Stock Analysis on Net
Stock Analysis on Net

Estée Lauder Cos. Inc. (NYSE:EL)

This company has been moved to the archive! The financial data has not been updated since August 18, 2023.

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

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Estée Lauder Cos. Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2023 18.01% = 4.30% × 4.19
Mar 31, 2023 18.56% = 4.80% × 3.87
Dec 31, 2022 25.30% = 7.20% × 3.51
Sep 30, 2022 39.64% = 10.94% × 3.62
Jun 30, 2022 42.75% = 11.43% × 3.74
Mar 31, 2022 54.57% = 15.71% × 3.47
Dec 31, 2021 52.33% = 14.74% × 3.55
Sep 30, 2021 49.98% = 14.08% × 3.55
Jun 30, 2021 47.38% = 13.06% × 3.63
Mar 31, 2021 25.14% = 6.98% × 3.60
Dec 31, 2020 17.12% = 4.74% × 3.61
Sep 30, 2020 13.75% = 3.42% × 4.02
Jun 30, 2020 17.38% = 3.85% × 4.52
Mar 31, 2020 30.10% = 7.10% × 4.24
Dec 31, 2019 40.75% = 10.39% × 3.92
Sep 30, 2019 41.50% = 12.18% × 3.41
Jun 30, 2019 40.70% = 13.57% × 3.00
Mar 31, 2019 39.54% = 14.03% × 2.82
Dec 31, 2018 37.88% = 12.87% × 2.94
Sep 30, 2018 26.80% = 9.42% × 2.85
Jun 30, 2018 23.63% = 8.82% × 2.68
Mar 31, 2018 — = — × 2.71
Dec 31, 2017 — = — × 2.76
Sep 30, 2017 — = — × 2.58

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Estée Lauder Cos. Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 18.01% = 6.32% × 0.68 × 4.19
Mar 31, 2023 18.56% = 6.88% × 0.70 × 3.87
Dec 31, 2022 25.30% = 9.13% × 0.79 × 3.51
Sep 30, 2022 39.64% = 12.66% × 0.86 × 3.62
Jun 30, 2022 42.75% = 13.47% × 0.85 × 3.74
Mar 31, 2022 54.57% = 18.53% × 0.85 × 3.47
Dec 31, 2021 52.33% = 18.35% × 0.80 × 3.55
Sep 30, 2021 49.98% = 17.83% × 0.79 × 3.55
Jun 30, 2021 47.38% = 17.70% × 0.74 × 3.63
Mar 31, 2021 25.14% = 9.45% × 0.74 × 3.60
Dec 31, 2020 17.12% = 6.54% × 0.72 × 3.61
Sep 30, 2020 13.75% = 4.38% × 0.78 × 4.02
Jun 30, 2020 17.38% = 4.79% × 0.80 × 4.52
Mar 31, 2020 30.10% = 8.43% × 0.84 × 4.24
Dec 31, 2019 40.75% = 11.76% × 0.88 × 3.92
Sep 30, 2019 41.50% = 12.34% × 0.99 × 3.41
Jun 30, 2019 40.70% = 12.01% × 1.13 × 3.00
Mar 31, 2019 39.54% = 12.45% × 1.13 × 2.82
Dec 31, 2018 37.88% = 11.49% × 1.12 × 2.94
Sep 30, 2018 26.80% = 8.48% × 1.11 × 2.85
Jun 30, 2018 23.63% = 8.10% × 1.09 × 2.68
Mar 31, 2018 — = — × — × 2.71
Dec 31, 2017 — = — × — × 2.76
Sep 30, 2017 — = — × — × 2.58

