DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data
Beginner level
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Accenture PLC, decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
ROE |
= |
ROA |
× |
Financial Leverage |
Nov 30, 2020 |
29.33% |
= |
13.72% |
× |
2.14 |
Aug 31, 2020 |
30.05% |
= |
13.78% |
× |
2.18 |
May 31, 2020 |
30.91% |
= |
14.12% |
× |
2.19 |
Feb 29, 2020 |
32.13% |
= |
14.84% |
× |
2.17 |
Nov 30, 2019 |
32.05% |
= |
14.66% |
× |
2.19 |
Aug 31, 2019 |
33.17% |
= |
16.04% |
× |
2.07 |
May 31, 2019 |
34.05% |
= |
16.62% |
× |
2.05 |
Feb 28, 2019 |
33.53% |
= |
16.33% |
× |
2.05 |
Nov 30, 2018 |
33.21% |
= |
15.77% |
× |
2.11 |
Aug 31, 2018 |
39.17% |
= |
16.61% |
× |
2.36 |
May 31, 2018 |
40.45% |
= |
17.04% |
× |
2.37 |
Feb 28, 2018 |
37.07% |
= |
15.52% |
× |
2.39 |
Nov 30, 2017 |
39.16% |
= |
15.51% |
× |
2.52 |
Aug 31, 2017 |
38.50% |
= |
15.18% |
× |
2.54 |
May 31, 2017 |
43.86% |
= |
16.95% |
× |
2.59 |
Feb 28, 2017 |
47.84% |
= |
18.97% |
× |
2.52 |
Nov 30, 2016 |
57.94% |
= |
21.02% |
× |
2.76 |
Aug 31, 2016 |
54.42% |
= |
19.95% |
× |
2.73 |
May 31, 2016 |
53.04% |
= |
19.70% |
× |
2.69 |
Feb 29, 2016 |
53.98% |
= |
20.26% |
× |
2.66 |
Nov 30, 2015 |
51.54% |
= |
16.90% |
× |
3.05 |
Aug 31, 2015 |
49.78% |
= |
16.72% |
× |
2.98 |
May 31, 2015 |
— |
= |
— |
× |
2.93 |
Feb 28, 2015 |
— |
= |
— |
× |
2.84 |
Nov 30, 2014 |
— |
= |
— |
× |
3.22 |
Based on:
10-Q (filing date: 2020-12-17),
10-K (filing date: 2020-10-22),
10-Q (filing date: 2020-06-25),
10-Q (filing date: 2020-03-19),
10-Q (filing date: 2019-12-19),
10-K (filing date: 2019-10-29),
10-Q (filing date: 2019-06-27),
10-Q (filing date: 2019-03-28),
10-Q (filing date: 2018-12-20),
10-K (filing date: 2018-10-24),
10-Q (filing date: 2018-06-28),
10-Q (filing date: 2018-03-22),
10-Q (filing date: 2017-12-21),
10-K (filing date: 2017-10-26),
10-Q (filing date: 2017-06-22),
10-Q (filing date: 2017-03-23),
10-Q (filing date: 2016-12-21),
10-K (filing date: 2016-10-28),
10-Q (filing date: 2016-06-23),
10-Q (filing date: 2016-03-24),
10-Q (filing date: 2015-12-17),
10-K (filing date: 2015-10-30),
10-Q (filing date: 2015-06-25),
10-Q (filing date: 2015-03-26),
10-Q (filing date: 2014-12-18).
The primary reason for the decrease in return on equity ratio (ROE) over Q1 2021 is the decrease in financial leverage ratio.
