Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Based on: 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), 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 over the quarters reveals several notable trends and fluctuations across key financial metrics, expressed as percentages of operating revenue.
- Premiums
- Premiums as a percentage of operating revenue show a gradual decline from around 86.65% in early 2020 to lower levels near 80.56% by the end of 2024. There is some variability within this period, with percentages generally decreasing, indicating a relative reduction in premiums' contribution to operating revenue over time.
- Product Revenue
- Product revenue has shown an increasing trend, rising steadily from approximately 7.96% in March 2020 to a peak of about 14.92% in late 2024 before slightly declining. This growth marks a shift in revenue composition, with product sales becoming a more significant contributor to total operating revenue.
- Service Fees
- Service fees have maintained a relatively stable proportion around 4.5% to 5.4% of operating revenue. Minor fluctuations are observed, but no clear increasing or decreasing trend is evident, suggesting consistency in service fee income relative to overall revenue.
- Benefit Expense
- Benefit expenses fluctuate notably, generally ranging between -70.73% and -76.46% of operating revenue. While the values exhibit variability quarter to quarter, there is no strong directional trend, indicating persistent and substantial benefit-related costs relative to operating revenue.
- Cost of Products Sold
- This cost category exhibits an upward tendency from around -6.74% in early 2020 to as high as -13.36% by late 2024, reflecting increasing costs associated with product revenue in proportion to operating revenue. The substantial increase in this cost aligns with the growth observed in product revenue.
- Cost of Operating Revenue
- Overall operating revenue costs remain high and variable, mostly between -74.62% and -87.83%. The data reveals peaks in costs toward the end of 2024, suggesting increasing expense pressure on the operation relative to revenues.
- Gross Profit
- Gross profit percentages vary significantly, with notable declines during some quarters, such as the late 2020 period (around 15.61%) and again near the end of 2024 (close to 12.17%). Periodic increases up to about 20.29% occur, but the overall trend is slightly downward, showing pressure on gross margins over the period.
- Operating Expense
- Operating expenses relative to operating revenue have remained generally stable around -11% to -13%, with slightly lower levels observed near the end of 2024. This stability points to controlled operating expenses within a consistent range despite other fluctuating costs.
- Amortization of Other Intangible Assets
- These amortization expenses remain a small and fairly stable part of operating revenue, consistently near -0.3% to -0.6%. No strong trend of increase or decrease is present.
- Operating Income
- Operating income has experienced significant variability, dipping sharply in late 2020 to as low as 0.35%, rebounding in subsequent years with occasional declines. By the end of 2024, operating income falls again to near 1.1%, indicating volatility in profitability from operations during the period.
- Net Investment Income
- Net investment income remains modest but shows a slight upward trend, increasing from below 1% in early 2020 to peaks above 1.2% around 2023-2024. This gradual improvement suggests effective investment yield contributions to overall revenue.
- Net Gains (Losses) on Financial Instruments
- These gains and losses oscillate, mostly negative or near zero, with periodic small positive spikes. Notably, some quarters in 2024 show negative impacts close to -0.95%, implying volatility and occasional adverse results from financial instruments.
- Interest Expense
- Interest expenses remain relatively consistent, roughly between -0.53% and -0.76%, with a slight upward trend toward 2024, which could reflect increased borrowing costs or leverage.
- Loss on Extinguishment of Debt
- Losses on extinguishment of debt appear sporadically and remain minimal in percentage terms, with slight negative impacts mostly in 2020 and absent in recent periods.
- Income Before Income Tax Expense
- The income before tax mirrors the fluctuations of operating income, with peaks near 10.79% early in 2020 and troughs around early 2024 at 1.35%, suggesting variability in pre-tax profitability driven by operating results and other income/expense items.
- Income Tax Expense
- Income tax expenses vary significantly quarter to quarter, from near -0.19% to about -2.99%, with lower relative tax rates during periods of reduced profitability. The fluctuation indicates sensitivity of tax charges to earnings performance.
- Net Income
- Net income as a percentage of operating revenue exhibits considerable volatility, with low points below 1% during certain quarters of 2020 and early 2024, balanced by stronger results above 5% in earlier 2020 and late 2024 periods. The overall pattern reflects the underlying shifts in income before tax and expense variability.
- Net (Income) Loss Attributable to Noncontrolling Interests
- Minor values fluctuate around zero, indicating negligible impact from noncontrolling interests on net income during the periods presented.
- Shareholders’ Net Income
- Shareholders’ net income closely tracks total net income patterns, showing the same variability and reflecting the core profitability attributable to shareholders, with peak performances earlier in 2020 and late 2024 offset by weaker quarters at other times.
In summary, the data points to a dynamic operating environment characterized by declining premiums as a revenue source, increased reliance on product revenue, and fluctuating profitability measures influenced by variable benefit and operating costs. Investments provide a steadily supporting income stream, while financial instruments and interest expenses contribute variable pressures. Profitability margins, particularly gross and operating incomes, experience marked volatility, suggesting sensitivity to cost management and revenue mix changes over time.