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.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Two-Component Disaggregation of ROE
Apple Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Sep 24, 2022 | = | × | |||
| Sep 25, 2021 | = | × | |||
| Sep 26, 2020 | = | × | |||
| Sep 28, 2019 | = | × | |||
| Sep 29, 2018 | = | × | |||
| Sep 30, 2017 | = | × |
Based on: 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30).
The primary reason for the increase in return on equity ratio (ROE) over 2022 year is the increase in financial leverage ratio.
Three-Component Disaggregation of ROE
Apple Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Sep 24, 2022 | = | × | × | ||||
| Sep 25, 2021 | = | × | × | ||||
| Sep 26, 2020 | = | × | × | ||||
| Sep 28, 2019 | = | × | × | ||||
| Sep 29, 2018 | = | × | × | ||||
| Sep 30, 2017 | = | × | × |
Based on: 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30).
The primary reason for the increase in return on equity ratio (ROE) over 2022 year is the increase in financial leverage ratio.
Five-Component Disaggregation of ROE
Apple Inc., decomposition of ROE
Based on: 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30).
The primary reason for the increase in return on equity ratio (ROE) over 2022 year is the increase in financial leverage ratio.
Two-Component Disaggregation of ROA
Apple Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Sep 24, 2022 | = | × | |||
| Sep 25, 2021 | = | × | |||
| Sep 26, 2020 | = | × | |||
| Sep 28, 2019 | = | × | |||
| Sep 29, 2018 | = | × | |||
| Sep 30, 2017 | = | × |
Based on: 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30).
The primary reason for the increase in return on assets ratio (ROA) over 2022 year is the increase in asset turnover ratio.
Four-Component Disaggregation of ROA
Apple Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Sep 24, 2022 | = | × | × | × | |||||
| Sep 25, 2021 | = | × | × | × | |||||
| Sep 26, 2020 | = | × | × | × | |||||
| Sep 28, 2019 | = | × | × | × | |||||
| Sep 29, 2018 | = | × | × | × | |||||
| Sep 30, 2017 | = | × | × | × |
Based on: 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30).
The primary reason for the increase in return on assets ratio (ROA) over 2022 year is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Apple Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Sep 24, 2022 | = | × | × | ||||
| Sep 25, 2021 | = | × | × | ||||
| Sep 26, 2020 | = | × | × | ||||
| Sep 28, 2019 | = | × | × | ||||
| Sep 29, 2018 | = | × | × | ||||
| Sep 30, 2017 | = | × | × |
Based on: 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30).
The primary reason for the decrease in net profit margin ratio over 2022 year is the decrease in effect of taxes measured by tax burden ratio.