Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Workday Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
The financial performance exhibits a clear transition from a period of operational losses to sustainable profitability, characterized by a significant improvement in margins and returns on invested capital over the analyzed period.
- Gross Profit Margin
- A consistent and stable trend is observed, with the margin remaining above 72% throughout the period. Starting from 72.61% in April 2021, the margin experienced a slight contraction through 2022 before initiating a steady upward trajectory beginning in April 2023. By April 2026, the gross profit margin reached 75.77%, indicating improved efficiency in direct cost management and pricing power.
- Operating Profit Margin
- A pivotal shift in operational efficiency occurred between 2021 and 2026. The margin remained negative for the first several years, reaching a low of -3.94% in October 2022. A crossover into positive territory was achieved in October 2023 (0.22%), followed by a consistent and accelerating increase. This trend culminated in a peak of 10.35% by April 2026, reflecting a successful transition to operational profitability.
- Net Profit Margin
- Net profitability was characterized by significant volatility before stabilizing. After several quarters of losses, including a trough of -5.90% in January 2023, an abrupt and substantial spike occurred in early 2024, with margins peaking at 19.87% in October 2024. Following this peak, the margin normalized to a range between 5.60% and 8.60% through April 2026, suggesting the early 2024 results may have been influenced by non-recurring items.
- Return on Equity (ROE) and Return on Assets (ROA)
- Both return metrics mirrored the volatility seen in the net profit margin. ROE and ROA were predominantly negative until late 2023. A sharp increase was recorded in the first half of 2024, with ROE reaching 18.79% and ROA reaching 9.87%. Subsequent quarters show a stabilized growth pattern, with ROE climbing to 12.67% and ROA increasing to 5.26% by April 2026, indicating a renewed capacity to generate returns from both the asset base and shareholder equity.
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Return on Sales
Return on Investment
Gross Profit Margin
Workday Inc., gross profit margin calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross profit | 1,938) | 1,921) | 1,841) | 1,766) | 1,703) | 1,672) | 1,630) | 1,574) | 1,501) | 1,462) | 1,420) | 1,339) | 1,267) | 1,193) | 1,163) | 1,113) | 1,032) | 986) | 968) | 915) | 842) | |||||||
| Revenues | 2,542) | 2,532) | 2,432) | 2,348) | 2,240) | 2,211) | 2,160) | 2,085) | 1,990) | 1,922) | 1,866) | 1,787) | 1,684) | 1,646) | 1,599) | 1,536) | 1,435) | 1,376) | 1,327) | 1,260) | 1,175) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 75.77% | 75.70% | 75.64% | 75.58% | 75.66% | 75.50% | 75.60% | 75.77% | 75.64% | 75.60% | 74.73% | 73.87% | 73.25% | 72.41% | 72.22% | 72.23% | 72.25% | 72.21% | 72.39% | 72.46% | 72.61% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 32.01% | 32.03% | 31.97% | 31.91% | 32.07% | 32.18% | 32.45% | 32.61% | 32.58% | 32.58% | 32.50% | 32.34% | 32.25% | 32.12% | 32.02% | 31.99% | 32.26% | 32.30% | 32.35% | |||||||
| Adobe Inc. | — | — | — | 89.40% | 89.40% | 89.27% | 89.14% | 89.25% | 89.15% | 89.04% | 88.66% | 88.24% | 88.08% | 87.87% | 87.89% | 87.77% | 87.66% | 87.70% | 87.76% | 87.87% | 88.04% | |||||||
| AppLovin Corp. | — | — | — | — | 88.37% | 87.86% | 84.56% | 82.02% | 78.70% | 75.22% | 73.89% | 71.80% | 69.90% | 67.74% | 61.91% | 58.66% | 57.47% | 55.41% | 60.39% | 62.19% | 62.81% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 86.08% | 86.36% | 85.54% | 85.57% | 85.86% | 86.05% | 87.79% | 88.51% | 89.31% | 89.36% | 89.18% | 89.41% | 89.18% | 89.57% | 89.87% | 89.74% | 89.83% | |||||||