Three-Component Disaggregation of ROE
Accenture PLC, decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
ROE |
= |
Net Profit Margin |
× |
Asset Turnover |
× |
Financial Leverage |
Nov 30, 2020 |
29.33% |
= |
11.74% |
× |
1.17 |
× |
2.14 |
Aug 31, 2020 |
30.05% |
= |
11.52% |
× |
1.20 |
× |
2.18 |
May 31, 2020 |
30.91% |
= |
11.11% |
× |
1.27 |
× |
2.19 |
Feb 29, 2020 |
32.13% |
= |
11.13% |
× |
1.33 |
× |
2.17 |
Nov 30, 2019 |
32.05% |
= |
11.06% |
× |
1.33 |
× |
2.19 |
Aug 31, 2019 |
33.17% |
= |
11.06% |
× |
1.45 |
× |
2.07 |
May 31, 2019 |
34.05% |
= |
10.93% |
× |
1.52 |
× |
2.05 |
Feb 28, 2019 |
33.53% |
= |
10.51% |
× |
1.55 |
× |
2.05 |
Nov 30, 2018 |
33.21% |
= |
9.99% |
× |
1.58 |
× |
2.11 |
Aug 31, 2018 |
39.17% |
= |
9.76% |
× |
1.70 |
× |
2.36 |
May 31, 2018 |
40.45% |
= |
9.76% |
× |
1.75 |
× |
2.37 |
Feb 28, 2018 |
37.07% |
= |
9.18% |
× |
1.69 |
× |
2.39 |
Nov 30, 2017 |
39.16% |
= |
9.43% |
× |
1.65 |
× |
2.52 |
Aug 31, 2017 |
38.50% |
= |
9.37% |
× |
1.62 |
× |
2.54 |
May 31, 2017 |
43.86% |
= |
9.92% |
× |
1.71 |
× |
2.59 |
Feb 28, 2017 |
47.84% |
= |
10.67% |
× |
1.78 |
× |
2.52 |
Nov 30, 2016 |
57.94% |
= |
12.16% |
× |
1.73 |
× |
2.76 |
Aug 31, 2016 |
54.42% |
= |
11.82% |
× |
1.69 |
× |
2.73 |
May 31, 2016 |
53.04% |
= |
11.05% |
× |
1.78 |
× |
2.69 |
Feb 29, 2016 |
53.98% |
= |
10.97% |
× |
1.85 |
× |
2.66 |
Nov 30, 2015 |
51.54% |
= |
9.20% |
× |
1.84 |
× |
3.05 |
Aug 31, 2015 |
49.78% |
= |
9.28% |
× |
1.80 |
× |
2.98 |
May 31, 2015 |
— |
= |
— |
× |
— |
× |
2.93 |
Feb 28, 2015 |
— |
= |
— |
× |
— |
× |
2.84 |
Nov 30, 2014 |
— |
= |
— |
× |
— |
× |
3.22 |
Based on:
10-Q (filing date: 2020-12-17),
10-K (filing date: 2020-10-22),
10-Q (filing date: 2020-06-25),
10-Q (filing date: 2020-03-19),
10-Q (filing date: 2019-12-19),
10-K (filing date: 2019-10-29),
10-Q (filing date: 2019-06-27),
10-Q (filing date: 2019-03-28),
10-Q (filing date: 2018-12-20),
10-K (filing date: 2018-10-24),
10-Q (filing date: 2018-06-28),
10-Q (filing date: 2018-03-22),
10-Q (filing date: 2017-12-21),
10-K (filing date: 2017-10-26),
10-Q (filing date: 2017-06-22),
10-Q (filing date: 2017-03-23),
10-Q (filing date: 2016-12-21),
10-K (filing date: 2016-10-28),
10-Q (filing date: 2016-06-23),
10-Q (filing date: 2016-03-24),
10-Q (filing date: 2015-12-17),
10-K (filing date: 2015-10-30),
10-Q (filing date: 2015-06-25),
10-Q (filing date: 2015-03-26),
10-Q (filing date: 2014-12-18).
