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DuPont Analysis: Decomposition of ROE
Quarterly Data
Difficulty: Beginner
Decomposing ROE involves expressing net income divided by shareholders' equity as the product of component ratios.
Two-Component Disaggregation of ROE
Automatic Data Processing Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
ROE |
= |
ROA |
× |
Leverage |
| Mar 31, 2018 |
% |
|
% |
|
|
| Dec 31, 2017 |
% |
|
% |
|
|
| Sep 30, 2017 |
% |
|
% |
|
|
| Jun 30, 2017 |
% |
|
% |
|
|
| Mar 31, 2017 |
% |
|
% |
|
|
| Dec 31, 2016 |
% |
|
% |
|
|
| Sep 30, 2016 |
% |
|
% |
|
|
| Jun 30, 2016 |
% |
|
% |
|
|
| Mar 31, 2016 |
% |
|
% |
|
|
| Dec 31, 2015 |
% |
|
% |
|
|
| Sep 30, 2015 |
% |
|
% |
|
|
| Jun 30, 2015 |
% |
|
% |
|
|
| Mar 31, 2015 |
% |
|
% |
|
|
| Dec 31, 2014 |
% |
|
% |
|
|
| Sep 30, 2014 |
% |
|
% |
|
|
| Jun 30, 2014 |
% |
|
% |
|
|
| Mar 31, 2014 |
% |
|
% |
|
|
| Dec 31, 2013 |
% |
|
% |
|
|
| Sep 30, 2013 |
% |
|
% |
|
|
| Jun 30, 2013 |
% |
|
% |
|
|
| Mar 31, 2013 |
% |
|
% |
|
|
| Dec 31, 2012 |
% |
|
% |
|
|
| Sep 30, 2012 |
% |
|
% |
|
|
| Jun 30, 2012 |
% |
|
% |
|
|
| Mar 31, 2012 |
% |
|
% |
|
|
| Dec 31, 2011 |
% |
|
% |
|
|
| Sep 30, 2011 |
% |
|
% |
|
|
Source: Based on data from Automatic Data Processing Inc. Quarterly and Annual Reports
The primary reason for the increase in Return on Equity (ROE) over Q3 2018 is the increase in profitability measured by Return on Assets (ROA).
Three-Component Disaggregation of ROE
Automatic Data Processing Inc., decomposition of ROE (quarterly data)
|
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|
|
|
|
|
|
|
ROE |
= |
Net Profit Margin |
× |
Asset Turnover |
× |
Leverage |
| Mar 31, 2018 |
% |
|
% |
|
|
|
|
| Dec 31, 2017 |
% |
|
% |
|
|
|
|
| Sep 30, 2017 |
% |
|
% |
|
|
|
|
| Jun 30, 2017 |
% |
|
% |
|
|
|
|
| Mar 31, 2017 |
% |
|
% |
|
|
|
|
| Dec 31, 2016 |
% |
|
% |
|
|
|
|
| Sep 30, 2016 |
% |
|
% |
|
|
|
|
| Jun 30, 2016 |
% |
|
% |
|
|
|
|
| Mar 31, 2016 |
% |
|
% |
|
|
|
|
| Dec 31, 2015 |
% |
|
% |
|
|
|
|
| Sep 30, 2015 |
% |
|
% |
|
|
|
|
| Jun 30, 2015 |
% |
|
% |
|
|
|
|
| Mar 31, 2015 |
% |
|
% |
|
|
|
|
| Dec 31, 2014 |
% |
|
% |
|
|
|
|
| Sep 30, 2014 |
% |
|
% |
|
|
|
|
| Jun 30, 2014 |
% |
|
% |
|
|
|
|
| Mar 31, 2014 |
% |
|
% |
|
|
|
|
| Dec 31, 2013 |
% |
|
% |
|
|
|
|
| Sep 30, 2013 |
% |
|
% |
|
|
|
|
| Jun 30, 2013 |
% |
|
% |
|
|
|
|
| Mar 31, 2013 |
% |
|
% |
|
|
|
|
| Dec 31, 2012 |
% |
|
% |
|
|
|
|
| Sep 30, 2012 |
% |
|
% |
|
|
|
|
| Jun 30, 2012 |
% |
|
% |
|
|
|
|
| Mar 31, 2012 |
% |
|
% |
|
|
|
|
| Dec 31, 2011 |
% |
|
% |
|
|
|
|
| Sep 30, 2011 |
% |
|
% |
|
|
|
|
Source: Based on data from Automatic Data Processing Inc. Quarterly and Annual Reports
The primary reason for the increase in Return on Equity (ROE) over Q3 2018 is the increase in efficiency measured by Asset Turnover.
Five-Component Disaggregation of ROE
Automatic Data Processing Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
× |
Leverage |
| Mar 31, 2018 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2015 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2015 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2015 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2015 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2012 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2012 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2012 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2012 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2011 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2011 |
% |
|
|
|
|
|
% |
|
|
|
|
Source: Based on data from Automatic Data Processing Inc. Quarterly and Annual Reports
The primary reason for the increase in Return on Equity (ROE) over Q3 2018 is the increase in efficiency measured by Asset Turnover.
