Stock Analysis on Net
Stock Analysis on Net

Johnson & Johnson (NYSE:JNJ)

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

Beginner level

Two-Component Disaggregation of ROE

Johnson & Johnson, decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = ROA × Financial Leverage
Apr 4, 2021 22.96% = 8.76% × 2.62
Dec 31, 2020 23.25% = 8.41% × 2.76
Sep 27, 2020 26.35% = 9.95% × 2.65
Jun 28, 2020 24.11% = 9.59% × 2.51
Mar 29, 2020 28.01% = 11.07% × 2.53
Dec 29, 2019 25.42% = 9.59% × 2.65
Sep 29, 2019 24.31% = 9.10% × 2.67
Jun 30, 2019 26.87% = 10.53% × 2.55
Mar 31, 2019 24.90% = 9.78% × 2.54
Dec 30, 2018 25.60% = 10.00% × 2.56
Sep 30, 2018 2.39% = 0.99% × 2.41
Jul 1, 2018 2.18% = 0.88% × 2.47
Apr 1, 2018 1.97% = 0.79% × 2.48
Dec 31, 2017 2.16% = 0.83% × 2.61
Oct 1, 2017 21.39% = 10.17% × 2.10
Jul 2, 2017 22.71% = 10.69% × 2.12
Apr 2, 2017 23.46% = 11.39% × 2.06
Dec 31, 2016 23.49% = 11.71% × 2.01
Oct 2, 2016 = × 1.93
Jul 3, 2016 = × 1.93
Apr 3, 2016 = × 1.88

Based on: 10-Q (filing date: 2021-04-30), 10-K (filing date: 2021-02-22), 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2021 is the decrease in financial leverage ratio.


Three-Component Disaggregation of ROE

Johnson & Johnson, decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Apr 4, 2021 22.96% = 17.95% × 0.49 × 2.62
Dec 31, 2020 23.25% = 17.82% × 0.47 × 2.76
Sep 27, 2020 26.35% = 21.01% × 0.47 × 2.65
Jun 28, 2020 24.11% = 18.86% × 0.51 × 2.51
Mar 29, 2020 28.01% = 20.75% × 0.53 × 2.53
Dec 29, 2019 25.42% = 18.42% × 0.52 × 2.65
Sep 29, 2019 24.31% = 17.32% × 0.53 × 2.67
Jun 30, 2019 26.87% = 20.08% × 0.52 × 2.55
Mar 31, 2019 24.90% = 17.99% × 0.54 × 2.54
Dec 30, 2018 25.60% = 18.75% × 0.53 × 2.56
Sep 30, 2018 2.39% = 1.89% × 0.52 × 2.41
Jul 1, 2018 2.18% = 1.70% × 0.52 × 2.47
Apr 1, 2018 1.97% = 1.58% × 0.50 × 2.48
Dec 31, 2017 2.16% = 1.70% × 0.49 × 2.61
Oct 1, 2017 21.39% = 21.28% × 0.48 × 2.10
Jul 2, 2017 22.71% = 22.52% × 0.47 × 2.12
Apr 2, 2017 23.46% = 22.87% × 0.50 × 2.06
Dec 31, 2016 23.49% = 23.01% × 0.51 × 2.01
Oct 2, 2016 = × × 1.93
Jul 3, 2016 = × × 1.93
Apr 3, 2016 = × × 1.88

Based on: 10-Q (filing date: 2021-04-30), 10-K (filing date: 2021-02-22), 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2021 is the decrease in financial leverage ratio.


