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DuPont Analysis: Decomposition of ROE
Quarterly Data
Difficulty: Beginner
Decomposing ROE involves expressing net income divided by shareholders' equity as the product of component ratios.
Two-Component Disaggregation of ROE
AT&T Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
ROE |
= |
ROA |
× |
Leverage |
| Jun 30, 2018 |
% |
|
% |
|
|
| Mar 31, 2018 |
% |
|
% |
|
|
| Dec 31, 2017 |
% |
|
% |
|
|
| Sep 30, 2017 |
% |
|
% |
|
|
| Jun 30, 2017 |
% |
|
% |
|
|
| Mar 31, 2017 |
% |
|
% |
|
|
| Dec 31, 2016 |
% |
|
% |
|
|
| Sep 30, 2016 |
% |
|
% |
|
|
| Jun 30, 2016 |
% |
|
% |
|
|
| Mar 31, 2016 |
% |
|
% |
|
|
| Dec 31, 2015 |
% |
|
% |
|
|
| Sep 30, 2015 |
% |
|
% |
|
|
| Jun 30, 2015 |
% |
|
% |
|
|
| Mar 31, 2015 |
% |
|
% |
|
|
| Dec 31, 2014 |
% |
|
% |
|
|
| Sep 30, 2014 |
% |
|
% |
|
|
| Jun 30, 2014 |
% |
|
% |
|
|
| Mar 31, 2014 |
% |
|
% |
|
|
| Dec 31, 2013 |
% |
|
% |
|
|
| Sep 30, 2013 |
% |
|
% |
|
|
| Jun 30, 2013 |
% |
|
% |
|
|
| Mar 31, 2013 |
% |
|
% |
|
|
Source: Based on data from AT&T Inc. Quarterly and Annual Reports
The primary reason for the decrease in Return on Equity (ROE) over Q2 2018 is the decrease in profitability measured by Return on Assets (ROA).
Three-Component Disaggregation of ROE
AT&T Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
ROE |
= |
Net Profit Margin |
× |
Asset Turnover |
× |
Leverage |
| Jun 30, 2018 |
% |
|
% |
|
|
|
|
| Mar 31, 2018 |
% |
|
% |
|
|
|
|
| Dec 31, 2017 |
% |
|
% |
|
|
|
|
| Sep 30, 2017 |
% |
|
% |
|
|
|
|
| Jun 30, 2017 |
% |
|
% |
|
|
|
|
| Mar 31, 2017 |
% |
|
% |
|
|
|
|
| Dec 31, 2016 |
% |
|
% |
|
|
|
|
| Sep 30, 2016 |
% |
|
% |
|
|
|
|
| Jun 30, 2016 |
% |
|
% |
|
|
|
|
| Mar 31, 2016 |
% |
|
% |
|
|
|
|
| Dec 31, 2015 |
% |
|
% |
|
|
|
|
| Sep 30, 2015 |
% |
|
% |
|
|
|
|
| Jun 30, 2015 |
% |
|
% |
|
|
|
|
| Mar 31, 2015 |
% |
|
% |
|
|
|
|
| Dec 31, 2014 |
% |
|
% |
|
|
|
|
| Sep 30, 2014 |
% |
|
% |
|
|
|
|
| Jun 30, 2014 |
% |
|
% |
|
|
|
|
| Mar 31, 2014 |
% |
|
% |
|
|
|
|
| Dec 31, 2013 |
% |
|
% |
|
|
|
|
| Sep 30, 2013 |
% |
|
% |
|
|
|
|
| Jun 30, 2013 |
% |
|
% |
|
|
|
|
| Mar 31, 2013 |
% |
|
% |
|
|
|
|
Source: Based on data from AT&T Inc. Quarterly and Annual Reports
The primary reason for the decrease in Return on Equity (ROE) over Q2 2018 is the decrease in efficiency measured by Asset Turnover.
Five-Component Disaggregation of ROE
AT&T Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
× |
Leverage |
| Jun 30, 2018 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2018 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2017 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2016 |
% |
|
|
|
|
|
% |
|
|
|
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| Jun 30, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2016 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2015 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2015 |
% |
|
|
|
|
|
% |
|
|
|
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| Jun 30, 2015 |
% |
|
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|
|
|
% |
|
|
|
|
| Mar 31, 2015 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2014 |
% |
|
|
|
|
|
% |
|
|
|
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| Jun 30, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2014 |
% |
|
|
|
|
|
% |
|
|
|
|
| Dec 31, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Sep 30, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Jun 30, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
| Mar 31, 2013 |
% |
|
|
|
|
|
% |
|
|
|
|
Source: Based on data from AT&T Inc. Quarterly and Annual Reports
The primary reason for the decrease in Return on Equity (ROE) over Q2 2018 is the decrease in efficiency measured by Asset Turnover.
