Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

FedEx Corp. (NYSE:FDX)

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

Beginner level

Two-Component Disaggregation of ROE

FedEx Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Aug 31, 2020 9.18% = 2.30% × 3.99
May 31, 2020 7.03% = 1.75% × 4.02
Feb 29, 2020 -1.85% = -0.50% × 3.72
Nov 30, 2019 0.40% = 0.11% × 3.75
Aug 31, 2019 2.48% = 0.66% × 3.77
May 31, 2019 3.04% = 0.99% × 3.06
Feb 28, 2019 18.28% = 6.68% × 2.74
Nov 30, 2018 25.76% = 9.33% × 2.76
Aug 31, 2018 25.09% = 9.27% × 2.71
May 31, 2018 23.55% = 8.74% × 2.70
Feb 28, 2018 23.63% = 8.61% × 2.74
Nov 30, 2017 17.31% = 5.87% × 2.95
Aug 31, 2017 17.32% = 5.83% × 2.97
May 31, 2017 18.65% = 6.17% × 3.02
Feb 28, 2017 12.56% = 4.08% × 3.08
Nov 30, 2016 12.75% = 4.00% × 3.19
Aug 31, 2016 13.03% = 4.04% × 3.22
May 31, 2016 13.20% = 3.95% × 3.34
Feb 29, 2016 6.95% = 2.63% × 2.64
Nov 30, 2015 7.45% = 2.91% × 2.56
Aug 31, 2015 7.13% = 2.92% × 2.44
May 31, 2015 7.00% = 2.83% × 2.47
Feb 28, 2015 = × 2.26
Nov 30, 2014 = × 2.12
Aug 31, 2014 = × 2.16

Based on: 10-Q (filing date: 2020-09-15), 10-K (filing date: 2020-07-20), 10-Q (filing date: 2020-03-17), 10-Q (filing date: 2019-12-17), 10-Q (filing date: 2019-09-17), 10-K (filing date: 2019-07-16), 10-Q (filing date: 2019-03-19), 10-Q (filing date: 2018-12-18), 10-Q (filing date: 2018-09-17), 10-K (filing date: 2018-07-16), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-07-17), 10-Q (filing date: 2017-03-22), 10-Q (filing date: 2016-12-21), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-07-18), 10-Q (filing date: 2016-03-17), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-17), 10-K (filing date: 2015-07-14), 10-Q (filing date: 2015-03-19), 10-Q (filing date: 2014-12-18), 10-Q (filing date: 2014-09-18).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2021 is the increase in profitability measured by return on assets ratio (ROA).


Three-Component Disaggregation of ROE

FedEx Corp., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Aug 31, 2020 9.18% = 2.50% × 0.92 × 3.99
May 31, 2020 7.03% = 1.86% × 0.94 × 4.02
Feb 29, 2020 -1.85% = -0.50% × 1.00 × 3.72
Nov 30, 2019 0.40% = 0.11% × 0.99 × 3.75
Aug 31, 2019 2.48% = 0.65% × 1.02 × 3.77
May 31, 2019 3.04% = 0.77% × 1.28 × 3.06
Feb 28, 2019 18.28% = 5.25% × 1.27 × 2.74
Nov 30, 2018 25.76% = 7.23% × 1.29 × 2.76
Aug 31, 2018 25.09% = 7.16% × 1.29 × 2.71
May 31, 2018 23.55% = 6.99% × 1.25 × 2.70
Feb 28, 2018 23.63% = 6.99% × 1.23 × 2.74
Nov 30, 2017 17.31% = 4.74% × 1.24 × 2.95
Aug 31, 2017 17.32% = 4.72% × 1.24 × 2.97
May 31, 2017 18.65% = 4.97% × 1.24 × 3.02
Feb 28, 2017 12.56% = 3.31% × 1.23 × 3.08
Nov 30, 2016 12.75% = 3.35% × 1.19 × 3.19
Aug 31, 2016 13.03% = 3.49% × 1.16 × 3.22
May 31, 2016 13.20% = 3.61% × 1.09 × 3.34
Feb 29, 2016 6.95% = 2.01% × 1.31 × 2.64
Nov 30, 2015 7.45% = 2.30% × 1.27 × 2.56
Aug 31, 2015 7.13% = 2.27% × 1.29 × 2.44
May 31, 2015 7.00% = 2.21% × 1.28 × 2.47
Feb 28, 2015 = × × 2.26
Nov 30, 2014 = × × 2.12
Aug 31, 2014 = × × 2.16

