Stock Analysis on Net
Stock Analysis on Net

Kraft Heinz Co. (NASDAQ:KHC)

This company has been moved to the archive! The financial data has not been updated since July 31, 2020.

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

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Kraft Heinz Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 27, 2020 -0.39% = -0.20% × 2.00
Mar 28, 2020 3.74% = 1.83% × 2.04
Dec 28, 2019 3.75% = 1.91% × 1.97
Sep 28, 2019 -20.93% = -10.52% × 1.99
Jun 29, 2019 -21.53% = -10.75% × 2.00
Mar 30, 2019 -20.87% = -10.42% × 2.00
Dec 29, 2018 -19.73% = -9.85% × 2.00
Sep 29, 2018 15.87% = 8.67% × 1.83
Jun 30, 2018 16.30% = 8.78% × 1.86
Mar 31, 2018 16.77% = 9.20% × 1.82
Dec 30, 2017 16.66% = 9.15% × 1.82
Sep 30, 2017 6.71% = 3.28% × 2.04
Jul 1, 2017 6.58% = 3.21% × 2.05
Apr 1, 2017 6.29% = 3.00% × 2.09
Dec 31, 2016 6.33% = 3.01% × 2.10
Oct 2, 2016 5.78% = 2.75% × 2.10
Jul 3, 2016 4.10% = 1.95% × 2.10
Apr 3, 2016 2.16% = 1.02% × 2.12
Dec 31, 2015 1.10% = 0.52% × 2.13
Sep 27, 2015 — = — × 2.07
Jun 28, 2015 — = — × 5.35
Mar 29, 2015 — = — × 5.33

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2020 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Kraft Heinz Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 27, 2020 -0.39% = -0.76% × 0.26 × 2.00
Mar 28, 2020 3.74% = 7.58% × 0.24 × 2.04
Dec 28, 2019 3.75% = 7.75% × 0.25 × 1.97
Sep 28, 2019 -20.93% = -42.69% × 0.25 × 1.99
Jun 29, 2019 -21.53% = -43.27% × 0.25 × 2.00
Mar 30, 2019 -20.87% = -41.62% × 0.25 × 2.00
Dec 29, 2018 -19.73% = -38.80% × 0.25 × 2.00
Sep 29, 2018 15.87% = 39.53% × 0.22 × 1.83
Jun 30, 2018 16.30% = 40.88% × 0.21 × 1.86
Mar 31, 2018 16.77% = 42.45% × 0.22 × 1.82
Dec 30, 2017 16.66% = 41.93% × 0.22 × 1.82
Sep 30, 2017 6.71% = 15.03% × 0.22 × 2.04
Jul 1, 2017 6.58% = 14.67% × 0.22 × 2.05
Apr 1, 2017 6.29% = 13.81% × 0.22 × 2.09
Dec 31, 2016 6.33% = 13.71% × 0.22 × 2.10
Oct 2, 2016 5.78% = 12.46% × 0.22 × 2.10
Jul 3, 2016 4.10% = 8.90% × 0.22 × 2.10
Apr 3, 2016 2.16% = 5.59% × 0.18 × 2.12
Dec 31, 2015 1.10% = 3.46% × 0.15 × 2.13
Sep 27, 2015 — = — × — × 2.07
Jun 28, 2015 — = — × — × 5.35
Mar 29, 2015 — = — × — × 5.33

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2020 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Kraft Heinz Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 27, 2020 -0.39% = -0.59 × 0.18 × 7.09% × 0.26 × 2.00
Mar 28, 2020 3.74% = 0.74 × 0.66 × 15.61% × 0.24 × 2.04
Dec 28, 2019 3.75% = 0.73 × 0.66 × 16.11% × 0.25 × 1.97
Sep 28, 2019 -20.93% = — × — × -42.31% × 0.25 × 1.99
Jun 29, 2019 -21.53% = — × — × -43.42% × 0.25 × 2.00
Mar 30, 2019 -20.87% = — × — × -40.98% × 0.25 × 2.00
Dec 29, 2018 -19.73% = — × — × -37.97% × 0.25 × 2.00
Sep 29, 2018 15.87% = 2.31 × 0.78 × 21.94% × 0.22 × 1.83
Jun 30, 2018 16.30% = 2.13 × 0.80 × 23.98% × 0.21 × 1.86
Mar 31, 2018 16.77% = 2.00 × 0.82 × 25.97% × 0.22 × 1.82
Dec 30, 2017 16.66% = 1.99 × 0.82 × 25.82% × 0.22 × 1.82
Sep 30, 2017 6.71% = 0.72 × 0.82 × 25.63% × 0.22 × 2.04
Jul 1, 2017 6.58% = 0.73 × 0.81 × 24.71% × 0.22 × 2.05
Apr 1, 2017 6.29% = 0.73 × 0.81 × 23.57% × 0.22 × 2.09
Dec 31, 2016 6.33% = 0.72 × 0.82 × 23.21% × 0.22 × 2.10
Oct 2, 2016 5.78% = 0.70 × 0.81 × 21.87% × 0.22 × 2.10
Jul 3, 2016 4.10% = 0.68 × 0.74 × 17.75% × 0.22 × 2.10
Apr 3, 2016 2.16% = 0.65 × 0.58 × 14.68% × 0.18 × 2.12
Dec 31, 2015 1.10% = 0.63 × 0.43 × 12.66% × 0.15 × 2.13
Sep 27, 2015 — = — × — × — × — × 2.07
Jun 28, 2015 — = — × — × — × — × 5.35
Mar 29, 2015 — = — × — × — × — × 5.33

