Stock Analysis on Net
Stock Analysis on Net

CoStar Group Inc. (NASDAQ:CSGP)

This company has been moved to the archive! The financial data has not been updated since July 26, 2023.

Analysis of Profitability Ratios 
Quarterly Data

Microsoft Excel

Profitability ratios measure the company ability to generate profitable sales from its resources (assets).

Profitability Ratios (Summary)

CoStar Group Inc., profitability ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Return on Sales
Gross profit margin 80.65% 80.55% 81.03% 81.51% 81.76% 81.82% 81.62% 81.45% 81.51% 81.52% 81.38% 80.76% 80.28% 79.70% 79.34% 78.93% 78.09% 77.65%
Operating profit margin 15.68% 17.54% 20.66% 21.94% 22.77% 22.94% 22.24% 18.45% 18.49% 18.24% 17.43% 21.08% 23.24% 23.64% 25.97% 27.47% 26.65% 25.16%
Net profit margin 16.56% 16.32% 16.93% 15.97% 16.03% 15.37% 15.05% 12.51% 12.68% 13.25% 13.69% 17.57% 19.76% 20.68% 22.50% 23.17% 22.48% 21.76%
Return on Investment
Return on equity (ROE) 5.41% 5.27% 5.38% 5.04% 5.61% 5.31% 5.12% 4.20% 4.15% 4.20% 4.23% 5.25% 5.74% 8.74% 9.25% 9.41% 9.07% 8.67%
Return on assets (ROA) 4.42% 4.31% 4.40% 4.12% 4.45% 4.18% 4.03% 3.30% 3.24% 3.29% 3.28% 4.11% 4.63% 6.46% 8.17% 8.36% 8.03% 7.65%

Based on: 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), 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).

Gross Profit Margin
The gross profit margin exhibits a generally upward trend from 77.65% in March 2019 to a peak of around 81.82% in March 2022. After this peak, the margin shows a slight decline and fluctuation but remains above 80%, ending at 80.65% in June 2023. This indicates an overall improvement in cost management or pricing power over the observed periods.
Operating Profit Margin
The operating profit margin shows moderate volatility. It starts at 25.16% in March 2019 and peaks at 27.47% in September 2019. Following this, there is a consistent decline through 2020, reaching a low of 17.43% by December 2020. The margin rebounds somewhat through 2021, peaking again at 22.94% in March 2022, but it then declines once more, falling to 15.68% by June 2023. The pattern suggests increased operating expenses or challenges in controlling operating costs, especially post-2019.
Net Profit Margin
The net profit margin decreases from a high of 23.17% in September 2019 to a trough of 12.51% in September 2021. Starting from this low, it exhibits a gradual recovery to 16.56% by June 2023. Although the net margin improves in the latter periods, it does not return to pre-2020 levels, indicating pressure on bottom-line profitability despite some operational improvements.
Return on Equity (ROE)
ROE declines significantly from 9.41% in September 2019 to a low of 4.15% in June 2021. It then recovers slightly, fluctuating around the 5% level through mid-2023. This decline reflects reduced efficiency in generating profits from shareholders’ equity and suggests that overall profitability relative to equity has been impacted over the period.
Return on Assets (ROA)
ROA shows a downward trend from 8.36% in September 2019 to 3.24% in June 2021, followed by a modest recovery to approximately 4.42% by June 2023. The trajectory indicates diminished effectiveness in utilizing assets to generate earnings, with partial recovery in asset efficiency in recent quarters.
Summary
Overall, the data portray a company experiencing strong gross profit margins, with control at the cost of goods sold improving or maintaining levels above 80% in recent years. However, operating and net profit margins have faced pressure, particularly following 2019, suggesting challenges in managing operating expenses and other costs impacting profitability. The declines in ROE and ROA align with these profitability pressures, indicating diminished returns on equity and assets during certain periods. Partial recoveries in profitability and returns suggest some operational adjustments or market factors improving financial performance after mid-2021, though the metrics remain below earlier peak levels.

Return on Sales

Return on Investment

Gross Profit Margin

CoStar Group Inc., gross profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Gross profit 493,544 465,170 464,151 448,557 435,337 420,346 420,456 406,722 390,767 368,949 366,239 347,755 323,119 312,938 299,730 281,636 271,842 257,272
Revenues 605,906 584,366 573,345 556,921 536,308 515,825 506,786 499,319 480,333 457,697 444,393 425,620 397,159 391,847 374,726 352,808 343,760 328,425
Profitability Ratio
Gross profit margin1 80.65% 80.55% 81.03% 81.51% 81.76% 81.82% 81.62% 81.45% 81.51% 81.52% 81.38% 80.76% 80.28% 79.70% 79.34% 78.93% 78.09% 77.65%

Based on: 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), 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).

