DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit MarginQuarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Lockheed Martin Corp., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Dec 31, 2023
101.24%
=
13.19%
×
7.67
Sep 24, 2023
75.11%
=
12.29%
×
6.11
Jun 25, 2023
76.41%
=
12.39%
×
6.17
Mar 26, 2023
58.97%
=
10.41%
×
5.66
Dec 31, 2022
61.86%
=
10.84%
×
5.71
Sep 25, 2022
49.05%
=
11.28%
×
4.35
Jun 26, 2022
41.16%
=
9.09%
×
4.53
Mar 27, 2022
62.10%
=
12.06%
×
5.15
Dec 31, 2021
57.62%
=
12.41%
×
4.64
Sep 26, 2021
62.90%
=
11.69%
×
5.38
Jun 27, 2021
109.51%
=
13.71%
×
7.99
Mar 28, 2021
110.16%
=
13.52%
×
8.15
Dec 31, 2020
113.60%
=
13.47%
×
8.43
Sep 27, 2020
132.02%
=
12.88%
×
10.25
Jun 28, 2020
171.93%
=
13.00%
×
13.22
Mar 29, 2020
181.17%
=
12.68%
×
14.29
Dec 31, 2019
199.23%
=
13.11%
×
15.20
Sep 29, 2019
—
=
—
×
12.66
Jun 30, 2019
—
=
—
×
16.79
Mar 31, 2019
—
=
—
×
19.34
Based on:
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-24) ,
10-Q (reporting date: 2023-06-25) ,
10-Q (reporting date: 2023-03-26) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-25) ,
10-Q (reporting date: 2022-06-26) ,
10-Q (reporting date: 2022-03-27) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-26) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q4 2023 is the increase in financial leverage ratio.
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Lockheed Martin Corp., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Dec 31, 2023
101.24%
=
10.24%
×
1.29
×
7.67
Sep 24, 2023
75.11%
=
10.29%
×
1.19
×
6.11
Jun 25, 2023
76.41%
=
10.48%
×
1.18
×
6.17
Mar 26, 2023
58.97%
=
8.60%
×
1.21
×
5.66
Dec 31, 2022
61.86%
=
8.69%
×
1.25
×
5.71
Sep 25, 2022
49.05%
=
9.07%
×
1.24
×
4.35
Jun 26, 2022
41.16%
=
7.33%
×
1.24
×
4.53
Mar 27, 2022
62.10%
=
9.45%
×
1.28
×
5.15
Dec 31, 2021
57.62%
=
9.42%
×
1.32
×
4.64
Sep 26, 2021
62.90%
=
9.13%
×
1.28
×
5.38
Jun 27, 2021
109.51%
=
10.69%
×
1.28
×
7.99
Mar 28, 2021
110.16%
=
10.53%
×
1.28
×
8.15
Dec 31, 2020
113.60%
=
10.45%
×
1.29
×
8.43
Sep 27, 2020
132.02%
=
10.18%
×
1.27
×
10.25
Jun 28, 2020
171.93%
=
10.25%
×
1.27
×
13.22
Mar 29, 2020
181.17%
=
10.21%
×
1.24
×
14.29
Dec 31, 2019
199.23%
=
10.42%
×
1.26
×
15.20
Sep 29, 2019
—
=
—
×
—
×
12.66
Jun 30, 2019
—
=
—
×
—
×
16.79
Mar 31, 2019
—
=
—
×
—
×
19.34
Based on:
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-24) ,
10-Q (reporting date: 2023-06-25) ,
10-Q (reporting date: 2023-03-26) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-25) ,
10-Q (reporting date: 2022-06-26) ,
10-Q (reporting date: 2022-03-27) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-26) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q4 2023 is the increase in financial leverage ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Lockheed Martin Corp., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Dec 31, 2023
