Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
Abbott Laboratories, profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Gross Profit Margin
- The gross profit margin exhibited moderate fluctuations over the observed periods, starting at 51.25% at the beginning of 2021 and reaching a peak of 53.54% in mid-2022. Subsequently, it experienced a gradual decline, dipping below 50% in early 2023 before stabilizing and then showing a slight upward trend towards the end of the timeline, ending at approximately 51.96%. Overall, the margin maintained a relatively stable level around the 50% mark, indicating consistent cost control relative to revenue.
- Operating Profit Margin
- The operating profit margin showed an initial upward trend from 17.97% in early 2021 to a high of 22.42% in mid-2022. Following this peak, the margin decreased notably, reaching its lowest point around 15.02% in the third quarter of 2023. Thereafter, it demonstrated a gradual recovery, climbing back towards 17.59% by the end of the analyzed period. This pattern suggests periods of both enhanced operational efficiency and subsequent increased operating costs or reduced revenue contributing to profitability volatility.
- Net Profit Margin
- The net profit margin mirrored the general trend observed in the operating margin but with more pronounced variation. It rose from 15.33% at the start of 2021 to about 18.78% in mid-2022. Thereafter, net margin declined sharply, falling below 14% between early 2023 and late 2023. A significant increase is observed starting in late 2024, sharply elevating the margin to around 32% through early 2025. This abrupt increase late in the period indicates an unusual or extraordinary change impacting net profitability, such as significant income, cost reductions, or one-time gains.
- Return on Equity (ROE)
- ROE followed a broadly similar pattern to the net profit margin, initially increasing from 17.06% in early 2021 to a peak of 23.44% in mid-2022 before declining to around 13.77% by late 2023. Subsequently, a marked improvement occurred starting in late 2024, with ROE approximately doubling to remain near 27% through early 2025. This suggests a substantial enhancement in shareholder returns potentially driven by improved profitability, capital efficiency, or changes in equity structure during the final periods.
- Return on Assets (ROA)
- ROA showed steady growth from 7.86% in early 2021 to 11.53% in mid-2022, followed by a decline to roughly 7.16% toward the third quarter of 2023. Beginning late 2024, ROA nearly doubled to approximately 16.6%, maintaining this elevated level into early 2025. The increase in ROA indicates improved asset utilization to generate profits in the later periods, aligning with profitability improvements indicated by other return metrics.
Return on Sales
Return on Investment
Gross Profit Margin
Abbott Laboratories, gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited a cyclical pattern with fluctuations over the analyzed quarters. Starting at 10,456 million USD in March 2021, sales peaked multiple times, notably reaching 11,468 million USD by December 2021. Following this, a decline occurred through 2022, hitting a low of 9,747 million USD in March 2023. Subsequently, net sales gradually recovered and showed a rising trend through 2024 and into 2025, culminating at 11,369 million USD in September 2025. Overall, despite some volatility, net sales demonstrate resilience and an upward trend by the end of the period.
- Gross Profit
- Gross profit mirrored the general trend seen in net sales but with more pronounced quarterly variations. Initial values started at 5,546 million USD in March 2021, rising sharply to 6,188 million USD by December 2021. Following this peak, there was a downward trend throughout 2022, with gross profit reaching a trough around 4,925 million USD in March 2023. From that point onward, gross profit exhibited a modest recovery and gradual growth, achieving 5,874 million USD by September 2025. The fluctuations indicate periods of changing cost management or pricing strategies affecting profitability alongside sales performance.
- Gross Profit Margin
- Gross profit margin percentages showed moderate variability within a relatively narrow range. Margins hovered around the low 50% range throughout the period, beginning at 51.25% in March 2021, peaking at 53.54% in June 2022, and then dipping below 50% towards the end of 2022 and early 2023. The margin stabilized above 50% from mid-2023 onwards and demonstrated a slight upward trend into 2025, reaching approximately 51.96% by September 2025. This trend suggests a period of fluctuating cost efficiency followed by gradual improvement and stabilization of profitability relative to sales.
- Summary
- The company’s financial performance over the observed quarters reflects a cyclical pattern in both net sales and gross profit, with peaks typically occurring towards year-end followed by mid-year declines. The gross profit margin remained relatively stable around the 50% mark, indicating consistent cost control relative to revenue despite sales volatility. The recovery and gradual improvement in both sales and margins since early 2023 may indicate effective strategic or operational adjustments to market conditions. Overall, the analysis points to resilience in revenue generation alongside efforts to maintain or improve cost efficiency over time.
