GE Aerospace (NYSE:GE)

Current Income Tax Expense

The current income tax expense exhibited significant fluctuations over the five-year period. In 2020, the current tax expense was positive at $2,452 million, indicating a tax payable position. However, this sharply declined to a negative figure of $-277 million in 2021, suggesting a tax benefit or refund during that year. In 2022, it rebounded substantially to $1,107 million, then declined to $540 million in 2023, and subsequently increased to $781 million in 2024. This pattern reflects volatility in the current tax liabilities or payments, potentially driven by changes in taxable income or tax regulations.

Deferred Income Tax Expense

The deferred income tax expense showed an inverse trend relative to the current taxes in some periods. It started with a significant negative balance of $-2,926 million in 2020, indicating a deferral of tax liabilities or recognition of deferred tax assets. This amount narrowed drastically to $-9 million in 2021, suggesting a near neutral deferred tax position. In 2022, the deferred tax expense again turned negative to $-631 million, followed by a reversal to a positive $622 million in 2023. In 2024, it moderated to a smaller positive value of $181 million. These fluctuations imply changes in temporary differences between accounting income and taxable income, as well as adjustments in deferred tax assets or liabilities.

Provision (Benefit) for Income Taxes

The overall provision for income taxes, combining current and deferred components, displayed volatility but generally trended upwards from 2021 through 2024. The provision was negative in 2020 and 2021, at $-474 million and $-286 million respectively, indicating net tax benefits. This shifted to a positive provision of $476 million in 2022, more than doubling to $1,162 million in 2023, before slightly declining to $962 million in 2024. This upward trajectory from 2022 onward signals increasing effective tax expenses, potentially due to higher pre-tax earnings or changes in tax planning strategies.

The analysis of the financial data reveals several notable trends and fluctuations in the tax-related items over the five-year period ending December 31, 2024.

U.S. Federal Statutory Income Tax Rate

The U.S. federal statutory income tax rate remained stable at 21% throughout the entire period from 2020 to 2024, indicating no statutory tax rate changes at the federal level during these years.

State Taxes, net of Federal Benefit

State taxes data is largely absent except for 2024, where a rate of 1.6% was recorded. This may suggest either a reporting change or the emergence of a notable state tax effect in that year.

Tax on Global Activities Including Exports

This item showed significant variability. It started with a sharp negative rate of -28.5% in 2020, moved closer to zero with -4.2% in 2021, then reversed to positive territory at 24.2% in 2022. It declined again to 4.5% in 2023 and fell slightly negative at -1.2% in 2024. This volatility suggests fluctuations in global tax liabilities and benefits possibly influenced by international tax policies or export activities.

U.S. General Business Credits

The business credits similarly exhibited volatility. After a small negative impact of -3.3% in 2020, the rate switched to a positive 5.1% in 2021, then sharply decreased to -17.4% in 2022, followed by lesser negative impacts in 2023 and 2024 at -2.7% and -3.2%, respectively. This pattern indicates irregular utilization or availability of business tax credits across the years.

Debt Tender and Related Valuation Allowances

Data for this item is partial but indicates a significant negative impact of -25.5% in 2021, a positive impact of 2.1% in 2022, and no data for other years. This suggests outstanding debt-related losses or gains affecting tax calculations variably in the available periods.

Deductible Stock and Restructuring Losses

Only reported in 2021 at 15.8%, the presence of this item implies a one-time noteworthy deduction related to stock or restructuring activities for that year.

Retained and Sold Ownership Interests

From 2021 through 2024, this item fluctuated around zero but remained negative overall: 0.1% (2021), -0.9% (2022), -11.9% (2023), and -1.4% (2024), indicating a net tax impact likely linked to changes in ownership stakes and related tax implications.

Goodwill Impairments

This item was reported only in 2020 with a positive 6.9%, signifying a goodwill-related tax impact not observed in subsequent years.

All Other, Net

The "all other" category showed predominantly negative values except in 2022 and 2023. It started at -6.1% in 2020, moved slightly less negative at -4.5% in 2021, turned positive at 4.7% in 2022 and 0.5% in 2023, then was again negative at -4.2% in 2024. This suggests miscellaneous tax factors that have varying effects over time.

