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

General Electric Co. (NYSE:GE)

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

Beginner level

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

Two-Component Disaggregation of ROE

General Electric Co., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Jun 30, 2020 -13.31% = -1.75% × 7.62
Mar 31, 2020 -6.71% = -0.90% × 7.43
Dec 31, 2019 -17.58% = -1.87% × 9.40
Sep 30, 2019 -17.71% = -1.88% × 9.42
Jun 30, 2019 -51.07% = -5.86% × 8.71
Mar 31, 2019 -50.11% = -5.59% × 8.96
Dec 31, 2018 -72.16% = -7.23% × 9.98
Sep 30, 2018 -104.15% = -10.51% × 9.91
Jun 30, 2018 -14.81% = -2.38% × 6.22
Mar 31, 2018 -13.55% = -2.12% × 6.40
Dec 31, 2017 -9.00% = -1.53% × 5.88
Sep 30, 2017 9.89% = 1.99% × 4.97
Jun 30, 2017 10.40% = 2.17% × 4.79
Mar 31, 2017 12.42% = 2.63% × 4.72
Dec 31, 2016 11.65% = 2.42% × 4.82
Sep 30, 2016 14.00% = 2.96% × 4.73
Jun 30, 2016 14.05% = 2.97% × 4.72
Mar 31, 2016 8.43% = 1.66% × 5.07
Dec 31, 2015 -6.23% = -1.24% × 5.01
Sep 30, 2015 — = — × 5.23
Jun 30, 2015 — = — × 5.58
Mar 31, 2015 — = — × 5.69

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).

Three-Component Disaggregation of ROE

General Electric Co., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 -13.31% = -5.55% × 0.31 × 7.62
Mar 31, 2020 -6.71% = -2.75% × 0.33 × 7.43
Dec 31, 2019 -17.58% = -5.69% × 0.33 × 9.40
Sep 30, 2019 -17.71% = -5.25% × 0.36 × 9.42
Jun 30, 2019 -51.07% = -18.26% × 0.32 × 8.71
Mar 31, 2019 -50.11% = -16.48% × 0.34 × 8.96
Dec 31, 2018 -72.16% = -19.69% × 0.37 × 9.98
Sep 30, 2018 -104.15% = -28.80% × 0.36 × 9.91
Jun 30, 2018 -14.81% = -7.05% × 0.34 × 6.22
Mar 31, 2018 -13.55% = -6.61% × 0.32 × 6.40
Dec 31, 2017 -9.00% = -5.11% × 0.30 × 5.88
Sep 30, 2017 9.89% = 6.71% × 0.30 × 4.97
Jun 30, 2017 10.40% = 7.04% × 0.31 × 4.79
Mar 31, 2017 12.42% = 8.39% × 0.31 × 4.72
Dec 31, 2016 11.65% = 8.00% × 0.30 × 4.82
Sep 30, 2016 14.00% = 10.36% × 0.29 × 4.73
Jun 30, 2016 14.05% = 10.92% × 0.27 × 4.72
Mar 31, 2016 8.43% = 7.14% × 0.23 × 5.07
Dec 31, 2015 -6.23% = -5.79% × 0.21 × 5.01
Sep 30, 2015 — = — × — × 5.23
Jun 30, 2015 — = — × — × 5.58
Mar 31, 2015 — = — × — × 5.69

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).

Five-Component Disaggregation of ROE

General Electric Co., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2020 -13.31% = — × -22.26 × 0.21% × 0.31 × 7.62
Mar 31, 2020 -6.71% = — × -0.77 × 2.60% × 0.33 × 7.43
Dec 31, 2019 -17.58% = — × — × -0.03% × 0.33 × 9.40
Sep 30, 2019 -17.71% = — × — × -0.55% × 0.36 × 9.42
Jun 30, 2019 -51.07% = — × — × -13.77% × 0.32 × 8.71
Mar 31, 2019 -50.11% = — × — × -11.25% × 0.34 × 8.96
Dec 31, 2018 -72.16% = — × — × -14.72% × 0.37 × 9.98
Sep 30, 2018 -104.15% = — × — × -26.11% × 0.36 × 9.91
Jun 30, 2018 -14.81% = — × — × -4.82% × 0.34 × 6.22
Mar 31, 2018 -13.55% = — × — × -4.93% × 0.32 × 6.40
Dec 31, 2017 -9.00% = — × — × -3.50% × 0.30 × 5.88
Sep 30, 2017 9.89% = 1.17 × 0.59 × 9.81% × 0.30 × 4.97
Jun 30, 2017 10.40% = 1.10 × 0.62 × 10.30% × 0.31 × 4.79
Mar 31, 2017 12.42% = 1.03 × 0.67 × 12.16% × 0.31 × 4.72
Dec 31, 2016 11.65% = 1.06 × 0.62 × 12.13% × 0.30 × 4.82
Sep 30, 2016 14.00% = 1.04 × 0.68 × 14.71% × 0.29 × 4.73
Jun 30, 2016 14.05% = 1.03 × 0.69 × 15.37% × 0.27 × 4.72
Mar 31, 2016 8.43% = 1.00 × 0.63 × 11.42% × 0.23 × 5.07
Dec 31, 2015 -6.23% = -17.02 × 0.09 × 3.61% × 0.21 × 5.01
Sep 30, 2015 — = — × — × — × — × 5.23
Jun 30, 2015 — = — × — × — × — × 5.58
Mar 31, 2015 — = — × — × — × — × 5.69

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).

