Stock Analysis on Net
Stock Analysis on Net

AT&T Inc. (NYSE:T)

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

Microsoft Excel

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)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 13.94% = 3.54% × 3.94
Sep 30, 2023 -10.90% = -2.78% × 3.92
Jun 30, 2023 -8.61% = -2.15% × 4.01
Mar 31, 2023 -9.16% = -2.27% × 4.03
Dec 31, 2022 -8.74% = -2.12% × 4.13
Sep 30, 2022 16.37% = 4.70% × 3.48
Jun 30, 2022 16.92% = 4.67% × 3.62
Mar 31, 2022 10.26% = 3.00% × 3.41
Dec 31, 2021 12.07% = 3.64% × 3.32
Sep 30, 2021 0.71% = 0.21% × 3.34
Jun 30, 2021 -1.20% = -0.36% × 3.36
Mar 31, 2021 -1.35% = -0.41% × 3.31
Dec 31, 2020 -3.20% = -0.98% × 3.25
Sep 30, 2020 6.32% = 2.06% × 3.07
Jun 30, 2020 6.81% = 2.19% × 3.11
Mar 31, 2020 8.11% = 2.64% × 3.07
Dec 31, 2019 7.55% = 2.52% × 2.99
Sep 30, 2019 — = — × 3.00
Jun 30, 2019 — = — × 2.97
Mar 31, 2019 — = — × 2.96

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Three-Component Disaggregation of ROE

AT&T Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 13.94% = 11.76% × 0.30 × 3.94
Sep 30, 2023 -10.90% = -9.29% × 0.30 × 3.92
Jun 30, 2023 -8.61% = -7.22% × 0.30 × 4.01
Mar 31, 2023 -9.16% = -7.52% × 0.30 × 4.03
Dec 31, 2022 -8.74% = -7.06% × 0.30 × 4.13
Sep 30, 2022 16.37% = 15.37% × 0.31 × 3.48
Jun 30, 2022 16.92% = 14.21% × 0.33 × 3.62
Mar 31, 2022 10.26% = 11.21% × 0.27 × 3.41
Dec 31, 2021 12.07% = 11.89% × 0.31 × 3.32
Sep 30, 2021 0.71% = 0.67% × 0.32 × 3.34
Jun 30, 2021 -1.20% = -1.11% × 0.32 × 3.36
Mar 31, 2021 -1.35% = -1.29% × 0.32 × 3.31
Dec 31, 2020 -3.20% = -3.01% × 0.33 × 3.25
Sep 30, 2020 6.32% = 6.42% × 0.32 × 3.07
Jun 30, 2020 6.81% = 6.84% × 0.32 × 3.11
Mar 31, 2020 8.11% = 8.05% × 0.33 × 3.07
Dec 31, 2019 7.55% = 7.67% × 0.33 × 2.99
Sep 30, 2019 — = — × — × 3.00
Jun 30, 2019 — = — × — × 2.97
Mar 31, 2019 — = — × — × 2.96

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Five-Component Disaggregation of ROE

AT&T Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 13.94% = 0.77 × 0.74 × 20.69% × 0.30 × 3.94
Sep 30, 2023 -10.90% = — × — × -0.80% × 0.30 × 3.92
Jun 30, 2023 -8.61% = — × -4.88 × 0.88% × 0.30 × 4.01
Mar 31, 2023 -9.16% = — × -7.39 × 0.61% × 0.30 × 4.03
Dec 31, 2022 -8.74% = — × -3.48 × 1.13% × 0.30 × 4.13
Sep 30, 2022 16.37% = 0.80 × 0.80 × 23.90% × 0.31 × 3.48
Jun 30, 2022 16.92% = 0.78 × 0.80 × 22.77% × 0.33 × 3.62
Mar 31, 2022 10.26% = 0.78 × 0.77 × 18.60% × 0.27 × 3.41
Dec 31, 2021 12.07% = 0.79 × 0.79 × 19.21% × 0.31 × 3.32
Sep 30, 2021 0.71% = 0.33 × 0.33 × 6.13% × 0.32 × 3.34
Jun 30, 2021 -1.20% = — × -0.05 × 4.02% × 0.32 × 3.36
Mar 31, 2021 -1.35% = — × -0.06 × 4.24% × 0.32 × 3.31
Dec 31, 2020 -3.20% = — × -1.13 × 2.16% × 0.33 × 3.25
Sep 30, 2020 6.32% = 0.76 × 0.64 × 13.08% × 0.32 × 3.07
Jun 30, 2020 6.81% = 0.77 × 0.66 × 13.58% × 0.32 × 3.11
Mar 31, 2020 8.11% = 0.79 × 0.69 × 14.79% × 0.33 × 3.07
Dec 31, 2019 7.55% = 0.80 × 0.67 × 14.25% × 0.33 × 2.99
Sep 30, 2019 — = — × — × — × — × 3.00
Jun 30, 2019 — = — × — × — × — × 2.97
Mar 31, 2019 — = — × — × — × — × 2.96

