Stock Analysis on Net
Stock Analysis on Net

Hess Corp. (NYSE:HES)

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

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

Hess Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2023 16.99% = 6.32% × 2.69
Jun 30, 2023 17.86% = 6.64% × 2.69
Mar 31, 2023 24.90% = 9.23% × 2.70
Dec 31, 2022 26.68% = 9.66% × 2.76
Sep 30, 2022 24.66% = 8.61% × 2.86
Jun 30, 2022 20.52% = 6.91% × 2.97
Mar 31, 2022 11.48% = 3.66% × 3.14
Dec 31, 2021 8.87% = 2.72% × 3.26
Sep 30, 2021 3.51% = 1.01% × 3.47
Jun 30, 2021 -2.93% = -0.84% × 3.49
Mar 31, 2021 -7.26% = -2.15% × 3.37
Dec 31, 2020 -57.64% = -16.43% × 3.51
Sep 30, 2020 -54.39% = -16.96% × 3.21
Jun 30, 2020 -49.84% = -16.31% × 3.06
Mar 31, 2020 -39.90% = -13.87% × 2.88
Dec 31, 2019 -4.67% = -1.87% × 2.49
Sep 30, 2019 -2.13% = -0.88% × 2.43
Jun 30, 2019 -0.22% = -0.09% × 2.33
Mar 31, 2019 -1.54% = -0.66% × 2.32
Dec 31, 2018 -2.93% = -1.32% × 2.23
Sep 30, 2018 — = — × 2.22
Jun 30, 2018 — = — × 2.15
Mar 31, 2018 — = — × 2.08

Based on: 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), 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).

Three-Component Disaggregation of ROE

Hess Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 16.99% = 14.05% × 0.45 × 2.69
Jun 30, 2023 17.86% = 13.73% × 0.48 × 2.69
Mar 31, 2023 24.90% = 17.73% × 0.52 × 2.70
Dec 31, 2022 26.68% = 18.51% × 0.52 × 2.76
Sep 30, 2022 24.66% = 17.54% × 0.49 × 2.86
Jun 30, 2022 20.52% = 15.80% × 0.44 × 2.97
Mar 31, 2022 11.48% = 9.18% × 0.40 × 3.14
Dec 31, 2021 8.87% = 7.48% × 0.36 × 3.26
Sep 30, 2021 3.51% = 3.00% × 0.34 × 3.47
Jun 30, 2021 -2.93% = -2.70% × 0.31 × 3.49
Mar 31, 2021 -7.26% = -7.83% × 0.27 × 3.37
Dec 31, 2020 -57.64% = -66.27% × 0.25 × 3.51
Sep 30, 2020 -54.39% = -63.99% × 0.27 × 3.21
Jun 30, 2020 -49.84% = -58.48% × 0.28 × 3.06
Mar 31, 2020 -39.90% = -45.77% × 0.30 × 2.88
Dec 31, 2019 -4.67% = -6.28% × 0.30 × 2.49
Sep 30, 2019 -2.13% = -2.94% × 0.30 × 2.43
Jun 30, 2019 -0.22% = -0.30% × 0.31 × 2.33
Mar 31, 2019 -1.54% = -2.20% × 0.30 × 2.32
Dec 31, 2018 -2.93% = -4.46% × 0.30 × 2.23
Sep 30, 2018 — = — × — × 2.22
Jun 30, 2018 — = — × — × 2.15
Mar 31, 2018 — = — × — × 2.08

Based on: 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), 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).

Five-Component Disaggregation of ROE

Hess Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 16.99% = 0.63 × 0.83 × 26.79% × 0.45 × 2.69
Jun 30, 2023 17.86% = 0.62 × 0.83 × 26.79% × 0.48 × 2.69
Mar 31, 2023 24.90% = 0.65 × 0.86 × 31.48% × 0.52 × 2.70
Dec 31, 2022 26.68% = 0.66 × 0.87 × 32.57% × 0.52 × 2.76
Sep 30, 2022 24.66% = 0.65 × 0.85 × 31.74% × 0.49 × 2.86
Jun 30, 2022 20.52% = 0.62 × 0.83 × 30.59% × 0.44 × 2.97
Mar 31, 2022 11.48% = 0.52 × 0.74 × 23.90% × 0.40 × 3.14
Dec 31, 2021 8.87% = 0.48 × 0.71 × 21.95% × 0.36 × 3.26
Sep 30, 2021 3.51% = 0.30 × 0.58 × 17.31% × 0.34 × 3.47
Jun 30, 2021 -2.93% = -1.00 × 0.25 × 10.61% × 0.31 × 3.49
Mar 31, 2021 -7.26% = — × -0.85 × 4.89% × 0.27 × 3.37
Dec 31, 2020 -57.64% = — × — × -56.48% × 0.25 × 3.51
Sep 30, 2020 -54.39% = — × — × -54.42% × 0.27 × 3.21
Jun 30, 2020 -49.84% = — × — × -48.13% × 0.28 × 3.06
Mar 31, 2020 -39.90% = — × — × -34.89% × 0.30 × 2.88
Dec 31, 2019 -4.67% = -7.70 × 0.12 × 6.67% × 0.30 × 2.49
Sep 30, 2019 -2.13% = -1.06 × 0.32 × 8.71% × 0.30 × 2.43
Jun 30, 2019 -0.22% = -0.06 × 0.47 × 11.19% × 0.31 × 2.33
Mar 31, 2019 -1.54% = -0.68 × 0.35 × 9.25% × 0.30 × 2.32
Dec 31, 2018 -2.93% = -5.32 × 0.12 × 7.15% × 0.30 × 2.23
Sep 30, 2018 — = — × — × — × — × 2.22
Jun 30, 2018 — = — × — × — × — × 2.15
Mar 31, 2018 — = — × — × — × — × 2.08

Based on: 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), 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).

