Middleby Corp (MIDD)
Operating return on assets (Operating 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating income (ttm) | US$ in thousands | 634,868 | 708,342 | 695,606 | 678,062 | 639,604 | 590,116 | 661,893 | 631,383 | 629,992 | 584,599 | 437,789 | 340,190 | 324,431 | 383,234 | 417,907 | 518,396 | 514,043 | 502,000 | 488,332 | 460,035 |
| Total assets | US$ in thousands | 6,906,690 | 6,922,610 | 6,984,760 | 6,956,140 | 6,874,870 | 6,671,860 | 6,579,370 | 6,474,160 | 6,383,600 | 5,772,850 | 5,422,780 | 5,289,910 | 5,202,470 | 5,020,180 | 5,414,700 | 5,277,980 | 5,002,140 | 4,928,530 | 4,886,670 | 4,688,120 |
| Operating ROA | 9.19% | 10.23% | 9.96% | 9.75% | 9.30% | 8.84% | 10.06% | 9.75% | 9.87% | 10.13% | 8.07% | 6.43% | 6.24% | 7.63% | 7.72% | 9.82% | 10.28% | 10.19% | 9.99% | 9.81% |
December 31, 2023 calculation
Operating ROA = Operating income (ttm) ÷ Total assets
= $634,868K ÷ $6,906,690K
= 9.19%
Middleby Corp's operating return on assets (operating ROA) has shown some fluctuations over the past few quarters. The trend indicates that the company has been able to efficiently generate profits from its assets, with the operating ROA ranging from a low of 6.24% in March 2021 to a high of 10.28% in March 2020.
The operating ROA has generally been above 9%, indicating the company's ability to generate a favorable return on its operating assets. The increase in operating ROA from June 2021 to March 2022, peaking at 10.06%, suggests that the company was able to improve its operational efficiency during that period.
While there was a slight dip in operating ROA in the later quarters of 2022 and early quarters of 2023, the ratios remained relatively stable around the 9% mark. The latest data point of 9.19% as of December 31, 2023, indicates that the company is still able to maintain a solid return on its operating assets.
Overall, a consistently high operating ROA suggests that Middleby Corp has been effectively managing its assets to generate operating profits, highlighting its operational efficiency and profitability. Moving forward, monitoring any trends in the operating ROA will be crucial in assessing the company's financial performance and efficiency in utilizing its assets.
Peer comparison
Dec 31, 2023