Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Profitability Ratios (Summary)
Vertex Pharmaceuticals Inc., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The profitability metrics exhibited generally strong performance through the end of 2023, followed by a period of significant fluctuation. A consistent, albeit gradual, decline is observed in gross profit margin over the entire period, decreasing from 87.95% in March 2022 to 86.24% in December 2025. Operating and net profit margins initially demonstrated substantial increases before experiencing a sharp downturn in the first half of 2024, followed by recovery towards the end of the observed timeframe. Return on equity and return on assets mirrored this pattern of initial strength followed by a marked decline and subsequent partial recovery.
- Gross Profit Margin
- The gross profit margin consistently remained high, above 86%, throughout the analyzed period. However, a steady downward trend is apparent, suggesting potential pressures on cost of goods sold or pricing strategies. The rate of decline appears relatively consistent, averaging approximately 0.3-0.4 percentage points per year.
- Operating Profit Margin
- The operating profit margin showed a significant increase from March 2022 to December 2022, peaking at 48.85%. This was followed by a substantial decrease in the first half of 2024, resulting in negative values of -3.37% in March 2024 and -2.54% in June 2024. A recovery began in the latter half of 2024, reaching 34.77% by December 2025. This volatility suggests considerable fluctuations in operating expenses or revenue generation.
- Net Profit Margin
- Similar to the operating profit margin, the net profit margin experienced a period of growth followed by a dramatic decline and subsequent recovery. It peaked at 38.26% in June 2022 before falling to negative values in early 2024 (-4.74% and -4.52%). The margin recovered to 32.94% by December 2025, though it did not reach the levels observed in 2022. The negative values indicate periods where net losses were incurred.
- Return on Equity (ROE)
- ROE generally tracked the trend of the profit margins, demonstrating a decline from 26.77% in June 2022 to negative territory in early 2024 (-3.32% and -3.07%). A recovery was observed in the latter part of the period, with ROE reaching 21.18% by December 2025. This indicates a changing efficiency in generating profits from shareholder equity.
- Return on Assets (ROA)
- ROA mirrored the patterns observed in ROE and the profit margins, with a decline from 20.50% in June 2022 to negative values in early 2024 (-2.43% and -2.16%). The metric recovered to 15.42% by December 2025. This suggests a changing efficiency in utilizing assets to generate profits.
The pronounced dip in operating and net profit margins, along with the corresponding declines in ROE and ROA in the first half of 2024, warrants further investigation. The subsequent recovery suggests corrective actions were taken or external factors shifted favorably. The consistent decline in gross profit margin, despite the overall recovery, also merits attention as a potential long-term concern.
Return on Sales
Return on Investment
Gross Profit Margin
Vertex Pharmaceuticals Inc., gross profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Gross profit | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally stable, yet subtly declining, pattern over the observed period spanning from March 31, 2022, to December 31, 2025. Initial values were consistently high, but a gradual erosion in margin is apparent towards the end of the period.
- Initial Stability (Q1 2022 - Q4 2022)
- From March 31, 2022, through December 31, 2022, the gross profit margin remained remarkably consistent, fluctuating within a narrow range of 87.21% to 88.13%. This suggests a stable relationship between revenue generation and the cost of goods sold during this timeframe. Minor variations were observed, but these did not indicate a significant shift in the underlying profitability.
- Gradual Decline (Q1 2023 - Q4 2024)
- Beginning in March 2023, a subtle downward trend in the gross profit margin became discernible. The margin decreased from 88.04% to 86.11% by December 2024. While the declines in each quarter were relatively small, the cumulative effect over this period is noticeable. This suggests a potential increase in the cost of goods sold relative to revenue, or potentially pricing pressures.
- Recent Stabilization (Q1 2025 - Q4 2025)
- The rate of decline appeared to moderate in 2025. The gross profit margin fluctuated between 86.03% and 86.28% during this period, indicating a potential stabilization. The final reported value for December 31, 2025, was 86.24%, a slight increase from the low of 86.03% observed in March 2025, but still below the levels seen in 2022 and early 2023.
