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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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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.