Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Profitability Ratios (Summary)
Hess Corp., profitability ratios (quarterly data)
Based on: 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), 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).
- Operating Profit Margin
- The operating profit margin exhibited a generally positive trend from the first quarter of 2018 through the end of 2019, increasing from 10.63% to a peak of 13.68% in the third quarter of 2018, then slightly declining and stabilizing around 11% by the fourth quarter of 2019. However, starting in the first quarter of 2020, a sharp and significant decline occurred, with margins plunging into negative territory and reaching the lowest point of -51.04% by the fourth quarter of 2020. Subsequently, a robust recovery took place in 2021 and beyond, with the margin improving substantially, climbing above 30% by the fourth quarter of 2022 and maintaining high levels around 30% into the third quarter of 2023. This pattern indicates a period of severe operational challenges in 2020, followed by a strong operational rebound.
- Net Profit Margin
- The net profit margin also followed a somewhat similar pattern. Initially negative and modestly improving in early 2018, it hovered around small negative values through 2019. From the first quarter of 2020, it experienced a steep drop, deepening to a low near -66% by the fourth quarter of 2020. Starting in 2021, the net profit margin showed a marked recovery, crossing into positive territory by the third quarter of 2021. This upward trend continued through 2022 and into 2023, where margins peaked above 18% before slightly declining but remaining positive. The data reflects a period of significant profitability loss during 2020, with the company restoring net profits considerably in succeeding years.
- Return on Equity (ROE)
- ROE mirrored the net profit margin trend closely. The ratio was slightly negative or near zero up to 2019, then deteriorated sharply from early 2020, bottoming out around -57.64% in the fourth quarter of 2020. Beginning in 2021, ROE improved sharply, turning positive by the third quarter of 2021 and further increasing to a peak exceeding 26% by the fourth quarter of 2022. Although there was a moderate decline afterward, ROE remained relatively high above 16% up to the third quarter of 2023. This pattern underscores a substantial adverse impact on shareholder returns in 2020, followed by a strong recovery trajectory.
- Return on Assets (ROA)
- ROA exhibited a similar but somewhat less volatile pattern. It was near zero or slightly negative before 2020, plunged to approximately -16% in late 2020, then reversed course by early 2021. Positive ROA values began to appear by mid-2021, growing steadily and peaking near 9.66% in the third quarter of 2022. The ratio declined somewhat but stayed above 6% through the third quarter of 2023. The decline and subsequent recovery mirror the trends observed in profitability and equity returns but on a smaller magnitude, indicating the company’s asset utilization was also significantly impacted during 2020 but improved strongly thereafter.
Return on Sales
Return on Investment
Operating Profit Margin
Hess Corp., operating profit margin calculation (quarterly data)
| 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 | 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 millions) | ||||||||||||||||||||||||||||||
| Income (loss) before interest and income taxes | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
Operating profit margin = 100
× (Income (loss) before interest and income taxesQ3 2023
+ Income (loss) before interest and income taxesQ2 2023
+ Income (loss) before interest and income taxesQ1 2023
+ Income (loss) before interest and income taxesQ4 2022)
÷ (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data over the quarterly periods reveal several noteworthy trends in operational performance and revenue generation. The income (loss) before interest and income taxes demonstrates significant volatility throughout the timeframe analyzed. Initially, this measure shows moderate positive values, peaking at 267 million US dollars in March 2019, followed by a sharp decline leading to substantial negative figures during 2020, with a trough at -2,332 million US dollars in March 2020. From 2021 onwards, there is a strong recovery trend, with income before taxes increasing steadily and reaching highs above 1,000 million US dollars in mid-2022, before experiencing some fluctuations but generally maintaining positive and elevated levels through late 2023.
Sales and other operating revenues also exhibit considerable fluctuations. Early periods around 2018 show a generally upward trajectory, reaching peaks near 1,800 million US dollars in late 2018, before declining markedly in early 2020 to a low of 833 million US dollars in June 2020. Following this downturn, revenues recover robustly from 2021 onwards, reaching new highs exceeding 3,000 million US dollars in late 2022 before settling somewhat lower in 2023 with still strong figures above 2,200 million US dollars.
