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DuPont Analysis: Decomposition of ROE
Quarterly Data

Difficulty: Beginner


Two-Component Disaggregation of ROE

Costco Wholesale Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
May 13, 2018 hidden% hidden% hidden
Feb 18, 2018 hidden% hidden% hidden
Nov 26, 2017 hidden% hidden% hidden
Sep 3, 2017 hidden% hidden% hidden
May 7, 2017 hidden% hidden% hidden
Feb 12, 2017 hidden% hidden% hidden
Nov 20, 2016 hidden% hidden% hidden
Aug 28, 2016 hidden% hidden% hidden
May 8, 2016 hidden% hidden% hidden
Feb 14, 2016 hidden% hidden% hidden
Nov 22, 2015 hidden% hidden% hidden
Aug 30, 2015 hidden% hidden% hidden
May 10, 2015 hidden% hidden% hidden
Feb 15, 2015 hidden% hidden% hidden
Nov 23, 2014 hidden% hidden% hidden
Aug 31, 2014 hidden% hidden% hidden
May 11, 2014 hidden% hidden% hidden
Feb 16, 2014 hidden% hidden% hidden
Nov 24, 2013 hidden% hidden% hidden
Sep 1, 2013 hidden% hidden% hidden
May 12, 2013 hidden% hidden% hidden
Feb 17, 2013 hidden% hidden% hidden
Nov 25, 2012 hidden% hidden% hidden
Sep 2, 2012 hidden% hidden% hidden
May 6, 2012 hidden% hidden% hidden
Feb 12, 2012 hidden% hidden% hidden
Nov 20, 2011 hidden% hidden% hidden

Source: Based on data from Costco Wholesale Corp. Quarterly and Annual Reports

 

The primary reason for the decrease in Return on Equity (ROE) over Q3 2018 is the decrease in Financial Leverage.


Three-Component Disaggregation of ROE

Costco Wholesale Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
May 13, 2018 hidden% hidden% hidden hidden
Feb 18, 2018 hidden% hidden% hidden hidden
Nov 26, 2017 hidden% hidden% hidden hidden
Sep 3, 2017 hidden% hidden% hidden hidden
May 7, 2017 hidden% hidden% hidden hidden
Feb 12, 2017 hidden% hidden% hidden hidden
Nov 20, 2016 hidden% hidden% hidden hidden
Aug 28, 2016 hidden% hidden% hidden hidden
May 8, 2016 hidden% hidden% hidden hidden
Feb 14, 2016 hidden% hidden% hidden hidden
Nov 22, 2015 hidden% hidden% hidden hidden
Aug 30, 2015 hidden% hidden% hidden hidden
May 10, 2015 hidden% hidden% hidden hidden
Feb 15, 2015 hidden% hidden% hidden hidden
Nov 23, 2014 hidden% hidden% hidden hidden
Aug 31, 2014 hidden% hidden% hidden hidden
May 11, 2014 hidden% hidden% hidden hidden
Feb 16, 2014 hidden% hidden% hidden hidden
Nov 24, 2013 hidden% hidden% hidden hidden
Sep 1, 2013 hidden% hidden% hidden hidden
May 12, 2013 hidden% hidden% hidden hidden
Feb 17, 2013 hidden% hidden% hidden hidden
Nov 25, 2012 hidden% hidden% hidden hidden
Sep 2, 2012 hidden% hidden% hidden hidden
May 6, 2012 hidden% hidden% hidden hidden
Feb 12, 2012 hidden% hidden% hidden hidden
Nov 20, 2011 hidden% hidden% hidden hidden

Source: Based on data from Costco Wholesale Corp. Quarterly and Annual Reports

 

The primary reason for the decrease in Return on Equity (ROE) over Q3 2018 is the decrease in Financial Leverage.