- Overall Trend
- The overall trend indicates a shift from a highly stable, high-margin position to a more moderate and slightly declining margin profile. The gross profit margin decreased from approximately 88% in the beginning of the period to approximately 86% at the end. Further investigation into the underlying drivers of cost of goods sold and revenue is warranted to understand the reasons for this shift.
Operating Profit Margin
Vertex Pharmaceuticals Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Income (loss) from operations | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025)
÷ (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibited considerable fluctuation throughout the observed period. Initially, the margin demonstrated a strong upward trajectory, followed by a period of decline, and then a recovery, culminating in a period of relative stability with a slight upward trend.
- Initial Growth & Peak Performance (Mar 31, 2022 – Sep 30, 2022)
- The operating profit margin began at 36.93% and increased significantly, peaking at 48.85% by June 30, 2022. This growth continued, reaching 47.72% by September 30, 2022, indicating a period of strong operational efficiency and profitability. The margin remained high at 48.23% at the end of 2022.
- Decline (Mar 31, 2023 – Dec 31, 2023)
- A noticeable decline commenced in the first quarter of 2023, with the operating profit margin falling to 43.93%. This downward trend persisted throughout the year, reaching 38.83% by December 31, 2023. This suggests increasing operational costs or decreasing revenue growth relative to costs.
- Significant Disruption & Recovery (Mar 31, 2024 – Sep 30, 2024)
- The period encompassing March 31, 2024, presented a substantial disruption, with the operating profit margin plummeting to -3.37%. This was followed by a negative margin of -2.54% in June 2024, and -2.11% in September 2024. However, a recovery began to materialize, with the margin returning to positive territory at 41.16% by December 31, 2024.
- Stabilization & Recent Trend (Mar 31, 2025 – Dec 31, 2025)
- From March 31, 2025, through December 31, 2025, the operating profit margin demonstrated a period of relative stability, fluctuating between 34.36% and 34.77%. This suggests a potential stabilization of operational performance after the earlier volatility. The margin ended the period at 34.77%.
Overall, the operating profit margin experienced significant variability. While initial growth and peak performance were observed, a subsequent decline and a period of substantial disruption were followed by a recovery and eventual stabilization. The negative margins recorded in the first half of 2024 represent a critical period requiring further investigation.
Net Profit Margin
Vertex Pharmaceuticals Inc., net profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited considerable fluctuation throughout the observed period. Initially, the metric demonstrated a positive trend, peaking in the first half of 2023, before experiencing a significant downturn. Subsequent quarters show volatility, with a partial recovery followed by another decline, and then a return to growth.
- Initial Growth (Q1 2022 – Q2 2023)
- From March 31, 2022, to June 30, 2023, the net profit margin generally increased. Starting at 30.84%, it rose to 38.26% by June 30, 2022, and remained relatively stable around the 35-38% range through the subsequent four quarters. This indicates improving profitability during this period, potentially driven by revenue growth and/or effective cost management.
- Significant Decline (Q3 2023 – Q1 2024)
- A substantial decrease in net profit margin is observed beginning in the third quarter of 2023. The margin fell to -4.74% by December 31, 2023, and further declined to -8.91% by March 31, 2024. This dramatic shift suggests a significant negative impact on profitability, potentially stemming from increased costs, decreased revenues, or extraordinary expenses. The negative values indicate a net loss during these periods.
- Partial Recovery and Subsequent Growth (Q2 2024 – Q1 2025)
- Following the decline, the net profit margin experienced a partial recovery, reaching 31.86% by June 30, 2024, and continuing to grow to 32.94% by December 31, 2025. This suggests that corrective measures or favorable market conditions may have begun to mitigate the negative factors impacting profitability. The margin has shown consistent growth in the most recent quarters.
- Overall Volatility
- The overall trend demonstrates considerable volatility in the net profit margin. While periods of growth are evident, the sharp decline and subsequent recovery highlight the sensitivity of profitability to underlying business conditions. The range between the highest (38.26%) and lowest (-8.91%) values is substantial, indicating a potentially unstable profit profile.
The fluctuations in net profit margin warrant further investigation to identify the specific drivers behind these changes. A detailed analysis of revenue streams, cost structures, and any non-recurring items is recommended to understand the underlying causes of the observed trends.
