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 Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2008
- Price to Earnings (P/E) since 2008
- Analysis of Revenues
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Profitability Ratios (Summary)
Philip Morris International Inc., profitability ratios (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin demonstrated a generally declining trend from March 31, 2021, to December 31, 2023, decreasing from 66.65% to 62.58%. After reaching this low point, the margin gradually improved through subsequent periods, rising to 66.44% by June 30, 2025. This pattern indicates initial compression in profitability at the gross level, followed by a recovery phase towards the end of the observed periods.
- Operating Profit Margin
- The operating profit margin followed a similar trajectory to the gross margin, peaking at 42.31% during the mid and late quarters of 2020 and 2021, then experiencing a continuous decline to reach a minimum of 32.85% by December 31, 2023. Subsequently, a steady recovery occurred, bringing the margin to 36.28% by June 30, 2025. This suggests operational profitability was negatively impacted for several quarters but showed resilience by gradually improving afterwards.
- Net Profit Margin
- The net profit margin remained relatively stable around the high 20% range from March 31, 2021, to June 30, 2022, with values fluctuating between 27.2% and 29.69%. From this point, a notable decrease ensued, reaching a low of 18.63% on March 31, 2025. A slight recovery then followed, ending at 21.08% by June 30, 2025. This decrease in net margin suggests that factors beyond operating income, such as interest expenses, taxes, or other costs, exerted notable pressure on overall profitability during the latter periods.
- Return on Assets (ROA)
- The return on assets initially showed strong levels, peaking at approximately 22.18% on September 30, 2021. Following this peak, the ROA demonstrated a pronounced downward trend, reaching lows near 11.42% by March 31, 2025. There was a minor upward movement in the final quarter to 12.02%. The decline signifies a reduction in efficiency in generating profits from asset investments over time, especially notable after 2021.
- Return on Equity (ROE)
- No data was provided to assess the trend or levels of return on equity for the periods under review.
Return on Sales
Return on Investment
Gross Profit Margin
Philip Morris International Inc., gross profit margin calculation (quarterly data)
| 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 | 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 profit | |||||||||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
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).
1 Q2 2025 Calculation
Gross profit margin = 100
× (Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024)
÷ (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit exhibits fluctuations over the periods analyzed. Starting at 4,751 million USD in the first quarter of 2020, it experienced a decline mid-year but generally trended upward from early 2021 onward. Notable increases occurred in mid-2023, peaking around 6,861 million USD by the end of 2025. Despite some intermediate decreases, the overall trend indicates growth in gross profit over the five-year span.
- Net Revenues
- Net revenues similarly display an overall upward trend, starting at 7,153 million USD in early 2020 and rising steadily with some variability. Revenues reached a temporary plateau in late 2021 and fluctuated moderately through 2022 but accelerated significantly from 2023 onward, reaching over 10,100 million USD by the second quarter of 2025. This suggests expanding sales and market activity across the timeline.
- Gross Profit Margin
- The gross profit margin data from March 2021 onwards shows a declining trend initially, dropping from approximately 66.65% to roughly 62.58% by mid-2023. From that point, the margin began a gradual recovery, climbing to about 66.44% by mid-2025. This indicates initial pressures on profitability relative to revenues, later mitigated by improvements in cost controls or pricing strategies.
- Overall Trends and Insights
- Throughout the period, net revenues and gross profit both display growth, suggesting expansion in business volume and profitability in absolute terms. However, the interim decline and subsequent recovery in gross profit margin reveal fluctuations in cost efficiency or pricing power. The recent upward movement in margin combined with increasing revenues and gross profit implies strengthening financial health and operational effectiveness towards the later periods.
Operating Profit Margin
Philip Morris International Inc., operating profit margin calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
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).
