Gentex Corporation (GNTX)

Return on assets (ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	428,403	318,757	360,797	347,564	424,684
Total assets	US$ in thousands	2,611,440	2,327,230	2,131,390	2,197,940	2,168,800
ROA		16.40%	13.70%	16.93%	15.81%	19.58%

December 31, 2023 calculation

ROA = Net income ÷ Total assets
= $428,403K ÷ $2,611,440K
= 16.40%

Gentex Corp. has exhibited fluctuating return on assets (ROA) over the past five years, ranging from 13.49% to 19.35%. The ROA was highest in 2019 at 19.35%, signifying efficient utilization of assets to generate profits. However, there was a slight dip in 2020 to 15.59%, which rebounded to 16.67% in 2021. The ROA further increased in 2022 to 13.49% and peaked at 16.16% in 2023. This positive trend indicates the company's ability to generate earnings in relation to its total assets. Overall, Gentex Corp. has demonstrated a consistent performance in terms of ROA over the past five years, reflecting effective asset management and profitability.