Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Two-Component Disaggregation of ROE

Union Pacific Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2025 42.66% = 10.11% × 4.22
Mar 31, 2025 41.97% = 9.83% × 4.27
Dec 31, 2024 39.95% = 9.96% × 4.01
Sep 30, 2024 40.02% = 9.82% × 4.07
Jun 30, 2024 39.38% = 9.58% × 4.11
Mar 31, 2024 40.79% = 9.50% × 4.29
Dec 31, 2023 43.14% = 9.50% × 4.54
Sep 30, 2023 45.45% = 9.57% × 4.75
Jun 30, 2023 51.02% = 10.19% × 5.00
Mar 31, 2023 56.19% = 10.61% × 5.30
Dec 31, 2022 57.54% = 10.69% × 5.38
Sep 30, 2022 60.21% = 10.82% × 5.56
Jun 30, 2022 53.89% = 10.63% × 5.07
Mar 31, 2022 57.26% = 10.64% × 5.38
Dec 31, 2021 46.06% = 10.27% × 4.49
Sep 30, 2021 44.49% = 9.93% × 4.48
Jun 30, 2021 41.12% = 9.48% × 4.34
Mar 31, 2021 32.09% = 8.44% × 3.80
Dec 31, 2020 31.54% = 8.57% × 3.68
Sep 30, 2020 = × 3.70
Jun 30, 2020 = × 3.86
Mar 31, 2020 = × 3.89

Based on: 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), 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).


Return on Assets (ROA)
The Return on Assets (ROA) demonstrates a consistent positive trend from March 31, 2021, reaching its peak at 10.82% in December 31, 2022. Following this peak, a gradual decrease is observed until December 31, 2023, after which the ROA stabilizes around 9.5% to 10.11%, maintaining a relatively steady level through June 30, 2025. This indicates improved asset efficiency starting in 2021, followed by stabilization after a period of decline.
Financial Leverage
Financial leverage begins at 3.89 in March 31, 2020, and remains relatively stable through December 31, 2020. Subsequently, there is an increase, peaking at 5.56 in September 30, 2022. After this peak, financial leverage trends downward steadily until December 31, 2024, with minor fluctuations thereafter, ending near 4.22 by June 30, 2025. This reflects a phase of increased reliance on debt or other leveraged financing followed by a period of deleveraging or controlled leverage reduction.
Return on Equity (ROE)
The Return on Equity data reveals substantial growth starting from March 31, 2021, with a significant spike witnessed in June 30, 2022 at 57.26%, reaching a maximum of 60.21% in December 31, 2022. Afterward, ROE declines notably, dropping below 50% by December 31, 2023, and further to the low 40% range through to June 30, 2025. Despite the decline, ROE remains at historically elevated levels, indicating sustained strong profitability for shareholders relative to equity throughout the observed period.
Overall Analysis
Across the observed quarters, the company experienced improved profitability metrics with both ROA and ROE increasing markedly beginning early 2021, accompanied by elevated financial leverage peaks around late 2022. Post-peak data suggest prudent financial management, with leverage being reduced while maintaining solid returns on assets and equity. The decrease in ROE following the peak likely reflects the interplay between leverage reduction and profitability normalization. The stability in ROA and the moderate downward adjustment in financial leverage underscores a balanced approach toward optimizing asset utilization and financial risk.

Three-Component Disaggregation of ROE

Union Pacific Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2025 42.66% = 28.43% × 0.36 × 4.22
Mar 31, 2025 41.97% = 27.77% × 0.35 × 4.27
Dec 31, 2024 39.95% = 27.82% × 0.36 × 4.01
Sep 30, 2024 40.02% = 27.33% × 0.36 × 4.07
Jun 30, 2024 39.38% = 26.90% × 0.36 × 4.11
Mar 31, 2024 40.79% = 26.52% × 0.36 × 4.29
Dec 31, 2023 43.14% = 26.45% × 0.36 × 4.54
Sep 30, 2023 45.45% = 26.37% × 0.36 × 4.75
Jun 30, 2023 51.02% = 27.18% × 0.38 × 5.00
Mar 31, 2023 56.19% = 27.91% × 0.38 × 5.30
Dec 31, 2022 57.54% = 28.13% × 0.38 × 5.38
Sep 30, 2022 60.21% = 28.95% × 0.37 × 5.56
Jun 30, 2022 53.89% = 29.23% × 0.36 × 5.07
Mar 31, 2022 57.26% = 30.06% × 0.35 × 5.38
Dec 31, 2021 46.06% = 29.92% × 0.34 × 4.49
Sep 30, 2021 44.49% = 29.19% × 0.34 × 4.48
Jun 30, 2021 41.12% = 28.60% × 0.33 × 4.34
Mar 31, 2021 32.09% = 27.02% × 0.31 × 3.80
Dec 31, 2020 31.54% = 27.38% × 0.31 × 3.68
Sep 30, 2020 = × × 3.70
Jun 30, 2020 = × × 3.86
Mar 31, 2020 = × × 3.89

Based on: 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), 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).


