Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
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Profitability Ratios (Summary)
Steel Dynamics 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 indicators demonstrate notable dynamics over the observed periods, reflecting both cyclical and structural changes in profitability and efficiency measures.
- Gross Profit Margin
- This ratio exhibited an overall upward trend over the periods, starting at 16.1% and reaching a peak of 31.69%. The margin improved gradually from March 2018 through late 2018, declined somewhat during 2019 and early 2020, then experienced a strong recovery beginning mid-2020 and continuing through 2022, signaling enhanced pricing power or cost management in later periods.
- Operating Profit Margin
- Similar to gross margin, the operating margin showed a progressive increase, though with more pronounced volatility. It started at 10.8%, rose to a high of 14.57% in December 2018, dipped during 2019 to below 9.5% by the end of 2020, then rebounded substantially in 2021 and 2022, reaching a peak of 26.44% before a slight decrease to 25.33%. This suggests fluctuations in operating costs or varying degrees of operational efficiency.
- Net Profit Margin
- The net margin followed a comparable pattern, with an initial level of 8.59% rising to 11.49% in September 2018, then declining through 2019 and 2020, bottoming near 5.18% before recovering sharply. From early 2021 onward, it improved steadily, surpassing 19% by mid-2022, indicating improved bottom-line profitability likely due to both operational improvements and possibly lower tax or interest expenses.
- Return on Equity (ROE)
- ROE demonstrated considerable variance, peaking at 32.06% in September 2018, declining through the 2019-2020 period to around 11.53%, then surging dramatically from 2021 onward to a peak of 57.91% in mid-2022. The increase indicates significantly enhanced shareholder value generation, likely driven by improved profitability and efficient capital utilization.
- Return on Assets (ROA)
- ROA mirrored the trends observed in ROE and margins, rising from 12.04% in early 2018 to about 16.58% by mid-2018, falling during 2019 and 2020 to near 5.62%, then steadily climbing through 2021 and 2022 to a peak of 32.05%, with a slight reduction thereafter. The pattern suggests improved asset efficiency and profitability following the mid-period downturn.
Overall, the data shows a cycle of peak profitability and returns in 2018 followed by a downturn during 2019 and 2020, possibly influenced by industry or macroeconomic challenges. A robust recovery phase began in 2021, with all key profitability and efficiency metrics improving substantially, reaching new historical highs by 2022. This suggests a successful strategic response that enhanced cost control, pricing, and capital efficiency.
Return on Sales
Return on Investment
Gross Profit Margin
Steel Dynamics 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 | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Freeport-McMoRan 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)
÷ (Net salesQ3 2022
+ Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit
- Over the observed periods, gross profit displayed notable fluctuations with an overall increasing trend. Initially, it experienced a rise from approximately 463 million to around 686 million US dollars by the third quarter of 2018, followed by a decline to about 316 million by the end of 2019. In 2020, the gross profit showed some volatility but generally remained between 284 million and 442 million. From early 2021 onward, it demonstrated a strong upward trajectory, peaking above 1.76 billion US dollars by the end of 2021. The upward momentum continued into 2022, with gross profit reaching over 1.88 billion US dollars in the second quarter before declining slightly to approximately 1.46 billion in the third quarter of 2022.
- Net Sales
- Net sales followed a complex pattern with an initial increase from about 2.6 billion US dollars at the start of 2018 to over 3.2 billion by the third quarter of that year. This was followed by a gradual decline through 2019, reaching around 2.35 billion US dollars by the end of that year. A further dip occurred during 2020, with net sales bottoming near 2.09 billion mid-year before recovering to approximately 2.6 billion by year-end. Starting in 2021, net sales saw a significant growth phase, climbing to over 5.3 billion by the end of the year. This growth continued in 2022, peaking at about 6.21 billion US dollars in the second quarter, before retreating slightly in the third quarter to around 5.65 billion.
- Gross Profit Margin
- The gross profit margin exhibited general improvement over the period analyzed. Initially, margins hovered between 16.1% and 19.65% through 2018 and 2019 but showed some decline towards the end of 2019 and during 2020, dropping to around 14%. Beginning in 2021, there was a marked increase in profitability margins, accelerating from about 17.21% in the first quarter to a peak of over 31.69% mid-2022. The margin slightly decreased to approximately 30.3% by the third quarter of 2022, maintaining a substantially higher level relative to earlier years.
