Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Economic Profit
Synopsys Inc., economic profit calculation
US$ in thousands
Based on: 10-K (reporting date: 2025-10-31), 10-K (reporting date: 2024-10-31), 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31).
1 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2025 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 1,962,565 – 16.62% × 46,390,870 = -5,748,098
The analysis of economic profit reveals a persistent inability to generate returns exceeding the cost of capital throughout the observed period. Although operating profitability showed significant growth, the scale of invested capital expanded at a rate that fundamentally eroded economic value, culminating in a substantial deficit by the end of the period.
- Net Operating Profit After Taxes (NOPAT)
- NOPAT exhibited a general upward trajectory, increasing from 774,053 thousand in 2020 to 1,962,565 thousand in 2025. The progression was marked by volatility, specifically a peak in 2022 followed by a contraction in 2023, before experiencing a sharp acceleration in the final year.
- Invested Capital Trends
- Invested capital remained relatively stable with moderate growth between 2020 and 2024, rising from 6,656,460 thousand to 10,307,049 thousand. However, a massive expansion occurred in 2025, where invested capital surged to 46,390,870 thousand, indicating a significant capital deployment or acquisition.
- Cost of Capital Stability
- The cost of capital remained nearly constant between 2020 and 2024, fluctuating narrowly between 18.29% and 18.46%. A reduction to 16.62% was recorded in 2025, representing the lowest rate in the analyzed period.
- Economic Profit Performance
- Economic profit remained negative for all six years, signaling that the company did not achieve a positive economic value added. After a period of relative stability and a brief approach toward break-even in 2022, the economic profit declined sharply. The exponential increase in invested capital in 2025 far outweighed the gains in NOPAT and the reduction in the cost of capital, resulting in an economic profit collapse to negative 5,748,098 thousand.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Net Operating Profit after Taxes (NOPAT)
Synopsys Inc., NOPAT calculation
US$ in thousands
Based on: 10-K (reporting date: 2025-10-31), 10-K (reporting date: 2024-10-31), 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31).
1 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance for credit losses.
3 Addition of increase (decrease) in deferred revenue.
4 Addition of increase (decrease) in equity equivalents to net income attributed to Synopsys.
5 2025 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 808,903 × 3.40% = 27,503
6 2025 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 474,232 × 21.00% = 99,589
7 Addition of after taxes interest expense to net income attributed to Synopsys.
8 2025 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 277,684 × 21.00% = 58,314
9 Elimination of after taxes investment income.
10 Elimination of discontinued operations.
Net income attributed to Synopsys and Net Operating Profit After Taxes (NOPAT) both demonstrate fluctuating performance over the observed period. While net income generally increased through 2024, it experienced a significant decline in the final year. NOPAT exhibits a more volatile pattern, with increases followed by substantial decreases, indicating potential shifts in operational efficiency or capital allocation.
- Overall Trend - NOPAT
- NOPAT increased from US$774,053 thousand in 2020 to US$800,432 thousand in 2021, representing a modest growth rate. A substantial increase is then observed in 2022, reaching US$1,357,350 thousand. However, NOPAT decreased significantly in 2023 to US$891,268 thousand, followed by a smaller increase to US$1,062,721 thousand in 2024. The final year, 2025, shows a considerable rise to US$1,962,565 thousand.
- Comparison with Net Income
- In 2020 and 2021, NOPAT exceeded net income attributed to Synopsys. This relationship reversed in 2022, 2023, and 2024, where net income surpassed NOPAT. The difference between the two metrics widened in 2023 and 2024 before narrowing again in 2025. This suggests changes in non-operating items or accounting adjustments impacting net income relative to core operational profitability.
- Year-over-Year Changes - NOPAT
- The largest year-over-year increase in NOPAT occurred between 2021 and 2022 (a US$556,918 thousand increase). The most significant decrease occurred between 2022 and 2023 (a US$466,082 thousand decrease). The final year, 2024 to 2025, shows a substantial increase of US$900,000 thousand. These fluctuations warrant further investigation into the underlying drivers of profitability.
