Starbucks Corp. (SBUX)


DuPont Analysis: Decomposition of ROE
Quarterly Data

Difficulty: Beginner


Two-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Mar 31, 2019 = 17.19% ×
Dec 30, 2018 = 15.16% ×
Sep 30, 2018 386.34% = 18.70% × 20.66
Jul 1, 2018 114.05% = 26.49% × 4.31
Apr 1, 2018 93.19% = 25.01% × 3.73
Dec 31, 2017 76.20% = 23.67% × 3.22
Oct 1, 2017 52.93% = 20.08% × 2.64
Jul 2, 2017 49.58% = 19.95% × 2.49
Apr 2, 2017 52.80% = 20.80% × 2.54
Jan 1, 2017 49.72% = 20.56% × 2.42
Oct 2, 2016 47.89% = 19.66% × 2.44
Jun 26, 2016 46.65% = 19.30% × 2.42
Mar 27, 2016 49.90% = 20.31% × 2.46
Dec 27, 2015 41.16% = 19.02% × 2.16
Sep 27, 2015 47.39% = 22.15% × 2.14
Jun 28, 2015 45.97% = 20.92% × 2.20
Mar 29, 2015 42.91% = 21.15% × 2.03
Dec 28, 2014 43.47% = 20.33% × 2.14
Sep 28, 2014 39.23% = 19.23% × 2.04
Jun 29, 2014 4.90% = 2.39% × 2.05
Mar 30, 2014 3.10% = 1.52% × 2.04
Dec 29, 2013 2.39% = 1.14% × 2.10
Sep 29, 2013 0.19% = 0.07% × 2.57
Jun 30, 2013 = × 1.58
Mar 31, 2013 = × 1.60
Dec 30, 2012 = × 1.64

Based on: 10-Q (filing date: 2019-04-30), 10-Q (filing date: 2019-01-29), 10-K (filing date: 2018-11-16), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-Q (filing date: 2018-01-31), 10-K (filing date: 2017-11-17), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-01-31), 10-K (filing date: 2016-11-18), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-26), 10-Q (filing date: 2016-01-26), 10-K (filing date: 2015-11-12), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-27), 10-K (filing date: 2014-11-14), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-11-18), 10-Q (filing date: 2013-07-30), 10-Q (filing date: 2013-04-30), 10-Q (filing date: 2013-01-29).


Three-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Mar 31, 2019 = 11.86% × 1.45 ×
Dec 30, 2018 = 11.98% × 1.27 ×
Sep 30, 2018 386.34% = 18.28% × 1.02 × 20.66
Jul 1, 2018 114.05% = 18.87% × 1.40 × 4.31
Apr 1, 2018 93.19% = 18.71% × 1.34 × 3.73
Dec 31, 2017 76.20% = 19.29% × 1.23 × 3.22
Oct 1, 2017 52.93% = 12.89% × 1.56 × 2.64
Jul 2, 2017 49.58% = 12.93% × 1.54 × 2.49
Apr 2, 2017 52.80% = 13.47% × 1.54 × 2.54
Jan 1, 2017 49.72% = 13.30% × 1.55 × 2.42
Oct 2, 2016 47.89% = 13.22% × 1.49 × 2.44
Jun 26, 2016 46.65% = 13.01% × 1.48 × 2.42
Mar 27, 2016 49.90% = 12.61% × 1.61 × 2.46
Dec 27, 2015 41.16% = 12.48% × 1.52 × 2.16
Sep 27, 2015 47.39% = 14.39% × 1.54 × 2.14
Jun 28, 2015 45.97% = 14.61% × 1.43 × 2.20
Mar 29, 2015 42.91% = 14.57% × 1.45 × 2.03
Dec 28, 2014 43.47% = 14.76% × 1.38 × 2.14
Sep 28, 2014 39.23% = 12.57% × 1.53 × 2.04
Jun 29, 2014 4.90% = 1.55% × 1.55 × 2.05
Mar 30, 2014 3.10% = 0.98% × 1.55 × 2.04
Dec 29, 2013 2.39% = 0.76% × 1.50 × 2.10
Sep 29, 2013 0.19% = 0.06% × 1.29 × 2.57
Jun 30, 2013 = × × 1.58
Mar 31, 2013 = × × 1.60
Dec 30, 2012 = × × 1.64

