Myers Industries Inc (MYE)
Return on assets (ROA)
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Net income | US$ in thousands | 48,867 | 60,267 | 33,538 | 36,769 | 24,333 |
| Total assets | US$ in thousands | 541,631 | 542,634 | 484,549 | 400,015 | 353,139 |
| ROA | 9.02% | 11.11% | 6.92% | 9.19% | 6.89% |
December 31, 2023 calculation
ROA = Net income ÷ Total assets
= $48,867K ÷ $541,631K
= 9.02%
Myers Industries Inc.'s return on assets (ROA) has fluctuated over the past five years. In 2023, the ROA was 9.02%, indicating that the company generated a return of 9.02% on its total assets for the year.
Comparing this to the previous years, there was a decrease in ROA from 11.11% in 2022 to 9.02% in 2023. This decline suggests a lower efficiency in generating profits from the company's assets in 2023 compared to 2022.
Despite the decrease in 2023, the ROA still remains relatively strong compared to 2021 (6.92%), 2020 (9.19%), and 2019 (6.89%). This indicates that Myers Industries Inc. was able to utilize its assets effectively in generating profits in 2023, albeit at a slightly lower rate than the previous year.
Overall, the analysis of Myers Industries Inc.'s ROA suggests the company has historically managed its assets well to generate profits, but there may be opportunities for improvement in asset efficiency to enhance overall profitability.
Peer comparison
Dec 31, 2023