AptarGroup Inc (ATR)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	415,554	375,264	352,398	334,349	371,693
Long-term debt	US$ in thousands	600,000	868,700	900,000	1,100,000	1,100,000
Total stockholders’ equity	US$ in thousands	2,306,820	2,053,940	1,969,410	1,850,390	1,571,920
Return on total capital		14.30%	12.84%	12.28%	11.33%	13.91%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $415,554K ÷ ($600,000K + $2,306,820K)
= 14.30%

Aptargroup Inc.'s return on total capital has shown relatively stable performance over the past five years, ranging from 11.68% to 14.17%. The company's ability to generate returns on the total capital employed in its operations improved in 2023 compared to the previous years. This indicates that Aptargroup Inc. has been efficient in utilizing its overall invested capital to generate profits for its stakeholders. The trend suggests that the company has been effectively managing its capital structure and operating assets to deliver solid returns. However, it is important to note that a deeper analysis of the components contributing to this return would provide further insights into the company's operational efficiency and profitability.