Based on: 10-Q (filing date: 2019-04-30), 10-Q (filing date: 2019-01-29), 10-K (filing date: 2018-11-16), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-Q (filing date: 2018-01-31), 10-K (filing date: 2017-11-17), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-01-31), 10-K (filing date: 2016-11-18), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-26), 10-Q (filing date: 2016-01-26), 10-K (filing date: 2015-11-12), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-27), 10-K (filing date: 2014-11-14), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-11-18), 10-Q (filing date: 2013-07-30), 10-Q (filing date: 2013-04-30), 10-Q (filing date: 2013-01-29).


Five-Component Disaggregation of ROE

Starbucks Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Mar 31, 2019 = 0.81 × 0.94 × 15.68% × 1.45 ×
Dec 30, 2018 = 0.81 × 0.94 × 15.66% × 1.27 ×
Sep 30, 2018 386.34% = 0.78 × 0.97 × 24.07% × 1.02 × 20.66
Jul 1, 2018 114.05% = 0.76 × 0.98 × 25.42% × 1.40 × 4.31
Apr 1, 2018 93.19% = 0.73 × 0.98 × 26.13% × 1.34 × 3.73
Dec 31, 2017 76.20% = 0.71 × 0.98 × 27.65% × 1.23 × 3.22
Oct 1, 2017 52.93% = 0.67 × 0.98 × 19.70% × 1.56 × 2.64
Jul 2, 2017 49.58% = 0.66 × 0.98 × 19.98% × 1.54 × 2.49
Apr 2, 2017 52.80% = 0.67 × 0.98 × 20.45% × 1.54 × 2.54
Jan 1, 2017 49.72% = 0.67 × 0.98 × 20.16% × 1.55 × 2.42
Oct 2, 2016 47.89% = 0.67 × 0.98 × 20.07% × 1.49 × 2.44
Jun 26, 2016 46.65% = 0.69 × 0.98 × 19.27% × 1.48 × 2.42
Mar 27, 2016 49.90% = 0.68 × 0.98 × 18.97% × 1.61 × 2.46
Dec 27, 2015 41.16% = 0.67 × 0.98 × 18.87% × 1.52 × 2.16
Sep 27, 2015 47.39% = 0.71 × 0.98 × 20.73% × 1.54 × 2.14
Jun 28, 2015 45.97% = 0.69 × 0.98 × 21.69% × 1.43 × 2.20
Mar 29, 2015 42.91% = 0.69 × 0.98 × 21.59% × 1.45 × 2.03
Dec 28, 2014 43.47% = 0.69 × 0.98 × 21.78% × 1.38 × 2.14
Sep 28, 2014 39.23% = 0.65 × 0.98 × 19.60% × 1.53 × 2.04
Jun 29, 2014 4.90% = 1.35 × 0.76 × 1.50% × 1.55 × 2.05
Mar 30, 2014 3.10% = 6.31 × 0.34 × 0.45% × 1.55 × 2.04
Dec 29, 2013 2.39% = × -9.29 × 0.02% × 1.50 × 2.10
Sep 29, 2013 0.19% = × × -1.36% × 1.29 × 2.57
Jun 30, 2013 = × × × × 1.58
Mar 31, 2013 = × × × × 1.60
Dec 30, 2012 = × × × × 1.64

Based on: 10-Q (filing date: 2019-04-30), 10-Q (filing date: 2019-01-29), 10-K (filing date: 2018-11-16), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-Q (filing date: 2018-01-31), 10-K (filing date: 2017-11-17), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-01-31), 10-K (filing date: 2016-11-18), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-26), 10-Q (filing date: 2016-01-26), 10-K (filing date: 2015-11-12), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-27), 10-K (filing date: 2014-11-14), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-11-18), 10-Q (filing date: 2013-07-30), 10-Q (filing date: 2013-04-30), 10-Q (filing date: 2013-01-29).


