Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Reynolds American Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Profitability Ratios (Summary)
Reynolds American Inc., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
- Gross Profit Margin
- The gross profit margin exhibited a consistent upward trend throughout the observed periods. Starting at 34.96% in March 2013, it increased steadily, reaching 45.51% by March 2017. Notable increments occurred between late 2015 and the end of 2016, indicating enhanced cost management or pricing strategies that improved profitability at the gross level.
- Operating Profit Margin
- The operating profit margin demonstrated a more irregular pattern with fluctuations. Initial growth from 21.6% in March 2013 to a peak of 26.17% at the end of 2013 was followed by a dip in late 2014. A significant and unusual spike was observed in mid-2015, with margins reaching nearly 50%, which then stabilized at elevated levels around 46-62% through 2016 before declining to 34.18% by March 2017. This volatility suggests extraordinary or one-time factors impacting operating results during these periods.
- Net Profit Margin
- The net profit margin largely mirrored the trends in operating margin but with generally lower values. Starting at roughly 12.5%, the margin remained fairly stable through 2014 before a marked increase in 2015, peaking over 40% in early 2016. Afterward, there was a gradual decline through early 2017, ending near 19.5%. This pattern may reflect variations in tax, financing costs, or non-operating income effects following operating income fluctuations.
- Return on Equity (ROE)
- ROE showed moderate growth initially, rising from approximately 29.5% in early 2013 to above 33% in early 2015. However, a sharp decline ensued in 2015, halving the ratio to around 16%. It then rebounded partially in 2016 to levels nearing 28% before a further reduction to 15.15% in the first quarter of 2017. These swings indicate significant changes in net income relative to shareholder equity, possibly related to the operational profit volatility and changes in leverage or equity levels.
- Return on Assets (ROA)
- ROA displayed a slow but upward trend in the initial years, increasing from 9% to a peak above 11% between late 2013 and late 2016, with some intermittent drops. A pronounced drop in net asset profitability was seen in mid-2015 mirroring ROE’s decline, before partial recovery later in 2016. By March 2017, ROA fell again to 6.33%. These fluctuations align with changes in profitability and asset utilization efficiency.
Return on Sales
Return on Investment
Gross Profit Margin
Reynolds American Inc., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Net sales, includes excise taxes | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q1 2017 Calculation
Gross profit margin = 100
× (Gross profitQ1 2017
+ Gross profitQ4 2016
+ Gross profitQ3 2016
+ Gross profitQ2 2016)
÷ (Net sales, includes excise taxesQ1 2017
+ Net sales, includes excise taxesQ4 2016
+ Net sales, includes excise taxesQ3 2016
+ Net sales, includes excise taxesQ2 2016)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit exhibits a fluctuating pattern over the analyzed periods. Starting at $1,189 million in the first quarter of 2013, it experiences a gradual decline until the end of 2013, reaching $1,058 million. Following this, a recovery phase is observed in 2014 with peaks and troughs, the highest being $1,206 million in the third quarter of 2014. A notable upward trend is visible from early 2015 through late 2016, peaking at $2,016 million in the third quarter of 2016, before tapering off to $1,750 million by the first quarter of 2017.
- Net Sales, Includes Excise Taxes
- Net sales demonstrate a general growth trajectory with some volatility. Starting at $2,738 million in the first quarter of 2013, sales reached $3,162 million in the subsequent quarter, after which they stabilize around the $3,000 million mark through 2013 and 2014. A significant increase occurs in 2015, where sales jump to $4,381 million in the third quarter, maintaining elevated levels near $4,300 million through 2016. However, a decline is noted in the first quarter of 2017, with sales dropping to $3,931 million.
- Gross Profit Margin
- The gross profit margin shows a clear upward trend over time, indicating improved profitability relative to sales. Starting below 35% in early 2013, the margin steadily climbs through each subsequent year. By the end of 2013, it surpasses 38%, and by 2015 it exceeds 40%. This improvement continues through 2016, reaching a peak of approximately 45.5% by the first quarter of 2017. The consistent increase in gross profit margin suggests effective cost management or pricing strategies leading to enhanced operational efficiency.
- Summary Insights
- Over the analyzed periods, the company shows growth in both gross profit and net sales, albeit with some fluctuations. The most significant sales growth occurs between 2014 and 2016, supported by a rising gross profit margin which indicates increased operational efficiency and profitability. Despite a slight decline in gross profit and net sales at the beginning of 2017, the overall trend suggests strong financial performance over the multi-year period. The continuous improvement in gross profit margin is a positive indicator for the company’s cost control and pricing effectiveness.
