Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Profitability Ratios (Summary)
Target Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
- Gross Profit Margin
- The gross profit margin showed an initial upward trend, increasing from 28.68% in early 2020 to a peak of 30.32% by mid-2021. Following this peak, there was a noticeable decline that reached a low point of 24.64% in early 2023. Since then, the margin has gradually recovered, stabilizing in the range of approximately 27.7% to 28.4% through mid-2025. This pattern suggests some pressure on cost controls or pricing strategies during 2022 but a moderate improvement in subsequent periods.
- Operating Profit Margin
- Operating profit margin experienced steady growth from 4.98% in May 2020 to a high of 8.6% by May 2021, indicating enhanced operational efficiency or favorable business conditions. However, from mid-2021 onward, there was a consistent decline, bottoming out around 3.5% in early 2023. Post this decline, the margin showed signs of gradual recovery, reaching approximately 5.7% by mid-2024 before slightly dipping again toward the end of the observed period. The decline and partial rebound may reflect changes in operating expenses or competitive pressures impacting profitability.
- Net Profit Margin
- The net profit margin generally mirrored the operating margin trends, rising from 3.46% in May 2020 to 6.56% in late 2021. Following this peak, the margin decreased substantially, hitting a trough near 2.49% in early 2023. A moderate recovery phase followed, with margins climbing back above 4% during 2024, before showing a mild downward movement in mid-2025. This suggests that the company’s ability to convert revenues into net earnings was challenged during 2022 but has been improving gradually.
- Return on Equity (ROE)
- Return on equity displayed strong growth from 24.8% in mid-2020 to an exceptional 54.37% by April 2022, indicating highly effective utilization of shareholder equity during this period. However, this intense growth was followed by a pronounced decrease to around 23.45% in early 2023. Subsequently, ROE showed some recovery, fluctuating between approximately 24% and 31% from 2023 through mid-2025, but did not return to the previous peak levels. The volatility in ROE highlights periods of strategic shifts or variations in financial leverage and profitability.
- Return on Assets (ROA)
- Return on assets steadily increased from 6.18% in May 2020 to reach a peak of roughly 12.91% in early 2022, suggesting improved efficiency in asset utilization. After peaking, ROA declined significantly to about 5.21% in early 2023. From that point onward, ROA gradually regained strength, reaching around 8% by mid-2024, though the upward momentum slowed in the latter part of the period. The fluctuation indicates shifts in the company’s asset base management and profitability over the period.
Return on Sales
Return on Investment
Gross Profit Margin
Target Corp., gross profit margin calculation (quarterly data)
| Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Gross margin | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||
| Walmart Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Margin Trends
- The gross margin figures exhibit a pattern of volatility with several peaks and troughs over the observed periods. Initial values show a significant increase from 5,105 million US dollars to a peak of 8,516 million in early 2024. However, there are multiple declines following high points, indicating some fluctuations in cost management or revenue composition. The margin tends to rise sharply near the beginning of each year, suggesting seasonal influences or promotional factors impacting sales volume and costs.
- Net Sales Patterns
- Net sales reflect a generally upward trajectory with intermittent periods of plateau or slight decline. The data starts at 19,615 million US dollars and reaches a maximum of 31,995 million shortly after early 2024. There is a discernible growth trend, particularly in the periods surrounding the end of each fiscal year and the start of the next, potentially illustrating cyclical demand enhancements such as holiday seasons. The stability in some quarters suggests a solid sales base, but the fluctuations indicate a sensitivity to market conditions or promotional activities.
- Gross Profit Margin Analysis
- The gross profit margin percentage indicates a relatively stable range with minor fluctuations between approximately 24.64% and 30.32%. Early periods show higher margins near 30%, followed by a decline to around 24-25% in late 2022 and early 2023. Subsequently, there is a gradual recovery moving towards 28% by mid-2024. This pattern could reflect variations in input costs, pricing strategies, or changes in product mix affecting profitability. Despite some volatility, the margin maintains a healthy level indicative of effective cost controls relative to sales.
- Overall Insights
- The combination of rising net sales and fluctuating gross margins suggests that while revenue generation has generally improved, the cost structure or pricing power has experienced pressures. Peaks in gross margin and net sales often coincide, signifying periods of robust operational performance. The observed seasonal or cyclical tendencies warrant attention for inventory and promotional planning. Management might investigate the causes behind margin contractions to enhance profitability further and sustain consistent growth.
