Stock Analysis on Net
Stock Analysis on Net

General Electric Co. (NYSE:GE)

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

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

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2022 -18.56% = -3.23% × 5.75
Jun 30, 2022 -12.75% = -2.38% × 5.35
Mar 31, 2022 -12.20% = -2.48% × 4.92
Dec 31, 2021 -16.17% = -3.28% × 4.93
Sep 30, 2021 -0.11% = -0.02% × 6.33
Jun 30, 2021 -7.29% = -1.03% × 7.09
Mar 31, 2021 -9.82% = -1.34% × 7.30
Dec 31, 2020 16.04% = 2.25% × 7.13
Sep 30, 2020 11.41% = 1.49% × 7.64
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 — = — × 4.97
Jun 30, 2017 — = — × 4.79
Mar 31, 2017 — = — × 4.72

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

Three-Component Disaggregation of ROE

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

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2022 -18.56% = -8.10% × 0.40 × 5.75
Jun 30, 2022 -12.75% = -6.18% × 0.39 × 5.35
Mar 31, 2022 -12.20% = -6.70% × 0.37 × 4.92
Dec 31, 2021 -16.17% = -9.17% × 0.36 × 4.93
Sep 30, 2021 -0.11% = -0.06% × 0.30 × 6.33
Jun 30, 2021 -7.29% = -3.39% × 0.30 × 7.09
Mar 31, 2021 -9.82% = -4.68% × 0.29 × 7.30
Dec 31, 2020 16.04% = 7.81% × 0.29 × 7.13
Sep 30, 2020 11.41% = 4.92% × 0.30 × 7.64
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 — = — × — × 4.97
Jun 30, 2017 — = — × — × 4.79
Mar 31, 2017 — = — × — × 4.72

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

Five-Component Disaggregation of ROE

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

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2022 -18.56% = — × — × -5.06% × 0.40 × 5.75
Jun 30, 2022 -12.75% = — × — × -3.04% × 0.39 × 5.35
Mar 31, 2022 -12.20% = — × — × -4.51% × 0.37 × 4.92
Dec 31, 2021 -16.17% = — × — × -6.94% × 0.36 × 4.93
Sep 30, 2021 -0.11% = — × -0.10 × 2.76% × 0.30 × 6.33
Jun 30, 2021 -7.29% = — × — × -0.88% × 0.30 × 7.09
Mar 31, 2021 -9.82% = — × — × -1.01% × 0.29 × 7.30
Dec 31, 2020 16.04% = 1.09 × 0.62 × 11.64% × 0.29 × 7.13
Sep 30, 2020 11.41% = 0.98 × 0.53 × 9.57% × 0.30 × 7.64
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 — = — × — × — × — × 4.97
Jun 30, 2017 — = — × — × — × — × 4.79
Mar 31, 2017 — = — × — × — × — × 4.72

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

Two-Component Disaggregation of ROA

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

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2022 -3.23% = -8.10% × 0.40
Jun 30, 2022 -2.38% = -6.18% × 0.39
Mar 31, 2022 -2.48% = -6.70% × 0.37
Dec 31, 2021 -3.28% = -9.17% × 0.36
Sep 30, 2021 -0.02% = -0.06% × 0.30
Jun 30, 2021 -1.03% = -3.39% × 0.30
Mar 31, 2021 -1.34% = -4.68% × 0.29
Dec 31, 2020 2.25% = 7.81% × 0.29
Sep 30, 2020 1.49% = 4.92% × 0.30
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 — = — × —
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × —

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

Four-Component Disaggregation of ROA

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

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2022 -3.23% = — × — × -5.06% × 0.40
Jun 30, 2022 -2.38% = — × — × -3.04% × 0.39
Mar 31, 2022 -2.48% = — × — × -4.51% × 0.37
Dec 31, 2021 -3.28% = — × — × -6.94% × 0.36
Sep 30, 2021 -0.02% = — × -0.10 × 2.76% × 0.30
Jun 30, 2021 -1.03% = — × — × -0.88% × 0.30
Mar 31, 2021 -1.34% = — × — × -1.01% × 0.29
Dec 31, 2020 2.25% = 1.09 × 0.62 × 11.64% × 0.29
Sep 30, 2020 1.49% = 0.98 × 0.53 × 9.57% × 0.30
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 — = — × — × — × —
Jun 30, 2017 — = — × — × — × —
Mar 31, 2017 — = — × — × — × —

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

Disaggregation of Net Profit Margin

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

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2022 -8.10% = — × — × -5.06%
Jun 30, 2022 -6.18% = — × — × -3.04%
Mar 31, 2022 -6.70% = — × — × -4.51%
Dec 31, 2021 -9.17% = — × — × -6.94%
Sep 30, 2021 -0.06% = — × -0.10 × 2.76%
Jun 30, 2021 -3.39% = — × — × -0.88%
Mar 31, 2021 -4.68% = — × — × -1.01%
Dec 31, 2020 7.81% = 1.09 × 0.62 × 11.64%
Sep 30, 2020 4.92% = 0.98 × 0.53 × 9.57%
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 — = — × — × —
Jun 30, 2017 — = — × — × —
Mar 31, 2017 — = — × — × —

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