1 Q2 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income
- The operating income exhibits fluctuations over the periods analyzed. From early 2020 to late 2020, operating income increased from 2,789 million USD to a peak of 3,243 million USD in September 2020 before experiencing a decline to 2,905 million USD by December 2020. In 2021, operating income again rose, reaching highs around 3,455 million USD in September, followed by a decrease toward the year's end. The data for 2022 show a generally declining trend in operating income, beginning at 3,298 million USD in the first quarter and falling to 2,924 million USD by the fourth quarter. In 2023, operating income initially decreased further, hitting a low of 2,566 million USD in the second quarter, then rebounded notably to 3,370 million USD in the third quarter but fell again in the following quarter. The figures from 2024 indicate a gradual recovery and upward trend, peaking at 3,712 million USD in the final quarter of the year. Overall, operating income demonstrates cyclical behavior with periodic recoveries after declines, maintaining a range generally between 2,500 and 3,700 million USD.
- Net Revenues
- Net revenues show a steady upward trend across the entire period. Starting at 7,153 million USD in the first quarter of 2020, revenues experienced a minor decline in the following quarter but generally trended upward toward 8,152 million USD by the end of 2022. The upward trend continued more strongly through 2023 and 2024, with revenues peaking at 10,140 million USD in the last quarter of 2025. This progression reflects consistent growth in revenue generation, with occasional moderate quarterly variability but a clear overall increase year over year.
- Operating Profit Margin
- Operating profit margin data is available for the period beginning March 31, 2021. Initial margins were in the range of approximately 40.7% to 42.3% during 2021, indicating strong profitability relative to revenues. However, from 2022 onwards, the margin shows a declining trend, falling below 40% and reaching its lowest points around 32.85% to 33.81% in the middle quarters of 2023. Margins then exhibit a modest recovery through late 2023 and into 2024, gradually climbing back towards 36.3% by the final quarter of 2025. This pattern suggests that while profitability relative to revenue weakened after early 2021, there was some stabilization and improvement in later periods.
- Overall Insights
- The combination of rising net revenues with fluctuating operating income and declining then recovering operating profit margins suggests that while top-line growth is strong, cost management and operational efficiency faced challenges after 2021. The recovery of operating income and margins in 2024 and 2025 indicates initiatives or market conditions that improved profitability, aligning operating results more closely with the increasing revenue base. Monitoring these trends further will be important to assess the sustainability of growth and profitability going forward.
Net Profit Margin
Philip Morris International Inc., net profit margin calculation (quarterly data)
| 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 | 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 earnings attributable to PMI | |||||||||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
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).
1 Q2 2025 Calculation
Net profit margin = 100
× (Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025
+ Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024)
÷ (Net revenuesQ2 2025
+ Net revenuesQ1 2025
+ Net revenuesQ4 2024
+ Net revenuesQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several notable trends across the reviewed quarterly periods.
- Net Earnings Attributable to PMI
- The net earnings show variability with a general pattern of fluctuations between quarters. From the beginning of 2020 to the end of 2021, earnings mostly increased with occasional dips. There was a significant peak in the early quarters of 2022, followed by a decline and further fluctuations through to 2023. A pronounced increase occurs again through 2024, reaching a peak in the third quarter, followed by an unexpected sharp negative figure in the fourth quarter of 2024, which deviates from previous patterns. The last two quarters again reflect recovery with positive earnings.
- Net Revenues
- Net revenues show a relatively stable upward trend throughout the periods analyzed. Beginning from just over 7,000 million USD in early 2020, revenues generally increased each quarter with minor seasonal variations. This upward trend continues steadily through 2023 and 2024, crossing 10,000 million USD in the mid-2025 period. There are no marked declines, indicating consistent revenue growth over time.
- Net Profit Margin
- The net profit margin data begins from March 31, 2020, showing a distribution mostly around the high twenties percentage-wise, peaking near 29.69% in the mid-2021 quarters. Subsequently, the margin trends downward gradually to values in the low twenties around 2023 and the beginning of 2024. There is a moderate recovery observed near the end of 2024 and mid-2025, though the margins do not return to the earlier peak levels. The sharp drop in net earnings in one quarter in 2024 corresponds with a noticeable dip in profit margin as well, indicating a potential one-time or extraordinary event impacting profitability.