Operating Profit Margin
Abbott Laboratories, operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating earnings | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Operating earningsQ3 2025
+ Operating earningsQ2 2025
+ Operating earningsQ1 2025
+ Operating earningsQ4 2024)
÷ (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several key trends over the analyzed periods concerning operating earnings, net sales, and operating profit margin.
- Operating earnings
- The operating earnings demonstrate considerable fluctuation throughout the quarters. Initially, there is a peak at the end of the first quarter of 2021, followed by a significant decline in the second quarter. Subsequently, earnings rise again to another peak in the third quarter of 2021, before declining notably by the end of that year. In 2022, operating earnings show a downward trend overall, with some stabilization towards the fourth quarter. The year 2023 begins with moderate growth, with earnings gradually increasing each quarter, peaking in the last quarter. However, the first quarter of 2024 shows a sharp decline, but is followed by a consistent increase through the end of 2024. The projections for 2025 suggest some variability but with an overall upward trajectory, ending with the highest quarterly earnings in the observed period.
- Net sales
- Net sales exhibit variability but with less pronounced volatility compared to operating earnings. There is an overall upward trend from the first quarter of 2021 through the first quarter of 2022, reaching a peak in the first quarter of 2022. Following this, net sales decline until the end of 2022. The year 2023 shows a gradual recovery and modest growth quarter-over-quarter. The data for 2024 reveals some fluctuations, but net sales increase overall, maintaining levels close to the peak values observed in early 2022. The projections for 2025 indicate ongoing growth in net sales, reaffirming a positive sales outlook.
- Operating profit margin
- The operating profit margin remains relatively stable throughout the periods, fluctuating within a narrow range. The margin is highest around mid-2022, reflecting improved profitability despite declining operating earnings during that time. From late 2022 through 2024, the margin experiences a gradual decline, reaching its lowest points in early 2023 and early 2024. Nevertheless, a moderate recovery is evident in the later quarters of 2024 and into 2025, with the margin gradually increasing towards the end of the projected period. This pattern suggests some operational efficiency challenges in the middle years, followed by stabilization and improvement.
Overall, the data indicates a dynamic operating environment with fluctuations in earnings and sales, balanced by a fairly consistent operating margin. The recent and projected improvements toward the end of the period analyzed point to strengthened operational performance and sales growth moving forward.
Net Profit Margin
Abbott Laboratories, net profit margin calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net earningsQ3 2025
+ Net earningsQ2 2025
+ Net earningsQ1 2025
+ Net earningsQ4 2024)
÷ (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data exhibits varying trends across key metrics including net earnings, net sales, and net profit margin over the reported periods. An examination of these metrics reveals insights into the company's financial performance and operational efficiency.
- Net Earnings
- Net earnings demonstrate a fluctuating pattern throughout the periods. Initial quarters show moderate earnings with a peak in the first quarter of 2022 at 2,447 million USD. Subsequently, earnings declined significantly in the latter half of 2022, reaching a low point in the fourth quarter of that year. The figures partially recover in 2023, exhibiting a general upward trend to nearly 1,600 million USD by the last quarter. In 2024, earnings surge dramatically in the fourth quarter, reaching an unusually high value of 9,229 million USD, indicating an exceptional event or one-time gain. Following this spike, earnings stabilize but remain elevated compared to earlier periods through 2025.
- Net Sales
- Net sales do not follow the volatile pattern observed in net earnings. Instead, they exhibit a relatively stable and modest growth trend from 10,456 million USD in the first quarter of 2021 to a peak of 11,468 million USD by the end of 2021. A gradual decline is visible throughout 2022, with sales dropping to 10,091 million USD by the last quarter of that year. However, sales recover moderately in 2023 and continue to show incremental increases into 2025, reaching 11,369 million USD in the last reported quarter. This stability suggests consistent revenue generation despite earnings fluctuations.
- Net Profit Margin
- The net profit margin follows a pattern closely aligned to net earnings but with notable differences in scale and timing. Starting around 15-17% in 2021 and early 2022, margins decline during the third and fourth quarters of 2022, reaching a low near 15.88%. Margins decrease further in the first three quarters of 2023 to approximately 12.8-13%, before improving slightly by year-end. A significant increase occurs in late 2024 and through 2025, where margins exceed 31%, more than doubling previous levels. This sharp rise coincides with the spike in net earnings, suggesting an extraordinary gain or efficiency improvement impacting profitability.
In summary, the data illustrate a company experiencing moderate and steady sales growth with considerable volatility in net earnings and profit margins. The pronounced increases in late 2024 and throughout 2025 point to extraordinary circumstances or operational changes that significantly enhanced profitability while maintaining stable revenue streams. Continuous monitoring is advisable to determine whether these improvements are sustainable or reflective of one-time events.
