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
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Profitability Ratios (Summary)
Corning Inc., profitability ratios (quarterly data)
Based on: 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), 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).
The financial data reveals several key trends in the company's profitability and efficiency ratios over the period from the first quarter of 2020 through the first quarter of 2024. The analysis reflects fluctuations and some steady improvements, followed by periods of decline and modest recovery across different financial performance indicators.
- Gross Profit Margin (%)
- The gross profit margin experienced initial volatility, dropping from 31.56% in the first quarter of 2020 to a low around 29.45% in the third quarter of 2020. It then demonstrated a notable improvement through 2021, peaking near 36.38% in the third quarter of 2021. Subsequently, there was a gradual decline throughout 2022, reaching a low point of about 30.27% by the third quarter of 2023, before a slight rebound to 31.66% by the first quarter of 2024. This pattern suggests pressures on cost control or pricing power after the mid-2021 peak.
- Operating Profit Margin (%)
- The operating profit margin showed a pronounced upward trend from early 2020, when it was as low as 1.67% in the third quarter, improving significantly to consistently above 15% in the latter half of 2021. This improvement indicates enhanced operating efficiency or favorable operating conditions. However, from 2022 onwards, the margin declined steadily to around 6.84% by the first quarter of 2024, suggesting increased operating costs, reduced operating leverage, or market challenges diminishing operating profitability.
- Net Profit Margin (%)
- The net profit margin followed a similar trajectory to the operating margin, rising strongly from below 3% in early 2020 to a peak above 13.5% during 2021. This strong performance denotes effective cost management and possibly beneficial non-operating results. However, starting in 2022, net margin decreased significantly to under 5% by early 2024, reflecting lower overall profitability after accounting for all expenses and taxes, which could be linked to weaker operational results or higher interest and tax burdens.
- Return on Equity (ROE) (%)
- ROE showed gradual strengthening from below 3% in early 2020 to a high near 17% by mid-2022, implying effective use of shareholders’ capital and solid earnings growth during this period. Nevertheless, this metric declined notably thereafter to approximately 5.5% by the first quarter of 2024, suggesting diminishing returns to equity holders potentially due to lower net income or asset utilization challenges.
- Return on Assets (ROA) (%)
- ROA increased steadily from around 0.73% in mid-2020 to a peak of about 6.74% by mid-2022, indicative of improved asset profitability and operational efficiency. Afterward, ROA dropped markedly to roughly 2.2% by early 2024. This decline aligns with decreased net margins and signals that the company’s assets generated less profit in the most recent periods.
Overall, the company demonstrated marked improvement in profitability and efficiency ratios through 2021 and mid-2022, reaching multi-year highs in key margins and returns. This was followed by a period of consistent decline across all evaluated ratios through the first quarter of 2024, implying emerging challenges such as increased costs, competitive pressures, or macroeconomic factors affecting earnings capacity. Recent modest recoveries in gross margin and maintaining positive, though lower, profitability margins suggest some stabilization but not a full return to prior peak performance levels.
Return on Sales
Return on Investment
Gross Profit Margin
Corning Inc., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Gross margin | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2024 Calculation
Gross profit margin = 100
× (Gross marginQ1 2024
+ Gross marginQ4 2023
+ Gross marginQ3 2023
+ Gross marginQ2 2023)
÷ (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Sales
- Net sales demonstrated a general upward trend from March 31, 2020, reaching a peak around December 31, 2021, with values increasing from approximately 2,391 million USD to 3,676 million USD. After peaking, sales showed a gradual decline through to March 31, 2024, ending near 2,975 million USD, indicating a possible cooling in sales momentum over the recent periods.
- Gross Margin
- Gross margin before deductions followed a broadly increasing pattern from 561 million USD as of March 31, 2020, to a maximum of around 1,321 million USD by September 30, 2021. Thereafter, the gross margin experienced a notable decline, falling below 1,000 million USD by December 31, 2022, and fluctuated slightly, with a modest recovery near the end of the observation period. This suggests variability in profitability or cost structures impacting gross profits during later quarters.
