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Microsoft Excel LibreOffice Calc

Starbucks Corp. (SBUX)

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

Beginner level

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

Two-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Sep 29, 2019 = ×
Sep 30, 2018 = ×
Oct 1, 2017 = ×
Oct 2, 2016 = ×
Sep 27, 2015 = ×
Sep 28, 2014 = ×

Based on: 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14).

The primary reason for the decrease in return on equity ratio (ROE) over 2019 year is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 29, 2019 = × ×
Sep 30, 2018 = × ×
Oct 1, 2017 = × ×
Oct 2, 2016 = × ×
Sep 27, 2015 = × ×
Sep 28, 2014 = × ×

Based on: 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14).

The primary reason for the decrease in return on equity ratio (ROE) over 2019 year is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 29, 2019 = × × × ×
Sep 30, 2018 = × × × ×
Oct 1, 2017 = × × × ×
Oct 2, 2016 = × × × ×
Sep 27, 2015 = × × × ×
Sep 28, 2014 = × × × ×

Based on: 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14).

The primary reason for the decrease in return on equity ratio (ROE) over 2019 year is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Starbucks Corp., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 29, 2019 = ×
Sep 30, 2018 = ×
Oct 1, 2017 = ×
Oct 2, 2016 = ×
Sep 27, 2015 = ×
Sep 28, 2014 = ×

Based on: 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14).

The primary reason for the increase in return on assets ratio (ROA) over 2019 year is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

Starbucks Corp., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 29, 2019 = × × ×
Sep 30, 2018 = × × ×
Oct 1, 2017 = × × ×
Oct 2, 2016 = × × ×
Sep 27, 2015 = × × ×
Sep 28, 2014 = × × ×

Based on: 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14).

The primary reason for the increase in return on assets ratio (ROA) over 2019 year is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Starbucks Corp., decomposition of net profit margin ratio

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 29, 2019 = × ×
Sep 30, 2018 = × ×
Oct 1, 2017 = × ×
Oct 2, 2016 = × ×
Sep 27, 2015 = × ×
Sep 28, 2014 = × ×

Based on: 10-K (filing date: 2019-11-15), 10-K (filing date: 2018-11-16), 10-K (filing date: 2017-11-17), 10-K (filing date: 2016-11-18), 10-K (filing date: 2015-11-12), 10-K (filing date: 2014-11-14).

The primary reason for the decrease in net profit margin ratio over 2019 year is the decrease in operating profitability measured by EBIT margin ratio.