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DuPont Analysis: Decomposition of ROE
Difficulty: Beginner
Decomposing ROE involves expressing net income divided by shareholders' equity as the product of component ratios.
Two-Component Disaggregation of ROE
Chevron Corp., decomposition of ROE
| ROE | = | ROA | × | Leverage | |
|---|---|---|---|---|---|
| Dec 31, 2017 | % |
% |
|
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| Dec 31, 2016 | % |
% |
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| Dec 31, 2015 | % |
% |
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| Dec 31, 2014 | % |
% |
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| Dec 31, 2013 | % |
% |
|
Source: Based on data from Chevron Corp. Annual Reports
Three-Component Disaggregation of ROE
Chevron Corp., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Leverage | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2017 | % |
% |
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| Dec 31, 2016 | % |
% |
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| Dec 31, 2015 | % |
% |
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| Dec 31, 2014 | % |
% |
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| Dec 31, 2013 | % |
% |
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|
Source: Based on data from Chevron Corp. Annual Reports
Five-Component Disaggregation of ROE
Chevron Corp., decomposition of ROE
| ROE | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | × | Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2017 | % |
|
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% |
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| Dec 31, 2016 | % |
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% |
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| Dec 31, 2015 | % |
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% |
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| Dec 31, 2014 | % |
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% |
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| Dec 31, 2013 | % |
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|
% |
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|
Source: Based on data from Chevron Corp. Annual Reports
Two-Way Decomposition of ROA
Chevron 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 Chevron Corp. Annual Reports
Four-Way Decomposition of ROA
Chevron 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 Chevron Corp. Annual Reports
