Stock Analysis on Net
Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

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

Beginner level


Two-Component Disaggregation of ROE

Air Products & Chemicals Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Jun 30, 2020 16.32% = 7.68% × 2.13
Mar 31, 2020 17.10% = 9.97% × 1.71
Dec 31, 2019 16.34% = 9.61% × 1.70
Sep 30, 2019 15.92% = 9.29% × 1.71
Jun 30, 2019 15.02% = 8.75% × 1.72
Mar 31, 2019 15.19% = 8.81% × 1.72
Dec 31, 2018 15.54% = 8.83% × 1.76
Sep 30, 2018 13.80% = 7.81% × 1.77
Jun 30, 2018 14.43% = 7.88% × 1.83
Mar 31, 2018 10.79% = 6.17% × 1.75
Dec 31, 2017 27.95% = 15.68% × 1.78
Sep 30, 2017 29.75% = 16.25% × 1.83
Jun 30, 2017 31.08% = 16.39% × 1.90
Mar 31, 2017 34.03% = 17.74% × 1.92
Dec 31, 2016 7.92% = 3.56% × 2.23
Sep 30, 2016 8.91% = 3.50% × 2.55
Jun 30, 2016 8.26% = 3.40% × 2.42
Mar 31, 2016 8.00% = 3.29% × 2.43
Dec 31, 2015 17.88% = 7.63% × 2.34
Sep 30, 2015 17.63% = 7.33% × 2.41
Jun 30, 2015 13.68% = 5.87% × 2.33
Mar 31, 2015 14.08% = 5.90% × 2.39
Dec 31, 2014 13.96% = 5.82% × 2.40
Sep 30, 2014 13.46% = 5.58% × 2.41
Jun 30, 2014 = × 2.38
Mar 31, 2014 = × 2.44
Dec 31, 2013 = × 2.47

Based on: 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30), 10-K (filing date: 2014-11-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in profitability measured by return on assets ratio (ROA).


Three-Component Disaggregation of ROE

Air Products & Chemicals Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 16.32% = 21.58% × 0.36 × 2.13
Mar 31, 2020 17.10% = 21.66% × 0.46 × 1.71
Dec 31, 2019 16.34% = 21.10% × 0.46 × 1.70
Sep 30, 2019 15.92% = 19.73% × 0.47 × 1.71
Jun 30, 2019 15.02% = 19.14% × 0.46 × 1.72
Mar 31, 2019 15.19% = 18.90% × 0.47 × 1.72
Dec 31, 2018 15.54% = 18.92% × 0.47 × 1.76
Sep 30, 2018 13.80% = 16.77% × 0.47 × 1.77
Jun 30, 2018 14.43% = 17.13% × 0.46 × 1.83
Mar 31, 2018 10.79% = 13.13% × 0.47 × 1.75
Dec 31, 2017 27.95% = 33.51% × 0.47 × 1.78
Sep 30, 2017 29.75% = 36.65% × 0.44 × 1.83
Jun 30, 2017 31.08% = 34.63% × 0.47 × 1.90
Mar 31, 2017 34.03% = 36.19% × 0.49 × 1.92
Dec 31, 2016 7.92% = 6.27% × 0.57 × 2.23
Sep 30, 2016 8.91% = 6.63% × 0.53 × 2.55
Jun 30, 2016 8.26% = 6.12% × 0.56 × 2.42
Mar 31, 2016 8.00% = 5.80% × 0.57 × 2.43
Dec 31, 2015 17.88% = 13.59% × 0.56 × 2.34
Sep 30, 2015 17.63% = 12.91% × 0.57 × 2.41
Jun 30, 2015 13.68% = 10.25% × 0.57 × 2.33
Mar 31, 2015 14.08% = 10.04% × 0.59 × 2.39
Dec 31, 2014 13.96% = 9.82% × 0.59 × 2.40
Sep 30, 2014 13.46% = 9.50% × 0.59 × 2.41
Jun 30, 2014 = × × 2.38
Mar 31, 2014 = × × 2.44
Dec 31, 2013 = × × 2.47

Based on: 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30), 10-K (filing date: 2014-11-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.


