Microsoft Excel LibreOffice Calc

Coca-Cola Co. (KO)

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

Coca-Cola Co., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Sep 28, 2018 15.40% 3.24% 4.76
Jun 29, 2018 12.98% 2.66% 4.89
Mar 30, 2018 7.31% 1.54% 4.76
Dec 31, 2017 7.31% 1.42% 5.15
Sep 29, 2017 20.57% 5.03% 4.09
Jun 30, 2017 18.86% 4.55% 4.14
Mar 31, 2017 27.22% 6.83% 3.99
Dec 31, 2016 28.30% 7.48% 3.78
Sep 30, 2016 27.67% 7.68% 3.60
Jul 1, 2016 28.60% 8.10% 3.53
Apr 1, 2016 29.21% 7.97% 3.66
Dec 31, 2015 28.77% 8.16% 3.53
Oct 2, 2015 26.43% 7.40% 3.57
Jul 3, 2015 26.56% 8.07% 3.29
Apr 3, 2015 24.40% 7.73% 3.16
Dec 31, 2014 23.41% 7.71% 3.04
Sep 26, 2014 24.04% 8.35% 2.88
Jun 27, 2014 24.57% 8.77% 2.80
Mar 28, 2014 25.88% 9.26% 2.80
Dec 31, 2013 25.88% 9.53% 2.71
Sep 27, 2013 – – 2.78
Jun 28, 2013 – – 2.78
Mar 29, 2013 – – 2.72

Based on: 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-24), 10-K (filing date: 2014-02-27), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

The primary reason for the increase in Return on Equity (ROE) over Q3 2018 is the increase in profitability measured by Return on Assets (ROA).

Three-Component Disaggregation of ROE

Coca-Cola Co., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Sep 28, 2018 15.40% 8.70% 0.37 4.76
Jun 29, 2018 12.98% 7.18% 0.37 4.89
Mar 30, 2018 7.31% 4.23% 0.36 4.76
Dec 31, 2017 7.31% 3.52% 0.40 5.15
Sep 29, 2017 20.57% 12.20% 0.41 4.09
Jun 30, 2017 18.86% 10.68% 0.43 4.14
Mar 31, 2017 27.22% 15.30% 0.45 3.99
Dec 31, 2016 28.30% 15.59% 0.48 3.78
Sep 30, 2016 27.67% 16.99% 0.45 3.60
Jul 1, 2016 28.60% 17.61% 0.46 3.53
Apr 1, 2016 29.21% 16.59% 0.48 3.66
Dec 31, 2015 28.77% 16.60% 0.49 3.53
Oct 2, 2015 26.43% 15.24% 0.49 3.57
Jul 3, 2015 26.56% 16.51% 0.49 3.29
Apr 3, 2015 24.40% 15.25% 0.51 3.16
Dec 31, 2014 23.41% 15.43% 0.50 3.04
Sep 26, 2014 24.04% 17.41% 0.48 2.88
Jun 27, 2014 24.57% 18.11% 0.48 2.80
Mar 28, 2014 25.88% 18.22% 0.51 2.80
Dec 31, 2013 25.88% 18.32% 0.52 2.71
Sep 27, 2013 – – – 2.78
Jun 28, 2013 – – – 2.78
Mar 29, 2013 – – – 2.72

Based on: 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-24), 10-K (filing date: 2014-02-27), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

The primary reason for the increase in Return on Equity (ROE) over Q3 2018 is the increase in profitability measured by Net Profit Margin.

Five-Component Disaggregation of ROE

Coca-Cola Co., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Leverage
Sep 28, 2018 15.40% 0.34 0.90 28.11% 0.37 4.76
Jun 29, 2018 12.98% 0.32 0.89 25.20% 0.37 4.89
Mar 30, 2018 7.31% 0.20 0.89 23.75% 0.36 4.76
Dec 31, 2017 7.31% 0.18 0.89 21.60% 0.40 5.15
Sep 29, 2017 20.57% 0.72 0.88 19.30% 0.41 4.09
Jun 30, 2017 18.86% 0.68 0.88 17.81% 0.43 4.14
Mar 31, 2017 27.22% 0.81 0.91 20.93% 0.45 3.99
Dec 31, 2016 28.30% 0.80 0.92 21.13% 0.48 3.78
Sep 30, 2016 27.67% 0.79 0.94 22.99% 0.45 3.60
Jul 1, 2016 28.60% 0.81 0.94 23.16% 0.46 3.53
Apr 1, 2016 29.21% 0.77 0.95 22.92% 0.48 3.66
Dec 31, 2015 28.77% 0.77 0.92 23.58% 0.49 3.53
Oct 2, 2015 26.43% 0.75 0.91 22.09% 0.49 3.57
Jul 3, 2015 26.56% 0.75 0.92 23.81% 0.49 3.29
Apr 3, 2015 24.40% 0.78 0.92 21.41% 0.51 3.16
Dec 31, 2014 23.41% 0.76 0.95 21.27% 0.50 3.04
Sep 26, 2014 24.04% 0.77 0.95 23.71% 0.48 2.88
Jun 27, 2014 24.57% 0.75 0.96 25.19% 0.48 2.80
Mar 28, 2014 25.88% 0.75 0.96 25.42% 0.51 2.80
Dec 31, 2013 25.88% 0.75 0.96 25.39% 0.52 2.71
Sep 27, 2013 – – – – – 2.78
Jun 28, 2013 – – – – – 2.78
Mar 29, 2013 – – – – – 2.72

Based on: 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-24), 10-K (filing date: 2014-02-27), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

The primary reason for the increase in Return on Equity (ROE) over Q3 2018 is the increase in operating profitability measured by EBIT Margin.

