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.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Adobe Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Mar 1, 2024
31.05%
=
16.70%
×
1.86
Dec 1, 2023
32.86%
=
18.23%
×
1.80
Sep 1, 2023
32.46%
=
17.60%
×
1.84
Jun 2, 2023
32.71%
=
17.44%
×
1.88
Mar 3, 2023
33.35%
=
17.76%
×
1.88
Dec 2, 2022
33.85%
=
17.51%
×
1.93
Sep 2, 2022
33.49%
=
18.00%
×
1.86
Jun 3, 2022
34.96%
=
18.57%
×
1.88
Mar 4, 2022
35.04%
=
18.58%
×
1.89
Dec 3, 2021
32.59%
=
17.70%
×
1.84
Sep 3, 2021
40.51%
=
22.33%
×
1.81
Jun 4, 2021
40.30%
=
21.82%
×
1.85
Mar 5, 2021
41.09%
=
22.28%
×
1.84
Nov 27, 2020
39.66%
=
21.66%
×
1.83
Aug 28, 2020
32.97%
=
17.23%
×
1.91
May 29, 2020
34.00%
=
17.13%
×
1.99
Feb 28, 2020
30.89%
=
15.24%
×
2.03
Nov 29, 2019
28.03%
=
14.22%
×
1.97
Aug 30, 2019
27.12%
=
13.85%
×
1.96
May 31, 2019
26.70%
=
13.48%
×
1.98
Mar 1, 2019
27.17%
=
13.75%
×
1.98
Nov 30, 2018
27.67%
=
13.80%
×
2.00
Aug 31, 2018
—
=
—
×
1.74
Jun 1, 2018
—
=
—
×
1.74
Mar 2, 2018
—
=
—
×
1.73
Based on:
10-Q (reporting date: 2024-03-01) ,
10-K (reporting date: 2023-12-01) ,
10-Q (reporting date: 2023-09-01) ,
10-Q (reporting date: 2023-06-02) ,
10-Q (reporting date: 2023-03-03) ,
10-K (reporting date: 2022-12-02) ,
10-Q (reporting date: 2022-09-02) ,
10-Q (reporting date: 2022-06-03) ,
10-Q (reporting date: 2022-03-04) ,
10-K (reporting date: 2021-12-03) ,
10-Q (reporting date: 2021-09-03) ,
10-Q (reporting date: 2021-06-04) ,
10-Q (reporting date: 2021-03-05) ,
10-K (reporting date: 2020-11-27) ,
10-Q (reporting date: 2020-08-28) ,
10-Q (reporting date: 2020-05-29) ,
10-Q (reporting date: 2020-02-28) ,
10-K (reporting date: 2019-11-29) ,
10-Q (reporting date: 2019-08-30) ,
10-Q (reporting date: 2019-05-31) ,
10-Q (reporting date: 2019-03-01) ,
10-K (reporting date: 2018-11-30) ,
10-Q (reporting date: 2018-08-31) ,
10-Q (reporting date: 2018-06-01) ,
10-Q (reporting date: 2018-03-02) .
