Saia Inc (SAIA)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	468,762	470,659	335,985	181,455	153,340
Long-term debt	US$ in thousands	16,100	31,200	50,800	71,200	136,500
Total stockholders’ equity	US$ in thousands	1,941,490	1,579,340	1,220,330	961,288	815,226
Return on total capital		23.95%	29.22%	26.43%	17.57%	16.11%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $468,762K ÷ ($16,100K + $1,941,490K)
= 23.95%

Saia Inc.'s return on total capital has shown a fluctuating trend over the past five years. The return on total capital was 23.57% in 2023, a decrease from the previous year's 29.22%, but still higher compared to 2021 and 2020 which were 26.07% and 17.22% respectively. The lowest return on total capital was recorded in 2019 at 15.99%.

Overall, Saia Inc. has generally maintained a strong performance in generating returns on its total capital, with the metric consistently above 15% over the past five years. The company's ability to generate a return on total capital above 20% in recent years indicates efficient utilization of both debt and equity capital to generate profits for its shareholders. However, the decrease in 2023 compared to the previous year warrants further investigation to understand the factors contributing to this change and to assess the sustainability of the company's return on total capital in the future.