Two-Way Decomposition of ROA

Starbucks Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2019 17.19% = 11.86% × 1.45
Dec 30, 2018 15.16% = 11.98% × 1.27
Sep 30, 2018 18.70% = 18.28% × 1.02
Jul 1, 2018 26.49% = 18.87% × 1.40
Apr 1, 2018 25.01% = 18.71% × 1.34
Dec 31, 2017 23.67% = 19.29% × 1.23
Oct 1, 2017 20.08% = 12.89% × 1.56
Jul 2, 2017 19.95% = 12.93% × 1.54
Apr 2, 2017 20.80% = 13.47% × 1.54
Jan 1, 2017 20.56% = 13.30% × 1.55
Oct 2, 2016 19.66% = 13.22% × 1.49
Jun 26, 2016 19.30% = 13.01% × 1.48
Mar 27, 2016 20.31% = 12.61% × 1.61
Dec 27, 2015 19.02% = 12.48% × 1.52
Sep 27, 2015 22.15% = 14.39% × 1.54
Jun 28, 2015 20.92% = 14.61% × 1.43
Mar 29, 2015 21.15% = 14.57% × 1.45
Dec 28, 2014 20.33% = 14.76% × 1.38
Sep 28, 2014 19.23% = 12.57% × 1.53
Jun 29, 2014 2.39% = 1.55% × 1.55
Mar 30, 2014 1.52% = 0.98% × 1.55
Dec 29, 2013 1.14% = 0.76% × 1.50
Sep 29, 2013 0.07% = 0.06% × 1.29
Jun 30, 2013 = ×
Mar 31, 2013 = ×
Dec 30, 2012 = ×

Based on: 10-Q (filing date: 2019-04-30), 10-Q (filing date: 2019-01-29), 10-K (filing date: 2018-11-16), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-Q (filing date: 2018-01-31), 10-K (filing date: 2017-11-17), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-01-31), 10-K (filing date: 2016-11-18), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-26), 10-Q (filing date: 2016-01-26), 10-K (filing date: 2015-11-12), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-27), 10-K (filing date: 2014-11-14), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-11-18), 10-Q (filing date: 2013-07-30), 10-Q (filing date: 2013-04-30), 10-Q (filing date: 2013-01-29).

The primary reason for the increase in Return on Assets (ROA) over Q2 2019 is the increase in Asset Turnover.


Four-Way Decomposition of ROA

Starbucks Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2019 17.19% = 0.81 × 0.94 × 15.68% × 1.45
Dec 30, 2018 15.16% = 0.81 × 0.94 × 15.66% × 1.27
Sep 30, 2018 18.70% = 0.78 × 0.97 × 24.07% × 1.02
Jul 1, 2018 26.49% = 0.76 × 0.98 × 25.42% × 1.40
Apr 1, 2018 25.01% = 0.73 × 0.98 × 26.13% × 1.34
Dec 31, 2017 23.67% = 0.71 × 0.98 × 27.65% × 1.23
Oct 1, 2017 20.08% = 0.67 × 0.98 × 19.70% × 1.56
Jul 2, 2017 19.95% = 0.66 × 0.98 × 19.98% × 1.54
Apr 2, 2017 20.80% = 0.67 × 0.98 × 20.45% × 1.54
Jan 1, 2017 20.56% = 0.67 × 0.98 × 20.16% × 1.55
Oct 2, 2016 19.66% = 0.67 × 0.98 × 20.07% × 1.49
Jun 26, 2016 19.30% = 0.69 × 0.98 × 19.27% × 1.48
Mar 27, 2016 20.31% = 0.68 × 0.98 × 18.97% × 1.61
Dec 27, 2015 19.02% = 0.67 × 0.98 × 18.87% × 1.52
Sep 27, 2015 22.15% = 0.71 × 0.98 × 20.73% × 1.54
Jun 28, 2015 20.92% = 0.69 × 0.98 × 21.69% × 1.43
Mar 29, 2015 21.15% = 0.69 × 0.98 × 21.59% × 1.45
Dec 28, 2014 20.33% = 0.69 × 0.98 × 21.78% × 1.38
Sep 28, 2014 19.23% = 0.65 × 0.98 × 19.60% × 1.53
Jun 29, 2014 2.39% = 1.35 × 0.76 × 1.50% × 1.55
Mar 30, 2014 1.52% = 6.31 × 0.34 × 0.45% × 1.55
Dec 29, 2013 1.14% = × -9.29 × 0.02% × 1.50
Sep 29, 2013 0.07% = × × -1.36% × 1.29
Jun 30, 2013 = × × ×
Mar 31, 2013 = × × ×
Dec 30, 2012 = × × ×