Five-Component Disaggregation of ROE

Johnson & Johnson, decomposition of ROE (quarterly data)

Microsoft Excel LibreOffice Calc
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Apr 4, 2021 22.96% = 0.87 × 0.99 × 20.97% × 0.49 × 2.62
Dec 31, 2020 23.25% = 0.89 × 0.99 × 20.22% × 0.47 × 2.76
Sep 27, 2020 26.35% = 0.89 × 0.99 × 23.83% × 0.47 × 2.65
Jun 28, 2020 24.11% = 0.93 × 0.99 × 20.52% × 0.51 × 2.51
Mar 29, 2020 28.01% = 0.88 × 0.99 × 23.76% × 0.53 × 2.53
Dec 29, 2019 25.42% = 0.87 × 0.98 × 21.50% × 0.52 × 2.65
Sep 29, 2019 24.31% = 0.87 × 0.97 × 20.46% × 0.53 × 2.67
Jun 30, 2019 26.87% = 0.86 × 0.97 × 24.21% × 0.52 × 2.55
Mar 31, 2019 24.90% = 0.87 × 0.95 × 21.80% × 0.54 × 2.54
Dec 30, 2018 25.60% = 0.85 × 0.95 × 23.29% × 0.53 × 2.56
Sep 30, 2018 2.39% = 0.09 × 0.94 × 22.69% × 0.52 × 2.41
Jul 1, 2018 2.18% = 0.08 × 0.95 × 23.32% × 0.52 × 2.47
Apr 1, 2018 1.97% = 0.07 × 0.95 × 23.60% × 0.50 × 2.48
Dec 31, 2017 2.16% = 0.07 × 0.95 × 24.34% × 0.49 × 2.61
Oct 1, 2017 21.39% = 0.81 × 0.96 × 27.27% × 0.48 × 2.10
Jul 2, 2017 22.71% = 0.82 × 0.96 × 28.59% × 0.47 × 2.12
Apr 2, 2017 23.46% = 0.82 × 0.96 × 28.89% × 0.50 × 2.06
Dec 31, 2016 23.49% = 0.84 × 0.96 × 28.56% × 0.51 × 2.01
Oct 2, 2016 = × × × × 1.93
Jul 3, 2016 = × × × × 1.93
Apr 3, 2016 = × × × × 1.88

Based on: 10-Q (filing date: 2021-04-30), 10-K (filing date: 2021-02-22), 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10).

The primary reason for the decrease in return on equity ratio (ROE) over Q1 2021 is the decrease in financial leverage ratio.


Two-Component Disaggregation of ROA

Johnson & Johnson, decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Net Profit Margin × Asset Turnover
Apr 4, 2021 8.76% = 17.95% × 0.49
Dec 31, 2020 8.41% = 17.82% × 0.47
Sep 27, 2020 9.95% = 21.01% × 0.47
Jun 28, 2020 9.59% = 18.86% × 0.51
Mar 29, 2020 11.07% = 20.75% × 0.53
Dec 29, 2019 9.59% = 18.42% × 0.52
Sep 29, 2019 9.10% = 17.32% × 0.53
Jun 30, 2019 10.53% = 20.08% × 0.52
Mar 31, 2019 9.78% = 17.99% × 0.54
Dec 30, 2018 10.00% = 18.75% × 0.53
Sep 30, 2018 0.99% = 1.89% × 0.52
Jul 1, 2018 0.88% = 1.70% × 0.52
Apr 1, 2018 0.79% = 1.58% × 0.50
Dec 31, 2017 0.83% = 1.70% × 0.49
Oct 1, 2017 10.17% = 21.28% × 0.48
Jul 2, 2017 10.69% = 22.52% × 0.47
Apr 2, 2017 11.39% = 22.87% × 0.50
Dec 31, 2016 11.71% = 23.01% × 0.51
Oct 2, 2016 = ×
Jul 3, 2016 = ×
Apr 3, 2016 = ×

Based on: 10-Q (filing date: 2021-04-30), 10-K (filing date: 2021-02-22), 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2021 is the increase in asset turnover ratio.


