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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Profitability Ratios (Summary)
Builders FirstSource Inc., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The financial performance over the observed quarterly periods exhibits several notable trends across key profitability and efficiency metrics.
- Gross Profit Margin
- The gross profit margin demonstrates a consistent upward trend from the beginning to the end of the period. Starting at approximately 25.52%, it experiences steady growth, reaching close to 34.86% in the most recent quarter. This indicates improved efficiency in managing production costs relative to revenues over time.
- Operating Profit Margin
- The operating profit margin also shows a significant increase throughout the periods. Initially around 5.08%, it rises considerably to a peak exceeding 16% during the 2022 period. Although there is a slight decrease in the most recent quarters, the margin remains substantially higher than at the start, reflecting enhanced operational profitability and better control over operating expenses.
- Net Profit Margin
- Net profit margin trends upward from a low of about 2.84% to a high surpassing 12% in late 2022. Despite a small decline in the recent quarters, the margin sustains an improved level compared to earlier periods, signifying overall gains in bottom-line performance possibly due to increased operational efficiency and cost management.
- Return on Equity (ROE)
- Return on equity reveals considerable volatility but generally an improving trajectory after an initial decline. From approximately 34.42% at the start, it decreases to around 21% mid-period, followed by a sharp rise reaching over 55% in late 2022. This is indicative of enhanced effectiveness in generating shareholder value, although some reduction appears in the last quarters, suggesting possible fluctuations in equity returns.
- Return on Assets (ROA)
- Return on assets follows a similar pattern to ROE with moderate stability initially, dropping slightly to just above 5%, then escalating to a high near 26% in late 2022 before a decrease in the final quarters. This pattern indicates improved asset utilization efficiency, contributing positively to the company’s ability to generate earnings from its asset base during the observed period.
Overall, the data reflects meaningful improvements in profitability and efficiency metrics over the given timeframes, particularly pronounced from 2020 through 2022. The slight reductions seen toward the latest quarters may warrant further attention to sustain or further enhance financial performance.
Return on Sales
Return on Investment
Gross Profit Margin
Builders FirstSource Inc., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Gross margin | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Gross profit margin = 100
× (Gross marginQ3 2023
+ Gross marginQ2 2023
+ Gross marginQ1 2023
+ Gross marginQ4 2022)
÷ (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales showed an overall increasing trend from March 2019 to June 2022, with a significant acceleration starting in the first quarter of 2021. During early 2019 to 2020, sales grew moderately with periodic fluctuations, then surged markedly in 2021 reaching a peak in mid-2022. After June 2022, net sales declined substantially through March 2023, ending well below the highs seen in mid-2022.
- Gross Margin Behavior
- Gross margin in absolute terms generally tracked the net sales trend, showing growth from 2019 through mid-2022, with a pronounced increase beginning in early 2021. The peak gross margin occurred in June 2022. Following this peak, gross margin fell significantly through the end of the data period in September 2023, mirroring the decline in net sales.
- Gross Profit Margin Percentage
- The gross profit margin percentage demonstrated a gradual improvement over the entire period. It started around 25.5% in early 2019, maintained modest fluctuations through 2020, and then steadily increased from 2021 onwards, reaching approximately 34.9% by the third quarter of 2023. This indicates improved profitability on sales despite volatility in absolute gross margin and net sales figures.
- Overall Financial Insights
- The data suggests that the company experienced strong revenue growth from 2019 through the first half of 2022, accompanied by rising gross margins in both absolute and percentage terms. The subsequent decline in net sales and gross margin post-June 2022 may indicate changing market conditions or operational challenges. Notwithstanding the downturn in sales and gross margin amounts, the continuous improvement in gross profit margin percentage highlights enhanced efficiency or pricing power, contributing to better profitability relative to sales. Continuous monitoring is recommended to assess if the recent contraction stabilizes or reverses.
