DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin Quarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Palo Alto Networks Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Jan 31, 2024
52.25%
=
12.45%
×
4.20
Oct 31, 2023
28.28%
=
4.15%
×
6.82
Jul 31, 2023
25.15%
=
3.03%
×
8.29
Apr 30, 2023
17.47%
=
1.52%
×
11.50
Jan 31, 2023
4.71%
=
0.26%
×
18.06
Oct 31, 2022
-28.23%
=
-1.14%
×
24.69
Jul 31, 2022
-127.14%
=
-2.18%
×
58.35
Apr 30, 2022
-115.40%
=
-3.51%
×
32.88
Jan 31, 2022
-391.77%
=
-4.44%
×
88.29
Oct 31, 2021
-98.34%
=
-4.89%
×
20.09
Jul 31, 2021
-78.63%
=
-4.87%
×
16.14
Apr 30, 2021
-43.97%
=
-4.59%
×
9.59
Jan 31, 2021
-35.50%
=
-3.88%
×
9.15
Oct 31, 2020
-40.11%
=
-3.43%
×
11.68
Jul 31, 2020
-24.23%
=
-2.95%
×
8.23
Apr 30, 2020
-30.74%
=
-3.52%
×
8.73
Jan 31, 2020
-10.84%
=
-2.43%
×
4.47
Oct 31, 2019
-6.81%
=
-1.51%
×
4.50
Jul 31, 2019
-5.16%
=
-1.24%
×
4.16
Apr 30, 2019
-4.36%
=
-1.01%
×
4.31
Jan 31, 2019
-8.39%
=
-1.58%
×
5.33
Oct 31, 2018
-9.75%
=
-2.11%
×
4.63
Jul 31, 2018
-15.30%
=
-2.54%
×
6.03
Apr 30, 2018
—
=
—
×
5.41
Jan 31, 2018
—
=
—
×
5.73
Oct 31, 2017
—
=
—
×
5.24
Based on:
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q2 2024 is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Palo Alto Networks Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Jan 31, 2024
52.25%
=
30.24%
×
0.41
×
4.20
Oct 31, 2023
28.28%
=
8.52%
×
0.49
×
6.82
Jul 31, 2023
25.15%
=
6.38%
×
0.48
×
8.29
Apr 30, 2023
17.47%
=
3.32%
×
0.46
×
11.50
Jan 31, 2023
4.71%
=
0.56%
×
0.47
×
18.06
Oct 31, 2022
-28.23%
=
-2.46%
×
0.46
×
24.69
Jul 31, 2022
-127.14%
=
-4.85%
×
0.45
×
58.35
Apr 30, 2022
-115.40%
=
-7.54%
×
0.47
×
32.88
Jan 31, 2022
-391.77%
=
-9.50%
×
0.47
×
88.29
Oct 31, 2021
-98.34%
=
-11.20%
×
0.44
×
20.09
Jul 31, 2021
-78.63%
=
-11.72%
×
0.42
×
16.14
Apr 30, 2021
-43.97%
=
-11.00%
×
0.42
×
9.59
Jan 31, 2021
-35.50%
=
-9.73%
×
0.40
×
9.15
Oct 31, 2020
-40.11%
=
-8.36%
×
0.41
×
11.68
Jul 31, 2020
-24.23%
=
-7.83%
×
0.38
×
8.23
Apr 30, 2020
-30.74%
=
-7.01%
×
0.50
×
8.73
Jan 31, 2020
-10.84%
=
-5.58%
×
0.43
×
4.47
Oct 31, 2019
-6.81%
=
-3.42%
×
0.44
×
4.50
Jul 31, 2019
-5.16%
=
-2.82%
×
0.44
×
4.16
Apr 30, 2019
-4.36%
=
-2.30%
×
0.44
×
4.31
Jan 31, 2019
-8.39%
=
-3.47%
×
0.45
×
5.33
Oct 31, 2018
-9.75%
=
-5.04%
×
0.42
×
4.63
Jul 31, 2018
-15.30%
=
-6.51%
×
0.39
×
6.03
Apr 30, 2018
—
=
—
×
—
×
5.41
Jan 31, 2018
—
=
—
×
—
×
5.73
Oct 31, 2017
—
=
—
×
—
×
5.24
Based on:
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q2 2024 is the increase in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Palo Alto Networks Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Jan 31, 2024
