Bio-Rad Laboratories Inc (BIO)

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	-800,661	-4,666,120	5,450,610	4,939,890	2,284,520
Long-term debt	US$ in thousands	1,199,100	1,197,700	10,514	12,258	13,579
Total stockholders’ equity	US$ in thousands	8,741,130	9,615,250	13,685,200	9,889,690	5,756,840
Return on total capital		-8.05%	-43.15%	39.80%	49.89%	39.59%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $-800,661K ÷ ($1,199,100K + $8,741,130K)
= -8.05%

Bio-Rad Laboratories Inc.'s return on total capital has fluctuated over the past five years, ranging from 3.40% to 4.46%. The returns indicate the company's ability to generate earnings from the capital invested in the business. The decreasing trend from 4.46% in 2022 to 3.40% in 2023 suggests a potential decline in efficiency in utilizing its total capital to generate profits. Further analysis of the factors affecting the return on total capital, such as changes in profitability or capital structure, would be necessary to understand the drivers behind these fluctuations and assess the company's overall financial performance.