The primary reason for the decrease in return on equity ratio (ROE) over Q1 2021 is the decrease in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
Accenture PLC, decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
× |
Financial Leverage |
Nov 30, 2020 |
29.33% |
= |
0.76 |
× |
0.99 |
× |
15.46% |
× |
1.17 |
× |
2.14 |
Aug 31, 2020 |
30.05% |
= |
0.76 |
× |
1.00 |
× |
15.18% |
× |
1.20 |
× |
2.18 |
May 31, 2020 |
30.91% |
= |
0.76 |
× |
1.00 |
× |
14.60% |
× |
1.27 |
× |
2.19 |
Feb 29, 2020 |
32.13% |
= |
0.76 |
× |
1.00 |
× |
14.63% |
× |
1.33 |
× |
2.17 |
Nov 30, 2019 |
32.05% |
= |
0.76 |
× |
1.00 |
× |
14.55% |
× |
1.33 |
× |
2.19 |
Aug 31, 2019 |
33.17% |
= |
0.77 |
× |
1.00 |
× |
14.36% |
× |
1.45 |
× |
2.07 |
May 31, 2019 |
34.05% |
= |
0.77 |
× |
1.00 |
× |
14.25% |
× |
1.52 |
× |
2.05 |
Feb 28, 2019 |
33.53% |
= |
0.75 |
× |
1.00 |
× |
14.13% |
× |
1.55 |
× |
2.05 |
Nov 30, 2018 |
33.21% |
= |
0.72 |
× |
1.00 |
× |
13.85% |
× |
1.58 |
× |
2.11 |
Aug 31, 2018 |
39.17% |
= |
0.72 |
× |
1.00 |
× |
13.64% |
× |
1.70 |
× |
2.36 |
May 31, 2018 |
40.45% |
= |
0.73 |
× |
1.00 |
× |
13.49% |
× |
1.75 |
× |
2.37 |
Feb 28, 2018 |
37.07% |
= |
0.76 |
× |
1.00 |
× |
12.05% |
× |
1.69 |
× |
2.39 |
Nov 30, 2017 |
39.16% |
= |
0.78 |
× |
1.00 |
× |
12.16% |
× |
1.65 |
× |
2.52 |
Aug 31, 2017 |
38.50% |
= |
0.78 |
× |
1.00 |
× |
12.08% |
× |
1.62 |
× |
2.54 |
May 31, 2017 |
43.86% |
= |
0.78 |
× |
1.00 |
× |
12.74% |
× |
1.71 |
× |
2.59 |
Feb 28, 2017 |
47.84% |
= |
0.76 |
× |
1.00 |
× |
14.00% |
× |
1.78 |
× |
2.52 |
Nov 30, 2016 |
57.94% |
= |
0.79 |
× |
1.00 |
× |
15.50% |
× |
1.73 |
× |
2.76 |
Aug 31, 2016 |
54.42% |
= |
0.77 |
× |
1.00 |
× |
15.47% |
× |
1.69 |
× |
2.73 |
May 31, 2016 |
53.04% |
= |
0.76 |
× |
1.00 |
× |
14.67% |
× |
1.78 |
× |
2.69 |
Feb 29, 2016 |
53.98% |
= |
0.76 |
× |
1.00 |
× |
14.48% |
× |
1.85 |
× |
2.66 |
Nov 30, 2015 |
51.54% |
= |
0.72 |
× |
1.00 |
× |
12.87% |
× |
1.84 |
× |
3.05 |
Aug 31, 2015 |
49.78% |
= |
0.73 |
× |
1.00 |
× |
12.78% |
× |
1.80 |
× |
2.98 |
May 31, 2015 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
× |
2.93 |
Feb 28, 2015 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
× |
2.84 |
Nov 30, 2014 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
× |
3.22 |
Based on:
10-Q (filing date: 2020-12-17),
10-K (filing date: 2020-10-22),
10-Q (filing date: 2020-06-25),
10-Q (filing date: 2020-03-19),
10-Q (filing date: 2019-12-19),
10-K (filing date: 2019-10-29),
10-Q (filing date: 2019-06-27),
10-Q (filing date: 2019-03-28),
10-Q (filing date: 2018-12-20),
10-K (filing date: 2018-10-24),
10-Q (filing date: 2018-06-28),
10-Q (filing date: 2018-03-22),
10-Q (filing date: 2017-12-21),
10-K (filing date: 2017-10-26),
10-Q (filing date: 2017-06-22),
10-Q (filing date: 2017-03-23),
10-Q (filing date: 2016-12-21),
10-K (filing date: 2016-10-28),
10-Q (filing date: 2016-06-23),
10-Q (filing date: 2016-03-24),
10-Q (filing date: 2015-12-17),
10-K (filing date: 2015-10-30),
10-Q (filing date: 2015-06-25),
10-Q (filing date: 2015-03-26),
10-Q (filing date: 2014-12-18).