Actual Income Tax Rate Before Tax Cuts and Jobs Act Enactment

There was a significant upward trend from -10% in 2020 to 33.7% in 2022, followed by a decline to 11.4% in 2023 and a moderate increase to 12.6% in 2024. The high rate in 2022 suggests a considerable tax burden or adjustments prior to consideration of the Tax Cuts and Jobs Act effects.

Tax Cuts and Jobs Act Enactment

Only a minor positive 0.9% was noted in 2020; no impacts were recorded in subsequent years, indicating the initial effect of this legislation on tax rates was limited to the period of enactment.

Actual Income Tax Rate

The actual income tax rate mirrors closely the rate before the Tax Cuts and Jobs Act, with negative rates in 2020 at -9.1%, a peak of 33.7% in 2022, and stabilization around 11-13% in 2023 and 2024. This trend reveals considerable variability in the company’s effective tax burden over the period, with the highest tax rates occurring in 2022.

In summary, despite a constant statutory federal tax rate, the effective income tax rates experienced significant fluctuations influenced by various factors including global tax activities, business credits, debt-related adjustments, and ownership changes. The year 2022 stands out with a notably high actual income tax rate and reversal of some before-tax adjustments, while 2020 and 2021 featured several positive and negative tax effects related to impairments, restructuring losses, and valuation allowances. Overall, the data reflect a complex tax environment with variability likely driven by operational, international, and tax policy factors affecting the company’s tax position year over year.

The financial data over the five-year span shows noticeable fluctuations and trends across various asset, liability, and tax-related categories.

Insurance company loss reserves

Starting in 2021 with a value of 1,700 million USD, this reserve increased slightly to 1,782 million USD in 2022, then rose sharply to 3,185 million USD in 2023, before declining to 2,349 million USD in 2024, indicating volatility and possible adjustments in reserving practices or claim experience.

Progress collections, contract assets, contract liabilities and deferred items

Values increased steadily from 2,093 million USD in 2021 to a peak of 2,753 million USD in 2023, then decreased significantly to 1,435 million USD in 2024, suggesting changing levels in contract-related balances, potentially due to variations in project activity or revenue recognition.

Accrued expenses and reserves

This item showed a gradual decline from 2,635 million USD in 2021 to 1,231 million USD in 2024, indicating a consistent reduction in accrued liabilities over time.

Deferred expenses

After rising from 1,597 million USD in 2021 to 1,925 million USD in 2022, deferred expenses declined to 1,317 million USD in 2023 but marginally increased again to 1,398 million USD in 2024, reflecting some variability in capitalized costs or prepaid items.

Other compensation and benefits

This category decreased from 1,397 million USD in 2021 to 975 million USD in 2022, then rose to 1,143 million USD in 2023 before a notable drop to 510 million USD in 2024, potentially signaling changes in employee-related obligations or benefit expenses.

Principal pension plans

There was a steady decline in pension plan valuations from 2,375 million USD in 2021 to 1,009 million USD in 2024, which may reflect pension funding status changes or actuarial adjustments.

Non-U.S. loss carryforwards

Following a generally decreasing trend from 1,354 million USD in 2021 to 972 million USD in 2023, this asset sharply increased to 1,891 million USD in 2024, suggesting tax planning efforts or changes in foreign operations profitability.

Capital losses carryforward and state deferred tax assets

Both appear only in 2024, with values of 849 million USD and 762 million USD respectively, indicating new tax attributes recorded in the latest period.

Investment securities

These showed a notable positive adjustment from negative 1,278 million USD in 2021 to 516 million USD in 2022; data for subsequent years is absent.

Principal retiree benefit plans

This liability decreased from 896 million USD in 2021 to 692 million USD in 2022 and is not reported in later years, which might imply reclassification or settlement.

Other categories labeled "Other"

Two "Other" lines show differing trends: one increased from 703 million USD in 2021 to 1,514 million USD in 2024; the other, a liability or negative amount, shows extreme fluctuations, starting at negative 1,468 million USD in 2021, worsening to negative 1,981 million USD in 2022, but improving to negative 199 million USD by 2024.

Deferred tax assets and valuation allowances

Deferred tax assets declined steadily from 14,098 million USD in 2021 to 12,948 million USD in 2024, while in 2024 a valuation allowance of negative 3,216 million USD is recorded, resulting in net deferred tax assets after valuation allowance of 9,732 million USD. This indicates recognition of potential limitations on tax asset realizability.

