Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Profitability Ratios (Summary)
Stryker Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The financial performance indicators over the analyzed quarters reflect varying trends with periods of growth and contraction across the key profitability and return metrics.
- Gross Profit Margin
- The gross profit margin remained relatively stable, fluctuating slightly around the mid-60% range. Starting from approximately 65.58% in early 2018, it experienced minor declines during 2020, reaching lows near 63.11%, before showing some recovery in 2021 and early 2022, stabilizing around 64.22%. This consistency suggests a steady control over direct costs relative to revenue.
- Operating Profit Margin
- Operating margins displayed more variability. Initial values hovered around 18-19% in 2018, followed by a general decline through 2019 and more notably in 2020, with margins dipping to approximately 15.49%. A further decline was observed in 2021 and early 2022, where margins ranged closer to 14-15%. This downward trend could indicate increasing operating expenses or pricing pressures affecting operating efficiency.
- Net Profit Margin
- Net profit margins showed more pronounced variability compared to operating margins. High peaks were observed in late 2018 and the first quarter of 2019, exceeding 25%, suggesting one-time gains or extraordinary items during that period. Subsequently, there was a marked decrease, stabilizing in the 9-12% range in the later quarters. The volatility indicates fluctuating overall profitability impacted by factors beyond operating performance, such as taxes, financing costs, or extraordinary items.
- Return on Equity (ROE)
- Return on equity followed a similar pattern to net profit margin, with very high levels during late 2018 and early 2019, peaking around 30%. After this peak, ROE declined substantially during 2019 and 2020, reaching levels near 10-15% in the later periods. This decline suggests diminishing returns to shareholders, potentially reflecting lower net income or changes in equity base.
- Return on Assets (ROA)
- The return on assets mirrored the ROE trend but at lower absolute percentages, ranging from around 4.6% initially to peaks above 13% in late 2018 and early 2019. Like ROE, ROA declined afterward, stabilizing generally between 4-6% in recent quarters. This decrease may indicate lower asset efficiency or profitability per asset unit during the period.
In summary, the data reveals consistent gross margin performance but declining operating and net profit margins post-2019, alongside diminishing returns on equity and assets. The peak profitability and returns observed in late 2018 and early 2019 were not sustained, with a general downward pressure evident in subsequent years. These patterns highlight potential challenges in maintaining profitability and efficient use of assets and equity amid evolving operational or market conditions.
Return on Sales
Return on Investment
Gross Profit Margin
Stryker Corp., gross profit margin calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2022 Calculation
Gross profit margin = 100
× (Gross profitQ1 2022
+ Gross profitQ4 2021
+ Gross profitQ3 2021
+ Gross profitQ2 2021)
÷ (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The quarterly financial data reveals notable patterns and shifts over the observed periods. Gross profit and net sales exhibit generally positive growth trends, although there are fluctuations reflecting seasonal or cyclical influences as well as specific economic conditions likely impacting the company.
- Gross Profit
- Gross profit showed an initial gradual increase from approximately $2.1 billion in early 2018 to over $2.7 billion by the end of 2019. This upward momentum was interrupted in mid-2020, where a significant decline occurred, with gross profit dropping to around $1.5 billion, likely reflecting challenges during that period. However, recovery ensued, with gross profit increasing steadily through 2020 and reaching a peak of over $3 billion by late 2021, before a slight decline in early 2022 to approximately $2.7 billion.
- Net Sales
- Net sales mirrored the general growth trend of gross profit, rising from about $3.2 billion in the first quarter of 2018 to over $4.1 billion by the end of 2019. The data indicates a pronounced downturn in mid-2020 to roughly $2.8 billion, consistent with the timing of the gross profit decline. This downturn was followed by a recovery phase, with net sales reaching a peak of approximately $4.7 billion in late 2021. The most recent quarter shows a modest contraction to around $4.3 billion.
- Gross Profit Margin
- The gross profit margin remained relatively stable throughout the period, generally fluctuating in a narrow range between approximately 62.75% and 65.72%. The highest margins occurred around late 2018, while the lowest margins were observed in mid-2020, coinciding with the lowest gross profit and net sales figures. Margins recovered somewhat after mid-2020 but did not return to the earlier highs, indicating possible changes in cost structures, pricing strategies, or product mix.
