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: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
Linde plc, profitability ratios (quarterly data)
Based on: 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).
- Gross Profit Margin
- The gross profit margin exhibits a consistent upward trend from 2020 to 2025. Starting at approximately 43.53% in early 2020, the margin shows a gradual decline through 2022, reaching a low near 40.91%. Subsequently, it reverses and climbs steadily, achieving a high above 48% by early 2025. This indicates improving cost efficiency or pricing power over the period following a temporary dip.
- Operating Profit Margin
- The operating profit margin demonstrates a strong upward trend over the period. Beginning at around 12.19% in 2020, the margin increases substantially, with moderate fluctuations, and attains approximately 26.42% by the first quarter of 2025. This growth suggests enhanced operational efficiency and effective management of operating expenses.
- Net Profit Margin
- The net profit margin also follows a positive trajectory overall. From an initial value of about 9.18% in 2020, it rises steadily with some cyclical variations, reaching around 20.02% by early 2025. The increase reflects improvements in both operating performance and financial management, contributing to higher profitability for shareholders.
- Return on Equity (ROE)
- Return on equity shows marked improvement over the timeframe. Starting at about 5.29% in early 2020, ROE climbs steadily with some variability, peaking near 17.38% by 2025. This rising trend indicates enhanced effectiveness in using shareholders' equity to generate profits, suggesting value creation for equity investors.
- Return on Assets (ROA)
- Return on assets exhibits a consistent increase from approximately 2.83% in 2020 to levels near 8.19% in 2025, with minor fluctuations in the later periods. The improvement signals better utilization of company assets to generate net income, reflecting improved operational performance and asset management.
Return on Sales
Return on Investment
Gross Profit Margin
Linde plc, gross profit margin calculation (quarterly data)
| 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 | 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 | ||||||||||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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).
1 Q1 2025 Calculation
Gross profit margin = 100
× (Gross marginQ1 2025
+ Gross marginQ4 2024
+ Gross marginQ3 2024
+ Gross marginQ2 2024)
÷ (SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Sales Trends
- Sales exhibited cyclical fluctuations with an overall upward movement from March 2020 through the early part of 2024. Starting at $6,739 million in March 2020, sales dipped somewhat in the following quarter before rebounding and rising to a peak of $8,797 million in September 2022. Thereafter, sales showed some volatility but remained generally strong, oscillating around the $8,100 to $8,300 million range into early 2025. This suggests resilience and gradual growth despite short-term fluctuations.
- Gross Margin Behavior
- Gross margin values displayed a consistent incremental trend over the period analyzed. Beginning near $2,896 million in March 2020, gross margins rose steadily to about $3,955 million by March 2025. Despite some minor quarter-to-quarter variations, the overall upward trend indicates improving cost management or price realization contributing positively to gross margins.
- Gross Profit Margin Percentage Trends
- The gross profit margin percentage was first recorded as of December 2020 at approximately 43.53%. Throughout the subsequent quarters, this ratio improved progressively, reaching higher levels in line with increasing gross margin amounts. By March 2025, the gross profit margin percentage rose significantly to 48.26%, indicating a strengthening profitability at the gross profit level. This upward trend points to either improved operational efficiencies, better pricing power, or a favorable sales mix.
- Relationship Between Sales and Gross Margin
- Both sales and gross margin increased over the period, but gross margin grew at a relatively faster rate, indicated by the improving gross profit margin percentage. While sales showed short-term fluctuations, gross margin’s more steady progression suggests effective cost control and margin enhancement efforts that outpaced revenue volatility.
- Overall Financial Efficiency
- The data reflects a company improving its financial efficiency at the gross profit level, combining growing revenue with enhanced margin percentages. This combination typically suggests a potentially stronger competitive position, better pricing strategies, or operational improvements enabling higher profitability from sales.
Operating Profit Margin
Linde plc, operating profit margin calculation (quarterly data)
| 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 | 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 profit | ||||||||||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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).
1 Q1 2025 Calculation
Operating profit margin = 100
× (Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024
+ Operating profitQ2 2024)
÷ (SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit demonstrates a general upward trend over the reviewed periods, with notable fluctuations. Starting at 733 million USD in March 2020, it experienced a decline in the second quarter of 2020 to 591 million USD, followed by a recovery and steady increases through 2021 and 2022. Despite a sharp drop to 589 million USD in the first quarter of 2023, operating profit rapidly rebounded, peaking at 2,270 million USD in the first quarter of 2025, indicating strong profitability growth overall.
