CONMED Corporation (CNMD)
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 | 120,604 | 69,322 | 63,270 | -51,701 | -41,956 | -3,645 | -2,309 | 110,951 | 108,589 | 95,985 | 99,694 | 52,652 | 45,653 | 48,599 | 39,924 | 79,596 | 73,925 | 72,190 | 63,094 | 61,439 |
| Long-term debt | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 780,689 | 796,148 | 803,555 |
| Total stockholders’ equity | US$ in thousands | 834,222 | 796,205 | 780,194 | 752,453 | 745,545 | 716,337 | 672,968 | 789,546 | 785,435 | 755,683 | 744,499 | 725,570 | 709,038 | 683,141 | 674,898 | 701,635 | 710,467 | 700,922 | 697,009 | 693,057 |
| Return on total capital | 14.46% | 8.71% | 8.11% | -6.87% | -5.63% | -0.51% | -0.34% | 14.05% | 13.83% | 12.70% | 13.39% | 7.26% | 6.44% | 7.11% | 5.92% | 11.34% | 10.41% | 4.87% | 4.23% | 4.11% |
December 31, 2023 calculation
Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $120,604K ÷ ($—K + $834,222K)
= 14.46%
Conmed Corp.'s return on total capital has exhibited fluctuations over the past eight quarters. In Q4 2023, the return on total capital was 6.67%, showing an increase compared to Q3 2023 (3.83%). However, this was still lower than the returns in Q2 2023 (3.47%) and Q1 2023 (3.32%). The performance in Q4 2023 was also lower than the same quarter in the previous year, where the return on total capital was 3.89%.
The highest return on total capital in the provided data was seen in Q2 2022 at 7.45%, followed closely by Q3 2022 at 6.69%. It is worth noting that the returns in Q2 and Q3 2022 were higher than the returns in the corresponding quarters of the following year.
Overall, Conmed Corp.'s return on total capital has shown variability over the analyzed periods, with some quarters performing better than others. It is important for stakeholders to continue monitoring this metric to assess the company's efficiency in generating returns relative to its total capital employed.
Peer comparison
Dec 31, 2023