- Volatility
- NOPAT demonstrates considerable volatility throughout the period. The swings between years suggest sensitivity to external factors, internal operational changes, or both. The substantial increase in 2025, following a period of more moderate growth and a significant decline, is particularly noteworthy and requires further scrutiny.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Cash Operating Taxes
Synopsys Inc., cash operating taxes calculation
US$ in thousands
Based on: 10-K (reporting date: 2025-10-31), 10-K (reporting date: 2024-10-31), 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31).
The provision for income taxes exhibits considerable fluctuation over the observed period. Beginning with a significant benefit of -25,288 in 2020, the provision transitioned to a positive value of 49,155 in 2021, increasing substantially to 137,078 in 2022. A decrease to 83,657 was noted in 2023, followed by a further increase to 99,718 in 2024, and a subsequent decline to 55,991 in 2025.
- Cash Operating Taxes Trend
- Cash operating taxes demonstrate a consistent upward trend throughout the period. Starting at 89,449 in 2020, these taxes increased to 180,324 in 2021 and 175,476 in 2022. Further growth was observed in 2023, reaching 290,764, and continued into 2024 with a value of 473,015. This upward trajectory persisted in 2025, culminating in 561,026.
The divergence between the provision for income taxes and cash operating taxes is notable. While the provision for income taxes fluctuates, the cash operating taxes consistently increase. This suggests a potential decoupling between reported taxable income and actual cash outflows for taxes. The substantial benefit recorded in 2020 for the provision for income taxes contrasts sharply with the positive cash operating taxes paid in the same year, indicating the utilization of tax loss carryforwards or other tax credits. The increasing cash operating taxes, despite fluctuations in the provision, may reflect increased profitability and a reduced reliance on such tax benefits in later years.
- Relationship between Provision and Cash Taxes
- The cash operating taxes consistently exceed the provision (benefit) for income taxes, except in 2020. This difference suggests timing differences between when income is recognized for accounting purposes and when taxes are actually paid. These differences could stem from deferred tax assets and liabilities, or from differences in depreciation methods used for financial reporting versus tax purposes. The widening gap between the two figures in recent years indicates a growing divergence in these timing differences.
The substantial growth in cash operating taxes from 2020 to 2025 warrants further investigation to determine the underlying drivers, such as increased revenue, changes in tax rates, or shifts in the geographic distribution of income. The volatility in the provision for income taxes, while less pronounced in the later years, should also be examined to understand the factors contributing to these fluctuations.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Invested Capital
Synopsys Inc., invested capital calculation (financing approach)
US$ in thousands
Based on: 10-K (reporting date: 2025-10-31), 10-K (reporting date: 2024-10-31), 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31).
1 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of deferred revenue.
5 Addition of equity equivalents to total Synopsys stockholders’ equity.
6 Removal of accumulated other comprehensive income.
7 Subtraction of short-term investments.
The reported invested capital demonstrates a consistent upward trend over the period from October 31, 2020, to October 31, 2023. However, a significant increase is observed between October 31, 2023, and October 31, 2024, and again between October 31, 2024, and October 31, 2025, indicating a substantial shift in capital structure or investment activity during those periods.
- Total Reported Debt & Leases
- Total reported debt & leases remained relatively stable between 2020 and 2022, fluctuating within a narrow range. An increase is noted in 2023, followed by a slight decrease in 2024. However, a dramatic increase is evident in 2025, suggesting a significant new borrowing event or accounting change. This substantial rise warrants further investigation.
- Total Synopsys Stockholders’ Equity
- Total stockholders’ equity exhibited consistent growth from 2020 to 2024. The rate of growth accelerated between 2023 and 2024. A very large increase is observed between 2024 and 2025, mirroring the increase in debt and contributing to the overall rise in invested capital. This suggests significant retained earnings or equity issuance.
- Invested Capital Trend
- Invested capital increased steadily from US$6,656,460 thousand in 2020 to US$8,083,758 thousand in 2023. The growth rate accelerated considerably in 2024, reaching US$10,307,049 thousand, and continued to escalate dramatically in 2025, culminating in US$46,390,870 thousand. This substantial jump in invested capital in the final two periods is primarily driven by the concurrent increases in both debt and equity, and represents a significant change in the company’s capital structure. The magnitude of the increase in 2025 is particularly noteworthy and requires detailed examination to understand the underlying causes.