Four-Component Disaggregation of ROA

Johnson & Johnson, decomposition of ROA (quarterly data)

Microsoft Excel LibreOffice Calc
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Apr 4, 2021 8.76% = 0.87 × 0.99 × 20.97% × 0.49
Dec 31, 2020 8.41% = 0.89 × 0.99 × 20.22% × 0.47
Sep 27, 2020 9.95% = 0.89 × 0.99 × 23.83% × 0.47
Jun 28, 2020 9.59% = 0.93 × 0.99 × 20.52% × 0.51
Mar 29, 2020 11.07% = 0.88 × 0.99 × 23.76% × 0.53
Dec 29, 2019 9.59% = 0.87 × 0.98 × 21.50% × 0.52
Sep 29, 2019 9.10% = 0.87 × 0.97 × 20.46% × 0.53
Jun 30, 2019 10.53% = 0.86 × 0.97 × 24.21% × 0.52
Mar 31, 2019 9.78% = 0.87 × 0.95 × 21.80% × 0.54
Dec 30, 2018 10.00% = 0.85 × 0.95 × 23.29% × 0.53
Sep 30, 2018 0.99% = 0.09 × 0.94 × 22.69% × 0.52
Jul 1, 2018 0.88% = 0.08 × 0.95 × 23.32% × 0.52
Apr 1, 2018 0.79% = 0.07 × 0.95 × 23.60% × 0.50
Dec 31, 2017 0.83% = 0.07 × 0.95 × 24.34% × 0.49
Oct 1, 2017 10.17% = 0.81 × 0.96 × 27.27% × 0.48
Jul 2, 2017 10.69% = 0.82 × 0.96 × 28.59% × 0.47
Apr 2, 2017 11.39% = 0.82 × 0.96 × 28.89% × 0.50
Dec 31, 2016 11.71% = 0.84 × 0.96 × 28.56% × 0.51
Oct 2, 2016 = × × ×
Jul 3, 2016 = × × ×
Apr 3, 2016 = × × ×

Based on: 10-Q (filing date: 2021-04-30), 10-K (filing date: 2021-02-22), 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2021 is the increase in operating profitability measured by EBIT margin ratio.


Disaggregation of Net Profit Margin

Johnson & Johnson, decomposition of net profit margin ratio (quarterly data)

Microsoft Excel LibreOffice Calc
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Apr 4, 2021 17.95% = 0.87 × 0.99 × 20.97%
Dec 31, 2020 17.82% = 0.89 × 0.99 × 20.22%
Sep 27, 2020 21.01% = 0.89 × 0.99 × 23.83%
Jun 28, 2020 18.86% = 0.93 × 0.99 × 20.52%
Mar 29, 2020 20.75% = 0.88 × 0.99 × 23.76%
Dec 29, 2019 18.42% = 0.87 × 0.98 × 21.50%
Sep 29, 2019 17.32% = 0.87 × 0.97 × 20.46%
Jun 30, 2019 20.08% = 0.86 × 0.97 × 24.21%
Mar 31, 2019 17.99% = 0.87 × 0.95 × 21.80%
Dec 30, 2018 18.75% = 0.85 × 0.95 × 23.29%
Sep 30, 2018 1.89% = 0.09 × 0.94 × 22.69%
Jul 1, 2018 1.70% = 0.08 × 0.95 × 23.32%
Apr 1, 2018 1.58% = 0.07 × 0.95 × 23.60%
Dec 31, 2017 1.70% = 0.07 × 0.95 × 24.34%
Oct 1, 2017 21.28% = 0.81 × 0.96 × 27.27%
Jul 2, 2017 22.52% = 0.82 × 0.96 × 28.59%
Apr 2, 2017 22.87% = 0.82 × 0.96 × 28.89%
Dec 31, 2016 23.01% = 0.84 × 0.96 × 28.56%
Oct 2, 2016 = × ×
Jul 3, 2016 = × ×
Apr 3, 2016 = × ×

Based on: 10-Q (filing date: 2021-04-30), 10-K (filing date: 2021-02-22), 10-Q (filing date: 2020-10-23), 10-Q (filing date: 2020-07-24), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-18), 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10).

The primary reason for the increase in net profit margin ratio over Q1 2021 is the increase in operating profitability measured by EBIT margin ratio.