Operating Profit Margin
Builders FirstSource Inc., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Income from operations | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Operating profit margin = 100
× (Income from operationsQ3 2023
+ Income from operationsQ2 2023
+ Income from operationsQ1 2023
+ Income from operationsQ4 2022)
÷ (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Income from Operations
- The income from operations exhibited notable fluctuations across the periods under review. Initially, values showed moderate figures ranging from approximately $61 million to $214 million in 2020. A significant jump occurred in 2021, with income from operations peaking at around $837 million in the third quarter, followed by a decline towards the year-end and into early 2022. The trend in 2022 demonstrated an increase again, reaching a high of about $1.37 billion in the second quarter before a sharp decline ensued through 2023, stabilizing near the mid-$500 million range by the third quarter.
- Net Sales
- Net sales experienced a general upward trend from 2019 through the first half of 2021, increasing from approximately $1.63 billion to over $5.7 billion. Sales peaked in the second quarter of 2022 at nearly $6.93 billion, followed by a downward trend in the subsequent quarters. In 2023, net sales stabilized in the range of $3.9 billion to $4.5 billion, indicating some contraction after the peak period but maintaining relatively high levels compared to the initial years.
- Operating Profit Margin
- The operating profit margin showed a consistent improvement over the timeframe, starting around 5% in 2019 and increasing steadily year over year. Notably, margins improved significantly through 2021 and 2022, reaching a peak of 16.81% in the final quarter of 2022. This peak was followed by a slight decline throughout 2023, with margins moving down to approximately 12.78% by the third quarter. Despite this reduction, the operating profit margin remains substantially higher than levels observed in the earlier years.
- Overall Insights
- The data shows strong growth trends in both net sales and operating profit margin through most of the period, highlighting improved operational efficiency and sales performance. However, both income from operations and net sales experienced volatility, particularly in the latter part of the period, with significant peaks and corrections. The operating profit margin's resilience suggests that despite fluctuations in sales volumes and income, profitability management remained effective. The declines in 2023 may reflect market adjustments or external economic factors impacting both sales and operational income.
Net Profit Margin
Builders FirstSource Inc., net profit margin calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
Net profit margin = 100
× (Net incomeQ3 2023
+ Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022)
÷ (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data exhibits several notable trends in net income, net sales, and net profit margin over the examined periods.
- Net Income
- Net income demonstrates considerable volatility with an overall upward trajectory from early 2019 to mid-2022, peaking significantly in Q2 2021 and Q2 2022. The values increased from 35,708 thousand USD in Q1 2019 to a peak of 987,209 thousand USD in Q2 2022. Following this peak, net income declined noticeably throughout late 2022 and into 2023, stabilizing at lower levels compared to the peak but remaining higher than the initial periods.
- Net Sales
- Net sales display a strong growth pattern, especially starting in 2021, with a dramatic increase more than doubling from approximately 2.5 billion USD in late 2020 to over 5.5 billion USD by mid-2021. Following this surge, net sales peaked in mid-2022 close to 6.9 billion USD, then contracted through the end of 2023, settling around 4.5 billion USD. This pattern indicates a period of rapid expansion followed by a consolidation phase.
- Net Profit Margin
- The net profit margin shows a general positive trend over the period, rising steadily from approximately 2.8% in early 2019 to a high point exceeding 12% in late 2022. This improvement in profitability reached a peak in Q3 2022, then slightly declined but remained robust above 9% through 2023. The upward trend in margin suggests enhanced operational efficiency or favorable pricing conditions during the expansion phase with some moderation as revenue growth slowed.
In summary, the data reflects a period of strong growth in sales and profitability culminating in mid-2022, followed by a corrective phase marked by declines in both net income and sales. Despite the late-period decreases, profit margins remain relatively high, indicating sustained profitability even amid reduced sales volumes.
Return on Equity (ROE)
Builders FirstSource Inc., ROE calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
ROE = 100
× (Net incomeQ3 2023
+ Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022)
÷ Stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals distinct trends in the company's profitability and equity structure over the observed periods. Net income displays notable fluctuations and a significant upward trajectory starting from early 2020, peaking multiple times particularly in mid to late 2021 and early 2022. After reaching these highs, net income experiences a decline but remains elevated relative to the earlier years analyzed. This indicates phases of strong earnings growth punctuated by periods of contraction.
