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-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).
The profitability metrics demonstrate a generally positive trend over the observed period, with improvements across most ratios from 2022 through 2024, followed by some moderation in 2025. The company exhibits consistently strong profitability, though fluctuations are present, particularly in Return on Equity.
- Gross Profit Margin
- The gross profit margin shows a consistent upward trajectory, increasing from 41.82% in March 2022 to 48.85% in December 2025. This indicates improving efficiency in production or sourcing, or a shift towards higher-margin products. The rate of increase appears to slow somewhat between December 2024 and December 2025.
- Operating Profit Margin
- Similar to the gross profit margin, the operating profit margin generally increases, moving from 12.49% in March 2022 to 16.17% in December 2025. This suggests effective management of operating expenses alongside revenue growth. The largest single-quarter increase occurred between March and June 2023. A slight deceleration in growth is observed in the most recent quarters.
- Net Profit Margin
- The net profit margin follows the same upward trend as the gross and operating margins, rising from 9.00% in March 2022 to 10.90% in December 2025. This indicates that improvements in operational efficiency and gross margin are translating into higher net income. A noticeable dip is observed in the March 2025 value, falling to 11.03% before a slight recovery in the subsequent quarter.
- Return on Equity (ROE)
- Return on Equity exhibits more volatility than the margin ratios. It begins at a high of 81.71% in March 2022, declines significantly to 65.12% by December 2022, and then fluctuates between approximately 63% and 69% through 2024. A more pronounced decrease is observed in 2025, falling to 55.86% in December. This suggests changes in the company’s capital structure or net income impacting shareholder returns. The initial decline in 2022 warrants further investigation.
- Return on Assets (ROA)
- Return on Assets demonstrates a steady increase from 8.40% in March 2022 to 11.35% in December 2024. This indicates improved efficiency in utilizing assets to generate profits. Similar to ROE, ROA experiences a slight decline in 2025, ending at 9.92% in December. This suggests a potential slowdown in asset utilization efficiency or a decrease in profitability relative to asset base.
Overall, the company demonstrates strengthening profitability as evidenced by increasing margins. However, the fluctuations in ROE and the recent moderation in both ROE and ROA in 2025 suggest potential areas for further scrutiny and analysis.
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Return on Sales
Return on Investment
Gross Profit Margin
Sherwin-Williams Co., gross profit margin calculation (quarterly data)
| 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 | 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 | 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 | 48.85% | 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 | 48.83% | 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-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 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
= 100 × (2,712,600 + 3,125,500 + 3,118,300 + 2,559,100)
÷ (5,595,900 + 6,358,200 + 6,314,500 + 5,305,700)
= 48.85%
2 Click competitor name to see calculations.
The gross profit margin exhibited a generally increasing trend over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values fluctuated within a narrow range before demonstrating consistent growth, peaking in the first half of 2025, and then stabilizing.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin began at 41.82% in March 2022, experienced a slight decrease to 41.01% in June 2022, and then showed modest increases, reaching 42.10% by December 2022. This initial period suggests relative stability with minor quarterly variations.
- Growth Phase (Mar 31, 2023 – Jun 30, 2024)
- A clear upward trend emerged starting in March 2023, with the gross profit margin increasing from 42.90% to 48.07% by June 2024. This represents a substantial improvement in profitability during this timeframe. The margin reached 44.06%, 45.35%, and 46.67% in subsequent quarters, indicating consistent gains.
- Stabilization Phase (Sep 30, 2024 – Dec 31, 2025)
- Following the peak of 48.07% in June 2024, the gross profit margin demonstrated a period of stabilization. It remained relatively consistent, fluctuating between 48.46% and 48.88% through December 2025. The final recorded value was 48.85%, suggesting the company has successfully maintained its improved profitability levels.
- Overall Trend
- The overall trend indicates a significant improvement in the company’s ability to generate profit from its core operations. The increase in gross profit margin suggests effective cost management, pricing strategies, or a shift towards higher-margin products. The stabilization in the later periods implies a sustained level of operational efficiency.
