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DuPont Analysis: Decomposition of ROE

Difficulty: Beginner


Two-Component Disaggregation of ROE

CVS Health Corp., decomposition of ROE

 
ROE = ROA × Leverage
Dec 31, 2017 % %
Dec 31, 2016 % %
Dec 31, 2015 % %
Dec 31, 2014 % %
Dec 31, 2013 % %

Source: Based on data from CVS Health Corp. Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over 2017 year is the increase in profitability measured by Return on Assets (ROA).

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Three-Component Disaggregation of ROE

CVS Health Corp., decomposition of ROE

 
ROE = Net Profit Margin × Asset Turnover × Leverage
Dec 31, 2017 % %
Dec 31, 2016 % %
Dec 31, 2015 % %
Dec 31, 2014 % %
Dec 31, 2013 % %

Source: Based on data from CVS Health Corp. Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over 2017 year is the increase in profitability measured by Net Profit Margin.

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Five-Component Disaggregation of ROE

CVS Health Corp., decomposition of ROE

 
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Dec 31, 2017 % %
Dec 31, 2016 % %
Dec 31, 2015 % %
Dec 31, 2014 % %
Dec 31, 2013 % %

Source: Based on data from CVS Health Corp. Annual Reports

 

The primary reason for the increase in Return on Equity (ROE) over 2017 year is the increase in effect of taxes measured by Tax Burden.

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Two-Way Decomposition of ROA

CVS Health Corp., decomposition of ROA

 
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2017 % %
Dec 31, 2016 % %
Dec 31, 2015 % %
Dec 31, 2014 % %
Dec 31, 2013 % %

Source: Based on data from CVS Health Corp. Annual Reports

 

The primary reason for the increase in Return on Assets (ROA) over 2017 year is the increase in profitability measured by Net Profit Margin.

Top


Four-Way Decomposition of ROA

CVS Health Corp., decomposition of ROA

 
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2017 % %
Dec 31, 2016 % %
Dec 31, 2015 % %
Dec 31, 2014 % %
Dec 31, 2013 % %

Source: Based on data from CVS Health Corp. Annual Reports

 

The primary reason for the increase in Return on Assets (ROA) over 2017 year is the increase in effect of taxes measured by Tax Burden.

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Decomposition of Net Profit Margin

CVS Health Corp., decomposition of Net Profit Margin

 
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2017 % %
Dec 31, 2016 % %
Dec 31, 2015 % %
Dec 31, 2014 % %
Dec 31, 2013 % %

Source: Based on data from CVS Health Corp. Annual Reports

 

The primary reason for the increase in Net Profit Margin over 2017 year is the increase in effect of taxes measured by Tax Burden.

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