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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The financial data demonstrates several notable trends across the reported periods in key profitability and efficiency metrics.
- Gross Profit Margin
- The gross profit margin remained relatively stable from March 2018 through March 2022, fluctuating within a narrow range around 63% to 65%. Early periods in 2018 recorded margins slightly above 65%, followed by a modest decline in 2020 to the low 63% range. Subsequently, a slight recovery is observable by 2021 and early 2022, indicating steady cost management relative to revenue over the longer term.
- Operating Profit Margin
- Operating profit margins exhibited moderate variability over the periods analyzed. Starting near 18% in early 2018, margins peaked around 19.2% toward the end of 2018, suggesting improved operational efficiency. However, a declining trend emerged in 2020, notably dropping to approximately 15.5%, followed by a partial recovery in 2021 but then a slight downward drift by early 2022 close to 14.8%. This pattern may reflect fluctuations in operating expenses or revenue mix impacting operating profitability.
- Net Profit Margin
- The net profit margin showed significant volatility. After consistent levels near 8% in early 2018, there was a pronounced spike to over 26% in early 2019, which then gradually decreased over the subsequent year to around 11-12% by 2020 and maintained a stable range near 11-12% through early 2022. The sharp increase and subsequent decline likely correspond to extraordinary items or one-time gains affecting net earnings in 2019, with normalization thereafter.
- Return on Equity (ROE)
- ROE follows a trend similar to the net profit margin, rising from approximately 10% in early 2018 to above 30% in 2019, marking a peak in shareholder returns. Following this, it declined steadily to roughly 12-13% during 2020 and into 2022. The elevated returns in 2019 suggest exceptional profitability or efficiencies, with a reversion to more typical performance levels in later periods.
- Return on Assets (ROA)
- ROA exhibited an increase from about 4.6% in early 2018 to a high above 13% in 2019, coinciding with peaks in other profitability metrics. Subsequently, ROA declined to between 4% and 7% through 2020 to early 2022. This fluctuation indicates varying effectiveness in asset utilization impacting net income generation, with peak efficiency near 2019 and reduced returns afterward.
Overall, the data reveals a period of sharply enhanced profitability and returns during 2019, likely driven by unique factors, followed by stabilization at lower but consistent levels through 2020 to early 2022. Margins related to cost of goods sold remained steady, while operating efficiencies and net profitability exhibited more pronounced variations. The declines post-2019 suggest increasing challenges or normalization after exceptional performance.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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 financial data presents a comprehensive view of the company’s performance over a series of quarters, focusing on gross profit, net sales, and gross profit margin.
- Gross Profit Trends
- Gross profit exhibits a general upward trajectory over the observed periods, with fluctuations corresponding to seasonal and economic factors. Starting from US$1,962 million in the first quarter of 2017, gross profit increased steadily and peaked in the fourth quarter of 2019 at US$2,703 million. A notable decline occurred in the second quarter of 2020, dropping sharply to US$1,548 million, likely reflecting broader market disruptions. Following this trough, gross profit recovered and continued to increase, reaching US$3,045 million by the fourth quarter of 2021, reflecting a strong rebound and growth momentum.
- Net Sales Patterns
- Net sales display a similar upward trend, indicating overall business growth. Beginning at US$2,955 million in the first quarter of 2017, sales increased steadily, peaking at US$4,131 million at year-end 2019. There is a pronounced decrease in the second quarter of 2020 to US$2,764 million, aligning with the decline observed in gross profit. Post this decline, net sales rebounded sharply and consistently, reaching US$4,701 million in the fourth quarter of 2021, which represents the highest recorded sales in the dataset and suggests strong market demand and effective sales strategies.
- Gross Profit Margin Stability
- The gross profit margin remained relatively stable throughout the periods, typically fluctuating between approximately 62.7% and 65.7%. Margins started at around 65.68% in early 2017, maintaining a narrow range around this figure with minor variations. Despite the dip in absolute gross profit and net sales during mid-2020, gross profit margin held steady around 63%, indicating controlled cost of goods sold relative to sales. Toward the end of the dataset, margins showed a slight upward trend, reaching around 64.22% by the first quarter of 2022, suggesting improved operational efficiency or pricing power during this period.
Overall, the data reflects strong growth in both net sales and gross profit over the multi-year horizon, marked by a temporary disruption in mid-2020. The company demonstrated resilience by quickly recovering and surpassing previous highs by the end of 2021. Gross profit margin stability throughout suggests effective cost management amid changing sales volumes.
