The Marzetti Company (MZTI)
Return on total capital
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before interest and tax (EBIT) (ttm) | US$ in thousands | 225,419 | 225,827 | 223,233 | 213,326 | 214,237 | 206,256 | 188,381 | 173,954 | 166,477 | 174,273 | 158,671 | 152,408 | 143,621 | 140,299 | 163,881 | 177,415 | 181,360 | 180,683 | 173,350 | 168,894 |
| Long-term debt | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total stockholders’ equity | US$ in thousands | 998,495 | 996,248 | 979,866 | 945,052 | 925,772 | 912,852 | 908,326 | 878,768 | 862,267 | 873,184 | 879,550 | 862,071 | 844,687 | 838,622 | 865,009 | 850,055 | 843,147 | 831,113 | 826,360 | 801,106 |
| Return on total capital | 22.58% | 22.67% | 22.78% | 22.57% | 23.14% | 22.59% | 20.74% | 19.80% | 19.31% | 19.96% | 18.04% | 17.68% | 17.00% | 16.73% | 18.95% | 20.87% | 21.51% | 21.74% | 20.98% | 21.08% |
June 30, 2025 calculation
Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $225,419K ÷ ($—K + $998,495K)
= 22.58%
The Marzetti Company's return on total capital exhibits notable fluctuations over the analyzed period from September 2020 through June 2025. Initially, in September 2020, the return was approximately 21.08%, with a slight decline observed by December 2020 to around 20.98%. During the first quarter of 2021, the return increased to approximately 21.74%, maintaining a relatively stable level of around 21.51% in the second quarter. A minor decrease followed in the third quarter of 2021 to about 20.87%.
Beginning late 2021, a downward trend emerged, with the return dropping to 18.95% by December 2021 and further diminishing to 16.73% in the first quarter of 2022. Slight recoveries were observed in subsequent quarters, with the return reaching approximately 17.00% in June 2022 and 17.68% in September 2022, then modestly increasing to 18.04% in December 2022.
From early 2023 onward, the return demonstrated a positive trend, rising to nearly 19.96% in March 2023 and peaking at approximately 19.80% in September 2023. The most significant upward movement occurred from late 2023, with the return reaching 20.74% in December 2023, continuing an upward trajectory through the first half of 2024—registering 22.59% in March, 23.14% in June, and slightly declining to 22.57% in September 2024. The figures for the end of 2024 and mid-2025 indicate a stabilization of the return around the high 22% range, with December 2024 at 22.78%, March 2025 at 22.67%, and June 2025 at 22.58%.
Overall, the company's return on total capital demonstrates a pattern of initial stability, a period of decline culminating in early 2022, followed by a consistent upward trend from late 2022 through mid-2024. The latter period reflects improved profitability and efficient utilization of capital, culminating in the return approaching and slightly exceeding 22%. The trend suggests a positive outlook on the company's ability to generate returns relative to its total capital base over the analyzed timeframe.
Peer comparison
Jun 30, 2025