The analysis of the quarterly financial data reveals several observable trends across key performance indicators from early 2020 through mid-2025.

Net Profit Margin (%)
The net profit margin data becomes available starting in March 2021. From that point onwards, there is an overall slight downward trend. Margins peak around mid-2022 at just above 30%, followed by a gradual decrease to a low of approximately 26.37% by the end of 2023. Since then, the margin shows mild recovery, reaching about 28.43% by mid-2025. This pattern suggests fluctuations influenced potentially by external market conditions or operational efficiency changes during the period.
Asset Turnover (ratio)
Asset turnover demonstrates a steady upward trend beginning in early 2021, increasing from roughly 0.31 to a peak of 0.38 by late 2022. Post that peak, the ratio stabilizes around 0.36 through mid-2025, showing slight fluctuations but maintaining relative consistency. This indicates improved utilization of assets up to late 2022, followed by a phase of stabilized efficiency in asset use.
Financial Leverage (ratio)
Financial leverage starts from a high point of 3.89 at the beginning of 2020, rising markedly to a peak exceeding 5.5 around late 2022. Subsequently, leverage trends downward steadily to around 4.22 by mid-2025. The initial increase suggests growing reliance on debt or liabilities, which is moderated in later periods, indicating a possible strategy to reduce financial risk or deleverage.
Return on Equity (ROE) (%)
ROE exhibits a significant upward movement from early 2021, starting near 31.5% and rising sharply to peak above 60% by late 2022. Following this peak, a downward correction occurs, bringing ROE down to approximately 39.95% by mid-2024. In the most recent quarters, there is a modest upward rebound to around 42.66%. This trajectory signals initially strong profitability and efficient equity use, followed by normalization and modest recovery.

Overall, the data reflects an environment of dynamic operational and financial conditions with initial improvements in profitability and efficiency metrics peaking around late 2022. The subsequent periods indicate a phase of correction and stabilization in operational leverage and profitability ratios. This suggests a balanced approach in managing asset utilization, leverage, and equity returns over the observed timeframe.


Five-Component Disaggregation of ROE

Union Pacific Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2025 42.66% = 0.78 × 0.87 × 41.79% × 0.36 × 4.22
Mar 31, 2025 41.97% = 0.77 × 0.87 × 41.44% × 0.35 × 4.27
Dec 31, 2024 39.95% = 0.77 × 0.87 × 41.50% × 0.36 × 4.01
Sep 30, 2024 40.02% = 0.76 × 0.87 × 41.11% × 0.36 × 4.07
Jun 30, 2024 39.38% = 0.77 × 0.87 × 40.45% × 0.36 × 4.11
Mar 31, 2024 40.79% = 0.78 × 0.86 × 39.67% × 0.36 × 4.29
Dec 31, 2023 43.14% = 0.77 × 0.86 × 39.69% × 0.36 × 4.54
Sep 30, 2023 45.45% = 0.77 × 0.86 × 39.61% × 0.36 × 4.75
Jun 30, 2023 51.02% = 0.77 × 0.87 × 40.52% × 0.38 × 5.00
Mar 31, 2023 56.19% = 0.77 × 0.87 × 41.47% × 0.38 × 5.30
Dec 31, 2022 57.54% = 0.77 × 0.88 × 41.58% × 0.38 × 5.38
Sep 30, 2022 60.21% = 0.77 × 0.88 × 42.42% × 0.37 × 5.56
Jun 30, 2022 53.89% = 0.77 × 0.88 × 43.00% × 0.36 × 5.07
Mar 31, 2022 57.26% = 0.77 × 0.88 × 44.19% × 0.35 × 5.38
Dec 31, 2021 46.06% = 0.77 × 0.88 × 44.19% × 0.34 × 4.49
Sep 30, 2021 44.49% = 0.77 × 0.88 × 43.30% × 0.34 × 4.48
Jun 30, 2021 41.12% = 0.77 × 0.87 × 42.70% × 0.33 × 4.34
Mar 31, 2021 32.09% = 0.77 × 0.86 × 41.28% × 0.31 × 3.80
Dec 31, 2020 31.54% = 0.77 × 0.86 × 41.58% × 0.31 × 3.68
Sep 30, 2020 = × × × × 3.70
Jun 30, 2020 = × × × × 3.86
Mar 31, 2020 = × × × × 3.89

Based on: 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), 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).


