Waters Corporation (WAT)

Operating return on assets (Operating ROA)

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Operating income (ttm)	US$ in thousands	826,353	798,313	766,607	777,354	817,676	839,736	852,320	852,093	873,395	849,312	849,117	845,907	821,707	823,218	789,787	748,479	645,489	618,195	633,046	655,586
Total assets	US$ in thousands	4,553,800	4,511,620	4,449,050	4,508,960	4,626,850	4,497,180	4,548,200	3,306,820	3,281,450	3,070,050	3,040,570	3,041,270	3,094,930	3,115,920	3,103,650	3,211,560	2,839,920	2,679,290	2,648,300	2,666,520
Operating ROA		18.15%	17.69%	17.23%	17.24%	17.67%	18.67%	18.74%	25.77%	26.62%	27.66%	27.93%	27.81%	26.55%	26.42%	25.45%	23.31%	22.73%	23.07%	23.90%	24.59%

December 31, 2024 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $826,353K ÷ $4,553,800K
= 18.15%

The operating return on assets (ROA) of Waters Corporation has shown a fluctuating trend over the period from March 31, 2020, to December 31, 2024. The operating ROA started at 24.59% in March 2020 and experienced a gradual decrease to 22.73% by December 2020. However, from March 2021 to June 2022, there was a consistent increase in operating ROA, reaching its peak of 27.93% in June 2022.

Subsequently, the operating ROA experienced a decline from September 2022 to December 2024, falling to 18.15% by the end of December 2024. The company's operating ROA has shown some volatility, indicating potential fluctuations in the profitability of the company's operations relative to its asset base during the period under review. The decrease in operating ROA towards the end of the period may warrant further analysis to understand the underlying reasons for the decline and to assess the company's operational efficiency and profitability.