| CrowdStrike Holdings Inc. | 75.00% | 74.67% | 74.15% | 74.03% | 74.51% | 74.92% | 75.24% | 75.37% | 75.29% | 75.27% | 74.62% | 74.04% | 73.69% | 73.17% | 73.55% | 73.74% | 73.63% | 73.60% | 73.76% | 73.88% | 73.86% | |||||||
| Datadog Inc. | — | — | — | — | 79.89% | 79.96% | 79.94% | 79.92% | 80.14% | 80.79% | 81.22% | 81.55% | 81.39% | 80.74% | 79.99% | 79.33% | 79.25% | 79.30% | 79.30% | 79.00% | 78.04% | |||||||
| International Business Machines Corp. | — | — | — | — | 58.36% | 58.19% | 57.81% | 57.57% | 57.04% | 56.65% | 56.53% | 56.09% | 55.64% | 55.45% | 55.04% | 54.64% | 54.24% | 54.00% | 53.78% | 54.01% | 54.48% | |||||||
| Intuit Inc. | — | — | 79.96% | 80.05% | 79.89% | 79.57% | 79.45% | 78.97% | 78.73% | 78.72% | 78.53% | 78.08% | 78.12% | 78.13% | 78.46% | 79.00% | 79.99% | 81.09% | 82.36% | 82.11% | 82.13% | |||||||
| Microsoft Corp. | — | — | 68.31% | 68.59% | 68.76% | 68.82% | 69.07% | 69.41% | 69.35% | 69.76% | 69.89% | 69.75% | 69.44% | 68.92% | 68.45% | 68.16% | 68.26% | 68.40% | 68.73% | 68.83% | 68.86% | |||||||
| Oracle Corp. | — | — | 67.08% | 68.54% | 69.66% | 70.51% | 71.12% | 71.27% | 71.31% | 71.41% | 71.53% | 71.88% | 72.26% | 72.85% | 74.50% | 76.10% | 77.78% | 79.08% | 79.44% | 79.96% | 80.22% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 84.07% | 82.37% | 80.81% | 80.03% | 80.01% | 80.25% | 81.10% | 81.39% | 81.16% | 80.62% | 79.92% | 79.15% | 78.75% | 78.56% | 78.59% | 78.73% | 78.16% | |||||||
| Palo Alto Networks Inc. | — | — | 71.94% | 73.50% | 73.47% | 73.41% | 73.56% | 73.86% | 74.17% | 74.35% | 74.43% | 74.05% | 73.35% | 72.29% | 70.80% | 69.77% | 69.06% | 68.76% | 69.34% | 69.63% | 69.77% | |||||||
| Salesforce Inc. | 77.64% | 77.68% | 77.73% | 77.65% | 77.34% | 77.19% | 76.94% | 76.35% | 76.00% | 75.50% | 74.99% | 74.52% | 73.78% | 73.34% | 72.69% | 72.61% | 73.10% | 73.48% | 74.02% | 74.34% | 74.32% | |||||||
| ServiceNow Inc. | — | — | — | — | 76.56% | 77.53% | 78.05% | 78.52% | 78.92% | 79.18% | 79.24% | 79.07% | 78.87% | 78.59% | 78.52% | 78.50% | 78.45% | 78.29% | 77.85% | 77.53% | 77.26% | |||||||
| Synopsys Inc. | — | — | — | 73.47% | 75.14% | 76.98% | 79.12% | 79.84% | 79.64% | 79.68% | 80.25% | 79.85% | 79.69% | 79.08% | 78.79% | 78.51% | 78.91% | 79.07% | 79.48% | 80.05% | 79.78% | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
Gross profit margin = 100
× (Gross profitQ1 2027
+ Gross profitQ4 2026
+ Gross profitQ3 2026
+ Gross profitQ2 2026)
÷ (RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026)
= 100 × (1,938 + 1,921 + 1,841 + 1,766)
÷ (2,542 + 2,532 + 2,432 + 2,348)
= 75.77%
2 Click competitor name to see calculations.
Revenue and gross profit demonstrate a consistent and uninterrupted upward trajectory over the analyzed period from April 2021 through April 2026. Revenues grew from 1,175 million USD to 2,542 million USD, while gross profit increased from 842 million USD to 1,938 million USD, indicating a scalable business model with steady top-line expansion.
- Gross Profit Margin Stability and Compression
- From April 2021 to January 2023, the gross profit margin remained relatively flat with a slight downward bias, fluctuating within a narrow range between 72.21% and 72.61%. This period indicates a phase where the cost of revenue grew almost perfectly in tandem with revenue growth.
- Margin Expansion Phase
- A distinct period of margin expansion occurred between April 2023 and July 2024. During this window, the gross profit margin rose steadily from 73.25% to a peak of 75.77%. This upward trend suggests an improvement in operational efficiency or a shift in product mix toward higher-margin offerings.
- Margin Stabilization
- From July 2024 to April 2026, the gross profit margin entered a plateau phase, stabilizing between 75.50% and 75.77%. The ability to maintain this elevated margin while continuing to grow absolute revenue indicates that the company achieved a new, sustainable level of cost efficiency.
