Stock Analysis on Net

Boeing Co. (NYSE:BA)

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

Microsoft Excel

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).