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

Booking Holdings Inc. (NASDAQ:BKNG)

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

Booking Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Dec 31, 2020 1.21% = 0.27% × 4.47
Sep 30, 2020 28.39% = 6.30% × 4.51
Jun 30, 2020 63.62% = 12.17% × 5.23
Mar 31, 2020 88.78% = 19.04% × 4.66
Dec 31, 2019 82.00% = 22.73% × 3.61
Sep 30, 2019 72.93% = 20.24% × 3.60
Jun 30, 2019 78.34% = 19.34% × 4.05
Mar 31, 2019 60.10% = 18.58% × 3.23
Dec 31, 2018 45.51% = 17.62% × 2.58
Sep 30, 2018 28.10% = 11.48% × 2.45
Jun 30, 2018 26.25% = 10.87% × 2.42
Mar 31, 2018 23.43% = 9.96% × 2.35
Dec 31, 2017 20.79% = 9.20% × 2.26
Sep 30, 2017 27.72% = 13.84% × 2.00
Jun 30, 2017 20.33% = 10.04% × 2.02
Mar 31, 2017 20.50% = 10.08% × 2.03
Dec 31, 2016 21.74% = 10.76% × 2.02
Sep 30, 2016 — = — × 2.04
Jun 30, 2016 — = — × 2.12
Mar 31, 2016 — = — × 2.03

Based on: 10-K (filing date: 2021-02-24), 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-06), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-05), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-09), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-04).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2020 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Booking Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2020 1.21% = 0.87% × 0.31 × 4.47
Sep 30, 2020 28.39% = 15.68% × 0.40 × 4.51
Jun 30, 2020 63.62% = 22.52% × 0.54 × 5.23
Mar 31, 2020 88.78% = 23.43% × 0.81 × 4.66
Dec 31, 2019 82.00% = 32.29% × 0.70 × 3.61
Sep 30, 2019 72.93% = 29.05% × 0.70 × 3.60
Jun 30, 2019 78.34% = 28.19% × 0.69 × 4.05
Mar 31, 2019 60.10% = 28.79% × 0.65 × 3.23
Dec 31, 2018 45.51% = 27.52% × 0.64 × 2.58
Sep 30, 2018 28.10% = 19.81% × 0.58 × 2.45
Jun 30, 2018 26.25% = 20.07% × 0.54 × 2.42
Mar 31, 2018 23.43% = 18.90% × 0.53 × 2.35
Dec 31, 2017 20.79% = 18.46% × 0.50 × 2.26
Sep 30, 2017 27.72% = 29.20% × 0.47 × 2.00
Jun 30, 2017 20.33% = 20.52% × 0.49 × 2.02
Mar 31, 2017 20.50% = 20.12% × 0.50 × 2.03
Dec 31, 2016 21.74% = 19.87% × 0.54 × 2.02
Sep 30, 2016 — = — × — × 2.04
Jun 30, 2016 — = — × — × 2.12
Mar 31, 2016 — = — × — × 2.03

Based on: 10-K (filing date: 2021-02-24), 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-06), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-05), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-09), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-04).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2020 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Booking Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2020 1.21% = 0.10 × 0.61 × 13.58% × 0.31 × 4.47
Sep 30, 2020 28.39% = 0.80 × 0.84 × 23.18% × 0.40 × 4.51
Jun 30, 2020 63.62% = 0.78 × 0.92 × 31.53% × 0.54 × 5.23
Mar 31, 2020 88.78% = 0.80 × 0.94 × 31.22% × 0.81 × 4.66
Dec 31, 2019 82.00% = 0.82 × 0.96 × 41.31% × 0.70 × 3.61
Sep 30, 2019 72.93% = 0.84 × 0.95 × 36.41% × 0.70 × 3.60
Jun 30, 2019 78.34% = 0.82 × 0.95 × 36.04% × 0.69 × 4.05
Mar 31, 2019 60.10% = 0.82 × 0.95 × 36.81% × 0.65 × 3.23
Dec 31, 2018 45.51% = 0.83 × 0.95 × 35.13% × 0.64 × 2.58
Sep 30, 2018 28.10% = 0.54 × 0.95 × 38.38% × 0.58 × 2.45
Jun 30, 2018 26.25% = 0.55 × 0.95 × 38.26% × 0.54 × 2.42
Mar 31, 2018 23.43% = 0.54 × 0.95 × 37.09% × 0.53 × 2.35
Dec 31, 2017 20.79% = 0.53 × 0.95 × 36.69% × 0.50 × 2.26
Sep 30, 2017 27.72% = 0.85 × 0.95 × 36.47% × 0.47 × 2.00
Jun 30, 2017 20.33% = 0.80 × 0.93 × 27.68% × 0.49 × 2.02
Mar 31, 2017 20.50% = 0.80 × 0.93 × 27.21% × 0.50 × 2.03
Dec 31, 2016 21.74% = 0.79 × 0.93 × 27.19% × 0.54 × 2.02
Sep 30, 2016 — = — × — × — × — × 2.04
Jun 30, 2016 — = — × — × — × — × 2.12
Mar 31, 2016 — = — × — × — × — × 2.03

