Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Profitability Ratios (Summary)
Boeing Co., 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 exhibit significant fluctuations over the observed period. Initial quarters demonstrate negative margins, followed by a period of improvement, and then a return to negative performance before a substantial positive shift in the most recent quarter. This suggests considerable volatility in the company’s operational and financial performance.
- Gross Profit Margin
- The gross profit margin began at 3.20% in March 2022, declining to a low of -1.41% in September 2022. A recovery was then observed, peaking at 10.04% in March 2024, before falling sharply to -2.99% in December 2024. The most recent measurement, December 2025, shows a return to positive territory at 4.79%.
- Operating Profit Margin
- The operating profit margin consistently remained negative for the majority of the analyzed period. It started at -6.53% and reached its lowest point at -16.10% in December 2024. A significant turnaround is evident in December 2025, with the margin reaching 4.79%, indicating improved operational efficiency or cost control.
- Net Profit Margin
- Similar to the operating margin, the net profit margin was predominantly negative. The lowest value was recorded in December 2024 at -17.77%. A substantial improvement is seen in December 2025, with the net profit margin turning positive at 2.50%, suggesting a considerable impact from factors beyond operational performance, such as financing or tax effects.
- Return on Equity (ROE)
- ROE values are absent for most of the period, with a single value of 40.98% reported for December 2025. This substantial ROE suggests a significant return generated for shareholders in that quarter, potentially driven by the improved net income and/or changes in equity.
- Return on Assets (ROA)
- ROA consistently displayed negative values until December 2025, where it reached 1.33%. Prior to this, the lowest ROA was -7.56% in December 2024. The positive ROA in the final quarter indicates improved asset utilization and profitability.
Overall, the company experienced a period of financial difficulty characterized by negative profitability margins and returns. However, the most recent quarter demonstrates a marked improvement across all measured ratios, suggesting a potential positive shift in the company’s financial trajectory. The substantial increase in ROE alongside the positive ROA and profit margins in December 2025 warrants further investigation to understand the underlying drivers of this change.
Return on Sales
Return on Investment
Gross Profit Margin
Boeing Co., 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 millions) | |||||||||||||||||||||
| Gross profit (loss) | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
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 profit (loss)Q4 2025
+ Gross profit (loss)Q3 2025
+ Gross profit (loss)Q2 2025
+ Gross profit (loss)Q1 2025)
÷ (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibited considerable fluctuation throughout the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values were relatively low, followed by periods of both improvement and significant decline, ultimately concluding with a moderate increase.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin began at 3.20% in March 2022, decreased to 2.74% in June 2022, and experienced a substantial negative swing to -1.41% by September 2022. A recovery was then observed in December 2022, with the margin rising to 5.26%. This initial period demonstrates volatility, potentially reflecting changing cost structures or revenue mixes.
- Improvement and Subsequent Decline (Mar 31, 2023 – Sep 30, 2023)
- From March 2023 through September 2023, the gross profit margin showed a consistent upward trend, increasing from 7.20% to 9.09%. This suggests improved operational efficiency or favorable pricing conditions. However, this positive momentum was interrupted in the subsequent periods.
- Significant Negative Impact (Dec 31, 2023 – Sep 30, 2024)
- A sharp decline occurred in December 2023, with the gross profit margin falling to 3.13%. This downward trend continued into the following quarters, reaching -2.99% by September 2024. This represents a significant deterioration in profitability, potentially linked to increased costs, pricing pressures, or substantial losses on specific contracts.
- Partial Recovery and Final Period (Mar 31, 2025 – Dec 31, 2025)
- The gross profit margin experienced a partial recovery in March 2025, reaching -2.09%, followed by a further decline to -0.32% in June 2025. A positive shift was then observed in September 2025, with the margin increasing to 1.10%. The period concluded with a margin of 4.79% in December 2025, indicating some stabilization, though still below the peaks observed earlier in the analyzed timeframe.
Overall, the gross profit margin demonstrated a lack of consistent positive trend. While periods of improvement were evident, they were frequently offset by substantial declines, indicating underlying challenges in maintaining profitability. The significant negative values observed in several quarters warrant further investigation to determine the root causes and potential mitigation strategies.
