Northwest Natural Gas Co (NWN)

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	184,941	191,001	193,651	193,347	167,477	156,428	156,964	156,049	163,117	167,490	170,293	166,611	148,351	134,765	136,719	143,875	143,474	144,762
Total assets	US$ in thousands	4,867,090	4,665,120	4,536,700	4,592,100	4,748,330	4,300,710	4,100,520	4,054,630	4,064,600	3,929,220	3,783,500	3,758,620	3,756,380	3,618,100	3,641,350	4,001,530	3,428,450	3,251,620	3,238,130	3,191,120
Operating ROA		3.80%	4.09%	4.27%	4.21%	3.53%	3.64%	3.83%	3.85%	4.01%	4.26%	4.50%	4.43%	3.95%	3.72%	3.75%	3.60%	4.18%	4.45%

December 31, 2023 calculation

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

Northwest Natural Holding Co's operating return on assets (ROA) has exhibited a fluctuating trend over the past eight quarters. The operating ROA figures ranged from 3.53% to 4.27% during this period. The company's performance peaked in Q2 2023 with an operating ROA of 4.27% and experienced a slight decline in the following quarters. Despite these fluctuations, Northwest Natural Holding Co maintained an average operating ROA above 4% throughout most of the quarters analyzed, indicating efficient asset utilization to generate operating income. Detailed analysis of the underlying factors contributing to the variability in operating ROA would provide further insights into the company's operational performance and strategic direction.