Stock Analysis on Net
Stock Analysis on Net

Altria Group Inc. (NYSE:MO)

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

Beginner level

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 × Financial Leverage
Sep 30, 2020 23.38% = 1.57% × 14.86
Jun 30, 2020 -16.07% = -1.82% × 8.83
Mar 31, 2020 -13.16% = -1.64% × 8.04
Dec 31, 2019 -20.78% = -2.62% × 7.92
Sep 30, 2019 16.75% = 3.34% × 5.02
Jun 30, 2019 43.62% = 10.97% × 3.98
Mar 31, 2019 43.96% = 10.45% × 4.21
Dec 31, 2018 47.09% = 12.51% × 3.76
Sep 30, 2018 68.92% = 24.30% × 2.84
Jun 30, 2018 67.12% = 24.55% × 2.73
Mar 31, 2018 69.61% = 24.41% × 2.85
Dec 31, 2017 66.48% = 23.66% × 2.81
Sep 30, 2017 127.67% = 35.17% × 3.63
Jun 30, 2017 118.85% = 33.75% × 3.52
Mar 31, 2017 117.64% = 31.24% × 3.77
Dec 31, 2016 111.50% = 31.00% × 3.60
Sep 30, 2016 176.97% = 15.82% × 11.19
Jun 30, 2016 179.78% = 18.02% × 9.98
Mar 31, 2016 198.18% = 15.97% × 12.41
Dec 31, 2015 181.98% = 16.11% × 11.30
Sep 30, 2015 = × 11.08
Jun 30, 2015 = × 11.47
Mar 31, 2015 = × 13.51

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-07-30), 10-Q (filing date: 2020-04-30), 10-K (filing date: 2020-02-25), 10-Q (filing date: 2019-10-31), 10-Q (filing date: 2019-07-30), 10-Q (filing date: 2019-04-25), 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).


Three-Component Disaggregation of ROE

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

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2020 23.38% = 2.84% × 0.55 × 14.86
Jun 30, 2020 -16.07% = -3.57% × 0.51 × 8.83
Mar 31, 2020 -13.16% = -3.33% × 0.49 × 8.04
Dec 31, 2019 -20.78% = -5.15% × 0.51 × 7.92
Sep 30, 2019 16.75% = 7.00% × 0.48 × 5.02
Jun 30, 2019 43.62% = 25.04% × 0.44 × 3.98
Mar 31, 2019 43.96% = 24.87% × 0.42 × 4.21
Dec 31, 2018 47.09% = 27.45% × 0.46 × 3.76
Sep 30, 2018 68.92% = 42.12% × 0.58 × 2.84
Jun 30, 2018 67.12% = 42.00% × 0.58 × 2.73
Mar 31, 2018 69.61% = 41.85% × 0.58 × 2.85
Dec 31, 2017 66.48% = 39.97% × 0.59 × 2.81
Sep 30, 2017 127.67% = 60.37% × 0.58 × 3.63
Jun 30, 2017 118.85% = 56.98% × 0.59 × 3.52
Mar 31, 2017 117.64% = 55.99% × 0.56 × 3.77
Dec 31, 2016 111.50% = 55.31% × 0.56 × 3.60
Sep 30, 2016 176.97% = 20.19% × 0.78 × 11.19
Jun 30, 2016 179.78% = 22.05% × 0.82 × 9.98
Mar 31, 2016 198.18% = 21.17% × 0.75 × 12.41
Dec 31, 2015 181.98% = 20.61% × 0.78 × 11.30
Sep 30, 2015 = × × 11.08
Jun 30, 2015 = × × 11.47
Mar 31, 2015 = × × 13.51

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-07-30), 10-Q (filing date: 2020-04-30), 10-K (filing date: 2020-02-25), 10-Q (filing date: 2019-10-31), 10-Q (filing date: 2019-07-30), 10-Q (filing date: 2019-04-25), 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).


Two-Component Disaggregation of ROA

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

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2020 1.57% = 2.84% × 0.55
Jun 30, 2020 -1.82% = -3.57% × 0.51
Mar 31, 2020 -1.64% = -3.33% × 0.49
Dec 31, 2019 -2.62% = -5.15% × 0.51
Sep 30, 2019 3.34% = 7.00% × 0.48
Jun 30, 2019 10.97% = 25.04% × 0.44
Mar 31, 2019 10.45% = 24.87% × 0.42
Dec 31, 2018 12.51% = 27.45% × 0.46
Sep 30, 2018 24.30% = 42.12% × 0.58
Jun 30, 2018 24.55% = 42.00% × 0.58
Mar 31, 2018 24.41% = 41.85% × 0.58
Dec 31, 2017 23.66% = 39.97% × 0.59
Sep 30, 2017 35.17% = 60.37% × 0.58
Jun 30, 2017 33.75% = 56.98% × 0.59
Mar 31, 2017 31.24% = 55.99% × 0.56
Dec 31, 2016 31.00% = 55.31% × 0.56
Sep 30, 2016 15.82% = 20.19% × 0.78
Jun 30, 2016 18.02% = 22.05% × 0.82
Mar 31, 2016 15.97% = 21.17% × 0.75
Dec 31, 2015 16.11% = 20.61% × 0.78
Sep 30, 2015 = ×
Jun 30, 2015 = ×
Mar 31, 2015 = ×

Based on: 10-Q (filing date: 2020-10-30), 10-Q (filing date: 2020-07-30), 10-Q (filing date: 2020-04-30), 10-K (filing date: 2020-02-25), 10-Q (filing date: 2019-10-31), 10-Q (filing date: 2019-07-30), 10-Q (filing date: 2019-04-25), 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).