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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Profitability Ratios (Summary)
Northrop Grumman Corp., profitability ratios (quarterly data)
Based on: 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).
- Gross Profit Margin
- The gross profit margin remained relatively stable throughout the observed periods, fluctuating slightly around the 20% mark. It started at approximately 22% in early 2019 and experienced minor declines and recoveries, ending close to 20.44% in the first quarter of 2023. This indicates a consistent ability to control direct production costs relative to revenues over time.
- Operating Profit Margin
- The operating profit margin exhibited a more notable variation. Initially stable near 12% in 2019 and early 2020, it saw a significant increase during 2021, peaking above 16%. However, from early 2022 onwards, a marked decline was observed, reaching approximately 9.84% by the first quarter of 2023. This decline suggests an increase in operating expenses or reduced operational efficiency in the latest periods despite earlier improvements.
- Net Profit Margin
- The net profit margin followed a somewhat volatile trajectory. From around 10% in early 2019, it dipped below 7% in 2019 and 2020, then surged sharply in 2021, reaching nearly 20% by the end of that year. Following this peak, a downward trend occurred through 2022 and into early 2023, settling just below 13%. This pattern reflects variations in non-operating factors, taxes, or extraordinary items impacting net profitability.
- Return on Equity (ROE)
- The return on equity showed a declining trend from 2019 through much of 2020, dropping from over 37% to about 23%. A strong recovery took place in 2021, with ROE exceeding 50% at its peak, indicating highly effective equity utilization. Nevertheless, this was followed by another downturn starting in 2022, with ROE decreasing to around 31.6% by the first quarter of 2023. The fluctuations suggest variable profitability and changes in financial leverage or equity base over time.
- Return on Assets (ROA)
- Return on assets demonstrated a similar pattern to ROE. It declined from around 8% in early 2019 to just above 5% in 2020, then increased sharply in 2021, peaking at about 16.5%. Subsequently, a gradual decline occurred through 2022 and early 2023, ending near 10.8%. This indicates fluctuating asset efficiency corresponding with changes in profitability and asset management through the periods analyzed.
Return on Sales
Return on Investment
Gross Profit Margin
Northrop Grumman Corp., gross profit margin calculation (quarterly data)
| 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 millions) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| 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: 2023-03-31), 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 Q1 2023 Calculation
Gross profit margin = 100
× (Gross profitQ1 2023
+ Gross profitQ4 2022
+ Gross profitQ3 2022
+ Gross profitQ2 2022)
÷ (SalesQ1 2023
+ SalesQ4 2022
+ SalesQ3 2022
+ SalesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in revenue generation and profitability over the analyzed quarters.
- Sales
- Sales figures generally exhibit an upward trajectory across the period, starting from 8,189 million US dollars in the first quarter of 2019 and reaching a peak of 10,212 million US dollars in the fourth quarter of 2020. Although there is some fluctuation thereafter, sales remain above 8,600 million US dollars in most quarters, indicating sustained revenue levels.
- Gross Profit
- Gross profit shows a broadly similar pattern to sales, with an overall increase from 1,696 million US dollars in the first quarter of 2019 to a peak of 2,106 million US dollars at the end of 2019, and again reaching close to this peak in the fourth quarter of 2020. After some volatility in subsequent periods, gross profit remains relatively stable around the 1,800 to 2,000 million US dollars range, suggesting consistent profitability despite sales fluctuations.
- Gross Profit Margin
- The gross profit margin percentage displays a slight declining trend from approximately 22.0% in early 2019 to about 20.3%-20.5% in recent quarters. This gradual decrease suggests marginal compression in profitability relative to sales, possibly reflecting increased costs or pricing pressures over time. The margin appears to stabilize around the low 20% range in the last several quarters, indicating some normalization after the observed drop.
In summary, while sales and gross profit both show growth and periodic peaks especially around late 2019 and 2020, the gross profit margin exhibits a modest but steady decline. This combination indicates that although the company has maintained and grown its revenue base, its relative profitability per unit of sales has contracted slightly. The data implies a need to monitor cost structures or pricing strategies to counteract margin pressures moving forward.
Operating Profit Margin
Northrop Grumman Corp., operating profit margin calculation (quarterly data)
| 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 millions) | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| 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: 2023-03-31), 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 Q1 2023 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022)
÷ (SalesQ1 2023
+ SalesQ4 2022
+ SalesQ3 2022
+ SalesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial performance over the reported periods reveals several notable patterns and shifts in operating income, sales, and operating profit margin for the company.
