Stock Analysis on Net

Twenty-First Century Fox Inc. (NASDAQ:FOX)

This company has been moved to the archive! The financial data has not been updated since February 6, 2019.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Twenty-First Century Fox Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Federal 97 826 466 891 1,178 1,024
State & local 51 65 99 88 76 93
U.S. 148 891 565 979 1,254 1,117
Foreign 391 439 99 93 57 93
Current 539 1,330 664 1,072 1,311 1,210
Deferred and other (903) 89 466 171 (39) 480
Provision for income taxes from continuing operations (364) 1,419 1,130 1,243 1,272 1,690

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Twenty-First Century Fox Inc. current increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
Deferred and other Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Twenty-First Century Fox Inc. deferred and other decreased from 2016 to 2017 and from 2017 to 2018.
Provision for income taxes from continuing operations Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Twenty-First Century Fox Inc. provision for income taxes from continuing operations increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Effective Income Tax Rate (EITR)

Twenty-First Century Fox Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
U.S. federal income tax rate 28.00% 35.00% 35.00% 35.00% 35.00% 35.00%
Impact of U.S. tax reform -35.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Purchase (sale) of interest in subsidiaries 0.00% 0.00% 0.00% 0.00% 0.00% -4.00%
State and local taxes 2.00% 1.00% 0.00% 1.00% 1.00% 1.00%
Effect of foreign operations 0.00% -2.00% -3.00% -2.00% -5.00% -2.00%
Adjustments for tax matters, net -3.00% 0.00% 1.00% 2.00% 0.00% -1.00%
Valuation allowance movements 2.00% 1.00% 2.00% -20.00% 0.00% -7.00%
Nontaxable income attributable to noncontrolling interests -2.00% -2.00% -2.00% -1.00% -2.00% -1.00%
Domestic production activities deduction -2.00% -3.00% -2.00% -1.00% -2.00% -1.00%
Other 2.00% 0.00% -4.00% -1.00% -2.00% -1.00%
Effective tax rate for income from continuing operations -8.00% 30.00% 27.00% 13.00% 25.00% 19.00%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Item Description The company
Effective tax rate for income from continuing operations Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Twenty-First Century Fox Inc. effective tax rate for income from continuing operations increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Components of Deferred Tax Assets and Liabilities

Twenty-First Century Fox Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Net operating loss carryforwards 460 437 432 380 284 1,109
Capital loss carryforwards 35 36 35 36 1,360 1,676
Foreign tax credit carryforwards 170 132 173 561 474
Accrued liabilities 249 741 755 981 733 653
Other 320 586 259 222 293 231
Deferred tax assets before valuation allowance 1,234 1,932 1,481 1,792 3,231 4,143
Valuation allowance (821) (714) (575) (453) (2,338) (3,284)
Deferred tax assets after valuation allowance 413 1,218 906 1,339 893 859
Basis difference and amortization (1,019) (2,333) (2,295) (2,418) (2,898) (2,449)
Revenue recognition (437) (553) (504) (511) (528) (505)
Sports rights contracts (773) (917) (717) (383) (135) (128)
Deferred tax liabilities (2,229) (3,803) (3,516) (3,312) (3,561) (3,082)
Net deferred tax assets (liabilities) (1,816) (2,585) (2,610) (1,973) (2,668) (2,223)

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Item Description The company
Deferred tax assets before valuation allowance Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Twenty-First Century Fox Inc. deferred tax assets before valuation allowance increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
Deferred tax assets after valuation allowance Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Twenty-First Century Fox Inc. deferred tax assets after valuation allowance increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Twenty-First Century Fox Inc. net deferred tax assets (liabilities) increased from 2016 to 2017 and from 2017 to 2018.

Deferred Tax Assets and Liabilities, Classification

Twenty-First Century Fox Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Current deferred tax assets 28 9
Current deferred tax liabilities 220
Non-current deferred tax assets 76 197 278 301 61 48
Non-current deferred tax liabilities 1,892 2,782 2,888 2,082 2,729 2,280

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Item Description The company
Non-current deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Twenty-First Century Fox Inc. non-current deferred tax assets decreased from 2016 to 2017 and from 2017 to 2018.
Non-current deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Twenty-First Century Fox Inc. non-current deferred tax liabilities decreased from 2016 to 2017 and from 2017 to 2018.