The primary reason for the decrease in return on equity ratio (ROE) over Q1 2021 is the decrease in efficiency measured by asset turnover ratio.
Two-Component Disaggregation of ROA
Accenture PLC, decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
ROA |
= |
Net Profit Margin |
× |
Asset Turnover |
Nov 30, 2020 |
13.72% |
= |
11.74% |
× |
1.17 |
Aug 31, 2020 |
13.78% |
= |
11.52% |
× |
1.20 |
May 31, 2020 |
14.12% |
= |
11.11% |
× |
1.27 |
Feb 29, 2020 |
14.84% |
= |
11.13% |
× |
1.33 |
Nov 30, 2019 |
14.66% |
= |
11.06% |
× |
1.33 |
Aug 31, 2019 |
16.04% |
= |
11.06% |
× |
1.45 |
May 31, 2019 |
16.62% |
= |
10.93% |
× |
1.52 |
Feb 28, 2019 |
16.33% |
= |
10.51% |
× |
1.55 |
Nov 30, 2018 |
15.77% |
= |
9.99% |
× |
1.58 |
Aug 31, 2018 |
16.61% |
= |
9.76% |
× |
1.70 |
May 31, 2018 |
17.04% |
= |
9.76% |
× |
1.75 |
Feb 28, 2018 |
15.52% |
= |
9.18% |
× |
1.69 |
Nov 30, 2017 |
15.51% |
= |
9.43% |
× |
1.65 |
Aug 31, 2017 |
15.18% |
= |
9.37% |
× |
1.62 |
May 31, 2017 |
16.95% |
= |
9.92% |
× |
1.71 |
Feb 28, 2017 |
18.97% |
= |
10.67% |
× |
1.78 |
Nov 30, 2016 |
21.02% |
= |
12.16% |
× |
1.73 |
Aug 31, 2016 |
19.95% |
= |
11.82% |
× |
1.69 |
May 31, 2016 |
19.70% |
= |
11.05% |
× |
1.78 |
Feb 29, 2016 |
20.26% |
= |
10.97% |
× |
1.85 |
Nov 30, 2015 |
16.90% |
= |
9.20% |
× |
1.84 |
Aug 31, 2015 |
16.72% |
= |
9.28% |
× |
1.80 |
May 31, 2015 |
— |
= |
— |
× |
— |
Feb 28, 2015 |
— |
= |
— |
× |
— |
Nov 30, 2014 |
— |
= |
— |
× |
— |
Based on:
10-Q (filing date: 2020-12-17),
10-K (filing date: 2020-10-22),
10-Q (filing date: 2020-06-25),
10-Q (filing date: 2020-03-19),
10-Q (filing date: 2019-12-19),
10-K (filing date: 2019-10-29),
10-Q (filing date: 2019-06-27),
10-Q (filing date: 2019-03-28),
10-Q (filing date: 2018-12-20),
10-K (filing date: 2018-10-24),
10-Q (filing date: 2018-06-28),
10-Q (filing date: 2018-03-22),
10-Q (filing date: 2017-12-21),
10-K (filing date: 2017-10-26),
10-Q (filing date: 2017-06-22),
10-Q (filing date: 2017-03-23),
10-Q (filing date: 2016-12-21),
10-K (filing date: 2016-10-28),
10-Q (filing date: 2016-06-23),
10-Q (filing date: 2016-03-24),
10-Q (filing date: 2015-12-17),
10-K (filing date: 2015-10-30),
10-Q (filing date: 2015-06-25),
10-Q (filing date: 2015-03-26),
10-Q (filing date: 2014-12-18).
The primary reason for the decrease in return on assets ratio (ROA) over Q1 2021 is the decrease in asset turnover ratio.