Operating Profit Margin
Boeing Co., 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 millions) | |||||||||||||||||||||
| Earnings (loss) from operations | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
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
× (Earnings (loss) from operationsQ4 2025
+ Earnings (loss) from operationsQ3 2025
+ Earnings (loss) from operationsQ2 2025
+ Earnings (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 significant volatility throughout the observed period, ranging from a low of -16.10% to a high of 4.79%. Initial quarters demonstrated negative margins, followed by a period of improvement, then a return to substantial losses before a strong positive margin in the final quarter.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The operating profit margin began with a negative value of -6.53% and fluctuated considerably. A brief positive value was observed in the June 30, 2022 period, but was followed by a substantial decline to -11.99% by September 30, 2022. The final quarter of 2022 showed some improvement, reaching -5.33%, but remained negative.
- 2023 Performance
- The operating profit margin remained negative throughout 2023, although the magnitude of the losses lessened in the first half of the year. The margin moved from -3.58% in March 2023 to -4.62% in June 2023, then improved to -1.86% in September 2023, before settling at -0.99% by the end of the year. This suggests a gradual, albeit slow, improvement in operational efficiency or cost management during the year.
- 2024 Decline
- 2024 witnessed a marked deterioration in the operating profit margin. Starting at -0.93% in March, the margin progressively worsened, reaching -9.08% in September and -16.10% in December. This indicates a significant increase in operational losses or a decline in revenue relative to costs.
- 2025 Reversal
- A substantial turnaround occurred in 2025. The first quarter showed a return to positive territory with a margin of -14.63%, followed by -12.27% in June. The margin continued to improve, reaching -10.24% in September, culminating in a positive operating profit margin of 4.79% by December 31, 2025. This represents a significant recovery in operational profitability.
- Relationship to Revenues
- While the operating profit margin is the primary focus, it is important to note that revenues also fluctuated. The largest revenue figures occurred in December 2022 and December 2025. However, revenue alone does not explain the margin fluctuations; the relationship between revenue and earnings from operations is critical. The significant negative margins in late 2024 occurred despite relatively stable revenue levels, suggesting substantial cost increases or operational inefficiencies.
In summary, the operating profit margin experienced a period of instability, with negative values dominating the earlier part of the period. A notable recovery was observed in the final quarter of 2025, indicating a potential shift in operational performance.
Net Profit Margin
Boeing Co., 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 millions) | |||||||||||||||||||||
| Net earnings (loss) attributable to Boeing shareholders | |||||||||||||||||||||
| Revenues | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
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 earnings (loss) attributable to Boeing shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ1 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 analyzed period, spanning from March 31, 2022, to December 31, 2025. Initially, the metric displayed negative values, indicating net losses relative to revenue, before transitioning to positive territory in the final reported quarter.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The net profit margin began at -8.00% in March 2022 and experienced volatility, reaching a low of -13.75% in September 2022. While a positive margin of -8.69% was observed in June 2022, the period generally reflected a challenging profitability landscape, concluding at -7.41% by the end of 2022.
- 2023 Performance
- Throughout 2023, the net profit margin remained negative, though with a generally decreasing magnitude. The metric started at -5.86% in March and fluctuated, reaching -6.08% in June, -3.74% in September, and -2.86% in December. This suggests a gradual improvement in profitability, albeit still resulting in net losses.
- 2024 and Early 2025
- The trend of negative, but improving, margins continued into the first half of 2024, with values of -2.81% in March and -4.68% in June. However, the metric experienced a significant decline in the latter half of 2024, reaching -10.88% in September and -17.77% in December. This downturn persisted into the first half of 2025, with margins of -16.58% in March and -14.18% in June, before a substantial shift occurred.
- Final Quarter (Sep 30, 2025 – Dec 31, 2025)
- A dramatic positive swing occurred in the final two quarters of the analyzed period. The net profit margin improved to -12.20% in September 2025 and culminated in a positive margin of 2.50% in December 2025. This represents a significant turnaround and indicates a substantial improvement in profitability during that period.
Overall, the net profit margin demonstrated a complex trajectory, characterized by initial losses, gradual improvement, a sharp decline in late 2024, and a strong recovery culminating in a positive margin by the end of 2025. The volatility suggests sensitivity to underlying revenue and cost factors.
