Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Profitability Ratios (Summary)
Axon Enterprise Inc., profitability ratios (quarterly data)
Based on: 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), 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).
- Gross Profit Margin
- The gross profit margin displayed a general decline from 61.56% at the end of the first quarter in 2018 to 57.88% at the first quarter in 2020. Following this decrease, the margin stabilized and showed a modest upward trend, peaking close to 62.75% at the end of 2021. In 2022, the margin exhibited a gradual decline again, ending at 60.87% by the first quarter of 2023. Overall, the margin fluctuated within a range of approximately 58% to 63% with no drastic long-term shifts.
- Operating Profit Margin
- The operating profit margin experienced significant volatility over the periods analyzed. Initially, it declined sharply from 5.91% in early 2018 to negative values beginning in 2020, reaching a low of -19.47% by the last quarter of 2021. This negative trend was reversed starting in late 2022 as the margin improved, returning to positive territory and reaching around 7.26% in the first quarter of 2023. These oscillations suggest periods of operational challenges followed by a notable recovery.
- Net Profit Margin
- The net profit margin mirrored the pattern observed in operating profit margin but with generally higher volatility. It decreased from 6.95% in early 2018 to negative values during 2020 and 2021, hitting lows near -8.69%. However, from late 2021 onwards, it showed a robust recovery, peaking at 14.2% in mid-2022, followed by some fluctuations but maintaining a strong positive position above 10% in early 2023. This indicates improved bottom-line profitability after a challenging period.
- Return on Equity (ROE)
- The return on equity followed a downward trajectory from 6.25% in early 2018 to negative levels in 2020 and 2021, with the lowest point approximating -6.38%. Subsequently, a significant turnaround occurred starting mid-2022, with values rising to above 11% in late 2022 and early 2023. This suggests that the company effectively managed to enhance shareholder value after previous declines.
- Return on Assets (ROA)
- The return on assets showed a pattern consistent with other profitability measures. It declined from 4.06% in early 2018 to negative figures around -4.59% during 2021. From mid-2022 onwards, ROA displayed a solid recovery, rising to approximately 7.29%, before a slight reduction to around 4.57% in early 2023. This reflects improved asset utilization and operational efficiency following earlier periods of underperformance.
Return on Sales
Return on Investment
Gross Profit Margin
Axon Enterprise Inc., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Gross margin | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Gross profit margin = 100
× (Gross marginQ1 2023
+ Gross marginQ4 2022
+ Gross marginQ3 2022
+ Gross marginQ2 2022)
÷ (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends across the evaluated periods.
- Gross Margin
- There is an overall increasing trend in gross margin from March 31, 2018, to March 31, 2023. Initially, the gross margin hovered around the mid-60,000s in thousands of US dollars, showing some fluctuations during 2018. A notable increase took place from late 2019, with gross margin values rising significantly and reaching over 200,000 by the end of 2022 and early 2023. This steady growth suggests improved profitability or increased volume of goods sold at a favorable margin over time.
- Net Sales
- Net sales have exhibited a pronounced upward trajectory throughout the entire period. Starting just above 100,000 in thousands of US dollars in early 2018, sales experienced steady growth with some acceleration beginning in 2019, continuing into 2020 and beyond. By the first quarter of 2023, net sales surpassed 340,000, reflecting substantial business expansion and potentially successful sales strategies or market growth. The data also shows a relatively steady quarterly increase, with no significant declines noted.
- Gross Profit Margin Percentage
- The gross profit margin as a percentage began showing values only from March 31, 2019, onward. It remains fairly stable over time, ranging approximately between 57.88% and 62.75%. While there are minor fluctuations quarter-to-quarter, the margin percentage trends slightly upward until around 2021, peaking near 62.75%, then shows a gentle decline toward the end of the 2022 and early 2023 periods. This stability indicates consistent cost management relative to sales, despite the increasing volume of business.
Overall, the data depicts a firm with growing sales and gross margins in absolute value terms, accompanied by a stable gross profit margin percentage. This pattern implies efficiency in controlling costs relative to revenues as the company scales, underlining an effective balance between growth and profitability maintenance over the observed quarters.
Operating Profit Margin
Axon Enterprise Inc., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Income (loss) from operations | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ1 2023
+ Income (loss) from operationsQ4 2022
+ Income (loss) from operationsQ3 2022
+ Income (loss) from operationsQ2 2022)
÷ (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The quarterly financial data shows notable fluctuations in income from operations, net sales, and operating profit margin over the observed periods.
