DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit MarginQuarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Thermo Fisher Scientific Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Mar 30, 2024
13.26%
=
6.21%
×
2.13
Dec 31, 2023
12.83%
=
6.07%
×
2.11
Sep 30, 2023
13.11%
=
6.12%
×
2.14
Jul 1, 2023
13.08%
=
6.08%
×
2.15
Apr 1, 2023
14.26%
=
6.36%
×
2.24
Dec 31, 2022
15.80%
=
7.15%
×
2.21
Oct 1, 2022
16.15%
=
7.77%
×
2.08
Jul 2, 2022
17.59%
=
8.21%
×
2.14
Apr 2, 2022
18.56%
=
8.20%
×
2.26
Dec 31, 2021
18.94%
=
8.12%
×
2.33
Oct 2, 2021
22.13%
=
11.64%
×
1.90
Jul 3, 2021
23.32%
=
12.70%
×
1.84
Apr 3, 2021
22.60%
=
12.02%
×
1.88
Dec 31, 2020
18.47%
=
9.23%
×
2.00
Sep 26, 2020
15.33%
=
7.62%
×
2.01
Jun 27, 2020
12.41%
=
6.02%
×
2.06
Mar 28, 2020
12.85%
=
6.25%
×
2.05
Dec 31, 2019
12.45%
=
6.33%
×
1.97
Sep 28, 2019
—
=
—
×
1.93
Jun 29, 2019
—
=
—
×
2.02
Mar 30, 2019
—
=
—
×
2.01
Based on:
10-Q (reporting date: 2024-03-30) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-07-01) ,
10-Q (reporting date: 2023-04-01) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-10-01) ,
10-Q (reporting date: 2022-07-02) ,
10-Q (reporting date: 2022-04-02) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-10-02) ,
10-Q (reporting date: 2021-07-03) ,
10-Q (reporting date: 2021-04-03) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-26) ,
10-Q (reporting date: 2020-06-27) ,
10-Q (reporting date: 2020-03-28) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-28) ,
10-Q (reporting date: 2019-06-29) ,
10-Q (reporting date: 2019-03-30) .
The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Thermo Fisher Scientific Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Mar 30, 2024
13.26%
=
14.20%
×
0.44
×
2.13
Dec 31, 2023
12.83%
=
13.99%
×
0.43
×
2.11
Sep 30, 2023
13.11%
=
13.68%
×
0.45
×
2.14
Jul 1, 2023
13.08%
=
13.14%
×
0.46
×
2.15
Apr 1, 2023
14.26%
=
13.75%
×
0.46
×
2.24
Dec 31, 2022
15.80%
=
15.47%
×
0.46
×
2.21
Oct 1, 2022
16.15%
=
15.92%
×
0.49
×
2.08
Jul 2, 2022
17.59%
=
17.37%
×
0.47
×
2.14
Apr 2, 2022
18.56%
=
18.49%
×
0.44
×
2.26
Dec 31, 2021
18.94%
=
19.70%
×
0.41
×
2.33
Oct 2, 2021
22.13%
=
21.93%
×
0.53
×
1.90
Jul 3, 2021
23.32%
=
22.47%
×
0.57
×
1.84
Apr 3, 2021
22.60%
=
22.08%
×
0.54
×
1.88
Dec 31, 2020
18.47%
=
19.79%
×
0.47
×
2.00
Sep 26, 2020
15.33%
=
17.12%
×
0.44
×
2.01
Jun 27, 2020
12.41%
=
14.12%
×
0.43
×
2.06
Mar 28, 2020
12.85%
=
14.31%
×
0.44
×
2.05
Dec 31, 2019
12.45%
=
14.47%
×
0.44
×
1.97
Sep 28, 2019
—
=
—
×
—
×
1.93
Jun 29, 2019
—
=
—
×
—
×
2.02
Mar 30, 2019
—
=
—
×
—
×
2.01
Based on:
10-Q (reporting date: 2024-03-30) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-07-01) ,
10-Q (reporting date: 2023-04-01) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-10-01) ,
10-Q (reporting date: 2022-07-02) ,
10-Q (reporting date: 2022-04-02) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-10-02) ,
10-Q (reporting date: 2021-07-03) ,
10-Q (reporting date: 2021-04-03) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-26) ,
10-Q (reporting date: 2020-06-27) ,
10-Q (reporting date: 2020-03-28) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-28) ,
10-Q (reporting date: 2019-06-29) ,
10-Q (reporting date: 2019-03-30) .
