Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Boeing Co., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 — = -1.62% × —
Dec 31, 2022 — = -3.60% × —
Dec 31, 2021 — = -3.03% × —
Dec 31, 2020 — = -7.80% × —
Dec 31, 2019 — = -0.48% × —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Three-Component Disaggregation of ROE

Boeing Co., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 — = -2.86% × 0.57 × —
Dec 31, 2022 — = -7.41% × 0.49 × —
Dec 31, 2021 — = -6.75% × 0.45 × —
Dec 31, 2020 — = -20.42% × 0.38 × —
Dec 31, 2019 — = -0.83% × 0.57 × —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Five-Component Disaggregation of ROE

Boeing Co., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 — = — × -4.19 × 0.61% × 0.57 × —
Dec 31, 2022 — = — × — × -3.56% × 0.49 × —
Dec 31, 2021 — = — × — × -3.63% × 0.45 × —
Dec 31, 2020 — = — × — × -21.07% × 0.38 × —
Dec 31, 2019 — = — × — × -2.01% × 0.57 × —

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Two-Component Disaggregation of ROA

Boeing Co., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 -1.62% = -2.86% × 0.57
Dec 31, 2022 -3.60% = -7.41% × 0.49
Dec 31, 2021 -3.03% = -6.75% × 0.45
Dec 31, 2020 -7.80% = -20.42% × 0.38
Dec 31, 2019 -0.48% = -0.83% × 0.57

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Four-Component Disaggregation of ROA

Boeing Co., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 -1.62% = — × -4.19 × 0.61% × 0.57
Dec 31, 2022 -3.60% = — × — × -3.56% × 0.49
Dec 31, 2021 -3.03% = — × — × -3.63% × 0.45
Dec 31, 2020 -7.80% = — × — × -21.07% × 0.38
Dec 31, 2019 -0.48% = — × — × -2.01% × 0.57

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Disaggregation of Net Profit Margin

Boeing Co., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 -2.86% = — × -4.19 × 0.61%
Dec 31, 2022 -7.41% = — × — × -3.56%
Dec 31, 2021 -6.75% = — × — × -3.63%
Dec 31, 2020 -20.42% = — × — × -21.07%
Dec 31, 2019 -0.83% = — × — × -2.01%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).