1 Q2 2023 Calculation
Gross profit margin = 100 × (Gross profitQ2 2023 + Gross profitQ1 2023 + Gross profitQ4 2022 + Gross profitQ3 2022) ÷ (RevenuesQ2 2023 + RevenuesQ1 2023 + RevenuesQ4 2022 + RevenuesQ3 2022)
= 100 × (493,544 + 465,170 + 464,151 + 448,557) ÷ (605,906 + 584,366 + 573,345 + 556,921) = 80.65%

Revenue Trend
Revenues exhibit a consistent upward trajectory throughout the observed quarters. Starting at approximately $328.4 million in the first quarter of 2019, revenues increased steadily quarter-over-quarter, reaching about $605.9 million by the second quarter of 2023. This represents a near doubling over the period, indicating robust growth.
Gross Profit Trend
Gross profit follows a similar positive trend in alignment with revenue growth. The figure rose from roughly $257.3 million in the first quarter of 2019 to $493.5 million in the second quarter of 2023. The growth in gross profit closely tracks revenue expansion, reflecting effective cost management and scale advantages.
Gross Profit Margin Analysis
The gross profit margin percentage improves gradually over the analyzed period. It starts at approximately 77.65% in the first quarter of 2019 and peaks near 81.82% in the first quarter of 2022. Subsequently, the margin stabilizes around the low 80% range, slightly declining toward approximately 80.55% to 80.65% in the most recent quarters of 2023. This trend indicates strengthening operational efficiency and improved profitability on revenue.
Summary of Trends
Overall, the data reflects sustained growth in both revenue and gross profit, accompanied by a gradual enhancement of gross profit margin. The company's ability to maintain a high and relatively stable gross margin exceeding 80% in recent periods suggests effective control over cost of goods sold relative to revenue. The marginal fluctuations in margin toward the later quarters do not significantly detract from the strong profitability profile. The consistent upward movement in revenues and gross profits underscores successful market expansion and operational scaling over the five-year span.

Operating Profit Margin

CoStar Group Inc., operating profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Income from operations 79,146 72,221 127,162 85,329 110,183 128,275 140,385 89,732 101,011 101,209 55,210 76,809 81,319 75,864 100,986 94,269 74,800 93,492
Revenues 605,906 584,366 573,345 556,921 536,308 515,825 506,786 499,319 480,333 457,697 444,393 425,620 397,159 391,847 374,726 352,808 343,760 328,425
Profitability Ratio
Operating profit margin1 15.68% 17.54% 20.66% 21.94% 22.77% 22.94% 22.24% 18.45% 18.49% 18.24% 17.43% 21.08% 23.24% 23.64% 25.97% 27.47% 26.65% 25.16%

Based on: 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), 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).

1 Q2 2023 Calculation
Operating profit margin = 100 × (Income from operationsQ2 2023 + Income from operationsQ1 2023 + Income from operationsQ4 2022 + Income from operationsQ3 2022) ÷ (RevenuesQ2 2023 + RevenuesQ1 2023 + RevenuesQ4 2022 + RevenuesQ3 2022)
= 100 × (79,146 + 72,221 + 127,162 + 85,329) ÷ (605,906 + 584,366 + 573,345 + 556,921) = 15.68%

Revenues
Revenues exhibited a consistent upward trend throughout the period analyzed. Starting at approximately $328 million in the first quarter of 2019, revenues increased steadily each quarter, reaching over $605 million by the second quarter of 2023. This indicates sustained growth across multiple years.
Income from operations
Income from operations showed greater volatility compared to revenues. Initial values in 2019 ranged mostly between $74.8 million and $101 million per quarter. Notably, there was a decline during the second half of 2020, with a low point of about $55 million in the fourth quarter, potentially reflecting external challenges. Following this trough, income from operations recovered and reached a peak near $140 million in the fourth quarter of 2021. After that, fluctuations occurred, with a downward trend again into 2023, settling in the $72 million to $79 million range by mid-2023.
Operating profit margin
The operating profit margin displayed a generally declining trend over the examined period. Starting above 25% in early 2019, the margin decreased steadily during 2019 and 2020, reaching its lowest point around 15.7% in the second quarter of 2023. There was a brief recovery to above 20% during late 2021 and early 2022, but this was not sustained. The decline in margin primarily reflects growing operating costs or other pressures impacting profitability despite increasing revenues.
Overall financial trends
The combination of steadily rising revenues with fluctuating and generally declining operating income and margins suggests increasing cost pressures or investments impacting operating efficiency. The notable dip in operating income and margin in 2020 could be linked to specific operational disruptions. Although operational profit recovered somewhat in late 2021, margins continued a downward trajectory afterward. This pattern indicates a need for ongoing focus on cost management and operational efficiency to maintain profitability in the context of growing scale.