- General Observations
- The data indicates an overall positive trend in both absolute gross profit and net sales, particularly starting from 2021, accompanied by a significant improvement in profit margins. This suggests enhanced operational efficiency or favorable market conditions contributing to increased profitability despite some variability in sales volumes. The sharp rise in gross profit margin in recent periods points to either improved cost management or higher pricing power for the company.
Operating Profit Margin
Steel Dynamics 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 | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Freeport-McMoRan 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)
÷ (Net salesQ3 2022
+ Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data exhibits distinct and evolving trends in operating income, net sales, and operating profit margin over the analyzed periods.
- Operating Income
- Operating income shows significant fluctuations throughout the periods. Initially, there is a rise from 323,397 to 531,572 (in thousands of US dollars) during 2018, followed by a decline that reaches a low point in late 2019. Starting in early 2020, operating income experiences volatility but generally trends upward, with substantial increases observed particularly from early 2021 through the first three quarters of 2022. The peak occurs in December 2021 at over 1.4 million, before a slight decrease in the third quarter of 2022.
- Net Sales
- Net sales demonstrate a steady growth trend despite some short-term declines. Sales start at around 2.6 million in early 2018, increasing moderately through 2019 but dipping in mid-2020, likely influenced by the broader economic context at that time. From early 2021 onwards, there is a marked acceleration in sales growth, reaching a peak above 6.2 million in mid-2022. A slight contraction is noted in the most recent quarter, though the overall trajectory remains strongly upward.
- Operating Profit Margin
- The operating profit margin reflects improvements in operational efficiency over the analyzed periods. Beginning at 10.8% in early 2018, the margin increases steadily, despite some minor fluctuations in 2019 and 2020. From 2021 onwards, the margin rises sharply, achieving a peak of 26.44% in mid-2022. The slight decline to 25.33% in the latest quarter suggests a minor softening but still represents a significantly improved margin compared to earlier years.
Overall, the data indicates strong growth in both revenue and profitability metrics starting from 2021, with notable expansion in operating income and enhanced profit margins. The trends point to effective operational management and favorable market conditions contributing to improved financial performance.
Net Profit Margin
Steel Dynamics 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 attributable to Steel Dynamics, Inc. | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Freeport-McMoRan 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 income attributable to Steel Dynamics, Inc.Q3 2022
+ Net income attributable to Steel Dynamics, Inc.Q2 2022
+ Net income attributable to Steel Dynamics, Inc.Q1 2022
+ Net income attributable to Steel Dynamics, Inc.Q4 2021)
÷ (Net salesQ3 2022
+ Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals distinct trends in the company’s profitability and revenue over several quarters. Net income displays a fluctuating pattern from 2018 through 2020, with a notable decline during mid-2019 and early 2020, followed by a marked recovery and strong growth starting in early 2021. This upward trajectory in net income continues robustly through to the end of the observed period in late 2022.
Net sales exhibit a somewhat cyclical movement until 2020, with a general downward trend from early 2019 to mid-2020. However, from early 2021 onwards, net sales surge significantly, reaching the highest levels in the dataset. Despite a slight dip in the final quarter of 2022, sales remain elevated relative to prior years.
Net profit margin trends corroborate the net income observations. Margins decreased from early 2019 through much of 2020, hitting their lowest points during the middle of that period. Subsequently, profit margins increase sharply starting in 2021, peaking in late 2021 and maintaining high levels through 2022, indicating improved efficiency and profitability.
- Net Income
- Experienced volatility between 2018 and 2020, with declines during mid-2019 and 2020, followed by substantial growth from 2021 onward, achieving record highs by the end of 2021 and into 2022.
- Net Sales
- Displayed a gradual decrease starting in early 2019, bottoming out in mid-2020, then reversing course to strong growth after early 2021. Despite a minor drop in late 2022, sales levels remain historically high.
- Net Profit Margin
- Declined through 2019 and 2020, reaching lows in mid-2020, before rising sharply in 2021 and sustaining elevated percentages through 2022, reflecting improved profitability relative to sales.
Overall, the data suggests a period of financial challenge in 2019 and 2020 followed by significant operational and market recovery starting in 2021. The improvements in net income and profit margins, alongside increased sales volumes, indicate enhanced financial health and effective management strategies during the latter part of the period analyzed.
