DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit MarginQuarterly Data
Beginner level
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Dollar General Corp., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Oct 30, 2020
36.47%
=
9.74%
×
3.74
Jul 31, 2020
31.80%
=
9.05%
×
3.51
May 1, 2020
27.44%
=
7.96%
×
3.45
Jan 31, 2020
25.55%
=
7.50%
×
3.41
Nov 1, 2019
24.97%
=
7.41%
×
3.37
Aug 2, 2019
24.14%
=
7.43%
×
3.25
May 3, 2019
24.49%
=
7.56%
×
3.24
Feb 1, 2019
24.77%
=
12.04%
×
2.06
Nov 2, 2018
28.61%
=
13.86%
×
2.06
Aug 3, 2018
27.23%
=
13.42%
×
2.03
May 4, 2018
26.05%
=
13.00%
×
2.00
Feb 2, 2018
25.12%
=
12.30%
×
2.04
Nov 3, 2017
21.60%
=
10.03%
×
2.15
Aug 4, 2017
21.52%
=
10.10%
×
2.13
May 5, 2017
22.35%
=
10.47%
×
2.13
Feb 3, 2017
23.14%
=
10.72%
×
2.16
Oct 28, 2016
22.63%
=
10.18%
×
2.22
Jul 29, 2016
22.74%
=
10.60%
×
2.15
Apr 29, 2016
22.40%
=
10.67%
×
2.10
Jan 29, 2016
21.66%
=
10.35%
×
2.09
Oct 30, 2015
21.41%
=
10.14%
×
2.11
Jul 31, 2015
20.80%
=
10.07%
×
2.07
May 1, 2015
20.35%
=
10.00%
×
2.03
Jan 30, 2015
18.66%
=
9.49%
×
1.97
Oct 31, 2014
—
=
—
×
2.04
Aug 1, 2014
—
=
—
×
2.12
May 2, 2014
—
=
—
×
2.19
Based on:
10-Q (filing date: 2020-12-03) ,
10-Q (filing date: 2020-08-27) ,
10-Q (filing date: 2020-05-28) ,
10-K (filing date: 2020-03-19) ,
10-Q (filing date: 2019-12-05) ,
10-Q (filing date: 2019-08-29) ,
10-Q (filing date: 2019-05-30) ,
10-K (filing date: 2019-03-22) ,
10-Q (filing date: 2018-12-04) ,
10-Q (filing date: 2018-08-30) ,
10-Q (filing date: 2018-05-31) ,
10-K (filing date: 2018-03-23) ,
10-Q (filing date: 2017-12-07) ,
10-Q (filing date: 2017-08-31) ,
10-Q (filing date: 2017-06-01) ,
10-K (filing date: 2017-03-24) ,
10-Q (filing date: 2016-12-01) ,
10-Q (filing date: 2016-08-25) ,
10-Q (filing date: 2016-05-26) ,
10-K (filing date: 2016-03-22) ,
10-Q (filing date: 2015-12-03) ,
10-Q (filing date: 2015-08-27) ,
10-Q (filing date: 2015-06-02) ,
10-K (filing date: 2015-03-20) ,
10-Q (filing date: 2014-12-04) ,
10-Q (filing date: 2014-08-28) ,
10-Q (filing date: 2014-06-03) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2021 is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Dollar General Corp., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Oct 30, 2020
36.47%
=
7.84%
×
1.24
×
3.74
Jul 31, 2020
31.80%
=
7.48%
×
1.21
×
3.51
May 1, 2020
27.44%
=
6.69%
×
1.19
×
3.45
Jan 31, 2020
25.55%
=
6.17%
×
1.22
×
3.41
Nov 1, 2019
24.97%
=
6.09%
×
1.22
×
3.37
Aug 2, 2019
24.14%
=
6.11%
×
1.22
×
3.25
May 3, 2019
24.49%
=
6.16%
×
1.23
×
3.24
Feb 1, 2019
24.77%
=
6.20%
×
1.94
×
2.06
Nov 2, 2018
28.61%
=
7.24%
×
1.91
×
2.06
Aug 3, 2018
27.23%
=
7.06%
×
1.90
×
2.03
May 4, 2018
26.05%
=
6.77%
×
1.92
×
2.00