Stockholders' equity exhibits a consistent upward movement through the earlier periods, with a marked increase beginning in March 2021. This rise is significant, more than quadrupling the equity base compared to prior years and suggesting robust capital accumulation or issuance activities. However, from late 2021 onward, equity levels demonstrate a gradual decline, reflecting potential capital reductions, losses, or dividend distributions impacting shareholder equity.
Return on equity (ROE) shows an overall decreasing trend from 2019 through 2020, starting in the mid-30 percent range and declining to the low twenties. This decline aligns with moderate growth in net income relative to stockholders’ equity during that timeframe. A reversal occurs beginning in 2021, where ROE increases substantially, peaking above 55 percent by late 2022. This surge signifies periods of very efficient use of equity to generate earnings, correlating with the peaks in net income. However, the final periods reveal a reduction in ROE, although it remains considerably higher than the initial years, indicating sustained profitability albeit at a somewhat lower efficiency level.
In summary, the company experienced strong earnings growth beginning in 2020, accompanied by a substantial increase in shareholder equity around early 2021. The efficiency of equity utilization as measured by ROE declined initially but improved dramatically in the subsequent years, suggesting operational enhancements or favorable market conditions. Despite some recent declines in net income, equity, and ROE, the overall financial profile remains significantly strengthened compared to the baseline period.
- Net Income
- Marked growth from early 2020 with peaks in mid-2021 and early 2022; subsequent decline yet maintaining higher levels than pre-2020.
- Stockholders’ Equity
- Moderate growth through 2019 and 2020 followed by a sharp increase from early 2021; gradual decline starting late 2021 onward.
- Return on Equity (ROE)
- Declining trend through 2019-2020, substantial rise peaking in late 2022, then tapering off but remaining elevated relative to earlier years.
Return on Assets (ROA)
Builders FirstSource Inc., ROA calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2023 Calculation
ROA = 100
× (Net incomeQ3 2023
+ Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- Net income displayed notable volatility with an overall upward trend from March 2019 to September 2023. Starting at approximately 35.7 million USD in the first quarter of 2019, it saw a sharp increase, peaking at 139.9 million USD in the fourth quarter of 2020. The period between 2021 and 2022 recorded substantial growth, reaching a high of 987.2 million USD in the second quarter of 2022. Following this peak, net income exhibited a downward trend, declining to around 333.8 million USD by the third quarter of 2023, though it began recovering again slightly in the final quarter.
- Total Assets
- Total assets consistently increased from nearly 3.2 billion USD in early 2019 to over 4.1 billion USD by the end of 2020. A significant leap occurred in 2021, where assets nearly doubled, reaching approximately 10.8 billion USD and maintaining that elevated level through 2022. However, in late 2022 and 2023, total assets showed a moderate decline, stabilizing around 10.7 billion USD, indicating possible asset optimization or divestitures during this period.
- Return on Assets (ROA)
- The ROA metric fluctuated with a general upward trajectory over the observed period. Beginning around 6.8% in early 2019, it slightly decreased in 2020, hitting lows near 5.3%. From 2021 onward, ROA exhibited marked growth, peaking at 25.95% in the fourth quarter of 2022. This substantial increase indicates improved efficiency in asset utilization during that period. Nonetheless, ROA decreased in 2023, falling to approximately 14.7% by the third quarter, signaling a reduction in profitability relative to assets despite still being higher than earlier period averages.
- Summary of Trends
- Across the periods reviewed, the company experienced substantial growth in net income and total assets, particularly between 2020 and 2022. ROA improvements during this timeframe reflect enhanced profitability relative to asset base. The peak in financial performance near the end of 2022 was followed by a decline in both net income and ROA through 2023, while total assets also contracted slightly. These patterns suggest a period of strong expansion followed by consolidation or adjustment in financial strategy and operational efficiency.