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Walt Disney Co. (DIS) | DuPont Analysis: Decomposition of ROE

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


Two-Component Disaggregation of ROE

Walt Disney Co., decomposition of ROE

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  ROE = ROA × Leverage
Sep 29, 2012 14.29%   7.59%   1.88
Oct 1, 2011 12.86%   6.66%   1.93
Oct 2, 2010 10.56%   5.73%   1.84
Oct 3, 2009 9.80%   5.24%   1.87
Sep 27, 2008 13.70%   7.08%   1.93
Sep 29, 2007 15.24%   7.69%   1.98

Source: Based on data from Walt Disney Co. Annual Reports

 

The primary reason for the decrease in Return on Equity (ROE) over 2012 year is the decrease in profitability measured by Return on Assets (ROA).

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Three-Component Disaggregation of ROE

Walt Disney Co., decomposition of ROE

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  ROE = Net Profit Margin × Asset Turnover × Leverage
Sep 29, 2012 14.29%   13.44%   0.56   1.88
Oct 1, 2011 12.86%   11.76%   0.57   1.93
Oct 2, 2010 10.56%   10.41%   0.55   1.84
Oct 3, 2009 9.80%   9.15%   0.57   1.87
Sep 27, 2008 13.70%   11.70%   0.61   1.93
Sep 29, 2007 15.24%   13.20%   0.58   1.98

Source: Based on data from Walt Disney Co. Annual Reports

 

The primary reason for the decrease in Return on Equity (ROE) over 2012 year is the decrease in profitability measured by Net Profit Margin.

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Five-Component Disaggregation of ROE

Walt Disney Co., decomposition of ROE

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  ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Sep 29, 2012 14.29%   0.65   0.95   21.86%   0.56   1.88
Oct 1, 2011 12.86%   0.63   0.95   19.63%   0.57   1.93
Oct 2, 2010 10.56%   0.63   0.93   17.69%   0.55   1.84
Oct 3, 2009 9.80%   0.62   0.90   16.44%   0.57   1.87
Sep 27, 2008 13.70%   0.62   0.91   20.64%   0.61   1.93
Sep 29, 2007 15.24%   0.62   0.91   23.39%   0.58   1.98

Source: Based on data from Walt Disney Co. Annual Reports

 

The primary reason for the decrease in Return on Equity (ROE) over 2012 year is the decrease in operating profitability measured by EBIT Margin.

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Two-Way Decomposition of ROA

Walt Disney Co., decomposition of ROA

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  ROA = Net Profit Margin × Asset Turnover
Sep 29, 2012 7.59%   13.44%   0.56
Oct 1, 2011 6.66%   11.76%   0.57
Oct 2, 2010 5.73%   10.41%   0.55
Oct 3, 2009 5.24%   9.15%   0.57
Sep 27, 2008 7.08%   11.70%   0.61
Sep 29, 2007 7.69%   13.20%   0.58

Source: Based on data from Walt Disney Co. Annual Reports

 

The primary reason for the decrease in Return on Assets (ROA) over 2012 year is the decrease in profitability measured by Net Profit Margin.

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Four-Way Decomposition of ROA

Walt Disney Co., decomposition of ROA

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  ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 29, 2012 7.59%   0.65   0.95   21.86%   0.56
Oct 1, 2011 6.66%   0.63   0.95   19.63%   0.57
Oct 2, 2010 5.73%   0.63   0.93   17.69%   0.55
Oct 3, 2009 5.24%   0.62   0.90   16.44%   0.57
Sep 27, 2008 7.08%   0.62   0.91   20.64%   0.61
Sep 29, 2007 7.69%   0.62   0.91   23.39%   0.58

Source: Based on data from Walt Disney Co. Annual Reports

 

The primary reason for the decrease in Return on Assets (ROA) over 2012 year is the decrease in operating profitability measured by EBIT Margin.

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Decomposition of Net Profit Margin

Walt Disney Co., decomposition of Net Profit Margin

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  Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 29, 2012 13.44%   0.65   0.95   21.86%
Oct 1, 2011 11.76%   0.63   0.95   19.63%
Oct 2, 2010 10.41%   0.63   0.93   17.69%
Oct 3, 2009 9.15%   0.62   0.90   16.44%
Sep 27, 2008 11.70%   0.62   0.91   20.64%
Sep 29, 2007 13.20%   0.62   0.91   23.39%

Source: Based on data from Walt Disney Co. Annual Reports

 

The primary reason for the decrease in Net Profit Margin over 2012 year is the decrease in operating profitability measured by EBIT Margin.

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