Dynavax Technologies Corporation (DVAX)

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	2,435	69,362	119,319	244,481	301,050	333,656	241,108	117,633	88,697	-25,464	-12,535	-43,456	-68,371	-83,865	-100,669	-116,301	-134,843	-145,415	-153,683	-152,859
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	0	220,223	219,959	179,889	179,811	179,733	179,656	179,583	178,601	177,615	176,636	175,673
Total stockholders’ equity	US$ in thousands	622,072	604,916	577,205	563,732	581,013	500,576	422,799	287,484	222,374	67,576	83,380	99,762	58,693	69,284	58,295	11,824	8,290	39,156	10,588	43,159
Return on total capital		0.39%	11.47%	20.67%	43.37%	51.81%	66.65%	57.03%	40.92%	39.89%	-8.85%	-4.13%	-15.54%	-28.67%	-33.68%	-42.31%	-60.76%	-72.15%	-67.08%	-82.09%	-69.85%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $2,435K ÷ ($—K + $622,072K)
= 0.39%

The return on total capital for Dynavax Technologies Corp. has fluctuated over the past eight quarters. In Q4 2023, the company experienced a negative return on total capital of -4.50%, indicating that the company did not generate sufficient returns to cover the total capital invested. However, in the previous quarter, Q3 2023, the return improved to 4.06%, albeit still on the lower side.

The trend shows a significant increase in return on total capital in earlier quarters, with the highest level observed in Q3 2022 at 41.57%. This suggests that the company was able to generate substantial returns relative to the total capital employed during that period. Subsequently, the return declined in the following quarters but remained positive until Q4 2023.

Overall, Dynavax Technologies Corp. has displayed varying levels of return on total capital, indicating fluctuations in the company's ability to efficiently utilize its capital resources to generate returns for its investors. Monitoring this metric over time can provide insights into the company's financial performance and management of capital allocation strategies.