Two-Way Decomposition of ROA
AT&T Inc., decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
ROA |
= |
Net Profit Margin |
× |
Asset Turnover |
| Jun 30, 2018 |
% |
|
% |
|
|
| Mar 31, 2018 |
% |
|
% |
|
|
| Dec 31, 2017 |
% |
|
% |
|
|
| Sep 30, 2017 |
% |
|
% |
|
|
| Jun 30, 2017 |
% |
|
% |
|
|
| Mar 31, 2017 |
% |
|
% |
|
|
| Dec 31, 2016 |
% |
|
% |
|
|
| Sep 30, 2016 |
% |
|
% |
|
|
| Jun 30, 2016 |
% |
|
% |
|
|
| Mar 31, 2016 |
% |
|
% |
|
|
| Dec 31, 2015 |
% |
|
% |
|
|
| Sep 30, 2015 |
% |
|
% |
|
|
| Jun 30, 2015 |
% |
|
% |
|
|
| Mar 31, 2015 |
% |
|
% |
|
|
| Dec 31, 2014 |
% |
|
% |
|
|
| Sep 30, 2014 |
% |
|
% |
|
|
| Jun 30, 2014 |
% |
|
% |
|
|
| Mar 31, 2014 |
% |
|
% |
|
|
| Dec 31, 2013 |
% |
|
% |
|
|
| Sep 30, 2013 |
% |
|
% |
|
|
| Jun 30, 2013 |
% |
|
% |
|
|
| Mar 31, 2013 |
% |
|
% |
|
|
Source: Based on data from AT&T Inc. Quarterly and Annual Reports
The primary reason for the decrease in Return on Assets (ROA) over Q2 2018 is the decrease in Asset Turnover.
Four-Way Decomposition of ROA
AT&T Inc., decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
ROA |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
| Jun 30, 2018 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2018 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2017 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2017 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2017 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2017 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2016 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2016 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2016 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2016 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2015 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2015 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2015 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2015 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2014 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2014 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2014 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2014 |
% |
|
|
|
|
|
% |
|
|
| Dec 31, 2013 |
% |
|
|
|
|
|
% |
|
|
| Sep 30, 2013 |
% |
|
|
|
|
|
% |
|
|
| Jun 30, 2013 |
% |
|
|
|
|
|
% |
|
|
| Mar 31, 2013 |
% |
|
|
|
|
|
% |
|
|
Source: Based on data from AT&T Inc. Quarterly and Annual Reports
The primary reason for the decrease in Return on Assets (ROA) over Q2 2018 is the decrease in efficiency measured by Asset Turnover.
Decomposition of Net Profit Margin
AT&T Inc., decomposition of Net Profit Margin (quarterly data)
|
|
|
|
|
|
|
|
|
Net Profit Margin |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
| Jun 30, 2018 |
% |
|
|
|
|
|
% |
| Mar 31, 2018 |
% |
|
|
|
|
|
% |
| Dec 31, 2017 |
% |
|
|
|
|
|
% |
| Sep 30, 2017 |
% |
|
|
|
|
|
% |
| Jun 30, 2017 |
% |
|
|
|
|
|
% |
| Mar 31, 2017 |
% |
|
|
|
|
|
% |
| Dec 31, 2016 |
% |
|
|
|
|
|
% |
| Sep 30, 2016 |
% |
|
|
|
|
|
% |
| Jun 30, 2016 |
% |
|
|
|
|
|
% |
| Mar 31, 2016 |
% |
|
|
|
|
|
% |
| Dec 31, 2015 |
% |
|
|
|
|
|
% |
| Sep 30, 2015 |
% |
|
|
|
|
|
% |
| Jun 30, 2015 |
% |
|
|
|
|
|
% |
| Mar 31, 2015 |
% |
|
|
|
|
|
% |
| Dec 31, 2014 |
% |
|
|
|
|
|
% |
| Sep 30, 2014 |
% |
|
|
|
|
|
% |
| Jun 30, 2014 |
% |
|
|
|
|
|
% |
| Mar 31, 2014 |
% |
|
|
|
|
|
% |
| Dec 31, 2013 |
% |
|
|
|
|
|
% |
| Sep 30, 2013 |
% |
|
|
|
|
|
% |
| Jun 30, 2013 |
% |
|
|
|
|
|
% |
| Mar 31, 2013 |
% |
|
|
|
|
|
% |
Source: Based on data from AT&T Inc. Quarterly and Annual Reports
The primary reason for the increase in Net Profit Margin over Q2 2018 is the increase in operating profitability measured by EBIT Margin.
