Vulcan Materials Company (VMC)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	1,427,400	951,400	1,010,800	895,700	877,500
Total assets	US$ in thousands	14,545,700	14,234,600	13,682,600	11,686,900	10,648,800
Operating ROA		9.81%	6.68%	7.39%	7.66%	8.24%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $1,427,400K ÷ $14,545,700K
= 9.81%

The operating return on assets (operating ROA) for Vulcan Materials Co has shown some fluctuations over the past five years. In 2023, the operating ROA was 9.48%, which reflects an improvement compared to the previous year's 7.09%. However, it is important to note that in 2021 and 2020, the operating ROA was slightly lower at 6.51% and 7.63% respectively. The highest operating ROA in the given period was observed in 2019 at 8.02%.

Overall, the increasing trend from 2022 to 2023 indicates that Vulcan Materials Co is becoming more efficient in generating operating income relative to its total assets. This improvement may be attributed to enhanced operational performance, cost management, or other strategic initiatives. However, further analysis of the company's financial and operational performance would be necessary to fully understand the factors impacting its operating ROA.