Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2012
- Return on Assets (ROA) since 2012
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Profitability Ratios (Summary)
Phillips 66, profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
The analysis of the quarterly financial data reveals several notable trends across key profitability and efficiency metrics over the examined periods.
- Gross Profit Margin
- The gross profit margin data commences from March 31, 2016. It exhibits a generally stable pattern with minor fluctuations, starting at 7.58%, slightly declining through 2016 to a low near 4.42% in June 2017, then showing a consistent upward trend through 2018, peaking at 7.76% in March 2019 before a moderate decrease to 6.24% by December 2019. This indicates improving efficiency in managing production costs relative to sales over the latter part of the period.
- Operating Profit Margin
- Operating profit margin follows a somewhat similar trajectory but with more pronounced declines and recoveries. Peaks and troughs are evident: margins decrease steadily from 4.47% in Q1 2016 to 0.86% in Q2 2017, marking operational challenges or increased expenses during this period. Subsequently, the margin recovers gradually, reaching 2.9% by Q4 2018 and then rises sharply to 4.63% in Q1 2019. However, a declining trend resumes toward the end of 2019, finishing at 2.21%. This reflects volatility in operational efficiency and possibly variable cost management or revenue mix effects.
- Net Profit Margin
- The net profit margin mirrors operating profit margin trends but with less volatility, displaying a decline from 4.27% in Q1 2016 to a low of 1.85% by Q1 2017. A recovery phase follows, with net margins surpassing 5% in early 2018, hitting 5.85% by Q4 2018. The margin then gradually decreases to 2.87% by the end of 2019. The pattern suggests fluctuations in overall profitability after accounting for all expenses and taxes, with improved profitability in 2018 followed by a contraction in the last quarters of 2019.
- Return on Equity (ROE)
- ROE shows marked variations, beginning at 18.3% in Q1 2016 and declining progressively to 6.95% by Q1 2017, indicating reduced effectiveness in generating returns from shareholder equity. This is followed by an impressive rebound in 2018 where ROE peaks at 28.1% in Q4, reflecting strong profitability and efficient equity utilization. However, this gain is not sustained, as ROE declines steadily in 2019, ending at 12.35%. The volatility suggests fluctuating earnings relative to equity investments, influenced likely by both operating performance and capital management.
- Return on Assets (ROA)
- ROA follows a pattern consistent with ROE but at approximately half the magnitude, starting at 8.7% in Q1 2016, decreasing to around 3.01% by Q1 2017, indicative of diminished asset efficiency. ROA improves notably through 2018, peaking at 11.73% in Q4 2018, which suggests enhanced asset utilization in generating profits. However, a decline resumes in 2019, with ROA dropping to 5.24% by Q4, reflecting less effective asset use toward the end of the period.
In summary, the financial ratios demonstrate a period of declining profitability and efficiency from early 2016 to mid-2017, followed by a recovery and improvement phase through 2018. This is evidenced by rising profit margins and returns on equity and assets. The year 2019 shows a reversal of some of these gains, with most metrics trending downward, signaling challenges in maintaining operational and financial performance in that latter year.
Return on Sales
Return on Investment
Gross Profit Margin
Phillips 66, gross profit margin calculation (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Gross profit margin = 100
× (Gross profitQ4 2019
+ Gross profitQ3 2019
+ Gross profitQ2 2019
+ Gross profitQ1 2019)
÷ (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
= 100 × ( + + + )
÷ ( + + + )
=
- Gross Profit Trends
- Gross profit exhibited significant fluctuations over the observed quarters. Initial values from early 2015 showed higher gross profit levels, peaking at 2,616 million US dollars in September 2015. Subsequently, a downward trend occurred toward the end of 2015 and the first half of 2016, reaching a low of 665 million US dollars in December 2016. From 2017 onward, gross profit generally increased, with notable peaks in December 2018 at 3,153 million US dollars. However, in 2019, gross profit declined again, ending at 1,615 million US dollars in December.
- Sales and Operating Revenues
- Sales and other operating revenues demonstrated variability but remained within a narrower range compared to gross profit. The revenues were highest in December 2017, at 29,746 million US dollars. Although some quarters showed decreases, such as early 2016 and mid-2019, overall sales maintained a relatively stable pattern, fluctuating between approximately 17,000 and 30,000 million US dollars through the period.
