Saia Inc (SAIA)

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	468,762	446,153	443,739	467,231	470,659	474,407	452,223	390,354	335,985	289,490	238,994	192,071	181,455	157,958	147,730	162,604	153,340	158,676	152,133	142,534
Long-term debt	US$ in thousands	16,100	18,500	21,500	26,700	31,200	34,800	39,300	44,800	50,800	55,400	61,300	66,200	71,200	121,100	161,100	236,000	136,500	165,500	179,700	148,300
Total stockholders’ equity	US$ in thousands	1,941,490	1,849,460	1,746,220	1,650,940	1,579,340	1,506,480	1,403,760	1,291,490	1,220,330	1,144,730	1,063,160	997,618	961,288	918,466	875,090	843,387	815,226	792,371	757,502	717,650
Return on total capital		23.95%	23.88%	25.10%	27.85%	29.22%	30.78%	31.34%	29.21%	26.43%	24.12%	21.25%	18.05%	17.57%	15.19%	14.26%	15.06%	16.11%	16.57%	16.23%	16.46%

December 31, 2023 calculation

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

The return on total capital for Saia Inc. has been relatively stable and strong over the past eight quarters. The ratio ranged from 23.57% to 31.14% during this period, indicating the company's ability to generate significant returns on the total capital employed in its operations. The trend shows a slight decline from 31.14% in Q3 2022 to 23.57% in Q4 2023, with some fluctuations in between.

Overall, Saia Inc. has maintained a healthy return on total capital, reflecting its efficient utilization of both debt and equity to generate profits. This metric indicates the company's effectiveness in generating value for its investors and stakeholders. However, it would be beneficial to further investigate the reasons behind the fluctuations in the ratio to ensure the sustainability of this performance in the future.