Feb 2, 2018
25.12%
=
6.56%
×
1.88
×
2.04
Nov 3, 2017
21.60%
=
5.31%
×
1.89
×
2.15
Aug 4, 2017
21.52%
=
5.38%
×
1.88
×
2.13
May 5, 2017
22.35%
=
5.53%
×
1.89
×
2.13
Feb 3, 2017
23.14%
=
5.69%
×
1.88
×
2.16
Oct 28, 2016
22.63%
=
5.71%
×
1.78
×
2.22
Jul 29, 2016
22.74%
=
5.86%
×
1.81
×
2.15
Apr 29, 2016
22.40%
=
5.83%
×
1.83
×
2.10
Jan 29, 2016
21.66%
=
5.72%
×
1.81
×
2.09
Oct 30, 2015
21.41%
=
5.72%
×
1.77
×
2.11
Jul 31, 2015
20.80%
=
5.73%
×
1.76
×
2.07
May 1, 2015
20.35%
=
5.68%
×
1.76
×
2.03
Jan 30, 2015
18.66%
=
5.63%
×
1.68
×
1.97
Oct 31, 2014
—
=
—
×
—
×
2.04
Aug 1, 2014
—
=
—
×
—
×
2.12
May 2, 2014
—
=
—
×
—
×
2.19
Based on:
10-Q (filing date: 2020-12-03) ,
10-Q (filing date: 2020-08-27) ,
10-Q (filing date: 2020-05-28) ,
10-K (filing date: 2020-03-19) ,
10-Q (filing date: 2019-12-05) ,
10-Q (filing date: 2019-08-29) ,
10-Q (filing date: 2019-05-30) ,
10-K (filing date: 2019-03-22) ,
10-Q (filing date: 2018-12-04) ,
10-Q (filing date: 2018-08-30) ,
10-Q (filing date: 2018-05-31) ,
10-K (filing date: 2018-03-23) ,
10-Q (filing date: 2017-12-07) ,
10-Q (filing date: 2017-08-31) ,
10-Q (filing date: 2017-06-01) ,
10-K (filing date: 2017-03-24) ,
10-Q (filing date: 2016-12-01) ,
10-Q (filing date: 2016-08-25) ,
10-Q (filing date: 2016-05-26) ,
10-K (filing date: 2016-03-22) ,
10-Q (filing date: 2015-12-03) ,
10-Q (filing date: 2015-08-27) ,
10-Q (filing date: 2015-06-02) ,
10-K (filing date: 2015-03-20) ,
10-Q (filing date: 2014-12-04) ,
10-Q (filing date: 2014-08-28) ,
10-Q (filing date: 2014-06-03) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2021 is the increase in financial leverage ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Dollar General Corp., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Oct 30, 2020
36.47%
=
0.78
×
0.96
×
10.48%
×
1.24
×
3.74
Jul 31, 2020
31.80%
=
0.78
×
0.96
×
9.98%
×
1.21
×
3.51
May 1, 2020
27.44%
=
0.78
×
0.96
×
8.98%
×
1.19
×
3.45
Jan 31, 2020
25.55%
=
0.78
×
0.96
×
8.30%
×
1.22
×
3.41
Nov 1, 2019
24.97%
=
0.78
×
0.95
×
8.15%
×
1.22
×
3.37
Aug 2, 2019
24.14%
=
0.79
×
0.95
×
8.14%
×
1.22
×
3.25
May 3, 2019
24.49%
=
0.79
×
0.95
×
8.18%
×
1.23
×
3.24
Feb 1, 2019
24.77%
=
0.79
×
0.95
×
8.25%
×
1.94
×
2.06
Nov 2, 2018
28.61%
=
0.91
×
0.95
×
8.37%
×
1.91
×
2.06
Aug 3, 2018
27.23%
=
0.88
×
0.95
×
8.44%
×
1.90
×
2.03
May 4, 2018
26.05%
=
0.84
×
0.95
×
8.44%
×
1.92
×
2.00
Feb 2, 2018
25.12%
=
0.81
×
0.95
×
8.54%
×
1.88
×
2.04
Nov 3, 2017
21.60%
=
0.63
×
0.95
×
8.83%
×
1.89
×
2.15
Aug 4, 2017
21.52%
=
0.63
×
0.95
×
8.95%
×
1.88
×
2.13
May 5, 2017
22.35%
=
0.63
×
0.95
×
9.19%
×
1.89
×
2.13
Feb 3, 2017
23.14%
=
0.64
×
0.95
×
9.39%
×
1.88
×
2.16
Oct 28, 2016
22.63%
=
0.64
×
0.95
×
9.38%
×