The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Thermo Fisher Scientific Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Mar 30, 2024
13.26%
=
0.92
×
0.82
×
18.81%
×
0.44
×
2.13
Dec 31, 2023
12.83%
=
0.95
×
0.82
×
17.86%
×
0.43
×
2.11
Sep 30, 2023
13.11%
=
0.95
×
0.83
×
17.32%
×
0.45
×
2.14
Jul 1, 2023
13.08%
=
0.95
×
0.85
×
16.29%
×
0.46
×
2.15
Apr 1, 2023
14.26%
=
0.93
×
0.88
×
16.81%
×
0.46
×
2.24
Dec 31, 2022
15.80%
=
0.91
×
0.91
×
18.66%
×
0.46
×
2.21
Oct 1, 2022
16.15%
=
0.91
×
0.93
×
18.98%
×
0.49
×
2.08
Jul 2, 2022
17.59%
=
0.88
×
0.94
×
20.98%
×
0.47
×
2.14
Apr 2, 2022
18.56%
=
0.88
×
0.94
×
22.24%
×
0.44
×
2.26
Dec 31, 2021
18.94%
=
0.87
×
0.94
×
23.90%
×
0.41
×
2.33
Oct 2, 2021
22.13%
=
0.87
×
0.95
×
26.59%
×
0.53
×
1.90
Jul 3, 2021
23.32%
=
0.86
×
0.95
×
27.40%
×
0.57
×
1.84
Apr 3, 2021
22.60%
=
0.87
×
0.94
×
27.03%
×
0.54
×
1.88
Dec 31, 2020
18.47%
=
0.88
×
0.93
×
24.14%
×
0.47
×
2.00
Sep 26, 2020
15.33%
=
0.91
×
0.91
×
20.77%
×
0.44
×
2.01
Jun 27, 2020
12.41%
=
0.94
×
0.87
×
17.18%
×
0.43
×
2.06
Mar 28, 2020
12.85%
=
0.90
×
0.87
×
18.30%
×
0.44
×
2.05
Dec 31, 2019
12.45%
=
0.91
×
0.86
×
18.58%
×
0.44
×
1.97
Sep 28, 2019
—
=
—
×
—
×
—
×
—
×
1.93
Jun 29, 2019
—
=
—
×
—
×
—
×
—
×
2.02
Mar 30, 2019
—
=
—
×
—
×
—
×
—
×
2.01
Based on:
10-Q (reporting date: 2024-03-30) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-07-01) ,
10-Q (reporting date: 2023-04-01) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-10-01) ,
10-Q (reporting date: 2022-07-02) ,
10-Q (reporting date: 2022-04-02) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-10-02) ,
10-Q (reporting date: 2021-07-03) ,
10-Q (reporting date: 2021-04-03) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-26) ,
10-Q (reporting date: 2020-06-27) ,
10-Q (reporting date: 2020-03-28) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-28) ,
10-Q (reporting date: 2019-06-29) ,
10-Q (reporting date: 2019-03-30) .
The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Thermo Fisher Scientific Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Mar 30, 2024
6.21%
=
14.20%
×
0.44
Dec 31, 2023
6.07%
=
13.99%
×
0.43
Sep 30, 2023
6.12%
=
13.68%
×
0.45
Jul 1, 2023
6.08%
=
13.14%
×
0.46
Apr 1, 2023
6.36%
=
13.75%
×
0.46
Dec 31, 2022
7.15%
=
15.47%
×
0.46
Oct 1, 2022
7.77%
=
15.92%
×
0.49
Jul 2, 2022
8.21%
=
17.37%
×
0.47
Apr 2, 2022
8.20%
=
18.49%
×
0.44
Dec 31, 2021
8.12%
=
19.70%
×
0.41
Oct 2, 2021
11.64%
=
21.93%
×
0.53
Jul 3, 2021
12.70%
=
22.47%
×
0.57
Apr 3, 2021
12.02%
=
22.08%
×
0.54
Dec 31, 2020
9.23%
=
19.79%
×
0.47
Sep 26, 2020
7.62%
=
17.12%
×
0.44
Jun 27, 2020
6.02%
=
14.12%
×
0.43
Mar 28, 2020
6.25%
=
14.31%
×
0.44
Dec 31, 2019
6.33%
=
14.47%
×
0.44
Sep 28, 2019
—
=
—
×
—
Jun 29, 2019
—
=
—
×
—
Mar 30, 2019
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-03-30) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-07-01) ,
10-Q (reporting date: 2023-04-01) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-10-01) ,
10-Q (reporting date: 2022-07-02) ,
10-Q (reporting date: 2022-04-02) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-10-02) ,
10-Q (reporting date: 2021-07-03) ,
10-Q (reporting date: 2021-04-03) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-26) ,
10-Q (reporting date: 2020-06-27) ,
10-Q (reporting date: 2020-03-28) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-28) ,
10-Q (reporting date: 2019-06-29) ,
10-Q (reporting date: 2019-03-30) .