Operating Profit Margin
Target Corp., operating profit margin calculation (quarterly data)
| Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||
| Walmart Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income Trends
- The operating income demonstrates considerable volatility over the analyzed periods. Initially, there is a substantial increase from $468 million to $2.3 billion between the first and second quarters. Following this peak, operating income fluctuates, with notable declines in certain quarters, such as in April 2022 ($321 million) and the final reported quarter ($948 million). Despite these fluctuations, several quarters exhibit recovery phases, with values climbing above $1 billion repeatedly. However, no consistent upward trend is observable beyond the early peak, indicating variability in operating efficiency or external market factors affecting earnings.
- Net Sales Patterns
- Net sales figures show a pattern of growth interspersed with periodic declines. The data reveals a general upward trajectory from $19.6 billion to peaks exceeding $31 billion in January 2021 and January 2023. These peaks suggest strong sales performance during those periods. Notwithstanding these highs, there are recurrent dips, with sales occasionally retreating to mid-$23 billion ranges, indicating seasonal or market-driven sales variability. Overall, net sales maintain a moderate growth trend with cyclical fluctuations throughout the timeline.
- Operating Profit Margin Analysis
- The operating profit margin reflects operational profitability as a percentage of net sales and exhibits variability aligned with operating income trends. Starting around 5%, the margin increased to peak levels close to 8.6% in mid-2021, indicating improved cost efficiency or higher margin sales. After this peak, the margin generally declines, falling below 4% at times in 2022, which coincides with lower operating income during that period. Margins partially recover afterward, stabilizing around 5-5.5%, though without reaching prior highs. These fluctuations suggest episodic changes in cost management or pricing power affecting profitability.
- Overall Insights
- Collectively, the data reveals a business cycle characterized by strong sales performance with attendant fluctuations in operating income and profit margin. The early period shows significant growth phases, while later periods suggest challenges in maintaining peak operating income and margins. The disconnect between relatively stable net sales and volatile operating income and margins points to variable cost pressures or shifts in product mix. The company may need to address operational efficiency and cost control to sustain profitability amid sales variability.
Net Profit Margin
Target Corp., net profit margin calculation (quarterly data)
| Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net earnings | ||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||
| Walmart Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net earningsQ3 2026
+ Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Earnings
- Over the observed periods, net earnings display significant volatility. Initial quarters show moderate earnings, followed by a sharp increase around mid-2020, peaking notably at 2,097 million USD in May 2021. Subsequently, there is a general downward trend with intermittent recoveries. A noticeable trough occurs around July 2022 with earnings dropping to 183 million USD. After this low, there is a pattern of gradual recovery with fluctuations, but the earnings do not return to the previous mid-2021 peak levels, ending the series lower at 689 million USD in November 2025.
- Net Sales
- Net sales exhibit cyclical fluctuations but maintain a broad range between approximately 19,615 million USD and 31,919 million USD. The trend shows periods of growth followed by declines in a recurring pattern. Peaks are observed near January 2022 and February 2024, each above 31,000 million USD. Declines generally follow these peaks, with sales dropping to the low 24,000–25,000 million USD mark in subsequent quarters. The volatility suggests cyclical business seasonality or varying demand conditions but no clear long-term upward or downward trajectory is apparent.
- Net Profit Margin
- The net profit margin percentages indicate a declining trend from mid-2020 to early 2023, moving from a high of 6.56% down to 2.49%. Following this period of contraction, there is a measured recovery and stabilization with margins generally fluctuating between 3.12% and 4.18% through late 2024 and into 2025. The margin volatility mirrors the net earnings fluctuations and suggests variable cost management or pricing pressures impacting profitability over time. However, profitability remains positive throughout the periods observed.
- Overall Insights
- The financial data illustrates earnings and profitability volatility within a stable sales environment marked by cyclical variations. The peak in net earnings and profit margin during the 2020–2021 period contrasts with the subsequent decline and partial recovery phases. Sales figures appear less volatile but reflect seasonal or cyclical influences, possibly related to consumer demand patterns. The decoupling of sales growth from net earnings and margins in some periods suggests challenges in operational efficiency or cost control. Continuous monitoring of these trends is recommended to better understand underlying factors affecting earnings volatility and profitability margins.