Sales figures show some variability but tend to maintain an overall stable range without a strong upward or downward trajectory. Starting from 6,739 million USD in the first quarter of 2020, sales dipped slightly in mid-2020 but then fluctuated between approximately 6,300 million and 8,800 million USD over the ensuing quarters. Sales peaked at 8,797 million USD in the third quarter of 2022, after which a slight downward trend is observable toward the first quarter of 2025, where sales recorded 8,112 million USD.
The operating profit margin, available from the fourth quarter of 2020 onward, reveals a consistent improvement in profitability efficiency. Beginning at 12.19% in December 2020, the margin steadily increased each quarter, reaching 26.42% by the first quarter of 2025. This rising margin indicates enhanced operational effectiveness, signaling that the company is generating a higher profit for each dollar of sales over time.
- Operating Profit
- Exhibited fluctuations with a pronounced dip in mid-2020 and early 2023, but demonstrated strong recovery and substantial growth through 2023 to 2025, reaching over three times its initial value at the start of the period.
- Sales
- Maintained a relatively stable but slightly volatile pattern, without significant long-term growth, peaking in late 2022, then showing a mild decrease toward early 2025.
- Operating Profit Margin
- Showed a continuous upward trend indicating improved profitability, more than doubling from 12.19% to over 26% during the observed timeframe.
In summary, while sales figures fluctuated within a moderate range, the company significantly increased its operating profitability and efficiency, as reflected in the growing operating profit and profit margin ratios. This pattern suggests enhanced cost management or higher-margin business activities contributing positively to the financial health despite the relatively stable sales levels.
Net Profit Margin
Linde plc, net profit margin calculation (quarterly data)
| 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 | 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, Linde plc | ||||||||||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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).
1 Q1 2025 Calculation
Net profit margin = 100
× (Net income, Linde plcQ1 2025
+ Net income, Linde plcQ4 2024
+ Net income, Linde plcQ3 2024
+ Net income, Linde plcQ2 2024)
÷ (SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several key trends and patterns regarding net income, sales, and net profit margin over the analyzed periods.
- Net Income
- Net income exhibited notable fluctuations throughout the periods. Initial values in early 2020 display moderate levels, with a dip observed during mid-2022. However, from the end of 2022 onwards, net income showed a strong upward trajectory, reaching higher peaks by the early months of 2024. This suggests enhanced profitability or operational efficiency during the latter periods despite intermittent volatility.
- Sales
- Sales figures demonstrate a generally positive trend with some variability. From early 2020 to the end of 2021, sales increased steadily with minor oscillations. Early 2022 saw a peak, followed by a slight decline and fluctuating levels throughout the subsequent quarters. While sales remained relatively stable from late 2022 to early 2025, the data suggest a plateauing effect with no substantial growth beyond the peak levels attained previously.
- Net Profit Margin
- The net profit margin began to be recorded from late 2020 and has shown continuous improvement since then. Starting at approximately 9.18%, it steadily climbed to exceed 20% by early 2025. This consistent increase indicates that the company has been progressively improving its cost management, pricing strategy, or operational effectiveness, resulting in higher profitability relative to sales.
In summary, while sales growth has been moderate and somewhat inconsistent, the company's net income and profitability margins have demonstrated strong and sustained improvement, especially in recent periods. The rising net profit margin amid relatively stable sales suggests effective measures in enhancing value generation and operational leverage.
Return on Equity (ROE)
Linde plc, ROE calculation (quarterly data)
| 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 | 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, Linde plc | ||||||||||||||||||||||||||||
| Total Linde plc shareholders’ equity | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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).
1 Q1 2025 Calculation
ROE = 100
× (Net income, Linde plcQ1 2025
+ Net income, Linde plcQ4 2024
+ Net income, Linde plcQ3 2024
+ Net income, Linde plcQ2 2024)
÷ Total Linde plc shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends over the observed periods. Net income demonstrates volatility with a general upward trajectory. Initially, net income fluctuated with a notable decline in the second quarter of 2022 followed by a recovery and subsequent growth, reaching its highest value in the fourth quarter of 2024. This pattern suggests that while the company experienced some earnings instability, overall profitability improved significantly over time.