The consistent growth and subsequent stabilization of the gross profit margin are positive indicators of the company’s financial health and operational performance.
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Operating Profit Margin
Sherwin-Williams Co., operating profit margin calculation (quarterly data)
| 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 | 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 | 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 | 16.17% | 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 | 26.25% | 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-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 Q4 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
= 100 × (778,700 + 1,177,400 + 1,100,400 + 756,400)
÷ (5,595,900 + 6,358,200 + 6,314,500 + 5,305,700)
= 16.17%
2 Click competitor name to see calculations.
The operating profit margin exhibited a generally positive trend over the observed period, with some quarterly fluctuations. Initial values ranged from approximately 12.5% to 13.6% in the first four quarters of the analyzed timeframe. A consistent upward trajectory became apparent starting in the first quarter of 2023, culminating in a peak in the third quarter of 2024.
- Overall Trend
- The operating profit margin demonstrated a clear increasing trend from March 2022 through September 2024. The margin increased from 12.49% to 16.50% over this period, indicating improved operational efficiency or pricing power. A slight decline was then observed in the final quarters of 2024 and the first half of 2025, though the margin remained above the levels seen in the earlier part of the observation period.
- Quarterly Fluctuations
- While the overall trend is positive, the operating profit margin is not constant on a quarterly basis. Typically, the margin peaks in the second or third quarter, followed by a decrease in the fourth quarter. This seasonality may be attributable to factors such as seasonal demand for products or variations in input costs. The decline from the peak of 16.50% in September 2024 to 16.17% in December 2025 is relatively small, suggesting the underlying profitability remains strong.
- Recent Performance
- The most recent two quarters (September 30, 2025 and December 31, 2025) show a stabilization of the operating profit margin around 16.04% and 16.17% respectively. This suggests that the period of rapid margin expansion may have moderated, and the company is now maintaining a high level of profitability. The consistency in these recent quarters could indicate a mature stage in the company’s operational improvements.
The observed increases in operating profit margin, coupled with consistent net sales, suggest effective cost management and/or successful pricing strategies. Continued monitoring of these trends will be important to assess the sustainability of these improvements.
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Net Profit Margin
Sherwin-Williams Co., net profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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 | 20.30% | 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-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 Q4 2025 Calculation
Net profit margin = 100
× (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ (Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025)
= 100 × (476,800 + 833,100 + 754,700 + 503,900)
÷ (5,595,900 + 6,358,200 + 6,314,500 + 5,305,700)
= 10.90%
2 Click competitor name to see calculations.
The net profit margin exhibited a generally increasing trend over the observed period, spanning from March 31, 2022, to December 31, 2025. While fluctuations occurred, the metric demonstrated consistent improvement, particularly from the latter half of 2022 through the first three quarters of 2024. A slight decline is observed in the final quarter of 2025, though the margin remained elevated compared to earlier periods.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The net profit margin began at 9.00% in March 2022, decreased to 8.45% in June 2022, then showed improvement, reaching 8.94% in September 2022 and peaking at 9.12% by December 2022. This initial period suggests some volatility, but a closing trend towards higher profitability.
- Growth Phase (Mar 31, 2023 – Sep 30, 2024)
- A clear upward trajectory is evident from March 2023 through September 2024. The net profit margin increased from 9.41% to a high of 11.63% in March 2025. This period reflects a substantial and sustained improvement in profitability, with margins consistently exceeding 10%. The highest value of 11.63% was achieved in March 2025.
- Recent Performance (Jun 30, 2024 – Dec 31, 2025)
- Following the peak in March 2025, the net profit margin experienced a moderate decrease to 11.03% in June 2025, then a slight increase to 11.05% in September 2025. The metric concluded the period at 10.90% in December 2025. While a decline from the peak, the margin remained significantly higher than levels observed in 2022 and early 2023.
