Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
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), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
- Gross profit margin
- The gross profit margin demonstrated a steady upward trend from 32.58% in March 2012 to 45.51% in March 2017. This consistent increase indicates an improvement in production efficiency or pricing power, reflecting enhanced profitability at the gross level over the analyzed period.
- Operating profit margin
- The operating profit margin showed notable fluctuations but generally trended upwards from 18.11% in March 2012 to a peak of 77.83% in December 2015, followed by a decline to 34.18% in March 2017. The pronounced spike around 2015 suggests a significant improvement in operational efficiency or reduction in operating expenses during that time, though this was not fully sustained in the subsequent periods.
- Net profit margin
- The net profit margin increased steadily from 10.4% in March 2012 to a high of 40.35% in December 2015, before regressing to 19.54% by March 2017. This pattern mirrors the operating margin trend, indicating that the company’s overall profitability was strongly influenced by operational factors and possibly one-time effects during the peak period.
- Return on equity (ROE)
- Return on equity improved from 24.2% in March 2012, reaching a peak of 33.25% by March 2013, before experiencing a sharp decline to around 16% during 2015, followed by a recovery to nearly 28% in late 2016 and a subsequent drop to 15.15% in early 2017. These fluctuations suggest varying effectiveness in generating shareholder returns, potentially linked to changes in net income and equity structure.
- Return on assets (ROA)
- Return on assets exhibited an increasing trend from 7.68% in March 2012 to 11.89% by December 2016, indicating improved asset utilization and operational efficiency. However, this was followed by a decline to 6.33% in March 2017. The rise reflects better management of assets to generate profits, while the later decline could signify challenges in sustaining asset productivity.
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 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
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.
The financial data indicates several notable trends over the periods analyzed. Gross profit exhibits a general upward trajectory from March 2012 through March 2017, rising from 939 million US dollars to 1,750 million US dollars. There are fluctuations within individual years, but the overall increase suggests improving profitability at the gross level.
Net sales, including excise taxes, show variability throughout the periods, initially increasing from 2,856 million US dollars in March 2012 to a peak of 4,381 million US dollars in September 2015, followed by some decline, ending at 3,931 million US dollars in March 2017. The fluctuations in net sales may reflect seasonal factors, changes in demand, or adjustments in pricing or product mix over time.
Gross profit margin, calculated as a percentage, reflects the efficiency of generating profit from sales. This margin shows a clear and consistent upward trend from approximately 32.58% in March 2013 to about 45.51% in March 2017. The increasing margin suggests enhanced cost management, improved pricing strategies, or a shift towards higher-margin products. The improvement in gross profit margin over time is significant and indicates strengthening profitability relative to sales.
In summary, while net sales demonstrate some volatility and a peak followed by a moderate decline, gross profit and gross profit margin both display positive trends. The sustained increase in gross profit margin particularly highlights the company's ability to convert sales into profit more efficiently over the periods covered.
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 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
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 operating income exhibited significant fluctuations throughout the observed periods. Initially, the values ranged between 275 million and 734 million US dollars from March 2012 to December 2012. Starting in the first quarter of 2013, operating income showed a relatively higher plateau with values generally above 600 million US dollars, peaking at 4364 million US dollars in June 2015. After this peak, the figure again experienced volatility but remained at relatively elevated levels compared to the earlier years, with amounts often exceeding 1200 million US dollars in the later quarters, indicating a marked improvement in profitability over time.
Net sales, inclusive of excise taxes, showed more stable albeit slightly fluctuating trends. The sales figures generally oscillated within a range of approximately 2700 to 3200 million US dollars during the initial several quarters up to early 2014. From March 2015 onwards, there was a noticeable increase, with several quarters nearing or surpassing 4000 million US dollars, peaking at 4381 million in September 2015. This upward trend in net sales is indicative of either growth in sales volume, price adjustments, or both, contributing to higher top-line revenue streams in the later reporting periods.
The operating profit margin percentages were not provided for the earliest dates but were available starting at 18.11% in March 2013. From this point, the margin generally increased and demonstrated considerable improvement over the subsequent years. The margin climbed steadily from values around 20-26% in 2013 and 2014 to a striking peak of 77.83% in December 2016. Although it somewhat moderated afterward, it remained significantly high compared to earlier periods, holding above 34% in the first quarter of 2017. This indicates enhanced efficiency or changes in cost structure, potentially linked to the spike in operating income and net sales around mid-2015, reflecting an improved profitability profile for the company.
- Overall Trend Analysis
- There is a clear upward trajectory in both net sales and operating income over the analyzed periods, with particularly notable surges around mid-2015. The operating profit margin correlates with these trends, reflecting improved profitability ratios, especially post-2014.
- Volatility and Peaks
- Operating income displayed significant volatility with several peaks, notably the substantial spike in June 2015, which is also reflected in an exceptionally high operating profit margin. Such anomalies might suggest extraordinary items or structural changes in operations during this period.
- Profitability Improvements
- The sustained increase in operating profit margin from 2013 through 2016 suggests that operational efficiencies or favorable market conditions have improved profit generation relative to sales, despite fluctuations in sales volume.