Return on Equity (ROE)
Vertex Pharmaceuticals Inc., ROE calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
ROE = 100
× (Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ Shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
Return on Equity (ROE) exhibited a generally stable pattern over the observed period, with a notable exception in the first half of 2024. Initial values demonstrated an increasing trend from March 2022 through September 2022, followed by a period of relative stability before a significant disruption. A detailed examination of the ROE reveals key observations regarding the company’s profitability relative to shareholder investment.
- Overall Trend (March 2022 – December 2023)
- From March 2022 to December 2023, ROE fluctuated between approximately 20.59% and 26.77%. This indicates a consistently strong level of profitability relative to equity. The highest ROE was observed in June 2022 at 26.77%, while the lowest within this timeframe occurred in December 2023 at 20.59%. The fluctuations suggest sensitivity to changes in net income and shareholder equity, but within a generally healthy range.
- Significant Disruption (March 2024 – June 2024)
- A substantial decline in ROE is evident in March and June 2024, reaching -3.32% and -3.07% respectively. This is directly attributable to a significant net loss reported in March 2024, coupled with a decrease in shareholder equity. This period represents a marked deviation from the previously observed trend and warrants further investigation into the underlying causes of the loss.
- Recovery and Subsequent Performance (September 2024 – December 2025)
- Following the negative ROE values in the first half of 2024, a recovery began in September 2024, with ROE returning to positive territory at -3.26%. This positive trend continued through December 2025, with ROE stabilizing around 21.18% to 21.22%. Net income increased during this period, and shareholder equity also showed growth, contributing to the improved ROE. The ROE in December 2025 (21.18%) is comparable to the levels observed in the earlier part of the analyzed period.
- Shareholder Equity Impact
- Shareholder equity generally increased throughout the period, from US$10,907,000 in March 2022 to US$18,665,800 in December 2025. However, the decrease in equity during the first half of 2024 significantly impacted ROE, exacerbating the effect of the net loss. The subsequent increase in equity contributed to the ROE recovery observed in the latter part of the period.
In conclusion, the company demonstrated a strong ROE for the majority of the analyzed period. The substantial decline in the first half of 2024 represents a critical event requiring further scrutiny, but the subsequent recovery indicates a return to a more stable and profitable performance.
Return on Assets (ROA)
Vertex Pharmaceuticals Inc., ROA calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||
| Net income (loss) | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q4 2025 Calculation
ROA = 100
× (Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited a generally stable, high performance for the majority of the observed period, followed by a significant outlier and subsequent recovery. Initial values demonstrated a positive trend, peaking in the second quarter of 2022, before stabilizing and then experiencing a substantial decline.
- Initial Performance & Trend (Q1 2022 - Q4 2022)
- The ROA began at 17.19% in March 2022 and increased to a high of 20.50% in June 2022. Subsequent quarters showed a slight decrease, but remained consistently above 18.00% through December 2022, indicating a strong ability to generate earnings from its asset base.
- Decline & Outlier (Q1 2023 - Q2 2023)
- A gradual downward trend commenced in the first quarter of 2023, with the ROA decreasing to 17.18%. This decline continued into the second quarter, reaching 16.54%. However, the third and fourth quarters of 2023 showed some stabilization, remaining near the 16.00% level. A dramatic shift occurred in the first quarter of 2024, with the ROA plummeting to -2.43%, representing a significant loss in profitability relative to assets.
- Recovery & Stabilization (Q3 2024 - Q2 2025)
- The ROA experienced a partial recovery in the subsequent quarters, moving to -2.16% in June 2024, -2.38% in September 2024, and then increasing to 15.13% in March 2025. This upward momentum continued into June 2025, reaching 14.78%, and then 15.42% by the end of the observed period. This suggests a correction of the prior negative performance and a return towards previously observed levels.
The substantial negative ROA in the first quarter of 2024 warrants further investigation to understand the underlying factors contributing to this result. The subsequent recovery indicates successful mitigation of those factors, but continued monitoring is advisable to ensure sustained profitability.