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Operating Profit Margin
Workday Inc., operating profit margin calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income (loss) | 338) | 175) | 259) | 248) | 39) | 75) | 165) | 111) | 64) | 79) | 88) | 36) | (20) | (89) | (26) | (34) | (73) | (101) | 24) | (1) | (38) | |||||||
| Revenues | 2,542) | 2,532) | 2,432) | 2,348) | 2,240) | 2,211) | 2,160) | 2,085) | 1,990) | 1,922) | 1,866) | 1,787) | 1,684) | 1,646) | 1,599) | 1,536) | 1,435) | 1,376) | 1,327) | 1,260) | 1,175) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 10.35% | 7.55% | 6.73% | 5.88% | 4.48% | 4.91% | 5.13% | 4.34% | 3.53% | 2.52% | 0.22% | -1.47% | -2.62% | -3.57% | -3.94% | -3.24% | -2.80% | -2.27% | -1.81% | -2.71% | -3.18% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 14.49% | 14.42% | 14.35% | 14.68% | 15.38% | 15.14% | 15.04% | 14.79% | 14.20% | 13.76% | 13.60% | 13.74% | 14.42% | 14.90% | 15.27% | 15.21% | 15.20% | 15.12% | 15.19% | |||||||
| Adobe Inc. | — | — | — | 36.07% | 36.65% | 36.63% | 36.25% | 36.37% | 36.29% | 31.35% | 31.16% | 30.51% | 29.95% | 34.26% | 33.95% | 33.64% | 33.91% | 34.64% | 35.45% | 36.25% | 36.72% | |||||||
| AppLovin Corp. | — | — | — | — | 77.09% | 75.75% | 67.07% | 58.94% | 49.35% | 39.78% | 35.78% | 29.99% | 25.56% | 19.74% | 11.75% | 7.61% | 4.86% | -1.70% | 1.14% | 0.99% | 0.38% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 28.25% | 28.17% | 28.50% | 27.71% | 30.00% | 29.10% | 28.26% | 28.19% | 28.91% | 30.59% | 28.71% | 28.78% | 29.26% | 30.15% | 30.81% | 30.20% | 28.35% | |||||||
| CrowdStrike Holdings Inc. | -4.03% | -6.10% | -8.46% | -8.59% | -5.95% | -3.05% | -0.15% | 1.52% | 0.74% | -0.07% | -3.27% | -5.78% | -7.59% | -8.48% | -7.48% | -7.41% | -8.25% | -9.82% | -10.49% | -10.43% | -10.14% | |||||||
| Datadog Inc. | — | — | — | — | -0.67% | -1.29% | -1.38% | -0.61% | 1.05% | 2.02% | 2.86% | 2.01% | 0.60% | -1.57% | -4.77% | -6.48% | -5.80% | -3.50% | -1.02% | 0.79% | 0.34% | |||||||
| International Business Machines Corp. | — | — | — | — | 17.75% | 17.50% | 17.08% | 16.08% | 15.34% | 14.95% | 15.09% | 15.46% | 15.13% | 15.17% | 14.58% | 13.88% | 13.49% | 13.50% | 12.92% | 12.77% | 12.30% | |||||||
| Intuit Inc. | — | — | 27.47% | 27.08% | 26.69% | 26.14% | 24.38% | 22.24% | 21.66% | 22.29% | 24.02% | 23.00% | 22.86% | 21.86% | 21.67% | 19.48% | 18.41% | 20.20% | 23.68% | 22.49% | 24.10% | |||||||
| Microsoft Corp. | — | — | 46.80% | 46.67% | 46.27% | 45.62% | 45.23% | 44.96% | 44.49% | 44.64% | 44.70% | 44.17% | 43.01% | 41.77% | 40.85% | 40.58% | 41.69% | 42.06% | 42.56% | 42.52% | 42.14% | |||||||
| Oracle Corp. | — | — | 30.56% | 30.28% | 30.44% | 30.80% | 30.93% | 30.30% | 29.82% | 28.99% | 28.20% | 27.73% | 27.01% | 26.21% | 28.06% | 30.42% | 22.92% | 25.74% | 26.22% | 26.62% | 37.78% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 38.13% | 31.59% | 21.81% | 16.55% | 13.02% | 10.83% | 13.80% | 11.78% | 8.43% | 5.39% | 1.71% | -3.22% | -5.93% | -8.46% | -11.05% | -13.30% | -20.43% | |||||||
| Palo Alto Networks Inc. | — | — | 9.62% | 14.37% | 13.24% | 13.48% | 11.09% | 10.99% | 9.11% | 8.52% | 8.97% | 7.98% | 8.15% | 5.62% | 2.30% | 0.37% | -1.56% | -3.43% | -5.12% | -6.74% | -7.51% | |||||||
| Salesforce Inc. | 20.40% | 20.06% | 20.54% | 20.22% | 19.27% | 19.01% | 18.84% | 18.14% | 17.65% | 14.38% | 11.03% | 8.18% | 4.42% | 3.29% | 1.64% | 0.26% | 0.77% | 2.07% | 3.67% | 4.69% | 4.25% | |||||||
| ServiceNow Inc. | — | — | — | — | 13.44% | 13.74% | 13.85% | 13.28% | 12.93% | 12.42% | 12.04% | 10.78% | 10.02% | 8.49% | 7.64% | 6.32% | 5.41% | 4.90% | 3.40% | 3.30% | 3.95% | |||||||
| Synopsys Inc. | — | — | — | 7.03% | 10.82% | 12.97% | 17.16% | 20.88% | 20.67% | 22.13% | 24.22% | 23.31% | 22.80% | 21.72% | 19.11% | 18.81% | 20.70% | 22.87% | 22.93% | 23.18% | 20.72% | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
Operating profit margin = 100
× (Operating income (loss)Q1 2027
+ Operating income (loss)Q4 2026
+ Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026)
÷ (RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026)
= 100 × (338 + 175 + 259 + 248)
÷ (2,542 + 2,532 + 2,432 + 2,348)