The operating profit margin, expressed as a percentage, reflects these operational fluctuations with corresponding expansions and contractions. Margins were positive and increasing through 2018 and 2019, then fell sharply into negative territory during the 2020 quarters, aligning with the period of losses and revenue declines. From 2021, margins rebound substantially, rising from approximately 10% to over 35% by late 2022, before slightly moderating but remaining robust near 30% into 2023.
- Income (loss) before interest and income taxes
- Exhibits significant cyclical behavior with a severe downturn during early 2020, followed by a recovery exceeding prior highs in subsequent years.
- Sales and other operating revenues
- Show a similar pattern of early growth, a sharp decline in early 2020, and a strong rebound leading to record high revenue levels by 2022.
- Operating profit margin
- Reflects profitability swings corresponding to income and revenue trends, with negative margins during 2020 and a strong positive recovery afterward, peaking above 35%.
Overall, the data suggests that the period starting in early 2020 was highly challenging, with substantial disruptions impacting profitability and revenue. The subsequent recovery phase through 2021 to 2023 indicates improved operational efficiency, market conditions, or other favorable factors driving enhanced profitability and sales levels. The resilience shown in the recovery phase is especially notable, with margins improving markedly and revenues reaching all-time highs during the later periods analyzed.
Net Profit Margin
Hess Corp., net profit margin calculation (quarterly data)
| 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 | 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 millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Hess Corporation | ||||||||||||||||||||||||||||||
| Sales and other operating revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Hess CorporationQ3 2023
+ Net income (loss) attributable to Hess CorporationQ2 2023
+ Net income (loss) attributable to Hess CorporationQ1 2023
+ Net income (loss) attributable to Hess CorporationQ4 2022)
÷ (Sales and other operating revenuesQ3 2023
+ Sales and other operating revenuesQ2 2023
+ Sales and other operating revenuesQ1 2023
+ Sales and other operating revenuesQ4 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals significant fluctuations in the company's performance over the periods analyzed. Several key trends emerge from the examination of net income, revenue, and net profit margin.
- Net Income (Loss) Trends
- The net income attributable to the company exhibits notable volatility. Initially negative in early 2018, the figures fluctuate through both losses and marginal profits until the end of 2019, when losses deepen considerably. The most substantial losses occur around early to mid-2020, reflecting a considerable decline with figures surpassing -2 billion in one quarter. From late 2020 onward, there is a gradual recovery with net income turning positive again by early 2021 and demonstrating a general upward trajectory through 2022 and early 2023, where it reaches several peaks above 400 million.
- Sales and Other Operating Revenues
- Revenues show a cyclical pattern with peaks typically observed toward the end of each year. Between 2018 and early 2020, revenue remains relatively stable, mostly ranging from around 1.3 billion to 1.8 billion each quarter. A sharp decline occurs in mid-2020, dropping below 1 billion at one point. From late 2020, revenues begin a steady recovery with a pronounced upward trend through 2022, peaking above 3 billion in multiple quarters. This increase reflects a strong improvement in market conditions or operational output as the company rebounds from the sharp mid-2020 dip.
- Net Profit Margin Development
- The net profit margin aligns with the trends observed in net income. It begins negative in 2018 and deepens further into negative territory by 2019 and early 2020, reaching unusually high negative percentages exceeding -60% during 2020. From 2021 onward, the margin improves markedly, moving into positive territory and displaying continuous growth. By 2022 and early 2023, net profit margins rise into the mid to high teens percentages, indicating a much healthier profitability profile relative to revenue.
- Overall Insights
- The data suggests a period of financial distress culminating in 2020, likely influenced by external adverse conditions, as indicated by extreme net losses and declining revenues. Following this trough, the company experiences a recovery phase characterized by ascending revenues, progressively improving profitability, and positive net income. This recovery trend appears consistent and robust through 2022 and into the early part of 2023, highlighting enhanced operational efficiency or favorable market conditions during that period.
Return on Equity (ROE)
Hess Corp., ROE calculation (quarterly data)
| 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 | 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 millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Hess Corporation | ||||||||||||||||||||||||||||||
| Total Hess Corporation stockholders’ equity | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
ROE = 100
× (Net income (loss) attributable to Hess CorporationQ3 2023
+ Net income (loss) attributable to Hess CorporationQ2 2023
+ Net income (loss) attributable to Hess CorporationQ1 2023
+ Net income (loss) attributable to Hess CorporationQ4 2022)
÷ Total Hess Corporation stockholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals significant fluctuations in net income and return on equity (ROE) over the analyzed periods. Net income exhibited a notably volatile pattern, with periods of losses and gains that reflect the underlying business and market conditions.
