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.