Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

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

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Boeing Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2022 — = -6.14% × —
Jun 30, 2022 — = -3.90% × —
Mar 31, 2022 — = -3.60% × —
Dec 31, 2021 — = -3.03% × —
Sep 30, 2021 — = -5.77% × —
Jun 30, 2021 — = -5.92% × —
Mar 31, 2021 — = -7.85% × —
Dec 31, 2020 — = -7.80% × —
Sep 30, 2020 — = -2.77% × —
Jun 30, 2020 — = -1.75% × —
Mar 31, 2020 — = -2.39% × —
Dec 31, 2019 — = -0.48% × —
Sep 30, 2019 — = 2.86% × —
Jun 30, 2019 — = 3.96% × —
Mar 31, 2019 8,105.60% = 8.43% × 961.67
Dec 31, 2018 3,085.55% = 8.91% × 346.19
Sep 30, 2018 — = 8.87% × —
Jun 30, 2018 — = 8.53% × —
Mar 31, 2018 754.75% = 8.12% × 92.92
Dec 31, 2017 2,309.01% = 8.88% × 260.09
Sep 30, 2017 — = — × 83.80
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × 943.93

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Three-Component Disaggregation of ROE

Boeing Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2022 — = -13.75% × 0.45 × —
Jun 30, 2022 — = -8.69% × 0.45 × —
Mar 31, 2022 — = -8.00% × 0.45 × —
Dec 31, 2021 — = -6.75% × 0.45 × —
Sep 30, 2021 — = -13.50% × 0.43 × —
Jun 30, 2021 — = -14.30% × 0.41 × —
Mar 31, 2021 — = -20.87% × 0.38 × —
Dec 31, 2020 — = -20.42% × 0.38 × —
Sep 30, 2020 — = -7.34% × 0.38 × —
Jun 30, 2020 — = -4.27% × 0.41 × —
Mar 31, 2020 — = -4.84% × 0.49 × —
Dec 31, 2019 — = -0.83% × 0.57 × —
Sep 30, 2019 — = 4.37% × 0.66 × —
Jun 30, 2019 — = 5.42% × 0.73 × —
Mar 31, 2019 8,105.60% = 10.07% × 0.84 × 961.67
Dec 31, 2018 3,085.55% = 10.34% × 0.86 × 346.19
Sep 30, 2018 — = 10.36% × 0.86 × —
Jun 30, 2018 — = 9.92% × 0.86 × —
Mar 31, 2018 754.75% = 9.63% × 0.84 × 92.92
Dec 31, 2017 2,309.01% = 8.78% × 1.01 × 260.09
Sep 30, 2017 — = — × — × 83.80
Jun 30, 2017 — = — × — × —
Mar 31, 2017 — = — × — × 943.93

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Five-Component Disaggregation of ROE

Boeing Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2022 — = — × — × -10.42% × 0.45 × —
Jun 30, 2022 — = — × — × -5.83% × 0.45 × —
Mar 31, 2022 — = — × — × -5.50% × 0.45 × —
Dec 31, 2021 — = — × — × -3.63% × 0.45 × —
Sep 30, 2021 — = — × — × -9.80% × 0.43 × —
Jun 30, 2021 — = — × — × -11.03% × 0.41 × —
Mar 31, 2021 — = — × — × -19.29% × 0.38 × —
Dec 31, 2020 — = — × — × -21.07% × 0.38 × —
Sep 30, 2020 — = — × — × -10.60% × 0.38 × —
Jun 30, 2020 — = — × — × -7.21% × 0.41 × —
Mar 31, 2020 — = — × — × -7.40% × 0.49 × —
Dec 31, 2019 — = — × — × -2.01% × 0.57 × —
Sep 30, 2019 — = 0.92 × 0.87 × 5.48% × 0.66 × —
Jun 30, 2019 — = 0.98 × 0.90 × 6.10% × 0.73 × —
Mar 31, 2019 8,105.60% = 0.91 × 0.96 × 11.52% × 0.84 × 961.67
Dec 31, 2018 3,085.55% = 0.90 × 0.96 × 11.94% × 0.86 × 346.19
Sep 30, 2018 — = 0.97 × 0.96 × 11.15% × 0.86 × —
Jun 30, 2018 — = 0.87 × 0.97 × 11.75% × 0.86 × —
Mar 31, 2018 754.75% = 0.84 × 0.97 × 11.80% × 0.84 × 92.92
Dec 31, 2017 2,309.01% = 0.82 × 0.97 × 11.14% × 1.01 × 260.09
Sep 30, 2017 — = — × — × — × — × 83.80
Jun 30, 2017 — = — × — × — × — × —
Mar 31, 2017 — = — × — × — × — × 943.93

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Two-Component Disaggregation of ROA