Intangibles and depreciation

Intangible assets and depreciation figures only appear in 2024, with values of negative 1,049 million USD and negative 702-712 million USD, respectively, reflecting amortization and depreciation expenses.

Investment in securities

Investment valuation declined significantly from negative 1,775 million USD in 2021 to negative 661 million USD in 2024, with some volatility in between, reflecting fluctuations in market values or impairment considerations.

Deferred tax liabilities

These liabilities show a relatively steady decrease from negative 3,243 million USD in 2021 to negative 2,621 million USD in 2024, implying a reduction in deferred tax obligations.

Net deferred income tax asset (liability)

Initially reported at 12,081 million USD in 2020, this net asset decreased to 7,111 million USD by 2024 after some fluctuation, which could indicate changes in taxable temporary differences or valuation allowances.

In summary, the data exhibits periods of increase and decrease across various reserves, contract-related balances, employee benefit plans, and tax assets and liabilities. There is evidence of significant volatility in certain balances such as insurance loss reserves and contract amounts. The increase in valuation allowance in the final year signals a more cautious approach to tax asset realizability. Overall, the trends suggest ongoing adjustments to reserves, benefit plan obligations, and deferred tax positions, consistent with evolving business conditions and tax planning strategies.

The deferred income tax assets of the entity show a general declining trend over the five-year period examined. Initially, there was a decrease from US$ 12,081 million at the end of 2020 to US$ 10,855 million at the end of 2021. This was followed by a moderate increase to US$ 11,705 million at the end of 2022. Afterward, deferred income tax assets decreased again to US$ 10,575 million by the end of 2023 and experienced a more significant drop to US$ 7,111 million by the conclusion of 2024.

This pattern reflects fluctuations in the company's deferred tax assets, with an overall reduction of approximately 41% from 2020 to 2024. The sharp decline in the final year may suggest changes in tax positions, utilization of deferred credits, or alterations in the underlying temporary differences driving these assets. The trend indicates increasing caution around the recoverability of these deferred tax assets or possible changes in profitability expectations.

The financial data examined reveals significant fluctuations and notable trends over the five-year period.

Total assets

Both reported and adjusted total assets display a consistent downward trend from 2020 through 2024. Reported total assets decreased sharply from $253.5 billion in 2020 to $123.1 billion in 2024, representing an overall decline of more than 50%. Adjusted total assets, which exclude certain tax effects, show a similar decreasing pattern, falling from $241.4 billion to $116.0 billion over the same period. This persistent decline suggests a substantial reduction in asset base or possible restructuring activities within the company.

Shareholders' equity

Reported shareholders’ equity initially increased from $35.6 billion in 2020 to around $40.3 billion in 2021 but subsequently declined to $19.3 billion by 2024. The adjusted shareholders’ equity follows a similar pattern but at lower absolute values, rising from $23.5 billion in 2020 to $29.5 billion in 2021, then falling steadily to $12.2 billion in 2024. The movement reflects a weakening equity position after 2021, indicating that the company’s retained earnings and reserves may have been impacted by losses or distributions during the latter years.

Net earnings attributable to the company

The net earnings data reveal considerable volatility. Reported net earnings were $5.7 billion in 2020 but experienced a significant loss of $6.5 billion in 2021. This loss was followed by marginal positive earnings of $225 million in 2022 before rebounding strongly to $9.5 billion in 2023. The figure then declined to $6.6 billion in 2024. Adjusted net earnings present a more tempered picture with $2.8 billion in 2020, a similar substantial loss in 2021, and continued losses in 2022 before surging to $10.1 billion and $6.7 billion in 2023 and 2024 respectively. The oscillations suggest exposure to significant one-time or non-operational impacts that influenced profitability, with a marked recovery post-2021.

Overall, the company faced declining asset and equity bases alongside high earnings volatility during the period observed. The data imply a difficult period in 2021 with substantial losses, followed by a recovery phase in subsequent years. Adjusted figures consistently remain below reported values, indicating tax-related adjustments have a meaningful impact on financial metrics. The trends point towards operational or structural challenges that were at least partly resolved to achieve profitability improvements after 2021.

The financial data reveals notable fluctuations and trends in profitability, efficiency, and leverage over the five-year period.

