily over most of the timeframe, reflecting enhanced overall profitability. Asset efficiency, as measured by ROA, improved notably post-2019. However, ROE volatility suggests significant fluctuations possibly linked to changes in equity structure or extraordinary items that require further investigation. Missing recent ROE data limits a full current assessment.
Return on Sales
Return on Investment
Gross Profit Margin
O’Reilly Automotive Inc., gross profit margin calculation (quarterly data)
| 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 | |||||||||||||||||||||||||
| Sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
Gross profit margin = 100
× (Gross profitQ3 2022
+ Gross profitQ2 2022
+ Gross profitQ1 2022
+ Gross profitQ4 2021)
÷ (SalesQ3 2022
+ SalesQ2 2022
+ SalesQ1 2022
+ SalesQ4 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several notable trends in key performance metrics over the observed periods.
- Sales Growth
- Sales figures demonstrated a general upward trajectory throughout the quarters examined. Beginning with sales of approximately 2.28 billion in the first quarter of 2018, the value increased steadily with some quarter-to-quarter fluctuations, reaching nearly 3.80 billion by the third quarter of 2022. Noteworthy surges occurred in the second and third quarters of 2020 and 2021, indicating periods of accelerated revenue growth. Some moderate contraction happened towards the end of 2021 but was soon followed by recovery and continued expansion into 2022.
- Gross Profit Trends
- Gross profit reflected a similar growth pattern as sales, rising from just over 1.20 billion in the first quarter of 2018 to approximately 1.93 billion by the third quarter of 2022. The gross profit values exhibited seasonal fluctuations, with occasional dips seen notably in the fourth quarter of several years, but these were generally temporary. The second and third quarters of 2020 and 2021 presented significant increases, consistent with the sales pattern during these periods.
- Gross Profit Margin Stability
- The gross profit margin maintained a relatively stable level throughout the timeframe, fluctuating modestly between about 51.66% and 53.15%. Despite the growth in absolute gross profit and sales figures, the margin percentage did not vary widely, suggesting consistent cost management in relation to sales. However, there is a slight downward trend in the margin percentages toward the later quarters, particularly in 2022, which could indicate marginally increasing costs or pricing pressures affecting profitability.
Overall, the data depicts a company experiencing steady sales and gross profit expansion, with gross profit margins showing minor compression in more recent periods. The trends suggest effective revenue growth managed alongside relatively stable profitability ratios, although attention may be warranted regarding the slight decline in margin rates observed in the latest quarters.
Operating Profit Margin
O’Reilly Automotive Inc., operating profit margin calculation (quarterly data)
| 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 | |||||||||||||||||||||||||
| Sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022
+ Operating incomeQ4 2021)
÷ (SalesQ3 2022
+ SalesQ2 2022
+ SalesQ1 2022
+ SalesQ4 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income
-
The operating income exhibited a generally increasing trend from March 2018 through September 2019, reaching its peak during this period at approximately 536 million US dollars. A noticeable decline occurred in December 2019, followed by a substantial drop in the first quarter of 2020. However, starting from June 2020, operating income recovered strongly, demonstrating a significant increase particularly in the second quarter of 2020. This elevated performance was sustained through 2021 with values consistently above 675 million US dollars, and the trend continued into 2022 with the highest recorded value around 804 million US dollars in September 2022.
- Sales
-
The sales figures showed a steady increase from March 2018 through September 2019, reaching approximately 2.67 billion US dollars. There was a slight reduction in the final quarter of 2019 and into March 2020, coinciding with the onset of the pandemic period. Starting from mid-2020, sales recovered markedly, surpassing previous highs by June 2020. The growth momentum was maintained through 2021 and continued into 2022, with sales reaching nearly 3.8 billion US dollars by September 2022, reflecting a robust expansion in revenue over the analyzed periods.
- Operating Profit Margin
-
The operating profit margin remained relatively stable around 19% from 2018 through early 2020, indicating consistent operational efficiency. A notable improvement occurred during 2020, with margins rising above 20% beginning in June 2020 and reaching nearly 22% in early 2021. This elevated margin level was maintained throughout 2021 and into 2022, though a gradual slight decrease can be observed in the latter half of 2022, with margins around 21% towards September. Overall, the trend reflects strengthened profitability relative to sales, coinciding with rising operating income and sales volumes.
Net Profit Margin
O’Reilly Automotive Inc., net profit margin calculation (quarterly data)
| 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 | |||||||||||||||||||||||||
| Sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
Net profit margin = 100
× (Net incomeQ3 2022
+ Net incomeQ2 2022
+ Net incomeQ1 2022
+ Net incomeQ4 2021)
÷ (SalesQ3 2022
+ SalesQ2 2022
+ SalesQ1 2022
+ SalesQ4 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data exhibits several notable trends over the observed periods. Sales figures generally demonstrate a steady upward trajectory, with notable acceleration beginning in early 2020. This growth is reflected in the increase from approximately 2.28 billion USD in the first quarter of 2018 to nearly 3.80 billion USD by the third quarter of 2022, indicating significant expansion in the company’s revenue base over this timeframe.