Adjustments to Financial Statements: Removal of Deferred Taxes

Twenty-First Century Fox Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Adjustment to Current Assets
Current assets (as reported) 19,333 16,286 14,949 17,376 15,376 15,567
Less: Current deferred tax assets, net 28 9
Current assets (adjusted) 19,333 16,286 14,949 17,348 15,376 15,558
Adjustment to Total Assets
Total assets (as reported) 53,831 50,724 48,365 50,051 54,793 50,944
Less: Current deferred tax assets, net 28 9
Less: Noncurrent deferred tax assets, net 76 197 278 301 61 48
Total assets (adjusted) 53,755 50,527 48,087 49,722 54,732 50,887
Adjustment to Current Liabilities
Current liabilities (as reported) 8,244 7,238 7,068 7,262 8,856 8,435
Less: Current deferred tax liabilities, net 220
Current liabilities (adjusted) 8,244 7,238 7,068 7,042 8,856 8,435
Adjustment to Total Liabilities
Total liabilities (as reported) 32,269 33,092 32,932 31,244 33,351 30,300
Less: Current deferred tax liabilities, net 220
Less: Noncurrent deferred tax liabilities, net 1,892 2,782 2,888 2,082 2,729 2,280
Total liabilities (adjusted) 30,377 30,310 30,044 28,942 30,622 28,020
Adjustment to Total Twenty-First Century Fox, Inc. Stockholders’ Equity
Total Twenty-First Century Fox, Inc. stockholders’ equity (as reported) 19,564 15,722 13,661 17,220 17,418 16,998
Less: Net deferred tax assets (liabilities) (1,816) (2,585) (2,610) (1,973) (2,668) (2,223)
Total Twenty-First Century Fox, Inc. stockholders’ equity (adjusted) 21,380 18,307 16,271 19,193 20,086 19,221
Adjustment to Net Income Attributable To Twenty-First Century Fox, Inc. Stockholders
Net income attributable to Twenty-First Century Fox, Inc. stockholders (as reported) 4,464 2,952 2,755 8,306 4,514 7,097
Add: Deferred income tax expense (benefit) (903) 89 466 171 (39) 480
Net income attributable to Twenty-First Century Fox, Inc. stockholders (adjusted) 3,561 3,041 3,221 8,477 4,475 7,577

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).


Twenty-First Century Fox Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Twenty-First Century Fox Inc., adjusted financial ratios

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Current Ratio
Reported current ratio 2.35 2.25 2.12 2.39 1.74 1.85
Adjusted current ratio 2.35 2.25 2.12 2.46 1.74 1.84
Net Profit Margin
Reported net profit margin 14.68% 10.36% 10.08% 28.65% 14.17% 25.64%
Adjusted net profit margin 11.71% 10.67% 11.79% 29.24% 14.04% 27.38%
Total Asset Turnover
Reported total asset turnover 0.56 0.56 0.56 0.58 0.58 0.54
Adjusted total asset turnover 0.57 0.56 0.57 0.58 0.58 0.54
Financial Leverage
Reported financial leverage 2.75 3.23 3.54 2.91 3.15 3.00
Adjusted financial leverage 2.51 2.76 2.96 2.59 2.72 2.65
Return on Equity (ROE)
Reported ROE 22.82% 18.78% 20.17% 48.23% 25.92% 41.75%
Adjusted ROE 16.66% 16.61% 19.80% 44.17% 22.28% 39.42%
Return on Assets (ROA)
Reported ROA 8.29% 5.82% 5.70% 16.60% 8.24% 13.93%
Adjusted ROA 6.62% 6.02% 6.70% 17.05% 8.18% 14.89%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Twenty-First Century Fox Inc. adjusted current ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Twenty-First Century Fox Inc. adjusted net profit margin ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted total asset turnover ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Twenty-First Century Fox Inc. adjusted financial leverage ratio decreased from 2016 to 2017 and from 2017 to 2018.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Twenty-First Century Fox Inc. adjusted ROE deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