- Gross Profit Margin Analysis
- Gross profit margin expressed as a percentage shows a general downward movement starting from early 2016 where initial margins were around 7.58%. This margin decreased steadily through late 2016, reaching a low near 4.42% in June 2017. However, from late 2017 through 2018, the margin improved, reaching over 7.7% by the end of 2018. In 2019, the margin remained relatively strong, generally above 7%, before a decline to 6.24% by December 2019.
- Summary of Patterns
- The data reveals that while sales and operating revenues remain relatively consistent, gross profit and gross profit margin experienced significant volatility. This inconsistency suggests fluctuations in either cost control or pricing effectiveness during the quarters. The increased profitability in 2018 followed by a decline in late 2019 suggests potential challenges that may have impacted operational efficiency or market conditions adversely during that latter period.
Operating Profit Margin
Phillips 66, operating profit margin calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019
+ Operating income (loss)Q1 2019)
÷ (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several key trends over the analyzed periods. Operating income exhibits notable volatility, with positive peaks and occasional negative values. Specifically, after strong figures in early periods reaching up to 1,806 million US dollars in September 2015, operating income declined sharply towards the end of 2016, turning negative at -120 million US dollars in December 2016. This was followed by recovery phases with fluctuations, peaking at 2,293 million US dollars in December 2018 before another dip to -91 million US dollars in March 2019. The data indicates a cyclical nature of operating income, suggesting sensitivity to market conditions or other external factors affecting profitability.
Sales and other operating revenues display a generally stable trajectory with moderate fluctuations. Initial values start around 22,778 million US dollars in March 2015, rising to a high of 29,746 million US dollars by December 2017. Subsequent quarters maintain levels mostly between 23,000 and 29,000 million US dollars, indicating maintained revenue streams with some variability. No drastic declines are evident, suggesting relative stability in sales despite changes in operating income.
Operating profit margin data, available for later periods, shows a range from below 1% to above 4%. The margins generally tend to improve starting from around 1.2% in late 2016 to peaks above 4% in 2019. This upward trend in margin percentages amid fluctuating operating income suggests improving efficiency or cost management in more recent periods. However, the margin remains below 5%, indicating modest profitability relative to sales.
- Operating Income Trends
- Exhibited significant volatility with notable peaks and troughs, including intervals of negative income, reflecting cyclical challenges or external pressures impacting earnings.
- Revenue Stability
- Sales remained comparatively stable across quarters with gradual increases over time, without sharp declines, indicating a consistent market presence.
- Profit Margin Evolution
- Operational profit margins generally increased towards later periods, suggesting improved operational efficiency or cost control despite variable income levels.
Net Profit Margin
Phillips 66, net profit margin calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income attributable to Phillips 66 | ||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
Net profit margin = 100
× (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Income Attributable to Phillips 66
- The net income demonstrated notable volatility over the analyzed quarters, with peaks and troughs evident across the periods. The earliest quarter shows a relatively high figure near 987 million US dollars, followed by a general upward movement peaking at 1578 million in September 2015. Subsequently, income declined sharply by December 2015 and experienced fluctuations throughout the next few years. A significant spike is observed in December 2017 with net income exceeding 3000 million, which marks the highest value in the series. Post this peak, net income settled to moderate levels but showed variability without a clear long-term trend, with values ranging between approximately 200 million and 2200 million in later quarters.
- Sales and Other Operating Revenues
- Operating revenues exhibited fluctuations but maintained relative stability within a range between approximately 17,000 million and 30,000 million US dollars. Initially, revenues rose from around 22,778 million to a high near 28,512 million by mid-2015, before experiencing decreases and recoveries in subsequent quarters. Revenues reached a notable high of nearly 29,788 million in the third quarter of 2018. Despite short-term ups and downs, the general trend appeared to oscillate without sustained directional movement, indicating a stable but variable revenue stream over the examined timeframe.
- Net Profit Margin
- The net profit margin was available from the quarter ending March 31, 2016, onward and exhibited a moderate downward trend initially, declining from approximately 4.27% in early 2016 to 1.85% by December 2016. This was followed by a period of gradual improvement, with margins increasing to maintain levels generally between 4.75% and 5.85% throughout 2017 and 2018. The margin declined again toward the end of 2019, closing at 2.87%. Overall, the margin showed cyclicality with peaks in mid to late 2018 and troughs recurring at year-end quarters, reflecting changing profitability challenges across periods.