Based on: 10-K (filing date: 2021-02-24), 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-06), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-05), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-09), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-04).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2020 is the decrease in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

Booking Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2020 0.27% = 0.87% × 0.31
Sep 30, 2020 6.30% = 15.68% × 0.40
Jun 30, 2020 12.17% = 22.52% × 0.54
Mar 31, 2020 19.04% = 23.43% × 0.81
Dec 31, 2019 22.73% = 32.29% × 0.70
Sep 30, 2019 20.24% = 29.05% × 0.70
Jun 30, 2019 19.34% = 28.19% × 0.69
Mar 31, 2019 18.58% = 28.79% × 0.65
Dec 31, 2018 17.62% = 27.52% × 0.64
Sep 30, 2018 11.48% = 19.81% × 0.58
Jun 30, 2018 10.87% = 20.07% × 0.54
Mar 31, 2018 9.96% = 18.90% × 0.53
Dec 31, 2017 9.20% = 18.46% × 0.50
Sep 30, 2017 13.84% = 29.20% × 0.47
Jun 30, 2017 10.04% = 20.52% × 0.49
Mar 31, 2017 10.08% = 20.12% × 0.50
Dec 31, 2016 10.76% = 19.87% × 0.54
Sep 30, 2016 — = — × —
Jun 30, 2016 — = — × —
Mar 31, 2016 — = — × —

Based on: 10-K (filing date: 2021-02-24), 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-06), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-05), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-09), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-04).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2020 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Booking Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2020 0.27% = 0.10 × 0.61 × 13.58% × 0.31
Sep 30, 2020 6.30% = 0.80 × 0.84 × 23.18% × 0.40
Jun 30, 2020 12.17% = 0.78 × 0.92 × 31.53% × 0.54
Mar 31, 2020 19.04% = 0.80 × 0.94 × 31.22% × 0.81
Dec 31, 2019 22.73% = 0.82 × 0.96 × 41.31% × 0.70
Sep 30, 2019 20.24% = 0.84 × 0.95 × 36.41% × 0.70
Jun 30, 2019 19.34% = 0.82 × 0.95 × 36.04% × 0.69
Mar 31, 2019 18.58% = 0.82 × 0.95 × 36.81% × 0.65
Dec 31, 2018 17.62% = 0.83 × 0.95 × 35.13% × 0.64
Sep 30, 2018 11.48% = 0.54 × 0.95 × 38.38% × 0.58
Jun 30, 2018 10.87% = 0.55 × 0.95 × 38.26% × 0.54
Mar 31, 2018 9.96% = 0.54 × 0.95 × 37.09% × 0.53
Dec 31, 2017 9.20% = 0.53 × 0.95 × 36.69% × 0.50
Sep 30, 2017 13.84% = 0.85 × 0.95 × 36.47% × 0.47
Jun 30, 2017 10.04% = 0.80 × 0.93 × 27.68% × 0.49
Mar 31, 2017 10.08% = 0.80 × 0.93 × 27.21% × 0.50
Dec 31, 2016 10.76% = 0.79 × 0.93 × 27.19% × 0.54
Sep 30, 2016 — = — × — × — × —
Jun 30, 2016 — = — × — × — × —
Mar 31, 2016 — = — × — × — × —

Based on: 10-K (filing date: 2021-02-24), 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-06), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-05), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-09), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-04).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2020 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Booking Holdings Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2020 0.87% = 0.10 × 0.61 × 13.58%
Sep 30, 2020 15.68% = 0.80 × 0.84 × 23.18%
Jun 30, 2020 22.52% = 0.78 × 0.92 × 31.53%
Mar 31, 2020 23.43% = 0.80 × 0.94 × 31.22%
Dec 31, 2019 32.29% = 0.82 × 0.96 × 41.31%
Sep 30, 2019 29.05% = 0.84 × 0.95 × 36.41%
Jun 30, 2019 28.19% = 0.82 × 0.95 × 36.04%
Mar 31, 2019 28.79% = 0.82 × 0.95 × 36.81%
Dec 31, 2018 27.52% = 0.83 × 0.95 × 35.13%
Sep 30, 2018 19.81% = 0.54 × 0.95 × 38.38%
Jun 30, 2018 20.07% = 0.55 × 0.95 × 38.26%
Mar 31, 2018 18.90% = 0.54 × 0.95 × 37.09%
Dec 31, 2017 18.46% = 0.53 × 0.95 × 36.69%
Sep 30, 2017 29.20% = 0.85 × 0.95 × 36.47%
Jun 30, 2017 20.52% = 0.80 × 0.93 × 27.68%
Mar 31, 2017 20.12% = 0.80 × 0.93 × 27.21%
Dec 31, 2016 19.87% = 0.79 × 0.93 × 27.19%
Sep 30, 2016 — = — × — × —
Jun 30, 2016 — = — × — × —
Mar 31, 2016 — = — × — × —

Based on: 10-K (filing date: 2021-02-24), 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-06), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-27), 10-Q (filing date: 2018-11-05), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-09), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-07), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-04).

The primary reason for the decrease in net profit margin ratio over Q4 2020 is the decrease in effect of taxes measured by tax burden ratio.