- Gross Profit Margin Percentage
- The gross profit margin percentage increased from approximately 31.56% in March 2020 to a peak of about 36.38% in September 2021, indicating improved efficiency or pricing power. Following this period, the margin percentage generally declined, reaching a low point around 29.99% in June through September 2023 before slightly recovering to about 31.66% by March 2024. This trend may reflect changing cost dynamics, pricing pressures, or product mix variations impacting overall profitability margins.
- Overall Analysis
- Initially, both net sales and gross margin increased significantly, with gross profit margins improving concurrently, demonstrating a period of strong financial performance. The peak in sales and profitability around late 2021 suggests an optimal operational phase. However, subsequent declines in both sales and gross margin, along with a reduction in gross profit margin percentage, indicate challenges possibly related to external market conditions, increased costs, or competitive pressures. The modest recent recovery in gross margin percentages hints at some stabilization or adaptation by the company. Continuous monitoring would be warranted to assess whether this recovery is sustainable.
Operating Profit Margin
Corning Inc., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating income (loss) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2024 Calculation
Operating profit margin = 100
× (Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023)
÷ (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of the financial performance over the observed periods reveals several notable trends regarding operating income, net sales, and operating profit margin.
Overall, the financial data indicates an initial phase of recovery and growth up to late 2021, followed by a period of contraction and reduced profitability through to early 2024. The diminishing operating income, slowing net sales growth, and declining profit margins suggest challenges in maintaining prior levels of operational performance and market demand during the most recent periods.
Net Profit Margin
Corning Inc., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Corning Incorporated | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2024 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Corning IncorporatedQ1 2024
+ Net income (loss) attributable to Corning IncorporatedQ4 2023
+ Net income (loss) attributable to Corning IncorporatedQ3 2023
+ Net income (loss) attributable to Corning IncorporatedQ2 2023)
÷ (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The company's financial performance over the analyzed quarters reveals notable fluctuations in key metrics, including net income, net sales, and net profit margin.
- Net Income (Loss) Attributable to the Company (US$ in millions)
- The net income exhibited a volatile trend across the periods. Initially, there were losses in the first two quarters of 2020, registering -96 million and -71 million respectively. This was followed by a significant recovery and growth, peaking at 599 million by the first quarter of 2021. Subsequent quarters maintained relatively high profit levels, albeit with some decline, until the fourth quarter of 2022, where income dropped dramatically to -36 million. This negative income continued sporadically with alternating positive and negative figures in 2023 and early 2024, indicating earnings instability.
- Net Sales (US$ in millions)
- Net sales showed an overall upward trajectory from early 2020 through 2021, moving from 2391 million in Q1 2020 to a peak of 3676 million by Q4 2021. From 2022 onward, net sales demonstrated a gradual decline, decreasing from roughly 3680 million in Q1 2022 to 2975 million by Q1 2024. This downward trend in sales volume towards the later periods could suggest challenges in market demand or pricing pressures.
- Net Profit Margin (%)
- The net profit margin followed an improving trend beginning at 3.29% in Q1 2020 and reaching a maximum of 13.54% in Q4 2021, indicating robust profitability during this time. However, from 2022 onwards, the margin consistently decreased, falling to levels near 4.5-5% by early 2024. This decline in profitability percentage aligns with the decrease in net sales and increasing volatility in net income, hinting at potential cost pressures or reduced operational efficiency in the most recent periods.
In summary, the financial data suggests a period of recovery and growth through 2021, characterized by rising sales and improving profitability. However, the company has faced declining sales and profit margins since 2022, coupled with irregular net income performance, indicating potential operational or market challenges that may need to be addressed to restore sustained financial stability.
Return on Equity (ROE)
Corning Inc., ROE calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Corning Incorporated | |||||||||||||||||||||||
| Total Corning Incorporated shareholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2024 Calculation
ROE = 100
× (Net income (loss) attributable to Corning IncorporatedQ1 2024
+ Net income (loss) attributable to Corning IncorporatedQ4 2023
+ Net income (loss) attributable to Corning IncorporatedQ3 2023
+ Net income (loss) attributable to Corning IncorporatedQ2 2023)
÷ Total Corning Incorporated shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial analysis over the periods presented reveals several important trends and changes in profitability and equity performance.
