Stock Analysis on Net

AT&T Inc. (NYSE:T)

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

Microsoft Excel LibreOffice Calc

Two-Component Disaggregation of ROE

AT&T Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Dec 31, 2021 12.07% = 3.64% × 3.32
Dec 31, 2020 -3.20% = -0.98% × 3.25
Dec 31, 2019 7.55% = 2.52% × 2.99
Dec 31, 2018 10.52% = 3.64% × 2.89
Dec 31, 2017 20.91% = 6.63% × 3.15

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).


Three-Component Disaggregation of ROE

AT&T Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2021 12.07% = 11.89% × 0.31 × 3.32
Dec 31, 2020 -3.20% = -3.01% × 0.33 × 3.25
Dec 31, 2019 7.55% = 7.67% × 0.33 × 2.99
Dec 31, 2018 10.52% = 11.34% × 0.32 × 2.89
Dec 31, 2017 20.91% = 18.34% × 0.36 × 3.15

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).


Five-Component Disaggregation of ROE

AT&T Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2021 12.07% = 0.79 × 0.79 × 19.21% × 0.31 × 3.32
Dec 31, 2020 -3.20% = × -1.13 × 2.16% × 0.33 × 3.25
Dec 31, 2019 7.55% = 0.80 × 0.67 × 14.25% × 0.33 × 2.99
Dec 31, 2018 10.52% = 0.80 × 0.75 × 18.88% × 0.32 × 2.89
Dec 31, 2017 20.91% = 2.00 × 0.70 × 13.11% × 0.36 × 3.15

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).


Two-Component Disaggregation of ROA

AT&T Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2021 3.64% = 11.89% × 0.31
Dec 31, 2020 -0.98% = -3.01% × 0.33
Dec 31, 2019 2.52% = 7.67% × 0.33
Dec 31, 2018 3.64% = 11.34% × 0.32
Dec 31, 2017 6.63% = 18.34% × 0.36

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).


Four-Component Disaggregation of ROA

AT&T Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2021 3.64% = 0.79 × 0.79 × 19.21% × 0.31
Dec 31, 2020 -0.98% = × -1.13 × 2.16% × 0.33
Dec 31, 2019 2.52% = 0.80 × 0.67 × 14.25% × 0.33
Dec 31, 2018 3.64% = 0.80 × 0.75 × 18.88% × 0.32
Dec 31, 2017 6.63% = 2.00 × 0.70 × 13.11% × 0.36

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).


Disaggregation of Net Profit Margin

AT&T Inc., decomposition of net profit margin ratio

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2021 11.89% = 0.79 × 0.79 × 19.21%
Dec 31, 2020 -3.01% = × -1.13 × 2.16%
Dec 31, 2019 7.67% = 0.80 × 0.67 × 14.25%
Dec 31, 2018 11.34% = 0.80 × 0.75 × 18.88%
Dec 31, 2017 18.34% = 2.00 × 0.70 × 13.11%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).