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

Illumina Inc. (NASDAQ:ILMN)

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

Illumina Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Sep 27, 2020 13.57% = 8.62% × 1.58
Jun 28, 2020 15.19% = 9.56% × 1.59
Mar 29, 2020 20.32% = 12.97% × 1.57
Dec 29, 2019 21.72% = 13.70% × 1.59
Sep 29, 2019 21.92% = 13.73% × 1.60
Jun 30, 2019 21.65% = 13.45% × 1.61
Mar 31, 2019 21.36% = 11.52% × 1.85
Dec 30, 2018 21.98% = 11.87% × 1.85
Sep 30, 2018 19.53% = 10.12% × 1.93
Jul 1, 2018 19.90% = 11.08% × 1.80
Apr 1, 2018 18.85% = 10.23% × 1.84
Dec 31, 2017 26.41% = 13.81% × 1.91
Oct 1, 2017 27.38% = 15.49% × 1.77
Jul 2, 2017 27.54% = 15.39% × 1.79
Apr 2, 2017 29.01% = 16.10% × 1.80
Jan 1, 2017 21.06% = 10.81% × 1.95
Oct 2, 2016 19.79% = 10.49% × 1.89
Jul 3, 2016 21.05% = 10.86% × 1.94
Apr 3, 2016 20.82% = 10.93% × 1.91
Jan 3, 2016 24.97% = 12.52% × 1.99
Sep 27, 2015 — = — × 1.93
Jun 28, 2015 — = — × 2.06
Mar 29, 2015 — = — × 2.16

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-08-07), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-11), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-03-02), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Illumina Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 27, 2020 13.57% = 19.70% × 0.44 × 1.58
Jun 28, 2020 15.19% = 20.68% × 0.46 × 1.59
Mar 29, 2020 20.32% = 26.49% × 0.49 × 1.57
Dec 29, 2019 21.72% = 28.28% × 0.48 × 1.59
Sep 29, 2019 21.92% = 28.13% × 0.49 × 1.60
Jun 30, 2019 21.65% = 27.55% × 0.49 × 1.61
Mar 31, 2019 21.36% = 25.05% × 0.46 × 1.85
Dec 30, 2018 21.98% = 24.78% × 0.48 × 1.85
Sep 30, 2018 19.53% = 21.09% × 0.48 × 1.93
Jul 1, 2018 19.90% = 20.88% × 0.53 × 1.80
Apr 1, 2018 18.85% = 19.31% × 0.53 × 1.84
Dec 31, 2017 26.41% = 26.38% × 0.52 × 1.91
Oct 1, 2017 27.38% = 30.14% × 0.51 × 1.77
Jul 2, 2017 27.54% = 30.07% × 0.51 × 1.79
Apr 2, 2017 29.01% = 30.52% × 0.53 × 1.80
Jan 1, 2017 21.06% = 19.29% × 0.56 × 1.95
Oct 2, 2016 19.79% = 18.70% × 0.56 × 1.89
Jul 3, 2016 21.05% = 18.70% × 0.58 × 1.94
Apr 3, 2016 20.82% = 18.40% × 0.59 × 1.91
Jan 3, 2016 24.97% = 20.79% × 0.60 × 1.99
Sep 27, 2015 — = — × — × 1.93
Jun 28, 2015 — = — × — × 2.06
Mar 29, 2015 — = — × — × 2.16

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-08-07), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-11), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-03-02), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Illumina Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 27, 2020 13.57% = 0.77 × 0.95 × 26.90% × 0.44 × 1.58
Jun 28, 2020 15.19% = 0.79 × 0.95 × 27.63% × 0.46 × 1.59
Mar 29, 2020 20.32% = 0.88 × 0.96 × 31.33% × 0.49 × 1.57
Dec 29, 2019 21.72% = 0.89 × 0.96 × 33.36% × 0.48 × 1.59
Sep 29, 2019 21.92% = 0.90 × 0.95 × 33.07% × 0.49 × 1.60
Jun 30, 2019 21.65% = 0.89 × 0.94 × 32.92% × 0.49 × 1.61
Mar 31, 2019 21.36% = 0.90 × 0.94 × 29.70% × 0.46 × 1.85
Dec 30, 2018 21.98% = 0.88 × 0.94 × 29.85% × 0.48 × 1.85
Sep 30, 2018 19.53% = 0.72 × 0.95 × 30.77% × 0.48 × 1.93
Jul 1, 2018 19.90% = 0.73 × 0.95 × 30.15% × 0.53 × 1.80
Apr 1, 2018 18.85% = 0.71 × 0.95 × 28.64% × 0.53 × 1.84
Dec 31, 2017 26.41% = 0.67 × 0.97 × 40.99% × 0.52 × 1.91
Oct 1, 2017 27.38% = 0.78 × 0.97 × 40.17% × 0.51 × 1.77
Jul 2, 2017 27.54% = 0.76 × 0.97 × 41.03% × 0.51 × 1.79
Apr 2, 2017 29.01% = 0.74 × 0.97 × 42.58% × 0.53 × 1.80
Jan 1, 2017 21.06% = 0.78 × 0.95 × 26.22% × 0.56 × 1.95
Oct 2, 2016 19.79% = 0.76 × 0.95 × 25.89% × 0.56 × 1.89
Jul 3, 2016 21.05% = 0.79 × 0.94 × 25.22% × 0.58 × 1.94
Apr 3, 2016 20.82% = 0.79 × 0.93 × 25.15% × 0.59 × 1.91
Jan 3, 2016 24.97% = 0.79 × 0.93 × 28.36% × 0.60 × 1.99
Sep 27, 2015 — = — × — × — × — × 1.93
Jun 28, 2015 — = — × — × — × — × 2.06
Mar 29, 2015 — = — × — × — × — × 2.16