- Net Income
- The net income attributable to the company fluctuates significantly across the quarters. Initially, losses were observed in early 2020 with values of -96 million and -71 million US dollars. The company then experienced a notable recovery and positive net income for most of 2020 and the first half of 2021, reaching a peak of 599 million US dollars in the first quarter of 2021. Following this period,earnings show a volatility characterized by both gains and losses, including a sharp decline towards negative territory in the last quarter of 2022 (-36 million) and negative values in the latest quarters (-40 million in the first quarter of 2024). Overall, net income demonstrates cyclical behavior with intermittent strong performance and periods of loss.
- Shareholders' Equity
- The total shareholders' equity exhibits a general stability with slight fluctuations over the analyzed periods. It increased from about 12.2 billion US dollars at the beginning of 2020 to a peak near 13.4 billion in the first quarter of 2021. Subsequently, equity decreased to around 11.2 billion by the fourth quarter of 2022 before stabilizing at approximately 11.2 billion in the first quarter of 2024. This indicates some erosion of equity value after the early 2021 peak but no drastic changes, suggesting relative steadiness in the company’s net asset base.
- Return on Equity (ROE)
- The ROE shows a marked improvement from early 2020 through mid-2021, rising from low single digits (between roughly 1.68% and 3.86%) to double digits, peaking at 17.06% in the second quarter of 2022. This peak corresponds with periods of higher net income relative to equity. After this peak, ROE declined steadily throughout late 2022 and 2023, remaining in the 5-11% range by early 2024. This downward trend suggests diminishing profitability relative to shareholders’ equity despite the equity stability noted above.
In summary, the company experienced a recovery in profitability following initial losses in 2020, achieving strong returns and earnings by mid-2021 through mid-2022, followed by a decline in net income and ROE into 2023 and early 2024. Shareholders’ equity remained relatively stable with some reduction after its peak in early 2021. These patterns suggest a period of robust growth and improved efficiency culminating in mid-2022, with subsequent challenges impacting profitability and earnings quality in more recent quarters.
Return on Assets (ROA)
Corning Inc., ROA calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Corning Incorporated | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 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), 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).
1 Q1 2024 Calculation
ROA = 100
× (Net income (loss) attributable to Corning IncorporatedQ1 2024
+ Net income (loss) attributable to Corning IncorporatedQ4 2023
+ Net income (loss) attributable to Corning IncorporatedQ3 2023
+ Net income (loss) attributable to Corning IncorporatedQ2 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals notable fluctuations in the company's profitability and asset utilization over the observed periods. Net income attributable to the company showed initial losses at the beginning of 2020, with a recovery into positive territory in the latter quarters of 2020 and throughout 2021, reaching a peak in early 2022. However, from late 2022 onwards, net income displayed increased volatility and a declining trend, including negative values in several recent quarters.
Total assets remained relatively stable throughout the period, with minor fluctuations. Beginning at approximately $27.9 billion in early 2020, assets peaked slightly in late 2020 and early 2021 around $30.2 billion, followed by a gradual decrease toward the end of the period, settling close to $27.6 billion by the first quarter of 2024.
Return on Assets (ROA), an indicator of asset efficiency in generating profit, rose significantly from early 2020 through 2021, attaining its highest levels in the middle of 2021 and early 2022 around 6% to 6.7%. After this peak period, ROA experienced a marked decline through 2022 and 2023, stabilizing at around 2.0% to 3.2% towards the end of the dataset.
- Profitability Trend
- Net income transitioned from negative to positive in late 2020 and maintained positive results through 2021 and part of 2022, before showing increased volatility and declining into negative figures again by late 2022 and early 2024.
- Asset Base
- The total asset base was relatively consistent, peaking slightly around 2020-2021 and gradually declining afterward, indicating no significant asset expansion or contraction but a stable capital base overall.
- Return on Assets
- Return on assets improved substantially until early 2022, aligning with the period of higher net income, then decreased in subsequent quarters, reflecting reduced efficiency in asset utilization or less favorable profitability conditions in the most recent quarters.
Overall, the data suggests that the company experienced strong profitability and efficient asset use during 2021 and early 2022, followed by a period of diminished earnings and declining asset returns in late 2022 through early 2024. The consistent asset levels imply that changes in earnings and ROA are not due to asset size fluctuations but rather changes in operational performance or market conditions.