Net Profit Margin

The reported net profit margin exhibited significant volatility, starting at 7.81% in 2020, dropping sharply to -9.17% in 2021, followed by marginal improvements to 0.31% in 2022, then rising substantially to 14.68% in 2023 and further to 18.67% in 2024. The adjusted net profit margin mirrors this trend but reflects slightly different values, including a negative margin in 2022 at -0.55%, and more pronounced increases in 2023 and 2024, reaching 15.65% and 19.18% respectively.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios generally increased from 2020 through 2023, indicating improved asset utilization efficiency. The reported ratio increased from 0.29 in 2020 to a peak of 0.40 in 2023 before declining to 0.29 in 2024. Similarly, the adjusted ratio rose from 0.30 to 0.42 in 2023 before decreasing to 0.30 in 2024. This suggests that asset utilization efficiency improved significantly over the earlier years but experienced a reversal in the final year.

Financial Leverage

The reported financial leverage showed a decreasing trend from 7.13 in 2020 to 4.93 in 2021, then marginally increasing to 5.16 in 2022 and continuing to rise to 5.96 in 2023 and 6.37 in 2024. The adjusted financial leverage demonstrates a similar pattern but with consistently higher values: it decreased from 10.28 in 2020 to 6.38 in 2021, then gradually increased to 7.14 in 2022, 9.07 in 2023, and 9.49 in 2024. The data indicates a period of deleveraging followed by renewed leverage growth, with the adjusted measure suggesting a more leveraged position overall.

Return on Equity (ROE)

Reported ROE showed a steep decline from 16.04% in 2020 to -16.17% in 2021, then modest recovery to 0.62% in 2022, followed by strong growth reaching 34.63% in 2023 and slightly decreasing to 33.9% in 2024. Adjusted ROE is more volatile, with a deeper negative dip to -22.17% in 2021 and a negative value in 2022 at -1.65%, followed by a dramatic increase to 60.13% in 2023 and a slight decline to 55.08% in 2024. These figures indicate significant fluctuations in shareholder returns with a strong recovery and performance in later years.

Return on Assets (ROA)

The reported ROA values followed a similar trend to ROE, starting at 2.25% in 2020, dropping to -3.28% in 2021, then increasing marginally to 0.12% in 2022, and rising to 5.81% in 2023 before a slight decline to 5.32% in 2024. The adjusted ROA reflects the same trend but with lower absolute values and negative territory in 2021 (-3.47%) and 2022 (-0.23%), followed by an increase to 6.63% in 2023 and a mild decline to 5.81% in 2024. This suggests improved asset profitability in later years despite earlier challenges.

Overall, the data depicts a period marked by initial declines and negative profitability in 2021 and 2022, followed by a strong recovery in 2023 and 2024 across key profitability and efficiency measures. Asset utilization improved notably before retracting slightly in the final year. Financial leverage trends show some deleveraging early on, with an increase in leverage towards the end of the period, particularly when considering adjusted figures. The adjusted metrics indicate more severe downturns and stronger subsequent recoveries compared to reported data, highlighting the impact of tax adjustments on the company's financial performance assessment.

The financial data exhibits notable volatility and significant shifts throughout the five-year period. The reported net earnings attributable to the company show a dramatic fluctuation, moving from a positive figure of 5,704 million USD in 2020 to a substantial loss of 6,520 million USD in 2021. This is followed by a modest positive value in 2022 of 225 million USD, and then a strong recovery to 9,481 million USD in 2023, before declining somewhat to 6,556 million USD in 2024.

Adjusted net earnings follow a similar trend, though with some variation in magnitude and timing. The adjusted earnings start at 2,778 million USD in 2020, diminish to a loss of 6,529 million USD in 2021, and worsen slightly in 2022 to a negative 406 million USD. However, the figures rebound sharply to 10,103 million USD in 2023 and decline to 6,737 million USD in 2024, closely mirroring the pattern in reported earnings but with a more pronounced improvement after 2022.

Turning to profitability ratios, the reported net profit margin starts at 7.81% in 2020, falling into negative territory at -9.17% in 2021, reflecting the significant loss posted that year. The margin shows a marginal positive recovery to 0.31% in 2022, followed by a substantial increase to 14.68% in 2023, and further improvement to 18.67% in 2024, indicating enhanced operational efficiency or revenue growth relative to expenses.

