Dynavax Technologies Corporation (DVAX)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	-37,028	283,522	134,486	-68,371	-134,843
Total assets	US$ in thousands	997,096	985,850	1,039,250	353,272	279,068
Operating ROA		-3.71%	28.76%	12.94%	-19.35%	-48.32%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $-37,028K ÷ $997,096K
= -3.71%

The operating return on assets (ROA) of Dynavax Technologies Corp. has fluctuated significantly over the past five years. In 2023, the operating ROA was negative at -3.81%, indicating that the company's operating income generated from its assets was insufficient to cover its operating expenses.

In contrast, the operating ROA in 2022 was considerably higher at 28.66%, suggesting that the company was more efficient in utilizing its assets to generate operating profits during that year. This improvement in 2022 is a positive sign of operational efficiency.

Similarly, in 2021, the operating ROA was 12.84%, indicating a relatively healthy operational performance. However, in 2020 and 2019, the operating ROA was negative, at -21.29% and -43.53% respectively, which may raise concerns about the company's ability to generate sustainable operating profits relative to its asset base during those years.

Overall, Dynavax Technologies Corp. has experienced fluctuations in its operating ROA over the past five years, with both positive and negative trends. The negative operating ROA in 2023 highlights the need for the company to focus on improving its operating efficiency and profitability in the future to enhance its overall financial performance.