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Estée Lauder Cos. Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 18.01% = 0.72 × 0.85 × 10.36% × 0.68 × 4.19
Mar 31, 2023 18.56% = 0.73 × 0.88 × 10.65% × 0.70 × 3.87
Dec 31, 2022 25.30% = 0.79 × 0.91 × 12.72% × 0.79 × 3.51
Sep 30, 2022 39.64% = 0.79 × 0.94 × 16.94% × 0.86 × 3.62
Jun 30, 2022 42.75% = 0.79 × 0.95 × 17.96% × 0.85 × 3.74
Mar 31, 2022 54.57% = 0.83 × 0.96 × 23.12% × 0.85 × 3.47
Dec 31, 2021 52.33% = 0.83 × 0.96 × 23.01% × 0.80 × 3.55
Sep 30, 2021 49.98% = 0.86 × 0.95 × 21.83% × 0.79 × 3.55
Jun 30, 2021 47.38% = 0.86 × 0.95 × 21.58% × 0.74 × 3.63
Mar 31, 2021 25.14% = 0.83 × 0.90 × 12.54% × 0.74 × 3.60
Dec 31, 2020 17.12% = 0.80 × 0.87 × 9.47% × 0.72 × 3.61
Sep 30, 2020 13.75% = 0.65 × 0.84 × 8.02% × 0.78 × 4.02
Jun 30, 2020 17.38% = 0.66 × 0.87 × 8.36% × 0.80 × 4.52
Mar 31, 2020 30.10% = 0.71 × 0.93 × 12.84% × 0.84 × 4.24
Dec 31, 2019 40.75% = 0.75 × 0.95 × 16.53% × 0.88 × 3.92
Sep 30, 2019 41.50% = 0.78 × 0.95 × 16.77% × 0.99 × 3.41
Jun 30, 2019 40.70% = 0.78 × 0.95 × 16.36% × 1.13 × 3.00
Mar 31, 2019 39.54% = 0.77 × 0.95 × 17.11% × 1.13 × 2.82
Dec 31, 2018 37.88% = 0.77 × 0.94 × 15.82% × 1.12 × 2.94
Sep 30, 2018 26.80% = 0.57 × 0.94 × 15.70% × 1.11 × 2.85
Jun 30, 2018 23.63% = 0.56 × 0.94 × 15.34% × 1.09 × 2.68
Mar 31, 2018 — = — × — × — × — × 2.71
Dec 31, 2017 — = — × — × — × — × 2.76
Sep 30, 2017 — = — × — × — × — × 2.58

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in effect of interest expense measured by interest burden ratio.

Two-Component Disaggregation of ROA

Estée Lauder Cos. Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2023 4.30% = 6.32% × 0.68
Mar 31, 2023 4.80% = 6.88% × 0.70
Dec 31, 2022 7.20% = 9.13% × 0.79
Sep 30, 2022 10.94% = 12.66% × 0.86
Jun 30, 2022 11.43% = 13.47% × 0.85
Mar 31, 2022 15.71% = 18.53% × 0.85
Dec 31, 2021 14.74% = 18.35% × 0.80
Sep 30, 2021 14.08% = 17.83% × 0.79
Jun 30, 2021 13.06% = 17.70% × 0.74
Mar 31, 2021 6.98% = 9.45% × 0.74
Dec 31, 2020 4.74% = 6.54% × 0.72
Sep 30, 2020 3.42% = 4.38% × 0.78
Jun 30, 2020 3.85% = 4.79% × 0.80
Mar 31, 2020 7.10% = 8.43% × 0.84
Dec 31, 2019 10.39% = 11.76% × 0.88
Sep 30, 2019 12.18% = 12.34% × 0.99
Jun 30, 2019 13.57% = 12.01% × 1.13
Mar 31, 2019 14.03% = 12.45% × 1.13
Dec 31, 2018 12.87% = 11.49% × 1.12
Sep 30, 2018 9.42% = 8.48% × 1.11
Jun 30, 2018 8.82% = 8.10% × 1.09
Mar 31, 2018 — = — × —
Dec 31, 2017 — = — × —
Sep 30, 2017 — = — × —

