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CVS Health Corp. (CVS)


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)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Dec 31, 2018 hidden hidden hidden
Sep 30, 2018 hidden hidden hidden
Jun 30, 2018 hidden hidden hidden
Mar 31, 2018 hidden hidden hidden
Dec 31, 2017 hidden hidden hidden
Sep 30, 2017 hidden hidden hidden
Jun 30, 2017 hidden hidden hidden
Mar 31, 2017 hidden hidden hidden
Dec 31, 2016 hidden hidden hidden
Sep 30, 2016 hidden hidden hidden
Jun 30, 2016 hidden hidden hidden
Mar 31, 2016 hidden hidden hidden
Dec 31, 2015 hidden hidden hidden
Sep 30, 2015 hidden hidden hidden
Jun 30, 2015 hidden hidden hidden
Mar 31, 2015 hidden hidden hidden
Dec 31, 2014 hidden hidden hidden
Sep 30, 2014 hidden hidden hidden
Jun 30, 2014 hidden hidden hidden
Mar 31, 2014 hidden hidden hidden

Based on: 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-04), 10-Q (filing date: 2014-08-05), 10-Q (filing date: 2014-05-02).

The primary reason for the decrease in Return on Equity (ROE) over Q4 2018 is the decrease in profitability measured by Return on Assets (ROA).


Three-Component Disaggregation of ROE

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

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Dec 31, 2018 hidden hidden hidden hidden
Sep 30, 2018 hidden hidden hidden hidden
Jun 30, 2018 hidden hidden hidden hidden
Mar 31, 2018 hidden hidden hidden hidden
Dec 31, 2017 hidden hidden hidden hidden
Sep 30, 2017 hidden hidden hidden hidden
Jun 30, 2017 hidden hidden hidden hidden
Mar 31, 2017 hidden hidden hidden hidden
Dec 31, 2016 hidden hidden hidden hidden
Sep 30, 2016 hidden hidden hidden hidden
Jun 30, 2016 hidden hidden hidden hidden
Mar 31, 2016 hidden hidden hidden hidden
Dec 31, 2015 hidden hidden hidden hidden
Sep 30, 2015 hidden hidden hidden hidden
Jun 30, 2015 hidden hidden hidden hidden
Mar 31, 2015 hidden hidden hidden hidden
Dec 31, 2014 hidden hidden hidden hidden
Sep 30, 2014 hidden hidden hidden hidden
Jun 30, 2014 hidden hidden hidden hidden
Mar 31, 2014 hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-04), 10-Q (filing date: 2014-08-05), 10-Q (filing date: 2014-05-02).

The primary reason for the decrease in Return on Equity (ROE) over Q4 2018 is the decrease in profitability measured by Net Profit Margin.


Two-Way Decomposition of ROA

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

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2018 hidden hidden hidden
Sep 30, 2018 hidden hidden hidden
Jun 30, 2018 hidden hidden hidden
Mar 31, 2018 hidden hidden hidden
Dec 31, 2017 hidden hidden hidden
Sep 30, 2017 hidden hidden hidden
Jun 30, 2017 hidden hidden hidden
Mar 31, 2017 hidden hidden hidden
Dec 31, 2016 hidden hidden hidden
Sep 30, 2016 hidden hidden hidden
Jun 30, 2016 hidden hidden hidden
Mar 31, 2016 hidden hidden hidden
Dec 31, 2015 hidden hidden hidden
Sep 30, 2015 hidden hidden hidden
Jun 30, 2015 hidden hidden hidden
Mar 31, 2015 hidden hidden hidden
Dec 31, 2014 hidden hidden hidden
Sep 30, 2014 hidden hidden hidden
Jun 30, 2014 hidden hidden hidden
Mar 31, 2014 hidden hidden hidden

Based on: 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-06), 10-Q (filing date: 2018-08-08), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-14), 10-Q (filing date: 2017-11-06), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-09), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-10), 10-Q (filing date: 2014-11-04), 10-Q (filing date: 2014-08-05), 10-Q (filing date: 2014-05-02).

The primary reason for the decrease in Return on Assets (ROA) over Q4 2018 is the decrease in profitability measured by Net Profit Margin.