Net Profit Margin

CoStar Group Inc., net profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Net income 100,520 87,131 124,372 72,290 83,473 89,318 92,900 64,304 61,148 74,212 35,789 58,186 60,360 72,793 87,927 78,619 63,248 85,169
Revenues 605,906 584,366 573,345 556,921 536,308 515,825 506,786 499,319 480,333 457,697 444,393 425,620 397,159 391,847 374,726 352,808 343,760 328,425
Profitability Ratio
Net profit margin1 16.56% 16.32% 16.93% 15.97% 16.03% 15.37% 15.05% 12.51% 12.68% 13.25% 13.69% 17.57% 19.76% 20.68% 22.50% 23.17% 22.48% 21.76%

Based on: 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), 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).

1 Q2 2023 Calculation
Net profit margin = 100 × (Net incomeQ2 2023 + Net incomeQ1 2023 + Net incomeQ4 2022 + Net incomeQ3 2022) ÷ (RevenuesQ2 2023 + RevenuesQ1 2023 + RevenuesQ4 2022 + RevenuesQ3 2022)
= 100 × (100,520 + 87,131 + 124,372 + 72,290) ÷ (605,906 + 584,366 + 573,345 + 556,921) = 16.56%

The financial performance over the analyzed quarterly periods reveals several key trends and insights into profitability and revenue generation.

Revenue Growth
Revenues exhibit a consistent upward trajectory across the analyzed quarters, starting from approximately $328 million in March 2019 and culminating near $606 million by June 2023. This steady increase reflects sustained top-line growth, with periodic acceleration observed particularly from mid-2020 onward, signaling expanding business operations or improved market penetration.
Net Income Dynamics
Net income figures demonstrate noticeable fluctuations despite the upward trend in revenues. After peaking at roughly $88 million in December 2019, net income dropped significantly in 2020, bottoming near $36 million in December 2020. Subsequently, net income rebounded sharply, reaching a new high of over $124 million in December 2022, before stabilizing somewhat in early 2023. These variations suggest the influence of external factors or operational challenges, followed by a period of recovery and enhanced profitability.
Net Profit Margin Trends
The net profit margin percentage follows a more variable path. Beginning with robust margins above 21% in early 2019, margins declined steadily through 2020, reaching a low around 13.7% at the end of that year. However, margins improved gradually during 2021 and 2022, climbing back towards the mid to high teens, finishing near 16.5% by mid-2023. This pattern indicates a phase of pressure on profitability ratios, possibly due to rising costs or strategic investments, followed by operational efficiencies or revenue quality improvements supporting margin recovery.
Overall Profitability and Efficiency
The divergence between steadily increasing revenues and the initially declining, then recovering net income and profit margins suggests that cost management and operational efficiency played significant roles in the company's financial health. The recovery in net income and margins after the mid-2020 trough may reflect successful adaptation to market conditions, improved cost controls, or higher-margin revenue streams. Continued revenue growth combined with stabilized margins supports a positive outlook on sustainable profitability.

Return on Equity (ROE)

CoStar Group Inc., ROE calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Net income 100,520 87,131 124,372 72,290 83,473 89,318 92,900 64,304 61,148 74,212 35,789 58,186 60,360 72,793 87,927 78,619 63,248 85,169
Stockholders’ equity 7,101,072 6,965,609 6,870,121 6,706,912 5,884,353 5,797,298 5,711,672 5,603,423 5,527,227 5,446,925 5,375,359 5,318,058 5,224,321 3,462,811 3,405,593 3,299,166 3,204,071 3,128,614
Profitability Ratio
ROE1 5.41% 5.27% 5.38% 5.04% 5.61% 5.31% 5.12% 4.20% 4.15% 4.20% 4.23% 5.25% 5.74% 8.74% 9.25% 9.41% 9.07% 8.67%

Based on: 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), 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).

1 Q2 2023 Calculation
ROE = 100 × (Net incomeQ2 2023 + Net incomeQ1 2023 + Net incomeQ4 2022 + Net incomeQ3 2022) ÷ Stockholders’ equity
= 100 × (100,520 + 87,131 + 124,372 + 72,290) ÷ 7,101,072 = 5.41%

The analysis of the quarterly financial performance reveals several notable trends over the periods considered.