- Income from Operations
- The income from operations displays considerable volatility throughout the timeline. Initially, the values are positive, reaching a peak of 13,583 thousand US dollars in the first quarter of 2018. This is followed by a general decline with several negative values occurring intermittently, notably in the last quarter of 2018 (-14,386 thousand), the second quarter of 2019 (-1,295 thousand), and most severely in the first quarter of 2021 (-50,262 thousand) and the second quarter of 2021 (-93,685 thousand). After these significant downturns, the metric recovers but remains inconsistent, showing positive rebounds in some quarters such as the last quarter of 2020 (5,775 thousand) and the first quarter of 2022 (17,194 thousand), before again decreasing to 16,608 thousand by the first quarter of 2023.
- Net Sales
- Net sales exhibit an overall upward trend across the analyzed periods. Starting from 101,215 thousand US dollars in the first quarter of 2018, sales generally increase with some fluctuations, reaching a high of 343,043 thousand in the first quarter of 2023. Periodic dips and recoveries are visible, for example, a decrease during the middle of 2019 and a subsequent surge towards the end of 2020. Despite these variations, the growth trajectory is positive and strong over the entire period.
- Operating Profit Margin
- The operating profit margin portrays a challenging pattern with an initial modest positive margin of 5.91% in the third quarter of 2018 and generally lower margins thereafter. The margin turns negative intermittently, with a substantial negative margin recorded in several quarters of 2020 and 2021, reaching a low point of -19.47% in the fourth quarter of 2021. However, from 2022 onwards, there is a marked improvement, with margins becoming positive again and reaching values above 7% by the last quarter of 2022 and first quarter of 2023, indicating a recovery in operational efficiency.
In summary, the data reveals a company with growing sales but experiencing significant operational profitability challenges during 2020 and 2021. The substantial negative income and margins during that period suggest operational difficulties or increased costs. The subsequent return to positive profit margins by 2022 and 2023 signals a recovery phase and an improvement in cost management or revenue quality relative to operations.
Net Profit Margin
Axon Enterprise Inc., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Net profit margin = 100
× (Net income (loss)Q1 2023
+ Net income (loss)Q4 2022
+ Net income (loss)Q3 2022
+ Net income (loss)Q2 2022)
÷ (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data exhibits considerable fluctuations in net income and net profit margins over the analyzed period, alongside a steady upward trend in net sales.
- Net Sales
- Net sales show a consistent growth trajectory from March 2018 through March 2023. Starting at approximately 101 million USD in Q1 2018, sales increased progressively each quarter, reaching over 343 million USD by Q1 2023. Notably, there are no periods of decline, indicating strong and sustained revenue expansion throughout the timeframe.
- Net Income (Loss)
- Net income figures display significant volatility. Initial values in 2018 start positively but show a declining trend into late 2018 and early 2019, with values fluctuating between high positives and low positives. Starting in Q4 2019, the company experienced considerable net losses, such as the sharp loss nearing 31 million USD in Q2 2020. Recovery phases are observed, with net income rebounding sharply to positive values in late 2020 and spikes in Q3 2021 and again in 2022. Despite this, there remain intermittent quarters of losses, highlighting swings between profitability and losses rather than stable earnings.
- Net Profit Margin
- The net profit margin data reinforce the net income volatility. Margins were positive but modest early on, ranging approximately between 3% and 7% in 2018 and early 2019. Beginning late 2019 and into 2020, margins turned negative, reflecting the losses seen in net income, with troughs below -8%. A recovery in margin is detected starting late 2021, with margins improving into positive territory, reaching peaks above 14% in mid-2022 before settling around 10% in early 2023. This trend mirrors the company's uneven profitability, with recent improvements indicating a return to more sustainable profit levels.
Overall, the data suggests that while revenue growth has been robust and consistent, profitability has encountered substantial instability. The company faced sharp declines and losses primarily around 2019-2020, possibly due to extraordinary events or operational challenges, but has shown signs of recovery and stabilization in profitability since 2021. This pattern may warrant further examination into underlying factors affecting costs or one-time impacts influencing net income and margins during the volatile periods.
Return on Equity (ROE)
Axon Enterprise Inc., ROE calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
ROE = 100
× (Net income (loss)Q1 2023
+ Net income (loss)Q4 2022
+ Net income (loss)Q3 2022
+ Net income (loss)Q2 2022)
÷ Stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data over the presented periods indicate significant fluctuations in net income and a generally increasing trend in stockholders’ equity. Return on equity (ROE) shows variability corresponding with the net income performance.