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Estée Lauder Cos. Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2023 4.30% = 0.72 × 0.85 × 10.36% × 0.68
Mar 31, 2023 4.80% = 0.73 × 0.88 × 10.65% × 0.70
Dec 31, 2022 7.20% = 0.79 × 0.91 × 12.72% × 0.79
Sep 30, 2022 10.94% = 0.79 × 0.94 × 16.94% × 0.86
Jun 30, 2022 11.43% = 0.79 × 0.95 × 17.96% × 0.85
Mar 31, 2022 15.71% = 0.83 × 0.96 × 23.12% × 0.85
Dec 31, 2021 14.74% = 0.83 × 0.96 × 23.01% × 0.80
Sep 30, 2021 14.08% = 0.86 × 0.95 × 21.83% × 0.79
Jun 30, 2021 13.06% = 0.86 × 0.95 × 21.58% × 0.74
Mar 31, 2021 6.98% = 0.83 × 0.90 × 12.54% × 0.74
Dec 31, 2020 4.74% = 0.80 × 0.87 × 9.47% × 0.72
Sep 30, 2020 3.42% = 0.65 × 0.84 × 8.02% × 0.78
Jun 30, 2020 3.85% = 0.66 × 0.87 × 8.36% × 0.80
Mar 31, 2020 7.10% = 0.71 × 0.93 × 12.84% × 0.84
Dec 31, 2019 10.39% = 0.75 × 0.95 × 16.53% × 0.88
Sep 30, 2019 12.18% = 0.78 × 0.95 × 16.77% × 0.99
Jun 30, 2019 13.57% = 0.78 × 0.95 × 16.36% × 1.13
Mar 31, 2019 14.03% = 0.77 × 0.95 × 17.11% × 1.13
Dec 31, 2018 12.87% = 0.77 × 0.94 × 15.82% × 1.12
Sep 30, 2018 9.42% = 0.57 × 0.94 × 15.70% × 1.11
Jun 30, 2018 8.82% = 0.56 × 0.94 × 15.34% × 1.09
Mar 31, 2018 — = — × — × — × —
Dec 31, 2017 — = — × — × — × —
Sep 30, 2017 — = — × — × — × —

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in effect of interest expense measured by interest burden ratio.

Disaggregation of Net Profit Margin

Estée Lauder Cos. Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2023 6.32% = 0.72 × 0.85 × 10.36%
Mar 31, 2023 6.88% = 0.73 × 0.88 × 10.65%
Dec 31, 2022 9.13% = 0.79 × 0.91 × 12.72%
Sep 30, 2022 12.66% = 0.79 × 0.94 × 16.94%
Jun 30, 2022 13.47% = 0.79 × 0.95 × 17.96%
Mar 31, 2022 18.53% = 0.83 × 0.96 × 23.12%
Dec 31, 2021 18.35% = 0.83 × 0.96 × 23.01%
Sep 30, 2021 17.83% = 0.86 × 0.95 × 21.83%
Jun 30, 2021 17.70% = 0.86 × 0.95 × 21.58%
Mar 31, 2021 9.45% = 0.83 × 0.90 × 12.54%
Dec 31, 2020 6.54% = 0.80 × 0.87 × 9.47%
Sep 30, 2020 4.38% = 0.65 × 0.84 × 8.02%
Jun 30, 2020 4.79% = 0.66 × 0.87 × 8.36%
Mar 31, 2020 8.43% = 0.71 × 0.93 × 12.84%
Dec 31, 2019 11.76% = 0.75 × 0.95 × 16.53%
Sep 30, 2019 12.34% = 0.78 × 0.95 × 16.77%
Jun 30, 2019 12.01% = 0.78 × 0.95 × 16.36%
Mar 31, 2019 12.45% = 0.77 × 0.95 × 17.11%
Dec 31, 2018 11.49% = 0.77 × 0.94 × 15.82%
Sep 30, 2018 8.48% = 0.57 × 0.94 × 15.70%
Jun 30, 2018 8.10% = 0.56 × 0.94 × 15.34%
Mar 31, 2018 — = — × — × —
Dec 31, 2017 — = — × — × —
Sep 30, 2017 — = — × — × —

Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30).

The primary reason for the decrease in net profit margin ratio over Q4 2023 is the decrease in effect of interest expense measured by interest burden ratio.