Operating Profit Margin
Reynolds American Inc., operating profit margin calculation (quarterly data)
| Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Net sales, includes excise taxes | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q1 2017 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2017
+ Operating incomeQ4 2016
+ Operating incomeQ3 2016
+ Operating incomeQ2 2016)
÷ (Net sales, includes excise taxesQ1 2017
+ Net sales, includes excise taxesQ4 2016
+ Net sales, includes excise taxesQ3 2016
+ Net sales, includes excise taxesQ2 2016)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in operating income, net sales including excise taxes, and operating profit margin over the examined periods.
- Operating Income
-
Operating income exhibits considerable volatility with fluctuations observed across the quarters. Initial levels in early 2013 ranged between 656 and 887 million USD, followed by a general decline in the first quarter of 2014 to 590 million USD. A significant drop is evident in the last quarter of 2014, falling to 293 million USD, the lowest during the observed timeline. However, from 2015 onward, the operating income demonstrates a marked increase, peaking dramatically at 6,142 million USD in the first quarter of 2016. Subsequent quarters maintain elevated figures relative to earlier years, with values stabilizing between approximately 1,300 and 1,500 million USD throughout 2016 and early 2017.
- Net Sales, Includes Excise Taxes
-
Net sales exhibit a cyclical pattern but generally maintain a steady range between roughly 2,700 and 4,300 million USD. Quarterly data from 2013 to 2017 reflect modest variation, with peaks around 4,300 million USD noticeable in mid-2016 and 2015, suggesting periodic increases in sales volume or pricing. Early 2016 and the first quarter of 2017 show a slight decline in sales compared to the preceding quarters. Overall, sales appear relatively stable with some seasonal and year-over-year fluctuations.
- Operating Profit Margin
-
The operating profit margin percentage shows marked improvement trends over time. Early 2013 margins ranged from 21.6% to 26.17%, reflecting moderate profitability. Although the margin dipped to around 20.92% in the last quarter of 2014, it then rose sharply in 2015 and particularly in 2016, with peaks reaching an exceptional 77.83% in early 2016. This unusually high margin may indicate extraordinary or nonrecurring factors influencing profitability during this period. Following this peak, margins stabilize at lower, yet still elevated levels between 34% and 62%, maintaining a higher level of profit relative to earlier years. This indicates improved operational efficiency or pricing power during the later periods analyzed.
In summary, the company’s financial performance exhibits significant fluctuations but an overall trajectory of increasing profitability margin post-2014, supported by a resurgence in operating income despite relatively stable net sales. The sharp peaks in operating income and profit margin during 2016 suggest the impact of exceptional items or significant operational changes that warrant further investigation. The pattern suggests enhanced profitability efficiency in recent years despite fluctuations in sales volume or revenue.
Net Profit Margin
Reynolds American Inc., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||
| Net sales, includes excise taxes | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q1 2017 Calculation
Net profit margin = 100
× (Net incomeQ1 2017
+ Net incomeQ4 2016
+ Net incomeQ3 2016
+ Net incomeQ2 2016)
÷ (Net sales, includes excise taxesQ1 2017
+ Net sales, includes excise taxesQ4 2016
+ Net sales, includes excise taxesQ3 2016
+ Net sales, includes excise taxesQ2 2016)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data over the observed quarters reveals several notable trends in key metrics such as net income, net sales, and net profit margin.
- Net Income
- Net income displayed significant fluctuations throughout the periods. Initially, there was a general decline from US$508 million at the beginning of 2013 to a low of US$148 million at the end of 2014. Subsequently, a remarkable surge was observed in 2015, peaking at US$1,928 million in the second quarter. After this peak, the income decreased but remained volatile, with a second surge reaching US$3,565 million in the first quarter of 2016. In the final periods, net income settled into a range between approximately US$780 million and US$861 million.
- Net Sales (Including Excise Taxes)
- Net sales generally demonstrated an upward trend with some periodic fluctuations. Starting from US$2,738 million in early 2013, the sales figures experienced some volatility but gained momentum from mid-2015 onwards. Sales peaked in the third quarter of 2015 at US$4,381 million and, despite a slight decline towards the end of 2016 and early 2017, remained elevated compared to earlier periods, maintaining figures above US$3,900 million in the most recent quarters.
- Net Profit Margin
- The net profit margin exhibited considerable variability over the observed quarters. Initially stable around 12-14% during 2013 and 2014, it experienced an exceptional increase beginning in 2015, reaching levels above 20%, and peaking sharply at over 40% in the first quarter of 2016. Following this peak, the margin decreased but remained substantially higher than earlier periods, hovering between approximately 19% and 36% in the last reporting periods.
Overall, the data indicates that while net sales gradually increased over time, the net income and profit margins experienced pronounced volatility, with substantial peaks particularly around 2015 and early 2016. These surges suggest periods of significantly enhanced profitability, potentially driven by factors such as cost management, pricing strategies, or one-time events. The stabilization of net income and profit margins towards the end of the period suggests a consolidation phase following these peaks.