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-08-07), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-11), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-03-02), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Illumina Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 27, 2020 8.62% = 19.70% × 0.44
Jun 28, 2020 9.56% = 20.68% × 0.46
Mar 29, 2020 12.97% = 26.49% × 0.49
Dec 29, 2019 13.70% = 28.28% × 0.48
Sep 29, 2019 13.73% = 28.13% × 0.49
Jun 30, 2019 13.45% = 27.55% × 0.49
Mar 31, 2019 11.52% = 25.05% × 0.46
Dec 30, 2018 11.87% = 24.78% × 0.48
Sep 30, 2018 10.12% = 21.09% × 0.48
Jul 1, 2018 11.08% = 20.88% × 0.53
Apr 1, 2018 10.23% = 19.31% × 0.53
Dec 31, 2017 13.81% = 26.38% × 0.52
Oct 1, 2017 15.49% = 30.14% × 0.51
Jul 2, 2017 15.39% = 30.07% × 0.51
Apr 2, 2017 16.10% = 30.52% × 0.53
Jan 1, 2017 10.81% = 19.29% × 0.56
Oct 2, 2016 10.49% = 18.70% × 0.56
Jul 3, 2016 10.86% = 18.70% × 0.58
Apr 3, 2016 10.93% = 18.40% × 0.59
Jan 3, 2016 12.52% = 20.79% × 0.60
Sep 27, 2015 — = — × —
Jun 28, 2015 — = — × —
Mar 29, 2015 — = — × —

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-08-07), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-11), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-03-02), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Illumina Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 27, 2020 8.62% = 0.77 × 0.95 × 26.90% × 0.44
Jun 28, 2020 9.56% = 0.79 × 0.95 × 27.63% × 0.46
Mar 29, 2020 12.97% = 0.88 × 0.96 × 31.33% × 0.49
Dec 29, 2019 13.70% = 0.89 × 0.96 × 33.36% × 0.48
Sep 29, 2019 13.73% = 0.90 × 0.95 × 33.07% × 0.49
Jun 30, 2019 13.45% = 0.89 × 0.94 × 32.92% × 0.49
Mar 31, 2019 11.52% = 0.90 × 0.94 × 29.70% × 0.46
Dec 30, 2018 11.87% = 0.88 × 0.94 × 29.85% × 0.48
Sep 30, 2018 10.12% = 0.72 × 0.95 × 30.77% × 0.48
Jul 1, 2018 11.08% = 0.73 × 0.95 × 30.15% × 0.53
Apr 1, 2018 10.23% = 0.71 × 0.95 × 28.64% × 0.53
Dec 31, 2017 13.81% = 0.67 × 0.97 × 40.99% × 0.52
Oct 1, 2017 15.49% = 0.78 × 0.97 × 40.17% × 0.51
Jul 2, 2017 15.39% = 0.76 × 0.97 × 41.03% × 0.51
Apr 2, 2017 16.10% = 0.74 × 0.97 × 42.58% × 0.53
Jan 1, 2017 10.81% = 0.78 × 0.95 × 26.22% × 0.56
Oct 2, 2016 10.49% = 0.76 × 0.95 × 25.89% × 0.56
Jul 3, 2016 10.86% = 0.79 × 0.94 × 25.22% × 0.58
Apr 3, 2016 10.93% = 0.79 × 0.93 × 25.15% × 0.59
Jan 3, 2016 12.52% = 0.79 × 0.93 × 28.36% × 0.60
Sep 27, 2015 — = — × — × — × —
Jun 28, 2015 — = — × — × — × —
Mar 29, 2015 — = — × — × — × —

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-08-07), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-11), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-03-02), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

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

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 27, 2020 19.70% = 0.77 × 0.95 × 26.90%
Jun 28, 2020 20.68% = 0.79 × 0.95 × 27.63%
Mar 29, 2020 26.49% = 0.88 × 0.96 × 31.33%
Dec 29, 2019 28.28% = 0.89 × 0.96 × 33.36%
Sep 29, 2019 28.13% = 0.90 × 0.95 × 33.07%
Jun 30, 2019 27.55% = 0.89 × 0.94 × 32.92%
Mar 31, 2019 25.05% = 0.90 × 0.94 × 29.70%
Dec 30, 2018 24.78% = 0.88 × 0.94 × 29.85%
Sep 30, 2018 21.09% = 0.72 × 0.95 × 30.77%
Jul 1, 2018 20.88% = 0.73 × 0.95 × 30.15%
Apr 1, 2018 19.31% = 0.71 × 0.95 × 28.64%
Dec 31, 2017 26.38% = 0.67 × 0.97 × 40.99%
Oct 1, 2017 30.14% = 0.78 × 0.97 × 40.17%
Jul 2, 2017 30.07% = 0.76 × 0.97 × 41.03%
Apr 2, 2017 30.52% = 0.74 × 0.97 × 42.58%
Jan 1, 2017 19.29% = 0.78 × 0.95 × 26.22%
Oct 2, 2016 18.70% = 0.76 × 0.95 × 25.89%
Jul 3, 2016 18.70% = 0.79 × 0.94 × 25.22%
Apr 3, 2016 18.40% = 0.79 × 0.93 × 25.15%
Jan 3, 2016 20.79% = 0.79 × 0.93 × 28.36%
Sep 27, 2015 — = — × — × —
Jun 28, 2015 — = — × — × —
Mar 29, 2015 — = — × — × —

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-08-07), 10-Q (filing date: 2020-05-01), 10-K (filing date: 2020-02-11), 10-Q (filing date: 2019-10-25), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-26), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-09), 10-K (filing date: 2016-03-02), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01).

The primary reason for the decrease in net profit margin ratio over Q3 2020 is the decrease in operating profitability measured by EBIT margin ratio.