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2020 is the decrease in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

Kraft Heinz Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 27, 2020 -0.20% = -0.76% × 0.26
Mar 28, 2020 1.83% = 7.58% × 0.24
Dec 28, 2019 1.91% = 7.75% × 0.25
Sep 28, 2019 -10.52% = -42.69% × 0.25
Jun 29, 2019 -10.75% = -43.27% × 0.25
Mar 30, 2019 -10.42% = -41.62% × 0.25
Dec 29, 2018 -9.85% = -38.80% × 0.25
Sep 29, 2018 8.67% = 39.53% × 0.22
Jun 30, 2018 8.78% = 40.88% × 0.21
Mar 31, 2018 9.20% = 42.45% × 0.22
Dec 30, 2017 9.15% = 41.93% × 0.22
Sep 30, 2017 3.28% = 15.03% × 0.22
Jul 1, 2017 3.21% = 14.67% × 0.22
Apr 1, 2017 3.00% = 13.81% × 0.22
Dec 31, 2016 3.01% = 13.71% × 0.22
Oct 2, 2016 2.75% = 12.46% × 0.22
Jul 3, 2016 1.95% = 8.90% × 0.22
Apr 3, 2016 1.02% = 5.59% × 0.18
Dec 31, 2015 0.52% = 3.46% × 0.15
Sep 27, 2015 — = — × —
Jun 28, 2015 — = — × —
Mar 29, 2015 — = — × —

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2020 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Kraft Heinz Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 27, 2020 -0.20% = -0.59 × 0.18 × 7.09% × 0.26
Mar 28, 2020 1.83% = 0.74 × 0.66 × 15.61% × 0.24
Dec 28, 2019 1.91% = 0.73 × 0.66 × 16.11% × 0.25
Sep 28, 2019 -10.52% = — × — × -42.31% × 0.25
Jun 29, 2019 -10.75% = — × — × -43.42% × 0.25
Mar 30, 2019 -10.42% = — × — × -40.98% × 0.25
Dec 29, 2018 -9.85% = — × — × -37.97% × 0.25
Sep 29, 2018 8.67% = 2.31 × 0.78 × 21.94% × 0.22
Jun 30, 2018 8.78% = 2.13 × 0.80 × 23.98% × 0.21
Mar 31, 2018 9.20% = 2.00 × 0.82 × 25.97% × 0.22
Dec 30, 2017 9.15% = 1.99 × 0.82 × 25.82% × 0.22
Sep 30, 2017 3.28% = 0.72 × 0.82 × 25.63% × 0.22
Jul 1, 2017 3.21% = 0.73 × 0.81 × 24.71% × 0.22
Apr 1, 2017 3.00% = 0.73 × 0.81 × 23.57% × 0.22
Dec 31, 2016 3.01% = 0.72 × 0.82 × 23.21% × 0.22
Oct 2, 2016 2.75% = 0.70 × 0.81 × 21.87% × 0.22
Jul 3, 2016 1.95% = 0.68 × 0.74 × 17.75% × 0.22
Apr 3, 2016 1.02% = 0.65 × 0.58 × 14.68% × 0.18
Dec 31, 2015 0.52% = 0.63 × 0.43 × 12.66% × 0.15
Sep 27, 2015 — = — × — × — × —
Jun 28, 2015 — = — × — × — × —
Mar 29, 2015 — = — × — × — × —

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2020 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Kraft Heinz Co., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 27, 2020 -0.76% = -0.59 × 0.18 × 7.09%
Mar 28, 2020 7.58% = 0.74 × 0.66 × 15.61%
Dec 28, 2019 7.75% = 0.73 × 0.66 × 16.11%
Sep 28, 2019 -42.69% = — × — × -42.31%
Jun 29, 2019 -43.27% = — × — × -43.42%
Mar 30, 2019 -41.62% = — × — × -40.98%
Dec 29, 2018 -38.80% = — × — × -37.97%
Sep 29, 2018 39.53% = 2.31 × 0.78 × 21.94%
Jun 30, 2018 40.88% = 2.13 × 0.80 × 23.98%
Mar 31, 2018 42.45% = 2.00 × 0.82 × 25.97%
Dec 30, 2017 41.93% = 1.99 × 0.82 × 25.82%
Sep 30, 2017 15.03% = 0.72 × 0.82 × 25.63%
Jul 1, 2017 14.67% = 0.73 × 0.81 × 24.71%
Apr 1, 2017 13.81% = 0.73 × 0.81 × 23.57%
Dec 31, 2016 13.71% = 0.72 × 0.82 × 23.21%
Oct 2, 2016 12.46% = 0.70 × 0.81 × 21.87%
Jul 3, 2016 8.90% = 0.68 × 0.74 × 17.75%
Apr 3, 2016 5.59% = 0.65 × 0.58 × 14.68%
Dec 31, 2015 3.46% = 0.63 × 0.43 × 12.66%
Sep 27, 2015 — = — × — × —
Jun 28, 2015 — = — × — × —
Mar 29, 2015 — = — × — × —

Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).

The primary reason for the decrease in net profit margin ratio over Q2 2020 is the decrease in effect of taxes measured by tax burden ratio.