Five-Component Disaggregation of ROE

Costco Wholesale Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
May 13, 2018 hidden% hidden hidden hidden% hidden hidden
Feb 18, 2018 hidden% hidden hidden hidden% hidden hidden
Nov 26, 2017 hidden% hidden hidden hidden% hidden hidden
Sep 3, 2017 hidden% hidden hidden hidden% hidden hidden
May 7, 2017 hidden% hidden hidden hidden% hidden hidden
Feb 12, 2017 hidden% hidden hidden hidden% hidden hidden
Nov 20, 2016 hidden% hidden hidden hidden% hidden hidden
Aug 28, 2016 hidden% hidden hidden hidden% hidden hidden
May 8, 2016 hidden% hidden hidden hidden% hidden hidden
Feb 14, 2016 hidden% hidden hidden hidden% hidden hidden
Nov 22, 2015 hidden% hidden hidden hidden% hidden hidden
Aug 30, 2015 hidden% hidden hidden hidden% hidden hidden
May 10, 2015 hidden% hidden hidden hidden% hidden hidden
Feb 15, 2015 hidden% hidden hidden hidden% hidden hidden
Nov 23, 2014 hidden% hidden hidden hidden% hidden hidden
Aug 31, 2014 hidden% hidden hidden hidden% hidden hidden
May 11, 2014 hidden% hidden hidden hidden% hidden hidden
Feb 16, 2014 hidden% hidden hidden hidden% hidden hidden
Nov 24, 2013 hidden% hidden hidden hidden% hidden hidden
Sep 1, 2013 hidden% hidden hidden hidden% hidden hidden
May 12, 2013 hidden% hidden hidden hidden% hidden hidden
Feb 17, 2013 hidden% hidden hidden hidden% hidden hidden
Nov 25, 2012 hidden% hidden hidden hidden% hidden hidden
Sep 2, 2012 hidden% hidden hidden hidden% hidden hidden
May 6, 2012 hidden% hidden hidden hidden% hidden hidden
Feb 12, 2012 hidden% hidden hidden hidden% hidden hidden
Nov 20, 2011 hidden% hidden hidden hidden% hidden hidden

Source: Based on data from Costco Wholesale Corp. Quarterly and Annual Reports

 

The primary reason for the decrease in Return on Equity (ROE) over Q3 2018 is the decrease in Financial Leverage.


Two-Way Decomposition of ROA

Costco Wholesale Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
May 13, 2018 hidden% hidden% hidden
Feb 18, 2018 hidden% hidden% hidden
Nov 26, 2017 hidden% hidden% hidden
Sep 3, 2017 hidden% hidden% hidden
May 7, 2017 hidden% hidden% hidden
Feb 12, 2017 hidden% hidden% hidden
Nov 20, 2016 hidden% hidden% hidden
Aug 28, 2016 hidden% hidden% hidden
May 8, 2016 hidden% hidden% hidden
Feb 14, 2016 hidden% hidden% hidden
Nov 22, 2015 hidden% hidden% hidden
Aug 30, 2015 hidden% hidden% hidden
May 10, 2015 hidden% hidden% hidden
Feb 15, 2015 hidden% hidden% hidden
Nov 23, 2014 hidden% hidden% hidden
Aug 31, 2014 hidden% hidden% hidden
May 11, 2014 hidden% hidden% hidden
Feb 16, 2014 hidden% hidden% hidden
Nov 24, 2013 hidden% hidden% hidden
Sep 1, 2013 hidden% hidden% hidden
May 12, 2013 hidden% hidden% hidden
Feb 17, 2013 hidden% hidden% hidden
Nov 25, 2012 hidden% hidden% hidden
Sep 2, 2012 hidden% hidden% hidden
May 6, 2012 hidden% hidden% hidden
Feb 12, 2012 hidden% hidden% hidden
Nov 20, 2011 hidden% hidden% hidden

Source: Based on data from Costco Wholesale Corp. Quarterly and Annual Reports

 

The primary reason for the decrease in Return on Assets (ROA) over Q3 2018 is the decrease in profitability measured by Net Profit Margin.