Based on: 10-Q (filing date: 2020-09-15), 10-K (filing date: 2020-07-20), 10-Q (filing date: 2020-03-17), 10-Q (filing date: 2019-12-17), 10-Q (filing date: 2019-09-17), 10-K (filing date: 2019-07-16), 10-Q (filing date: 2019-03-19), 10-Q (filing date: 2018-12-18), 10-Q (filing date: 2018-09-17), 10-K (filing date: 2018-07-16), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-07-17), 10-Q (filing date: 2017-03-22), 10-Q (filing date: 2016-12-21), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-07-18), 10-Q (filing date: 2016-03-17), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-17), 10-K (filing date: 2015-07-14), 10-Q (filing date: 2015-03-19), 10-Q (filing date: 2014-12-18), 10-Q (filing date: 2014-09-18).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2021 is the increase in profitability measured by net profit margin ratio.


Two-Component Disaggregation of ROA

FedEx Corp., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Aug 31, 2020 2.30% = 2.50% × 0.92
May 31, 2020 1.75% = 1.86% × 0.94
Feb 29, 2020 -0.50% = -0.50% × 1.00
Nov 30, 2019 0.11% = 0.11% × 0.99
Aug 31, 2019 0.66% = 0.65% × 1.02
May 31, 2019 0.99% = 0.77% × 1.28
Feb 28, 2019 6.68% = 5.25% × 1.27
Nov 30, 2018 9.33% = 7.23% × 1.29
Aug 31, 2018 9.27% = 7.16% × 1.29
May 31, 2018 8.74% = 6.99% × 1.25
Feb 28, 2018 8.61% = 6.99% × 1.23
Nov 30, 2017 5.87% = 4.74% × 1.24
Aug 31, 2017 5.83% = 4.72% × 1.24
May 31, 2017 6.17% = 4.97% × 1.24
Feb 28, 2017 4.08% = 3.31% × 1.23
Nov 30, 2016 4.00% = 3.35% × 1.19
Aug 31, 2016 4.04% = 3.49% × 1.16
May 31, 2016 3.95% = 3.61% × 1.09
Feb 29, 2016 2.63% = 2.01% × 1.31
Nov 30, 2015 2.91% = 2.30% × 1.27
Aug 31, 2015 2.92% = 2.27% × 1.29
May 31, 2015 2.83% = 2.21% × 1.28
Feb 28, 2015 = ×
Nov 30, 2014 = ×
Aug 31, 2014 = ×

Based on: 10-Q (filing date: 2020-09-15), 10-K (filing date: 2020-07-20), 10-Q (filing date: 2020-03-17), 10-Q (filing date: 2019-12-17), 10-Q (filing date: 2019-09-17), 10-K (filing date: 2019-07-16), 10-Q (filing date: 2019-03-19), 10-Q (filing date: 2018-12-18), 10-Q (filing date: 2018-09-17), 10-K (filing date: 2018-07-16), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-07-17), 10-Q (filing date: 2017-03-22), 10-Q (filing date: 2016-12-21), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-07-18), 10-Q (filing date: 2016-03-17), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-17), 10-K (filing date: 2015-07-14), 10-Q (filing date: 2015-03-19), 10-Q (filing date: 2014-12-18), 10-Q (filing date: 2014-09-18).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2021 is the increase in profitability measured by net profit margin ratio.