Stock Analysis on Net
Stock Analysis on Net

HCA Healthcare Inc. (NYSE:HCA)

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

Microsoft Excel LibreOffice Calc

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

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Two-Component Disaggregation of ROE

HCA Healthcare Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Dec 31, 2020 = ×
Dec 31, 2019 = ×
Dec 31, 2018 = ×
Dec 31, 2017 = ×
Dec 31, 2016 = ×

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

Three-Component Disaggregation of ROE

HCA Healthcare Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2020 = × ×
Dec 31, 2019 = × ×
Dec 31, 2018 = × ×
Dec 31, 2017 = × ×
Dec 31, 2016 = × ×

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

Five-Component Disaggregation of ROE

HCA Healthcare Inc., decomposition of ROE

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2020 = × × × ×
Dec 31, 2019 = × × × ×
Dec 31, 2018 = × × × ×
Dec 31, 2017 = × × × ×
Dec 31, 2016 = × × × ×

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

Two-Component Disaggregation of ROA

HCA Healthcare Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2020 = ×
Dec 31, 2019 = ×
Dec 31, 2018 = ×
Dec 31, 2017 = ×
Dec 31, 2016 = ×

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

The primary reason for the increase in return on assets ratio (ROA) over 2020 year is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

HCA Healthcare Inc., decomposition of ROA

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2020 = × × ×
Dec 31, 2019 = × × ×
Dec 31, 2018 = × × ×
Dec 31, 2017 = × × ×
Dec 31, 2016 = × × ×

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

The primary reason for the increase in return on assets ratio (ROA) over 2020 year is the increase in effect of interest expense measured by interest burden ratio.

Disaggregation of Net Profit Margin

HCA Healthcare Inc., decomposition of net profit margin ratio

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2020 = × ×
Dec 31, 2019 = × ×
Dec 31, 2018 = × ×
Dec 31, 2017 = × ×
Dec 31, 2016 = × ×

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

The primary reason for the increase in net profit margin ratio over 2020 year is the increase in effect of interest expense measured by interest burden ratio.