Fox Corp Class A (FOXA)

Return on total capital

		Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Earnings before interest and tax (EBIT)	US$ in thousands	1,268,000	2,509,000	2,085,000	2,071,000	3,313,000
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	11,962,000	10,714,000	10,378,000	11,339,000	11,123,000
Return on total capital		10.60%	23.42%	20.09%	18.26%	29.79%

June 30, 2025 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $1,268,000K ÷ ($—K + $11,962,000K)
= 10.60%

The analysis of Fox Corp Class A's return on total capital over the specified period indicates significant fluctuations that reflect changes in the company's ability to generate profits from its capital base. As of June 30, 2021, the return on total capital was notably high at 29.79%, suggesting strong operational efficiency and effective utilization of capital during that year. However, this ratio experienced a considerable decline by June 30, 2022, decreasing to 18.26%, which may point to challenges in maintaining prior profitability levels or increased capital investments not yet yielding proportional returns.

Subsequently, the return on total capital exhibited a modest recovery, reaching 20.09% on June 30, 2023, indicating some improvement in capital performance or operational efficiency. This upward trend continued into June 30, 2024, with the ratio rising further to 23.42%, potentially reflecting enhanced profitability or better capital management strategies.

Despite this positive trajectory, the ratio declined again by June 30, 2025, to 10.60%, signaling a significant reduction in the company's ability to generate returns from its total capital. This decline could be attributable to various factors, such as increased capital commitments, lower operating margins, or changes in revenue streams. Overall, the data demonstrates substantial variability in Fox Corp Class A's profitability relative to its total capital base over the four-year span, highlighting periods of both strong performance and notable challenges affecting long-term capital efficiency.