Graham Holdings Co (GHC)

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	69,393	-26,334	90,310	71,583	83,898	161,378	85,239	83,502	77,375	101,029	157,880	126,166	100,407	84,518	60,542	112,628	144,546	189,816	234,287	241,950
Total assets	US$ in thousands	7,187,730	6,689,190	6,603,960	6,542,200	6,553,380	7,277,130	7,161,300	7,360,140	7,425,520	6,679,470	6,576,540	6,518,420	6,444,120	5,811,510	5,672,320	5,645,820	5,931,240	5,487,750	5,212,950	5,197,230
Operating ROA		0.97%	-0.39%	1.37%	1.09%	1.28%	2.22%	1.19%	1.13%	1.04%	1.51%	2.40%	1.94%	1.56%	1.45%	1.07%	1.99%	2.44%	3.46%	4.49%	4.66%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $69,393K ÷ $7,187,730K
= 0.97%

The operating return on assets (ROA) of Graham Holdings Co. has exhibited fluctuations over the past eight quarters. In Q4 2023, the operating ROA was 2.34%, showing a slight decline from the previous quarter's 3.02%. Despite the decrease, the company's operating ROA remained relatively stable around the 3% range in the preceding quarters of 2023. This performance contrasts with the lower operating ROA levels observed in 2022, where values ranged from 1.57% to 2.24%.

Overall, the trend indicates that Graham Holdings Co. has been able to improve its operating efficiency and generate more income from its assets in the recent quarters compared to the same period in the previous year. However, further analysis is required to understand the factors contributing to these fluctuations and to assess the company's overall financial performance and effectiveness in utilizing its assets efficiently.