- Overall Analysis
- The financial data indicates that the company experienced quarters of strong profitability interspersed with markedly lower results, especially visible in net income variations. Revenues remained relatively steady without significant growth or decline, suggesting stable operational performance. The fluctuation in net profit margins highlights periods of both operational efficiency and possible cost or market pressures affecting profitability. The spike in net income at the end of 2017 may warrant further investigation to understand its drivers, whether one-time gains or operational improvements. The recurring volatility in net income contrasted against steadier revenues points to variability in cost structures or external economic factors impacting earnings.
Return on Equity (ROE)
Phillips 66, ROE calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income attributable to Phillips 66 | ||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
ROE = 100
× (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ Stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income Attributable to Phillips 66
- The net income exhibits significant variability over the analyzed periods. From early 2015 through the end of 2016, the company's net income fluctuates considerably, peaking at 1,578 million USD in September 2015 before declining sharply to 163 million USD by December 2016. Starting in 2017, a more stable upward trend emerges, culminating in a pronounced peak of 3,198 million USD in December 2017. Following this peak, the net income experiences cyclical fluctuations, with notable highs in late 2018 and variable results throughout 2019, suggesting sensitivity to external factors or operational adjustments.
- Stockholders’ Equity
- Stockholders' equity remains relatively stable across the examined quarters, ranging from approximately 21,760 million USD to 24,910 million USD. Despite minor fluctuations, the equity shows a gradual upward trajectory, particularly noticeable from 2017 onward, indicating a consistent accumulation of retained earnings or capital investments. No abrupt declines or excessive volatility are observed in this metric, signaling relative financial stability in terms of equity base.
- Return on Equity (ROE)
- ROE data is available from March 31, 2016, revealing a generally positive trend with variations reflecting underlying net income changes. Initially, ROE decreases from 18.3% in early 2016 to 6.95% by December 2016, mirroring the downturn in net income during the same period. Subsequently, ROE improves steadily, reaching a peak of 28.1% at the end of 2018, which aligns with strong net income performance. In 2019, ROE declines to 12.35% by the last quarter, consistent with the observed reduction in net income and indicating a decrease in profitability relative to equity.
- Overall Analysis
- Across the full timeline, the company exhibits fluctuating profitability with periods of strong earnings growth interspersed with significant downturns. The stockholders' equity demonstrates structural resilience, with gradual growth over time. ROE values correspond closely with net income trends, highlighting periods of enhanced and diminished efficiency in generating returns on equity. The data suggests that while the company is capable of generating substantial profitability, it also experiences notable volatility, which may be influenced by market conditions, commodity prices, or operational factors.
Return on Assets (ROA)
Phillips 66, ROA calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income attributable to Phillips 66 | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q4 2019 Calculation
ROA = 100
× (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- The net income figures exhibit significant fluctuations over the observed quarters. Initially, there is an increase from 987 million to 1578 million US dollars between March and September 2015, followed by a sharp decline to 163 million by December 2016. Subsequently, net income recovers somewhat in 2017, peaking notably at 3198 million in December 2017, indicating a strong performance during that quarter. In 2018, net income remains generally high with values exceeding 1000 million in most quarters, culminating in 2240 million in December. However, in 2019, net income demonstrates volatility again with a steep drop to 204 million in March, followed by a rebound to 1424 million in June and subsequent values fluctuating around 700 million towards year-end.
- Total Assets
- Total assets display a gradual upward trend across the entire period. Starting near 49 billion US dollars in early 2015, assets experience moderate growth reaching approximately 54 billion by late 2017. The upward movement continues through 2018 and into 2019, with assets peaking around 58.7 billion US dollars by the final quarter of 2019. This steady growth suggests ongoing asset acquisition or valuation increases despite the volatility seen in net income.
- Return on Assets (ROA)
- ROA data, available from the third quarter of 2015, reveals a general declining trend initially from 8.7% down to below 4% by the end of 2016, mirroring the period of depressed net income. Beginning in 2017, ROA improves significantly, reaching a high of approximately 11.73% in December 2018, indicating enhanced profitability relative to asset base. After this peak, ROA declines again in 2019, falling to 5.24% by year-end, reflecting the diminished net income during the same period, despite the growth in total assets.
- Overall Insights
- The financial data suggests the company underwent a period of earnings volatility with occasional strong quarterly performances offset by significant downturns. Asset growth has been consistent and steady, implying sustained investment or expansion strategies. Profitability, as measured by ROA, correlates closely with net income trends, peaking notably in late 2017 and 2018 before weakening in 2019. The divergence between asset growth and profitability in some periods could indicate challenges in utilizing assets efficiently to generate income. This pattern merits further examination into operational efficiency and market conditions influencing quarterly earnings.