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 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
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 net income exhibited notable fluctuations over the analyzed quarterly periods. Initially, net income increased from 270 million USD in March 2012 to a peak of 443 million USD in June 2012, followed by a slight decline and stabilization around the 400 million USD range through late 2012 and early 2013. A significant surge occurred in mid-2015, when net income reached its highest value of 1928 million USD, before experiencing a sharp decline in subsequent quarters. Another remarkable increase is observed in December 2016, with net income climbing to 851 million USD, after which there was a modest downward trend towards March 2017.
Net sales, including excise taxes, followed a somewhat inconsistent upward trajectory. Early 2012 sales fluctuated between approximately 2800 million USD and 3200 million USD. After a slight dip in early 2013, net sales generally trended upward, peaking in the range of 4300 to 4400 million USD during 2016. The data indicate a possible seasonal or cyclical pattern with sales dipping slightly at the beginning of each year.
The net profit margin shows gradual improvement over time, starting from around 10.4% in late 2012 and increasing steadily to surpass 14% in 2013 and 2014. A pronounced spike occurred in 2015, reaching above 23%, and in late 2016 the margin peaked spectacularly at over 40%. However, by early 2017, the profit margin had declined to approximately 19.5%, signaling some volatility in profitability despite generally higher revenue levels.
Overall, the data reveal periods of strong profit growth, particularly in 2015 and late 2016, accompanied by increased sales volume. However, the significant variations in net income and profit margin suggest underlying factors affecting earnings quality or extraordinary items during these periods. The sales figures imply steady market demand with some seasonal variability, while profitability enhancements point to improved operational efficiency or pricing power at key points in time.
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 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
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.
The analysis of the quarterly financial data reveals several notable trends in profitability and shareholder equity over the examined periods.
- Net Income
- Net income displayed considerable variability across quarters, with particularly strong peaks observed in December 2015 and December 2016, where values surged to 1928 million and 3565 million US dollars respectively. These spikes indicate episodic periods of significantly enhanced profitability. Outside these peaks, net income figures fluctuated but generally remained within a range from approximately 270 million to 851 million US dollars. The fluctuations suggest a cyclical or event-driven influence on earnings, highlighting variability in operational performance or extraordinary gains during some quarters.
- Shareholders’ Equity
- Shareholders' equity showed a gradual decline from approximately 6028 million US dollars in March 2012 to a low point near 4519 million US dollars in March 2015. Following this trough, there was a marked increase, with equity rising sharply to exceed 21,000 million US dollars from December 2015 onward. This substantial increase implies either significant retained earnings, capital injections, or revaluations contributing to a stronger equity base during the latter part of the analyzed period. The growth phase post-2015 contrasts with the prior downward trend, indicating improved financial stability or capitalization.
- Return on Equity (ROE)
- The ROE metric was intermittently reported but shows a range mostly between 15% and 33%. ROE peaked notably around 33% in early 2014 and again exhibited strong performance in late 2016 with values approaching 28%. There was a period of lower ROE near 16% in the middle of the dataset, which coincides with the lower equity base and fluctuating net income levels. Overall, the ROE values suggest a generally efficient use of equity to generate earnings, punctuated by some quarterly volatility.
In summary, the financial trends indicate episodic spikes in profitability amidst fluctuating net income, a pronounced recovery and growth in shareholders' equity post-2015, and ROE values that, despite some volatility, suggest a relatively high and occasionally improving return on invested equity. These dynamics point to a company experiencing cyclical income variations but strengthening its financial position over time.
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 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
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.
- Net Income Trends
- Net income exhibits significant fluctuations throughout the periods analyzed. Initial values in 2012 show moderate net incomes, peaking at 443 million in June 2012 and dipping to 139 million by the end of 2012. The following year, 2013, reflects relative stability in net income, maintaining around the 450 to 500 million range in the first three quarters before descending to 292 million in the fourth quarter. A notable increase occurs in mid-2015, where net income spikes dramatically to 1928 million in June; this is followed by a return to lower values in the subsequent quarters. The year 2016 reflects another significant spike at 3565 million in the first quarter, then a decline throughout the year but remaining above the average levels of previous years. By the first quarter of 2017, net income stabilizes somewhat around 780 million.
- Total Assets Patterns
- Total assets show a generally steady pattern with some variability. From early 2012 through 2014, total assets range between approximately 15,000 and 16,700 million. A sharp increase is observed in early 2015, with total assets more than tripling to over 54,000 million, maintaining levels just above 50,000 million through 2016 and into the first quarter of 2017. This jump indicates a significant capital or asset acquisition or structural change in the company's asset base during 2015.
- Return on Assets (ROA) Development
- Return on Assets (ROA) data, available from March 31, 2012, shows initially moderate to strong returns ranging from approximately 7.7% to 11.15% through 2014. ROA peaks at 11.82% in December 2015, shortly after the substantial asset increase, suggesting efficient utilization of the expanded asset base at that point. However, ROA then exhibits a downward correction during 2016, falling to 6.33% by March 2017, indicating a declining efficiency in asset utilization or increased asset base not fully contributing to net income generation within that time frame.
- Interrelations and Insights
- The data reveals a correlation between the substantial rise in total assets starting in 2015 and subsequent fluctuations in net income and ROA. The large increase in assets corresponds with periods of unusually high net income values and peak ROA, implying major corporate activities such as acquisitions or restructuring. Following these peaks, net income and ROA both moderate, indicating a potential adjustment period post-expansion. Overall, while the company demonstrated strong earnings and asset utilization before 2015, the metrics post-2015 reflect a phase of volatility and adjustment to new operational scales or market conditions.