Return on Equity (ROE)
Target Corp., ROE calculation (quarterly data)
| Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net earnings | ||||||||||||||||||||||||||||||
| Shareholders’ investment | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||
| Walmart Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
1 Q3 2026 Calculation
ROE = 100
× (Net earningsQ3 2026
+ Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025)
÷ Shareholders’ investment
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Earnings
- The net earnings exhibit substantial volatility over the observed periods. Initial earnings fluctuate sharply, peaking notably in the August 2020 and May 2021 quarters. A general declining trend is observed after May 2021, with several quarters experiencing notable decreases, particularly around April to July 2022. Following this trough, earnings demonstrate a degree of recovery and oscillation, remaining below the earlier peaks observed in 2020 and early 2021, with a downward tendency toward the end of the timeline.
- Shareholders’ Investment
- Shareholders' investment shows a consistent upward trend throughout the period, with only minor decreases or plateaus. Initial increments are relatively steady; however, a slight dip occurs around the period from May 2021 to January 2022. From early 2022 onward, a robust and continuous increase is observed, indicating growing equity investment or retained earnings reinvested in the company. This reflects a strengthening capital base despite the fluctuations in net earnings.
- Return on Equity (ROE)
- ROE starts at a moderate level and exhibits a strong upward trajectory through early 2022, reaching the highest levels between late 2021 and early 2022. This period corresponds with high net earnings and substantial shareholders' investment. After peaking, ROE experiences a gradual decline with some oscillations but remains relatively elevated compared to the initial values. Despite the recent decrease, the ROE levels indicate sustained profitability and efficient use of equity over the majority of the assessed timeframe.
- Overall Analysis
- The company demonstrates a capital base that has grown considerably over the observed periods, reflecting ongoing investment or retained earnings. While net earnings have been volatile, with peaks followed by notable declines, the efficiency of equity utilization, as measured by ROE, remains relatively strong but shows signs of tapering in recent periods. The declining ROE in the face of fluctuating earnings suggests increasing equity that may not yet be matched by proportional earnings growth. This pattern calls for careful monitoring of profitability strategies to ensure ongoing shareholder value enhancement.
Return on Assets (ROA)
Target Corp., ROA calculation (quarterly data)
| Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net earnings | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||
| Walmart Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
1 Q3 2026 Calculation
ROA = 100
× (Net earningsQ3 2026
+ Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Earnings
- Net earnings demonstrate noticeable volatility over the observed periods. Initially, earnings surged from 284 million to a peak of 2,097 million, indicating strong profitability growth early in the timeline. Following this peak, periods showed a downward correction with fluctuations, including a significant drop to 183 million at one point. Afterward, earnings partially recovered and maintained moderate stability, typically oscillating between approximately 700 million and 1,300 million in more recent quarters. The trend suggests episodes of strong performance interspersed with periods of contraction or exceptional charges impacting net income.
- Total Assets
- Total assets display a generally increasing trend with intermittent declines. Starting near 44,806 million, the asset base grew steadily to surpass 56,000 million by several quarters, reflecting asset accumulation or acquisitions. Occasionally, slight decreases in asset value were observed, but overall, the trajectory remains upward. The growth pattern indicates ongoing investment in asset expansion or capital expenditure programs, supporting operational capacity over time.
- Return on Assets (ROA)
- The return on assets presents a pattern of initial improvement followed by some volatility. It started at 6.18%, rose consistently to a high of approximately 12.91%, reflecting efficient asset utilization and strong profitability relative to assets held. Subsequently, ROA declined, falling to around 5.21%-5.22% in certain quarters, suggesting periods of diminished earnings efficiency or increased asset base not matched by profitability gains. More recently, ROA stabilized around 6-8%, indicating a return to moderate operational effectiveness. This variation suggests cyclical influences or changing profit margins impacting the efficiency of asset use.
- Overall Analysis
- The financial performance reveals a company experiencing phases of robust profitability growth followed by corrections, alongside a steady expansion of its asset base. Net earnings volatility contrasts with a smoother asset growth trend. The ROA fluctuations signal changing efficiency in asset utilization, with peak profitability periods giving way to more moderate returns. These patterns may reflect market conditions, strategic adjustments, or operational challenges influencing earnings without severely constraining asset growth. The stabilization of ROA and net earnings in recent quarters may indicate an adaptation to market realities or implementation of measures to enhance consistent profitability.