1.78
×
2.22
Jul 29, 2016
22.74%
=
0.64
×
0.95
×
9.64%
×
1.81
×
2.15
Apr 29, 2016
22.40%
=
0.63
×
0.96
×
9.62%
×
1.83
×
2.10
Jan 29, 2016
21.66%
=
0.63
×
0.96
×
9.52%
×
1.81
×
2.09
Oct 30, 2015
21.41%
=
0.63
×
0.96
×
9.46%
×
1.77
×
2.11
Jul 31, 2015
20.80%
=
0.63
×
0.95
×
9.48%
×
1.76
×
2.07
May 1, 2015
20.35%
=
0.63
×
0.95
×
9.41%
×
1.76
×
2.03
Jan 30, 2015
18.66%
=
0.63
×
0.95
×
9.36%
×
1.68
×
1.97
Oct 31, 2014
—
=
—
×
—
×
—
×
—
×
2.04
Aug 1, 2014
—
=
—
×
—
×
—
×
—
×
2.12
May 2, 2014
—
=
—
×
—
×
—
×
—
×
2.19
Based on:
10-Q (filing date: 2020-12-03) ,
10-Q (filing date: 2020-08-27) ,
10-Q (filing date: 2020-05-28) ,
10-K (filing date: 2020-03-19) ,
10-Q (filing date: 2019-12-05) ,
10-Q (filing date: 2019-08-29) ,
10-Q (filing date: 2019-05-30) ,
10-K (filing date: 2019-03-22) ,
10-Q (filing date: 2018-12-04) ,
10-Q (filing date: 2018-08-30) ,
10-Q (filing date: 2018-05-31) ,
10-K (filing date: 2018-03-23) ,
10-Q (filing date: 2017-12-07) ,
10-Q (filing date: 2017-08-31) ,
10-Q (filing date: 2017-06-01) ,
10-K (filing date: 2017-03-24) ,
10-Q (filing date: 2016-12-01) ,
10-Q (filing date: 2016-08-25) ,
10-Q (filing date: 2016-05-26) ,
10-K (filing date: 2016-03-22) ,
10-Q (filing date: 2015-12-03) ,
10-Q (filing date: 2015-08-27) ,
10-Q (filing date: 2015-06-02) ,
10-K (filing date: 2015-03-20) ,
10-Q (filing date: 2014-12-04) ,
10-Q (filing date: 2014-08-28) ,
10-Q (filing date: 2014-06-03) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2021 is the increase in financial leverage ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Dollar General Corp., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Oct 30, 2020
9.74%
=
7.84%
×
1.24
Jul 31, 2020
9.05%
=
7.48%
×
1.21
May 1, 2020
7.96%
=
6.69%
×
1.19
Jan 31, 2020
7.50%
=
6.17%
×
1.22
Nov 1, 2019
7.41%
=
6.09%
×
1.22
Aug 2, 2019
7.43%
=
6.11%
×
1.22
May 3, 2019
7.56%
=
6.16%
×
1.23
Feb 1, 2019
12.04%
=
6.20%
×
1.94
Nov 2, 2018
13.86%
=
7.24%
×
1.91
Aug 3, 2018
13.42%
=
7.06%
×
1.90
May 4, 2018
13.00%
=
6.77%
×
1.92
Feb 2, 2018
12.30%
=
6.56%
×
1.88
Nov 3, 2017
10.03%
=
5.31%
×
1.89
Aug 4, 2017
10.10%
=
5.38%
×
1.88
May 5, 2017
10.47%
=
5.53%
×
1.89
Feb 3, 2017
10.72%
=
5.69%
×
1.88
Oct 28, 2016
10.18%
=
5.71%
×
1.78
Jul 29, 2016
10.60%
=
5.86%
×
1.81
Apr 29, 2016
10.67%
=
5.83%
×
1.83
Jan 29, 2016
10.35%
=
5.72%
×
1.81
Oct 30, 2015
10.14%
=
5.72%
×
1.77
Jul 31, 2015
10.07%
=
5.73%
×
1.76
May 1, 2015
10.00%
=
5.68%
×
1.76
Jan 30, 2015
9.49%
=
5.63%
×
1.68
Oct 31, 2014
—
=
—
×
—
Aug 1, 2014
—
=
—
×
—
May 2, 2014
—
=
—
×
—
Based on:
10-Q (filing date: 2020-12-03) ,
10-Q (filing date: 2020-08-27) ,
10-Q (filing date: 2020-05-28) ,
10-K (filing date: 2020-03-19) ,
10-Q (filing date: 2019-12-05) ,