The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Thermo Fisher Scientific Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Mar 30, 2024
6.21%
=
0.92
×
0.82
×
18.81%
×
0.44
Dec 31, 2023
6.07%
=
0.95
×
0.82
×
17.86%
×
0.43
Sep 30, 2023
6.12%
=
0.95
×
0.83
×
17.32%
×
0.45
Jul 1, 2023
6.08%
=
0.95
×
0.85
×
16.29%
×
0.46
Apr 1, 2023
6.36%
=
0.93
×
0.88
×
16.81%
×
0.46
Dec 31, 2022
7.15%
=
0.91
×
0.91
×
18.66%
×
0.46
Oct 1, 2022
7.77%
=
0.91
×
0.93
×
18.98%
×
0.49
Jul 2, 2022
8.21%
=
0.88
×
0.94
×
20.98%
×
0.47
Apr 2, 2022
8.20%
=
0.88
×
0.94
×
22.24%
×
0.44
Dec 31, 2021
8.12%
=
0.87
×
0.94
×
23.90%
×
0.41
Oct 2, 2021
11.64%
=
0.87
×
0.95
×
26.59%
×
0.53
Jul 3, 2021
12.70%
=
0.86
×
0.95
×
27.40%
×
0.57
Apr 3, 2021
12.02%
=
0.87
×
0.94
×
27.03%
×
0.54
Dec 31, 2020
9.23%
=
0.88
×
0.93
×
24.14%
×
0.47
Sep 26, 2020
7.62%
=
0.91
×
0.91
×
20.77%
×
0.44
Jun 27, 2020
6.02%
=
0.94
×
0.87
×
17.18%
×
0.43
Mar 28, 2020
6.25%
=
0.90
×
0.87
×
18.30%
×
0.44
Dec 31, 2019
6.33%
=
0.91
×
0.86
×
18.58%
×
0.44
Sep 28, 2019
—
=
—
×
—
×
—
×
—
Jun 29, 2019
—
=
—
×
—
×
—
×
—
Mar 30, 2019
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-03-30) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-07-01) ,
10-Q (reporting date: 2023-04-01) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-10-01) ,
10-Q (reporting date: 2022-07-02) ,
10-Q (reporting date: 2022-04-02) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-10-02) ,
10-Q (reporting date: 2021-07-03) ,
10-Q (reporting date: 2021-04-03) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-26) ,
10-Q (reporting date: 2020-06-27) ,
10-Q (reporting date: 2020-03-28) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-28) ,
10-Q (reporting date: 2019-06-29) ,
10-Q (reporting date: 2019-03-30) .
The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Thermo Fisher Scientific Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Mar 30, 2024
14.20%
=
0.92
×
0.82
×
18.81%
Dec 31, 2023
13.99%
=
0.95
×
0.82
×
17.86%
Sep 30, 2023
13.68%
=
0.95
×
0.83
×
17.32%
Jul 1, 2023
13.14%
=
0.95
×
0.85
×
16.29%
Apr 1, 2023
13.75%
=
0.93
×
0.88
×
16.81%
Dec 31, 2022
15.47%
=
0.91
×
0.91
×
18.66%
Oct 1, 2022
15.92%
=
0.91
×
0.93
×
18.98%
Jul 2, 2022
17.37%
=
0.88
×
0.94
×
20.98%
Apr 2, 2022
18.49%
=
0.88
×
0.94
×
22.24%
Dec 31, 2021
19.70%
=
0.87
×
0.94
×
23.90%
Oct 2, 2021
21.93%
=
0.87
×
0.95
×
26.59%
Jul 3, 2021
22.47%
=
0.86
×
0.95
×
27.40%
Apr 3, 2021
22.08%
=
0.87
×
0.94
×
27.03%
Dec 31, 2020
19.79%
=
0.88
×
0.93
×
24.14%
Sep 26, 2020
17.12%
=
0.91
×
0.91
×
20.77%
Jun 27, 2020
14.12%
=
0.94
×
0.87
×
17.18%
Mar 28, 2020
14.31%
=
0.90
×
0.87
×
18.30%
Dec 31, 2019
14.47%
=
0.91
×
0.86
×
18.58%
Sep 28, 2019
—
=
—
×
—
×
—
Jun 29, 2019
—
=
—
×
—
×
—
Mar 30, 2019
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-03-30) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-07-01) ,
10-Q (reporting date: 2023-04-01) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-10-01) ,
10-Q (reporting date: 2022-07-02) ,
10-Q (reporting date: 2022-04-02) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-10-02) ,
10-Q (reporting date: 2021-07-03) ,
10-Q (reporting date: 2021-04-03) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-26) ,
10-Q (reporting date: 2020-06-27) ,
10-Q (reporting date: 2020-03-28) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-28) ,
10-Q (reporting date: 2019-06-29) ,
10-Q (reporting date: 2019-03-30) .
The primary reason for the increase in net profit margin ratio over Q1 2024 is the increase in operating profitability measured by EBIT margin ratio.