- Net Income (Loss)
- Net income displays high volatility throughout the timeframe. The company experienced positive net income in early periods of 2018, followed by a sharp decline in late 2018 and early 2019, including a substantial loss of -12,379 thousand USD in December 2019. The losses peaked during mid-2020, with a significant negative value of -30,759 thousand USD in June 2020. Subsequent quarters show a recovery, with a notable positive net income of 25,834 thousand USD in December 2020.
- However, the first quarters of 2021 presented large net losses again, including -47,917 thousand USD in March 2021 and -47,117 thousand USD in June 2021, followed by a strong rebound with net income exceeding 48,000 thousand USD in September 2021. The most recent periods reveal positive net income, although with some fluctuations, staying predominantly positive through 2022 and into Q1 2023 with 45,139 thousand USD.
- Stockholders’ Equity
- Stockholders’ equity portrays a consistent upward trend across the entire timeline, increasing from 199,329 thousand USD in March 2018 to 1,402,995 thousand USD in March 2023. The equity nearly tripled between 2018 and 2023, indicating accumulation of retained earnings, capital injections, or revaluations despite the net income volatility.
- There is a particularly notable increase between mid-2019 and mid-2020, which may be associated with capital raising activities or other equity enhancements, as equity grew from approximately 488,927 thousand USD in June 2019 to 869,813 thousand USD in June 2020.
- Return on Equity (ROE)
- The ROE aligns with the net income trends, reflecting both positive and negative returns. Early 2019 demonstrates moderate positive ROE (around 6.25% to 4.72%), declining sharply towards the end of 2019 and through 2020 into negative territory (e.g., -4.46% in December 2020).
- Throughout 2021, ROE remains predominantly negative, reflecting the aforementioned net losses. However, starting in early 2022, ROE recovers sharply to positive figures, reaching up to 11.8% in June 2022 and maintaining high single-digit to double-digit positive ROE into the first quarter of 2023.
In summary, while net income is subject to significant volatility with pronounced losses in some quarters, overall shareholder equity has grown substantially. ROE fluctuations correspond directly with profitability swings, showing recovery in the most recent periods. This pattern suggests periods of operational challenges followed by strong recoveries and possibly capital restructuring efforts contributing to the company's growing equity base.
Return on Assets (ROA)
Axon Enterprise Inc., ROA calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net income (loss) | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
ROA = 100
× (Net income (loss)Q1 2023
+ Net income (loss)Q4 2022
+ Net income (loss)Q3 2022
+ Net income (loss)Q2 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates notable fluctuations in net income over the observed periods. Initially, net income shows a decline from 12,926 thousand USD in March 2018 to a lower point of 2,083 thousand USD by December 2018. This trend continues with some volatility through 2019, including a negative value of -12,379 thousand USD in December 2019. The year 2020 reflects significant instability, with net income dropping sharply to -30,759 thousand USD in June, followed by recovery and positive spikes in the subsequent quarters, notably reaching 25,834 thousand USD in December 2020.
The subsequent years reveal considerable oscillations in net income, with a pronounced negative figure of -47,917 thousand USD in March 2021 and again at the end of 2021. Recovery phases are observed with peaks exceeding 48,000 thousand USD in September 2021 and similar elevated figures towards the end of the reporting period, including 45,139 thousand USD in March 2023. This volatility suggests episodic challenges and recoveries impacting profitability.
Total assets demonstrate a consistent upward trajectory. Starting at 392,985 thousand USD in March 2018, total assets grow steadily each quarter, culminating in 3,007,949 thousand USD by March 2023. This indicates sustained asset accumulation and possible expansion or investment over the period considered.
Return on assets (ROA) presents a complex pattern during the timeline. It starts with modestly positive readings around 4.06% in March 2019, then declines sharply with negative returns appearing in mid-2019 and continuing through much of 2020 and into 2021, reaching a trough of approximately -4.59% in June 2021. From late 2021 onwards, ROA recovers strongly to positive levels, peaking at over 7% in June 2022 and moderating slightly but remaining positive through March 2023. The ROA behavior aligns with the fluctuations in net income, reflecting periods of operational difficulty followed by improved efficiency and profitability relative to asset base.
In summary, the data reveals a pattern of considerable financial volatility marked by fluctuating profitability and periodic losses, contrasted by consistent growth in total assets. The recovery of ROA to positive levels in the most recent periods suggests enhanced returns on assets despite continued variability in net income. These dynamics may indicate cyclical business challenges or strategic transitions affecting earnings while maintaining asset growth and eventual improvement in asset utilization.