The primary reason for the decrease in return on equity ratio (ROE) over Q1 2024 is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Adobe Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Mar 1, 2024
31.05%
=
24.08%
×
0.69
×
1.86
Dec 1, 2023
32.86%
=
27.97%
×
0.65
×
1.80
Sep 1, 2023
32.46%
=
27.12%
×
0.65
×
1.84
Jun 2, 2023
32.71%
=
26.34%
×
0.66
×
1.88
Mar 3, 2023
33.35%
=
26.32%
×
0.67
×
1.88
Dec 2, 2022
33.85%
=
27.01%
×
0.65
×
1.93
Sep 2, 2022
33.49%
=
28.00%
×
0.64
×
1.86
Jun 3, 2022
34.96%
=
29.29%
×
0.63
×
1.88
Mar 4, 2022
35.04%
=
29.90%
×
0.62
×
1.89
Dec 3, 2021
32.59%
=
30.55%
×
0.58
×
1.84
Sep 3, 2021
40.51%
=
38.67%
×
0.58
×
1.81
Jun 4, 2021
40.30%
=
38.79%
×
0.56
×
1.85
Mar 5, 2021
41.09%
=
40.68%
×
0.55
×
1.84
Nov 27, 2020
39.66%
=
40.88%
×
0.53
×
1.83
Aug 28, 2020
32.97%
=
31.05%
×
0.55
×
1.91
May 29, 2020
34.00%
=
30.71%
×
0.56
×
1.99
Feb 28, 2020
30.89%
=
27.72%
×
0.55
×
2.03
Nov 29, 2019
28.03%
=
26.42%
×
0.54
×
1.97
Aug 30, 2019
27.12%
=
26.10%
×
0.53
×
1.96
May 31, 2019
26.70%
=
26.25%
×
0.51
×
1.98
Mar 1, 2019
27.17%
=
28.08%
×
0.49
×
1.98
Nov 30, 2018
27.67%
=
28.69%
×
0.48
×
2.00
Aug 31, 2018
—
=
—
×
—
×
1.74
Jun 1, 2018
—
=
—
×
—
×
1.74
Mar 2, 2018
—
=
—
×
—
×
1.73
Based on:
10-Q (reporting date: 2024-03-01) ,
10-K (reporting date: 2023-12-01) ,
10-Q (reporting date: 2023-09-01) ,
10-Q (reporting date: 2023-06-02) ,
10-Q (reporting date: 2023-03-03) ,
10-K (reporting date: 2022-12-02) ,
10-Q (reporting date: 2022-09-02) ,
10-Q (reporting date: 2022-06-03) ,
10-Q (reporting date: 2022-03-04) ,
10-K (reporting date: 2021-12-03) ,
10-Q (reporting date: 2021-09-03) ,
10-Q (reporting date: 2021-06-04) ,
10-Q (reporting date: 2021-03-05) ,
10-K (reporting date: 2020-11-27) ,
10-Q (reporting date: 2020-08-28) ,
10-Q (reporting date: 2020-05-29) ,
10-Q (reporting date: 2020-02-28) ,
10-K (reporting date: 2019-11-29) ,
10-Q (reporting date: 2019-08-30) ,
10-Q (reporting date: 2019-05-31) ,
10-Q (reporting date: 2019-03-01) ,
10-K (reporting date: 2018-11-30) ,
10-Q (reporting date: 2018-08-31) ,
10-Q (reporting date: 2018-06-01) ,
10-Q (reporting date: 2018-03-02) .
The primary reason for the decrease in return on equity ratio (ROE) over Q1 2024 is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Adobe Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Mar 1, 2024
31.05%
=
0.78
×
0.98
×
31.49%
×
0.69
×
1.86
Dec 1, 2023
32.86%
=
0.80
×
0.98
×
35.61%
×
0.65
×
1.80
Sep 1, 2023
32.46%
=
0.79
×
0.98
×
35.06%
×
0.65
×
1.84
Jun 2, 2023
32.71%
=
0.78
×
0.98
×
34.38%
×
0.66
×
1.88
Mar 3, 2023
33.35%
=
0.78
×
0.98
×
34.33%
×
0.67
×
1.88
Dec 2, 2022
33.85%
=
0.79
×
0.98
×
34.76%
×
0.65
×
1.93
Sep 2, 2022
33.49%
=
0.81
×
0.98
×
35.31%
×
0.64
×
1.86
Jun 3, 2022
34.96%
=
0.83
×
0.98
×
36.13%
×
0.63
×
1.88
Mar 4, 2022
35.04%
=
0.83
×
0.98
×
36.71%
×
0.62
×
1.89
Dec 3, 2021
32.59%
=
0.85
×
0.98
×
36.86%
×
0.58
×
1.84
Sep 3, 2021
40.51%
=
1.07
×
0.98
×
36.73%
×
0.58
×
1.81
Jun 4, 2021
40.30%
=
1.10
×
0.98
×
36.06%
×
0.56
×
1.85
Mar 5, 2021
41.09%
=
1.19
×
0.98
×
35.10%
×
0.55
×
1.84
Nov 27, 2020
39.66%
=
1.26
×
0.97
×
33.35%
×
0.53
×
1.83
Aug 28, 2020
32.97%
=
0.98
×
0.97
×
32.66%
×
0.55
×
1.91
May 29, 2020
34.00%
=
1.00
×
0.96
×
31.94%
×
0.56
×
1.99
Feb 28, 2020
30.89%
=
0.94
×
0.96
×
30.62%
×
0.55
×
2.03
