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DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data
Beginner level
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Apple Inc., decomposition of ROE (quarterly data)
Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).
The primary reason for the increase in return on equity ratio (ROE) over Q3 2020 is the increase in financial leverage ratio.
Three-Component Disaggregation of ROE
Apple Inc., decomposition of ROE (quarterly data)
Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).
The primary reason for the increase in return on equity ratio (ROE) over Q3 2020 is the increase in financial leverage ratio.
Two-Component Disaggregation of ROA
Apple Inc., decomposition of ROA (quarterly data)
Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28).
The primary reason for the increase in return on assets ratio (ROA) over Q3 2020 is the increase in asset turnover ratio.