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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Profitability Ratios (Summary)
International Business Machines Corp., 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 demonstrate a generally positive trend over the observed period, with notable fluctuations and improvements in several key areas. Gross profit margin, operating profit margin, net profit margin, return on equity, and return on assets all exhibited increases from the beginning of the period to the end, though the path was not consistently upward for all metrics.
- Gross Profit Margin
- The gross profit margin shows a consistent upward trajectory, increasing from 54.48% in March 2022 to 58.19% in December 2025. This indicates improving efficiency in production and cost of goods sold management over time. The rate of increase appears to accelerate in the later quarters.
- Operating Profit Margin
- Operating profit margin also demonstrates an overall positive trend, rising from 12.30% in March 2022 to 17.50% in December 2025. There is a noticeable increase in operating profitability between September 2022 and December 2023. While there was a slight dip in the margin between September 2024 and December 2024, it recovered in the final quarter.
- Net Profit Margin
- The net profit margin experienced significant volatility. It began at 9.46% in March 2022, decreased substantially to 2.08% in September 2022, and then rose dramatically to 15.69% in December 2025. The substantial improvement in the latter half of the period suggests effective management of non-operating expenses and/or a favorable tax environment. The earlier dip indicates potential challenges with expenses not directly related to core operations.
- Return on Equity (ROE)
- Return on equity exhibited a similar pattern to the net profit margin, with a decline in the first half of the period followed by a strong recovery. Starting at 28.98% in March 2022, it fell to 6.29% in September 2022 before climbing to 32.45% in December 2025. This suggests that the company is becoming more effective at generating profits from shareholder investments. The fluctuations indicate sensitivity to changes in net income and potentially shareholder equity.
- Return on Assets (ROA)
- Return on assets also showed improvement over the period, increasing from 4.14% in March 2022 to 6.97% in December 2025. Like ROE, ROA experienced a low point in September 2022 before steadily increasing. This indicates improved efficiency in utilizing assets to generate earnings. The trend mirrors the improvement in net income, suggesting a strong correlation between asset utilization and overall profitability.
In summary, while some volatility was present, the overall trend across all profitability ratios is positive. The company appears to have successfully improved its gross profit margin and operating efficiency, leading to substantial gains in net profit margin, return on equity, and return on assets, particularly in the latter half of the observed period.
Return on Sales
Return on Investment
Gross Profit Margin
International Business Machines Corp., 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 | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||
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 profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibits a generally positive trend over the observed period, spanning from March 31, 2022, to December 31, 2025. While fluctuations occur, the overall trajectory indicates improving profitability from sales. Initial values demonstrate relative stability, followed by a consistent increase towards the end of the period.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin begins around 54.48% and fluctuates within a narrow range, peaking at 54.00% and reaching a low of 53.78%. This suggests a period of relative stability in production costs or pricing strategies. Gross profit demonstrates seasonal variation, with higher values in the second and fourth quarters.
- Growth Phase (Mar 31, 2023 – Dec 31, 2024)
- A clear upward trend emerges, with the gross profit margin increasing from 54.24% to 56.65%. This indicates improving efficiency in managing the cost of goods sold relative to revenue. The quarterly gross profit also shows consistent growth, suggesting increased sales volume or improved pricing power. The margin increase is not linear, with slightly slower growth between September and December 2024.
- Continued Improvement (Mar 31, 2025 – Dec 31, 2025)
- The upward trend continues, with the gross profit margin reaching 58.19% by December 31, 2025. This represents the highest value observed throughout the entire period. The gross profit also reaches its peak at 11,929 US$ in millions, demonstrating a strong correlation between margin expansion and absolute profit growth. The rate of increase appears to be accelerating in the final quarter.
- Overall Trend
- The gross profit margin demonstrates a consistent and significant improvement over the analyzed timeframe. Starting at approximately 54.5%, it increases to nearly 58.2% by the end of the period. This suggests successful strategies in cost management, pricing, or a shift towards higher-margin products or services. The observed growth is not uniform, but the overall direction is clearly positive.