Nov 29, 2019
28.03%
=
0.92
×
0.95
×
30.09%
×
0.54
×
1.97
Aug 30, 2019
27.12%
=
0.94
×
0.95
×
29.08%
×
0.53
×
1.96
May 31, 2019
26.70%
=
0.94
×
0.96
×
29.14%
×
0.51
×
1.98
Mar 1, 2019
27.17%
=
0.96
×
0.96
×
30.40%
×
0.49
×
1.98
Nov 30, 2018
27.67%
=
0.93
×
0.97
×
31.93%
×
0.48
×
2.00
Aug 31, 2018
—
=
—
×
—
×
—
×
—
×
1.74
Jun 1, 2018
—
=
—
×
—
×
—
×
—
×
1.74
Mar 2, 2018
—
=
—
×
—
×
—
×
—
×
1.73
Based on:
10-Q (reporting date: 2024-03-01) ,
10-K (reporting date: 2023-12-01) ,
10-Q (reporting date: 2023-09-01) ,
10-Q (reporting date: 2023-06-02) ,
10-Q (reporting date: 2023-03-03) ,
10-K (reporting date: 2022-12-02) ,
10-Q (reporting date: 2022-09-02) ,
10-Q (reporting date: 2022-06-03) ,
10-Q (reporting date: 2022-03-04) ,
10-K (reporting date: 2021-12-03) ,
10-Q (reporting date: 2021-09-03) ,
10-Q (reporting date: 2021-06-04) ,
10-Q (reporting date: 2021-03-05) ,
10-K (reporting date: 2020-11-27) ,
10-Q (reporting date: 2020-08-28) ,
10-Q (reporting date: 2020-05-29) ,
10-Q (reporting date: 2020-02-28) ,
10-K (reporting date: 2019-11-29) ,
10-Q (reporting date: 2019-08-30) ,
10-Q (reporting date: 2019-05-31) ,
10-Q (reporting date: 2019-03-01) ,
10-K (reporting date: 2018-11-30) ,
10-Q (reporting date: 2018-08-31) ,
10-Q (reporting date: 2018-06-01) ,
10-Q (reporting date: 2018-03-02) .
The primary reason for the decrease in return on equity ratio (ROE) over Q1 2024 is the decrease in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Adobe Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Mar 1, 2024
16.70%
=
24.08%
×
0.69
Dec 1, 2023
18.23%
=
27.97%
×
0.65
Sep 1, 2023
17.60%
=
27.12%
×
0.65
Jun 2, 2023
17.44%
=
26.34%
×
0.66
Mar 3, 2023
17.76%
=
26.32%
×
0.67
Dec 2, 2022
17.51%
=
27.01%
×
0.65
Sep 2, 2022
18.00%
=
28.00%
×
0.64
Jun 3, 2022
18.57%
=
29.29%
×
0.63
Mar 4, 2022
18.58%
=
29.90%
×
0.62
Dec 3, 2021
17.70%
=
30.55%
×
0.58
Sep 3, 2021
22.33%
=
38.67%
×
0.58
Jun 4, 2021
21.82%
=
38.79%
×
0.56
Mar 5, 2021
22.28%
=
40.68%
×
0.55
Nov 27, 2020
21.66%
=
40.88%
×
0.53
Aug 28, 2020
17.23%
=
31.05%
×
0.55
May 29, 2020
17.13%
=
30.71%
×
0.56
Feb 28, 2020
15.24%
=
27.72%
×
0.55
Nov 29, 2019
14.22%
=
26.42%
×
0.54
Aug 30, 2019
13.85%
=
26.10%
×
0.53
May 31, 2019
13.48%
=
26.25%
×
0.51
Mar 1, 2019
13.75%
=
28.08%
×
0.49
Nov 30, 2018
13.80%
=
28.69%
×
0.48
Aug 31, 2018
—
=
—
×
—
Jun 1, 2018
—
=
—
×
—
Mar 2, 2018
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-03-01) ,
10-K (reporting date: 2023-12-01) ,
10-Q (reporting date: 2023-09-01) ,
10-Q (reporting date: 2023-06-02) ,
10-Q (reporting date: 2023-03-03) ,
10-K (reporting date: 2022-12-02) ,
10-Q (reporting date: 2022-09-02) ,
10-Q (reporting date: 2022-06-03) ,
10-Q (reporting date: 2022-03-04) ,
10-K (reporting date: 2021-12-03) ,
10-Q (reporting date: 2021-09-03) ,
10-Q (reporting date: 2021-06-04) ,
10-Q (reporting date: 2021-03-05) ,
10-K (reporting date: 2020-11-27) ,
10-Q (reporting date: 2020-08-28) ,
10-Q (reporting date: 2020-05-29) ,
10-Q (reporting date: 2020-02-28) ,
10-K (reporting date: 2019-11-29) ,
10-Q (reporting date: 2019-08-30) ,
10-Q (reporting date: 2019-05-31) ,
10-Q (reporting date: 2019-03-01) ,
10-K (reporting date: 2018-11-30) ,
10-Q (reporting date: 2018-08-31) ,
10-Q (reporting date: 2018-06-01) ,
10-Q (reporting date: 2018-03-02) .
