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DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Adobe Inc., decomposition of ROE
ROE | = | ROA | × | Financial Leverage | |
---|---|---|---|---|---|
Nov 27, 2020 | = | × | |||
Nov 29, 2019 | = | × | |||
Nov 30, 2018 | = | × | |||
Dec 1, 2017 | = | × | |||
Dec 2, 2016 | = | × | |||
Nov 27, 2015 | = | × |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
The primary reason for the increase in return on equity ratio (ROE) over 2020 year is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Adobe Inc., decomposition of ROE
ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
---|---|---|---|---|---|---|---|
Nov 27, 2020 | = | × | × | ||||
Nov 29, 2019 | = | × | × | ||||
Nov 30, 2018 | = | × | × | ||||
Dec 1, 2017 | = | × | × | ||||
Dec 2, 2016 | = | × | × | ||||
Nov 27, 2015 | = | × | × |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
The primary reason for the increase in return on equity ratio (ROE) over 2020 year is the increase in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Adobe Inc., decomposition of ROE
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
The primary reason for the increase in return on equity ratio (ROE) over 2020 year is the increase in effect of taxes measured by tax burden ratio.
Two-Component Disaggregation of ROA
Adobe Inc., decomposition of ROA
ROA | = | Net Profit Margin | × | Asset Turnover | |
---|---|---|---|---|---|
Nov 27, 2020 | = | × | |||
Nov 29, 2019 | = | × | |||
Nov 30, 2018 | = | × | |||
Dec 1, 2017 | = | × | |||
Dec 2, 2016 | = | × | |||
Nov 27, 2015 | = | × |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
The primary reason for the increase in return on assets ratio (ROA) over 2020 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Adobe Inc., decomposition of ROA
ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
---|---|---|---|---|---|---|---|---|---|
Nov 27, 2020 | = | × | × | × | |||||
Nov 29, 2019 | = | × | × | × | |||||
Nov 30, 2018 | = | × | × | × | |||||
Dec 1, 2017 | = | × | × | × | |||||
Dec 2, 2016 | = | × | × | × | |||||
Nov 27, 2015 | = | × | × | × |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
The primary reason for the increase in return on assets ratio (ROA) over 2020 year is the increase in effect of taxes measured by tax burden ratio.
Disaggregation of Net Profit Margin
Adobe Inc., decomposition of net profit margin ratio
Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
---|---|---|---|---|---|---|---|
Nov 27, 2020 | = | × | × | ||||
Nov 29, 2019 | = | × | × | ||||
Nov 30, 2018 | = | × | × | ||||
Dec 1, 2017 | = | × | × | ||||
Dec 2, 2016 | = | × | × | ||||
Nov 27, 2015 | = | × | × |
Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).
The primary reason for the increase in net profit margin ratio over 2020 year is the increase in effect of taxes measured by tax burden ratio.