Net income shows a more variable pattern but overall exhibits growth potential. Initially, net income ranged around 300 million USD, with fluctuations observed throughout the period. Starting in the first half of 2020, net income increased markedly, peaking at over 585 million USD by the third quarter of 2022. This rise coincides with the observed sales growth, suggesting improved profitability alongside revenue expansion.
The net profit margin maintains relative stability with a subtle upward drift over time. Margins ranged from approximately 12.9% in early 2018 to near 15.4% by late 2022. This steady margin increase, despite sales volatility, indicates effective cost management or favorable product mix adjustments that have sustained and slightly improved overall profitability ratios.
- Sales Trend
- Consistent growth over time with a marked increase from 2020 onwards, highlighting strengthened revenue generation capabilities.
- Net Income Trend
- Fluctuations evident in earlier years, followed by significant growth starting in 2020, aligning with higher sales volumes.
- Net Profit Margin Trend
- Shows stable to gradually increasing margins, indicating effective operational leverage and control over expenses.
In summary, the company displays solid growth in sales coupled with improving profitability metrics, particularly pronounced from early 2020 onwards. The period exhibits resilience and expansion, with enhanced earnings performance and efficient profit margin management contributing to overall financial strength.
Return on Equity (ROE)
O’Reilly Automotive Inc., ROE calculation (quarterly data)
| 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 | |||||||||||||||||||||||||
| Shareholders’ equity (deficit) | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
ROE = 100
× (Net incomeQ3 2022
+ Net incomeQ2 2022
+ Net incomeQ1 2022
+ Net incomeQ4 2021)
÷ Shareholders’ equity (deficit)
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- The net income demonstrates a generally increasing trend over the majority of quarters, with some fluctuations. From early 2018 to early 2019, net income rose from approximately 305 million to around 391 million. A slight decline occurred at the end of 2019, followed by a notable spike in mid-2020, peaking above 530 million. The subsequent quarters show some moderation but maintain elevated levels compared to earlier years, indicating improved profitability overall into 2022.
- Shareholders’ Equity
- Shareholders’ equity exhibits significant volatility throughout the period. Starting at approximately 424 million in early 2018, the equity value fluctuates extensively, moving between positive and negative territory. Particularly notable is a sharp decline beginning in early 2021, shifting from positive values to increasingly negative figures, reaching below -1.2 billion by late 2022. This downward trend suggests considerable changes in the company's financial structure or accumulated losses impacting equity negatively in recent periods.
- Return on Equity (ROE)
- The ROE percentages are exceptionally high and volatile, reflecting considerable swings in profitability relative to equity. Early periods in 2018 and 2019 show ROE exceeding 250%, with some quarters surpassing 900% and even over 1200%—figures that are unusually elevated and may be influenced by low equity bases. Data is incomplete for some later periods. The exceptionally high ROE is consistent with the extreme fluctuations and deteriorations in shareholders’ equity, indicating that ROE may be heavily distorted by negative or minimal equity values during these quarters.
- Overall Insights
- The company has sustained substantial net income growth over the analyzed period, with strong profitability especially visible in 2020 and 2021. However, the extreme volatility and ultimate decline in shareholders’ equity signal underlying financial challenges. The negative equity positions and highly elevated ROE values suggest potential risks related to financial stability or accounting factors affecting the balance sheet during recent years. These trends warrant close attention to the company's capital structure and equity management strategies moving forward.
Return on Assets (ROA)
O’Reilly Automotive Inc., ROA calculation (quarterly data)
| 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 | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 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 Q3 2022 Calculation
ROA = 100
× (Net incomeQ3 2022
+ Net incomeQ2 2022
+ Net incomeQ1 2022
+ Net incomeQ4 2021)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data displays notable trends in net income, total assets, and return on assets (ROA) over the analyzed quarterly periods.
- Net Income
-
Net income exhibited a generally increasing trend from early 2018 through late 2022, with some fluctuations. Starting at approximately 305 million US dollars in the first quarter of 2018, it showed growth reaching peaks around late 2019 and notably surged in mid-2020 to above 530 million US dollars. After a temporary dip in late 2020, net income recovered and maintained elevated levels surpassing 500 million US dollars in most quarters of 2021 and 2022, suggesting improved profitability and operational performance over time.
- Total Assets
-
Total assets increased steadily throughout the period observed. Beginning at roughly 7.7 billion US dollars in the first quarter of 2018, assets grew consistently each quarter, crossing 12 billion US dollars by late 2022. This steady asset accumulation reflects a pattern of business expansion or increased investment in resources and infrastructure over the years, contributing to the company’s asset base growth.
- Return on Assets (ROA)
-
The ROA percentage revealed some variation but followed an overall improving trend over the years. Initially, in early 2018, ROA values ranged from about 15.3% to 16.8%. A decline was noted in 2019, with figures dropping closer to 13%, suggesting slightly reduced efficiency in asset utilization. However, from 2020 onward, ROA rebounded and increased incrementally, reaching values above 18% in 2021 and maintaining this higher level into 2022. This indicates enhanced profitability relative to asset size, pointing to improved management effectiveness or operational gains during the latter periods.