Quidel Corporation (QDEL)

Return on total capital

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	-1,981,900	-1,841,544	-1,803,144	-1,709,544	186,856	220,500	250,900	446,100	940,494	1,243,523	1,442,117	1,304,000	905,221	1,145,568	1,172,122	1,234,002	1,060,715	478,702	191,036	115,027
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	3,009,500	3,186,700	3,173,500	3,307,700	5,005,900	4,966,700	5,002,500	4,996,500	4,934,600	4,795,300	4,919,600	2,414,920	1,929,360	1,634,070	1,411,080	1,489,710	1,332,700	849,247	611,709	605,199
Return on total capital		-65.85%	-57.79%	-56.82%	-51.68%	3.73%	4.44%	5.02%	8.93%	19.06%	25.93%	29.31%	54.00%	46.92%	70.11%	83.07%	82.84%	79.59%	56.37%	31.23%	19.01%

December 31, 2024 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-1,981,900K ÷ ($—K + $3,009,500K)
= -65.85%

Quidel Corporation's return on total capital has exhibited fluctuations over the years, ranging from a high of 83.07% in June 2021 to a low of -65.85% in December 2024. The company experienced a significant increase in return on total capital from 2019 to 2021, indicating improved efficiency in utilizing its capital to generate profits. However, this trend reversed in the latter half of 2022 and continued to decline into 2024, with negative returns recorded in the last quarters of 2024. This downward trend suggests potential challenges in effectively deploying capital or generating sufficient returns on investments. Investors and stakeholders may need to assess the company's capital allocation strategies and operational performance to understand the factors contributing to these fluctuations in return on total capital.