Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Profitability Ratios (Summary)
Valero Energy Corp., profitability ratios (quarterly data)
Based on: 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 a significant improvement in the company's profitability and efficiency ratios over the observed periods.
- Gross Profit Margin
- The gross profit margin displayed fluctuations in early periods, with occasional negative values, notably in December 2020 and June 2021. Starting from March 2021, there is a clear upward trend, reaching a peak around March 2023. After this peak, the margin shows a gradual decline through to September 2024, but remains substantially higher compared to the early periods.
- Operating Profit Margin
- The operating profit margin follows a pattern similar to the gross profit margin with fluctuating early values including negative margins in the middle of 2020 and 2021. From early 2021 onwards, a progressively increasing trend is observed, peaking around March 2023. Subsequently, there is a decline, but margins stay well above the initial negative or near-zero levels.
- Net Profit Margin
- The net profit margin demonstrates initial instability with several negative values and near zero points through late 2020 and into 2021. Beginning March 2021, steady improvement is notable, reaching the highest values by March 2023. Following this, a slight but continuous decrease is observed, though the margins remain positive and significantly better than earlier periods.
- Return on Equity (ROE)
- ROE exhibits high volatility early on, including strong negative returns in mid-2020 and 2021, indicative of operational or financial challenges. From March 2021 onward, ROE dramatically improves, peaking substantially in late 2022 and early 2023. Despite a downward trajectory after the peak, returns stay relatively strong compared to the initial period, reflecting enhanced shareholder value generation.
- Return on Assets (ROA)
- The ROA mirrors the volatility seen in ROE during the initial periods with negative returns at various points. Starting in early 2021, there is a marked recovery and substantial growth, reaching maximum values in early 2023. Post-peak, a declining trend is visible, yet the figures remain well above those of the beginning quarters, indicating improved asset utilization.
Overall, the data indicates a phase of financial recovery and enhanced profitability beginning primarily in early 2021, culminating in strong performance metrics around early 2023. Subsequently, while there is some regression across metrics, the company maintains profitability and efficient utilization of equity and assets significantly better than in the early part of the examined period.
Return on Sales
Return on Investment
Gross Profit Margin
Valero Energy Corp., gross profit margin calculation (quarterly data)
Based on: 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).
1 Q3 2024 Calculation
Gross profit margin = 100
× (Gross profit (loss)Q3 2024
+ Gross profit (loss)Q2 2024
+ Gross profit (loss)Q1 2024
+ Gross profit (loss)Q4 2023)
÷ (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
- Gross Profit (Loss)
- The gross profit exhibits considerable volatility across the periods analyzed. Initially, it fluctuated between negative and positive values in 2020, reflecting an unstable profitability environment early in the timeline. From mid-2021 onward, gross profit demonstrated a pronounced upward trend, peaking notably in mid-2022, indicating a period of strong profitability. Following this peak, the gross profit began a general downward trajectory from the end of 2022 through mid-2024, though it remains positive.
- Revenues
- Revenues show a consistent upward trend over the observed quarters, increasing significantly from early 2020 through 2022, reaching the highest levels in mid-2022. After this apex, revenues exhibit some fluctuations but generally maintain a higher range than the initial periods. The data suggests a growth phase followed by a stabilization at elevated revenue levels, albeit with some decreases in the most recent quarters.
- Gross Profit Margin
- The gross profit margin percentage illustrates an improving margin throughout the timeline, starting from relatively low and even negative values in early 2020. Margins began to improve steadily after 2020, peaking in 2023. However, after reaching the highest margin levels in 2023, there is a noticeable decline through 2024. Despite this decline, the margins remain substantially higher than the early part of the period reviewed.
- Overall Insights
- The company experienced substantial challenges in early 2020, reflected by negative or low gross profits and margins, likely due to external market conditions. The growth in revenues alongside improving gross profit margins from 2021 to 2023 indicates enhanced operational efficiency or favorable market dynamics contributing to improved profitability. The decline in both gross profit and margin from late 2023 through mid-2024 suggests emerging pressures on cost efficiency or revenue quality that could warrant further analysis. Monitoring these trends will be critical for future forecasting and strategic planning.
Operating Profit Margin
Valero Energy Corp., operating profit margin calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income (loss) | |||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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).