Two-Way Decomposition of ROA
Automatic Data Processing Inc., decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
ROA |
= |
Net Profit Margin |
× |
Asset Turnover |
| Mar 31, 2018 |
% |
|
% |
|
|
| Dec 31, 2017 |
% |
|
% |
|
|
| Sep 30, 2017 |
% |
|
% |
|
|
| Jun 30, 2017 |
% |
|
% |
|
|
| Mar 31, 2017 |
% |
|
% |
|
|
| Dec 31, 2016 |
% |
|
% |
|
|
| Sep 30, 2016 |
% |
|
% |
|
|
| Jun 30, 2016 |
% |
|
% |
|
|
| Mar 31, 2016 |
% |
|
% |
|
|
| Dec 31, 2015 |
% |
|
% |
|
|
| Sep 30, 2015 |
% |
|
% |
|
|
| Jun 30, 2015 |
% |
|
% |
|
|
| Mar 31, 2015 |
% |
|
% |
|
|
| Dec 31, 2014 |
% |
|
% |
|
|
| Sep 30, 2014 |
% |
|
% |
|
|
| Jun 30, 2014 |
% |
|
% |
|
|
| Mar 31, 2014 |
% |
|
% |
|
|
| Dec 31, 2013 |
% |
|
% |
|
|
| Sep 30, 2013 |
% |
|
% |
|
|
| Jun 30, 2013 |
% |
|
% |
|
|
| Mar 31, 2013 |
% |
|
% |
|
|
| Dec 31, 2012 |
% |
|
% |
|
|
| Sep 30, 2012 |
% |
|
% |
|
|
| Jun 30, 2012 |
% |
|
% |
|
|
| Mar 31, 2012 |
% |
|
% |
|
|
| Dec 31, 2011 |
% |
|
% |
|
|
| Sep 30, 2011 |
% |
|
% |
|
|
Source: Based on data from Automatic Data Processing Inc. Quarterly and Annual Reports
The primary reason for the increase in Return on Assets (ROA) over Q3 2018 is the increase in Asset Turnover.
Four-Way Decomposition of ROA
Automatic Data Processing Inc., decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
ROA |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
| Mar 31, 2018 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2017 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2017 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2017 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2017 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2016 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2016 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2016 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2016 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2015 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2015 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2015 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2015 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2014 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2014 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2014 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2014 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2013 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2013 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2013 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2013 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2012 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2012 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2012 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2012 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2011 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2011 |
% |
|
|
|
|
|
% |
|
|
Source: Based on data from Automatic Data Processing Inc. Quarterly and Annual Reports
The primary reason for the increase in Return on Assets (ROA) over Q3 2018 is the increase in efficiency measured by Asset Turnover.
Decomposition of Net Profit Margin
Automatic Data Processing Inc., decomposition of Net Profit Margin (quarterly data)
|
|
|
|
|
|
|
|
|
Net Profit Margin |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
| Mar 31, 2018 |
% |
|
|
|
|
|
% |
| Dec 31, 2017 |
% |
|
|
|
|
|
% |
| Sep 30, 2017 |
% |
|
|
|
|
|
% |
| Jun 30, 2017 |
% |
|
|
|
|
|
% |
| Mar 31, 2017 |
% |
|
|
|
|
|
% |
| Dec 31, 2016 |
% |
|
|
|
|
|
% |
| Sep 30, 2016 |
% |
|
|
|
|
|
% |
| Jun 30, 2016 |
% |
|
|
|
|
|
% |
| Mar 31, 2016 |
% |
|
|
|
|
|
% |
| Dec 31, 2015 |
% |
|
|
|
|
|
% |
| Sep 30, 2015 |
% |
|
|
|
|
|
% |
| Jun 30, 2015 |
% |
|
|
|
|
|
% |
| Mar 31, 2015 |
% |
|
|
|
|
|
% |
| Dec 31, 2014 |
% |
|
|
|
|
|
% |
| Sep 30, 2014 |
% |
|
|
|
|
|
% |
| Jun 30, 2014 |
% |
|
|
|
|
|
% |
| Mar 31, 2014 |
% |
|
|
|
|
|
% |
| Dec 31, 2013 |
% |
|
|
|
|
|
% |
| Sep 30, 2013 |
% |
|
|
|
|
|
% |
| Jun 30, 2013 |
% |
|
|
|
|
|
% |
| Mar 31, 2013 |
% |
|
|
|
|
|
% |
| Dec 31, 2012 |
% |
|
|
|
|
|
% |
| Sep 30, 2012 |
% |
|
|
|
|
|
% |
| Jun 30, 2012 |
% |
|
|
|
|
|
% |
| Mar 31, 2012 |
% |
|
|
|
|
|
% |
| Dec 31, 2011 |
% |
|
|
|
|
|
% |
| Sep 30, 2011 |
% |
|
|
|
|
|
% |
Source: Based on data from Automatic Data Processing Inc. Quarterly and Annual Reports
The primary reason for the increase in Net Profit Margin over Q3 2018 is the increase in effect of taxes measured by Tax Burden.