101.24%
=
0.85
×
0.90
×
13.34%
×
1.29
×
7.67
Sep 24, 2023
75.11%
=
0.86
×
0.90
×
13.31%
×
1.19
×
6.11
Jun 25, 2023
76.41%
=
0.85
×
0.91
×
13.45%
×
1.18
×
6.17
Mar 26, 2023
58.97%
=
0.86
×
0.91
×
11.04%
×
1.21
×
5.66
Dec 31, 2022
61.86%
=
0.86
×
0.91
×
11.07%
×
1.25
×
5.71
Sep 25, 2022
49.05%
=
0.84
×
0.92
×
11.66%
×
1.24
×
4.35
Jun 26, 2022
41.16%
=
0.85
×
0.91
×
9.54%
×
1.24
×
4.53
Mar 27, 2022
62.10%
=
0.84
×
0.93
×
12.11%
×
1.28
×
5.15
Dec 31, 2021
57.62%
=
0.84
×
0.93
×
12.11%
×
1.32
×
4.64
Sep 26, 2021
62.90%
=
0.84
×
0.93
×
11.79%
×
1.28
×
5.38
Jun 27, 2021
109.51%
=
0.83
×
0.94
×
13.69%
×
1.28
×
7.99
Mar 28, 2021
110.16%
=
0.83
×
0.93
×
13.55%
×
1.28
×
8.15
Dec 31, 2020
113.60%
=
0.84
×
0.93
×
13.41%
×
1.29
×
8.43
Sep 27, 2020
132.02%
=
0.84
×
0.93
×
13.11%
×
1.27
×
10.25
Jun 28, 2020
171.93%
=
0.85
×
0.93
×
13.07%
×
1.27
×
13.22
Mar 29, 2020
181.17%
=
0.85
×
0.92
×
13.02%
×
1.24
×
14.29
Dec 31, 2019
199.23%
=
0.86
×
0.92
×
13.20%
×
1.26
×
15.20
Sep 29, 2019
—
=
—
×
—
×
—
×
—
×
12.66
Jun 30, 2019
—
=
—
×
—
×
—
×
—
×
16.79
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
19.34
Based on:
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-24) ,
10-Q (reporting date: 2023-06-25) ,
10-Q (reporting date: 2023-03-26) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-25) ,
10-Q (reporting date: 2022-06-26) ,
10-Q (reporting date: 2022-03-27) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-26) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q4 2023 is the increase in financial leverage ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Lockheed Martin Corp., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Dec 31, 2023
13.19%
=
10.24%
×
1.29
Sep 24, 2023
12.29%
=
10.29%
×
1.19
Jun 25, 2023
12.39%
=
10.48%
×
1.18
Mar 26, 2023
10.41%
=
8.60%
×
1.21
Dec 31, 2022
10.84%
=
8.69%
×
1.25
Sep 25, 2022
11.28%
=
9.07%
×
1.24
Jun 26, 2022
9.09%
=
7.33%
×
1.24
Mar 27, 2022
12.06%
=
9.45%
×
1.28
Dec 31, 2021
12.41%
=
9.42%
×
1.32
Sep 26, 2021
11.69%
=
9.13%
×
1.28
Jun 27, 2021
13.71%
=
10.69%
×
1.28
Mar 28, 2021
13.52%
=
10.53%
×
1.28
Dec 31, 2020
13.47%
=
10.45%
×
1.29
Sep 27, 2020
12.88%
=
10.18%
×
1.27
Jun 28, 2020
13.00%
=
10.25%
×
1.27
Mar 29, 2020
12.68%
=
10.21%
×
1.24
Dec 31, 2019
13.11%
=
10.42%
×
1.26
Sep 29, 2019
—
=
—
×
—
Jun 30, 2019
—
=
—
×
—
Mar 31, 2019
—
=
—
×
—
Based on:
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-24) ,
10-Q (reporting date: 2023-06-25) ,
10-Q (reporting date: 2023-03-26) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-25) ,
10-Q (reporting date: 2022-06-26) ,
10-Q (reporting date: 2022-03-27) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-26) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q4 2023 is the increase in asset turnover ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Lockheed Martin Corp., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Dec 31, 2023
