Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Sherwin-Williams Co., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
Profitability metrics indicate a sustained expansion in margins accompanied by a general contraction in return on equity over the analyzed period. The correlation between increasing gross margins and rising operating and net margins suggests effective cost management and enhanced pricing power.
- Gross Profit Margin
- A consistent upward trajectory is observed, with the margin rising from 41.82% in March 2022 to 48.98% by June 2026. The most significant period of expansion occurred between March 2023 and March 2024, after which the margin stabilized in the 48% to 49% range.
- Operating and Net Profit Margins
- Both metrics show steady improvement. The operating profit margin increased from 12.49% to 16.35%, while the net profit margin grew from 9.00% to 11.01%. The growth in these margins largely mirrors the trend in gross profit, indicating that operational efficiencies were maintained as revenue quality improved.
- Return on Equity (ROE)
- A pronounced downward trend is evident, with ROE declining from a peak of 81.71% in March 2022 to a low of 55.86% in December 2025. Despite this long-term decline, a sharp recovery is noted in the final period, with the ratio climbing to 69.74% by June 2026.
- Return on Assets (ROA)
- ROA exhibited modest growth and relative stability compared to equity returns. The ratio rose from 8.40% in March 2022 to a peak of 11.35% in December 2024, before consolidating around 9.97% by the end of the analyzed period.
AI Ask an analyst for more
Return on Sales
Return on Investment
Gross Profit Margin
Sherwin-Williams Co., gross profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Gross profit | 3,338,000) | 2,780,500) | 2,712,600) | 3,125,500) | 3,118,300) | 2,559,100) | 2,573,200) | 3,027,500) | 3,063,400) | 2,531,000) | 2,548,700) | 2,916,200) | 2,872,300) | 2,420,900) | 2,233,800) | 2,589,400) | 2,449,000) | 2,052,900) | ||||||
| Net sales | 6,789,300) | 5,666,900) | 5,595,900) | 6,358,200) | 6,314,500) | 5,305,700) | 5,297,200) | 6,162,500) | 6,271,500) | 5,367,300) | 5,252,200) | 6,116,700) | 6,240,600) | 5,442,400) | 5,230,500) | 6,047,400) | 5,872,300) | 4,998,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | 48.98% | 49.04% | 48.85% | 48.88% | 48.87% | 48.72% | 48.47% | 48.46% | 48.07% | 47.30% | 46.67% | 45.35% | 44.06% | 42.90% | 42.10% | 41.38% | 41.01% | 41.82% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Linde plc | 48.35% | 48.77% | 48.83% | 48.78% | 48.45% | 48.26% | 48.06% | 47.75% | 47.56% | 47.26% | 46.76% | 46.11% | 44.22% | 42.77% | 41.70% | 40.91% | 41.68% | 42.42% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (3,338,000 + 2,780,500 + 2,712,600 + 3,125,500)
÷ (6,789,300 + 5,666,900 + 5,595,900 + 6,358,200)
= 48.98%
2 Click competitor name to see calculations.
The gross profit margin exhibits a sustained and consistent upward trajectory over the analyzed period, increasing from 41.82% in March 2022 to 48.98% by June 2026. This trend indicates a significant enhancement in operational efficiency or pricing power over the four-year span.
- Phases of Margin Expansion
- An initial period of relative stability is observed throughout 2022, with margins fluctuating within a narrow range between 41.01% and 42.10%. A phase of accelerated growth began in the first quarter of 2023, where the margin climbed steadily from 42.90% to 48.07% by June 2024, representing a substantial gain in profitability per dollar of sales.
- Plateau and Stabilization
- From the third quarter of 2024 through June 2026, the gross profit margin entered a stabilization phase. During this interval, the ratio remained consistently between 48.46% and 49.04%, suggesting that the margin reached a ceiling or a new equilibrium state after the preceding period of rapid expansion.