10-Q (filing date: 2019-08-29) ,
10-Q (filing date: 2019-05-30) ,
10-K (filing date: 2019-03-22) ,
10-Q (filing date: 2018-12-04) ,
10-Q (filing date: 2018-08-30) ,
10-Q (filing date: 2018-05-31) ,
10-K (filing date: 2018-03-23) ,
10-Q (filing date: 2017-12-07) ,
10-Q (filing date: 2017-08-31) ,
10-Q (filing date: 2017-06-01) ,
10-K (filing date: 2017-03-24) ,
10-Q (filing date: 2016-12-01) ,
10-Q (filing date: 2016-08-25) ,
10-Q (filing date: 2016-05-26) ,
10-K (filing date: 2016-03-22) ,
10-Q (filing date: 2015-12-03) ,
10-Q (filing date: 2015-08-27) ,
10-Q (filing date: 2015-06-02) ,
10-K (filing date: 2015-03-20) ,
10-Q (filing date: 2014-12-04) ,
10-Q (filing date: 2014-08-28) ,
10-Q (filing date: 2014-06-03) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2021 is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Dollar General Corp., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Oct 30, 2020
9.74%
=
0.78
×
0.96
×
10.48%
×
1.24
Jul 31, 2020
9.05%
=
0.78
×
0.96
×
9.98%
×
1.21
May 1, 2020
7.96%
=
0.78
×
0.96
×
8.98%
×
1.19
Jan 31, 2020
7.50%
=
0.78
×
0.96
×
8.30%
×
1.22
Nov 1, 2019
7.41%
=
0.78
×
0.95
×
8.15%
×
1.22
Aug 2, 2019
7.43%
=
0.79
×
0.95
×
8.14%
×
1.22
May 3, 2019
7.56%
=
0.79
×
0.95
×
8.18%
×
1.23
Feb 1, 2019
12.04%
=
0.79
×
0.95
×
8.25%
×
1.94
Nov 2, 2018
13.86%
=
0.91
×
0.95
×
8.37%
×
1.91
Aug 3, 2018
13.42%
=
0.88
×
0.95
×
8.44%
×
1.90
May 4, 2018
13.00%
=
0.84
×
0.95
×
8.44%
×
1.92
Feb 2, 2018
12.30%
=
0.81
×
0.95
×
8.54%
×
1.88
Nov 3, 2017
10.03%
=
0.63
×
0.95
×
8.83%
×
1.89
Aug 4, 2017
10.10%
=
0.63
×
0.95
×
8.95%
×
1.88
May 5, 2017
10.47%
=
0.63
×
0.95
×
9.19%
×
1.89
Feb 3, 2017
10.72%
=
0.64
×
0.95
×
9.39%
×
1.88
Oct 28, 2016
10.18%
=
0.64
×
0.95
×
9.38%
×
1.78
Jul 29, 2016
10.60%
=
0.64
×
0.95
×
9.64%
×
1.81
Apr 29, 2016
10.67%
=
0.63
×
0.96
×
9.62%
×
1.83
Jan 29, 2016
10.35%
=
0.63
×
0.96
×
9.52%
×
1.81
Oct 30, 2015
10.14%
=
0.63
×
0.96
×
9.46%
×
1.77
Jul 31, 2015
10.07%
=
0.63
×
0.95
×
9.48%
×
1.76
May 1, 2015
10.00%
=
0.63
×
0.95
×
9.41%
×
1.76
Jan 30, 2015
9.49%
=
0.63
×
0.95
×
9.36%
×
1.68
Oct 31, 2014
—
=
—
×
—
×
—
×
—
Aug 1, 2014
—
=
—
×
—
×
—
×
—
May 2, 2014
—
=
—
×
—
×
—
×
—
Based on:
10-Q (filing date: 2020-12-03) ,
10-Q (filing date: 2020-08-27) ,
10-Q (filing date: 2020-05-28) ,
10-K (filing date: 2020-03-19) ,
10-Q (filing date: 2019-12-05) ,
10-Q (filing date: 2019-08-29) ,
10-Q (filing date: 2019-05-30) ,
10-K (filing date: 2019-03-22) ,
10-Q (filing date: 2018-12-04) ,
10-Q (filing date: 2018-08-30) ,
10-Q (filing date: 2018-05-31) ,
10-K (filing date: 2018-03-23) ,
10-Q (filing date: 2017-12-07) ,
10-Q (filing date: 2017-08-31) ,
10-Q (filing date: 2017-06-01) ,
