DuPont Analysis: Decomposition of ROE
Quarterly Data

Difficulty: Beginner


Two-Component Disaggregation of ROE

General Mills Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Leverage
Aug 26, 2018 34.03% 6.93% 4.91
May 27, 2018 34.70% 6.96% 4.99
Feb 25, 2018 44.01% 9.83% 4.48
Nov 26, 2017 37.86% 7.22% 5.25
Aug 27, 2017 42.35% 7.44% 5.69
May 28, 2017 38.30% 7.60% 5.04
Feb 26, 2017 40.07% 7.51% 5.33
Nov 27, 2016 39.04% 7.56% 5.17
Aug 28, 2016 34.22% 7.67% 4.46
May 29, 2016 34.43% 7.82% 4.40
Feb 28, 2016 30.78% 6.96% 4.42
Nov 29, 2015 30.98% 6.88% 4.50
Aug 30, 2015 26.32% 5.84% 4.51
May 31, 2015 24.44% 5.56% 4.40
Feb 22, 2015 26.45% 6.15% 4.30
Nov 23, 2014 26.56% 6.22% 4.27
Aug 24, 2014 27.58% 7.32% 3.77
May 25, 2014 27.92% 7.88% 3.54
Feb 23, 2014 28.32% 7.79% 3.63
Nov 24, 2013 26.74% 7.66% 3.49
Aug 25, 2013 25.87% 7.70% 3.36
May 26, 2013 27.80% 8.19% 3.40
Feb 24, 2013 3.25
Nov 25, 2012 3.29
Aug 26, 2012 3.41

Based on: 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 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: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

The primary reason for the decrease in Return on Equity (ROE) over Q1 2019 is the decrease in Financial Leverage.


Three-Component Disaggregation of ROE

General Mills Inc., decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Leverage
Aug 26, 2018 34.03% 13.19% 0.53 4.91
May 27, 2018 34.70% 13.54% 0.51 4.99
Feb 25, 2018 44.01% 13.96% 0.70 4.48
Nov 26, 2017 37.86% 10.29% 0.70 5.25
Aug 27, 2017 42.35% 10.68% 0.70 5.69
May 28, 2017 38.30% 10.61% 0.72 5.04
Feb 26, 2017 40.07% 10.34% 0.73 5.33
Nov 27, 2016 39.04% 10.23% 0.74 5.17
Aug 28, 2016 34.22% 10.33% 0.74 4.46
May 29, 2016 34.43% 10.25% 0.76 4.40
Feb 28, 2016 30.78% 8.89% 0.78 4.42
Nov 29, 2015 30.98% 8.60% 0.80 4.50
Aug 30, 2015 26.32% 7.41% 0.79 4.51
May 31, 2015 24.44% 6.93% 0.80 4.40
Feb 22, 2015 26.45% 8.17% 0.75 4.30
Nov 23, 2014 26.56% 8.54% 0.73 4.27
Aug 24, 2014 27.58% 9.61% 0.76 3.77
May 25, 2014 27.92% 10.19% 0.77 3.54
Feb 23, 2014 28.32% 9.90% 0.79 3.63
Nov 24, 2013 26.74% 9.81% 0.78 3.49
Aug 25, 2013 25.87% 9.76% 0.79 3.36
May 26, 2013 27.80% 10.44% 0.78 3.40
Feb 24, 2013 3.25
Nov 25, 2012 3.29
Aug 26, 2012 3.41

Based on: 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 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: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

The primary reason for the decrease in Return on Equity (ROE) over Q1 2019 is the decrease in profitability measured by Net Profit Margin.


Two-Way Decomposition of ROA

General Mills Inc., decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Aug 26, 2018 6.93% 13.19% 0.53
May 27, 2018 6.96% 13.54% 0.51
Feb 25, 2018 9.83% 13.96% 0.70
Nov 26, 2017 7.22% 10.29% 0.70
Aug 27, 2017 7.44% 10.68% 0.70
May 28, 2017 7.60% 10.61% 0.72
Feb 26, 2017 7.51% 10.34% 0.73
Nov 27, 2016 7.56% 10.23% 0.74
Aug 28, 2016 7.67% 10.33% 0.74
May 29, 2016 7.82% 10.25% 0.76
Feb 28, 2016 6.96% 8.89% 0.78
Nov 29, 2015 6.88% 8.60% 0.80
Aug 30, 2015 5.84% 7.41% 0.79
May 31, 2015 5.56% 6.93% 0.80
Feb 22, 2015 6.15% 8.17% 0.75
Nov 23, 2014 6.22% 8.54% 0.73
Aug 24, 2014 7.32% 9.61% 0.76
May 25, 2014 7.88% 10.19% 0.77
Feb 23, 2014 7.79% 9.90% 0.79
Nov 24, 2013 7.66% 9.81% 0.78
Aug 25, 2013 7.70% 9.76% 0.79
May 26, 2013 8.19% 10.44% 0.78
Feb 24, 2013
Nov 25, 2012
Aug 26, 2012

Based on: 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 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: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

The primary reason for the decrease in Return on Assets (ROA) over Q1 2019 is the decrease in profitability measured by Net Profit Margin.