A10 Network (ATEN)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	38,648	36,908	50,367	51,244	53,079	48,658	43,293	37,366	33,388	29,807	26,224	23,151	19,149	11,458	5,241	-4,536	-16,175	-17,904	-20,106	-18,593
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	207,876	196,922	192,939	185,501	181,012	160,734	194,759	185,977	208,888	203,595	124,505	124,659	115,974	121,701	110,860	113,252	108,787	102,168	98,326	101,664
Return on total capital		18.59%	18.74%	26.11%	27.62%	29.32%	30.27%	22.23%	20.09%	15.98%	14.64%	21.06%	18.57%	16.51%	9.41%	4.73%	-4.01%	-14.87%	-17.52%	-20.45%	-18.29%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $38,648K ÷ ($—K + $207,876K)
= 18.59%

A10 Networks Inc's return on total capital has been fluctuating over the past eight quarters, ranging from 18.59% to 30.27%. The company's return on total capital peaked at 30.27% in Q4 2022 before gradually declining to 18.59% in Q4 2023. Despite the fluctuations, A10 Networks Inc has generally maintained a healthy return on total capital above 20% in most quarters, indicating efficient utilization of both equity and debt capital to generate profits. The decrease in return on total capital from Q4 2022 to Q4 2023 may suggest potential challenges or changes in the company's capital structure or operational efficiency that impacted its profitability. Further analysis would be needed to understand the factors driving these fluctuations and their implications for the company's overall financial performance.