52.25%
=
2.63
×
0.98
×
11.75%
×
0.41
×
4.20
Oct 31, 2023
28.28%
=
0.75
×
0.97
×
11.62%
×
0.49
×
6.82
Jul 31, 2023
25.15%
=
0.78
×
0.95
×
8.61%
×
0.48
×
8.29
Apr 30, 2023
17.47%
=
0.81
×
0.90
×
4.55%
×
0.46
×
11.50
Jan 31, 2023
4.71%
=
0.41
×
0.75
×
1.80%
×
0.47
×
18.06
Oct 31, 2022
-28.23%
=
—
×
—
×
-0.93%
×
0.46
×
24.69
Jul 31, 2022
-127.14%
=
—
×
—
×
-3.27%
×
0.45
×
58.35
Apr 30, 2022
-115.40%
=
—
×
—
×
-5.12%
×
0.47
×
32.88
Jan 31, 2022
-391.77%
=
—
×
—
×
-6.76%
×
0.47
×
88.29
Oct 31, 2021
-98.34%
=
—
×
—
×
-7.55%
×
0.44
×
20.09
Jul 31, 2021
-78.63%
=
—
×
—
×
-7.09%
×
0.42
×
16.14
Apr 30, 2021
-43.97%
=
—
×
—
×
-6.47%
×
0.42
×
9.59
Jan 31, 2021
-35.50%
=
—
×
—
×
-5.20%
×
0.40
×
9.15
Oct 31, 2020
-40.11%
=
—
×
—
×
-4.18%
×
0.41
×
11.68
Jul 31, 2020
-24.23%
=
—
×
—
×
-4.20%
×
0.38
×
8.23
Apr 30, 2020
-30.74%
=
—
×
—
×
-3.67%
×
0.50
×
8.73
Jan 31, 2020
-10.84%
=
—
×
—
×
-2.30%
×
0.43
×
4.47
Oct 31, 2019
-6.81%
=
—
×
—
×
-0.24%
×
0.44
×
4.50
Jul 31, 2019
-5.16%
=
—
×
-8.02
×
0.32%
×
0.44
×
4.16
Apr 30, 2019
-4.36%
=
—
×
-2.41
×
0.79%
×
0.44
×
4.31
Jan 31, 2019
-8.39%
=
—
×
—
×
-0.80%
×
0.45
×
5.33
Oct 31, 2018
-9.75%
=
—
×
—
×
-2.90%
×
0.42
×
4.63
Jul 31, 2018
-15.30%
=
—
×
—
×
-4.43%
×
0.39
×
6.03
Apr 30, 2018
—
=
—
×
—
×
—
×
—
×
5.41
Jan 31, 2018
—
=
—
×
—
×
—
×
—
×
5.73
Oct 31, 2017
—
=
—
×
—
×
—
×
—
×
5.24
Based on:
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q2 2024 is the increase in effect of taxes measured by tax burden ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Palo Alto Networks Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Jan 31, 2024
12.45%
=
30.24%
×
0.41
Oct 31, 2023
4.15%
=
8.52%
×
0.49
Jul 31, 2023
3.03%
=
6.38%
×
0.48
Apr 30, 2023
1.52%
=
3.32%
×
0.46
Jan 31, 2023
0.26%
=
0.56%
×
0.47
Oct 31, 2022
-1.14%
=
-2.46%
×
0.46
Jul 31, 2022
-2.18%
=
-4.85%
×
0.45
Apr 30, 2022
-3.51%
=
-7.54%
×
0.47
Jan 31, 2022
-4.44%
=
-9.50%
×
0.47
Oct 31, 2021
-4.89%
=
-11.20%
×
0.44
Jul 31, 2021
-4.87%
=
-11.72%
×
0.42
Apr 30, 2021
-4.59%
=
-11.00%
×
0.42
Jan 31, 2021
-3.88%
=
-9.73%
×
0.40
Oct 31, 2020
-3.43%
=
-8.36%
×
0.41
Jul 31, 2020
-2.95%
=
-7.83%
×
0.38
Apr 30, 2020
-3.52%
=
-7.01%
×
0.50
Jan 31, 2020
-2.43%
=
-5.58%
×
0.43
Oct 31, 2019
-1.51%
=
-3.42%
×
0.44
Jul 31, 2019
-1.24%
=
-2.82%
×
0.44
Apr 30, 2019
-1.01%
=
-2.30%
×
0.44
Jan 31, 2019
-1.58%
=
-3.47%
×
0.45
Oct 31, 2018
-2.11%
=
-5.04%
×
0.42
Jul 31, 2018
-2.54%
=
-6.51%
×
0.39
Apr 30, 2018
—
=
—
×
—
Jan 31, 2018
—
=
—
×
—
Oct 31, 2017
