DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2019
- Debt to Equity since 2019
- Total Asset Turnover since 2019
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Two-Component Disaggregation of ROE
Dell Technologies Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | |||
| Feb 2, 2024 | = | × | |||
| Feb 3, 2023 | = | × | |||
| Jan 28, 2022 | = | × | |||
| Jan 29, 2021 | = | × | |||
| Jan 31, 2020 | = | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
Three-Component Disaggregation of ROE
Dell Technologies Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | × | ||||
| Feb 2, 2024 | = | × | × | ||||
| Feb 3, 2023 | = | × | × | ||||
| Jan 28, 2022 | = | × | × | ||||
| Jan 29, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
Five-Component Disaggregation of ROE
Dell Technologies Inc., decomposition of ROE
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
Two-Component Disaggregation of ROA
Dell Technologies Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | |||
| Feb 2, 2024 | = | × | |||
| Feb 3, 2023 | = | × | |||
| Jan 28, 2022 | = | × | |||
| Jan 29, 2021 | = | × | |||
| Jan 31, 2020 | = | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on assets ratio (ROA) over 2025 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Dell Technologies Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | × | × | |||||
| Feb 2, 2024 | = | × | × | × | |||||
| Feb 3, 2023 | = | × | × | × | |||||
| Jan 28, 2022 | = | × | × | × | |||||
| Jan 29, 2021 | = | × | × | × | |||||
| Jan 31, 2020 | = | × | × | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on assets ratio (ROA) over 2025 year is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Dell Technologies Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | × | ||||
| Feb 2, 2024 | = | × | × | ||||
| Feb 3, 2023 | = | × | × | ||||
| Jan 28, 2022 | = | × | × | ||||
| Jan 29, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in net profit margin ratio over 2025 year is the increase in operating profitability measured by EBIT margin ratio.