Two-Component Disaggregation of ROA

General Electric Co., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2020 -1.75% = -5.55% × 0.31
Mar 31, 2020 -0.90% = -2.75% × 0.33
Dec 31, 2019 -1.87% = -5.69% × 0.33
Sep 30, 2019 -1.88% = -5.25% × 0.36
Jun 30, 2019 -5.86% = -18.26% × 0.32
Mar 31, 2019 -5.59% = -16.48% × 0.34
Dec 31, 2018 -7.23% = -19.69% × 0.37
Sep 30, 2018 -10.51% = -28.80% × 0.36
Jun 30, 2018 -2.38% = -7.05% × 0.34
Mar 31, 2018 -2.12% = -6.61% × 0.32
Dec 31, 2017 -1.53% = -5.11% × 0.30
Sep 30, 2017 1.99% = 6.71% × 0.30
Jun 30, 2017 2.17% = 7.04% × 0.31
Mar 31, 2017 2.63% = 8.39% × 0.31
Dec 31, 2016 2.42% = 8.00% × 0.30
Sep 30, 2016 2.96% = 10.36% × 0.29
Jun 30, 2016 2.97% = 10.92% × 0.27
Mar 31, 2016 1.66% = 7.14% × 0.23
Dec 31, 2015 -1.24% = -5.79% × 0.21
Sep 30, 2015 — = — × —
Jun 30, 2015 — = — × —
Mar 31, 2015 — = — × —

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).

Four-Component Disaggregation of ROA

General Electric Co., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2020 -1.75% = — × -22.26 × 0.21% × 0.31
Mar 31, 2020 -0.90% = — × -0.77 × 2.60% × 0.33
Dec 31, 2019 -1.87% = — × — × -0.03% × 0.33
Sep 30, 2019 -1.88% = — × — × -0.55% × 0.36
Jun 30, 2019 -5.86% = — × — × -13.77% × 0.32
Mar 31, 2019 -5.59% = — × — × -11.25% × 0.34
Dec 31, 2018 -7.23% = — × — × -14.72% × 0.37
Sep 30, 2018 -10.51% = — × — × -26.11% × 0.36
Jun 30, 2018 -2.38% = — × — × -4.82% × 0.34
Mar 31, 2018 -2.12% = — × — × -4.93% × 0.32
Dec 31, 2017 -1.53% = — × — × -3.50% × 0.30
Sep 30, 2017 1.99% = 1.17 × 0.59 × 9.81% × 0.30
Jun 30, 2017 2.17% = 1.10 × 0.62 × 10.30% × 0.31
Mar 31, 2017 2.63% = 1.03 × 0.67 × 12.16% × 0.31
Dec 31, 2016 2.42% = 1.06 × 0.62 × 12.13% × 0.30
Sep 30, 2016 2.96% = 1.04 × 0.68 × 14.71% × 0.29
Jun 30, 2016 2.97% = 1.03 × 0.69 × 15.37% × 0.27
Mar 31, 2016 1.66% = 1.00 × 0.63 × 11.42% × 0.23
Dec 31, 2015 -1.24% = -17.02 × 0.09 × 3.61% × 0.21
Sep 30, 2015 — = — × — × — × —
Jun 30, 2015 — = — × — × — × —
Mar 31, 2015 — = — × — × — × —

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).

Disaggregation of Net Profit Margin

General Electric Co., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2020 -5.55% = — × -22.26 × 0.21%
Mar 31, 2020 -2.75% = — × -0.77 × 2.60%
Dec 31, 2019 -5.69% = — × — × -0.03%
Sep 30, 2019 -5.25% = — × — × -0.55%
Jun 30, 2019 -18.26% = — × — × -13.77%
Mar 31, 2019 -16.48% = — × — × -11.25%
Dec 31, 2018 -19.69% = — × — × -14.72%
Sep 30, 2018 -28.80% = — × — × -26.11%
Jun 30, 2018 -7.05% = — × — × -4.82%
Mar 31, 2018 -6.61% = — × — × -4.93%
Dec 31, 2017 -5.11% = — × — × -3.50%
Sep 30, 2017 6.71% = 1.17 × 0.59 × 9.81%
Jun 30, 2017 7.04% = 1.10 × 0.62 × 10.30%
Mar 31, 2017 8.39% = 1.03 × 0.67 × 12.16%
Dec 31, 2016 8.00% = 1.06 × 0.62 × 12.13%
Sep 30, 2016 10.36% = 1.04 × 0.68 × 14.71%
Jun 30, 2016 10.92% = 1.03 × 0.69 × 15.37%
Mar 31, 2016 7.14% = 1.00 × 0.63 × 11.42%
Dec 31, 2015 -5.79% = -17.02 × 0.09 × 3.61%
Sep 30, 2015 — = — × — × —
Jun 30, 2015 — = — × — × —
Mar 31, 2015 — = — × — × —

Based on: 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).