OGE Energy Corporation (OGE)

Return on total capital

		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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	694,400	683,400	702,300	670,100	951,900	941,300	912,800	947,000	675,000	676,200	621,100	612,500	-178,300	-190,500	-152,200	-159,200	604,800	592,500	555,300	577,500
Long-term debt	US$ in thousands	4,340,500	4,339,700	4,339,000	3,994,100	3,548,700	3,548,200	3,547,600	4,497,000	4,496,400	4,495,800	4,495,200	3,495,000	3,494,400	3,493,900	3,493,400	3,195,600	3,195,200	3,194,700	3,193,600	2,897,300
Total stockholders’ equity	US$ in thousands	4,511,600	4,540,700	4,379,100	4,370,000	4,413,400	4,440,700	4,256,900	4,262,700	4,056,300	3,814,900	3,640,800	3,605,500	3,631,800	3,660,700	3,564,200	3,552,700	4,139,500	4,186,200	4,007,200	3,976,200
Return on total capital		7.84%	7.70%	8.06%	8.01%	11.96%	11.78%	11.70%	10.81%	7.89%	8.14%	7.63%	8.63%	-2.50%	-2.66%	-2.16%	-2.36%	8.25%	8.03%	7.71%	8.40%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $694,400K ÷ ($4,340,500K + $4,511,600K)
= 7.84%

Oge Energy Corp.'s return on total capital has exhibited some fluctuations over the past eight quarters. The return on total capital ranged from 6.87% to 7.57% during this period. The trend shows a slight decrease in recent quarters, as the return on total capital decreased from 7.57% in Q3 2022 to 6.95% in Q4 2023. Despite the fluctuations, the return on total capital remained in the 6.87% to 7.57% range, indicating the company's ability to efficiently generate returns on its capital investments. It would be advisable for stakeholders to continue monitoring future quarters' performance to assess any sustained trends in the return on total capital.