Northwest Natural Gas Co (NWN)

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	184,941	167,477	163,117	148,351	143,474
Total assets	US$ in thousands	4,867,090	4,748,330	4,064,600	3,756,380	3,428,450
Operating ROA		3.80%	3.53%	4.01%	3.95%	4.18%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $184,941K ÷ $4,867,090K
= 3.80%

Northwest Natural Holding Co's operating return on assets (operating ROA) has been relatively stable over the past five years, ranging from 3.53% in 2019 to 4.01% in 2021. The company's operating ROA decreased slightly to 3.80% in 2023.

Operating ROA is a measure of a company's profitability and efficiency in utilizing its assets to generate operating income. Northwest Natural Holding Co's ability to generate operating income relative to its total assets has remained fairly consistent, indicating a reasonable level of efficiency in managing its assets over the years.

While the downward trend in operating ROA from 2021 to 2023 may raise some concerns, the company's performance is relatively stable overall. Investors and stakeholders may want to monitor any further changes in operating ROA to assess the company's financial performance and efficiency in the future.