Garmin Ltd (GRMN)

Return on assets (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
Net income (ttm)	US$ in thousands	1,289,636	1,040,781	994,386	964,320	973,585	966,449	1,014,640	1,073,764	1,082,201	1,129,612	1,183,990	1,051,173	992,324	1,019,569	934,018	973,494	952,487	781,845	738,193	704,879
Total assets	US$ in thousands	8,603,570	7,965,020	7,871,800	7,726,030	7,731,170	7,627,610	7,813,700	7,703,250	7,854,430	7,571,490	7,402,720	6,999,730	7,031,370	6,550,670	6,220,040	6,053,990	6,166,800	5,755,100	5,524,780	5,280,140
ROA		14.99%	13.07%	12.63%	12.48%	12.59%	12.67%	12.99%	13.94%	13.78%	14.92%	15.99%	15.02%	14.11%	15.56%	15.02%	16.08%	15.45%	13.59%	13.36%	13.35%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $1,289,636K ÷ $8,603,570K
= 14.99%

Garmin Ltd's return on assets (ROA) has exhibited some fluctuations over the past few quarters, ranging from a low of 12.48% in March 2023 to a high of 16.08% in March 2020. The average ROA over the period is approximately 14.01%, indicating the company's ability to generate profits relative to its total assets.

The downward trend from the peak in March 2020 may suggest a decrease in asset utilization efficiency or profitability in recent quarters. However, the ROA has generally remained above 12%, reflecting a solid performance in utilizing its assets to generate earnings.

It is important for Garmin Ltd to maintain or improve its ROA over time to ensure continued profitability and efficiency in asset management. Further analysis of the company's financial statements and operational performance would be beneficial in understanding the factors driving the fluctuations in ROA.