1 Q3 2024 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024
+ Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023)
÷ (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Operating Income (Loss)
- The company experienced significant fluctuations in operating income over the analyzed quarters. Initially, the first quarter of 2020 showed a substantial operating loss of -2,277 million USD, followed by a strong recovery to 1,789 million USD in the second quarter of 2020. This was succeeded by recurring losses in the third and fourth quarters of 2020, with -621 million USD and -470 million USD, respectively. The first half of 2021 showed a volatile pattern, swinging between negative and positive figures. Starting mid-2021, operating income demonstrated a marked improvement with consistent profitability, peaking at 6,219 million USD in the second quarter of 2022. Following this peak, the operating income trended downward but remained positive through 2023 and into early 2024, ending with 507 million USD in the third quarter of 2024, indicating reduced profitability relative to the 2022 peak.
- Revenues
- Revenue trends displayed general growth throughout the period, starting at 22,102 million USD in the first quarter of 2020 and exhibiting volatility especially in the earlier quarters. Revenues decreased notably in the second quarter of 2020 amidst the pandemic context, reaching a low of 10,397 million USD. From the third quarter of 2020 onwards, revenues climbed steadily, with some fluctuations, achieving a high point of 51,641 million USD by the second quarter of 2022. After this peak, revenues declined moderately but remained elevated relative to earlier years, stabilizing around the 30,000 to 38,000 million USD range from late 2022 through 2024, signaling a return to a more moderate but sustained revenue base.
- Operating Profit Margin
- The operating profit margin was highly variable in 2020, including a negative margin in the last quarter of the year (-2.43%). Starting in 2021, profitability margins improved with positive percentages, fluctuating from marginal positive values to more substantial profitability. A significant upward trend was evident through 2021 and especially through 2022, reaching the highest margin of 10.53% in the first quarter of 2023. Post this peak, the margin showed a declining trend but remained positive throughout 2023 and into 2024, decreasing to 3.69% by the third quarter of 2024. This pattern suggests an initial recovery followed by a tapering of profitability despite stable revenue levels.
- Overall Analysis
- The data demonstrates a recovery phase from early 2020 losses, reflecting improvements in both operating income and margins beginning in late 2021 and peaking in 2022 and early 2023. Revenue growth supports this positive operational performance but showed signs of stabilization and moderate decline post-2022. Despite this, profitability remained positive but with diminishing returns relative to prior peak periods. The financial results imply the company managed to mitigate early 2020 disruptions and capitalize on market conditions to increase profitability, while more recent quarters suggest cautious performance with potential challenges impacting operating efficiency or cost structures.
Net Profit Margin
Valero Energy Corp., net profit margin calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Valero Energy Corporation stockholders | |||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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).
1 Q3 2024 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Valero Energy Corporation stockholdersQ3 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ2 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ1 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ4 2023)
÷ (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data over the analyzed quarters reveal several notable trends concerning profitability, revenue performance, and margin fluctuations.
- Net Income Trends
- The net income attributable to stockholders exhibits significant volatility initially, with a sharp loss in the first quarter of 2020 followed by abrupt positive swings in subsequent quarters. From mid-2021 through early 2024, net income stabilizes on a positive trajectory, peaking notably in mid-2022. However, recent quarters demonstrate a declining trend in net income, indicating some financial pressure or challenges impacting profitability towards the end of the period analyzed.
- Revenue Performance
- Revenues, inclusive of excise taxes, generally trend upward over the full period. There is a clear recovery following a dip in mid-2020, with quarterly revenues rising significantly through 2021 and reaching highest points in 2022. From late 2022 onwards, revenue shows some volatility with a fluctuating but gradual downward tilt through 2024, suggesting cyclical changes or market conditions affecting sales volumes or pricing.
- Net Profit Margin
- The net profit margin mirrors the volatile net income pattern early on, with negative margins during parts of 2020 and early 2021. Margins improve markedly starting late 2021, reaching strong positive values through 2022 and parts of 2023. This improvement signals enhanced operational efficiency or favorable market conditions. Despite these gains, recent quarters indicate a declining margin trend, reducing profitability ratios and potentially signaling rising costs, reduced pricing power, or other margin pressures.
Overall, the company experienced initial financial instability in 2020 with losses and negative margins, followed by robust recovery phases marked by increased revenues and improving profitability through 2022 and early 2023. However, the latest quarters suggest emerging challenges as both net income and profit margins decline, alongside fluctuating revenues. This pattern may warrant further investigation into cost management, market dynamics, or competitive pressures affecting the company’s profitability and growth sustainability.