= 10.35%
2 Click competitor name to see calculations.
A significant transition in operational profitability is observed over the analyzed period, characterized by a shift from sustained operating losses to a trajectory of expanding margins. This evolution is supported by consistent top-line revenue growth and a fundamental improvement in the company's ability to convert revenue into operating income.
- Revenue Growth Trends
- Revenues demonstrated a steady and uninterrupted upward trajectory, increasing from 1,175 million US dollars in April 2021 to 2,542 million US dollars by April 2026. This consistent expansion provided the necessary scale to facilitate the transition toward operational profitability.
- Operating Margin Inflection
- For the initial two years of the period, the operating profit margin remained negative, fluctuating between -1.47% and -3.94%. A pivotal inflection point occurred in October 2023, when the operating profit margin first shifted to a positive value of 0.22%, marking the conclusion of a prolonged period of operating losses.
- Profitability and Scale Acceleration
- Following the shift to positive territory, the operating profit margin exhibited sustained growth. While the margin fluctuated between 2.52% and 5.13% throughout 2024, a more aggressive expansion occurred between January 2025 and April 2026. During this final phase, the margin climbed from 4.91% to a peak of 10.35%, indicating strong operating leverage as revenue growth significantly outpaced the growth of operating expenses.
- Operating Income Volatility and Stabilization
- Operating income transitioned from highly volatile losses, reaching a low of -101 million US dollars in January 2022, to consistent gains. By the final quarter of the analysis, operating income reached 338 million US dollars, representing a complete reversal of the earlier loss-making trend.
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Net Profit Margin
Workday Inc., net profit margin calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) | 222) | 145) | 252) | 228) | 68) | 94) | 193) | 132) | 107) | 1,188) | 114) | 79) | —) | (126) | (75) | (64) | (102) | (73) | 43) | 106) | (47) | |||||||
| Revenues | 2,542) | 2,532) | 2,432) | 2,348) | 2,240) | 2,211) | 2,160) | 2,085) | 1,990) | 1,922) | 1,866) | 1,787) | 1,684) | 1,646) | 1,599) | 1,536) | 1,435) | 1,376) | 1,327) | 1,260) | 1,175) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 8.60% | 7.26% | 6.95% | 6.51% | 5.60% | 6.23% | 19.87% | 19.60% | 19.67% | 19.02% | 0.96% | -1.81% | -4.09% | -5.90% | -5.29% | -3.46% | -0.49% | 0.57% | 0.63% | -0.79% | -3.81% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 10.66% | 10.61% | 10.76% | 11.02% | 11.61% | 11.43% | 11.41% | 11.19% | 10.78% | 10.89% | 10.65% | 10.72% | 11.27% | 10.99% | 11.30% | 11.17% | 11.12% | 11.27% | 11.53% | |||||||
| Adobe Inc. | — | — | — | 28.69% | 29.48% | 30.00% | 30.01% | 30.39% | 30.63% | 25.85% | 25.59% | 24.86% | 24.08% | 27.97% | 27.12% | 26.34% | 26.32% | 27.01% | 28.00% | 29.29% | 29.90% | |||||||
| AppLovin Corp. | — | — | — | — | 64.29% | 60.83% | 54.48% | 48.70% | 39.92% | 33.55% | 26.87% | 20.91% | 16.48% | 10.87% | 3.46% | 0.70% | -2.82% | -6.84% | -2.82% | -3.61% | -2.46% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 21.18% | 20.94% | 20.35% | 19.88% | 22.19% | 22.74% | 23.87% | 25.36% | 25.68% | 25.46% | 24.42% | 23.41% | 23.23% | 23.84% | 22.86% | 23.61% | 23.59% | |||||||
| CrowdStrike Holdings Inc. | -0.60% | -3.38% | -6.75% | -6.70% | -4.02% | -0.49% | 3.39% | 4.84% | 4.01% | 2.92% | -0.42% | -3.54% | -6.18% | -8.18% | -8.73% | -9.45% | -11.08% | -16.18% | -16.48% | -16.34% | -15.86% | |||||||
| Datadog Inc. | — | — | — | — | 3.69% | 3.14% | 3.32% | 4.13% | 5.85% | 6.85% | 7.58% | 6.81% | 5.11% | 2.28% | -1.72% | -4.38% | -4.68% | -2.99% | -0.91% | 0.48% | 0.17% | |||||||