Return on Equity (ROE)
Abbott Laboratories, ROE calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||||
| Total Abbott shareholders’ investment | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
ROE = 100
× (Net earningsQ3 2025
+ Net earningsQ2 2025
+ Net earningsQ1 2025
+ Net earningsQ4 2024)
÷ Total Abbott shareholders’ investment
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns regarding net earnings, shareholders’ investment, and return on equity (ROE) over the observed periods.
- Net Earnings
- The net earnings show considerable fluctuation across quarters without a clear linear upward or downward trend. There are periods of significant increase, for example from March 2021 (1,793 million USD) to September 2021 (2,100 million USD), and again from December 2023 (1,594 million USD) to September 2024 (1,646 million USD). However, some quarters experience notable declines, such as from March 2022 (2,447 million USD) to December 2022 (1,033 million USD), and a sharp increase in December 2024 (9,229 million USD), which appears as an outlier compared to other quarters. This suggests episodic events or business cycles impacting profitability substantially in some periods.
- Total Abbott Shareholders’ Investment
- This metric demonstrates a consistent incremental growth trend over the examined quarters. Starting at 33,562 million USD in March 2021, shareholders’ investment rises steadily, reaching over 50,000 million USD by September 2025. This gradual increase reflects a persistent accumulation of capital, possibly from retained earnings or additional equity infusion over time. The notable jump from December 2024 to March 2025 aligns with the extraordinary net earnings in December 2024 and may indicate retained earnings contributing to growth in shareholders’ equity.
- Return on Equity (ROE)
- The ROE percentage exhibits volatility with distinct phases. Initially, from March 2021 to December 2022, ROE fluctuates between approximately 17% and 23%, reflecting moderately strong profitability relative to equity. From March 2023 to December 2024, ROE declines to a range near 13.7% to 15.7%, suggesting a period of reduced efficiency in generating earnings from equity. However, starting December 2024, there is a sharp increase to over 27%, which corresponds with the spike in net earnings and shareholders’ investment in the same period, indicating a temporary surge in profitability. Despite this peak, ROE stabilizes slightly later but remains elevated compared to earlier periods.
In conclusion, the company's financial performance over the quarters is characterized by fluctuating net earnings with occasional significant spikes, steady growth in shareholders' equity, and varied ROE reflecting changes in profitability and asset utilization. The prominent spike in net earnings and ROE in late 2024 warrants further examination to understand the underlying drivers behind this significant deviation from typical quarterly performance.
Return on Assets (ROA)
Abbott Laboratories, ROA calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
ROA = 100
× (Net earningsQ3 2025
+ Net earningsQ2 2025
+ Net earningsQ1 2025
+ Net earningsQ4 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Earnings
- The net earnings exhibited a fluctuating pattern across the observed quarters. Initially, the earnings decreased from 1793 million US dollars in the first quarter of 2021 to 1189 million by mid-2021 but then rose sharply to reach 2100 million at the third quarter of 2021. However, a declining trend followed by significant volatility was noted in 2022, with net earnings dropping to 1033 million by the end of the year. Early 2023 saw moderate recovery and subsequent increases, peaking notably at 9229 million in the final quarter of 2024 before stabilizing in the 1300 to 1800 million range by late 2025. This peak may indicate the occurrence of one-time gains or extraordinary events during that period.
- Total Assets
- Total assets maintained a relatively stable level between approximately 72,000 and 75,000 million US dollars from early 2021 through the first three quarters of 2024, with minor fluctuations. A pronounced increase occurred starting in the fourth quarter of 2024, with total assets rising sharply to exceed 84,000 million by the end of the observation period in 2025. This growth suggests significant asset acquisition or revaluation during that timeframe.
- Return on Assets (ROA)
- The return on assets showed an improving trend from the first quarter of 2021, rising from 7.86% to a peak of 11.53% in the second quarter of 2022. Subsequently, ROA declined gradually towards the end of 2022 and remained relatively stable around the 7.5% to 8% range throughout 2023 and early 2024. A marked increase was observed in late 2024 and through 2025, with ROA values approximately doubling to around 16.5%, indicating more efficient asset utilization or improved profitability conditions during this period.
- Overall Insights
- The data indicates periods of volatility in earnings with strong rebounds and peaks, particularly a significant surge in both net earnings and ROA in late 2024 and 2025. Total assets remained steady for most of the period but expanded notably towards the end, which may have contributed to the improved returns seen in the final quarters. The simultaneous increases in net earnings and ROA, coupled with the rise in total assets, point to a phase of enhanced operational performance and possibly strategic growth initiatives driving asset base expansion and profit generation.