The analysis of the provided quarterly financial data reveals several noteworthy trends and patterns across key performance indicators over the observed periods.

Tax Burden
The tax burden ratio has remained relatively stable throughout the periods, consistently hovering around 0.77 to 0.78. This consistency suggests stable tax obligations relative to earnings before taxes, with only minor fluctuations indicating a steady tax expense impact on the company’s profitability.
Interest Burden
The interest burden ratio also shows stability, maintaining values between 0.86 and 0.88. This indicates a consistent level of interest expense relative to earnings before interest and taxes, reflecting steady financing costs and effective management of debt-related expenses over time.
EBIT Margin
The EBIT margin exhibited a slight upward trend from 41.28% at the beginning of the observed period to a peak of approximately 44.19%, followed by a gradual decline to around 39.61%. Thereafter, the margin stabilized near 41.5% by the end of the dataset. This pattern suggests an initial improvement in operational profitability, followed by some compression, and eventual stabilization, potentially due to market or operational factors impacting cost efficiency or pricing power.
Asset Turnover
There is a clear upward trend in asset turnover from 0.31 to 0.38 during the earlier quarters, indicating improved efficiency in generating sales from assets. Subsequent periods show a plateau around 0.36 without significant gains. The initial increase reflects enhanced utilization of assets, while the later stabilization points to a maintenance of that efficiency level without further major improvements.
Financial Leverage
Financial leverage experienced considerable variation, rising sharply from 3.68 to a peak of about 5.56, signifying increased reliance on debt financing during certain quarters. Following this peak, leverage gradually declined to approximately 4.01 before slightly rising again in the final periods. This pattern suggests cycles of debt accumulation and partial deleveraging, indicative of strategic capital structure adjustments and varying funding needs over time.
Return on Equity (ROE)
The ROE shows marked volatility, initially increasing from 31.54% to a high of about 60.21%, signaling a period of strong profitability and efficient equity use. After this peak, ROE declines steadily to around 39.38% before experiencing modest recovery towards 42.66%. The fluctuations in ROE closely mirror movements in leverage and operational margins, reflecting the combined effects of profitability, asset efficiency, and financial structure on shareholder returns.

In summary, the company demonstrated periods of operational improvement and solid return generation, accompanied by fluctuating financial leverage and stable tax and interest burdens. Asset utilization increased early on but plateaued, while profitability margins showed initial growth followed by stabilization, all contributing to varying but strong equity returns. The financial strategy appears adaptive, balancing debt levels to optimize returns while maintaining cost and tax efficiencies.


Two-Component Disaggregation of ROA

Union Pacific Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2025 10.11% = 28.43% × 0.36
Mar 31, 2025 9.83% = 27.77% × 0.35
Dec 31, 2024 9.96% = 27.82% × 0.36
Sep 30, 2024 9.82% = 27.33% × 0.36
Jun 30, 2024 9.58% = 26.90% × 0.36
Mar 31, 2024 9.50% = 26.52% × 0.36
Dec 31, 2023 9.50% = 26.45% × 0.36
Sep 30, 2023 9.57% = 26.37% × 0.36
Jun 30, 2023 10.19% = 27.18% × 0.38
Mar 31, 2023 10.61% = 27.91% × 0.38
Dec 31, 2022 10.69% = 28.13% × 0.38
Sep 30, 2022 10.82% = 28.95% × 0.37
Jun 30, 2022 10.63% = 29.23% × 0.36
Mar 31, 2022 10.64% = 30.06% × 0.35
Dec 31, 2021 10.27% = 29.92% × 0.34
Sep 30, 2021 9.93% = 29.19% × 0.34
Jun 30, 2021 9.48% = 28.60% × 0.33
Mar 31, 2021 8.44% = 27.02% × 0.31
Dec 31, 2020 8.57% = 27.38% × 0.31
Sep 30, 2020 = ×
Jun 30, 2020 = ×
Mar 31, 2020 = ×

Based on: 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), 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).