Shareholders’ equity showed a decreasing trend from the beginning of the dataset up to the third quarter of 2022. After reaching a trough, equity stabilized with only marginal fluctuations seen in subsequent quarters, indicating some degree of capital attrition or changes in retained earnings or dividend distributions, with no sustained recovery to previous levels observed.
Return on equity (ROE) presents a clear upward trend, reflecting increasing profitability relative to shareholders' equity. The metric begins from a moderate 5.29% and rises steadily to surpass 17% by the end of the period. This increase suggests enhanced efficiency in generating profits with the equity available, likely driven by rising net income coupled with generally stable or declining equity balances. The improvement in ROE is indicative of strengthening financial performance and more effective utilization of equity resources.
- Net Income
- Experienced fluctuations but generally increased from 573 million USD in March 2020 to 1673 million USD by March 2025, highlighting growth in profitability despite some interim variability.
- Total Shareholders' Equity
- Declined from approximately 44,776 million USD in March 2020 to about 38,032 million USD by March 2025, indicating a reduction in equity base over the time period with some stabilization in later quarters.
- Return on Equity (ROE)
- Showed a sustained rise from 5.29% to 17.38%, reflecting progressively improved profit generation relative to equity, signifying enhanced operational efficiency or financial leverage.
In summary, the financial data depicts a company that has strengthened its profitability capacity over the observed period despite a decreasing equity base. The rising ROE underscores an increased return efficiency, which may derive from improved operational performance or capital management strategies.
Return on Assets (ROA)
Linde plc, ROA calculation (quarterly data)
| 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 | 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, Linde plc | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 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).
1 Q1 2025 Calculation
ROA = 100
× (Net income, Linde plcQ1 2025
+ Net income, Linde plcQ4 2024
+ Net income, Linde plcQ3 2024
+ Net income, Linde plcQ2 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- The net income demonstrates notable fluctuations over the observed periods. Starting with 573 million USD at March 31, 2020, there is an initial dip in June 2020 to 458 million USD followed by a recovery to 700 million USD by September 2020. A generally increasing trend is observed throughout 2021, culminating in 1,026 million USD in December 2021. In 2022, net income shows variability, with a significant drop to 372 million USD in March, followed by recovery and steady growth reaching 1,328 million USD by December. In 2023, net income continues to grow, with values peaking at 1,575 million USD in March and remaining relatively stable around 1,500 million USD through December. From the first quarter of 2024 onwards, net income shows a strong upward trajectory, reaching a high of 1,725 million USD by March 2025 despite some modest fluctuations in subsequent quarters.
- Total Assets
- Total assets exhibit a gradual decline from a high of 88,229 million USD at December 31, 2020 to a low near 74,323 million USD by September 30, 2022. This downward trend reflects a reduction in asset base over that period. Post September 2022, total assets experience moderate fluctuations, rising slightly to about 80,811 million USD by December 31, 2023 but never returning to the previous peak levels. In early 2024, assets remain relatively stable with slight variability around the 80,000 million USD mark, ending at 82,704 million USD by March 31, 2025. Overall, the total asset base declined in the medium term before stabilizing at a lower level in more recent quarters.
- Return on Assets (ROA)
- ROA values begin to be reported starting from December 31, 2020, at 2.83%. There is a steady upward progression in ROA over subsequent quarters, improving to 4.69% by March 31, 2021 and continuing to increase above 5% in late 2021. The ROA consistently rose through 2022 and 2023, reaching values above 7% in 2023, peaking at 7.98% by December 31, 2024. March 31, 2025 reports a slightly lower but still strong ROA of 7.99%. This indicates improving asset efficiency and profitability over time, signaling enhanced operational performance relative to the asset base.
- Summary of Trends
- The financial data depict an overall upward trend in profitability as measured by net income and ROA. Despite episodic dips, net income shows strong recovery and growth into 2024 and early 2025. Total assets declined from 2020 through late 2022 but stabilized thereafter, suggesting possible asset optimization or divestiture activities. The increasing ROA indicates improved returns from the asset base, aligning with higher net income even as total assets plateau, illustrating an efficiency gain. These patterns underscore a strengthening financial position characterized by improved profitability and better asset utilization over the period analyzed.