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Microsoft Excel LibreOffice Calc


DuPont Analysis: Decomposition of ROE

Difficulty: Beginner


Two-Component Disaggregation of ROE

Costco Wholesale Corp., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Sep 2, 2018 hidden hidden hidden
Sep 3, 2017 hidden hidden hidden
Aug 28, 2016 hidden hidden hidden
Aug 30, 2015 hidden hidden hidden
Aug 31, 2014 hidden hidden hidden
Sep 1, 2013 hidden hidden hidden

Based on: 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14), 10-K (filing date: 2014-10-15), 10-K (filing date: 2013-10-16).

The primary reason for the decrease in Return on Equity (ROE) over 2018 year is the decrease in Financial Leverage.


Three-Component Disaggregation of ROE

Costco Wholesale Corp., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Sep 2, 2018 hidden hidden hidden hidden
Sep 3, 2017 hidden hidden hidden hidden
Aug 28, 2016 hidden hidden hidden hidden
Aug 30, 2015 hidden hidden hidden hidden
Aug 31, 2014 hidden hidden hidden hidden
Sep 1, 2013 hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14), 10-K (filing date: 2014-10-15), 10-K (filing date: 2013-10-16).

The primary reason for the decrease in Return on Equity (ROE) over 2018 year is the decrease in Financial Leverage.


Five-Component Disaggregation of ROE

Costco Wholesale Corp., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Sep 2, 2018 hidden hidden hidden hidden hidden hidden
Sep 3, 2017 hidden hidden hidden hidden hidden hidden
Aug 28, 2016 hidden hidden hidden hidden hidden hidden
Aug 30, 2015 hidden hidden hidden hidden hidden hidden
Aug 31, 2014 hidden hidden hidden hidden hidden hidden
Sep 1, 2013 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14), 10-K (filing date: 2014-10-15), 10-K (filing date: 2013-10-16).

The primary reason for the decrease in Return on Equity (ROE) over 2018 year is the decrease in Financial Leverage.


Two-Way Decomposition of ROA

Costco Wholesale Corp., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 2, 2018 hidden hidden hidden
Sep 3, 2017 hidden hidden hidden
Aug 28, 2016 hidden hidden hidden
Aug 30, 2015 hidden hidden hidden
Aug 31, 2014 hidden hidden hidden
Sep 1, 2013 hidden hidden hidden

Based on: 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14), 10-K (filing date: 2014-10-15), 10-K (filing date: 2013-10-16).

The primary reason for the increase in Return on Assets (ROA) over 2018 year is the increase in profitability measured by Net Profit Margin.


Four-Way Decomposition of ROA

Costco Wholesale Corp., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 2, 2018 hidden hidden hidden hidden hidden
Sep 3, 2017 hidden hidden hidden hidden hidden
Aug 28, 2016 hidden hidden hidden hidden hidden
Aug 30, 2015 hidden hidden hidden hidden hidden
Aug 31, 2014 hidden hidden hidden hidden hidden
Sep 1, 2013 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14), 10-K (filing date: 2014-10-15), 10-K (filing date: 2013-10-16).

The primary reason for the increase in Return on Assets (ROA) over 2018 year is the increase in effect of taxes measured by Tax Burden.


Decomposition of Net Profit Margin

Costco Wholesale Corp., decomposition of Net Profit Margin

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 2, 2018 hidden hidden hidden hidden
Sep 3, 2017 hidden hidden hidden hidden
Aug 28, 2016 hidden hidden hidden hidden
Aug 30, 2015 hidden hidden hidden hidden
Aug 31, 2014 hidden hidden hidden hidden
Sep 1, 2013 hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-10-26), 10-K (filing date: 2017-10-18), 10-K (filing date: 2016-10-12), 10-K (filing date: 2015-10-14), 10-K (filing date: 2014-10-15), 10-K (filing date: 2013-10-16).

The primary reason for the increase in Net Profit Margin over 2018 year is the increase in effect of taxes measured by Tax Burden.