Operating Profit Margin
Stryker Corp., operating profit margin calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income (loss) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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 financial data reveals several notable trends over the observed quarterly periods. Net sales exhibit a general upward trajectory, increasing from approximately $2,955 million in the first quarter of 2017 to a peak of around $4,701 million by the first quarter of 2022. This indicates growth in revenue generation over the five-year span, although some quarters show occasional declines or slower growth phases.
Operating income demonstrates more variability compared to net sales. Starting at $554 million in the first quarter of 2017, operating income generally rises alongside net sales, reaching highs of $944 million in the fourth quarter of 2019 and $819 million in the fourth quarter of 2021. However, there is a significant anomaly in the second quarter of 2020, where an operating loss of $20 million is observed, contrasting sharply with the otherwise positive earnings. This loss likely reflects extraordinary events impacting profitability in that specific quarter.
Operating profit margin percentages, available from late 2017 onward, fluctuate within a range between approximately 13.9% and 19.2%. The margin peaks around the end of 2017 and late 2018, specifically in the range of approximately 19%, before experiencing a downtrend during 2020, where the margin dips to as low as approximately 13.9%. This decline in margin coincides with the operating loss observed, suggesting decreased operational efficiency or increased costs during this period. Margins partially recover in subsequent quarters but do not reach the previous peak levels, stabilizing in the mid-to-high teens percentage range.
Overall, the net sales growth signifies a strong revenue expansion, but operating income and margins display greater volatility, influenced possibly by external factors or internal cost management issues, especially evident in the significant downturn during early 2020. The recovery in operating income and margin in later periods points to restoration of operational performance and profitability. Continuous monitoring of margin trends relative to sales progression will provide important insights into cost control and efficiency improvements.
- Net Sales
- Show steady growth from about $2,955 million in early 2017 to $4,701 million in early 2022, with some fluctuations.
- Operating Income
- Generally increased over time but experienced a significant loss of $20 million in Q2 2020; peaked at $944 million in Q4 2019.
- Operating Profit Margin
- Varied between roughly 13.9% and 19.2%, peaking in late 2017 and 2018, declining sharply in 2020, followed by a partial recovery.
Net Profit Margin
Stryker Corp., net profit margin calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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.
The financial data reveals several notable trends over the analyzed quarters.
- Net Earnings (Loss)
- Net earnings demonstrated considerable fluctuations throughout the periods. Starting with positive earnings around the 400 million mark in early 2017, a significant loss was recorded by the end of 2017 at -249 million. This loss was an outlier as earnings rebounded sharply in the following quarter to over 2 billion, the peak within the dataset. Subsequently, net earnings stabilized, mostly fluctuating between approximately 300 to 700 million. A notable decline occurred during mid-2020 with a negative figure (-83 million), likely impacted by external factors during this time, before recovering in subsequent quarters. The trend suggests volatility in profitability but an overall capacity to recover from downturns within a short time frame.
- Net Sales
- Net sales exhibited a largely upward trajectory across the periods with some variability. Early 2017 figures hovered around the 3 billion range, increasing steadily to over 4.7 billion by March 2022. There was a dip in sales during mid-2020, correlating with the same period of negative net earnings, suggesting an external disruption during this quarter. However, sales subsequently recovered robustly, with the highest quarterly sales recorded in late 2020 and again in early 2022. This pattern indicates overall growth in revenue generation despite short-term challenges.
- Net Profit Margin
- The net profit margin data, available from March 2018 onwards, depicts a strong initial improvement, peaking at 26.12% in December 2018, which is notably high relative to the other quarters. Thereafter, margins declined steadily but stabilized around 11-12% in the most recent periods. The downward trend following the peak suggests increasing costs or decreased efficiency relative to revenues, though margins remained positive and relatively consistent. The improvement and subsequent stabilization of margins align broadly with the revenue and earnings trends, highlighting periods of increased profitability and subsequent normalization.
Overall, the data reflect a company experiencing growth in net sales with fluctuations in net earnings and profit margins. Periods of financial stress, such as late 2017 and mid-2020, were followed by strong recoveries. The profit margin trends indicate a cycle of increasing profitability followed by a moderation phase, suggesting adjustments in operational efficiency or cost structure over time.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) | ||||||||||||||||||||||||||||
| Total Stryker shareholders’ equity | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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 analysis of the quarterly financial data reveals several notable trends and fluctuations in key financial metrics over the observed periods.