Four-Way Decomposition of ROA

Costco Wholesale Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
May 13, 2018 hidden% hidden hidden hidden% hidden
Feb 18, 2018 hidden% hidden hidden hidden% hidden
Nov 26, 2017 hidden% hidden hidden hidden% hidden
Sep 3, 2017 hidden% hidden hidden hidden% hidden
May 7, 2017 hidden% hidden hidden hidden% hidden
Feb 12, 2017 hidden% hidden hidden hidden% hidden
Nov 20, 2016 hidden% hidden hidden hidden% hidden
Aug 28, 2016 hidden% hidden hidden hidden% hidden
May 8, 2016 hidden% hidden hidden hidden% hidden
Feb 14, 2016 hidden% hidden hidden hidden% hidden
Nov 22, 2015 hidden% hidden hidden hidden% hidden
Aug 30, 2015 hidden% hidden hidden hidden% hidden
May 10, 2015 hidden% hidden hidden hidden% hidden
Feb 15, 2015 hidden% hidden hidden hidden% hidden
Nov 23, 2014 hidden% hidden hidden hidden% hidden
Aug 31, 2014 hidden% hidden hidden hidden% hidden
May 11, 2014 hidden% hidden hidden hidden% hidden
Feb 16, 2014 hidden% hidden hidden hidden% hidden
Nov 24, 2013 hidden% hidden hidden hidden% hidden
Sep 1, 2013 hidden% hidden hidden hidden% hidden
May 12, 2013 hidden% hidden hidden hidden% hidden
Feb 17, 2013 hidden% hidden hidden hidden% hidden
Nov 25, 2012 hidden% hidden hidden hidden% hidden
Sep 2, 2012 hidden% hidden hidden hidden% hidden
May 6, 2012 hidden% hidden hidden hidden% hidden
Feb 12, 2012 hidden% hidden hidden hidden% hidden
Nov 20, 2011 hidden% hidden hidden hidden% hidden

Source: Based on data from Costco Wholesale Corp. Quarterly and Annual Reports

 

The primary reason for the decrease in Return on Assets (ROA) over Q3 2018 is the decrease in effect of taxes measured by Tax Burden.


Decomposition of Net Profit Margin

Costco Wholesale Corp., decomposition of Net Profit Margin (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
May 13, 2018 hidden% hidden hidden hidden%
Feb 18, 2018 hidden% hidden hidden hidden%
Nov 26, 2017 hidden% hidden hidden hidden%
Sep 3, 2017 hidden% hidden hidden hidden%
May 7, 2017 hidden% hidden hidden hidden%
Feb 12, 2017 hidden% hidden hidden hidden%
Nov 20, 2016 hidden% hidden hidden hidden%
Aug 28, 2016 hidden% hidden hidden hidden%
May 8, 2016 hidden% hidden hidden hidden%
Feb 14, 2016 hidden% hidden hidden hidden%
Nov 22, 2015 hidden% hidden hidden hidden%
Aug 30, 2015 hidden% hidden hidden hidden%
May 10, 2015 hidden% hidden hidden hidden%
Feb 15, 2015 hidden% hidden hidden hidden%
Nov 23, 2014 hidden% hidden hidden hidden%
Aug 31, 2014 hidden% hidden hidden hidden%
May 11, 2014 hidden% hidden hidden hidden%
Feb 16, 2014 hidden% hidden hidden hidden%
Nov 24, 2013 hidden% hidden hidden hidden%
Sep 1, 2013 hidden% hidden hidden hidden%
May 12, 2013 hidden% hidden hidden hidden%
Feb 17, 2013 hidden% hidden hidden hidden%
Nov 25, 2012 hidden% hidden hidden hidden%
Sep 2, 2012 hidden% hidden hidden hidden%
May 6, 2012 hidden% hidden hidden hidden%
Feb 12, 2012 hidden% hidden hidden hidden%
Nov 20, 2011 hidden% hidden hidden hidden%

Source: Based on data from Costco Wholesale Corp. Quarterly and Annual Reports

 

The primary reason for the decrease in Net Profit Margin over Q3 2018 is the decrease in effect of taxes measured by Tax Burden.