Penn National Gaming Inc (PENN)

Return on assets (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
Net income (ttm)	US$ in thousands	-490,000	-111,100	737,200	684,900	222,100	246,300	208,900	381,500	420,800	386,900	442,700	30,100	-669,500	-773,100	-871,100	-605,600	44,000	94,500	86,700	89,088
Total assets	US$ in thousands	16,064,200	16,168,600	17,028,000	17,040,000	17,502,100	17,535,100	17,880,800	18,071,100	16,872,100	15,748,700	15,078,200	14,888,200	14,667,300	14,812,000	14,321,500	13,938,400	14,194,500	14,318,000	14,321,500	13,498,200
ROA		-3.05%	-0.69%	4.33%	4.02%	1.27%	1.40%	1.17%	2.11%	2.49%	2.46%	2.94%	0.20%	-4.56%	-5.22%	-6.08%	-4.34%	0.31%	0.66%	0.61%	0.66%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $-490,000K ÷ $16,064,200K
= -3.05%

The return on assets (ROA) of PENN Entertainment Inc has been volatile over the past few quarters. It experienced a sharp decrease in Q4 2023 with a negative ROA of -3.05%, indicating that the company's profitability relative to its assets was significantly lower in that quarter. This followed a slight improvement in Q3 2023 with a ROA of -0.69%, but still in the negative territory.

The ROA then showed a significant improvement in Q2 2023 and Q1 2023, reaching 4.33% and 4.02% respectively. These positive ROA values suggest that the company was able to generate a healthy return on its assets during these periods.

Comparing the recent quarters to the same periods in the previous year, the ROA has generally decreased. For instance, the ROA was 1.27% in Q4 2022, higher than the negative values seen in Q3 and Q4 of 2023. However, it is worth noting that the ROA was relatively stable and positive in Q1 and Q2 of 2022, ranging from 1.17% to 2.11%.

Overall, the fluctuating and sometimes negative ROA of PENN Entertainment Inc indicates variability in the company's ability to generate profits from its assets. Further analysis and monitoring of the company's financial performance may be needed to understand the underlying reasons for these fluctuations and to assess the long-term sustainability of its profitability.