Based on: 10-Q (filing date: 2019-04-30), 10-Q (filing date: 2019-01-29), 10-K (filing date: 2018-11-16), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-Q (filing date: 2018-01-31), 10-K (filing date: 2017-11-17), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-01-31), 10-K (filing date: 2016-11-18), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-26), 10-Q (filing date: 2016-01-26), 10-K (filing date: 2015-11-12), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-27), 10-K (filing date: 2014-11-14), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-11-18), 10-Q (filing date: 2013-07-30), 10-Q (filing date: 2013-04-30), 10-Q (filing date: 2013-01-29).

The primary reason for the increase in Return on Assets (ROA) over Q2 2019 is the increase in efficiency measured by Asset Turnover.


Decomposition of Net Profit Margin

Starbucks Corp., decomposition of Net Profit Margin (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2019 11.86% = 0.81 × 0.94 × 15.68%
Dec 30, 2018 11.98% = 0.81 × 0.94 × 15.66%
Sep 30, 2018 18.28% = 0.78 × 0.97 × 24.07%
Jul 1, 2018 18.87% = 0.76 × 0.98 × 25.42%
Apr 1, 2018 18.71% = 0.73 × 0.98 × 26.13%
Dec 31, 2017 19.29% = 0.71 × 0.98 × 27.65%
Oct 1, 2017 12.89% = 0.67 × 0.98 × 19.70%
Jul 2, 2017 12.93% = 0.66 × 0.98 × 19.98%
Apr 2, 2017 13.47% = 0.67 × 0.98 × 20.45%
Jan 1, 2017 13.30% = 0.67 × 0.98 × 20.16%
Oct 2, 2016 13.22% = 0.67 × 0.98 × 20.07%
Jun 26, 2016 13.01% = 0.69 × 0.98 × 19.27%
Mar 27, 2016 12.61% = 0.68 × 0.98 × 18.97%
Dec 27, 2015 12.48% = 0.67 × 0.98 × 18.87%
Sep 27, 2015 14.39% = 0.71 × 0.98 × 20.73%
Jun 28, 2015 14.61% = 0.69 × 0.98 × 21.69%
Mar 29, 2015 14.57% = 0.69 × 0.98 × 21.59%
Dec 28, 2014 14.76% = 0.69 × 0.98 × 21.78%
Sep 28, 2014 12.57% = 0.65 × 0.98 × 19.60%
Jun 29, 2014 1.55% = 1.35 × 0.76 × 1.50%
Mar 30, 2014 0.98% = 6.31 × 0.34 × 0.45%
Dec 29, 2013 0.76% = × -9.29 × 0.02%
Sep 29, 2013 0.06% = × × -1.36%
Jun 30, 2013 = × ×
Mar 31, 2013 = × ×
Dec 30, 2012 = × ×

Based on: 10-Q (filing date: 2019-04-30), 10-Q (filing date: 2019-01-29), 10-K (filing date: 2018-11-16), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-Q (filing date: 2018-01-31), 10-K (filing date: 2017-11-17), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-01-31), 10-K (filing date: 2016-11-18), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-26), 10-Q (filing date: 2016-01-26), 10-K (filing date: 2015-11-12), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-27), 10-K (filing date: 2014-11-14), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-11-18), 10-Q (filing date: 2013-07-30), 10-Q (filing date: 2013-04-30), 10-Q (filing date: 2013-01-29).

The primary reason for the decrease in Net Profit Margin over Q2 2019 is the decrease in effect of interest expense measured by Interest Burden.