The primary reason for the decrease in return on assets ratio (ROA) over Q1 2024 is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Adobe Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Mar 1, 2024
16.70%
=
0.78
×
0.98
×
31.49%
×
0.69
Dec 1, 2023
18.23%
=
0.80
×
0.98
×
35.61%
×
0.65
Sep 1, 2023
17.60%
=
0.79
×
0.98
×
35.06%
×
0.65
Jun 2, 2023
17.44%
=
0.78
×
0.98
×
34.38%
×
0.66
Mar 3, 2023
17.76%
=
0.78
×
0.98
×
34.33%
×
0.67
Dec 2, 2022
17.51%
=
0.79
×
0.98
×
34.76%
×
0.65
Sep 2, 2022
18.00%
=
0.81
×
0.98
×
35.31%
×
0.64
Jun 3, 2022
18.57%
=
0.83
×
0.98
×
36.13%
×
0.63
Mar 4, 2022
18.58%
=
0.83
×
0.98
×
36.71%
×
0.62
Dec 3, 2021
17.70%
=
0.85
×
0.98
×
36.86%
×
0.58
Sep 3, 2021
22.33%
=
1.07
×
0.98
×
36.73%
×
0.58
Jun 4, 2021
21.82%
=
1.10
×
0.98
×
36.06%
×
0.56
Mar 5, 2021
22.28%
=
1.19
×
0.98
×
35.10%
×
0.55
Nov 27, 2020
21.66%
=
1.26
×
0.97
×
33.35%
×
0.53
Aug 28, 2020
17.23%
=
0.98
×
0.97
×
32.66%
×
0.55
May 29, 2020
17.13%
=
1.00
×
0.96
×
31.94%
×
0.56
Feb 28, 2020
15.24%
=
0.94
×
0.96
×
30.62%
×
0.55
Nov 29, 2019
14.22%
=
0.92
×
0.95
×
30.09%
×
0.54
Aug 30, 2019
13.85%
=
0.94
×
0.95
×
29.08%
×
0.53
May 31, 2019
13.48%
=
0.94
×
0.96
×
29.14%
×
0.51
Mar 1, 2019
13.75%
=
0.96
×
0.96
×
30.40%
×
0.49
Nov 30, 2018
13.80%
=
0.93
×
0.97
×
31.93%
×
0.48
Aug 31, 2018
—
=
—
×
—
×
—
×
—
Jun 1, 2018
—
=
—
×
—
×
—
×
—
Mar 2, 2018
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-03-01) ,
10-K (reporting date: 2023-12-01) ,
10-Q (reporting date: 2023-09-01) ,
10-Q (reporting date: 2023-06-02) ,
10-Q (reporting date: 2023-03-03) ,
10-K (reporting date: 2022-12-02) ,
10-Q (reporting date: 2022-09-02) ,
10-Q (reporting date: 2022-06-03) ,
10-Q (reporting date: 2022-03-04) ,
10-K (reporting date: 2021-12-03) ,
10-Q (reporting date: 2021-09-03) ,
10-Q (reporting date: 2021-06-04) ,
10-Q (reporting date: 2021-03-05) ,
10-K (reporting date: 2020-11-27) ,
10-Q (reporting date: 2020-08-28) ,
10-Q (reporting date: 2020-05-29) ,
10-Q (reporting date: 2020-02-28) ,
10-K (reporting date: 2019-11-29) ,
10-Q (reporting date: 2019-08-30) ,
10-Q (reporting date: 2019-05-31) ,
10-Q (reporting date: 2019-03-01) ,
10-K (reporting date: 2018-11-30) ,
10-Q (reporting date: 2018-08-31) ,
10-Q (reporting date: 2018-06-01) ,
10-Q (reporting date: 2018-03-02) .