Return on Equity (ROE)
Valero Energy Corp., ROE calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Valero Energy Corporation stockholders | |||||||||||||||||||||||||
| Total Valero Energy Corporation stockholders’ equity | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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).
1 Q3 2024 Calculation
ROE = 100
× (Net income (loss) attributable to Valero Energy Corporation stockholdersQ3 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ2 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ1 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ4 2023)
÷ Total Valero Energy Corporation stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial performance demonstrates a fluctuating but ultimately improving net income pattern over the examined period. Initially, the company experienced significant losses and volatility, with net income figures showing sharp declines and negative values around early 2020 and mid-2021. However, from early 2022 onward, there is a clear upward trend with net income substantially increasing, peaking in the third quarter of 2022, before settling into a more stable yet still positive range in 2023 and early 2024.
The total stockholders’ equity displays moderate changes without extreme volatility. It generally trends upward from 2020 through 2023, peaking in the fourth quarter of 2023, followed by a gradual decrease into the first three quarters of 2024. This suggests that the company has been accumulating equity over time despite some recent declines.
Return on equity (ROE) shows notable improvement across the analyzed periods. Starting from low and occasionally negative or near-zero values in 2020 and 2021, ROE rises significantly from 2022 onwards, reaching exceptionally high levels in late 2022 and early 2023. While it decreases somewhat in 2023 and into 2024, it remains at relatively elevated levels compared to the beginning of the period. This indicates enhanced profitability relative to the equity base, driven by improved net income generation.
- Net Income (Loss) Trends
-
Initial high volatility with losses and gains alternating from 2020 through 2021.
Strong positive growth from early 2022 onward, with peak values in late 2022.
Stabilization at positive, though more moderate, numbers during 2023 and early 2024. - Total Stockholders’ Equity Movements
-
Mild fluctuations with a generally upward trajectory through 2023.
Peak equity recorded in late 2023.
Slight decline starting in early 2024 while still maintaining a high equity base overall. - Return on Equity (ROE) Evolution
-
Negative and low ROE values in early periods indicate challenges in profitability relative to equity.
Significant upward shift beginning in 2022 reflecting increased net income and better capital efficiency.
ROE peaks near 50% during late 2022 and early 2023, suggesting exceptional returns during those intervals.
Declining but still robust ROE figures into 2024, indicating sustained profitability above earlier years.
Overall, the data reflects a recovery and strengthening in financial performance, with the company moving from initial losses and weak profitability to a phase of strong earnings and improved returns on equity. The trends suggest effective operational improvements and efficient use of equity capital during the latter part of the examined timeframe.
Return on Assets (ROA)
Valero Energy Corp., ROA calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Valero Energy Corporation stockholders | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 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).
1 Q3 2024 Calculation
ROA = 100
× (Net income (loss) attributable to Valero Energy Corporation stockholdersQ3 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ2 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ1 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ4 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Stockholders
- The net income figures demonstrate considerable volatility in the early periods, beginning with a significant loss in March 2020, followed by alternating gains and losses throughout 2020 and early 2021. Starting mid-2021, there is a marked improvement in profitability, with consistent positive net income observed through to the end of 2023. Peak earnings were recorded in mid-2022, with a net income exceeding 4 billion US dollars, followed by a gradual decline through 2024, although profits remain positive.
- Total Assets
- Total assets show a general upward trend, increasing from approximately 47.7 billion US dollars in early 2020 to a peak of around 63.2 billion by late 2023. Thereafter, a slight contraction is noted in 2024, with assets decreasing to just above 60 billion US dollars by the third quarter. This indicates asset growth over the period with some stabilization or minor reduction in more recent quarters.
- Return on Assets (ROA)
- The ROA metric reflects the fluctuating profitability relative to assets over time. Early data shows low or negative returns, with occasional minor positive peaks. From 2021 onwards, ROA improves significantly, reaching a high point of nearly 23% in early 2023, indicating enhanced asset utilization for profit generation. Subsequently, ROA exhibits a declining pattern through 2023 and into 2024, although it remains positive, suggesting that while profitability efficiency has diminished somewhat, it is maintained above break-even levels.
- Summary Insights
- The company's financial performance evolved from initial instability marked by losses and modest returns towards sustained profitability and improved asset efficiency starting from mid-2021. Asset growth supported this upward momentum, with peak profitability alongside rising asset bases. The most recent quarters signal a reduction in profit levels and efficiency ratios, despite remaining profitable, indicating potential normalization or challenges influencing returns. Continuous monitoring of these trends is advised to assess underlying causes and future trajectory.