- Net Income (Loss) Trends
- From early 2018 through 2019, net income fluctuated with several quarters showing losses, including substantial declines in the latter part of 2019. A severe downturn occurred in 2020, with very large losses noted in the first quarter (-$2,433 million) and subsequent quarters remaining negative, albeit less severely. Starting in 2021, a recovery trend began, with positive net income appearing more consistently, peaking at $667 million in the second quarter of 2022. However, this recovery shows some volatility as net income decreased again in subsequent quarters, though remaining positive through the latest period in September 2023.
- Stockholders’ Equity
- Total stockholders’ equity generally declined from 2018 into 2020, reflecting the impact of losses during this period. From a high point of approximately $10.6 billion in early 2018, it decreased steadily to a low near $5.4 billion by the end of 2020. Thereafter, equity showed signs of stabilization and gradual recovery, increasing from 2021 through 2023, reaching approximately $8.6 billion by the third quarter of 2023.
- Return on Equity (ROE)
- ROE mirrored the trends in net income relative to equity. Negative returns were registered broadly between late 2018 and early 2021, with exceptionally poor performance in 2020 where ROE plummeted below -50% in some quarters. This period corresponds with significant net losses and declining equity. From mid-2021 onward, ROE turned positive, indicating improved profitability and effective utilization of equity. Notably, ROE reached double-digit positive percentages from the first quarter of 2022, peaking at about 26.68% in the third quarter of 2022. Although there was a modest decrease in ROE in subsequent periods, it remained positive and significantly above earlier years.
Overall, the data indicates a challenging period culminating in 2020, characterized by substantial losses and erosion of equity, followed by a phase of financial recovery and profitability beginning in 2021. The improvements in ROE and net income parallel the stabilization and growth of equity, suggesting enhanced operational performance and capital management in the most recent periods.
Return on Assets (ROA)
Hess Corp., ROA calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Hess Corporation | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 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), 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 Q3 2023 Calculation
ROA = 100
× (Net income (loss) attributable to Hess CorporationQ3 2023
+ Net income (loss) attributable to Hess CorporationQ2 2023
+ Net income (loss) attributable to Hess CorporationQ1 2023
+ Net income (loss) attributable to Hess CorporationQ4 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends in profitability, asset levels, and return on assets (ROA) over the examined periods.
- Net Income (Loss) Trend
- The net income attributable to the company exhibits significant volatility across the quarters. Initially, net losses were recorded consistently from 2018 through early 2019, with a notable deepening of losses in late 2019 and throughout 2020. The most severe loss occurred in the first quarter of 2020, coinciding with a global downturn, reaching -$2,433 million. Following this period, there is a marked recovery from 2021 onward, with net income turning positive and maintaining improvement. Positive earnings continued through 2022 and 2023, although the figures fluctuated somewhat, with the highest quarterly net income recorded in the second quarter of 2022 at $667 million.
- Total Assets Trend
- Total assets remained relatively stable without dramatic fluctuations from 2018 through 2020, generally hovering between approximately $18.8 billion and $22.1 billion. A slight decline is evident during 2020, likely reflecting market conditions during that period. From late 2020 into 2023, the company’s asset base gradually increased, reaching an all-time high of approximately $23.2 billion by the third quarter of 2023. This steady asset growth suggests ongoing investment or asset appreciation over recent quarters.
- Return on Assets (ROA) Trend
- The ROA metric reflects the company’s profitability relative to its asset base and closely parallels the net income trends. In the periods prior to 2020, ROA is mostly negative or slightly positive but remains below 1%, indicating limited returns on assets and periods of operational stress. In 2020, ROA sharply deteriorates, reaching deeply negative values, down to near -17% in the third quarter. From 2021 onwards, ROA improves substantially, turning positive and steadily increasing to above 9% by early 2023. This recovery indicates more efficient utilization of assets and stronger profitability during recent quarters.
Overall, the data depicts a period of significant financial difficulty culminating around 2020, with substantial losses and low profitability metrics. Subsequent recovery is evident through improved net income, rising asset values, and increasing return on assets, reflecting an overall strengthening of financial performance in the latest quarters.