Twenty-First Century Fox Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Current Ratio

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Current assets 19,333 16,286 14,949 17,376 15,376 15,567
Current liabilities 8,244 7,238 7,068 7,262 8,856 8,435
Liquidity Ratio
Current ratio1 2.35 2.25 2.12 2.39 1.74 1.85
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted current assets 19,333 16,286 14,949 17,348 15,376 15,558
Adjusted current liabilities 8,244 7,238 7,068 7,042 8,856 8,435
Liquidity Ratio
Adjusted current ratio2 2.35 2.25 2.12 2.46 1.74 1.84

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 19,333 ÷ 8,244 = 2.35

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 19,333 ÷ 8,244 = 2.35

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Twenty-First Century Fox Inc. adjusted current ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Net Profit Margin

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Profitability Ratio
Net profit margin1 14.68% 10.36% 10.08% 28.65% 14.17% 25.64%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders 3,561 3,041 3,221 8,477 4,475 7,577
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Profitability Ratio
Adjusted net profit margin2 11.71% 10.67% 11.79% 29.24% 14.04% 27.38%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Net profit margin = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Revenues
= 100 × 4,464 ÷ 30,400 = 14.68%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Revenues
= 100 × 3,561 ÷ 30,400 = 11.71%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Twenty-First Century Fox Inc. adjusted net profit margin ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

Adjusted Total Asset Turnover

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Activity Ratio
Total asset turnover1 0.56 0.56 0.56 0.58 0.58 0.54
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Adjusted total assets 53,755 50,527 48,087 49,722 54,732 50,887
Activity Ratio
Adjusted total asset turnover2 0.57 0.56 0.57 0.58 0.58 0.54

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 30,400 ÷ 53,831 = 0.56

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 30,400 ÷ 53,755 = 0.57

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted total asset turnover ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Total Twenty-First Century Fox, Inc. stockholders’ equity 19,564 15,722 13,661 17,220 17,418 16,998
Solvency Ratio
Financial leverage1 2.75 3.23 3.54 2.91 3.15 3.00
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 53,755 50,527 48,087 49,722 54,732 50,887
Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity 21,380 18,307 16,271 19,193 20,086 19,221
Solvency Ratio
Adjusted financial leverage2 2.51 2.76 2.96 2.59 2.72 2.65

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Financial leverage = Total assets ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 53,831 ÷ 19,564 = 2.75

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity
= 53,755 ÷ 21,380 = 2.51

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Twenty-First Century Fox Inc. adjusted financial leverage ratio decreased from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Equity (ROE)

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Total Twenty-First Century Fox, Inc. stockholders’ equity 19,564 15,722 13,661 17,220 17,418 16,998
Profitability Ratio
ROE1 22.82% 18.78% 20.17% 48.23% 25.92% 41.75%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders 3,561 3,041 3,221 8,477 4,475 7,577
Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity 21,380 18,307 16,271 19,193 20,086 19,221
Profitability Ratio
Adjusted ROE2 16.66% 16.61% 19.80% 44.17% 22.28% 39.42%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 ROE = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 100 × 4,464 ÷ 19,564 = 22.82%

2 Adjusted ROE = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Adjusted total Twenty-First Century Fox, Inc. stockholders’ equity
= 100 × 3,561 ÷ 21,380 = 16.66%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Twenty-First Century Fox Inc. adjusted ROE deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Profitability Ratio
ROA1 8.29% 5.82% 5.70% 16.60% 8.24% 13.93%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders 3,561 3,041 3,221 8,477 4,475 7,577
Adjusted total assets 53,755 50,527 48,087 49,722 54,732 50,887
Profitability Ratio
Adjusted ROA2 6.62% 6.02% 6.70% 17.05% 8.18% 14.89%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 ROA = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total assets
= 100 × 4,464 ÷ 53,831 = 8.29%

2 Adjusted ROA = 100 × Adjusted net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Adjusted total assets
= 100 × 3,561 ÷ 53,755 = 6.62%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.