CNX Resources Corp (CNX)

Operating return on assets (Operating ROA)

		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
Operating income (ttm)	US$ in thousands	2,029,894	2,660,789	2,398,617	1,915,209	-271,720	-636,328	-1,601,480	-2,087,350	-675,907	-1,352,922	-378,485	-93,626	-1,169,276	-1,503,256	-1,060,158	-677,227	199,559	781,272	687,839	506,007
Total assets	US$ in thousands	8,626,660	8,492,640	8,531,860	8,340,140	8,515,770	8,633,130	8,695,890	8,223,520	8,100,750	8,228,150	8,072,110	8,069,240	8,041,760	8,129,170	8,319,680	8,528,950	9,060,810	9,286,260	9,146,700	8,777,360
Operating ROA		23.53%	31.33%	28.11%	22.96%	-3.19%	-7.37%	-18.42%	-25.38%	-8.34%	-16.44%	-4.69%	-1.16%	-14.54%	-18.49%	-12.74%	-7.94%	2.20%	8.41%	7.52%	5.76%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $2,029,894K ÷ $8,626,660K
= 23.53%

Operating return on assets (ROA) measures a company's operating income generated per dollar of assets employed. Looking at the data provided for CNX Resources Corp, the operating ROA has varied significantly over the past eight quarters, ranging from negative values to peaks above 50%.

The operating ROA for CNX Resources Corp in Q4 2023 stood at 26.00%, a significant decrease from the peak of 58.18% in Q3 2023. This indicates a notable reduction in the operational efficiency of the company in converting its assets into operating income. However, the current value of 26.00% is still relatively higher than the values observed in the prior quarters of 2022.

Despite the fluctuations, it is important to note that the company has shown an improving trend in operating ROA from negative values at the beginning of 2022 to positive double-digit figures in the latter quarters of 2022 and 2023. This trend suggests that CNX Resources Corp has been able to enhance its operational performance and generate higher operating income relative to its asset base over time.

To further assess the implications of the operating ROA values, it would be beneficial to compare them with industry benchmarks and analyze the company's strategies for asset utilization and operational efficiency. Additionally, monitoring the trend of operating ROA over subsequent quarters can provide insights into the company's financial health and performance sustainability.