The primary reason for the decrease in return on assets ratio (ROA) over Q1 2024 is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Adobe Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Mar 1, 2024
24.08%
=
0.78
×
0.98
×
31.49%
Dec 1, 2023
27.97%
=
0.80
×
0.98
×
35.61%
Sep 1, 2023
27.12%
=
0.79
×
0.98
×
35.06%
Jun 2, 2023
26.34%
=
0.78
×
0.98
×
34.38%
Mar 3, 2023
26.32%
=
0.78
×
0.98
×
34.33%
Dec 2, 2022
27.01%
=
0.79
×
0.98
×
34.76%
Sep 2, 2022
28.00%
=
0.81
×
0.98
×
35.31%
Jun 3, 2022
29.29%
=
0.83
×
0.98
×
36.13%
Mar 4, 2022
29.90%
=
0.83
×
0.98
×
36.71%
Dec 3, 2021
30.55%
=
0.85
×
0.98
×
36.86%
Sep 3, 2021
38.67%
=
1.07
×
0.98
×
36.73%
Jun 4, 2021
38.79%
=
1.10
×
0.98
×
36.06%
Mar 5, 2021
40.68%
=
1.19
×
0.98
×
35.10%
Nov 27, 2020
40.88%
=
1.26
×
0.97
×
33.35%
Aug 28, 2020
31.05%
=
0.98
×
0.97
×
32.66%
May 29, 2020
30.71%
=
1.00
×
0.96
×
31.94%
Feb 28, 2020
27.72%
=
0.94
×
0.96
×
30.62%
Nov 29, 2019
26.42%
=
0.92
×
0.95
×
30.09%
Aug 30, 2019
26.10%
=
0.94
×
0.95
×
29.08%
May 31, 2019
26.25%
=
0.94
×
0.96
×
29.14%
Mar 1, 2019
28.08%
=
0.96
×
0.96
×
30.40%
Nov 30, 2018
28.69%
=
0.93
×
0.97
×
31.93%
Aug 31, 2018
—
=
—
×
—
×
—
Jun 1, 2018
—
=
—
×
—
×
—
Mar 2, 2018
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-03-01) ,
10-K (reporting date: 2023-12-01) ,
10-Q (reporting date: 2023-09-01) ,
10-Q (reporting date: 2023-06-02) ,
10-Q (reporting date: 2023-03-03) ,
10-K (reporting date: 2022-12-02) ,
10-Q (reporting date: 2022-09-02) ,
10-Q (reporting date: 2022-06-03) ,
10-Q (reporting date: 2022-03-04) ,
10-K (reporting date: 2021-12-03) ,
10-Q (reporting date: 2021-09-03) ,
10-Q (reporting date: 2021-06-04) ,
10-Q (reporting date: 2021-03-05) ,
10-K (reporting date: 2020-11-27) ,
10-Q (reporting date: 2020-08-28) ,
10-Q (reporting date: 2020-05-29) ,
10-Q (reporting date: 2020-02-28) ,
10-K (reporting date: 2019-11-29) ,
10-Q (reporting date: 2019-08-30) ,
10-Q (reporting date: 2019-05-31) ,
10-Q (reporting date: 2019-03-01) ,
10-K (reporting date: 2018-11-30) ,
10-Q (reporting date: 2018-08-31) ,
10-Q (reporting date: 2018-06-01) ,
10-Q (reporting date: 2018-03-02) .
The primary reason for the decrease in net profit margin ratio over Q1 2024 is the decrease in operating profitability measured by EBIT margin ratio.