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DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Air Products & Chemicals Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Sep 30, 2020 | = | × | |||
| Sep 30, 2019 | = | × | |||
| Sep 30, 2018 | = | × | |||
| Sep 30, 2017 | = | × | |||
| Sep 30, 2016 | = | × | |||
| Sep 30, 2015 | = | × |
Based on: 10-K (filing date: 2020-11-19), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24).
The primary reason for the decrease in return on equity ratio (ROE) over 2020 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Air Products & Chemicals Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Sep 30, 2020 | = | × | × | ||||
| Sep 30, 2019 | = | × | × | ||||
| Sep 30, 2018 | = | × | × | ||||
| Sep 30, 2017 | = | × | × | ||||
| Sep 30, 2016 | = | × | × | ||||
| Sep 30, 2015 | = | × | × |
Based on: 10-K (filing date: 2020-11-19), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24).
The primary reason for the decrease in return on equity ratio (ROE) over 2020 year is the decrease in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
Air Products & Chemicals Inc., decomposition of ROE
Based on: 10-K (filing date: 2020-11-19), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24).
The primary reason for the decrease in return on equity ratio (ROE) over 2020 year is the decrease in efficiency measured by asset turnover ratio.
Two-Component Disaggregation of ROA
Air Products & Chemicals Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Sep 30, 2020 | = | × | |||
| Sep 30, 2019 | = | × | |||
| Sep 30, 2018 | = | × | |||
| Sep 30, 2017 | = | × | |||
| Sep 30, 2016 | = | × | |||
| Sep 30, 2015 | = | × |
Based on: 10-K (filing date: 2020-11-19), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24).
The primary reason for the decrease in return on assets ratio (ROA) over 2020 year is the decrease in asset turnover ratio.
Four-Component Disaggregation of ROA
Air Products & Chemicals Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2020 | = | × | × | × | |||||
| Sep 30, 2019 | = | × | × | × | |||||
| Sep 30, 2018 | = | × | × | × | |||||
| Sep 30, 2017 | = | × | × | × | |||||
| Sep 30, 2016 | = | × | × | × | |||||
| Sep 30, 2015 | = | × | × | × |
Based on: 10-K (filing date: 2020-11-19), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24).
The primary reason for the decrease in return on assets ratio (ROA) over 2020 year is the decrease in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Air Products & Chemicals Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Sep 30, 2020 | = | × | × | ||||
| Sep 30, 2019 | = | × | × | ||||
| Sep 30, 2018 | = | × | × | ||||
| Sep 30, 2017 | = | × | × | ||||
| Sep 30, 2016 | = | × | × | ||||
| Sep 30, 2015 | = | × | × |
Based on: 10-K (filing date: 2020-11-19), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24).
The primary reason for the increase in net profit margin ratio over 2020 year is the increase in operating profitability measured by EBIT margin ratio.