- Correlation with Sales Volume
- A distinct seasonal pattern is evident in net sales, with peaks typically occurring in the second and third quarters and troughs in the fourth and first quarters. However, the gross profit margin remained decoupled from these revenue fluctuations, continuing its upward trend regardless of the quarterly volume of sales. This suggests that the improvement in margin was driven by structural cost reductions or systemic price increases rather than economies of scale related to seasonal demand.
AI Ask an analyst for more
Operating Profit Margin
Sherwin-Williams Co., operating profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Operating income | 1,230,900) | 804,600) | 778,700) | 1,177,400) | 1,100,400) | 756,400) | 698,200) | 1,133,100) | 1,251,300) | 729,200) | 641,700) | 1,097,800) | 1,110,800) | 717,400) | 597,100) | 993,900) | 847,000) | 564,900) | ||||||
| Net sales | 6,789,300) | 5,666,900) | 5,595,900) | 6,358,200) | 6,314,500) | 5,305,700) | 5,297,200) | 6,162,500) | 6,271,500) | 5,367,300) | 5,252,200) | 6,116,700) | 6,240,600) | 5,442,400) | 5,230,500) | 6,047,400) | 5,872,300) | 4,998,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 16.35% | 16.13% | 16.17% | 16.04% | 15.98% | 16.66% | 16.50% | 16.29% | 16.17% | 15.58% | 15.48% | 15.30% | 14.89% | 13.97% | 13.56% | 12.82% | 11.94% | 12.49% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Linde plc | 26.45% | 26.48% | 26.25% | 27.38% | 26.75% | 26.42% | 26.16% | 25.41% | 25.47% | 24.99% | 24.42% | 23.68% | 21.89% | 17.46% | 16.09% | 14.87% | 14.40% | 16.53% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (1,230,900 + 804,600 + 778,700 + 1,177,400)
÷ (6,789,300 + 5,666,900 + 5,595,900 + 6,358,200)
= 16.35%
2 Click competitor name to see calculations.
The operating profit margin exhibits a sustained upward trajectory over the analyzed period, reflecting a significant improvement in operational efficiency and profitability. Starting from a low of 11.94% in June 2022, the margin expanded consistently for several consecutive quarters, reaching a peak of 16.66% by March 2025.
- Margin Expansion Phase
- A period of aggressive margin growth is observed between March 2022 and March 2025. During this window, the operating profit margin rose from 12.49% to 16.66%. This growth was characterized by a steady quarterly increase, particularly throughout 2023 and 2024, suggesting effective cost management or pricing power that outpaced the growth of operating expenses.
- Stabilization Phase
- Following the peak in March 2025, the operating profit margin entered a stabilization phase. From June 2025 through June 2026, the margin fluctuated within a narrow range between 15.98% and 16.35%. This indicates that the company reached a new plateau of operational efficiency, maintaining a margin approximately 400 basis points higher than the levels seen in early 2022.
- Revenue and Income Correlation
- A distinct seasonal pattern is evident in net sales, with recurring peaks in the second and third quarters of each year. While operating income follows this seasonal volume, the operating profit margin remained resilient and generally trended upward regardless of the quarterly sales volume. This divergence suggests that the margin improvement was driven by structural operational gains rather than simple economies of scale during peak sales periods.
AI Ask an analyst for more
Net Profit Margin
Sherwin-Williams Co., net profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Net income | 843,600) | 534,700) | 476,800) | 833,100) | 754,700) | 503,900) | 480,100) | 806,200) | 889,900) | 505,200) | 356,200) | 761,500) | 793,700) | 477,400) | 386,300) | 685,100) | 577,900) | 370,800) | ||||||
| Net sales | 6,789,300) | 5,666,900) | 5,595,900) | 6,358,200) | 6,314,500) | 5,305,700) | 5,297,200) | 6,162,500) | 6,271,500) | 5,367,300) | 5,252,200) | 6,116,700) | 6,240,600) | 5,442,400) | 5,230,500) | 6,047,400) | 5,872,300) | 4,998,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 11.01% | 10.86% | 10.90% | 11.05% | 11.03% | 11.63% | 11.61% | 11.09% | 10.92% | 10.52% | 10.36% | 10.50% | 10.20% | 9.41% | 9.12% | 8.94% | 8.45% | 9.00% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Linde plc | 20.43% | 20.44% | 20.30% | 21.17% | 20.20% | 20.02% | 19.89% | 19.33% | 19.49% | 19.26% | 18.87% | 18.44% | 17.20% | 13.46% | 12.43% | 11.39% | 10.88% | 12.66% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (843,600 + 534,700 + 476,800 + 833,100)
÷ (6,789,300 + 5,666,900 + 5,595,900 + 6,358,200)