Net Income
Net income demonstrates fluctuating patterns with some volatility observed throughout the quarters. Initial figures in early 2019 show relatively strong income levels, peaking at $87,927 thousand in December 2019. However, there is a clear decline during 2020, reaching a low of $35,789 thousand in December 2020, indicative of challenges faced in that period. A recovery trend emerges starting in 2021 with net income rising progressively, most notably with a significant jump to $124,372 thousand in December 2022, followed by robust quarterly performance into mid-2023.
Stockholders’ Equity
Stockholders’ equity has been on a consistent upward trajectory across all quarters analyzed. Beginning at approximately $3.13 billion in March 2019, the equity base expanded steadily, surpassing $5.22 billion by June 2020 and continuing to grow, exceeding $7.10 billion by June 2023. This consistent increase suggests ongoing capital accumulation and retained earnings reinvestment over the period.
Return on Equity (ROE)
ROE experienced a downward shift from the initial range around 8.67% to a significant dip through 2020, hitting the lowest points of approximately 4.15% by mid-2021. Following this trough, ROE shows a gradual improvement through 2021 and 2022, rising to around 5.38%-5.41% by mid-2023, though it remains below the pre-2020 levels. This trend reflects the impact of the net income fluctuations and equity growth, where rapid equity expansion outpaced net income gains during the recovery period, resulting in a lower but improving ROE.

In summary, the company’s financial position as measured by stockholders' equity strengthened consistently throughout the timeframe, indicating solid capitalization. In contrast, net income showed volatility with a pronounced dip during 2020, followed by a notable recovery. The ROE trend aligns with these observations, declining sharply alongside income drops, then gradually recovering as performance stabilized. These dynamics emphasize resilience and an improving profitability outlook in recent quarters, despite earlier earnings challenges.

Return on Assets (ROA)

CoStar Group Inc., ROA calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Net income 100,520 87,131 124,372 72,290 83,473 89,318 92,900 64,304 61,148 74,212 35,789 58,186 60,360 72,793 87,927 78,619 63,248 85,169
Total assets 8,691,674 8,516,912 8,402,470 8,205,863 7,420,748 7,357,442 7,256,871 7,131,316 7,075,614 6,941,971 6,915,420 6,797,325 6,479,030 4,684,597 3,853,986 3,715,391 3,620,598 3,548,284
Profitability Ratio
ROA1 4.42% 4.31% 4.40% 4.12% 4.45% 4.18% 4.03% 3.30% 3.24% 3.29% 3.28% 4.11% 4.63% 6.46% 8.17% 8.36% 8.03% 7.65%

Based on: 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), 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).

1 Q2 2023 Calculation
ROA = 100 × (Net incomeQ2 2023 + Net incomeQ1 2023 + Net incomeQ4 2022 + Net incomeQ3 2022) ÷ Total assets
= 100 × (100,520 + 87,131 + 124,372 + 72,290) ÷ 8,691,674 = 4.42%

The financial data reveals several notable trends in the quarterly performance and position of the company. Net income demonstrates fluctuations across the observed periods, with an initial peak near the end of 2019, followed by a decline through 2020. From 2021 onwards, net income shows a mixed pattern with recovery in certain quarters and more substantial increases toward the end of 2022 and into 2023, peaking most significantly in the last reported quarter.

Total assets exhibit a consistent upward trajectory throughout the periods, indicating ongoing asset growth. The asset base nearly doubles from early 2019 to mid-2023, with periodic acceleration during the 2020 and 2022-2023 intervals. This steady expansion reflects an ongoing accumulation of resources and investment in the company’s asset portfolio.

The return on assets (ROA) percentage shows a declining trend from 2019 through 2020, dropping from a high above 8% to under 3.5%, which suggests decreasing efficiency or profitability relative to asset size in that timeframe. Post-2020, the ROA stabilizes and exhibits a gradual improvement, rising to approximately 4.4% by mid-2023. Despite growth, the ROA remains lower than the levels seen before 2020, indicating that although assets and net income have grown, the profit generated per dollar of assets is reduced compared to earlier periods.

Net Income Trends
Initial strong performance with a peak near 2019 end, followed by decline through 2020, then inconsistent recovery and significant growth into 2023.
Total Assets
Consistent growth with near doubling from 2019 to 2023, showing expansion and resource accumulation across all quarters.
Return on Assets (ROA)
Decline from above 8% in 2019 to under 3.5% in 2020, followed by gradual recovery to around 4.4% by 2023, indicating lower efficiency relative to asset base post-2020.