Four-Component Disaggregation of ROA
Accenture PLC, decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
ROA |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
Nov 30, 2020 |
13.72% |
= |
0.76 |
× |
0.99 |
× |
15.46% |
× |
1.17 |
Aug 31, 2020 |
13.78% |
= |
0.76 |
× |
1.00 |
× |
15.18% |
× |
1.20 |
May 31, 2020 |
14.12% |
= |
0.76 |
× |
1.00 |
× |
14.60% |
× |
1.27 |
Feb 29, 2020 |
14.84% |
= |
0.76 |
× |
1.00 |
× |
14.63% |
× |
1.33 |
Nov 30, 2019 |
14.66% |
= |
0.76 |
× |
1.00 |
× |
14.55% |
× |
1.33 |
Aug 31, 2019 |
16.04% |
= |
0.77 |
× |
1.00 |
× |
14.36% |
× |
1.45 |
May 31, 2019 |
16.62% |
= |
0.77 |
× |
1.00 |
× |
14.25% |
× |
1.52 |
Feb 28, 2019 |
16.33% |
= |
0.75 |
× |
1.00 |
× |
14.13% |
× |
1.55 |
Nov 30, 2018 |
15.77% |
= |
0.72 |
× |
1.00 |
× |
13.85% |
× |
1.58 |
Aug 31, 2018 |
16.61% |
= |
0.72 |
× |
1.00 |
× |
13.64% |
× |
1.70 |
May 31, 2018 |
17.04% |
= |
0.73 |
× |
1.00 |
× |
13.49% |
× |
1.75 |
Feb 28, 2018 |
15.52% |
= |
0.76 |
× |
1.00 |
× |
12.05% |
× |
1.69 |
Nov 30, 2017 |
15.51% |
= |
0.78 |
× |
1.00 |
× |
12.16% |
× |
1.65 |
Aug 31, 2017 |
15.18% |
= |
0.78 |
× |
1.00 |
× |
12.08% |
× |
1.62 |
May 31, 2017 |
16.95% |
= |
0.78 |
× |
1.00 |
× |
12.74% |
× |
1.71 |
Feb 28, 2017 |
18.97% |
= |
0.76 |
× |
1.00 |
× |
14.00% |
× |
1.78 |
Nov 30, 2016 |
21.02% |
= |
0.79 |
× |
1.00 |
× |
15.50% |
× |
1.73 |
Aug 31, 2016 |
19.95% |
= |
0.77 |
× |
1.00 |
× |
15.47% |
× |
1.69 |
May 31, 2016 |
19.70% |
= |
0.76 |
× |
1.00 |
× |
14.67% |
× |
1.78 |
Feb 29, 2016 |
20.26% |
= |
0.76 |
× |
1.00 |
× |
14.48% |
× |
1.85 |
Nov 30, 2015 |
16.90% |
= |
0.72 |
× |
1.00 |
× |
12.87% |
× |
1.84 |
Aug 31, 2015 |
16.72% |
= |
0.73 |
× |
1.00 |
× |
12.78% |
× |
1.80 |
May 31, 2015 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
Feb 28, 2015 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
Nov 30, 2014 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
Based on:
10-Q (filing date: 2020-12-17),
10-K (filing date: 2020-10-22),
10-Q (filing date: 2020-06-25),
10-Q (filing date: 2020-03-19),
10-Q (filing date: 2019-12-19),
10-K (filing date: 2019-10-29),
10-Q (filing date: 2019-06-27),
10-Q (filing date: 2019-03-28),
10-Q (filing date: 2018-12-20),
10-K (filing date: 2018-10-24),
10-Q (filing date: 2018-06-28),
10-Q (filing date: 2018-03-22),
10-Q (filing date: 2017-12-21),
10-K (filing date: 2017-10-26),
10-Q (filing date: 2017-06-22),
10-Q (filing date: 2017-03-23),
10-Q (filing date: 2016-12-21),
10-K (filing date: 2016-10-28),
10-Q (filing date: 2016-06-23),
10-Q (filing date: 2016-03-24),
10-Q (filing date: 2015-12-17),
10-K (filing date: 2015-10-30),
10-Q (filing date: 2015-06-25),
10-Q (filing date: 2015-03-26),
10-Q (filing date: 2014-12-18).
