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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)

 
ROE = ROA × Leverage
Mar 31, 2018 % %
Dec 31, 2017 % %
Sep 30, 2017 % %
Jun 30, 2017 % %
Mar 31, 2017 % %
Dec 31, 2016 % %
Sep 30, 2016 % %
Jun 30, 2016 % %
Mar 31, 2016 % %
Dec 31, 2015 % %
Sep 30, 2015 % %
Jun 30, 2015 % %
Mar 31, 2015 % %
Dec 31, 2014 % %
Sep 30, 2014 % %
Jun 30, 2014 % %
Mar 31, 2014 % %
Dec 31, 2013 % %
Sep 30, 2013 % %
Jun 30, 2013 % %
Mar 31, 2013 % %

Source: Based on data from Altria Group Inc. Quarterly and Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over Q1 2018 is the increase in profitability measured by Return on Assets (ROA).

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Three-Component Disaggregation of ROE

Altria Group Inc., decomposition of ROE (quarterly data)

 
ROE = Net Profit Margin × Asset Turnover × Leverage
Mar 31, 2018 % %
Dec 31, 2017 % %
Sep 30, 2017 % %
Jun 30, 2017 % %
Mar 31, 2017 % %
Dec 31, 2016 % %
Sep 30, 2016 % %
Jun 30, 2016 % %
Mar 31, 2016 % %
Dec 31, 2015 % %
Sep 30, 2015 % %
Jun 30, 2015 % %
Mar 31, 2015 % %
Dec 31, 2014 % %
Sep 30, 2014 % %
Jun 30, 2014 % %
Mar 31, 2014 % %
Dec 31, 2013 % %
Sep 30, 2013 % %
Jun 30, 2013 % %
Mar 31, 2013 % %

Source: Based on data from Altria Group Inc. Quarterly and Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over Q1 2018 is the increase in profitability measured by Net Profit Margin.

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Two-Way Decomposition of ROA

Altria Group Inc., decomposition of ROA (quarterly data)

 
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2018 % %
Dec 31, 2017 % %
Sep 30, 2017 % %
Jun 30, 2017 % %
Mar 31, 2017 % %
Dec 31, 2016 % %
Sep 30, 2016 % %
Jun 30, 2016 % %
Mar 31, 2016 % %
Dec 31, 2015 % %
Sep 30, 2015 % %
Jun 30, 2015 % %
Mar 31, 2015 % %
Dec 31, 2014 % %
Sep 30, 2014 % %
Jun 30, 2014 % %
Mar 31, 2014 % %
Dec 31, 2013 % %
Sep 30, 2013 % %
Jun 30, 2013 % %
Mar 31, 2013 % %

Source: Based on data from Altria Group Inc. Quarterly and Annual Reports

 

The primary reason for the increase in Return on Assets (ROA) over Q1 2018 is the increase in profitability measured by Net Profit Margin.

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