Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Biogen Inc. (NASDAQ:BIIB)

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

Beginner level

Two-Component Disaggregation of ROE

Biogen Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Jun 30, 2020 52.41% = 23.23% × 2.26
Mar 31, 2020 46.85% = 22.51% × 2.08
Dec 31, 2019 44.13% = 21.62% × 2.04
Sep 30, 2019 38.55% = 19.63% × 1.96
Jun 30, 2019 40.87% = 20.14% × 2.03
Mar 31, 2019 33.74% = 17.65% × 1.91
Dec 31, 2018 33.98% = 17.52% × 1.94
Sep 30, 2018 23.15% = 12.50% × 1.85
Jun 30, 2018 24.21% = 12.39% × 1.95
Mar 31, 2018 21.09% = 11.36% × 1.86
Dec 31, 2017 20.13% = 10.73% × 1.88
Sep 30, 2017 27.10% = 15.11% × 1.79
Jun 30, 2017 28.42% = 15.13% × 1.88
Mar 31, 2017 30.31% = 16.42% × 1.85
Dec 31, 2016 30.50% = 16.19% × 1.88
Sep 30, 2016 32.06% = 17.58% × 1.82
Jun 30, 2016 33.48% = 17.75% × 1.89
Mar 31, 2016 35.78% = 17.87% × 2.00
Dec 31, 2015 37.84% = 18.19% × 2.08
Sep 30, 2015 = × 1.96
Jun 30, 2015 = × 1.33
Mar 31, 2015 = × 1.30

Based on: 10-Q (filing date: 2020-07-22), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-22), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-23), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-01), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-25), 10-K (filing date: 2017-02-02), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-21), 10-Q (filing date: 2016-04-21), 10-K (filing date: 2016-02-03), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2020 is the increase in financial leverage ratio.


Three-Component Disaggregation of ROE

Biogen Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 52.41% = 40.91% × 0.57 × 2.26
Mar 31, 2020 46.85% = 40.76% × 0.55 × 2.08
Dec 31, 2019 44.13% = 40.96% × 0.53 × 2.04
Sep 30, 2019 38.55% = 37.91% × 0.52 × 1.96
Jun 30, 2019 40.87% = 37.62% × 0.54 × 2.03
Mar 31, 2019 33.74% = 33.79% × 0.52 × 1.91
Dec 31, 2018 33.98% = 32.93% × 0.53 × 1.94
Sep 30, 2018 23.15% = 24.08% × 0.52 × 1.85
Jun 30, 2018 24.21% = 23.06% × 0.54 × 1.95
Mar 31, 2018 21.09% = 23.54% × 0.48 × 1.86
Dec 31, 2017 20.13% = 20.69% × 0.52 × 1.88
Sep 30, 2017 27.10% = 29.44% × 0.51 × 1.79
Jun 30, 2017 28.42% = 28.10% × 0.54 × 1.88
Mar 31, 2017 30.31% = 30.17% × 0.54 × 1.85
Dec 31, 2016 30.50% = 32.34% × 0.50 × 1.88
Sep 30, 2016 32.06% = 34.03% × 0.52 × 1.82
Jun 30, 2016 33.48% = 33.97% × 0.52 × 1.89
Mar 31, 2016 35.78% = 33.79% × 0.53 × 2.00
Dec 31, 2015 37.84% = 32.95% × 0.55 × 2.08
Sep 30, 2015 = × × 1.96
Jun 30, 2015 = × × 1.33
Mar 31, 2015 = × × 1.30

Based on: 10-Q (filing date: 2020-07-22), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-22), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-23), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-01), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-25), 10-K (filing date: 2017-02-02), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-21), 10-Q (filing date: 2016-04-21), 10-K (filing date: 2016-02-03), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2020 is the increase in financial leverage ratio.


Two-Component Disaggregation of ROA

Biogen Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2020 23.23% = 40.91% × 0.57
Mar 31, 2020 22.51% = 40.76% × 0.55
Dec 31, 2019 21.62% = 40.96% × 0.53
Sep 30, 2019 19.63% = 37.91% × 0.52
Jun 30, 2019 20.14% = 37.62% × 0.54
Mar 31, 2019 17.65% = 33.79% × 0.52
Dec 31, 2018 17.52% = 32.93% × 0.53
Sep 30, 2018 12.50% = 24.08% × 0.52
Jun 30, 2018 12.39% = 23.06% × 0.54
Mar 31, 2018 11.36% = 23.54% × 0.48
Dec 31, 2017 10.73% = 20.69% × 0.52
Sep 30, 2017 15.11% = 29.44% × 0.51
Jun 30, 2017 15.13% = 28.10% × 0.54
Mar 31, 2017 16.42% = 30.17% × 0.54
Dec 31, 2016 16.19% = 32.34% × 0.50
Sep 30, 2016 17.58% = 34.03% × 0.52
Jun 30, 2016 17.75% = 33.97% × 0.52
Mar 31, 2016 17.87% = 33.79% × 0.53
Dec 31, 2015 18.19% = 32.95% × 0.55
Sep 30, 2015 = ×
Jun 30, 2015 = ×
Mar 31, 2015 = ×

Based on: 10-Q (filing date: 2020-07-22), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-22), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-23), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-01), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-25), 10-K (filing date: 2017-02-02), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-21), 10-Q (filing date: 2016-04-21), 10-K (filing date: 2016-02-03), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2020 is the increase in asset turnover ratio.