Five-Component Disaggregation of ROE

Air Products & Chemicals Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 16.32% = 0.79 × 0.96 × 28.49% × 0.36 × 2.13
Mar 31, 2020 17.10% = 0.79 × 0.96 × 28.48% × 0.46 × 1.71
Dec 31, 2019 16.34% = 0.80 × 0.95 × 27.66% × 0.46 × 1.70
Sep 30, 2019 15.92% = 0.79 × 0.94 × 26.65% × 0.47 × 1.71
Jun 30, 2019 15.02% = 0.80 × 0.94 × 25.41% × 0.46 × 1.72
Mar 31, 2019 15.19% = 0.80 × 0.94 × 25.13% × 0.47 × 1.72
Dec 31, 2018 15.54% = 0.82 × 0.94 × 24.54% × 0.47 × 1.76
Sep 30, 2018 13.80% = 0.74 × 0.94 × 24.10% × 0.47 × 1.77
Jun 30, 2018 14.43% = 0.77 × 0.94 × 23.69% × 0.46 × 1.83
Mar 31, 2018 10.79% = 0.72 × 0.93 × 19.53% × 0.47 × 1.75
Dec 31, 2017 27.95% = 0.86 × 0.96 × 40.49% × 0.47 × 1.78
Sep 30, 2017 29.75% = 0.92 × 0.96 × 41.31% × 0.44 × 1.83
Jun 30, 2017 31.08% = 0.88 × 0.96 × 40.83% × 0.47 × 1.90
Mar 31, 2017 34.03% = 0.87 × 0.97 × 43.26% × 0.49 × 1.92
Dec 31, 2016 7.92% = 0.52 × 0.90 × 13.47% × 0.57 × 2.23
Sep 30, 2016 8.91% = 0.52 × 0.91 × 14.00% × 0.53 × 2.55
Jun 30, 2016 8.26% = 0.51 × 0.92 × 13.19% × 0.56 × 2.42
Mar 31, 2016 8.00% = 0.53 × 0.91 × 11.97% × 0.57 × 2.43
Dec 31, 2015 17.88% = 0.75 × 0.95 × 19.18% × 0.56 × 2.34
Sep 30, 2015 17.63% = 0.75 × 0.94 × 18.16% × 0.57 × 2.41
Jun 30, 2015 13.68% = 0.73 × 0.93 × 15.03% × 0.57 × 2.33
Mar 31, 2015 14.08% = 0.73 × 0.93 × 14.76% × 0.59 × 2.39
Dec 31, 2014 13.96% = 0.73 × 0.92 × 14.59% × 0.59 × 2.40
Sep 30, 2014 13.46% = 0.73 × 0.92 × 14.20% × 0.59 × 2.41
Jun 30, 2014 = × × × × 2.38
Mar 31, 2014 = × × × × 2.44
Dec 31, 2013 = × × × × 2.47

Based on: 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30), 10-K (filing date: 2014-11-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.


Two-Component Disaggregation of ROA

Air Products & Chemicals Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2020 7.68% = 21.58% × 0.36
Mar 31, 2020 9.97% = 21.66% × 0.46
Dec 31, 2019 9.61% = 21.10% × 0.46
Sep 30, 2019 9.29% = 19.73% × 0.47
Jun 30, 2019 8.75% = 19.14% × 0.46
Mar 31, 2019 8.81% = 18.90% × 0.47
Dec 31, 2018 8.83% = 18.92% × 0.47
Sep 30, 2018 7.81% = 16.77% × 0.47
Jun 30, 2018 7.88% = 17.13% × 0.46
Mar 31, 2018 6.17% = 13.13% × 0.47
Dec 31, 2017 15.68% = 33.51% × 0.47
Sep 30, 2017 16.25% = 36.65% × 0.44
Jun 30, 2017 16.39% = 34.63% × 0.47
Mar 31, 2017 17.74% = 36.19% × 0.49
Dec 31, 2016 3.56% = 6.27% × 0.57
Sep 30, 2016 3.50% = 6.63% × 0.53
Jun 30, 2016 3.40% = 6.12% × 0.56
Mar 31, 2016 3.29% = 5.80% × 0.57
Dec 31, 2015 7.63% = 13.59% × 0.56
Sep 30, 2015 7.33% = 12.91% × 0.57
Jun 30, 2015 5.87% = 10.25% × 0.57
Mar 31, 2015 5.90% = 10.04% × 0.59
Dec 31, 2014 5.82% = 9.82% × 0.59
Sep 30, 2014 5.58% = 9.50% × 0.59
Jun 30, 2014 = ×
Mar 31, 2014 = ×
Dec 31, 2013 = ×

Based on: 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30), 10-K (filing date: 2014-11-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in asset turnover ratio.


