Stock Analysis on Net
Stock Analysis on Net

Chevron Corp. (NYSE:CVX)

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

Beginner level


Two-Component Disaggregation of ROE

Chevron Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Jun 30, 2020 -6.49% = -3.89% × 1.67
Mar 31, 2020 2.69% = 1.64% × 1.64
Dec 31, 2019 2.03% = 1.23% × 1.65
Sep 30, 2019 8.51% = 5.17% × 1.65
Jun 30, 2019 9.42% = 5.76% × 1.64
Mar 31, 2019 8.92% = 5.39% × 1.66
Dec 31, 2018 9.59% = 5.84% × 1.64
Sep 30, 2018 9.25% = 5.54% × 1.67
Jun 30, 2018 7.96% = 4.70% × 1.69
Mar 31, 2018 6.75% = 3.96% × 1.71
Dec 31, 2017 6.21% = 3.62% × 1.71
Sep 30, 2017 4.43% = 2.55% × 1.74
Jun 30, 2017 3.99% = 2.29% × 1.74
Mar 31, 2017 1.99% = 1.12% × 1.77
Dec 31, 2016 -0.34% = -0.19% × 1.79
Sep 30, 2016 -1.02% = -0.58% × 1.77
Jun 30, 2016 -0.51% = -0.29% × 1.78
Mar 31, 2016 0.86% = 0.49% × 1.76
Dec 31, 2015 3.00% = 1.72% × 1.74
Sep 30, 2015 = × 1.73
Jun 30, 2015 = × 1.72
Mar 31, 2015 = × 1.73

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2020 is the decrease in profitability measured by return on assets ratio (ROA).


Three-Component Disaggregation of ROE

Chevron Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 -6.49% = -7.57% × 0.51 × 1.67
Mar 31, 2020 2.69% = 2.86% × 0.57 × 1.64
Dec 31, 2019 2.03% = 2.09% × 0.59 × 1.65
Sep 30, 2019 8.51% = 9.11% × 0.57 × 1.65
Jun 30, 2019 9.42% = 9.63% × 0.60 × 1.64
Mar 31, 2019 8.92% = 8.81% × 0.61 × 1.66
Dec 31, 2018 9.59% = 9.33% × 0.63 × 1.64
Sep 30, 2018 9.25% = 9.17% × 0.60 × 1.67
Jun 30, 2018 7.96% = 8.25% × 0.57 × 1.69
Mar 31, 2018 6.75% = 7.30% × 0.54 × 1.71
Dec 31, 2017 6.21% = 6.83% × 0.53 × 1.71
Sep 30, 2017 4.43% = 5.06% × 0.50 × 1.74
Jun 30, 2017 3.99% = 4.71% × 0.49 × 1.74
Mar 31, 2017 1.99% = 2.45% × 0.46 × 1.77
Dec 31, 2016 -0.34% = -0.45% × 0.42 × 1.79
Sep 30, 2016 -1.02% = -1.39% × 0.42 × 1.77
Jun 30, 2016 -0.51% = -0.67% × 0.43 × 1.78
Mar 31, 2016 0.86% = 1.07% × 0.46 × 1.76
Dec 31, 2015 3.00% = 3.53% × 0.49 × 1.74
Sep 30, 2015 = × × 1.73
Jun 30, 2015 = × × 1.72
Mar 31, 2015 = × × 1.73

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2020 is the decrease in profitability measured by net profit margin ratio.


Five-Component Disaggregation of ROE

Chevron Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 -6.49% = × × -8.71% × 0.51 × 1.67
Mar 31, 2020 2.69% = 0.67 × 0.89 × 4.84% × 0.57 × 1.64
Dec 31, 2019 2.03% = 0.52 × 0.88 × 4.59% × 0.59 × 1.65
Sep 30, 2019 8.51% = 0.70 × 0.96 × 13.51% × 0.57 × 1.65
Jun 30, 2019 9.42% = 0.72 × 0.96 × 13.93% × 0.60 × 1.64
Mar 31, 2019 8.92% = 0.71 × 0.96 × 12.90% × 0.61 × 1.66
Dec 31, 2018 9.59% = 0.72 × 0.96 × 13.40% × 0.63 × 1.64
Sep 30, 2018 9.25% = 0.83 × 0.96 × 11.51% × 0.60 × 1.67
Jun 30, 2018 7.96% = 0.86 × 0.96 × 9.97% × 0.57 × 1.69
Mar 31, 2018 6.75% = 0.92 × 0.96 × 8.27% × 0.54 × 1.71
Dec 31, 2017 6.21% = 1.01 × 0.97 × 7.02% × 0.53 × 1.71
Sep 30, 2017 4.43% = 0.80 × 0.98 × 6.50% × 0.50 × 1.74
Jun 30, 2017 3.99% = 0.88 × 0.97 × 5.54% × 0.49 × 1.74
Mar 31, 2017 1.99% = 1.11 × 0.91 × 2.42% × 0.46 × 1.77
Dec 31, 2016 -0.34% = × × -1.84% × 0.42 × 1.79
Sep 30, 2016 -1.02% = × × -4.45% × 0.42 × 1.77
Jun 30, 2016 -0.51% = × × -2.87% × 0.43 × 1.78
Mar 31, 2016 0.86% = 10.97 × 1.00 × 0.10% × 0.46 × 1.76
Dec 31, 2015 3.00% = 0.97 × 1.00 × 3.63% × 0.49 × 1.74
Sep 30, 2015 = × × × × 1.73
Jun 30, 2015 = × × × × 1.72
Mar 31, 2015 = × × × × 1.73

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2020 is the decrease in operating profitability measured by EBIT margin ratio.