| International Business Machines Corp. | — | — | — | — | 15.61% | 15.69% | 12.09% | 9.11% | 8.71% | 9.60% | 10.22% | 13.52% | 13.18% | 12.13% | 11.32% | 3.34% | 3.03% | 2.71% | 2.08% | 9.36% | 9.46% | |||||||
| Intuit Inc. | — | — | 21.91% | 21.57% | 21.19% | 20.55% | 19.07% | 17.69% | 17.59% | 18.19% | 19.43% | 18.35% | 17.53% | 16.59% | 15.91% | 14.22% | 14.10% | 16.23% | 19.44% | 19.03% | 20.28% | |||||||
| Microsoft Corp. | — | — | 39.34% | 39.04% | 35.71% | 36.15% | 35.79% | 35.43% | 35.61% | 35.96% | 36.43% | 36.27% | 35.31% | 34.15% | 33.25% | 33.05% | 34.37% | 36.69% | 37.63% | 38.50% | 38.51% | |||||||
| Oracle Corp. | — | — | 25.30% | 25.28% | 21.08% | 21.68% | 21.80% | 21.16% | 20.40% | 19.76% | 20.27% | 19.63% | 18.40% | 17.02% | 17.46% | 19.09% | 13.15% | 15.83% | 18.08% | 24.79% | 34.16% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 43.67% | 36.31% | 28.11% | 22.18% | 18.32% | 16.13% | 18.01% | 16.32% | 12.79% | 9.43% | 6.93% | -2.35% | -12.87% | -19.61% | -30.64% | -30.90% | -30.25% | |||||||
| Palo Alto Networks Inc. | — | — | 7.95% | 12.96% | 11.69% | 12.30% | 13.95% | 14.64% | 32.99% | 32.11% | 31.41% | 30.24% | 8.52% | 6.38% | 3.32% | 0.56% | -2.46% | -4.85% | -7.54% | -9.50% | -11.20% | |||||||
| Salesforce Inc. | 18.73% | 17.96% | 17.91% | 16.87% | 16.08% | 16.35% | 15.96% | 15.44% | 15.30% | 11.87% | 7.63% | 4.77% | 1.18% | 0.66% | 0.92% | 1.83% | 3.59% | 5.45% | 6.96% | 9.99% | 19.87% | |||||||
| ServiceNow Inc. | — | — | — | — | 12.59% | 13.16% | 13.67% | 13.78% | 13.41% | 12.97% | 12.77% | 11.51% | 20.34% | 19.30% | 18.72% | 17.76% | 5.25% | 4.49% | 2.90% | 2.79% | 3.56% | |||||||
| Synopsys Inc. | — | — | — | 8.91% | 13.76% | 18.89% | 31.04% | 34.77% | 34.75% | 36.94% | 24.60% | 23.57% | 23.49% | 21.05% | 18.71% | 17.41% | 18.22% | 19.38% | 20.86% | 21.19% | 20.18% | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
Net profit margin = 100
× (Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026)
÷ (RevenuesQ1 2027
+ RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026)
= 100 × (222 + 145 + 252 + 228)
÷ (2,542 + 2,532 + 2,432 + 2,348)
= 8.60%
2 Click competitor name to see calculations.
The financial trajectory exhibits a consistent expansion in top-line revenue, paired with a transition from periodic net losses to sustained profitability. While revenue grew steadily from 1,175 million USD in April 2021 to 2,542 million USD by April 2026, the net profit margin experienced significant volatility before stabilizing in a positive range.
- Revenue Growth Patterns
- A continuous upward trend in revenues is observed throughout the analyzed period. The growth is characterized by steady quarterly increments, reflecting a scalable business model that more than doubled its quarterly revenue over the five-year span.
- Early Profitability Volatility (2021-2023)
- During the initial phase, net profit margins fluctuated between marginal gains and losses. A downward trend peaked in January 2023, where the net profit margin reached its lowest point of -5.90%. This period was marked by inconsistent net income, with losses frequently offsetting revenue gains.
- Anomalous Profitability Spike (2024)
- A significant divergence in profitability occurred between January 2024 and October 2024. Net profit margins surged to a range between 19.02% and 19.87%, driven by a substantial spike in net income, most notably the 1,188 million USD reported in January 2024. This outlier suggests the impact of a one-time non-operational gain or a significant accounting adjustment rather than an organic shift in operating efficiency.
- Normalization and Margin Stabilization (2025-2026)
- Following the 2024 spike, margins normalized to a sustainable positive range starting in January 2025. Since then, a gradual and steady improvement in the net profit margin is evident, rising from 6.23% in January 2025 to 8.60% by April 2026. This indicates a successful shift toward operational profitability and improved cost management relative to revenue growth.
