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Altria Group Inc. (MO)
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
Altria Group Inc., decomposition of ROE (quarterly data)
Based on: 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-23), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-22), 10-Q (filing date: 2014-04-24).
The primary reason for the decrease in Return on Equity (ROE) over Q4 2018 is the decrease in profitability measured by Return on Assets (ROA).
Three-Component Disaggregation of ROE
Altria Group Inc., decomposition of ROE (quarterly data)
Based on: 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-23), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-22), 10-Q (filing date: 2014-04-24).
The primary reason for the decrease in Return on Equity (ROE) over Q4 2018 is the decrease in profitability measured by Net Profit Margin.
Two-Way Decomposition of ROA
Altria Group Inc., decomposition of ROA (quarterly data)
Based on: 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-23), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-07-22), 10-Q (filing date: 2014-04-24).
The primary reason for the decrease in Return on Assets (ROA) over Q4 2018 is the decrease in profitability measured by Net Profit Margin.