Operating Profit Margin
International Business Machines Corp., 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) | |||||||||||||||||||||
| Operating income | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||
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
× (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally positive trend over the observed period, spanning from March 31, 2022, to December 31, 2025. While fluctuations occurred, the metric demonstrated consistent improvement, particularly in the latter half of the analyzed timeframe.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The operating profit margin began at 12.30% and experienced moderate increases, reaching 13.50% by the end of 2022. This initial period suggests a stable and gradually improving operational efficiency.
- 2023 Performance
- Throughout 2023, the operating profit margin continued its upward trajectory. Starting at 13.49% in March, it steadily rose to 15.17% by December. The second half of 2023 showed stronger gains than the first, indicating potential benefits from strategic initiatives or favorable market conditions.
- 2024 Performance
- The margin remained strong in 2024, fluctuating between 15.13% and 15.46%. While not exhibiting the same rate of growth as 2023, the metric maintained a high level of profitability, suggesting sustained operational effectiveness.
- 2025 Performance & Overall Trend
- The most significant gains were observed in 2025. The operating profit margin increased from 15.34% in March to 17.50% by December. This represents the highest point reached during the entire period. The overall trend demonstrates a consistent improvement in the ability to translate revenue into operating profit, culminating in a substantial increase by the end of the observation period.
- Revenue Correlation
- Revenue generally increased over the period, but the operating profit margin improvements suggest that cost management and operational efficiencies played a significant role in the observed profitability gains, rather than revenue growth alone. The margin increases often outpaced revenue increases, indicating improved profitability per dollar of revenue.
In summary, the operating profit margin consistently improved, with accelerating gains in the later periods. This suggests effective cost control and/or pricing strategies, contributing to enhanced profitability.
Net Profit Margin
International Business Machines Corp., 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 income (loss) | |||||||||||||||||||||
| Revenue | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||
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 income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The net profit margin exhibited considerable fluctuation throughout the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values demonstrated relative stability, followed by a period of significant volatility, and ultimately concluded with a notable upward trend.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The net profit margin began at 9.46% in March 2022 and remained relatively consistent at 9.36% in June 2022. A substantial decline was then observed in September 2022, falling to 2.08%, before partially recovering to 2.71% by December 2022. This initial period suggests a sensitivity to external factors impacting profitability.
- Recovery and Stabilization (Mar 31, 2023 – Dec 31, 2023)
- The first three quarters of 2023 showed a recovery, with the net profit margin increasing from 3.03% in March to 11.32% in September. This upward momentum continued into December 2023, reaching 12.13%. This indicates successful implementation of cost control measures or increased revenue generation during this timeframe.
- Fluctuation and Subsequent Growth (Mar 31, 2024 – Jun 30, 2025)
- The net profit margin peaked at 13.52% in June 2024, but experienced a sharp decrease to 10.22% in September 2024, followed by a rebound to 9.60% in December 2024. The final two quarters of the period demonstrated strong growth, rising to 12.09% in September 2025 and culminating in a significant increase to 15.69% in December 2025. This suggests a strengthening of core business operations and improved efficiency towards the end of the analyzed period.
- Overall Trend
- Despite interim volatility, the overall trend indicates an improvement in net profit margin from the beginning to the end of the period. The margin increased from 9.46% in March 2022 to 15.69% in December 2025. This suggests a positive trajectory in the company’s ability to translate revenue into profit.
The significant negative value in September 2022 warrants further investigation to understand the underlying causes. The consistent growth observed in the latter part of the period suggests successful strategic adjustments or favorable market conditions.
Return on Equity (ROE)
International Business Machines Corp., 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 income (loss) | |||||||||||||||||||||
| Total IBM stockholders’ equity | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||
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 income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ Total IBM stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values were strong, followed by a significant decline, a subsequent recovery, and ultimately, a return to elevated levels.
- Initial Period (Mar 31, 2022 – Jun 30, 2022)
- ROE remained consistently high, fluctuating between 28.79% and 28.98%. This suggests a strong ability to generate profit from shareholder investment during this timeframe.