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Return on Equity (ROE)
Workday Inc., ROE calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) | 222) | 145) | 252) | 228) | 68) | 94) | 193) | 132) | 107) | 1,188) | 114) | 79) | —) | (126) | (75) | (64) | (102) | (73) | 43) | 106) | (47) | |||||||
| Stockholders’ equity | 6,683) | 7,805) | 8,879) | 9,172) | 8,919) | 9,034) | 8,624) | 8,345) | 8,163) | 8,082) | 6,625) | 6,275) | 5,942) | 5,586) | 5,409) | 5,128) | 4,781) | 4,535) | 4,216) | 3,868) | 3,405) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 12.67% | 8.88% | 7.23% | 6.36% | 5.46% | 5.82% | 18.79% | 18.47% | 18.23% | 17.09% | 1.01% | -1.94% | -4.45% | -6.57% | -5.81% | -3.83% | -0.55% | 0.65% | 0.73% | -0.95% | -5.01% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 24.43% | 24.51% | 24.66% | 24.61% | 26.01% | 26.27% | 25.93% | 25.68% | 25.06% | 25.92% | 25.79% | 26.75% | 28.28% | 29.20% | 30.69% | 31.11% | 30.99% | 31.09% | 30.45% | |||||||
| Adobe Inc. | — | — | — | 62.76% | 63.05% | 61.34% | 59.11% | 60.00% | 51.55% | 39.42% | 36.85% | 34.22% | 31.05% | 32.86% | 32.46% | 32.71% | 33.35% | 33.85% | 33.49% | 34.96% | 35.04% | |||||||
| AppLovin Corp. | — | — | — | — | 167.67% | 156.17% | 192.05% | 208.17% | 333.67% | 144.96% | 122.87% | 101.50% | 78.59% | 28.39% | 9.58% | 1.32% | -4.32% | -10.13% | -4.35% | -5.53% | -3.44% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 17.85% | 20.26% | 20.41% | 20.21% | 22.64% | 22.58% | 22.77% | 24.77% | 29.35% | 30.58% | 30.75% | 30.59% | 29.09% | 30.93% | 28.99% | 29.53% | 26.96% | |||||||
| CrowdStrike Holdings Inc. | -0.66% | -3.67% | -7.67% | -7.75% | -4.82% | -0.59% | 4.14% | 5.97% | 5.19% | 3.88% | -0.58% | -5.09% | -9.42% | -12.52% | -13.52% | -14.14% | -16.44% | -22.89% | -22.34% | -20.56% | -18.66% | |||||||
| Datadog Inc. | — | — | — | — | 3.40% | 2.89% | 3.10% | 3.90% | 5.68% | 6.77% | 7.31% | 6.77% | 5.23% | 2.40% | -1.91% | -5.04% | -5.55% | -3.56% | -1.08% | 0.54% | 0.18% | |||||||
| International Business Machines Corp. | — | — | — | — | 32.61% | 32.45% | 28.34% | 21.20% | 20.36% | 22.06% | 26.17% | 35.09% | 35.17% | 33.29% | 30.00% | 9.12% | 8.48% | 7.47% | 6.29% | 28.79% | 28.98% | |||||||
| Intuit Inc. | — | — | 22.22% | 22.78% | 21.31% | 19.63% | 17.23% | 16.92% | 16.10% | 16.07% | 16.38% | 16.38% | 15.21% | 13.81% | 12.73% | 12.28% | 11.69% | 12.57% | 14.75% | 13.93% | 21.49% | |||||||
| Microsoft Corp. | — | — | 30.22% | 30.51% | 28.90% | 29.65% | 30.02% | 30.64% | 31.46% | 32.83% | 34.04% | 34.64% | 34.93% | 35.09% | 35.45% | 36.83% | 40.21% | 43.68% | 44.47% | 44.49% | 44.67% | |||||||
| Oracle Corp. | — | — | 42.11% | 51.50% | 51.51% | 60.84% | 72.68% | 84.56% | 101.48% | 120.26% | 189.26% | 262.21% | 395.57% | 792.45% | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | 27.00% | 22.00% | 16.62% | 12.87% | 10.52% | 9.24% | 10.59% | 9.99% | 7.91% | 6.04% | 4.62% | -1.63% | -9.38% | -14.57% | -23.50% | -22.95% | -21.07% | |||||||
| Palo Alto Networks Inc. | — | — | 3.05% | 13.65% | 12.89% | 14.49% | 17.12% | 19.68% | 46.25% | 49.86% | 54.78% | 52.25% | 28.28% | 25.15% | 17.47% | 4.71% | -28.23% | -127.14% | -115.40% | -391.77% | -98.34% | |||||||
| Salesforce Inc. | 23.44% | 12.61% | 12.03% | 10.86% | 10.23% | 10.13% | 10.14% | 9.77% | 9.17% | 6.93% | 4.46% | 2.72% | 0.66% | 0.36% | 0.47% | 0.89% | 1.70% | 2.48% | 3.05% | 4.24% | 10.44% | |||||||
| ServiceNow Inc. | — | — | — | — | 14.98% | 13.48% | 15.32% | 15.19% | 15.17% | 14.83% | 14.38% | 13.22% | 23.78% | 22.69% | 22.08% | 20.56% | 7.14% | 6.46% | 4.44% | 4.39% | 5.58% | |||||||
| Synopsys Inc. | — | — | — | 2.54% | 3.61% | 4.70% | 7.23% | 21.82% | 22.68% | 25.17% | 19.44% | 19.94% | 21.10% | 20.01% | 17.36% | 15.79% | 16.72% | 17.85% | 18.42% | 18.13% | 16.87% | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
ROE = 100
× (Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026)
÷ Stockholders’ equity
= 100 × (222 + 145 + 252 + 228)
