Figure 2.
The image contains three line graphs displaying quarterly mean and median differences in return on assets between S C and N S C from quarter 2 of 2018 to quarter 4 of 2022. The first graph shows return on assets measured by E B I T D A, where the mean line rises steadily to around 2 percent while the median line remains lower, peaking near 1 percent. The second graph shows return on assets measured by net income, where the mean line fluctuates but trends upward to 2 percent while the median line gradually increases, reaching slightly above 1 percent. The third graph shows return on assets measured by EBIT, following a similar pattern with mean values increasing to about 2 percent and median values peaking near 1.5 percent. Together, the graphs indicate a consistent positive difference between SC and NSC across all measures, with mean values always above medians.Operating performance by fiscal quarter
Source: Authors’ own work