The primary reason for the decrease in return on assets ratio (ROA) over Q1 2021 is the decrease in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Accenture PLC, decomposition of net profit margin ratio (quarterly data)
|
|
|
|
|
|
|
|
|
Net Profit Margin |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
Nov 30, 2020 |
11.74% |
= |
0.76 |
× |
0.99 |
× |
15.46% |
Aug 31, 2020 |
11.52% |
= |
0.76 |
× |
1.00 |
× |
15.18% |
May 31, 2020 |
11.11% |
= |
0.76 |
× |
1.00 |
× |
14.60% |
Feb 29, 2020 |
11.13% |
= |
0.76 |
× |
1.00 |
× |
14.63% |
Nov 30, 2019 |
11.06% |
= |
0.76 |
× |
1.00 |
× |
14.55% |
Aug 31, 2019 |
11.06% |
= |
0.77 |
× |
1.00 |
× |
14.36% |
May 31, 2019 |
10.93% |
= |
0.77 |
× |
1.00 |
× |
14.25% |
Feb 28, 2019 |
10.51% |
= |
0.75 |
× |
1.00 |
× |
14.13% |
Nov 30, 2018 |
9.99% |
= |
0.72 |
× |
1.00 |
× |
13.85% |
Aug 31, 2018 |
9.76% |
= |
0.72 |
× |
1.00 |
× |
13.64% |
May 31, 2018 |
9.76% |
= |
0.73 |
× |
1.00 |
× |
13.49% |
Feb 28, 2018 |
9.18% |
= |
0.76 |
× |
1.00 |
× |
12.05% |
Nov 30, 2017 |
9.43% |
= |
0.78 |
× |
1.00 |
× |
12.16% |
Aug 31, 2017 |
9.37% |
= |
0.78 |
× |
1.00 |
× |
12.08% |
May 31, 2017 |
9.92% |
= |
0.78 |
× |
1.00 |
× |
12.74% |
Feb 28, 2017 |
10.67% |
= |
0.76 |
× |
1.00 |
× |
14.00% |
Nov 30, 2016 |
12.16% |
= |
0.79 |
× |
1.00 |
× |
15.50% |
Aug 31, 2016 |
11.82% |
= |
0.77 |
× |
1.00 |
× |
15.47% |
May 31, 2016 |
11.05% |
= |
0.76 |
× |
1.00 |
× |
14.67% |
Feb 29, 2016 |
10.97% |
= |
0.76 |
× |
1.00 |
× |
14.48% |
Nov 30, 2015 |
9.20% |
= |
0.72 |
× |
1.00 |
× |
12.87% |
Aug 31, 2015 |
9.28% |
= |
0.73 |
× |
1.00 |
× |
12.78% |
May 31, 2015 |
— |
= |
— |
× |
— |
× |
— |
Feb 28, 2015 |
— |
= |
— |
× |
— |
× |
— |
Nov 30, 2014 |
— |
= |
— |
× |
— |
× |
— |
Based on:
10-Q (filing date: 2020-12-17),
10-K (filing date: 2020-10-22),
10-Q (filing date: 2020-06-25),
10-Q (filing date: 2020-03-19),
10-Q (filing date: 2019-12-19),
10-K (filing date: 2019-10-29),
10-Q (filing date: 2019-06-27),
10-Q (filing date: 2019-03-28),
10-Q (filing date: 2018-12-20),
10-K (filing date: 2018-10-24),
10-Q (filing date: 2018-06-28),
10-Q (filing date: 2018-03-22),
10-Q (filing date: 2017-12-21),
10-K (filing date: 2017-10-26),
10-Q (filing date: 2017-06-22),
10-Q (filing date: 2017-03-23),
10-Q (filing date: 2016-12-21),
10-K (filing date: 2016-10-28),
10-Q (filing date: 2016-06-23),
10-Q (filing date: 2016-03-24),
10-Q (filing date: 2015-12-17),
10-K (filing date: 2015-10-30),
10-Q (filing date: 2015-06-25),
10-Q (filing date: 2015-03-26),
10-Q (filing date: 2014-12-18).
The primary reason for the increase in net profit margin ratio over Q1 2021 is the increase in operating profitability measured by EBIT margin ratio.