Return on Equity (ROE)
Steel Dynamics 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 attributable to Steel Dynamics, Inc. | |||||||||||||||||||||||||
| Total Steel Dynamics, Inc. equity | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Freeport-McMoRan 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 income attributable to Steel Dynamics, Inc.Q3 2022
+ Net income attributable to Steel Dynamics, Inc.Q2 2022
+ Net income attributable to Steel Dynamics, Inc.Q1 2022
+ Net income attributable to Steel Dynamics, Inc.Q4 2021)
÷ Total Steel Dynamics, Inc. equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reflects significant fluctuations and an overall growth trajectory in key performance metrics over the observed periods.
- Net Income Attributable to the Company
- The net income demonstrated a general upward trend from March 2018 to December 2021, with some variability. Initial increases appeared from early 2018 through late 2018, followed by a decline in 2019. A substantial rebound occurred starting in Q1 2021, culminating in peak net income figures by the end of 2021. However, the first three quarters of 2022 show a decline compared to the peak in 2021, though the net income remains considerably higher than in the earlier periods.
- Total Equity
- Total equity consistently increased throughout the entire period. Starting at just over 3.4 billion USD in early 2018, the equity base expanded steadily each quarter, reaching nearly 8.0 billion USD by September 2022. This continuous growth indicates a strong equity accumulation, likely reflecting retained earnings and possible capital contributions supporting long-term financial stability.
- Return on Equity (ROE)
- ROE exhibited notable volatility as well as an overall upward trajectory. From above 24% in early 2018, the ratio peaked to over 32% during 2018 but gradually decreased throughout 2019 and 2020, reaching a low point near 11.5% to 13%. From 2021 onwards, ROE surged sharply, hitting an all-time high of nearly 58% by mid-2022, with a slight reduction by the third quarter of 2022. This strong resurgence in ROE coincides with the spike in net income levels despite continued equity growth, indicating improved profitability and efficient use of equity.
- Interrelationships and Insights
- The data suggests a cyclical pattern in profitability with pronounced improvements in recent years. The recovery and substantial growth in net income and ROE after a period of decline highlight possibly improved operational efficiency or market conditions. The constant increase in total equity suggests robust capitalization, which supports sustainable growth. The simultaneous increase in net income and ROE toward the latest periods indicates that the company has been able to generate higher earnings without proportionately increasing equity, thereby increasing shareholder value.
Return on Assets (ROA)
Steel Dynamics 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 attributable to Steel Dynamics, Inc. | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Freeport-McMoRan 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 income attributable to Steel Dynamics, Inc.Q3 2022
+ Net income attributable to Steel Dynamics, Inc.Q2 2022
+ Net income attributable to Steel Dynamics, Inc.Q1 2022
+ Net income attributable to Steel Dynamics, Inc.Q4 2021)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends over the observed periods. Net income attributable to the company shows a general upward trajectory, with some fluctuations. Initially, net income experienced a decline from early to late 2018 and further into 2019, reaching a low point in the December 2019 quarter. An incremental recovery occurs in 2020, followed by a marked and sustained increase in 2021 and the first three quarters of 2022, with the highest net income recorded in December 2021.
Total assets have demonstrated consistent growth across all reported quarters. This steady increase suggests ongoing investment or expansion efforts, with assets rising from approximately 6.97 billion to 14.05 billion over the observed timeline. The growth rate appears more pronounced from 2020 onwards, indicating accelerated asset accumulation or revaluation during this period.
The Return on Assets (ROA) percentage provides insight into the company's efficiency in generating profit from its total assets. ROA displayed a peak in late 2018 at 16.58%, followed by a noticeable decline throughout 2019 and into 2020, reaching a low near 5.62%. Starting in late 2020, ROA improved notably, with substantial gains through 2021 and reaching peak values in 2022, culminating close to 32%. This pattern mirrors the recovery and growth observed in net income, suggesting enhanced profitability and asset utilization in recent periods.
- Net Income
- Overall upward trend with dips in late 2018 and 2019; significant growth beginning in 2021 continuing into 2022.
- Total Assets
- Consistent and steady increase across all quarters, nearly doubling from 2018 to 2022.
- Return on Assets (ROA)
- High in 2018, declined through 2019 and 2020, followed by a strong recovery and peak performance in 2021 and 2022.
The combined trends in net income, total assets, and ROA suggest a phase of consolidation or challenge in 2019 and early 2020, succeeded by an effective period of performance improvement, operational efficiency, and asset growth. The increase in ROA alongside rising net income and assets indicates improved management effectiveness in leveraging assets to generate profit. These positive movements could reflect favorable market conditions, strategic initiatives, or operational enhancements implemented by the company in recent years.