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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2010
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Two-Component Disaggregation of ROE
Dollar General Corp., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | |||
| Feb 3, 2023 | = | × | |||
| Jan 28, 2022 | = | × | |||
| Jan 29, 2021 | = | × | |||
| Jan 31, 2020 | = | × | |||
| Feb 1, 2019 | = | × |
Based on: 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), 10-K (reporting date: 2019-02-01).
The primary reason for the decrease in return on equity ratio (ROE) over 2024 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Dollar General Corp., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | × | ||||
| Feb 3, 2023 | = | × | × | ||||
| Jan 28, 2022 | = | × | × | ||||
| Jan 29, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × | ||||
| Feb 1, 2019 | = | × | × |
Based on: 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), 10-K (reporting date: 2019-02-01).
The primary reason for the decrease in return on equity ratio (ROE) over 2024 year is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Dollar General Corp., decomposition of ROE
Based on: 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), 10-K (reporting date: 2019-02-01).
The primary reason for the decrease in return on equity ratio (ROE) over 2024 year is the decrease in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
Dollar General Corp., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | |||
| Feb 3, 2023 | = | × | |||
| Jan 28, 2022 | = | × | |||
| Jan 29, 2021 | = | × | |||
| Jan 31, 2020 | = | × | |||
| Feb 1, 2019 | = | × |
Based on: 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), 10-K (reporting date: 2019-02-01).
The primary reason for the decrease in return on assets ratio (ROA) over 2024 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Dollar General Corp., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | × | × | |||||
| Feb 3, 2023 | = | × | × | × | |||||
| Jan 28, 2022 | = | × | × | × | |||||
| Jan 29, 2021 | = | × | × | × | |||||
| Jan 31, 2020 | = | × | × | × | |||||
| Feb 1, 2019 | = | × | × | × |
Based on: 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), 10-K (reporting date: 2019-02-01).
The primary reason for the decrease in return on assets ratio (ROA) over 2024 year is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Dollar General Corp., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | × | ||||
| Feb 3, 2023 | = | × | × | ||||
| Jan 28, 2022 | = | × | × | ||||
| Jan 29, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × | ||||
| Feb 1, 2019 | = | × | × |
Based on: 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), 10-K (reporting date: 2019-02-01).
The primary reason for the decrease in net profit margin ratio over 2024 year is the decrease in operating profitability measured by EBIT margin ratio.