Stock Analysis on Net
Stock Analysis on Net

Shockwave Medical Inc. (NASDAQ:SWAV)

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

Shockwave Medical Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 22.03% = 9.40% × 2.34
Sep 30, 2023 40.56% = 16.55% × 2.45
Jun 30, 2023 39.54% = 31.01% × 1.28
Mar 31, 2023 42.16% = 30.72% × 1.37
Dec 31, 2022 42.24% = 33.43% × 1.26
Sep 30, 2022 24.73% = 18.50% × 1.34
Jun 30, 2022 18.02% = 13.18% × 1.37
Mar 31, 2022 10.82% = 7.78% × 1.39
Dec 31, 2021 -3.78% = -2.64% × 1.43
Sep 30, 2021 -17.23% = -12.69% × 1.36
Jun 30, 2021 -25.36% = -19.12% × 1.33
Mar 31, 2021 -34.53% = -26.21% × 1.32
Dec 31, 2020 -29.11% = -24.15% × 1.21
Sep 30, 2020 -27.24% = -23.01% × 1.18
Jun 30, 2020 -26.32% = -22.48% × 1.17
Mar 31, 2020 -32.11% = -25.86% × 1.24
Dec 31, 2019 -26.53% = -22.04% × 1.20
Sep 30, 2019 — = — × 1.27
Jun 30, 2019 — = — × 1.23
Mar 31, 2019 — = — × 1.22

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Shockwave Medical Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 22.03% = 20.17% × 0.47 × 2.34
Sep 30, 2023 40.56% = 36.33% × 0.46 × 2.45
Jun 30, 2023 39.54% = 39.56% × 0.78 × 1.28
Mar 31, 2023 42.16% = 43.18% × 0.71 × 1.37
Dec 31, 2022 42.24% = 44.10% × 0.76 × 1.26
Sep 30, 2022 24.73% = 20.48% × 0.90 × 1.34
Jun 30, 2022 18.02% = 15.11% × 0.87 × 1.37
Mar 31, 2022 10.82% = 9.70% × 0.80 × 1.39
Dec 31, 2021 -3.78% = -3.85% × 0.69 × 1.43
Sep 30, 2021 -17.23% = -21.60% × 0.59 × 1.36
Jun 30, 2021 -25.36% = -40.60% × 0.47 × 1.33
Mar 31, 2021 -34.53% = -83.47% × 0.31 × 1.32
Dec 31, 2020 -29.11% = -96.92% × 0.25 × 1.21
Sep 30, 2020 -27.24% = -108.73% × 0.21 × 1.18
Jun 30, 2020 -26.32% = -126.34% × 0.18 × 1.17
Mar 31, 2020 -32.11% = -112.25% × 0.23 × 1.24
Dec 31, 2019 -26.53% = -119.06% × 0.19 × 1.20
Sep 30, 2019 — = — × — × 1.27
Jun 30, 2019 — = — × — × 1.23
Mar 31, 2019 — = — × — × 1.22

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Shockwave Medical Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 22.03% = 0.85 × 0.96 × 24.81% × 0.47 × 2.34
Sep 30, 2023 40.56% = 1.49 × 0.97 × 25.09% × 0.46 × 2.45
Jun 30, 2023 39.54% = 1.59 × 0.98 × 25.34% × 0.78 × 1.28
Mar 31, 2023 42.16% = 1.64 × 0.99 × 26.76% × 0.71 × 1.37
Dec 31, 2022 42.24% = 1.79 × 0.98 × 25.06% × 0.76 × 1.26
Sep 30, 2022 24.73% = 0.99 × 0.99 × 21.04% × 0.90 × 1.34
Jun 30, 2022 18.02% = 0.98 × 0.98 × 15.72% × 0.87 × 1.37
Mar 31, 2022 10.82% = 0.98 × 0.96 × 10.21% × 0.80 × 1.39
Dec 31, 2021 -3.78% = — × — × -3.26% × 0.69 × 1.43
Sep 30, 2021 -17.23% = — × — × -20.86% × 0.59 × 1.36
Jun 30, 2021 -25.36% = — × — × -39.52% × 0.47 × 1.33
Mar 31, 2021 -34.53% = — × — × -81.87% × 0.31 × 1.32
Dec 31, 2020 -29.11% = — × — × -95.01% × 0.25 × 1.21
Sep 30, 2020 -27.24% = — × — × -106.74% × 0.21 × 1.18
Jun 30, 2020 -26.32% = — × — × -124.16% × 0.18 × 1.17
Mar 31, 2020 -32.11% = — × — × -110.18% × 0.23 × 1.24
Dec 31, 2019 -26.53% = — × — × -116.72% × 0.19 × 1.20
Sep 30, 2019 — = — × — × — × — × 1.27
Jun 30, 2019 — = — × — × — × — × 1.23
Mar 31, 2019 — = — × — × — × — × 1.22

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in effect of taxes measured by tax burden ratio.