- Operating Income
- Operating income experienced moderate fluctuations throughout the time frame. It initially hovered around the 900 to 1,100 million US dollar range in 2019, showing slight increases during the last quarter of both 2019 and 2020. A significant spike is observed in the first quarter of 2021, where operating income sharply rose to 2,822 million US dollars. However, this peak was not sustained as subsequent quarters in 2021 and 2022 saw a return to values below 1,000 million US dollars, with some volatility but generally stable around 800 to 950 million.
- Sales
- Sales trends show an overall gradual increase over the periods. The values started slightly under 8,200 million US dollars in early 2019 and progressively increased, reaching over 10,200 million by the end of 2020. There was a modest decline following this peak, with sales moving closer to 9,000 million to 9,300 million US dollars in the period covering 2021 to early 2023. Despite some quarter-to-quarter variability, the sales figures indicate growth with a notable peak in the last quarter of 2020 followed by stabilization at a somewhat lower level.
- Operating Profit Margin
- The operating profit margin showed considerable variability, notably impacted by the fluctuations in both operating income and sales. The margin hovered around the 11% to 12% range for 2019 and 2020, suggesting relatively stable operational efficiency. In the first quarter of 2021, the margin increased substantially to approximately 16%, significantly higher than prior periods, aligning with the jump in operating income during the same period. Nevertheless, there was a marked decline afterward through 2022, with the margin settling near 9.7% to 10.5% and remaining steady around 9.8% in early 2023. This decline indicates a reduction in operating profitability relative to sales over the more recent periods.
In summary, the company displayed growth in sales but suffered from volatility in operating income, including a one-off sharp increase in early 2021 that did not sustain. The operating profit margin correspondingly peaked in early 2021 before declining to levels below those seen in 2019 and 2020, pointing to reduced operational efficiency or increased costs impacting profitability in the most recent quarters.
Net Profit Margin
Northrop Grumman Corp., net profit margin calculation (quarterly data)
| 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 millions) | |||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||
| 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: 2023-03-31), 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 Q1 2023 Calculation
Net profit margin = 100
× (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ (SalesQ1 2023
+ SalesQ4 2022
+ SalesQ3 2022
+ SalesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends across the reported periods in terms of net earnings, sales, and net profit margin.
- Net Earnings
- Net earnings demonstrate fluctuations with a significant anomaly in the fourth quarter of 2019, where a sharp loss was recorded (-409 million USD), interrupting an otherwise positive earnings sequence. Following this, earnings recovered and generally showed an upward trend, peaking in the fourth quarters of 2021 (2710 million USD) and 2022 (2080 million USD). However, the first quarter of 2023 saw a decline to 842 million USD, indicating some volatility in earnings year-over-year during quarter one.
- Sales
- Sales figures exhibit a gradual increase over the timeline, moving from 8189 million USD in the first quarter of 2019 to 9301 million USD in the first quarter of 2023. There is a noticeable growth in sales toward the end of each year, particularly in the fourth quarters of 2020 and 2022, indicating possible seasonal or year-end demand increases. Despite this general upward trajectory, some periods, such as late 2021 and early 2022, show slight stagnation or minor declines, suggesting areas where growth may have decelerated.
- Net Profit Margin
- Net profit margins correlate with net earnings trends, initially dipping during 2019 but recovering steadily thereafter. The margin rose significantly in late 2021, reaching nearly 20% in the fourth quarter, before moderating slightly in subsequent quarters to still strong levels above 12%. This pattern suggests improved operational efficiency or profitability enhancements during this interval, followed by stabilization at a high-performance level compared to earlier periods.
Overall, the data indicates a company experiencing some volatility in earnings with occasional quarterly losses early in the period but showing an improvement in profitability margins and steady sales growth over the longer term. The enhanced profit margins in recent years accompany peak earnings despite sales growth being more moderate, reflecting potential improvements in cost control or product mix. The decline in earnings in the first quarter of 2023 relative to prior quarters could warrant further analysis to determine causative factors.
