Teledyne Technologies Incorporated (TDY)

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	1,035,300	1,040,300	1,029,400	1,016,400	997,100	918,700	857,000	726,300	638,000	586,500	518,600	516,900	485,000	474,700	479,800	501,500	494,700	471,700	449,000	426,800
Long-term debt	US$ in thousands	2,644,800	2,794,000	2,903,200	3,520,300	3,620,500	3,618,400	3,645,700	3,831,800	4,099,400	4,441,700	4,742,000	3,243,300	680,900	761,100	750,800	749,100	750,000	719,300	656,200	610,100
Total stockholders’ equity	US$ in thousands	9,221,200	8,721,900	8,579,000	8,365,700	8,169,200	7,688,500	7,861,900	7,832,400	7,622,000	7,416,600	7,312,400	3,336,300	3,228,600	3,026,000	2,879,900	2,753,000	2,714,700	2,571,000	2,473,000	2,349,500
Return on total capital		8.72%	9.03%	8.97%	8.55%	8.46%	8.13%	7.45%	6.23%	5.44%	4.95%	4.30%	7.86%	12.41%	12.53%	13.22%	14.32%	14.28%	14.34%	14.35%	14.42%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $1,035,300K ÷ ($2,644,800K + $9,221,200K)
= 8.72%

Teledyne Technologies Inc's return on total capital has been showing a consistent improvement over the past eight quarters. The company's return on total capital increased steadily from 5.96% in Q1 2022 to 8.30% in Q4 2023. This indicates that the company has been effectively utilizing its capital to generate profits for its shareholders. The upward trend in return on total capital suggests that Teledyne Technologies Inc is becoming more efficient in deploying its resources and managing its investments. Overall, the increasing trend in return on total capital reflects positively on the company's financial performance and management efficiency.