Teledyne Technologies Incorporated (TDY)

Return on total capital

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Earnings before interest and tax (EBIT)	US$ in thousands	995,800	1,044,400	1,003,000	610,200	488,900
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	9,549,400	9,221,200	8,158,200	7,622,000	3,228,600
Return on total capital		10.43%	11.33%	12.29%	8.01%	15.14%

December 31, 2024 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $995,800K ÷ ($—K + $9,549,400K)
= 10.43%

Teledyne Technologies Incorporated's return on total capital has shown fluctuations over the past five years. It stood at 15.14% as of December 31, 2020, indicating strong efficiency in generating profits relative to the capital invested. However, there was a notable decline to 8.01% as of December 31, 2021, suggesting a decrease in profitability or possibly an increase in the capital base.

In the subsequent years, the return on total capital improved gradually, reaching 12.29% as of December 31, 2022, and 11.33% as of December 31, 2023. This indicates a recovery in the company's ability to generate returns on its total capital. However, by December 31, 2024, the return on total capital declined slightly to 10.43%, although it remained above the 10% threshold, signaling continued efficiency in capital utilization.

Overall, Teledyne Technologies Incorporated has demonstrated a mixed performance in terms of return on total capital over the past five years, with fluctuations reflecting changes in profitability and capital structure. Continued monitoring and analysis of this metric will be essential to assess the company's financial health and efficiency in utilizing its total capital resources.