TTM Technologies Inc (TTMI)

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	48,421	228,380	115,528	220,800	125,793
Long-term debt	US$ in thousands	914,336	879,407	927,818	842,853	1,225,960
Total stockholders’ equity	US$ in thousands	1,511,040	1,535,580	1,455,420	1,444,010	1,279,040
Return on total capital		2.00%	9.46%	4.85%	9.66%	5.02%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $48,421K ÷ ($914,336K + $1,511,040K)
= 2.00%

TTM Technologies Inc's return on total capital has shown variability over the past five years. The company's return on total capital was 2.00% in 2023, a significant decrease from 9.46% in 2022. This decline suggests that the company may have faced challenges in generating profits relative to its total capital employed.

Looking further back, in 2021, TTM Technologies Inc had a return on total capital of 4.85%, which was lower than the 9.66% recorded in 2020. However, the return improved from 2019 when it was at 5.02%.

The fluctuations in TTM Technologies Inc's return on total capital could indicate changes in the company's efficiency in generating profits from its invested capital over the years. It may be worth further investigation to understand the underlying reasons for these fluctuations to assess the company's financial performance and sustainability.