Two-Way Decomposition of ROA

Coca-Cola Co., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Sep 28, 2018 3.24% 8.70% 0.37
Jun 29, 2018 2.66% 7.18% 0.37
Mar 30, 2018 1.54% 4.23% 0.36
Dec 31, 2017 1.42% 3.52% 0.40
Sep 29, 2017 5.03% 12.20% 0.41
Jun 30, 2017 4.55% 10.68% 0.43
Mar 31, 2017 6.83% 15.30% 0.45
Dec 31, 2016 7.48% 15.59% 0.48
Sep 30, 2016 7.68% 16.99% 0.45
Jul 1, 2016 8.10% 17.61% 0.46
Apr 1, 2016 7.97% 16.59% 0.48
Dec 31, 2015 8.16% 16.60% 0.49
Oct 2, 2015 7.40% 15.24% 0.49
Jul 3, 2015 8.07% 16.51% 0.49
Apr 3, 2015 7.73% 15.25% 0.51
Dec 31, 2014 7.71% 15.43% 0.50
Sep 26, 2014 8.35% 17.41% 0.48
Jun 27, 2014 8.77% 18.11% 0.48
Mar 28, 2014 9.26% 18.22% 0.51
Dec 31, 2013 9.53% 18.32% 0.52
Sep 27, 2013 – – –
Jun 28, 2013 – – –
Mar 29, 2013 – – –

Based on: 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-24), 10-K (filing date: 2014-02-27), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

The primary reason for the increase in Return on Assets (ROA) over Q3 2018 is the increase in profitability measured by Net Profit Margin.

Four-Way Decomposition of ROA

Coca-Cola Co., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 28, 2018 3.24% 0.34 0.90 28.11% 0.37
Jun 29, 2018 2.66% 0.32 0.89 25.20% 0.37
Mar 30, 2018 1.54% 0.20 0.89 23.75% 0.36
Dec 31, 2017 1.42% 0.18 0.89 21.60% 0.40
Sep 29, 2017 5.03% 0.72 0.88 19.30% 0.41
Jun 30, 2017 4.55% 0.68 0.88 17.81% 0.43
Mar 31, 2017 6.83% 0.81 0.91 20.93% 0.45
Dec 31, 2016 7.48% 0.80 0.92 21.13% 0.48
Sep 30, 2016 7.68% 0.79 0.94 22.99% 0.45
Jul 1, 2016 8.10% 0.81 0.94 23.16% 0.46
Apr 1, 2016 7.97% 0.77 0.95 22.92% 0.48
Dec 31, 2015 8.16% 0.77 0.92 23.58% 0.49
Oct 2, 2015 7.40% 0.75 0.91 22.09% 0.49
Jul 3, 2015 8.07% 0.75 0.92 23.81% 0.49
Apr 3, 2015 7.73% 0.78 0.92 21.41% 0.51
Dec 31, 2014 7.71% 0.76 0.95 21.27% 0.50
Sep 26, 2014 8.35% 0.77 0.95 23.71% 0.48
Jun 27, 2014 8.77% 0.75 0.96 25.19% 0.48
Mar 28, 2014 9.26% 0.75 0.96 25.42% 0.51
Dec 31, 2013 9.53% 0.75 0.96 25.39% 0.52
Sep 27, 2013 – – – – –
Jun 28, 2013 – – – – –
Mar 29, 2013 – – – – –

Based on: 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-24), 10-K (filing date: 2014-02-27), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

The primary reason for the increase in Return on Assets (ROA) over Q3 2018 is the increase in operating profitability measured by EBIT Margin.

Decomposition of Net Profit Margin

Coca-Cola Co., decomposition of Net Profit Margin (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 28, 2018 8.70% 0.34 0.90 28.11%
Jun 29, 2018 7.18% 0.32 0.89 25.20%
Mar 30, 2018 4.23% 0.20 0.89 23.75%
Dec 31, 2017 3.52% 0.18 0.89 21.60%
Sep 29, 2017 12.20% 0.72 0.88 19.30%
Jun 30, 2017 10.68% 0.68 0.88 17.81%
Mar 31, 2017 15.30% 0.81 0.91 20.93%
Dec 31, 2016 15.59% 0.80 0.92 21.13%
Sep 30, 2016 16.99% 0.79 0.94 22.99%
Jul 1, 2016 17.61% 0.81 0.94 23.16%
Apr 1, 2016 16.59% 0.77 0.95 22.92%
Dec 31, 2015 16.60% 0.77 0.92 23.58%
Oct 2, 2015 15.24% 0.75 0.91 22.09%
Jul 3, 2015 16.51% 0.75 0.92 23.81%
Apr 3, 2015 15.25% 0.78 0.92 21.41%
Dec 31, 2014 15.43% 0.76 0.95 21.27%
Sep 26, 2014 17.41% 0.77 0.95 23.71%
Jun 27, 2014 18.11% 0.75 0.96 25.19%
Mar 28, 2014 18.22% 0.75 0.96 25.42%
Dec 31, 2013 18.32% 0.75 0.96 25.39%
Sep 27, 2013 – – – –
Jun 28, 2013 – – – –
Mar 29, 2013 – – – –

Based on: 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-25), 10-Q (filing date: 2015-10-28), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-29), 10-Q (filing date: 2014-07-30), 10-Q (filing date: 2014-04-24), 10-K (filing date: 2014-02-27), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

The primary reason for the increase in Net Profit Margin over Q3 2018 is the increase in operating profitability measured by EBIT Margin.