Boeing Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2022 -6.14% = -13.75% × 0.45
Jun 30, 2022 -3.90% = -8.69% × 0.45
Mar 31, 2022 -3.60% = -8.00% × 0.45
Dec 31, 2021 -3.03% = -6.75% × 0.45
Sep 30, 2021 -5.77% = -13.50% × 0.43
Jun 30, 2021 -5.92% = -14.30% × 0.41
Mar 31, 2021 -7.85% = -20.87% × 0.38
Dec 31, 2020 -7.80% = -20.42% × 0.38
Sep 30, 2020 -2.77% = -7.34% × 0.38
Jun 30, 2020 -1.75% = -4.27% × 0.41
Mar 31, 2020 -2.39% = -4.84% × 0.49
Dec 31, 2019 -0.48% = -0.83% × 0.57
Sep 30, 2019 2.86% = 4.37% × 0.66
Jun 30, 2019 3.96% = 5.42% × 0.73
Mar 31, 2019 8.43% = 10.07% × 0.84
Dec 31, 2018 8.91% = 10.34% × 0.86
Sep 30, 2018 8.87% = 10.36% × 0.86
Jun 30, 2018 8.53% = 9.92% × 0.86
Mar 31, 2018 8.12% = 9.63% × 0.84
Dec 31, 2017 8.88% = 8.78% × 1.01
Sep 30, 2017 — = — × —
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × —

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Four-Component Disaggregation of ROA

Boeing Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2022 -6.14% = — × — × -10.42% × 0.45
Jun 30, 2022 -3.90% = — × — × -5.83% × 0.45
Mar 31, 2022 -3.60% = — × — × -5.50% × 0.45
Dec 31, 2021 -3.03% = — × — × -3.63% × 0.45
Sep 30, 2021 -5.77% = — × — × -9.80% × 0.43
Jun 30, 2021 -5.92% = — × — × -11.03% × 0.41
Mar 31, 2021 -7.85% = — × — × -19.29% × 0.38
Dec 31, 2020 -7.80% = — × — × -21.07% × 0.38
Sep 30, 2020 -2.77% = — × — × -10.60% × 0.38
Jun 30, 2020 -1.75% = — × — × -7.21% × 0.41
Mar 31, 2020 -2.39% = — × — × -7.40% × 0.49
Dec 31, 2019 -0.48% = — × — × -2.01% × 0.57
Sep 30, 2019 2.86% = 0.92 × 0.87 × 5.48% × 0.66
Jun 30, 2019 3.96% = 0.98 × 0.90 × 6.10% × 0.73
Mar 31, 2019 8.43% = 0.91 × 0.96 × 11.52% × 0.84
Dec 31, 2018 8.91% = 0.90 × 0.96 × 11.94% × 0.86
Sep 30, 2018 8.87% = 0.97 × 0.96 × 11.15% × 0.86
Jun 30, 2018 8.53% = 0.87 × 0.97 × 11.75% × 0.86
Mar 31, 2018 8.12% = 0.84 × 0.97 × 11.80% × 0.84
Dec 31, 2017 8.88% = 0.82 × 0.97 × 11.14% × 1.01
Sep 30, 2017 — = — × — × — × —
Jun 30, 2017 — = — × — × — × —
Mar 31, 2017 — = — × — × — × —

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Disaggregation of Net Profit Margin

Boeing Co., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2022 -13.75% = — × — × -10.42%
Jun 30, 2022 -8.69% = — × — × -5.83%
Mar 31, 2022 -8.00% = — × — × -5.50%
Dec 31, 2021 -6.75% = — × — × -3.63%
Sep 30, 2021 -13.50% = — × — × -9.80%
Jun 30, 2021 -14.30% = — × — × -11.03%
Mar 31, 2021 -20.87% = — × — × -19.29%
Dec 31, 2020 -20.42% = — × — × -21.07%
Sep 30, 2020 -7.34% = — × — × -10.60%
Jun 30, 2020 -4.27% = — × — × -7.21%
Mar 31, 2020 -4.84% = — × — × -7.40%
Dec 31, 2019 -0.83% = — × — × -2.01%
Sep 30, 2019 4.37% = 0.92 × 0.87 × 5.48%
Jun 30, 2019 5.42% = 0.98 × 0.90 × 6.10%
Mar 31, 2019 10.07% = 0.91 × 0.96 × 11.52%
Dec 31, 2018 10.34% = 0.90 × 0.96 × 11.94%
Sep 30, 2018 10.36% = 0.97 × 0.96 × 11.15%
Jun 30, 2018 9.92% = 0.87 × 0.97 × 11.75%
Mar 31, 2018 9.63% = 0.84 × 0.97 × 11.80%
Dec 31, 2017 8.78% = 0.82 × 0.97 × 11.14%
Sep 30, 2017 — = — × — × —
Jun 30, 2017 — = — × — × —
Mar 31, 2017 — = — × — × —

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).