Paying users zone. Data is hidden behind hidden.


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Apple Pay Google Pay
Verified by Visa MasterCard SecureCode American Express SafeKey

This is a one-time payment. There is no automatic renewal.

Microsoft Excel LibreOffice Calc

Apple Inc. (AAPL)


DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Low level of difficulty


Two-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Sep 28, 2019 hidden = hidden × hidden
Sep 29, 2018 hidden = hidden × hidden
Sep 30, 2017 hidden = hidden × hidden
Sep 24, 2016 hidden = hidden × hidden
Sep 26, 2015 hidden = hidden × hidden
Sep 27, 2014 hidden = hidden × hidden

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

The primary reason for the increase in return on equity ratio (ROE) over 2019 year is the increase in financial leverage ratio.


Three-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 28, 2019 hidden = hidden × hidden × hidden
Sep 29, 2018 hidden = hidden × hidden × hidden
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

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

The primary reason for the increase in return on equity ratio (ROE) over 2019 year is the increase in financial leverage ratio.


Five-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 28, 2019 hidden = hidden × hidden × hidden × hidden × hidden
Sep 29, 2018 hidden = hidden × hidden × hidden × hidden × hidden
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

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

The primary reason for the increase in return on equity ratio (ROE) over 2019 year is the increase in financial leverage ratio.


Two-Component Disaggregation of ROA

Apple Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 28, 2019 hidden = hidden × hidden
Sep 29, 2018 hidden = hidden × hidden
Sep 30, 2017 hidden = hidden × hidden
Sep 24, 2016 hidden = hidden × hidden
Sep 26, 2015 hidden = hidden × hidden
Sep 27, 2014 hidden = hidden × hidden

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

The primary reason for the increase in return on assets ratio (ROA) over 2019 year is the increase in asset turnover ratio.


Four-Component Disaggregation of ROA

Apple Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 28, 2019 hidden = hidden × hidden × hidden × hidden
Sep 29, 2018 hidden = hidden × hidden × hidden × hidden
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

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

The primary reason for the increase in return on assets ratio (ROA) over 2019 year is the increase in efficiency measured by asset turnover ratio.


Disaggregation of Net Profit Margin

Apple Inc., decomposition of net profit margin ratio

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 28, 2019 hidden = hidden × hidden × hidden
Sep 29, 2018 hidden = hidden × hidden × hidden
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

Based on: 10-K (filing date: 2019-10-31), 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27).

The primary reason for the decrease in net profit margin ratio over 2019 year is the decrease in operating profitability measured by EBIT margin ratio.