Four-Component Disaggregation of ROA

Air Products & Chemicals Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2020 7.68% = 0.79 × 0.96 × 28.49% × 0.36
Mar 31, 2020 9.97% = 0.79 × 0.96 × 28.48% × 0.46
Dec 31, 2019 9.61% = 0.80 × 0.95 × 27.66% × 0.46
Sep 30, 2019 9.29% = 0.79 × 0.94 × 26.65% × 0.47
Jun 30, 2019 8.75% = 0.80 × 0.94 × 25.41% × 0.46
Mar 31, 2019 8.81% = 0.80 × 0.94 × 25.13% × 0.47
Dec 31, 2018 8.83% = 0.82 × 0.94 × 24.54% × 0.47
Sep 30, 2018 7.81% = 0.74 × 0.94 × 24.10% × 0.47
Jun 30, 2018 7.88% = 0.77 × 0.94 × 23.69% × 0.46
Mar 31, 2018 6.17% = 0.72 × 0.93 × 19.53% × 0.47
Dec 31, 2017 15.68% = 0.86 × 0.96 × 40.49% × 0.47
Sep 30, 2017 16.25% = 0.92 × 0.96 × 41.31% × 0.44
Jun 30, 2017 16.39% = 0.88 × 0.96 × 40.83% × 0.47
Mar 31, 2017 17.74% = 0.87 × 0.97 × 43.26% × 0.49
Dec 31, 2016 3.56% = 0.52 × 0.90 × 13.47% × 0.57
Sep 30, 2016 3.50% = 0.52 × 0.91 × 14.00% × 0.53
Jun 30, 2016 3.40% = 0.51 × 0.92 × 13.19% × 0.56
Mar 31, 2016 3.29% = 0.53 × 0.91 × 11.97% × 0.57
Dec 31, 2015 7.63% = 0.75 × 0.95 × 19.18% × 0.56
Sep 30, 2015 7.33% = 0.75 × 0.94 × 18.16% × 0.57
Jun 30, 2015 5.87% = 0.73 × 0.93 × 15.03% × 0.57
Mar 31, 2015 5.90% = 0.73 × 0.93 × 14.76% × 0.59
Dec 31, 2014 5.82% = 0.73 × 0.92 × 14.59% × 0.59
Sep 30, 2014 5.58% = 0.73 × 0.92 × 14.20% × 0.59
Jun 30, 2014 = × × ×
Mar 31, 2014 = × × ×
Dec 31, 2013 = × × ×

Based on: 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30), 10-K (filing date: 2014-11-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 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 (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2020 21.58% = 0.79 × 0.96 × 28.49%
Mar 31, 2020 21.66% = 0.79 × 0.96 × 28.48%
Dec 31, 2019 21.10% = 0.80 × 0.95 × 27.66%
Sep 30, 2019 19.73% = 0.79 × 0.94 × 26.65%
Jun 30, 2019 19.14% = 0.80 × 0.94 × 25.41%
Mar 31, 2019 18.90% = 0.80 × 0.94 × 25.13%
Dec 31, 2018 18.92% = 0.82 × 0.94 × 24.54%
Sep 30, 2018 16.77% = 0.74 × 0.94 × 24.10%
Jun 30, 2018 17.13% = 0.77 × 0.94 × 23.69%
Mar 31, 2018 13.13% = 0.72 × 0.93 × 19.53%
Dec 31, 2017 33.51% = 0.86 × 0.96 × 40.49%
Sep 30, 2017 36.65% = 0.92 × 0.96 × 41.31%
Jun 30, 2017 34.63% = 0.88 × 0.96 × 40.83%
Mar 31, 2017 36.19% = 0.87 × 0.97 × 43.26%
Dec 31, 2016 6.27% = 0.52 × 0.90 × 13.47%
Sep 30, 2016 6.63% = 0.52 × 0.91 × 14.00%
Jun 30, 2016 6.12% = 0.51 × 0.92 × 13.19%
Mar 31, 2016 5.80% = 0.53 × 0.91 × 11.97%
Dec 31, 2015 13.59% = 0.75 × 0.95 × 19.18%
Sep 30, 2015 12.91% = 0.75 × 0.94 × 18.16%
Jun 30, 2015 10.25% = 0.73 × 0.93 × 15.03%
Mar 31, 2015 10.04% = 0.73 × 0.93 × 14.76%
Dec 31, 2014 9.82% = 0.73 × 0.92 × 14.59%
Sep 30, 2014 9.50% = 0.73 × 0.92 × 14.20%
Jun 30, 2014 = × ×
Mar 31, 2014 = × ×
Dec 31, 2013 = × ×

Based on: 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30), 10-K (filing date: 2014-11-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-29).

The primary reason for the decrease in net profit margin ratio over Q3 2020 is the decrease in effect of taxes measured by tax burden ratio.