Return on Equity (ROE)
Boeing Co., 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 millions) | |||||||||||||||||||||
| Net earnings (loss) attributable to Boeing shareholders | |||||||||||||||||||||
| Shareholders’ equity (deficit) | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
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 earnings (loss) attributable to Boeing shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ1 2025)
÷ Shareholders’ equity (deficit)
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibits significant volatility over the observed period. Initial values are unavailable for the first three quarters of 2022, but a substantial loss is reported for the year-end quarter. Subsequent quarters in 2023 continue to demonstrate negative net earnings attributable to Boeing shareholders, resulting in a consistently negative shareholders’ equity position. This negative equity impacts the ROE calculation, making direct interpretation challenging.
- ROE Trend (2022-2024)
- From the end of 2022 through the first three quarters of 2024, the company consistently reports net losses and maintains a negative shareholders’ equity balance. This results in an undefined or highly negative ROE, indicating substantial losses relative to shareholder investment. The negative equity position is a key factor influencing the ROE calculation during this period.
- ROE Trend (2025)
- A notable shift occurs in the final quarter of 2025, with the reporting of positive net earnings of US$8,220 million and a corresponding positive shareholders’ equity of US$5,454 million. This results in a substantial ROE of 40.98% for that quarter. This represents a significant improvement from the preceding periods, suggesting a turnaround in profitability and a restoration of shareholder equity.
The dramatic increase in ROE in the final quarter of 2025 warrants further investigation to determine the sustainability of this performance. The preceding period of negative ROE and equity highlights significant financial challenges, and the sudden positive result requires careful scrutiny to understand the underlying drivers and potential for continued success.
- Net Earnings and Equity Relationship
- The ROE is directly influenced by the relationship between net earnings and shareholders’ equity. The prolonged period of negative net earnings and negative equity significantly depresses the ROE. The positive correlation between the turnaround in net earnings and the restoration of positive equity is evident in the final quarter of 2025, leading to the substantial ROE increase.
Overall, the ROE demonstrates a volatile pattern, transitioning from a period of substantial losses and negative equity to a significant positive value in the final reported quarter. This shift suggests a potential inflection point in the company’s financial performance, but further analysis is needed to assess its long-term sustainability.
Return on Assets (ROA)
Boeing Co., ROA calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net earnings (loss) attributable to Boeing shareholders | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||
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 earnings (loss) attributable to Boeing shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited considerable fluctuation throughout the analyzed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ROA demonstrated negative values, indicating that the company’s assets were not generating sufficient profit. A gradual decline was observed through the first three quarters of 2022, followed by a slight improvement at the end of the year. This pattern of volatility continued into 2023 and 2024, with ROA remaining consistently negative, and generally trending downwards, reaching its lowest point in the third quarter of 2024.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ROA began at -3.60% and decreased to -6.14% before recovering slightly to -3.60% by the end of the year. This suggests initial challenges in asset utilization, followed by a modest improvement in profitability towards the close of 2022. However, net earnings were negative for most of this period, contributing to the negative ROA.
- 2023 Performance
- Throughout 2023, the ROA remained negative, ranging from -3.03% to -2.11%. While the ROA experienced some fluctuation, it did not demonstrate a clear upward trend. Net earnings remained volatile, with negative values throughout the year, impacting the ROA.
- 2024 Decline
- The year 2024 witnessed a pronounced deterioration in ROA. Starting at -1.60%, it steadily declined, culminating in a substantial -7.56% in the third quarter and -7.56% in the fourth quarter. This decline coincided with increasingly negative net earnings, indicating a significant underperformance of assets in generating profit. Total assets increased during this period, potentially exacerbating the negative ROA.
- Recent Trend (2025)
- A significant shift occurred in 2025. The ROA remained negative through the first three quarters, but experienced a dramatic increase to 1.33% by December 31, 2025. This positive ROA is directly attributable to a substantial positive net earnings figure of 8,220 US$ in millions, contrasting sharply with the preceding negative earnings. This represents a notable turnaround in asset utilization and profitability.
In summary, the ROA experienced a period of consistent negativity and decline before a substantial positive swing in the final quarter of 2025. The fluctuations in ROA closely mirrored the volatility of net earnings, highlighting the significant impact of profitability on asset utilization. The recent positive ROA suggests a potential improvement in the company’s ability to generate earnings from its assets, but further monitoring is necessary to confirm the sustainability of this trend.