Cognex Corporation (CGNX)

Return on assets (ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	113,234	215,525	279,881	176,186	203,865
Total assets	US$ in thousands	2,017,810	1,958,140	2,003,660	1,800,700	1,885,940
ROA		5.61%	11.01%	13.97%	9.78%	10.81%

December 31, 2023 calculation

ROA = Net income ÷ Total assets
= $113,234K ÷ $2,017,810K
= 5.61%

Cognex Corp.'s Return on Assets (ROA) has shown fluctuations over the past five years. The ROA decreased from 10.81% in 2019 to 9.78% in 2020, indicating a slight decline in the company's efficiency in generating profits from its assets during that period. However, there was an improvement in 2021 when ROA increased to 13.97%, suggesting a more effective utilization of assets to generate earnings.

The trend reversed in 2022 as ROA declined to 11.01%, indicating a less efficient performance in generating profits relative to its total assets. The decrease continued in 2023 with ROA further declining to 5.61%, which may raise concerns about the company's asset management and profitability levels.

Overall, while Cognex Corp. has shown fluctuations in its ROA over the years, the recent decline in ROA may warrant further investigation into the company's asset utilization and operational efficiency.