13.19%
=
0.85
×
0.90
×
13.34%
×
1.29
Sep 24, 2023
12.29%
=
0.86
×
0.90
×
13.31%
×
1.19
Jun 25, 2023
12.39%
=
0.85
×
0.91
×
13.45%
×
1.18
Mar 26, 2023
10.41%
=
0.86
×
0.91
×
11.04%
×
1.21
Dec 31, 2022
10.84%
=
0.86
×
0.91
×
11.07%
×
1.25
Sep 25, 2022
11.28%
=
0.84
×
0.92
×
11.66%
×
1.24
Jun 26, 2022
9.09%
=
0.85
×
0.91
×
9.54%
×
1.24
Mar 27, 2022
12.06%
=
0.84
×
0.93
×
12.11%
×
1.28
Dec 31, 2021
12.41%
=
0.84
×
0.93
×
12.11%
×
1.32
Sep 26, 2021
11.69%
=
0.84
×
0.93
×
11.79%
×
1.28
Jun 27, 2021
13.71%
=
0.83
×
0.94
×
13.69%
×
1.28
Mar 28, 2021
13.52%
=
0.83
×
0.93
×
13.55%
×
1.28
Dec 31, 2020
13.47%
=
0.84
×
0.93
×
13.41%
×
1.29
Sep 27, 2020
12.88%
=
0.84
×
0.93
×
13.11%
×
1.27
Jun 28, 2020
13.00%
=
0.85
×
0.93
×
13.07%
×
1.27
Mar 29, 2020
12.68%
=
0.85
×
0.92
×
13.02%
×
1.24
Dec 31, 2019
13.11%
=
0.86
×
0.92
×
13.20%
×
1.26
Sep 29, 2019
—
=
—
×
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
×
—
Based on:
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-24) ,
10-Q (reporting date: 2023-06-25) ,
10-Q (reporting date: 2023-03-26) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-25) ,
10-Q (reporting date: 2022-06-26) ,
10-Q (reporting date: 2022-03-27) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-26) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q4 2023 is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Lockheed Martin Corp., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Dec 31, 2023
10.24%
=
0.85
×
0.90
×
13.34%
Sep 24, 2023
10.29%
=
0.86
×
0.90
×
13.31%
Jun 25, 2023
10.48%
=
0.85
×
0.91
×
13.45%
Mar 26, 2023
8.60%
=
0.86
×
0.91
×
11.04%
Dec 31, 2022
8.69%
=
0.86
×
0.91
×
11.07%
Sep 25, 2022
9.07%
=
0.84
×
0.92
×
11.66%
Jun 26, 2022
7.33%
=
0.85
×
0.91
×
9.54%
Mar 27, 2022
9.45%
=
0.84
×
0.93
×
12.11%
Dec 31, 2021
9.42%
=
0.84
×
0.93
×
12.11%
Sep 26, 2021
9.13%
=
0.84
×
0.93
×
11.79%
Jun 27, 2021
10.69%
=
0.83
×
0.94
×
13.69%
Mar 28, 2021
10.53%
=
0.83
×
0.93
×
13.55%
Dec 31, 2020
10.45%
=
0.84
×
0.93
×
13.41%
Sep 27, 2020
10.18%
=
0.84
×
0.93
×
13.11%
Jun 28, 2020
10.25%
=
0.85
×
0.93
×
13.07%
Mar 29, 2020
10.21%
=
0.85
×
0.92
×
13.02%
Dec 31, 2019
10.42%
=
0.86
×
0.92
×
13.20%
Sep 29, 2019
—
=
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
Based on:
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-24) ,
10-Q (reporting date: 2023-06-25) ,
10-Q (reporting date: 2023-03-26) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-25) ,
10-Q (reporting date: 2022-06-26) ,
10-Q (reporting date: 2022-03-27) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-26) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-29) ,
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 interest expense measured by interest burden ratio.