Marriott International Inc. (MAR)


DuPont Analysis: Decomposition of ROE
Quarterly Data

Difficulty: Beginner


Two-Component Disaggregation of ROE

Marriott International Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Mar 31, 2019 116.16% = 7.52% × 15.44
Dec 31, 2018 85.71% = 8.05% × 10.65
Sep 30, 2018 73.75% = 7.19% × 10.26
Jun 30, 2018 57.13% = 6.81% × 8.39
Mar 31, 2018 40.02% = 5.83% × 6.87
Dec 31, 2017 36.77% = 5.73% × 6.42
Sep 30, 2017 31.36% = 5.84% × 5.37
Jun 30, 2017 22.30% = 4.58% × 4.87
Mar 31, 2017 17.92% = 3.87% × 4.63
Dec 31, 2016 14.56% = 3.23% × 4.51
Sep 30, 2016 12.63% = 2.95% × 4.28
Jun 30, 2016 = 13.20% ×
Mar 31, 2016 = 14.23% ×
Dec 31, 2015 = 14.12% ×
Sep 30, 2015 = 13.88% ×
Jun 30, 2015 = 13.23% ×
Mar 31, 2015 = 11.58% ×
Dec 31, 2014 = 10.97% ×
Sep 30, 2014 = 10.46% ×
Jun 30, 2014 = 10.29% ×
Mar 31, 2014 = 9.71% ×
Sep 30, 2013 = ×
Jun 30, 2013 = ×
Mar 31, 2013 = ×

Based on: 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-01), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-11-09), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-19), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-30), 10-Q (filing date: 2013-10-31), 10-Q (filing date: 2013-08-01), 10-Q (filing date: 2013-05-02).

The primary reason for the increase in Return on Equity (ROE) over Q1 2019 is the increase in Financial Leverage.


Three-Component Disaggregation of ROE

Marriott International Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Mar 31, 2019 116.16% = 8.97% × 0.84 × 15.44
Dec 31, 2018 85.71% = 9.19% × 0.88 × 10.65
Sep 30, 2018 73.75% = 8.05% × 0.89 × 10.26
Jun 30, 2018 57.13% = 7.41% × 0.92 × 8.39
Mar 31, 2018 40.02% = 6.39% × 0.91 × 6.87
Dec 31, 2017 36.77% = 5.99% × 0.96 × 6.42
Sep 30, 2017 31.36% = 6.30% × 0.93 × 5.37
Jun 30, 2017 22.30% = 5.27% × 0.87 × 4.87
Mar 31, 2017 17.92% = 4.91% × 0.79 × 4.63
Dec 31, 2016 14.56% = 4.57% × 0.71 × 4.51
Sep 30, 2016 12.63% = 4.82% × 0.61 × 4.28
Jun 30, 2016 = 5.87% × 2.25 ×
Mar 31, 2016 = 5.91% × 2.41 ×
Dec 31, 2015 = 5.93% × 2.38 ×
Sep 30, 2015 = 5.96% × 2.33 ×
Jun 30, 2015 = 5.88% × 2.25 ×
Mar 31, 2015 = 5.62% × 2.06 ×
Dec 31, 2014 = 5.46% × 2.01 ×
Sep 30, 2014 = 5.34% × 1.96 ×
Jun 30, 2014 = 5.33% × 1.93 ×
Mar 31, 2014 = 5.03% × 1.93 ×
Sep 30, 2013 = × ×
Jun 30, 2013 = × ×
Mar 31, 2013 = × ×

Based on: 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-01), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-11-09), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-19), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-30), 10-Q (filing date: 2013-10-31), 10-Q (filing date: 2013-08-01), 10-Q (filing date: 2013-05-02).

The primary reason for the increase in Return on Equity (ROE) over Q1 2019 is the increase in Financial Leverage.