Overall, the data points towards resilience and growth potential, highlighted by strong recoveries following a mid-2020 downturn. The consistency of gross profit margins suggests effective management of direct costs relative to sales despite challenges. Nonetheless, the dips in both sales and profitability during mid-2020 warrant further consideration, possibly tied to external market disruptions. The subsequent rebound indicates adaptability and strength in market positioning over the long term.
Operating Profit Margin
Stryker Corp., operating profit margin calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Operating income (loss) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2022 Calculation
Operating profit margin = 100
× (Operating income (loss)Q1 2022
+ Operating income (loss)Q4 2021
+ Operating income (loss)Q3 2021
+ Operating income (loss)Q2 2021)
÷ (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating income exhibited fluctuations over the indicated periods, with a general downward trend apparent from early 2018 to early 2022. The highest operating income was recorded in the fourth quarter of 2019, reaching 944 million US dollars, followed by notable declines in subsequent quarters. A significant anomaly occurred in the second quarter of 2020, with a negative operating income of 20 million US dollars, marking the lowest point in the analyzed timeframe. Recovery was observed thereafter, yet operating income did not return to the peak levels seen in late 2019.
Net sales demonstrated an overall increasing trend over the observed quarters, growing from approximately 3.2 billion US dollars at the beginning of 2018 to around 4.3 billion US dollars by the first quarter of 2022. While there were temporary declines, notably in the second quarter of 2020 coinciding with the negative operating income, net sales generally increased, suggesting resilient revenue generation despite intermittent challenges.
The operating profit margin showed variability but a somewhat declining trajectory over time. Starting at around 18-19% in 2018, it dropped to approximately 14-15% in the later periods of the report. The margin contracted significantly in mid-2020, aligning with the dip in operating income and sales, indicating margin pressure possibly related to external adverse events or increased costs. Recovery in margins was partial and inconsistent thereafter, with the figures failing to reach their earlier highs by the first quarter of 2022.
- Summary of Key Trends
- The period saw strong revenue growth contrasted by volatility in profitability.
- Operating income peaked in late 2019 before declining and briefly turning negative in mid-2020, reflecting operational or market challenges.
- Net sales showed resilience with a steady increase, despite periodic disruptions.
- Operating profit margins contracted, suggesting increasing cost pressures or reduced pricing power over time.
- The data implies that while revenue streams expanded, maintaining profitability became more difficult, particularly during mid-2020, with incomplete recovery in profit efficiency by early 2022.
Net Profit Margin
Stryker Corp., net profit margin calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net earnings (loss) | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2022 Calculation
Net profit margin = 100
× (Net earnings (loss)Q1 2022
+ Net earnings (loss)Q4 2021
+ Net earnings (loss)Q3 2021
+ Net earnings (loss)Q2 2021)
÷ (Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Earnings (Loss)
- The net earnings exhibit considerable fluctuations over the observed periods. There is a notable peak at the end of 2018, with earnings reaching 2,068 million USD, followed by a decline in early 2019. Earnings maintain a range between approximately 400 and 700 million USD for most quarters, except for a significant loss of 83 million USD in mid-2020. After this loss, earnings recover steadily, reaching 662 million USD by the end of 2021, then slightly declining to 323 million USD in early 2022. The pattern suggests volatility but overall resilience in profitability with occasional setbacks.
- Net Sales
- Net sales demonstrate an overall upward trend across the period, growing from 3,241 million USD in the first quarter of 2018 to 4,275 million USD by the first quarter of 2022. The data show seasonal fluctuations with periodic dips notably in mid-2020 where sales dropped to 2,764 million USD, likely impacted by external conditions. However, sales rebounded strongly thereafter, reaching a peak of 4,701 million USD in the last quarter of 2021 before slightly decreasing. The general trajectory points to sustained sales growth despite intermittent declines.
- Net Profit Margin
- The net profit margin experienced significant variability over the quarters. The highest margin occurred at the end of 2018 with 26.12%, followed by a gradual reduction to a more stable range between 9.57% and 13.99% from 2019 onwards. Margins declined noticeably in 2020, reaching a low point of 11.14% by the end of the year and fluctuated slightly in the subsequent quarters. The margins reflect strong profitability in late 2018, with stabilization at a lower, though consistent, level during more recent periods.