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Two-Component Disaggregation of ROA

AT&T Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 3.54% = 11.76% × 0.30
Sep 30, 2023 -2.78% = -9.29% × 0.30
Jun 30, 2023 -2.15% = -7.22% × 0.30
Mar 31, 2023 -2.27% = -7.52% × 0.30
Dec 31, 2022 -2.12% = -7.06% × 0.30
Sep 30, 2022 4.70% = 15.37% × 0.31
Jun 30, 2022 4.67% = 14.21% × 0.33
Mar 31, 2022 3.00% = 11.21% × 0.27
Dec 31, 2021 3.64% = 11.89% × 0.31
Sep 30, 2021 0.21% = 0.67% × 0.32
Jun 30, 2021 -0.36% = -1.11% × 0.32
Mar 31, 2021 -0.41% = -1.29% × 0.32
Dec 31, 2020 -0.98% = -3.01% × 0.33
Sep 30, 2020 2.06% = 6.42% × 0.32
Jun 30, 2020 2.19% = 6.84% × 0.32
Mar 31, 2020 2.64% = 8.05% × 0.33
Dec 31, 2019 2.52% = 7.67% × 0.33
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Four-Component Disaggregation of ROA

AT&T Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 3.54% = 0.77 × 0.74 × 20.69% × 0.30
Sep 30, 2023 -2.78% = — × — × -0.80% × 0.30
Jun 30, 2023 -2.15% = — × -4.88 × 0.88% × 0.30
Mar 31, 2023 -2.27% = — × -7.39 × 0.61% × 0.30
Dec 31, 2022 -2.12% = — × -3.48 × 1.13% × 0.30
Sep 30, 2022 4.70% = 0.80 × 0.80 × 23.90% × 0.31
Jun 30, 2022 4.67% = 0.78 × 0.80 × 22.77% × 0.33
Mar 31, 2022 3.00% = 0.78 × 0.77 × 18.60% × 0.27
Dec 31, 2021 3.64% = 0.79 × 0.79 × 19.21% × 0.31
Sep 30, 2021 0.21% = 0.33 × 0.33 × 6.13% × 0.32
Jun 30, 2021 -0.36% = — × -0.05 × 4.02% × 0.32
Mar 31, 2021 -0.41% = — × -0.06 × 4.24% × 0.32
Dec 31, 2020 -0.98% = — × -1.13 × 2.16% × 0.33
Sep 30, 2020 2.06% = 0.76 × 0.64 × 13.08% × 0.32
Jun 30, 2020 2.19% = 0.77 × 0.66 × 13.58% × 0.32
Mar 31, 2020 2.64% = 0.79 × 0.69 × 14.79% × 0.33
Dec 31, 2019 2.52% = 0.80 × 0.67 × 14.25% × 0.33
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Disaggregation of Net Profit Margin

AT&T Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 11.76% = 0.77 × 0.74 × 20.69%
Sep 30, 2023 -9.29% = — × — × -0.80%
Jun 30, 2023 -7.22% = — × -4.88 × 0.88%
Mar 31, 2023 -7.52% = — × -7.39 × 0.61%
Dec 31, 2022 -7.06% = — × -3.48 × 1.13%
Sep 30, 2022 15.37% = 0.80 × 0.80 × 23.90%
Jun 30, 2022 14.21% = 0.78 × 0.80 × 22.77%
Mar 31, 2022 11.21% = 0.78 × 0.77 × 18.60%
Dec 31, 2021 11.89% = 0.79 × 0.79 × 19.21%
Sep 30, 2021 0.67% = 0.33 × 0.33 × 6.13%
Jun 30, 2021 -1.11% = — × -0.05 × 4.02%
Mar 31, 2021 -1.29% = — × -0.06 × 4.24%
Dec 31, 2020 -3.01% = — × -1.13 × 2.16%
Sep 30, 2020 6.42% = 0.76 × 0.64 × 13.08%
Jun 30, 2020 6.84% = 0.77 × 0.66 × 13.58%
Mar 31, 2020 8.05% = 0.79 × 0.69 × 14.79%
Dec 31, 2019 7.67% = 0.80 × 0.67 × 14.25%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).