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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 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
Sep 28, 2013 hidden hidden hidden

Based on: 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), 10-K (filing date: 2013-10-30).

The primary reason for the increase in Return on Equity (ROE) over 2018 year is the increase in profitability measured by Return on Assets (ROA).


Three-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
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
Sep 28, 2013 hidden hidden hidden hidden

Based on: 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), 10-K (filing date: 2013-10-30).

The primary reason for the increase in Return on Equity (ROE) over 2018 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 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
Sep 28, 2013 hidden hidden hidden hidden hidden hidden

Based on: 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), 10-K (filing date: 2013-10-30).

The primary reason for the increase in Return on Equity (ROE) over 2018 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 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
Sep 28, 2013 hidden hidden hidden

Based on: 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), 10-K (filing date: 2013-10-30).

The primary reason for the increase in Return on Assets (ROA) over 2018 year is the increase 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 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
Sep 28, 2013 hidden hidden hidden hidden hidden

Based on: 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), 10-K (filing date: 2013-10-30).

The primary reason for the increase in Return on Assets (ROA) over 2018 year is the increase 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 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
Sep 28, 2013 hidden hidden hidden hidden

Based on: 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), 10-K (filing date: 2013-10-30).

The primary reason for the increase in Net Profit Margin over 2018 year is the increase in effect of taxes measured by Tax Burden.