Schneider National Inc (SNDR)

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	320,300	613,600	554,500	296,500	214,700
Long-term debt	US$ in thousands	190,000	135,000	—	—	304,600
Total stockholders’ equity	US$ in thousands	2,956,800	2,837,200	2,423,800	2,055,500	2,236,400
Return on total capital		10.18%	20.64%	22.88%	14.42%	8.45%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $320,300K ÷ ($190,000K + $2,956,800K)
= 10.18%

Schneider National Inc's return on total capital has shown fluctuations over the past five years, ranging from a low of 8.45% in 2019 to a high of 22.88% in 2021. The return on total capital decreased to 14.42% in 2020 and further declined to 10.18% in 2023. This indicates that the company's ability to generate profits from its total invested capital has varied over the years, with a general trend of improvement from 2019 to 2021 followed by a decline in recent years. Further analysis and comparison with industry peers would be beneficial to understand the factors contributing to these fluctuations in return on total capital.