ROA — Return on Assets

Formula: ROA = total consolidated net income / average total assets

• Net income = CVM account 3.11 (TOTAL consolidated, includes the non-controlling interests' share). It is the base that is coherent with the denominator: total assets belong to the whole group, so the correct numerator is total income. It differs from roe, which uses income attributable to the CONTROLLING shareholders (3.11.01) over the controlling shareholders' equity — different bases, both correct.
• Total assets = CVM account 1 of the balance sheet.
• Average: assets at the end of the previous year and at the end of the current year. First year of the series: the ending value only, flag ativo_final_sem_media.

ROA says how much profit the company generates for each real of assets — how productive the balance sheet is, regardless of how it was financed (debt or equity). That is why it complements ROE: a high ROE with a low ROA is usually leverage, not operating efficiency. For a bank/insurer in the intermediation business the number uses the same total income and the total assets of the financial chart of accounts.

Source, treatment and limitations: see fontes_e_padronizacao.md.