- Summary of Trends
- The financial results illustrate a company facing periods of high profitability and revenue growth, interspersed with volatility as seen in the mid-2020 loss and sales decline. Despite these fluctuations, net sales have shown steady expansion, and profit margins have normalized to a moderate but consistent level post-2018. Overall, the company demonstrates resilience and capacity for recovery following adverse quarters while maintaining broad positive growth in revenues and earnings over the analyzed timeframe.
Return on Equity (ROE)
Stryker Corp., ROE calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net earnings (loss) | |||||||||||||||||||||||
| Total Stryker shareholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2022 Calculation
ROE = 100
× (Net earnings (loss)Q1 2022
+ Net earnings (loss)Q4 2021
+ Net earnings (loss)Q3 2021
+ Net earnings (loss)Q2 2021)
÷ Total Stryker shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals a variety of trends in profitability, equity, and return on equity over the observed periods.
- Net Earnings (Loss)
- Net earnings exhibit noticeable volatility over the reported quarters. Starting from a moderate level in early 2018, earnings peaked substantially at the end of 2018, reaching over US$2 billion. This peak was followed by a decline and relatively lower figures throughout 2019 and early 2020, including a loss reported in the second quarter of 2020. Following this trough, earnings recovered and showed moderate fluctuations but did not reach the prior peak levels again, maintaining positive values through early 2022.
- Total Shareholders’ Equity
- Total shareholders' equity has shown a steady upward trajectory throughout the entire period. Beginning below US$10 billion in early 2018, equity gradually increased each quarter, reaching over US$15 billion by the first quarter of 2022. This indicates consistent capital growth and retained earnings accumulation over time.
- Return on Equity (ROE)
- The return on equity demonstrates significant variability, with some very high values seen in late 2018 and early 2019, peaking above 30%. This peak corresponds to the time of very high net earnings. Subsequently, ROE declines and stabilizes at a lower but more consistent range, fluctuating around 10% to 15% through to early 2022. The decline and stabilization suggest that higher equity levels diluted the effect of previously elevated earnings on ROE ratios.
Overall, the company experienced a period of extraordinary profitability at the end of 2018, followed by normalization of earnings and return on equity metrics in subsequent years. Despite fluctuations in earnings, the continuous increase in shareholders’ equity points to a strengthening financial base. The dampening of ROE over time suggests the growth in equity has been somewhat faster than earnings growth post-2018 peak.
Return on Assets (ROA)
Stryker Corp., ROA calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net earnings (loss) | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2022 Calculation
ROA = 100
× (Net earnings (loss)Q1 2022
+ Net earnings (loss)Q4 2021
+ Net earnings (loss)Q3 2021
+ Net earnings (loss)Q2 2021)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial data reveals several trends and fluctuations over the observed periods.
- Net Earnings (Loss)
- The net earnings show substantial variability across the quarters. From March 2018 to December 2018, net earnings increased significantly, peaking at 2,068 million US dollars in the last quarter of 2018. Following this peak, earnings experienced fluctuations, with a notable decline to -83 million US dollars in the second quarter of 2020, indicating a loss during that period. The earnings recovered afterward, though with moderate variability, ranging between 302 and 662 million US dollars from the first quarter of 2021 to the first quarter of 2022. Overall, the early high earnings in late 2018 contrast with the more moderate and variable earnings in subsequent years.
- Total Assets
- Total assets increased steadily throughout the period. Starting at 22,133 million US dollars in March 2018, total assets expanded consistently each quarter, reaching 36,137 million US dollars by the first quarter of 2022. This represents a significant growth in the asset base, suggesting ongoing investments or acquisitions contributing to asset accumulation.
- Return on Assets (ROA)
- The return on assets percentage followed a trend of initial increase, peaking at 13.58% in March 2019, signifying efficient asset use to generate earnings during that period. However, ROA declined sharply afterward, reaching its lowest points between March 2020 (7.35%) and December 2020 (4.66%). From early 2021 onwards, ROA showed some recovery, fluctuating between 4.21% and 6.18%, but it did not return to the earlier peak levels. The decline in ROA corresponds with the volatility in net earnings, despite the steady increase in total assets, indicating a decreased efficiency in asset utilization during recent years.
In summary, the company experienced a strong earnings and asset efficiency performance up until late 2018 and early 2019, followed by a period of earnings volatility and reduced returns on assets. Total assets steadily increased, but this growth did not translate into proportional earnings improvements or higher ROA, reflecting potential challenges in maintaining profitability and asset utilization effectiveness in recent periods.