IDEXX Laboratories Inc (IDXX)

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	1,097,130	898,765	932,028	694,524	552,846
Total assets	US$ in thousands	3,259,920	2,746,760	2,437,200	2,294,560	1,832,480
Operating ROA		33.66%	32.72%	38.24%	30.27%	30.17%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $1,097,130K ÷ $3,259,920K
= 33.66%

Idexx Laboratories, Inc.'s operating return on assets (operating ROA) has shown a trend of consistently strong performance over the past five years. The company's operating ROA has been steadily increasing from 30.17% in 2019 to 33.66% in 2023, indicating efficient utilization of its operating assets to generate profits.

The operating ROA of Idexx Laboratories, Inc. peaked at 38.24% in 2021, demonstrating the company's ability to generate higher operating income relative to its total assets. This could be attributed to improved operational efficiency, effective cost management, or revenue growth initiatives implemented by the company during that period.

Overall, the consistently high operating ROA figures suggest that Idexx Laboratories, Inc. has been successful in generating significant operating profits relative to its asset base over the years, which is a positive indicator of the company's operational effectiveness and profitability.