= 11.01%
2 Click competitor name to see calculations.
An analysis of the financial performance between March 2022 and June 2026 reveals a sustained improvement in profitability. While top-line revenue and bottom-line earnings exhibit characteristic seasonal fluctuations, the net profit margin demonstrates a consistent upward trajectory over the observed period.
- Net Profit Margin Trajectory
- The net profit margin increased from 9.00% in March 2022 to a peak of 11.61% by December 2024. This expansion indicates a systemic improvement in the ability to convert sales into actual profit, reflecting enhanced operational efficiency or pricing power over the three-year growth phase.
- Seasonal Revenue and Income Dynamics
- Net sales and net income display significant seasonal volatility, consistently peaking during the second and third quarters of each year. Net sales typically exceed 6 billion US dollars during these periods, while dipping toward 5.2 billion US dollars in the fourth quarter. Despite these fluctuations in volume, the net profit margin remained resilient, generally trending upward regardless of the quarterly sales cycle.
- Margin Stabilization Phase
- Following the peak reached in late 2024, the profitability ratio entered a period of stabilization. From March 2025 through June 2026, the net profit margin fluctuated within a tight range between 10.86% and 11.63%, suggesting that the gains in efficiency have reached a new operational plateau.
AI Ask an analyst for more
Return on Equity (ROE)
Sherwin-Williams Co., ROE calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Net income | 843,600) | 534,700) | 476,800) | 833,100) | 754,700) | 503,900) | 480,100) | 806,200) | 889,900) | 505,200) | 356,200) | 761,500) | 793,700) | 477,400) | 386,300) | 685,100) | 577,900) | 370,800) | ||||||
| Shareholders’ equity | 3,854,700) | 4,431,100) | 4,598,300) | 4,425,300) | 4,400,900) | 4,130,100) | 4,051,200) | 4,156,100) | 3,751,800) | 3,503,700) | 3,715,800) | 3,780,000) | 3,631,100) | 3,166,800) | 3,102,100) | 2,597,800) | 2,224,600) | 2,234,300) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | 69.74% | 58.66% | 55.86% | 58.12% | 57.83% | 64.89% | 66.19% | 61.54% | 66.98% | 68.97% | 64.29% | 63.99% | 64.51% | 67.16% | 65.12% | 74.59% | 78.89% | 81.71% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Linde plc | 18.54% | 18.36% | 18.04% | 18.37% | 17.43% | 17.38% | 17.23% | 16.29% | 16.76% | 16.25% | 15.61% | 15.38% | 14.26% | 11.23% | 10.36% | 10.22% | 8.95% | 9.36% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
ROE = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ Shareholders’ equity
= 100 × (843,600 + 534,700 + 476,800 + 833,100)
÷ 3,854,700 = 69.74%
2 Click competitor name to see calculations.
The financial data reveals a period of significant structural change in the balance sheet and a corresponding compression in profitability ratios. While net income exhibits strong cyclicality, the overall return on equity has trended downward from its 2022 peaks, influenced primarily by a substantial expansion of the equity base.
- Net Income Volatility and Seasonality
- Net income demonstrates a consistent quarterly seasonal pattern, with peak earnings typically occurring in the second and third quarters. Peak quarterly earnings grew from 685.1 million USD in September 2022 to 889.9 million USD in June 2024. Although there was a slight moderation in 2025, the trend recovered by June 2026, reaching 843.6 million USD. The fourth quarter consistently represents the lowest earnings period across the analyzed timeframe.
