Gentex Corporation (GNTX)

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	495,731	370,006	409,782	399,556	488,538
Total assets	US$ in thousands	2,611,440	2,327,230	2,131,390	2,197,940	2,168,800
Operating ROA		18.98%	15.90%	19.23%	18.18%	22.53%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $495,731K ÷ $2,611,440K
= 18.98%

Gentex Corp.'s operating return on assets (ROA) has shown fluctuation over the past five years, ranging from 15.9% in 2022 to 22.53% in 2019. The operating ROA for the most recent year, ending December 31, 2023, stands at 18.98%, indicating the company generates approximately $0.19 in operating income for every dollar of assets employed. This suggests that Gentex Corp. has been effectively utilizing its assets to generate operating profits, albeit with some variability in performance over the years. Further analysis of the drivers behind these fluctuations would be beneficial to assess the company's operational efficiency and financial strength.