Two-Component Disaggregation of ROA

Chevron Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2020 -3.89% = -7.57% × 0.51
Mar 31, 2020 1.64% = 2.86% × 0.57
Dec 31, 2019 1.23% = 2.09% × 0.59
Sep 30, 2019 5.17% = 9.11% × 0.57
Jun 30, 2019 5.76% = 9.63% × 0.60
Mar 31, 2019 5.39% = 8.81% × 0.61
Dec 31, 2018 5.84% = 9.33% × 0.63
Sep 30, 2018 5.54% = 9.17% × 0.60
Jun 30, 2018 4.70% = 8.25% × 0.57
Mar 31, 2018 3.96% = 7.30% × 0.54
Dec 31, 2017 3.62% = 6.83% × 0.53
Sep 30, 2017 2.55% = 5.06% × 0.50
Jun 30, 2017 2.29% = 4.71% × 0.49
Mar 31, 2017 1.12% = 2.45% × 0.46
Dec 31, 2016 -0.19% = -0.45% × 0.42
Sep 30, 2016 -0.58% = -1.39% × 0.42
Jun 30, 2016 -0.29% = -0.67% × 0.43
Mar 31, 2016 0.49% = 1.07% × 0.46
Dec 31, 2015 1.72% = 3.53% × 0.49
Sep 30, 2015 = ×
Jun 30, 2015 = ×
Mar 31, 2015 = ×

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2020 is the decrease in profitability measured by net profit margin ratio.


Four-Component Disaggregation of ROA

Chevron Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2020 -3.89% = × × -8.71% × 0.51
Mar 31, 2020 1.64% = 0.67 × 0.89 × 4.84% × 0.57
Dec 31, 2019 1.23% = 0.52 × 0.88 × 4.59% × 0.59
Sep 30, 2019 5.17% = 0.70 × 0.96 × 13.51% × 0.57
Jun 30, 2019 5.76% = 0.72 × 0.96 × 13.93% × 0.60
Mar 31, 2019 5.39% = 0.71 × 0.96 × 12.90% × 0.61
Dec 31, 2018 5.84% = 0.72 × 0.96 × 13.40% × 0.63
Sep 30, 2018 5.54% = 0.83 × 0.96 × 11.51% × 0.60
Jun 30, 2018 4.70% = 0.86 × 0.96 × 9.97% × 0.57
Mar 31, 2018 3.96% = 0.92 × 0.96 × 8.27% × 0.54
Dec 31, 2017 3.62% = 1.01 × 0.97 × 7.02% × 0.53
Sep 30, 2017 2.55% = 0.80 × 0.98 × 6.50% × 0.50
Jun 30, 2017 2.29% = 0.88 × 0.97 × 5.54% × 0.49
Mar 31, 2017 1.12% = 1.11 × 0.91 × 2.42% × 0.46
Dec 31, 2016 -0.19% = × × -1.84% × 0.42
Sep 30, 2016 -0.58% = × × -4.45% × 0.42
Jun 30, 2016 -0.29% = × × -2.87% × 0.43
Mar 31, 2016 0.49% = 10.97 × 1.00 × 0.10% × 0.46
Dec 31, 2015 1.72% = 0.97 × 1.00 × 3.63% × 0.49
Sep 30, 2015 = × × ×
Jun 30, 2015 = × × ×
Mar 31, 2015 = × × ×

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in return on assets ratio (ROA) over Q2 2020 is the decrease in operating profitability measured by EBIT margin ratio.


Disaggregation of Net Profit Margin

Chevron Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2020 -7.57% = × × -8.71%
Mar 31, 2020 2.86% = 0.67 × 0.89 × 4.84%
Dec 31, 2019 2.09% = 0.52 × 0.88 × 4.59%
Sep 30, 2019 9.11% = 0.70 × 0.96 × 13.51%
Jun 30, 2019 9.63% = 0.72 × 0.96 × 13.93%
Mar 31, 2019 8.81% = 0.71 × 0.96 × 12.90%
Dec 31, 2018 9.33% = 0.72 × 0.96 × 13.40%
Sep 30, 2018 9.17% = 0.83 × 0.96 × 11.51%
Jun 30, 2018 8.25% = 0.86 × 0.96 × 9.97%
Mar 31, 2018 7.30% = 0.92 × 0.96 × 8.27%
Dec 31, 2017 6.83% = 1.01 × 0.97 × 7.02%
Sep 30, 2017 5.06% = 0.80 × 0.98 × 6.50%
Jun 30, 2017 4.71% = 0.88 × 0.97 × 5.54%
Mar 31, 2017 2.45% = 1.11 × 0.91 × 2.42%
Dec 31, 2016 -0.45% = × × -1.84%
Sep 30, 2016 -1.39% = × × -4.45%
Jun 30, 2016 -0.67% = × × -2.87%
Mar 31, 2016 1.07% = 10.97 × 1.00 × 0.10%
Dec 31, 2015 3.53% = 0.97 × 1.00 × 3.63%
Sep 30, 2015 = × ×
Jun 30, 2015 = × ×
Mar 31, 2015 = × ×

Based on: 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-21), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-05), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-05), 10-Q (filing date: 2015-05-07).

The primary reason for the decrease in net profit margin ratio over Q2 2020 is the decrease in operating profitability measured by EBIT margin ratio.