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q2 2024 is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Palo Alto Networks Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Jan 31, 2024
12.45%
=
2.63
×
0.98
×
11.75%
×
0.41
Oct 31, 2023
4.15%
=
0.75
×
0.97
×
11.62%
×
0.49
Jul 31, 2023
3.03%
=
0.78
×
0.95
×
8.61%
×
0.48
Apr 30, 2023
1.52%
=
0.81
×
0.90
×
4.55%
×
0.46
Jan 31, 2023
0.26%
=
0.41
×
0.75
×
1.80%
×
0.47
Oct 31, 2022
-1.14%
=
—
×
—
×
-0.93%
×
0.46
Jul 31, 2022
-2.18%
=
—
×
—
×
-3.27%
×
0.45
Apr 30, 2022
-3.51%
=
—
×
—
×
-5.12%
×
0.47
Jan 31, 2022
-4.44%
=
—
×
—
×
-6.76%
×
0.47
Oct 31, 2021
-4.89%
=
—
×
—
×
-7.55%
×
0.44
Jul 31, 2021
-4.87%
=
—
×
—
×
-7.09%
×
0.42
Apr 30, 2021
-4.59%
=
—
×
—
×
-6.47%
×
0.42
Jan 31, 2021
-3.88%
=
—
×
—
×
-5.20%
×
0.40
Oct 31, 2020
-3.43%
=
—
×
—
×
-4.18%
×
0.41
Jul 31, 2020
-2.95%
=
—
×
—
×
-4.20%
×
0.38
Apr 30, 2020
-3.52%
=
—
×
—
×
-3.67%
×
0.50
Jan 31, 2020
-2.43%
=
—
×
—
×
-2.30%
×
0.43
Oct 31, 2019
-1.51%
=
—
×
—
×
-0.24%
×
0.44
Jul 31, 2019
-1.24%
=
—
×
-8.02
×
0.32%
×
0.44
Apr 30, 2019
-1.01%
=
—
×
-2.41
×
0.79%
×
0.44
Jan 31, 2019
-1.58%
=
—
×
—
×
-0.80%
×
0.45
Oct 31, 2018
-2.11%
=
—
×
—
×
-2.90%
×
0.42
Jul 31, 2018
-2.54%
=
—
×
—
×
-4.43%
×
0.39
Apr 30, 2018
—
=
—
×
—
×
—
×
—
Jan 31, 2018
—
=
—
×
—
×
—
×
—
Oct 31, 2017
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q2 2024 is the increase in effect of taxes measured by tax burden ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Palo Alto Networks Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Jan 31, 2024
30.24%
=
2.63
×
0.98
×
11.75%
Oct 31, 2023
8.52%
=
0.75
×
0.97
×
11.62%
Jul 31, 2023
6.38%
=
0.78
×
0.95
×
8.61%
Apr 30, 2023
3.32%
=
0.81
×
0.90
×
4.55%
Jan 31, 2023
0.56%
=
0.41
×
0.75
×
1.80%
Oct 31, 2022
-2.46%
=
—
×
—
×
-0.93%
Jul 31, 2022
-4.85%
=
—
×
—
×
-3.27%
Apr 30, 2022
-7.54%
=
—
×
—
×
-5.12%
Jan 31, 2022
-9.50%
=
—
×
—
×
-6.76%
Oct 31, 2021
-11.20%
=
—
×
—
×
-7.55%
Jul 31, 2021
-11.72%
=
—
×
—
×
-7.09%
Apr 30, 2021
-11.00%
=
—
×
—
×
-6.47%
Jan 31, 2021
-9.73%
=
—
×
—
×
-5.20%
Oct 31, 2020
-8.36%
=
—
×
—
×
-4.18%
Jul 31, 2020
-7.83%
=
—
×
—
×
-4.20%
Apr 30, 2020
-7.01%
=
—
×
—
×
-3.67%
Jan 31, 2020
-5.58%
=
—
×
—
×
-2.30%
Oct 31, 2019
-3.42%
=
—
×
—
×
-0.24%
Jul 31, 2019
-2.82%
=
—
×
-8.02
×
0.32%
Apr 30, 2019
-2.30%
=
—
×
-2.41
×
0.79%
Jan 31, 2019
-3.47%
=
—
×
—
×
-0.80%
Oct 31, 2018
-5.04%
=
—
×
—
×
-2.90%
Jul 31, 2018
-6.51%
=
—
×
—
×
-4.43%
Apr 30, 2018
—
=
—
×
—
×
—
Jan 31, 2018
—
=
—
×
—
×
—
Oct 31, 2017
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in net profit margin ratio over Q2 2024 is the increase in effect of taxes measured by tax burden ratio.