10-K (filing date: 2017-03-24) ,
10-Q (filing date: 2016-12-01) ,
10-Q (filing date: 2016-08-25) ,
10-Q (filing date: 2016-05-26) ,
10-K (filing date: 2016-03-22) ,
10-Q (filing date: 2015-12-03) ,
10-Q (filing date: 2015-08-27) ,
10-Q (filing date: 2015-06-02) ,
10-K (filing date: 2015-03-20) ,
10-Q (filing date: 2014-12-04) ,
10-Q (filing date: 2014-08-28) ,
10-Q (filing date: 2014-06-03) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2021 is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Dollar General Corp., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Oct 30, 2020
7.84%
=
0.78
×
0.96
×
10.48%
Jul 31, 2020
7.48%
=
0.78
×
0.96
×
9.98%
May 1, 2020
6.69%
=
0.78
×
0.96
×
8.98%
Jan 31, 2020
6.17%
=
0.78
×
0.96
×
8.30%
Nov 1, 2019
6.09%
=
0.78
×
0.95
×
8.15%
Aug 2, 2019
6.11%
=
0.79
×
0.95
×
8.14%
May 3, 2019
6.16%
=
0.79
×
0.95
×
8.18%
Feb 1, 2019
6.20%
=
0.79
×
0.95
×
8.25%
Nov 2, 2018
7.24%
=
0.91
×
0.95
×
8.37%
Aug 3, 2018
7.06%
=
0.88
×
0.95
×
8.44%
May 4, 2018
6.77%
=
0.84
×
0.95
×
8.44%
Feb 2, 2018
6.56%
=
0.81
×
0.95
×
8.54%
Nov 3, 2017
5.31%
=
0.63
×
0.95
×
8.83%
Aug 4, 2017
5.38%
=
0.63
×
0.95
×
8.95%
May 5, 2017
5.53%
=
0.63
×
0.95
×
9.19%
Feb 3, 2017
5.69%
=
0.64
×
0.95
×
9.39%
Oct 28, 2016
5.71%
=
0.64
×
0.95
×
9.38%
Jul 29, 2016
5.86%
=
0.64
×
0.95
×
9.64%
Apr 29, 2016
5.83%
=
0.63
×
0.96
×
9.62%
Jan 29, 2016
5.72%
=
0.63
×
0.96
×
9.52%
Oct 30, 2015
5.72%
=
0.63
×
0.96
×
9.46%
Jul 31, 2015
5.73%
=
0.63
×
0.95
×
9.48%
May 1, 2015
5.68%
=
0.63
×
0.95
×
9.41%
Jan 30, 2015
5.63%
=
0.63
×
0.95
×
9.36%
Oct 31, 2014
—
=
—
×
—
×
—
Aug 1, 2014
—
=
—
×
—
×
—
May 2, 2014
—
=
—
×
—
×
—
Based on:
10-Q (filing date: 2020-12-03) ,
10-Q (filing date: 2020-08-27) ,
10-Q (filing date: 2020-05-28) ,
10-K (filing date: 2020-03-19) ,
10-Q (filing date: 2019-12-05) ,
10-Q (filing date: 2019-08-29) ,
10-Q (filing date: 2019-05-30) ,
10-K (filing date: 2019-03-22) ,
10-Q (filing date: 2018-12-04) ,
10-Q (filing date: 2018-08-30) ,
10-Q (filing date: 2018-05-31) ,
10-K (filing date: 2018-03-23) ,
10-Q (filing date: 2017-12-07) ,
10-Q (filing date: 2017-08-31) ,
10-Q (filing date: 2017-06-01) ,
10-K (filing date: 2017-03-24) ,
10-Q (filing date: 2016-12-01) ,
10-Q (filing date: 2016-08-25) ,
10-Q (filing date: 2016-05-26) ,
10-K (filing date: 2016-03-22) ,
10-Q (filing date: 2015-12-03) ,
10-Q (filing date: 2015-08-27) ,
10-Q (filing date: 2015-06-02) ,
10-K (filing date: 2015-03-20) ,
10-Q (filing date: 2014-12-04) ,
10-Q (filing date: 2014-08-28) ,
10-Q (filing date: 2014-06-03) .
The primary reason for the increase in net profit margin ratio over Q3 2021 is the increase in operating profitability measured by EBIT margin ratio.