Five-Component Disaggregation of ROE

Marriott International Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Mar 31, 2019 116.16% = 0.83 × 0.86 × 12.56% × 0.84 × 15.44
Dec 31, 2018 85.71% = 0.81 × 0.87 × 12.93% × 0.88 × 10.65
Sep 30, 2018 73.75% = 0.56 × 0.91 × 15.95% × 0.89 × 10.26
Jun 30, 2018 57.13% = 0.53 × 0.91 × 15.49% × 0.92 × 8.39
Mar 31, 2018 40.02% = 0.49 × 0.91 × 14.22% × 0.91 × 6.87
Dec 31, 2017 36.77% = 0.48 × 0.91 × 13.65% × 0.96 × 6.42
Sep 30, 2017 31.36% = 0.69 × 0.88 × 10.37% × 0.93 × 5.37
Jun 30, 2017 22.30% = 0.69 × 0.85 × 8.98% × 0.87 × 4.87
Mar 31, 2017 17.92% = 0.69 × 0.84 × 8.48% × 0.79 × 4.63
Dec 31, 2016 14.56% = 0.66 × 0.83 × 8.31% × 0.71 × 4.51
Sep 30, 2016 12.63% = 0.68 × 0.84 × 8.42% × 0.61 × 4.28
Jun 30, 2016 = 0.70 × 0.87 × 9.73% × 2.25 ×
Mar 31, 2016 = 0.68 × 0.88 × 9.85% × 2.41 ×
Dec 31, 2015 = 0.68 × 0.88 × 9.82% × 2.38 ×
Sep 30, 2015 = 0.68 × 0.90 × 9.76% × 2.33 ×
Jun 30, 2015 = 0.68 × 0.90 × 9.61% × 2.25 ×
Mar 31, 2015 = 0.68 × 0.91 × 9.17% × 2.06 ×
Dec 31, 2014 = 0.69 × 0.90 × 8.72% × 2.01 ×
Sep 30, 2014 = 0.70 × 0.90 × 8.55% × 1.96 ×
Jun 30, 2014 = 0.70 × 0.90 × 8.48% × 1.93 ×
Mar 31, 2014 = 0.70 × 0.89 × 8.06% × 1.93 ×
Sep 30, 2013 = × × × ×
Jun 30, 2013 = × × × ×
Mar 31, 2013 = × × × ×

Based on: 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-01), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-11-09), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-19), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-30), 10-Q (filing date: 2013-10-31), 10-Q (filing date: 2013-08-01), 10-Q (filing date: 2013-05-02).

The primary reason for the increase in Return on Equity (ROE) over Q1 2019 is the increase in Financial Leverage.


Two-Way Decomposition of ROA

Marriott International Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2019 7.52% = 8.97% × 0.84
Dec 31, 2018 8.05% = 9.19% × 0.88
Sep 30, 2018 7.19% = 8.05% × 0.89
Jun 30, 2018 6.81% = 7.41% × 0.92
Mar 31, 2018 5.83% = 6.39% × 0.91
Dec 31, 2017 5.73% = 5.99% × 0.96
Sep 30, 2017 5.84% = 6.30% × 0.93
Jun 30, 2017 4.58% = 5.27% × 0.87
Mar 31, 2017 3.87% = 4.91% × 0.79
Dec 31, 2016 3.23% = 4.57% × 0.71
Sep 30, 2016 2.95% = 4.82% × 0.61
Jun 30, 2016 13.20% = 5.87% × 2.25
Mar 31, 2016 14.23% = 5.91% × 2.41
Dec 31, 2015 14.12% = 5.93% × 2.38
Sep 30, 2015 13.88% = 5.96% × 2.33
Jun 30, 2015 13.23% = 5.88% × 2.25
Mar 31, 2015 11.58% = 5.62% × 2.06
Dec 31, 2014 10.97% = 5.46% × 2.01
Sep 30, 2014 10.46% = 5.34% × 1.96
Jun 30, 2014 10.29% = 5.33% × 1.93
Mar 31, 2014 9.71% = 5.03% × 1.93
Sep 30, 2013 = ×
Jun 30, 2013 = ×
Mar 31, 2013 = ×

Based on: 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-01), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-11-09), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-19), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-30), 10-Q (filing date: 2013-10-31), 10-Q (filing date: 2013-08-01), 10-Q (filing date: 2013-05-02).

The primary reason for the decrease in Return on Assets (ROA) over Q1 2019 is the decrease in Asset Turnover.