÷ 6,683 = 12.67%
2 Click competitor name to see calculations.
The analysis of profitability ratios reveals a significant transition in financial performance, shifting from a period of inconsistent returns and net losses to a phase of sustained profitability and fluctuating equity returns.
- Profitability Transition and Early Volatility
- Between April 2021 and October 2023, return on equity (ROE) remained predominantly negative or near zero. This period was characterized by volatile net income, with frequent losses that suppressed returns. Despite these challenges, stockholders' equity grew consistently from 3,405 million US$ to 6,625 million US$, suggesting a build-up of capital that did not immediately translate into positive returns for shareholders.
- Peak Performance Period
- A sharp inflection point occurred in January 2024, where ROE surged to 17.09%, coinciding with a substantial spike in net income to 1,188 million US$. This upward momentum continued through October 2024, with ROE peaking at 18.79%. During this window, the company demonstrated a heightened capacity to generate profit relative to its equity base, marking a distinct departure from the previous three years of performance.
- Equity Contraction and ROE Dynamics
- From January 2025 through April 2026, a shift in the relationship between net income and equity is observed. While net income remained positive and relatively stable, stockholders' equity reached a peak of 9,172 million US$ in July 2025 before declining sharply to 6,683 million US$ by April 2026. This reduction in the equity denominator contributed to a rising ROE trend in the final quarters, moving from 8.88% in January 2026 to 12.67% in April 2026, despite net income not returning to the levels seen in early 2024.
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Return on Assets (ROA)
Workday Inc., ROA calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income (loss) | 222) | 145) | 252) | 228) | 68) | 94) | 193) | 132) | 107) | 1,188) | 114) | 79) | —) | (126) | (75) | (64) | (102) | (73) | 43) | 106) | (47) | |||||||
| Total assets | 16,091) | 18,074) | 17,751) | 17,961) | 17,212) | 17,977) | 16,424) | 16,234) | 15,941) | 16,452) | 13,926) | 13,735) | 13,253) | 13,486) | 12,390) | 13,250) | 12,799) | 10,499) | 9,441) | 9,114) | 8,624) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 5.26% | 3.83% | 3.62% | 3.25% | 2.83% | 2.93% | 9.87% | 9.49% | 9.33% | 8.39% | 0.48% | -0.89% | -2.00% | -2.72% | -2.54% | -1.48% | -0.21% | 0.28% | 0.33% | -0.40% | -1.98% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 11.32% | 11.40% | 11.76% | 11.74% | 12.55% | 12.83% | 12.64% | 12.99% | 12.84% | 13.70% | 13.35% | 13.41% | 14.29% | 14.54% | 14.97% | 14.55% | 14.38% | 14.42% | 14.19% | |||||||
| Adobe Inc. | — | — | — | 24.15% | 24.27% | 24.17% | 24.19% | 24.44% | 22.54% | 18.39% | 17.97% | 16.93% | 16.70% | 18.23% | 17.60% | 17.44% | 17.76% | 17.51% | 18.00% | 18.57% | 18.58% | |||||||
| AppLovin Corp. | — | — | — | — | 51.42% | 45.92% | 44.63% | 40.77% | 33.64% | 26.92% | 21.18% | 15.69% | 11.35% | 6.66% | 2.10% | 0.37% | -1.39% | -3.30% | -1.41% | -1.78% | -1.12% | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 9.68% | 10.92% | 11.05% | 10.64% | 12.00% | 11.76% | 11.34% | 14.61% | 18.30% | 18.36% | 17.63% | 17.26% | 16.54% | 16.53% | 15.80% | 17.77% | 16.93% | |||||||
| CrowdStrike Holdings Inc. | -0.27% | -1.47% | -3.09% | -3.13% | -1.91% | -0.22% | 1.63% | 2.36% | 1.92% | 1.34% | -0.20% | -1.69% | -2.94% | -3.65% | -3.98% | -4.17% | -4.73% | -6.49% | -6.42% | -5.93% | -5.50% | |||||||
| Datadog Inc. | — | — | — | — | 1.95% | 1.62% | 1.76% | 2.14% | 2.76% | 3.18% | 4.15% | 3.70% | 2.78% | 1.23% | -0.97% | -2.51% | -2.67% | -1.67% | -0.50% | 0.25% | 0.08% | |||||||
