Garmin Ltd (GRMN)

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	1,092,160	1,027,840	1,218,620	1,054,240	945,586
Total assets	US$ in thousands	8,603,570	7,731,170	7,854,430	7,031,370	6,166,800
Operating ROA		12.69%	13.29%	15.52%	14.99%	15.33%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $1,092,160K ÷ $8,603,570K
= 12.69%

Garmin Ltd's operating return on assets (operating ROA) has shown a decreasing trend over the past five years. The operating ROA was 15.33% in 2019, decreased to 14.99% in 2020, further decreased to 15.52% in 2021, then to 13.29% in 2022, and most recently stood at 12.69% in 2023. This downward trend indicates that the company's operating efficiency in generating profits from its assets has been declining over the years. Further analysis and investigation may be required to identify the reasons behind this decreasing trend and to determine the potential impact on the company's overall financial performance and strategic decisions.