The analysis of the financial ratios over the observed quarters reveals a consistent performance with some fluctuations in key profitability and efficiency metrics.

Net Profit Margin
The net profit margin started at 27.38% in March 2021 and showed a generally declining trend through to June 2023 where it reached a low of 26.37%. After this period, the margin demonstrated a gradual increase, moving back up to 28.43% by June 2025. This indicates a recovery phase following a period of contraction in profitability margins.
Asset Turnover
The asset turnover ratio began at 0.31 in March 2021 and showed a steady upward trend, peaking at 0.38 in December 2022. Following this peak, there was a slight decline, stabilizing around 0.36 in the subsequent quarters through June 2025. This suggests enhanced efficiency in asset use up to late 2022, with a stabilization in asset utilization thereafter.
Return on Assets (ROA)
ROA increased from 8.57% in March 2021 to a peak of 10.82% in December 2021, indicating improved profitability relative to asset base. Post this peak, ROA experienced some volatility, declining to 9.5% around mid-2023, before recovering slightly to 10.11% by June 2025. The pattern aligns with fluctuations in both net profit margin and asset turnover, reflecting their combined impact on overall asset profitability.

Overall, the data points to a phase of growth in asset efficiency and profitability until late 2022, followed by a period of relative stabilization and gradual recovery in profit margins and returns on assets through mid-2025. These trends may suggest the company successfully navigated short-term challenges while maintaining an underlying trend of financial stability and efficiency.


Four-Component Disaggregation of ROA

Union Pacific Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2025 10.11% = 0.78 × 0.87 × 41.79% × 0.36
Mar 31, 2025 9.83% = 0.77 × 0.87 × 41.44% × 0.35
Dec 31, 2024 9.96% = 0.77 × 0.87 × 41.50% × 0.36
Sep 30, 2024 9.82% = 0.76 × 0.87 × 41.11% × 0.36
Jun 30, 2024 9.58% = 0.77 × 0.87 × 40.45% × 0.36
Mar 31, 2024 9.50% = 0.78 × 0.86 × 39.67% × 0.36
Dec 31, 2023 9.50% = 0.77 × 0.86 × 39.69% × 0.36
Sep 30, 2023 9.57% = 0.77 × 0.86 × 39.61% × 0.36
Jun 30, 2023 10.19% = 0.77 × 0.87 × 40.52% × 0.38
Mar 31, 2023 10.61% = 0.77 × 0.87 × 41.47% × 0.38
Dec 31, 2022 10.69% = 0.77 × 0.88 × 41.58% × 0.38
Sep 30, 2022 10.82% = 0.77 × 0.88 × 42.42% × 0.37
Jun 30, 2022 10.63% = 0.77 × 0.88 × 43.00% × 0.36
Mar 31, 2022 10.64% = 0.77 × 0.88 × 44.19% × 0.35
Dec 31, 2021 10.27% = 0.77 × 0.88 × 44.19% × 0.34
Sep 30, 2021 9.93% = 0.77 × 0.88 × 43.30% × 0.34
Jun 30, 2021 9.48% = 0.77 × 0.87 × 42.70% × 0.33
Mar 31, 2021 8.44% = 0.77 × 0.86 × 41.28% × 0.31
Dec 31, 2020 8.57% = 0.77 × 0.86 × 41.58% × 0.31
Sep 30, 2020 = × × ×
Jun 30, 2020 = × × ×
Mar 31, 2020 = × × ×

Based on: 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), 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).


The financial ratios demonstrate consistent patterns and gradual changes over the observed periods. The tax burden ratio remains relatively stable around 0.77, with minimal fluctuations, suggesting consistent effective tax rates across quarters. Similarly, the interest burden ratio shows slight variation, staying close to 0.86–0.88, indicating a stable interest expense impact on earnings before taxes.

The EBIT margin exhibits a peak in late 2021 at over 44%, followed by a gradual decline through 2023 to approximately 39.6%, and then a recovery trend in 2024 reaching back above 41%. This pattern indicates some variability in operating profitability, with a noticeable dip after 2021 and subsequent stabilization and improvement in recent quarters.

Asset turnover shows a steady upward trend from 0.31 in early 2020 to a peak of about 0.38 in late 2022, indicating improved efficiency in asset utilization over this period. However, after reaching this peak, the ratio slightly decreases and levels off around 0.36 through 2023 and into 2025, suggesting a stabilization in asset productivity.

