Gentex Corporation (GNTX)

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	495,731	457,075	421,450	379,952	370,007	363,848	365,221	379,355	409,783	484,238	534,926	428,263	399,556	348,043	337,326	471,969	488,538	503,136	502,428	501,206
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,312,520	2,268,450	2,195,950	2,123,260	2,065,790	2,034,050	1,986,570	1,928,970	1,937,990	1,887,630	1,916,320	1,960,980	1,963,940	1,895,610	1,822,610	1,834,610	1,938,090	1,921,330	1,904,330	1,857,080
Return on total capital		21.44%	20.15%	19.19%	17.89%	17.91%	17.89%	18.38%	19.67%	21.14%	25.65%	27.91%	21.84%	20.34%	18.36%	18.51%	25.73%	25.21%	26.19%	26.38%	26.99%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $495,731K ÷ ($—K + $2,312,520K)
= 21.44%

Gentex Corp.'s return on total capital has shown a generally positive trend over the past eight quarters, ranging from 17.89% to 21.44%. The company's ability to generate returns from all sources of capital has been steadily improving, with the most recent quarter (Q4 2023) showing the highest return of 21.44%. This indicates that Gentex Corp. is effectively using its total capital to generate profits for its shareholders and investors. Overall, the consistent upward trend in return on total capital suggests that Gentex Corp. is efficiently utilizing its capital resources to drive profitability and create value for its stakeholders.