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Microsoft Excel LibreOffice Calc


DuPont Analysis: Decomposition of ROE

Difficulty: Beginner


Two-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Sep 30, 2017 hidden% hidden% hidden
Sep 24, 2016 hidden% hidden% hidden
Sep 26, 2015 hidden% hidden% hidden
Sep 27, 2014 hidden% hidden% hidden
Sep 28, 2013 hidden% hidden% hidden
Sep 29, 2012 hidden% hidden% hidden

Source: Based on data from Apple Inc. Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over 2017 year is the increase in Financial Leverage.


Three-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Sep 30, 2017 hidden% hidden% hidden hidden
Sep 24, 2016 hidden% hidden% hidden hidden
Sep 26, 2015 hidden% hidden% hidden hidden
Sep 27, 2014 hidden% hidden% hidden hidden
Sep 28, 2013 hidden% hidden% hidden hidden
Sep 29, 2012 hidden% hidden% hidden hidden

Source: Based on data from Apple Inc. Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over 2017 year is the increase in Financial Leverage.


Five-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Sep 30, 2017 hidden% hidden hidden hidden% hidden hidden
Sep 24, 2016 hidden% hidden hidden hidden% hidden hidden
Sep 26, 2015 hidden% hidden hidden hidden% hidden hidden
Sep 27, 2014 hidden% hidden hidden hidden% hidden hidden
Sep 28, 2013 hidden% hidden hidden hidden% hidden hidden
Sep 29, 2012 hidden% hidden hidden hidden% hidden hidden

Source: Based on data from Apple Inc. Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over 2017 year is the increase in Financial Leverage.


Two-Way Decomposition of ROA

Apple Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2017 hidden% hidden% hidden
Sep 24, 2016 hidden% hidden% hidden
Sep 26, 2015 hidden% hidden% hidden
Sep 27, 2014 hidden% hidden% hidden
Sep 28, 2013 hidden% hidden% hidden
Sep 29, 2012 hidden% hidden% hidden

Source: Based on data from Apple Inc. Annual Reports

 

The primary reason for the decrease in Return on Assets (ROA) over 2017 year is the decrease in Asset Turnover.


Four-Way Decomposition of ROA

Apple Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2017 hidden% hidden hidden hidden% hidden
Sep 24, 2016 hidden% hidden hidden hidden% hidden
Sep 26, 2015 hidden% hidden hidden hidden% hidden
Sep 27, 2014 hidden% hidden hidden hidden% hidden
Sep 28, 2013 hidden% hidden hidden hidden% hidden
Sep 29, 2012 hidden% hidden hidden hidden% hidden

Source: Based on data from Apple Inc. Annual Reports

 

The primary reason for the decrease in Return on Assets (ROA) over 2017 year is the decrease in efficiency measured by Asset Turnover.


Decomposition of Net Profit Margin

Apple Inc., decomposition of Net Profit Margin

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2017 hidden% hidden hidden hidden%
Sep 24, 2016 hidden% hidden hidden hidden%
Sep 26, 2015 hidden% hidden hidden hidden%
Sep 27, 2014 hidden% hidden hidden hidden%
Sep 28, 2013 hidden% hidden hidden hidden%
Sep 29, 2012 hidden% hidden hidden hidden%

Source: Based on data from Apple Inc. Annual Reports

 

The primary reason for the decrease in Net Profit Margin over 2017 year is the decrease in effect of interest expense measured by Interest Burden.