Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Two-Component Disaggregation of ROE
ROE | = | ROA | × | Financial Leverage | |
---|---|---|---|---|---|
May 31, 2023 | = | × | |||
May 31, 2022 | = | × | |||
May 31, 2021 | = | × | |||
May 31, 2020 | = | × | |||
May 31, 2019 | = | × | |||
May 31, 2018 | = | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in financial leverage ratio.
Three-Component Disaggregation of ROE
ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
---|---|---|---|---|---|---|---|
May 31, 2023 | = | × | × | ||||
May 31, 2022 | = | × | × | ||||
May 31, 2021 | = | × | × | ||||
May 31, 2020 | = | × | × | ||||
May 31, 2019 | = | × | × | ||||
May 31, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in effect of taxes measured by tax burden ratio.
Two-Component Disaggregation of ROA
ROA | = | Net Profit Margin | × | Asset Turnover | |
---|---|---|---|---|---|
May 31, 2023 | = | × | |||
May 31, 2022 | = | × | |||
May 31, 2021 | = | × | |||
May 31, 2020 | = | × | |||
May 31, 2019 | = | × | |||
May 31, 2018 | = | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
---|---|---|---|---|---|---|---|---|---|
May 31, 2023 | = | × | × | × | |||||
May 31, 2022 | = | × | × | × | |||||
May 31, 2021 | = | × | × | × | |||||
May 31, 2020 | = | × | × | × | |||||
May 31, 2019 | = | × | × | × | |||||
May 31, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
---|---|---|---|---|---|---|---|
May 31, 2023 | = | × | × | ||||
May 31, 2022 | = | × | × | ||||
May 31, 2021 | = | × | × | ||||
May 31, 2020 | = | × | × | ||||
May 31, 2019 | = | × | × | ||||
May 31, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the increase in net profit margin ratio over 2023 year is the increase in operating profitability measured by EBIT margin ratio.