Two-Component Disaggregation of ROA

Hess Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2023 6.32% = 14.05% × 0.45
Jun 30, 2023 6.64% = 13.73% × 0.48
Mar 31, 2023 9.23% = 17.73% × 0.52
Dec 31, 2022 9.66% = 18.51% × 0.52
Sep 30, 2022 8.61% = 17.54% × 0.49
Jun 30, 2022 6.91% = 15.80% × 0.44
Mar 31, 2022 3.66% = 9.18% × 0.40
Dec 31, 2021 2.72% = 7.48% × 0.36
Sep 30, 2021 1.01% = 3.00% × 0.34
Jun 30, 2021 -0.84% = -2.70% × 0.31
Mar 31, 2021 -2.15% = -7.83% × 0.27
Dec 31, 2020 -16.43% = -66.27% × 0.25
Sep 30, 2020 -16.96% = -63.99% × 0.27
Jun 30, 2020 -16.31% = -58.48% × 0.28
Mar 31, 2020 -13.87% = -45.77% × 0.30
Dec 31, 2019 -1.87% = -6.28% × 0.30
Sep 30, 2019 -0.88% = -2.94% × 0.30
Jun 30, 2019 -0.09% = -0.30% × 0.31
Mar 31, 2019 -0.66% = -2.20% × 0.30
Dec 31, 2018 -1.32% = -4.46% × 0.30
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 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), 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).

Four-Component Disaggregation of ROA

Hess Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2023 6.32% = 0.63 × 0.83 × 26.79% × 0.45
Jun 30, 2023 6.64% = 0.62 × 0.83 × 26.79% × 0.48
Mar 31, 2023 9.23% = 0.65 × 0.86 × 31.48% × 0.52
Dec 31, 2022 9.66% = 0.66 × 0.87 × 32.57% × 0.52
Sep 30, 2022 8.61% = 0.65 × 0.85 × 31.74% × 0.49
Jun 30, 2022 6.91% = 0.62 × 0.83 × 30.59% × 0.44
Mar 31, 2022 3.66% = 0.52 × 0.74 × 23.90% × 0.40
Dec 31, 2021 2.72% = 0.48 × 0.71 × 21.95% × 0.36
Sep 30, 2021 1.01% = 0.30 × 0.58 × 17.31% × 0.34
Jun 30, 2021 -0.84% = -1.00 × 0.25 × 10.61% × 0.31
Mar 31, 2021 -2.15% = — × -0.85 × 4.89% × 0.27
Dec 31, 2020 -16.43% = — × — × -56.48% × 0.25
Sep 30, 2020 -16.96% = — × — × -54.42% × 0.27
Jun 30, 2020 -16.31% = — × — × -48.13% × 0.28
Mar 31, 2020 -13.87% = — × — × -34.89% × 0.30
Dec 31, 2019 -1.87% = -7.70 × 0.12 × 6.67% × 0.30
Sep 30, 2019 -0.88% = -1.06 × 0.32 × 8.71% × 0.30
Jun 30, 2019 -0.09% = -0.06 × 0.47 × 11.19% × 0.31
Mar 31, 2019 -0.66% = -0.68 × 0.35 × 9.25% × 0.30
Dec 31, 2018 -1.32% = -5.32 × 0.12 × 7.15% × 0.30
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 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), 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).

Disaggregation of Net Profit Margin

Hess Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2023 14.05% = 0.63 × 0.83 × 26.79%
Jun 30, 2023 13.73% = 0.62 × 0.83 × 26.79%
Mar 31, 2023 17.73% = 0.65 × 0.86 × 31.48%
Dec 31, 2022 18.51% = 0.66 × 0.87 × 32.57%
Sep 30, 2022 17.54% = 0.65 × 0.85 × 31.74%
Jun 30, 2022 15.80% = 0.62 × 0.83 × 30.59%
Mar 31, 2022 9.18% = 0.52 × 0.74 × 23.90%
Dec 31, 2021 7.48% = 0.48 × 0.71 × 21.95%
Sep 30, 2021 3.00% = 0.30 × 0.58 × 17.31%
Jun 30, 2021 -2.70% = -1.00 × 0.25 × 10.61%
Mar 31, 2021 -7.83% = — × -0.85 × 4.89%
Dec 31, 2020 -66.27% = — × — × -56.48%
Sep 30, 2020 -63.99% = — × — × -54.42%
Jun 30, 2020 -58.48% = — × — × -48.13%
Mar 31, 2020 -45.77% = — × — × -34.89%
Dec 31, 2019 -6.28% = -7.70 × 0.12 × 6.67%
Sep 30, 2019 -2.94% = -1.06 × 0.32 × 8.71%
Jun 30, 2019 -0.30% = -0.06 × 0.47 × 11.19%
Mar 31, 2019 -2.20% = -0.68 × 0.35 × 9.25%
Dec 31, 2018 -4.46% = -5.32 × 0.12 × 7.15%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 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), 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).