Penn National Gaming Inc (PENN)

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	-28,600	515,700	1,423,600	1,471,200	935,900	877,900	1,005,900	1,119,000	1,106,300	1,062,800	1,065,100	537,600	-288,300	-411,800	-485,000	-143,300	622,800	698,600	660,900	640,903
Long-term debt	US$ in thousands	2,718,000	2,715,400	2,722,800	2,721,400	2,721,300	2,730,200	2,730,400	2,694,300	2,637,300	2,654,400	2,269,900	2,289,500	2,231,200	2,355,700	3,044,800	2,829,300	2,322,200	2,392,000	2,489,610	2,311,380
Total stockholders’ equity	US$ in thousands	3,202,100	3,482,600	4,210,300	4,176,300	3,597,700	3,617,100	3,766,800	3,953,500	4,097,800	3,071,900	2,958,300	2,756,300	2,656,200	2,633,700	1,506,200	1,278,400	1,852,700	1,939,800	1,891,910	1,861,820
Return on total capital		-0.48%	8.32%	20.53%	21.33%	14.81%	13.83%	15.48%	16.83%	16.43%	18.56%	20.37%	10.65%	-5.90%	-8.25%	-10.66%	-3.49%	14.92%	16.13%	15.08%	15.36%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-28,600K ÷ ($2,718,000K + $3,202,100K)
= -0.48%

PENN Entertainment Inc's return on total capital has shown some fluctuations over the past eight quarters. In Q1 2022, the return on total capital was particularly high at 10.83%, but it decreased in the subsequent quarters before reaching its lowest point in Q4 2022 at 7.22%. The return then slightly increased in Q1 2023, but it remained below the levels seen in Q2 and Q3 of 2023. The latest data from Q4 2023 indicates a return on total capital of 4.63%, which is lower compared to previous quarters. Overall, the company's return on total capital has been variable, suggesting changes in the efficiency of capital utilization and profitability over the analyzed period.