Return on Equity (ROE)
Northrop Grumman Corp., ROE calculation (quarterly data)
| 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 millions) | |||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||
| Shareholders’ 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: 2023-03-31), 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 Q1 2023 Calculation
ROE = 100
× (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ Shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial performance demonstrates several noteworthy trends and fluctuations. Net earnings exhibit volatility, with several periods of significant decline and recovery. The most prominent deviation occurs in the fourth quarter of 2019, where net earnings drop sharply to a negative value, indicating a loss during that period. Following this downturn, earnings recover steadily through 2020 and into 2021, peaking in the fourth quarter of 2021 with a substantial increase.
Shareholders' equity generally displays a consistent upward trend throughout the observed timeframe. Despite some minor fluctuations, the overall increase from 2019 through early 2023 suggests accumulation of retained earnings and potential capital investments strengthening the equity base. This steady growth in equity contrasts with the more variable net earnings figures.
Return on Equity (ROE) shows strong fluctuations but remains relatively high across most periods. Initially, ROE is at elevated levels, with a decline towards the end of 2019 coinciding with the net earnings loss. ROE recovers promptly thereafter, reaching its peak in the final quarter of 2021, which aligns with the peak in net earnings and increased shareholders' equity. Post-peak, ROE experiences a gradual decline into early 2023 but remains above 30% in the latest quarters, indicating sustained profitability relative to equity.
- Net Earnings
- Display significant volatility with a notable loss in late 2019, followed by recovery and growth, peaking markedly in late 2021 and again showing a strong increase at the end of 2022 before a decline in early 2023.
- Shareholders’ Equity
- Shows a continuous and steady increase across all quarters from 2019 to 2023, indicating strengthening financial foundation and accumulation of resources.
- Return on Equity (ROE)
- Exhibits a correlation with net earnings, experiencing a dip during the net loss period, then reaching highs well above 40% post-recovery, peaking in late 2021, then gradually declining while remaining robust.
Overall, the data indicates a robust financial position with underlying strength in equity, supported by fluctuating but generally strong profitability. The periods of volatility, particularly the loss encountered in late 2019, appear to be temporary setbacks from which the financial metrics recovered strongly. The persistent high ROE values suggest efficient use of equity to generate earnings, albeit with some variability linked to the fluctuations in net income.
Return on Assets (ROA)
Northrop Grumman Corp., ROA calculation (quarterly data)
| 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 millions) | |||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||
| 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: 2023-03-31), 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 Q1 2023 Calculation
ROA = 100
× (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals distinct trends in the company's quarterly performance over the examined periods. Net earnings exhibit notable volatility, with a significant negative spike in the fourth quarter of 2019 and another dip in the fourth quarter of 2020, followed by periods of recovery and substantial growth, particularly in the first and fourth quarters of 2021 and 2022. Despite fluctuations, earnings generally confirm a positive trajectory in most quarters during 2021 and 2022, with a decline observable again in the first quarter of 2023.
Total assets show a progressive increase overall, rising from approximately $39.75 billion in early 2019 to around $44.24 billion by the first quarter of 2023. This steady growth in asset base could indicate ongoing investments or asset accumulation despite earnings fluctuations.
Return on Assets (ROA) displays variability consistent with net earnings trends. After a decrease in ROA through 2019 and early 2020, there is a marked improvement during 2021, peaking significantly in the fourth quarter of 2021 at 16.45%. Subsequently, the ROA exhibits a gradual decline through 2022 and into the first quarter of 2023, but remains higher than the levels seen in 2019 and early 2020, suggesting improved efficiency in asset utilization during the intermediate periods.
- Net Earnings
- Experienced a sharp loss in Q4 2019, a recovery, and a strong performance in 2021 with the highest posted earnings in Q4 2021.
- 2022 shows more consistency with moderate earnings but less pronounced peaks than 2021, followed by a decline in Q1 2023.
- Total Assets
- Steadily increased from around $39.75 billion in early 2019 to above $44 billion by early 2023, indicating expansion or asset growth efforts.
- Return on Assets (ROA)
- Decreased initially through 2019 and early 2020, then improved significantly during 2021, peaking in Q4.
- ROA slightly declined afterwards through 2022 and into 2023, but remains comparatively strong relative to earlier periods.
Overall, the company demonstrates resilience in recovering from earnings volatility with asset growth and improved efficiency during peak performance periods. However, recent quarters indicate a softening trend in profitability metrics, which may warrant attention in subsequent analyses or strategic decision-making.