Stock Analysis on Net

General Electric Co. (NYSE:GE)

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

Microsoft Excel

Two-Component Disaggregation of ROE

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

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 34.63% = 5.81% × 5.96
Sep 30, 2023 35.27% = 6.45% × 5.47
Jun 30, 2023 30.77% = 5.89% × 5.23
Mar 31, 2023 27.72% = 5.33% × 5.20
Dec 31, 2022 0.62% = 0.12% × 5.16
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 = × 9.42
Jun 30, 2019 = × 8.71
Mar 31, 2019 = × 8.96

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

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

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

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 34.63% = 14.68% × 0.40 × 5.96
Sep 30, 2023 35.27% = 15.08% × 0.43 × 5.47
Jun 30, 2023 30.77% = 13.91% × 0.42 × 5.23
Mar 31, 2023 27.72% = 12.35% × 0.43 × 5.20
Dec 31, 2022 0.62% = 0.31% × 0.39 × 5.16
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 = × × 9.42
Jun 30, 2019 = × × 8.71
Mar 31, 2019 = × × 8.96

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

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.


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
Dec 31, 2023 34.63% = 0.89 × 0.90 × 18.22% × 0.40 × 5.96
Sep 30, 2023 35.27% = 0.94 × 0.90 × 17.93% × 0.43 × 5.47
Jun 30, 2023 30.77% = 0.95 × 0.88 × 16.67% × 0.42 × 5.23
Mar 31, 2023 27.72% = 0.94 × 0.86 × 15.19% × 0.43 × 5.20
Dec 31, 2022 0.62% = 0.32 × 0.30 × 3.14% × 0.39 × 5.16
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 = × × × × 9.42
Jun 30, 2019 = × × × × 8.71
Mar 31, 2019 = × × × × 8.96

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

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.


Two-Component Disaggregation of ROA

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

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 5.81% = 14.68% × 0.40
Sep 30, 2023 6.45% = 15.08% × 0.43
Jun 30, 2023 5.89% = 13.91% × 0.42
Mar 31, 2023 5.33% = 12.35% × 0.43
Dec 31, 2022 0.12% = 0.31% × 0.39
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 = ×
Jun 30, 2019 = ×
Mar 31, 2019 = ×

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

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in asset turnover ratio.


Four-Component Disaggregation of ROA

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

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 5.81% = 0.89 × 0.90 × 18.22% × 0.40
Sep 30, 2023 6.45% = 0.94 × 0.90 × 17.93% × 0.43
Jun 30, 2023 5.89% = 0.95 × 0.88 × 16.67% × 0.42
Mar 31, 2023 5.33% = 0.94 × 0.86 × 15.19% × 0.43
Dec 31, 2022 0.12% = 0.32 × 0.30 × 3.14% × 0.39
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 = × × ×
Jun 30, 2019 = × × ×
Mar 31, 2019 = × × ×

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

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in efficiency measured by asset turnover ratio.


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
Dec 31, 2023 14.68% = 0.89 × 0.90 × 18.22%
Sep 30, 2023 15.08% = 0.94 × 0.90 × 17.93%
Jun 30, 2023 13.91% = 0.95 × 0.88 × 16.67%
Mar 31, 2023 12.35% = 0.94 × 0.86 × 15.19%
Dec 31, 2022 0.31% = 0.32 × 0.30 × 3.14%
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 = × ×
Jun 30, 2019 = × ×
Mar 31, 2019 = × ×

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

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