Two-Component Disaggregation of ROA

Shockwave Medical Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 9.40% = 20.17% × 0.47
Sep 30, 2023 16.55% = 36.33% × 0.46
Jun 30, 2023 31.01% = 39.56% × 0.78
Mar 31, 2023 30.72% = 43.18% × 0.71
Dec 31, 2022 33.43% = 44.10% × 0.76
Sep 30, 2022 18.50% = 20.48% × 0.90
Jun 30, 2022 13.18% = 15.11% × 0.87
Mar 31, 2022 7.78% = 9.70% × 0.80
Dec 31, 2021 -2.64% = -3.85% × 0.69
Sep 30, 2021 -12.69% = -21.60% × 0.59
Jun 30, 2021 -19.12% = -40.60% × 0.47
Mar 31, 2021 -26.21% = -83.47% × 0.31
Dec 31, 2020 -24.15% = -96.92% × 0.25
Sep 30, 2020 -23.01% = -108.73% × 0.21
Jun 30, 2020 -22.48% = -126.34% × 0.18
Mar 31, 2020 -25.86% = -112.25% × 0.23
Dec 31, 2019 -22.04% = -119.06% × 0.19
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Shockwave Medical Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 9.40% = 0.85 × 0.96 × 24.81% × 0.47
Sep 30, 2023 16.55% = 1.49 × 0.97 × 25.09% × 0.46
Jun 30, 2023 31.01% = 1.59 × 0.98 × 25.34% × 0.78
Mar 31, 2023 30.72% = 1.64 × 0.99 × 26.76% × 0.71
Dec 31, 2022 33.43% = 1.79 × 0.98 × 25.06% × 0.76
Sep 30, 2022 18.50% = 0.99 × 0.99 × 21.04% × 0.90
Jun 30, 2022 13.18% = 0.98 × 0.98 × 15.72% × 0.87
Mar 31, 2022 7.78% = 0.98 × 0.96 × 10.21% × 0.80
Dec 31, 2021 -2.64% = — × — × -3.26% × 0.69
Sep 30, 2021 -12.69% = — × — × -20.86% × 0.59
Jun 30, 2021 -19.12% = — × — × -39.52% × 0.47
Mar 31, 2021 -26.21% = — × — × -81.87% × 0.31
Dec 31, 2020 -24.15% = — × — × -95.01% × 0.25
Sep 30, 2020 -23.01% = — × — × -106.74% × 0.21
Jun 30, 2020 -22.48% = — × — × -124.16% × 0.18
Mar 31, 2020 -25.86% = — × — × -110.18% × 0.23
Dec 31, 2019 -22.04% = — × — × -116.72% × 0.19
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

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

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 20.17% = 0.85 × 0.96 × 24.81%
Sep 30, 2023 36.33% = 1.49 × 0.97 × 25.09%
Jun 30, 2023 39.56% = 1.59 × 0.98 × 25.34%
Mar 31, 2023 43.18% = 1.64 × 0.99 × 26.76%
Dec 31, 2022 44.10% = 1.79 × 0.98 × 25.06%
Sep 30, 2022 20.48% = 0.99 × 0.99 × 21.04%
Jun 30, 2022 15.11% = 0.98 × 0.98 × 15.72%
Mar 31, 2022 9.70% = 0.98 × 0.96 × 10.21%
Dec 31, 2021 -3.85% = — × — × -3.26%
Sep 30, 2021 -21.60% = — × — × -20.86%
Jun 30, 2021 -40.60% = — × — × -39.52%
Mar 31, 2021 -83.47% = — × — × -81.87%
Dec 31, 2020 -96.92% = — × — × -95.01%
Sep 30, 2020 -108.73% = — × — × -106.74%
Jun 30, 2020 -126.34% = — × — × -124.16%
Mar 31, 2020 -112.25% = — × — × -110.18%
Dec 31, 2019 -119.06% = — × — × -116.72%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in net profit margin ratio over Q4 2023 is the decrease in effect of taxes measured by tax burden ratio.