| International Business Machines Corp. | — | — | — | — | 6.88% | 6.97% | 5.40% | 3.93% | 3.76% | 4.39% | 4.76% | 6.30% | 5.96% | 5.55% | 5.35% | 1.53% | 1.37% | 1.29% | 1.00% | 4.38% | 4.14% | |||||||
| Intuit Inc. | — | — | 11.66% | 12.66% | 12.41% | 10.47% | 9.48% | 9.59% | 8.79% | 9.22% | 9.73% | 9.33% | 9.07% | 8.58% | 7.74% | 7.15% | 6.93% | 7.45% | 8.77% | 8.26% | 14.07% | |||||||
| Microsoft Corp. | — | — | 18.04% | 17.93% | 16.49% | 16.45% | 17.18% | 17.37% | 17.31% | 17.21% | 17.80% | 17.54% | 17.29% | 17.56% | 18.16% | 18.50% | 19.40% | 19.94% | 21.03% | 20.91% | 20.24% | |||||||
| Oracle Corp. | — | — | 6.61% | 7.52% | 6.89% | 7.39% | 7.53% | 7.83% | 7.61% | 7.42% | 7.76% | 7.55% | 6.86% | 6.33% | 6.36% | 6.85% | 4.46% | 6.15% | 6.96% | 9.60% | 11.35% | |||||||
| Palantir Technologies Inc. | — | — | — | — | 22.37% | 18.26% | 13.50% | 10.36% | 8.47% | 7.29% | 8.26% | 7.79% | 6.21% | 4.64% | 3.51% | -1.21% | -6.94% | -10.80% | -16.90% | -16.42% | -15.01% | |||||||
| Palo Alto Networks Inc. | — | — | 1.82% | 5.13% | 4.75% | 4.81% | 5.63% | 5.99% | 13.42% | 12.89% | 13.65% | 12.45% | 4.15% | 3.03% | 1.52% | 0.26% | -1.14% | -2.18% | -3.51% | -4.44% | -4.89% | |||||||
| Salesforce Inc. | 7.52% | 6.64% | 7.59% | 6.83% | 6.29% | 6.02% | 6.49% | 6.11% | 5.69% | 4.14% | 2.85% | 1.71% | 0.41% | 0.21% | 0.30% | 0.57% | 1.08% | 1.52% | 1.99% | 2.65% | 6.85% | |||||||
| ServiceNow Inc. | — | — | — | — | 7.21% | 6.71% | 7.94% | 7.53% | 7.33% | 6.99% | 7.25% | 6.29% | 10.99% | 9.96% | 10.51% | 9.54% | 2.94% | 2.44% | 1.81% | 1.66% | 2.03% | |||||||
| Synopsys Inc. | — | — | — | 1.65% | 2.33% | 2.76% | 4.14% | 9.11% | 16.18% | 17.31% | 12.86% | 12.96% | 13.33% | 11.90% | 10.42% | 9.40% | 9.85% | 10.45% | 11.07% | 10.95% | 10.21% | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
ROA = 100
× (Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026)
÷ Total assets
= 100 × (222 + 145 + 252 + 228)
÷ 16,091 = 5.26%
2 Click competitor name to see calculations.
The financial performance exhibits a distinct transition from a period characterized by net losses and negative asset returns to a phase of consistent profitability. Between April 2021 and October 2023, the Return on Assets (ROA) remained largely negative or near zero, reflecting a period where net income was insufficient to generate a positive return on the expanding asset base.
- Asset Base Expansion
- A consistent upward trend in total assets is observed, growing from 8,624 million in April 2021 to a peak of 18,074 million in January 2026. This expansion indicates a significant increase in the company's resource base over the five-year period, despite a slight contraction to 16,091 million in the final quarter of the analysis.
- Net Income Volatility and Pivot
- Net income demonstrated significant volatility in the early stages, reaching a low of -126 million in January 2023. A structural pivot occurred in January 2024, marked by a substantial increase in net income to 1,188 million. Following this outlier event, the company maintained positive net income, with values ranging between 68 million and 252 million through April 2026.
- Return on Assets (ROA) Dynamics
- ROA mirrored the volatility of net income, dipping to -2.72% in January 2023 before surging to a peak of 9.87% in October 2024. In the subsequent periods, the ratio stabilized within a positive range, fluctuating between 2.83% and 5.26%. This shift indicates an improvement in the efficiency with which assets are utilized to generate earnings.
Overall, the trend reveals a successful move toward operational profitability. The transition from negative to positive ROA, coupled with a growing asset base, suggests a strengthening of the company's financial position and an enhanced ability to convert investments into net income.
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