The adjusted net profit margin follows a comparable trajectory but with some deviations. It begins at 3.8% in 2020, drops to -9.18% in 2021, slightly lower than the reported figure. The margin remains negative at -0.55% in 2022, then surges to 15.65% in 2023 and 19.18% in 2024, exceeding the reported margins in these later years. This suggests that the adjustments made to net earnings improved the apparent profitability during the recovery period.

Overall, the data reveals a period of considerable financial distress in 2021, followed by gradual improvement in 2022 and robust growth in 2023 and 2024. The adjusted figures indicate that certain factors impacting net earnings may have been excluded or modified, leading to higher profit margins in the recent years compared to reported results. The patterns point to a recovery phase with increasing profitability after a significant downturn, underscoring potential operational stabilization and enhanced financial performance going forward.

Reported Total Assets

The reported total assets show a consistent downward trend over the five-year period. Starting at $253,452 million in 2020, they decrease each year, reaching $123,140 million by 2024. This represents a nearly 51% decline from the initial value, indicating a significant reduction in the asset base.

Adjusted Total Assets

Adjusted total assets follow a similar declining pattern, beginning at $241,371 million in 2020 and falling to $116,029 million in 2024. The reduction is slightly steeper than the reported assets, amounting to roughly a 52% decrease over five years. This consistent decrease suggests material adjustments affecting the asset valuations or reclassifications impacting the adjusted figures.

Reported Total Asset Turnover

The reported total asset turnover ratio initially improves over the first four years, rising from 0.29 in 2020 to a peak of 0.40 in 2023. However, it then declines sharply to 0.29 in 2024. This pattern indicates increasing efficiency in generating revenue from assets until 2023, followed by a notable deterioration in the most recent year.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio exhibits a similar trajectory as the reported ratio, increasing steadily from 0.30 in 2020 to 0.42 in 2023. This upward movement suggests improving operational efficiency or revenue generation relative to the adjusted asset base during this period. As with the reported metric, there is a sharp decline to 0.30 in 2024, signaling a potential operational or market challenge affecting productivity in the latest year.

Overall Insights

The data portrays a shrinking asset base coupled with increasing efficiency in asset utilization across the four years leading to 2023. However, the sudden downturn in asset turnover ratios in 2024, alongside continued asset reductions, may imply emerging risks or external pressures impacting performance. Monitoring the causes behind the recent decline will be crucial for understanding future operational sustainability.

The financial data reveals a consistent downward trend in both reported and adjusted total assets over the five-year period from December 31, 2020, to December 31, 2024. Reported total assets decreased substantially from 253,452 million US dollars in 2020 to 123,140 million US dollars in 2024. Similarly, adjusted total assets declined from 241,371 million US dollars to 116,029 million US dollars during the same period. This indicates a significant contraction in the asset base, with adjusted figures consistently lower than reported figures, reflecting the impact of income tax adjustments.

Shareholders’ equity, both reported and adjusted, also demonstrates a decreasing trajectory. Reported shareholders’ equity peaked at 40,310 million US dollars in 2021 before declining to 19,342 million US dollars by 2024. Adjusted shareholders' equity shows a similar pattern, rising to 29,455 million US dollars in 2021 and then falling sharply to 12,231 million US dollars in 2024. The adjusted figures are notably lower than the reported figures throughout the period, highlighting the influence of tax-related adjustments on the equity base.

Financial leverage ratios, which indicate the extent of company’s debt relative to equity, demonstrate diverging patterns between reported and adjusted data. Reported financial leverage decreased from 7.13 in 2020 to a low of 4.93 in 2021, then increased gradually to 6.37 by 2024. In contrast, adjusted financial leverage started higher at 10.28 in 2020, dropped sharply to 6.38 in 2021, but then showed a steady increase to 9.49 in 2024. The adjusted leverage remains significantly higher than the reported leverage throughout the period, suggesting that deferred tax effects materially enhance the company's leverage exposure.

Overall, these trends signify a contraction in the company’s asset and equity bases over time, coupled with increased leverage when adjustments for deferred and reported income tax are considered. The divergence between reported and adjusted figures underscores the financial impact of income tax accounting on reported financial health and risk indicators. The increasing leverage ratios in later years may warrant attention regarding the company’s financial risk and capital structure strategy.