The substantial increases in both debt, equity, and consequently, invested capital in 2024 and 2025 suggest a period of significant investment or restructuring. Further analysis is needed to determine the specific nature of these investments and their potential impact on future financial performance.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Cost of Capital
Synopsys Inc., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 92,069,973) | 92,069,973) | ÷ | 106,552,547) | = | 0.86 | 0.86 | × | 18.59% | = | 16.07% | ||
| Debt3 | 13,673,671) | 13,673,671) | ÷ | 106,552,547) | = | 0.13 | 0.13 | × | 5.28% × (1 – 21.00%) | = | 0.54% | ||
| Operating lease liability4 | 808,903) | 808,903) | ÷ | 106,552,547) | = | 0.01 | 0.01 | × | 3.40% × (1 – 21.00%) | = | 0.02% | ||
| Total: | 106,552,547) | 1.00 | 16.62% | ||||||||||
Based on: 10-K (reporting date: 2025-10-31).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 76,261,278) | 76,261,278) | ÷ | 76,945,735) | = | 0.99 | 0.99 | × | 18.59% | = | 18.43% | ||
| Debt3 | 15,601) | 15,601) | ÷ | 76,945,735) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 668,856) | 668,856) | ÷ | 76,945,735) | = | 0.01 | 0.01 | × | 2.86% × (1 – 21.00%) | = | 0.02% | ||
| Total: | 76,945,735) | 1.00 | 18.45% | ||||||||||
Based on: 10-K (reporting date: 2024-10-31).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 86,185,679) | 86,185,679) | ÷ | 86,873,482) | = | 0.99 | 0.99 | × | 18.59% | = | 18.45% | ||
| Debt3 | 18,078) | 18,078) | ÷ | 86,873,482) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 669,725) | 669,725) | ÷ | 86,873,482) | = | 0.01 | 0.01 | × | 2.50% × (1 – 21.00%) | = | 0.02% | ||
| Total: | 86,873,482) | 1.00 | 18.46% | ||||||||||
Based on: 10-K (reporting date: 2023-10-31).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 50,959,165) | 50,959,165) | ÷ | 51,615,536) | = | 0.99 | 0.99 | × | 18.59% | = | 18.36% | ||
| Debt3 | 20,824) | 20,824) | ÷ | 51,615,536) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 635,547) | 635,547) | ÷ | 51,615,536) | = | 0.01 | 0.01 | × | 2.19% × (1 – 21.00%) | = | 0.02% | ||
| Total: | 51,615,536) | 1.00 | 18.38% | ||||||||||
Based on: 10-K (reporting date: 2022-10-31).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 55,579,968) | 55,579,968) | ÷ | 56,246,735) | = | 0.99 | 0.99 | × | 18.59% | = | 18.37% | ||
| Debt3 | 100,086) | 100,086) | ÷ | 56,246,735) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 566,681) | 566,681) | ÷ | 56,246,735) | = | 0.01 | 0.01 | × | 2.01% × (1 – 21.00%) | = | 0.02% | ||
| Total: | 56,246,735) | 1.00 | 18.39% | ||||||||||
Based on: 10-K (reporting date: 2021-10-31).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 37,147,108) | 37,147,108) | ÷ | 37,810,599) | = | 0.98 | 0.98 | × | 18.59% | = | 18.27% | ||
| Debt3 | 127,907) | 127,907) | ÷ | 37,810,599) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 535,584) | 535,584) | ÷ | 37,810,599) | = | 0.01 | 0.01 | × | 2.56% × (1 – 21.00%) | = | 0.03% | ||
| Total: | 37,810,599) | 1.00 | 18.29% | ||||||||||
Based on: 10-K (reporting date: 2020-10-31).