In summary, the company demonstrates strong revenue growth with some volatility in net earnings and profit margins. The spike and subsequent negative dip in earnings during late 2024 warrant further investigation to understand underlying causes. The profit margins, while generally robust, show signs of compression after 2021 but appear to recover modestly towards mid-2025.
Return on Equity (ROE)
Philip Morris International Inc., ROE calculation (quarterly data)
| 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 | 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 earnings attributable to PMI | |||||||||||||||||||||||||||||
| Total PMI stockholders’ deficit | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
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).
1 Q2 2025 Calculation
ROE = 100
× (Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025
+ Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024)
÷ Total PMI stockholders’ deficit
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Earnings Attributable to PMI
- The net earnings demonstrate considerable fluctuations over the analyzed periods. Starting at 1826 million US dollars in March 2020, earnings peaked at 2426 million in September 2021 before experiencing variability. Notably, there was a sharp decline to -579 million in December 2024, indicating a significant loss in that quarter. After this downturn, earnings recovered efficiently to 2690 million by March 2025 and further increased to 3039 million by June 2025. Overall, the trend shows resilience with periodic volatility.
- Total PMI Stockholders’ Deficit
- The stockholders’ deficit remained negative throughout the timeline, declining from -12944 million in March 2020 to a less negative position around -8957 million in December 2022. However, this trend reversed from 2023 onward, with the deficit worsening again to -11966 million by June 2025. The deficit showed temporary improvement phases but ultimately increased in magnitude towards the end of the period, suggesting challenges in equity retention or accumulated losses.
- Return on Equity (ROE)
- Data for ROE is absent and therefore no analysis on profitability relative to equity can be conducted.
Return on Assets (ROA)
Philip Morris International Inc., ROA calculation (quarterly data)
| 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 | 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 earnings attributable to PMI | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
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).
1 Q2 2025 Calculation
ROA = 100
× (Net earnings attributable to PMIQ2 2025
+ Net earnings attributable to PMIQ1 2025
+ Net earnings attributable to PMIQ4 2024
+ Net earnings attributable to PMIQ3 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Earnings Attributable to PMI
- The net earnings show a generally fluctuating pattern across the observed periods. The values start near 1,826 million USD in March 2020, rising to a local peak of 2,426 million USD in September 2021. Following this, a decline is noted by June 2023 with earnings dipping to 1,568 million USD. A notable surge occurs in September 2024 with net earnings escalating sharply to 3,082 million USD, followed by an unusual drop to -579 million USD in December 2024, indicating a significant loss during this quarter. Earnings recover quickly afterwards, rising again to over 3,000 million USD by June 2025.
- Total Assets
- Total assets exhibit an overall upward trajectory over the period. Starting at approximately 37,494 million USD in March 2020, there is a steady increase with some volatility, notably a sharp rise to 61,681 million USD in December 2022. This higher asset base is generally sustained, rising through to a peak of about 68,506 million USD by December 2025. There is a small dip observed around March 2025 before assets start climbing again.
- Return on Assets (ROA)
- The ROA data begins from March 2021 onwards and indicates a declining trend over time. ROA starts high at around 18% to 22% between March 2021 and December 2022 but then decreases gradually to approximately 11-13% through the final reported quarters ending in June 2025. This declining ROA suggests diminishing efficiency in profit generation relative to total assets despite the growth in asset base.
- Summary of Trends and Insights
- The company’s net earnings demonstrate volatility with notable peaks and a significant, isolated loss in late 2024. The total asset base consistently grows, implying ongoing expansion or increased investments. However, the downward trend in ROA indicates that the increased asset base is not being matched by proportional earnings growth, suggesting declining asset utilization efficiency. The sharp earnings loss in December 2024 warrants further investigation as it contrasts with the otherwise positive or recovering earnings pattern.