The reported net earnings attributable to the company exhibited significant volatility over the analyzed period. Starting from a positive figure of 5,704 million USD in 2020, the company experienced a substantial loss in 2021 amounting to -6,520 million USD. A slight recovery occurred in 2022 with net earnings of 225 million USD, followed by a remarkable increase to 9,481 million USD in 2023, and a subsequent decrease to 6,556 million USD in 2024.

The adjusted net earnings, which account for annual reported and deferred income tax adjustments, followed a broadly similar pattern but with some notable differences. The initial adjusted net earnings in 2020 were lower than the reported figure at 2,778 million USD. In 2021, adjusted net earnings reflected a slightly larger loss of -6,529 million USD compared to the reported loss. In 2022, the adjustment led to a negative result of -406 million USD, contrasting with the small positive reported earnings. The adjusted net earnings then showed a sharp rise to 10,103 million USD in 2023, exceeding the reported figure, before decreasing to 6,737 million USD in 2024.

Shareholders’ equity, both reported and adjusted, demonstrated a declining trend after peaking in 2021. Reported shareholders’ equity increased from 35,552 million USD in 2020 to 40,310 million USD in 2021, then diminished consecutively to reach 19,342 million USD in 2024. Adjusted shareholders’ equity followed a similar trajectory, rising from 23,471 million USD in 2020 to 29,455 million USD in 2021, then declining substantially to 12,231 million USD by 2024. The difference between reported and adjusted figures suggests the presence of valuation or accounting adjustments impacting equity.

Return on equity (ROE) ratios reflected the fluctuations in earnings and equity. The reported ROE displayed a positive value of 16.04% in 2020, turning sharply negative to -16.17% in 2021. It returned to near zero at 0.62% in 2022, followed by a substantial increase to 34.63% in 2023 and a slight decrease to 33.9% in 2024. Adjusted ROE exhibited even greater volatility, starting at 11.84% in 2020, turning more negative at -22.17% in 2021, and further decreasing to -1.65% in 2022. It then surged dramatically to 60.13% in 2023, before slightly receding to 55.08% in 2024. This pronounced fluctuation in adjusted ROE emphasizes the significant effect of tax and other adjustments on profitability metrics.

In summary, the financial data reveals considerable earnings volatility with a major loss in 2021 and strong recovery in subsequent years. Equity levels peaked in 2021 and declined thereafter, while profitability measures mirrored the fluctuations in earnings, with adjusted ratios exhibiting higher sensitivity to reported performance changes.

The financial data demonstrates notable volatility in both earnings and asset values over the observed periods. Reported net earnings attributable to the company show a strong positive figure in 2020, followed by a significant loss in 2021. The earnings recovered somewhat in 2022, followed by substantial growth in 2023, and a slight decline in 2024. Adjusted net earnings follow a similar trajectory but with a deeper loss in 2021 and a negative performance maintained in 2022 before a strong upturn in subsequent years.

Total assets, both reported and adjusted, exhibit a consistent downward trend from 2020 through 2024. The assets decrease each year, with the reported total assets dropping from approximately 253 billion US dollars in 2020 to about 123 billion US dollars in 2024. The adjusted total assets also show a similar pattern, declining from roughly 241 billion US dollars to 116 billion US dollars across the same timeframe.

Return on assets (ROA), on both a reported and adjusted basis, mirrors the fluctuations seen in earnings. The reported ROA initially stands positive in 2020, turns negative in 2021, barely remains positive in 2022, and then surges in 2023 before slightly decreasing in 2024. The adjusted ROA follows a comparable pattern but shows a more negative stance in 2021 and 2022 with a higher peak in 2023 relative to the reported figures. The data suggests a recovery and improvement in asset profitability after the downturn in 2021 and 2022.

Earnings Analysis

After a robust start in 2020, earnings suffered a significant downturn in 2021 with negative values both reported and adjusted. This loss was somewhat mitigated in 2022 but fully reversed in 2023, indicating a period of recovery and growth. The slight decrease in 2024 earnings suggests some stabilization after the strong rebound.

Asset Base Trends

The consistent decline in total assets over the five-year span points to a reduction in asset holdings or operational scale. This diminishing asset base may reflect strategic divestitures, asset impairments, or other capital management actions.

Profitability Indicators

The ROA figures align with the earnings trends, showing a dip into negative territory coinciding with losses in 2021 and 2022, followed by significant recovery in 2023 and sustained positive returns in 2024. Adjusted ROA values suggest the underlying profitability dynamics after accounting for tax-related adjustments.