1 US$ in thousands
2 Equity. See details »
3 Debt. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Synopsys Inc., economic spread ratio calculation, comparison to benchmarks
| Oct 31, 2025 | Oct 31, 2024 | Oct 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Oct 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | (5,748,098) | (838,594) | (601,035) | (64,979) | (476,662) | (443,738) | |
| Invested capital2 | 46,390,870) | 10,307,049) | 8,083,758) | 7,739,574) | 6,945,230) | 6,656,460) | |
| Performance Ratio | |||||||
| Economic spread ratio3 | -12.39% | -8.14% | -7.44% | -0.84% | -6.86% | -6.67% | |
| Benchmarks | |||||||
| Economic Spread Ratio, Competitors4 | |||||||
| Accenture PLC | 1.52% | 1.19% | 1.97% | 4.84% | 6.66% | — | |
| Adobe Inc. | 13.20% | 0.92% | 1.09% | 6.58% | 8.97% | 1.25% | |
| AppLovin Corp. | 28.93% | 1.21% | -20.00% | -26.37% | -29.58% | — | |
| Cadence Design Systems Inc. | -1.28% | -2.87% | 7.18% | 6.59% | 6.80% | — | |
| Datadog Inc. | -8.74% | -9.43% | -5.95% | -11.70% | -3.88% | — | |
| International Business Machines Corp. | -0.82% | -7.67% | -3.61% | -11.36% | -6.21% | — | |
| Intuit Inc. | -2.91% | -6.58% | -8.63% | -7.52% | 0.11% | — | |
| Microsoft Corp. | 5.63% | 7.51% | 10.56% | 18.54% | 27.58% | — | |
| Oracle Corp. | -7.90% | -7.76% | -8.56% | -7.56% | 0.65% | — | |
| Palantir Technologies Inc. | 41.88% | -12.04% | -8.76% | -32.50% | -39.96% | — | |
| Palo Alto Networks Inc. | -3.82% | 5.37% | 11.50% | 3.53% | -5.17% | — | |
| Salesforce Inc. | -12.37% | -14.18% | -17.63% | -14.50% | -12.36% | — | |
| ServiceNow Inc. | 2.66% | 5.94% | 5.23% | 0.73% | 1.94% | — | |
| Workday Inc. | -11.52% | -12.93% | -19.15% | -13.98% | -19.23% | — | |
Based on: 10-K (reporting date: 2025-10-31), 10-K (reporting date: 2024-10-31), 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31).
1 Economic profit. See details »
2 Invested capital. See details »
3 2025 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -5,748,098 ÷ 46,390,870 = -12.39%
4 Click competitor name to see calculations.
The financial trajectory from October 2020 to October 2025 indicates a persistent failure to achieve positive economic profit, characterized by a significant acceleration in value erosion during the final observed period.
- Economic Profit Trends
- Economic profit remained negative throughout the entire six-year sequence. A notable recovery occurred in 2022, where losses narrowed significantly to -64,979 thousand dollars. However, this improvement was temporary, as losses expanded in 2023 and 2024, eventually culminating in a substantial decline to -5,748,098 thousand dollars by October 2025.
- Invested Capital Expansion
- A consistent increase in invested capital is observed from 2020 through 2024, growing from 6,656,460 thousand dollars to 10,307,049 thousand dollars. A massive surge occurred in 2025, with invested capital rising to 46,390,870 thousand dollars, suggesting a major capital deployment or acquisition that fundamentally altered the company's capital structure.
