Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

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

Microsoft Excel LibreOffice Calc

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Two-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Sep 25, 2021 = ×
Sep 26, 2020 = ×
Sep 28, 2019 = ×
Sep 29, 2018 = ×
Sep 30, 2017 = ×
Sep 24, 2016 = ×

Based on: 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), 10-K (reporting date: 2016-09-24).

The primary reason for the increase in return on equity ratio (ROE) over 2021 year is the increase in profitability measured by return on assets ratio (ROA).


Three-Component Disaggregation of ROE

Apple Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 25, 2021 = × ×
Sep 26, 2020 = × ×
Sep 28, 2019 = × ×
Sep 29, 2018 = × ×
Sep 30, 2017 = × ×
Sep 24, 2016 = × ×

Based on: 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), 10-K (reporting date: 2016-09-24).

The primary reason for the increase in return on equity ratio (ROE) over 2021 year is the increase in profitability measured by net profit margin 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 25, 2021 = × × × ×
Sep 26, 2020 = × × × ×
Sep 28, 2019 = × × × ×
Sep 29, 2018 = × × × ×
Sep 30, 2017 = × × × ×
Sep 24, 2016 = × × × ×

Based on: 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), 10-K (reporting date: 2016-09-24).

The primary reason for the increase in return on equity ratio (ROE) over 2021 year is the increase in efficiency measured by asset turnover ratio.


Two-Component Disaggregation of ROA

Apple Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 25, 2021 = ×
Sep 26, 2020 = ×
Sep 28, 2019 = ×
Sep 29, 2018 = ×
Sep 30, 2017 = ×
Sep 24, 2016 = ×

Based on: 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), 10-K (reporting date: 2016-09-24).

The primary reason for the increase in return on assets ratio (ROA) over 2021 year is the increase in profitability measured by net profit margin 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 25, 2021 = × × ×
Sep 26, 2020 = × × ×
Sep 28, 2019 = × × ×
Sep 29, 2018 = × × ×
Sep 30, 2017 = × × ×
Sep 24, 2016 = × × ×

Based on: 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), 10-K (reporting date: 2016-09-24).

The primary reason for the increase in return on assets ratio (ROA) over 2021 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 25, 2021 = × ×
Sep 26, 2020 = × ×
Sep 28, 2019 = × ×
Sep 29, 2018 = × ×
Sep 30, 2017 = × ×
Sep 24, 2016 = × ×

Based on: 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), 10-K (reporting date: 2016-09-24).

The primary reason for the increase in net profit margin ratio over 2021 year is the increase in operating profitability measured by EBIT margin ratio.