- Significant Decline (Sep 30, 2022 – Dec 31, 2022)
- A substantial decrease in ROE was observed, falling to a low of 6.29% by September 30, 2022. While a partial recovery occurred by December 31, 2022, reaching 7.47%, the values remained considerably lower than the preceding period. This decline coincided with a substantial net loss reported for the September 30, 2022 quarter.
- Recovery and Growth (Mar 31, 2023 – Dec 31, 2023)
- ROE demonstrated a clear upward trend, increasing from 8.48% in March 2023 to 33.29% by December 2023. This recovery appears to be linked to improved net income figures throughout the year. The increase in stockholders’ equity also contributed to this positive trend.
- Fluctuation and Final Increase (Mar 31, 2024 – Dec 31, 2025)
- The period from March 2024 to December 2025 showed some fluctuation. ROE peaked at 35.17% and 35.09% in March and June 2024, respectively, before decreasing to 22.06% in December 2024, likely due to a net loss in the September 2024 quarter. However, ROE experienced a strong rebound, reaching 32.45% by December 31, 2025, driven by a significant increase in net income and stockholders’ equity.
Overall, the ROE demonstrates a cyclical pattern. While initial performance was robust, a period of significant underperformance was followed by a strong recovery and subsequent growth. The final period indicates a return to strong profitability, as evidenced by the elevated ROE value at the end of the observation window.
Return on Assets (ROA)
International Business Machines Corp., 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 income (loss) | |||||||||||||||||||||
| Total assets | |||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| Accenture PLC | |||||||||||||||||||||
| Adobe Inc. | |||||||||||||||||||||
| AppLovin Corp. | |||||||||||||||||||||
| Cadence Design Systems Inc. | |||||||||||||||||||||
| CrowdStrike Holdings Inc. | |||||||||||||||||||||
| Datadog Inc. | |||||||||||||||||||||
| Intuit Inc. | |||||||||||||||||||||
| Microsoft Corp. | |||||||||||||||||||||
| Oracle Corp. | |||||||||||||||||||||
| Palantir Technologies Inc. | |||||||||||||||||||||
| Palo Alto Networks Inc. | |||||||||||||||||||||
| Salesforce Inc. | |||||||||||||||||||||
| ServiceNow Inc. | |||||||||||||||||||||
| Synopsys Inc. | |||||||||||||||||||||
| Workday Inc. | |||||||||||||||||||||
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 income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a generally increasing trend over the observed period, though with notable fluctuations. Initial values demonstrate a moderate level of profitability, followed by a period of volatility, and ultimately a strengthening performance towards the end of the analyzed timeframe.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ROA begins at 4.14% and increases to 4.38% by June 30, 2022. A significant decline is then observed in the third quarter of 2022, falling to 1.00%, likely influenced by a substantial net loss reported for that period. The ROA partially recovers to 1.29% by the end of 2022.
- Recovery and Growth (Mar 31, 2023 – Dec 31, 2023)
- The ROA demonstrates a consistent upward trajectory throughout 2023, starting at 1.37% and reaching 5.55% by December 31, 2023. This improvement correlates with positive net income figures reported in each quarter of the year. The increase suggests improved efficiency in utilizing assets to generate profit.
- Continued Strength and Fluctuation (Mar 31, 2024 – Dec 31, 2025)
- The ROA continues to show strong performance, peaking at 6.97% in December 2025. Values reach 5.96%, 6.30%, and 4.76% in the first three quarters of 2024, respectively, before a net loss in the third quarter of 2024 causes a temporary dip. The ROA recovers strongly in the final quarter of 2024 and continues to improve through 2025, indicating a sustained ability to generate earnings from its asset base. The final reported ROA of 6.97% represents the highest value within the analyzed period.
Overall, the ROA trend suggests improving profitability and asset utilization. While quarterly fluctuations exist, particularly linked to net income volatility, the general direction is positive. The substantial increase in ROA towards the end of the period warrants further investigation to understand the drivers of this improved performance.