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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)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Jun 30, 2018 hidden% hidden% hidden
Mar 31, 2018 hidden% hidden% hidden
Dec 31, 2017 hidden% hidden% hidden
Sep 30, 2017 hidden% hidden% hidden
Jun 30, 2017 hidden% hidden% hidden
Mar 31, 2017 hidden% hidden% hidden
Dec 31, 2016 hidden% hidden% hidden
Sep 30, 2016 hidden% hidden% hidden
Jun 30, 2016 hidden% hidden% hidden
Mar 31, 2016 hidden% hidden% hidden
Dec 31, 2015 hidden% hidden% hidden
Sep 30, 2015 hidden% hidden% hidden
Jun 30, 2015 hidden% hidden% hidden
Mar 31, 2015 hidden% hidden% hidden
Dec 31, 2014 hidden% hidden% hidden
Sep 30, 2014 hidden% hidden% hidden
Jun 30, 2014 hidden% hidden% hidden
Mar 31, 2014 hidden% hidden% hidden
Dec 31, 2013 hidden% hidden% hidden
Sep 30, 2013 hidden% hidden% hidden
Jun 30, 2013 hidden% hidden% hidden
Mar 31, 2013 hidden% hidden% hidden

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

 

The primary reason for the decrease in Return on Equity (ROE) over Q2 2018 is the decrease in Financial Leverage.


Three-Component Disaggregation of ROE

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

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

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

 

The primary reason for the decrease in Return on Equity (ROE) over Q2 2018 is the decrease in Financial Leverage.


Two-Way Decomposition of ROA

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

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

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

 

The primary reason for the increase in Return on Assets (ROA) over Q2 2018 is the increase in profitability measured by Net Profit Margin.