DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Two-Component Disaggregation of ROE
Starbucks Corp., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Oct 1, 2023 | = | × | |||
| Oct 2, 2022 | = | × | |||
| Oct 3, 2021 | = | × | |||
| Sep 27, 2020 | = | × | |||
| Sep 29, 2019 | = | × | |||
| Sep 30, 2018 | = | × |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
Three-Component Disaggregation of ROE
Starbucks Corp., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Oct 1, 2023 | = | × | × | ||||
| Oct 2, 2022 | = | × | × | ||||
| Oct 3, 2021 | = | × | × | ||||
| Sep 27, 2020 | = | × | × | ||||
| Sep 29, 2019 | = | × | × | ||||
| Sep 30, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
Five-Component Disaggregation of ROE
Starbucks Corp., decomposition of ROE
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
Two-Component Disaggregation of ROA
Starbucks Corp., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Oct 1, 2023 | = | × | |||
| Oct 2, 2022 | = | × | |||
| Oct 3, 2021 | = | × | |||
| Sep 27, 2020 | = | × | |||
| Sep 29, 2019 | = | × | |||
| Sep 30, 2018 | = | × |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Starbucks Corp., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Oct 1, 2023 | = | × | × | × | |||||
| Oct 2, 2022 | = | × | × | × | |||||
| Oct 3, 2021 | = | × | × | × | |||||
| Sep 27, 2020 | = | × | × | × | |||||
| Sep 29, 2019 | = | × | × | × | |||||
| Sep 30, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Starbucks Corp., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Oct 1, 2023 | = | × | × | ||||
| Oct 2, 2022 | = | × | × | ||||
| Oct 3, 2021 | = | × | × | ||||
| Sep 27, 2020 | = | × | × | ||||
| Sep 29, 2019 | = | × | × | ||||
| Sep 30, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
The primary reason for the increase in net profit margin ratio over 2023 year is the increase in operating profitability measured by EBIT margin ratio.