- Economic Spread Ratio Analysis
- The economic spread ratio remained negative for the duration of the period, indicating that the return on invested capital was consistently below the cost of capital. The ratio reached its most favorable point in 2022 at -0.84%, nearly reaching a break-even state. Following this peak, the ratio deteriorated steadily, reaching a period low of -12.39% in 2025. This widening negative spread demonstrates that the increase in invested capital has not been matched by a corresponding increase in operating returns, leading to a heightened rate of economic value destruction.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Economic Profit Margin
Synopsys Inc., economic profit margin calculation, comparison to benchmarks
| Oct 31, 2025 | Oct 31, 2024 | Oct 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Oct 31, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | (5,748,098) | (838,594) | (601,035) | (64,979) | (476,662) | (443,738) | |
| Revenue | 7,054,178) | 6,127,436) | 5,842,619) | 5,081,542) | 4,204,193) | 3,685,281) | |
| Add: Increase (decrease) in deferred revenue | 895,950) | 22,280) | (114,166) | 411,368) | 160,813) | 190,535) | |
| Adjusted revenue | 7,950,128) | 6,149,716) | 5,728,453) | 5,492,910) | 4,365,006) | 3,875,816) | |
| Performance Ratio | |||||||
| Economic profit margin2 | -72.30% | -13.64% | -10.49% | -1.18% | -10.92% | -11.45% | |
| Benchmarks | |||||||
| Economic Profit Margin, Competitors3 | |||||||
| Accenture PLC | 0.97% | 0.67% | 1.01% | 2.33% | 3.42% | — | |
| Adobe Inc. | 11.94% | 1.04% | 1.37% | 7.67% | 11.17% | 1.79% | |
| AppLovin Corp. | 29.73% | 1.17% | -27.38% | -49.38% | -59.23% | — | |
| Cadence Design Systems Inc. | -1.92% | -4.40% | 7.15% | 6.57% | 6.91% | — | |
| Datadog Inc. | -5.18% | -8.56% | -3.72% | -8.10% | -3.08% | — | |
| International Business Machines Corp. | -1.46% | -13.55% | -6.43% | -19.67% | -11.82% | — | |
| Intuit Inc. | -3.75% | -10.11% | -14.13% | -14.48% | 0.14% | — | |
| Microsoft Corp. | 8.39% | 10.50% | 12.02% | 17.77% | 22.89% | — | |
| Oracle Corp. | -15.82% | -14.76% | -16.57% | -13.87% | 1.29% | — | |
| Palantir Technologies Inc. | 21.69% | -10.44% | -4.70% | -54.53% | -65.82% | — | |
| Palo Alto Networks Inc. | -4.52% | 5.70% | 11.42% | 4.11% | -6.95% | — | |
| Salesforce Inc. | -26.71% | -32.78% | -44.58% | -40.27% | -28.34% | — | |
| ServiceNow Inc. | 2.94% | 4.88% | 4.21% | 0.58% | 1.68% | — | |
| Workday Inc. | -12.24% | -14.39% | -23.49% | -18.95% | -25.09% | — | |
Based on: 10-K (reporting date: 2025-10-31), 10-K (reporting date: 2024-10-31), 10-K (reporting date: 2023-10-31), 10-K (reporting date: 2022-10-31), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-10-31).
1 Economic profit. See details »
2 2025 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenue
= 100 × -5,748,098 ÷ 7,950,128 = -72.30%
3 Click competitor name to see calculations.
The financial trajectory from 2020 to 2025 is characterized by a persistent inability to generate positive economic profit despite consistent growth in adjusted revenue. A significant divergence is observed between top-line expansion and the cost of capital efficiency, culminating in a severe contraction of the economic profit margin in the final period.
- Economic Profit Trends
- Economic profit remained negative throughout the analyzed period, indicating that the company did not generate returns exceeding its cost of capital. A period of relative recovery was observed in 2022, where losses narrowed significantly to US$ 64,979 thousand. However, this improvement was short-lived, as losses widened to US$ 601,035 thousand in 2023 and US$ 838,594 thousand in 2024. The most critical decline occurred in 2025, with economic profit dropping to US$ 5,748,098 thousand, representing a substantial increase in economic value destruction.
- Adjusted Revenue Growth
- Adjusted revenue exhibited a steady and uninterrupted upward trend over the six-year period. From a base of US$ 3,875,816 thousand in 2020, revenue grew annually to reach US$ 7,950,128 thousand by 2025. This consistent growth indicates a successful expansion of the business scale, although it was not accompanied by a corresponding increase in economic profitability.
- Economic Profit Margin Analysis
- The economic profit margin reflects the relationship between economic profit and adjusted revenue, serving as a measure of capital efficiency. The margin showed a peak in 2022, reaching -1.18%, which was the closest the company came to breaking even in terms of economic value. Following this, the margin deteriorated to -10.49% in 2023 and -13.64% in 2024. A drastic collapse is evident in 2025, where the margin fell to -72.30%, suggesting that capital charges or operating inefficiencies grew at a rate far exceeding the increase in revenue.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?