Return on assets (ROA) increases from approximately 8.5% in early 2020 to a peak near 10.8% at the end of 2022, reflecting enhanced profitability relative to asset base during this period. Similar to the EBIT margin, ROA declines somewhat in 2023 but maintains levels near 9.5% to 10% thereafter, implying ongoing efficient asset use despite some profit margin pressures.

Tax Burden
Stable around 0.77 with negligible variation across periods.
Interest Burden
Consistently near 0.86–0.88, indicating stable interest expense impact.
EBIT Margin
Peaked above 44% in late 2021, declined through 2023 to ~39.6%, then recovered to above 41% by 2025.
Asset Turnover
Gradual increase from 0.31 in 2020 to 0.38 in 2022, then stabilized near 0.36 through 2025.
Return on Assets (ROA)
Rising from 8.5% in 2020 to nearly 10.8% in 2022, followed by a slight decrease and stabilization around 9.5%–10.1%.

Overall, the data reveals an improvement in asset utilization and profitability up to late 2022, followed by a modest contraction in operating margin and returns in 2023 with subsequent stability. The consistency in tax and interest burdens suggests that these cost factors have not materially influenced profitability trends during this timeframe.


Disaggregation of Net Profit Margin

Union Pacific Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2025 28.43% = 0.78 × 0.87 × 41.79%
Mar 31, 2025 27.77% = 0.77 × 0.87 × 41.44%
Dec 31, 2024 27.82% = 0.77 × 0.87 × 41.50%
Sep 30, 2024 27.33% = 0.76 × 0.87 × 41.11%
Jun 30, 2024 26.90% = 0.77 × 0.87 × 40.45%
Mar 31, 2024 26.52% = 0.78 × 0.86 × 39.67%
Dec 31, 2023 26.45% = 0.77 × 0.86 × 39.69%
Sep 30, 2023 26.37% = 0.77 × 0.86 × 39.61%
Jun 30, 2023 27.18% = 0.77 × 0.87 × 40.52%
Mar 31, 2023 27.91% = 0.77 × 0.87 × 41.47%
Dec 31, 2022 28.13% = 0.77 × 0.88 × 41.58%
Sep 30, 2022 28.95% = 0.77 × 0.88 × 42.42%
Jun 30, 2022 29.23% = 0.77 × 0.88 × 43.00%
Mar 31, 2022 30.06% = 0.77 × 0.88 × 44.19%
Dec 31, 2021 29.92% = 0.77 × 0.88 × 44.19%
Sep 30, 2021 29.19% = 0.77 × 0.88 × 43.30%
Jun 30, 2021 28.60% = 0.77 × 0.87 × 42.70%
Mar 31, 2021 27.02% = 0.77 × 0.86 × 41.28%
Dec 31, 2020 27.38% = 0.77 × 0.86 × 41.58%
Sep 30, 2020 = × ×
Jun 30, 2020 = × ×
Mar 31, 2020 = × ×

Based on: 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), 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).


Tax Burden
The tax burden ratio remains exceptionally stable across the periods where data is available, consistently around 0.77 to 0.78. This indicates a steady tax environment or consistent tax-related management policies, with minimal fluctuation observed over multiple quarters.
Interest Burden
The interest burden ratio shows a slight upward trend initially, moving from 0.86 to 0.88 in the 2020 to early 2022 period. Following that, the ratio stabilizes around 0.86 to 0.87, indicating consistent management of interest expenses relative to earnings before interest and taxes. Overall, the company maintains a stable interest burden throughout the periods analyzed.
EBIT Margin
The EBIT margin increases from approximately 41.58% in the first quarter of 2020 to a peak near 44.19% in early 2022, demonstrating improved operational efficiency or increased pricing power in that timeframe. Subsequently, a gradual decline is seen down to about 39.61% by late 2023, followed by a moderate recovery, returning close to 41.79% by early 2025. This pattern suggests cyclical pressures or temporary factors affecting operational profitability, which the company partially overcomes by the end of the period.
Net Profit Margin
The net profit margin mirrors the general pattern of the EBIT margin. Beginning near 27.38% in early 2020, it rises steadily to peak around 30.06% in mid-2022. After this high point, the margin gradually declines to approximately 26.37% by late 2023, indicating pressures on bottom-line profitability possibly due to rising costs or other external factors. There is a subsequent recovery trend, with margins improving to about 28.43% by early 2025, portraying resilience in maintaining profitability amid evolving conditions.