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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

CVS Health Corp., decomposition of ROE (quarterly data)

 
ROE = ROA × Leverage
Dec 31, 2017 % %
Sep 30, 2017 % %
Jun 30, 2017 % %
Mar 31, 2017 % %
Dec 31, 2016 % %
Sep 30, 2016 % %
Jun 30, 2016 % %
Mar 31, 2016 % %
Dec 31, 2015 % %
Sep 30, 2015 % %
Jun 30, 2015 % %
Mar 31, 2015 % %
Dec 31, 2014 % %
Sep 30, 2014 % %
Jun 30, 2014 % %
Mar 31, 2014 % %
Dec 31, 2013 % %
Sep 30, 2013 % %
Jun 30, 2013 % %
Mar 31, 2013 % %

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

 

The primary reason for the increase in Return on Equity (ROE) over Q4 2017 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 (quarterly data)

 
ROE = Net Profit Margin × Asset Turnover × Leverage
Dec 31, 2017 % %
Sep 30, 2017 % %
Jun 30, 2017 % %
Mar 31, 2017 % %
Dec 31, 2016 % %
Sep 30, 2016 % %
Jun 30, 2016 % %
Mar 31, 2016 % %
Dec 31, 2015 % %
Sep 30, 2015 % %
Jun 30, 2015 % %
Mar 31, 2015 % %
Dec 31, 2014 % %
Sep 30, 2014 % %
Jun 30, 2014 % %
Mar 31, 2014 % %
Dec 31, 2013 % %
Sep 30, 2013 % %
Jun 30, 2013 % %
Mar 31, 2013 % %

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

 

The primary reason for the increase in Return on Equity (ROE) over Q4 2017 is the increase in profitability measured by Net Profit Margin.

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Two-Way Decomposition of ROA

CVS Health Corp., decomposition of ROA (quarterly data)

 
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2017 % %
Sep 30, 2017 % %
Jun 30, 2017 % %
Mar 31, 2017 % %
Dec 31, 2016 % %
Sep 30, 2016 % %
Jun 30, 2016 % %
Mar 31, 2016 % %
Dec 31, 2015 % %
Sep 30, 2015 % %
Jun 30, 2015 % %
Mar 31, 2015 % %
Dec 31, 2014 % %
Sep 30, 2014 % %
Jun 30, 2014 % %
Mar 31, 2014 % %
Dec 31, 2013 % %
Sep 30, 2013 % %
Jun 30, 2013 % %
Mar 31, 2013 % %

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

 

The primary reason for the increase in Return on Assets (ROA) over Q4 2017 is the increase in profitability measured by Net Profit Margin.

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