- Shareholders' Equity Expansion
- A sustained upward trajectory in shareholders' equity was observed from March 2022 through December 2025, increasing from 2.23 billion USD to a peak of 4.60 billion USD. This expansion indicates a significant increase in the company's book value. However, a sharp reduction occurred in the final period, with equity falling to 3.85 billion USD by June 2026.
- Return on Equity (ROE) Trends
- The ROE experienced a general decline over the majority of the period, falling from a high of 81.71% in March 2022 to a low of 55.86% in December 2025. This downward trend is attributable to the growth in shareholders' equity outpacing the growth in net income, thereby diluting the return on the invested capital base. The ROE remained relatively stable in the 60% to 69% range throughout 2023 and 2024.
- Recent Divergence and Recovery
- A notable reversal in the ROE trend occurred in June 2026, where the ratio climbed to 69.74%. This increase was not driven by an unprecedented surge in net income, but rather by the contraction of the shareholders' equity base. This suggests that the recent improvement in ROE is a result of capital structure adjustments rather than a fundamental increase in operational efficiency.
AI Ask an analyst for more
Return on Assets (ROA)
Sherwin-Williams Co., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Net income | 843,600) | 534,700) | 476,800) | 833,100) | 754,700) | 503,900) | 480,100) | 806,200) | 889,900) | 505,200) | 356,200) | 761,500) | 793,700) | 477,400) | 386,300) | 685,100) | 577,900) | 370,800) | ||||||
| Total assets | 26,951,400) | 26,378,700) | 25,901,700) | 26,206,400) | 25,363,600) | 24,636,100) | 23,632,600) | 23,968,300) | 23,734,000) | 23,428,100) | 22,954,400) | 23,004,500) | 23,166,100) | 23,129,900) | 22,594,000) | 22,245,800) | 22,052,800) | 21,730,400) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 9.97% | 9.85% | 9.92% | 9.81% | 10.03% | 10.88% | 11.35% | 10.67% | 10.59% | 10.31% | 10.41% | 10.51% | 10.11% | 9.19% | 8.94% | 8.71% | 7.96% | 8.40% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Linde plc | 8.20% | 8.20% | 7.95% | 8.25% | 7.80% | 7.99% | 8.19% | 7.73% | 7.98% | 7.85% | 7.67% | 7.69% | 7.23% | 5.59% | 5.21% | 5.17% | 4.56% | 4.86% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q2 2026 Calculation
ROA = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ Total assets
= 100 × (843,600 + 534,700 + 476,800 + 833,100)
÷ 26,951,400 = 9.97%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a general upward trajectory from early 2022 through late 2024, followed by a period of stabilization and slight normalization throughout 2025 and the first half of 2026. Asset efficiency improved significantly over the first three years of the analyzed period, peaking at 11.35% in December 2024 before settling into a range between 9.8% and 10.0%.
- Net Income Trends and Seasonality
- A pronounced seasonal pattern is observed in quarterly net income. Earnings consistently peak during the second and third quarters of each year, coinciding with the June and September reporting periods. Conversely, the fourth and first quarters typically represent the lowest points of profitability. Despite this volatility, there is a general increase in the magnitude of peak quarterly earnings over the observed period.
- Asset Base Expansion
- The total asset base demonstrates a steady and consistent expansion, growing from approximately 21.7 billion US dollars in March 2022 to nearly 27.0 billion US dollars by June 2026. This growth indicates a continuous investment in the company's infrastructure or resource acquisition over the five-year span.
- ROA Performance Analysis
- The initial phase from March 2022 to December 2024 is characterized by growth in ROA, rising from 8.40% to a maximum of 11.35%. This suggests that during this window, net income growth outpaced the expansion of the asset base. However, starting in March 2025, the ROA entered a stabilization phase, fluctuating narrowly around the 9.9% mark. This shift indicates that the rate of income generation has aligned more closely with the increased asset base, resulting in a plateau of asset utilization efficiency.
AI Ask an analyst for more