- Net Earnings (Loss)
- The net earnings exhibit considerable volatility throughout the timeline. Initially, earnings were positive in early 2017, with values around $400 million, but experienced a significant loss in the last quarter of 2017 (-$249 million). Subsequently, earnings rebounded strongly, reaching a peak of $2,068 million by the end of 2018. After this peak, net earnings fluctuated between approximately $400 million and $700 million in 2019 and early 2020. However, there was a notable dip into negative territory in the second quarter of 2020 (-$83 million), likely reflecting extraordinary circumstances. Following this decline, earnings recovered steadily, with values oscillating mostly in the range of $300 million to $660 million in 2021 and early 2022. The data suggests episodic disruptions affecting profitability, but overall resilience with recovery phases post-loss periods.
- Total Shareholders’ Equity
- Shareholders’ equity shows a general upward trend across the observed periods, increasing from $9,704 million at the start of 2017 to $15,046 million by the first quarter of 2022. There were steady increments quarter over quarter, with some periods reflecting more robust growth, particularly in late 2018 and throughout 2021. The consistent rise in equity indicates ongoing capital accumulation and retained earnings, contributing positively to the company's financial foundation.
- Return on Equity (ROE)
- ROE data is incomplete for some early quarters but becomes available from the first quarter of 2018 onwards. It shows an increasing trend from around 10% in early 2018 to a peak exceeding 30% in late 2018. This peak coincides with peak net earnings during the same period. Following this peak, ROE progressively declines, settling in the range of 10% to 16% through 2019 and 2020. In 2021 and early 2022, ROE stabilizes around 13-15%, reflecting moderate returns relative to equity. The pattern suggests a period of exceptional profitability around 2018, followed by normalization to more sustainable return levels in subsequent years.
In summary, the company experienced significant fluctuations in profitability with a major profit peak at the end of 2018, followed by periods of decreased earnings including a temporary loss during 2020. Despite these earnings fluctuations, shareholders’ equity has shown consistent growth, and returns on equity, while variable, have stabilized in recent quarters to levels indicative of steady financial performance. These trends point to overall resilience and capacity for recovery amid episodic profitability disruptions.
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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
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.
- Net earnings (loss)
- Net earnings demonstrated variability over the analyzed periods, with fluctuations between positive and negative values. The initial quarters of 2017 showed consistent earnings around 400 US$ million, except for the final quarter of 2017 which reflected a significant loss of 249 US$ million. Following this, earnings rebounded strongly in early 2018, peaking notably at 2068 US$ million in December 2018. Subsequently, earnings stabilized within a range of approximately 400 to 700 US$ million through 2019 and early 2020, with a sharp decline to a negative figure of 83 US$ million in June 2020. From late 2020 onwards, earnings resumed a positive trend, although at a more moderate level compared to the late 2018 peak, showing some volatility with earnings ranging roughly between 300 and 660 US$ million, ending at 323 US$ million in the first quarter of 2022.
- Total assets
- Total assets exhibited a general upward trajectory across the entire period. Starting from 20,517 US$ million at the beginning of 2017, the asset base steadily increased with minor fluctuations. A notable acceleration occurred in late 2018, marked by an increase from approximately 22,000 to over 27,000 US$ million by year-end 2018. This growth trend continued, albeit at a slower pace, reaching 36,137 US$ million by the first quarter of 2022, indicative of ongoing asset accumulation or investments over time.
- Return on Assets (ROA)
- Return on Assets data became available from March 31, 2018, showing a generally positive performance with some variability. Initial ROA values around 4.6% in early 2018 increased progressively to a high of approximately 13.58% in mid-2019, suggesting improved profitability relative to asset size during that period. After this peak, ROA declined gradually in 2020 and 2021, dipping to just above 4% in mid-2021. Thereafter, ROA exhibited some recovery, ending at approximately 5.58% in the first quarter of 2022. This pattern suggests a temporary peak in profitability efficiency mid-2019 followed by a correction and moderate stabilization in subsequent periods.
- Summary
- The data reveals that while the company experienced periods of significant net earnings volatility, particularly a sharp loss at the end of 2017 and a marked dip in mid-2020, overall earnings have remained generally positive with intermittent peaks and troughs. The consistent increase in total assets over the last five years reflects strategic growth or investment activity. ROA trends show a phase of peak operational efficiency in 2019, with subsequent decline and partial recovery, suggesting fluctuating profitability relative to assets. These dynamics point to periods of financial stress and recovery intermixed with growth initiatives.