Four-Way Decomposition of ROA

Marriott International Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2019 7.52% = 0.83 × 0.86 × 12.56% × 0.84
Dec 31, 2018 8.05% = 0.81 × 0.87 × 12.93% × 0.88
Sep 30, 2018 7.19% = 0.56 × 0.91 × 15.95% × 0.89
Jun 30, 2018 6.81% = 0.53 × 0.91 × 15.49% × 0.92
Mar 31, 2018 5.83% = 0.49 × 0.91 × 14.22% × 0.91
Dec 31, 2017 5.73% = 0.48 × 0.91 × 13.65% × 0.96
Sep 30, 2017 5.84% = 0.69 × 0.88 × 10.37% × 0.93
Jun 30, 2017 4.58% = 0.69 × 0.85 × 8.98% × 0.87
Mar 31, 2017 3.87% = 0.69 × 0.84 × 8.48% × 0.79
Dec 31, 2016 3.23% = 0.66 × 0.83 × 8.31% × 0.71
Sep 30, 2016 2.95% = 0.68 × 0.84 × 8.42% × 0.61
Jun 30, 2016 13.20% = 0.70 × 0.87 × 9.73% × 2.25
Mar 31, 2016 14.23% = 0.68 × 0.88 × 9.85% × 2.41
Dec 31, 2015 14.12% = 0.68 × 0.88 × 9.82% × 2.38
Sep 30, 2015 13.88% = 0.68 × 0.90 × 9.76% × 2.33
Jun 30, 2015 13.23% = 0.68 × 0.90 × 9.61% × 2.25
Mar 31, 2015 11.58% = 0.68 × 0.91 × 9.17% × 2.06
Dec 31, 2014 10.97% = 0.69 × 0.90 × 8.72% × 2.01
Sep 30, 2014 10.46% = 0.70 × 0.90 × 8.55% × 1.96
Jun 30, 2014 10.29% = 0.70 × 0.90 × 8.48% × 1.93
Mar 31, 2014 9.71% = 0.70 × 0.89 × 8.06% × 1.93
Sep 30, 2013 = × × ×
Jun 30, 2013 = × × ×
Mar 31, 2013 = × × ×

Based on: 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-01), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-11-09), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-19), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-30), 10-Q (filing date: 2013-10-31), 10-Q (filing date: 2013-08-01), 10-Q (filing date: 2013-05-02).

The primary reason for the decrease in Return on Assets (ROA) over Q1 2019 is the decrease in efficiency measured by Asset Turnover.


Decomposition of Net Profit Margin

Marriott International Inc., decomposition of Net Profit Margin (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2019 8.97% = 0.83 × 0.86 × 12.56%
Dec 31, 2018 9.19% = 0.81 × 0.87 × 12.93%
Sep 30, 2018 8.05% = 0.56 × 0.91 × 15.95%
Jun 30, 2018 7.41% = 0.53 × 0.91 × 15.49%
Mar 31, 2018 6.39% = 0.49 × 0.91 × 14.22%
Dec 31, 2017 5.99% = 0.48 × 0.91 × 13.65%
Sep 30, 2017 6.30% = 0.69 × 0.88 × 10.37%
Jun 30, 2017 5.27% = 0.69 × 0.85 × 8.98%
Mar 31, 2017 4.91% = 0.69 × 0.84 × 8.48%
Dec 31, 2016 4.57% = 0.66 × 0.83 × 8.31%
Sep 30, 2016 4.82% = 0.68 × 0.84 × 8.42%
Jun 30, 2016 5.87% = 0.70 × 0.87 × 9.73%
Mar 31, 2016 5.91% = 0.68 × 0.88 × 9.85%
Dec 31, 2015 5.93% = 0.68 × 0.88 × 9.82%
Sep 30, 2015 5.96% = 0.68 × 0.90 × 9.76%
Jun 30, 2015 5.88% = 0.68 × 0.90 × 9.61%
Mar 31, 2015 5.62% = 0.68 × 0.91 × 9.17%
Dec 31, 2014 5.46% = 0.69 × 0.90 × 8.72%
Sep 30, 2014 5.34% = 0.70 × 0.90 × 8.55%
Jun 30, 2014 5.33% = 0.70 × 0.90 × 8.48%
Mar 31, 2014 5.03% = 0.70 × 0.89 × 8.06%
Sep 30, 2013 = × ×
Jun 30, 2013 = × ×
Mar 31, 2013 = × ×

Based on: 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-01), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-08), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-09), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-11-09), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-18), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-19), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-30), 10-Q (filing date: 2013-10-31), 10-Q (filing date: 2013-08-01), 10-Q (filing date: 2013-05-02).

The primary reason for the decrease in Net Profit Margin over Q1 2019 is the decrease in operating profitability measured by EBIT Margin.