Perdoceo Education Corp (PRDO)

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	192,525	194,562	177,765	137,880	134,669	144,873	151,383	152,817	149,987	152,151	147,029	149,263	146,907	143,633	136,787	100,088	92,577	80,416	74,540	84,554
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	841,421	829,659	792,432	761,172	725,845	706,222	692,760	678,380	650,110	645,385	613,612	588,345	555,907	521,671	478,684	445,143	431,295	401,944	381,248	380,322
Return on total capital		22.88%	23.45%	22.43%	18.11%	18.55%	20.51%	21.85%	22.53%	23.07%	23.58%	23.96%	25.37%	26.43%	27.53%	28.58%	22.48%	21.46%	20.01%	19.55%	22.23%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $192,525K ÷ ($—K + $841,421K)
= 22.88%

Perdoceo Education Corporation's return on total capital has shown a fluctuating trend over the past eight quarters. The return on total capital decreased from 22.42% in Q1 2022 to 17.45% in Q1 2023, before gradually increasing to 19.58% in Q4 2023. This variability may indicate changes in the company's profitability, efficiency, or capital structure over the given period. Further analysis is recommended to understand the factors driving these fluctuations and their potential impact on the company's overall financial performance.