- Overall Trend
- The overall trend indicates strengthening profitability. The net profit margin nearly doubled from its initial value of 9.00% in March 2022 to 10.90% in December 2025. This suggests effective cost management, pricing strategies, or increased operational efficiency over the analyzed timeframe.
The observed fluctuations, while present, do not negate the overarching positive trend in net profit margin. The company demonstrated an ability to translate sales into profit with increasing effectiveness throughout the majority of the period.
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Return on Equity (ROE)
Sherwin-Williams Co., ROE calculation (quarterly data)
| 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 | 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 | 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 | 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 | 18.04% | 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-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 Q4 2025 Calculation
ROE = 100
× (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ Shareholders’ equity
= 100 × (476,800 + 833,100 + 754,700 + 503,900)
÷ 4,598,300 = 55.86%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited considerable fluctuation over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values were notably high, followed by a general decline, and then a period of relative stabilization before concluding with another decrease.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ROE began at 81.71% in March 2022 and experienced a gradual decline through the end of the year, reaching 65.12% in December 2022. This represents a decrease of approximately 16.59 percentage points over four quarters. This initial decline suggests a potential weakening in the relationship between net income and shareholders’ equity during this timeframe.
- Stabilization and Subsequent Decline (Mar 31, 2023 – Sep 30, 2024)
- From March 2023 to September 2024, the ROE demonstrated a period of relative stability, fluctuating between 64.51% and 68.97%. While not consistently increasing, the ratio avoided significant downward movement. However, a noticeable decrease commenced in September 2024, falling to 61.54% by December 2024.
- Final Period (Mar 31, 2025 – Dec 31, 2025)
- The final six months of the observed period show a continued downward trend in ROE. The ratio decreased from 64.89% in March 2025 to 55.86% in December 2025, representing a decline of 9.03 percentage points. This final decrease suggests a more pronounced weakening in profitability relative to equity during this period.
Overall, the ROE demonstrates a pattern of initial strength followed by a sustained decline. While periods of stabilization occurred, the ultimate trend is downward, indicating a potential erosion of shareholder value creation as measured by this metric. The fluctuations observed warrant further investigation into the underlying drivers of both net income and shareholders’ equity.
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Return on Assets (ROA)
Sherwin-Williams Co., ROA calculation (quarterly data)
| 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 | 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 | 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 | 9.92% | 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 | 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-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 Q4 2025 Calculation
ROA = 100
× (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ Total assets
= 100 × (476,800 + 833,100 + 754,700 + 503,900)
÷ 25,901,700 = 9.92%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a generally positive trend over the observed period, with some quarterly fluctuations. Initial values indicate a ROA of 8.40% as of March 31, 2022, followed by a slight decrease to 7.96% by June 30, 2022. Subsequent quarters in 2022 demonstrate recovery, peaking at 8.94% by December 31, 2022.
- Overall Trend
- The ROA generally increased from 2022 through 2024. The period from March 2022 to December 2024 shows a consistent upward trajectory, indicating improved efficiency in utilizing assets to generate profit. The ROA reached its highest point at 11.35% in December 2024.
- 2023 Performance
- The year 2023 shows a strong performance with ROA values consistently above 9%. A notable increase is observed from March 31, 2023 (9.19%) to June 30, 2023 (10.11%), followed by further gains to 10.51% by September 30, 2023. While a slight decrease is seen in December 2023 (10.41%), the ROA remains robust.
- Recent Fluctuations
- The ROA experienced a slight decline in the first half of 2025. From December 2024 (11.35%), the ROA decreased to 10.88% by March 31, 2025, and further to 10.03% by June 30, 2025. A further decrease to 9.81% is observed by September 30, 2025, before a slight recovery to 9.92% by December 31, 2025. These fluctuations suggest potential short-term impacts on profitability relative to asset base.
In summary, the ROA demonstrates a positive long-term trend, indicating effective asset management. However, recent quarterly results suggest a potential stabilization or slight decrease in profitability relative to assets, warranting further investigation.
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