Return on Equity (ROE)
Reynolds American Inc., ROE calculation (quarterly data)
| Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q1 2017 Calculation
ROE = 100
× (Net incomeQ1 2017
+ Net incomeQ4 2016
+ Net incomeQ3 2016
+ Net incomeQ2 2016)
÷ Shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- The net income exhibits notable fluctuations over the observed periods. Initially, from early 2013 through the end of 2013, net income decreases sharply, reaching a low point in December 2013. Following this, a recovery phase occurs during 2014 and early 2015, with a particularly strong spike in the second quarter of 2015. A significant peak is observed in the first quarter of 2016, with the figure reaching its highest level within the dataset. Subsequently, net income stabilizes but shows a slight decline towards the first quarter of 2017.
- Shareholders’ Equity
- Shareholders’ equity remains relatively stable with modest fluctuations from 2013 through 2014, generally staying within a narrow range. A drastic increase occurs beginning in the first quarter of 2015 and through 2016, more than quadrupling compared to earlier values and reaching a peak in early 2017. This suggests a substantial change in the company’s capital base or retained earnings during this period.
- Return on Equity (ROE)
- ROE starts at a high level in 2013, with values consistently exceeding 29%, peaking at over 33% towards the end of 2013. Through 2014, ROE remains strong and relatively stable, hovering around the low 30% range. However, in 2015, a significant drop is observed, with ROE declining sharply to around 16-18%. This low performance period coincides with the phase of increasing equity, suggesting dilution or changing profitability dynamics. In 2016, ROE recovers to higher levels above 24%, before declining again to approximately 15% by early 2017. The variability in ROE indicates fluctuating profitability efficiency relative to equity.
- Overall Trends and Insights
- The data indicates strong initial profitability and efficient use of equity, which weakens substantially around 2015 despite the dramatic increase in shareholders’ equity. The spike in net income early in 2016 aligns with a high ROE, suggesting a temporary improvement in operational performance or other income factors. The increase in equity during 2015 and 2016 may reflect equity issuance or retained earnings accumulation, but this has diluted the company's return on equity. The cyclic pattern in net income and ROE implies periods of volatility in profitability, highlighting potential underlying operational or market challenges. By early 2017, both net income and ROE show a downward trend, signaling cautious attention to sustaining profitability and equity efficiency going forward.
Return on Assets (ROA)
Reynolds American Inc., ROA calculation (quarterly data)
| 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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q1 2017 Calculation
ROA = 100
× (Net incomeQ1 2017
+ Net incomeQ4 2016
+ Net incomeQ3 2016
+ Net incomeQ2 2016)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in key performance indicators over the observed periods.
- Net Income
- Net income exhibited fluctuations throughout the timeline, with notable peaks and troughs. Initially, net income decreased from 508 million USD in early 2013 to 292 million USD at the end of 2013. A recovery phase followed in 2014, with net income rising to peaks above 490 million USD during mid-year but then dropping sharply to 148 million USD by the end of 2014. A significant upward spike occurred in the first quarter of 2015, with net income reaching 1,928 million USD, followed by a sharp decline in subsequent quarters. The most substantial peak is observed in the first quarter of 2016, with net income at 3,565 million USD, after which it stabilized at lower but still elevated levels relative to earlier years, remaining around 780-861 million USD in 2016 and early 2017.
- Total Assets
- Total assets remained relatively stable during the 2013 to 2014 period, fluctuating between approximately 15,300 million USD and 16,800 million USD. However, a dramatic increase is noted beginning in early 2015 where total assets surged to levels exceeding 54,000 million USD, maintaining this elevated level through 2015 to early 2017 period. Despite some minor decreases during 2016, overall asset levels stayed markedly higher compared to the pre-2015 figures, indicating possible significant acquisitions or asset revaluations during that time.
- Return on Assets (ROA)
- The return on assets shows variability consistent with fluctuations in net income and changes in asset base. ROA initially remains in a range between approximately 9% and 11% from 2013 through 2014. Beginning in 2015, ROA drops significantly to a range of roughly 5% to 6%, coinciding with the substantial increase in total assets, indicating lower asset efficiency or profitability relative to the asset base during this period. Notably, ROA rebounds strongly by the end of 2015 and throughout 2016, reaching peaks close to 12%, suggesting improved utilization of assets and enhanced profitability during this timeframe. In early 2017, ROA decreases again to about 6.3%, pointing to some reduction in asset efficiency relative to prior quarters.
In summary, the financial data depicts cycles of volatility in profitability, punctuated by significant asset base expansion beginning in early 2015. While net income experienced sharp spikes and declines, the overall elevated asset levels from 2015 onward influenced return on assets, resulting in reduced efficiency initially, followed by periods of strong recovery. These patterns may reflect strategic corporate activities impacting earnings volatility and capital structure over the assessed period.