Stock Analysis on Net
Stock Analysis on Net

Mastercard Inc. (NYSE:MA)

This company has been moved to the archive! The financial data has not been updated since April 27, 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

Mastercard Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2023 181.24% = 24.81% × 7.31
Dec 31, 2022 157.67% = 25.64% × 6.15
Sep 30, 2022 153.81% = 26.01% × 5.91
Jun 30, 2022 157.17% = 26.77% × 5.87
Mar 31, 2022 134.92% = 25.54% × 5.28
Dec 31, 2021 118.80% = 23.06% × 5.15
Sep 30, 2021 120.74% = 22.86% × 5.28
Jun 30, 2021 111.64% = 20.60% × 5.42
Mar 31, 2021 103.46% = 18.81% × 5.50
Dec 31, 2020 100.31% = 19.09% × 5.25
Sep 30, 2020 116.05% = 21.29% × 5.45
Jun 30, 2020 113.15% = 22.79% × 4.97
Mar 31, 2020 147.26% = 25.94% × 5.68
Dec 31, 2019 137.76% = 27.77% × 4.96
Sep 30, 2019 139.77% = 26.62% × 5.25
Jun 30, 2019 133.95% = 27.12% × 4.94
Mar 31, 2019 120.53% = 26.48% × 4.55
Dec 31, 2018 108.60% = 23.57% × 4.61
Sep 30, 2018 — = — × 4.04
Jun 30, 2018 — = — × 4.27
Mar 31, 2018 — = — × 4.02

Based on: 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).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

Mastercard Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 181.24% = 42.33% × 0.59 × 7.31
Dec 31, 2022 157.67% = 44.66% × 0.57 × 6.15
Sep 30, 2022 153.81% = 45.22% × 0.58 × 5.91
Jun 30, 2022 157.17% = 46.48% × 0.58 × 5.87
Mar 31, 2022 134.92% = 47.70% × 0.54 × 5.28
Dec 31, 2021 118.80% = 46.00% × 0.50 × 5.15
Sep 30, 2021 120.74% = 45.50% × 0.50 × 5.28
Jun 30, 2021 111.64% = 43.22% × 0.48 × 5.42
Mar 31, 2021 103.46% = 42.38% × 0.44 × 5.50
Dec 31, 2020 100.31% = 41.90% × 0.46 × 5.25
Sep 30, 2020 116.05% = 43.13% × 0.49 × 5.45
Jun 30, 2020 113.15% = 45.12% × 0.51 × 4.97
Mar 31, 2020 147.26% = 46.75% × 0.55 × 5.68
Dec 31, 2019 137.76% = 48.08% × 0.58 × 4.96
Sep 30, 2019 139.77% = 42.50% × 0.63 × 5.25
Jun 30, 2019 133.95% = 42.71% × 0.64 × 4.94
Mar 31, 2019 120.53% = 40.82% × 0.65 × 4.55
Dec 31, 2018 108.60% = 39.19% × 0.60 × 4.61
Sep 30, 2018 — = — × — × 4.04
Jun 30, 2018 — = — × — × 4.27
Mar 31, 2018 — = — × — × 4.02

Based on: 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).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Mastercard Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 181.24% = 0.82 × 0.96 × 53.93% × 0.59 × 7.31
Dec 31, 2022 157.67% = 0.85 × 0.96 × 54.88% × 0.57 × 6.15
Sep 30, 2022 153.81% = 0.85 × 0.96 × 55.08% × 0.58 × 5.91
Jun 30, 2022 157.17% = 0.87 × 0.96 × 55.84% × 0.58 × 5.87
Mar 31, 2022 134.92% = 0.87 × 0.96 × 56.92% × 0.54 × 5.28
Dec 31, 2021 118.80% = 0.84 × 0.96 × 56.86% × 0.50 × 5.15
Sep 30, 2021 120.74% = 0.84 × 0.96 × 56.67% × 0.50 × 5.28
Jun 30, 2021 111.64% = 0.82 × 0.95 × 55.13% × 0.48 × 5.42
Mar 31, 2021 103.46% = 0.82 × 0.95 × 54.26% × 0.44 × 5.50
Dec 31, 2020 100.31% = 0.83 × 0.95 × 53.20% × 0.46 × 5.25
Sep 30, 2020 116.05% = 0.83 × 0.96 × 53.90% × 0.49 × 5.45
Jun 30, 2020 113.15% = 0.84 × 0.97 × 55.37% × 0.51 × 4.97
Mar 31, 2020 147.26% = 0.84 × 0.97 × 57.41% × 0.55 × 5.68
Dec 31, 2019 137.76% = 0.83 × 0.98 × 58.96% × 0.58 × 4.96
Sep 30, 2019 139.77% = 0.82 × 0.98 × 53.32% × 0.63 × 5.25
Jun 30, 2019 133.95% = 0.82 × 0.98 × 53.43% × 0.64 × 4.94
Mar 31, 2019 120.53% = 0.82 × 0.98 × 51.07% × 0.65 × 4.55
Dec 31, 2018 108.60% = 0.81 × 0.97 × 49.43% × 0.60 × 4.61
Sep 30, 2018 — = — × — × — × — × 4.04
Jun 30, 2018 — = — × — × — × — × 4.27
Mar 31, 2018 — = — × — × — × — × 4.02

Based on: 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).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Mastercard Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2023 24.81% = 42.33% × 0.59
Dec 31, 2022 25.64% = 44.66% × 0.57
Sep 30, 2022 26.01% = 45.22% × 0.58
Jun 30, 2022 26.77% = 46.48% × 0.58
Mar 31, 2022 25.54% = 47.70% × 0.54
Dec 31, 2021 23.06% = 46.00% × 0.50
Sep 30, 2021 22.86% = 45.50% × 0.50
Jun 30, 2021 20.60% = 43.22% × 0.48
Mar 31, 2021 18.81% = 42.38% × 0.44
Dec 31, 2020 19.09% = 41.90% × 0.46
Sep 30, 2020 21.29% = 43.13% × 0.49
Jun 30, 2020 22.79% = 45.12% × 0.51
Mar 31, 2020 25.94% = 46.75% × 0.55
Dec 31, 2019 27.77% = 48.08% × 0.58
Sep 30, 2019 26.62% = 42.50% × 0.63
Jun 30, 2019 27.12% = 42.71% × 0.64
Mar 31, 2019 26.48% = 40.82% × 0.65
Dec 31, 2018 23.57% = 39.19% × 0.60
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 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).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Mastercard Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2023 24.81% = 0.82 × 0.96 × 53.93% × 0.59
Dec 31, 2022 25.64% = 0.85 × 0.96 × 54.88% × 0.57
Sep 30, 2022 26.01% = 0.85 × 0.96 × 55.08% × 0.58
Jun 30, 2022 26.77% = 0.87 × 0.96 × 55.84% × 0.58
Mar 31, 2022 25.54% = 0.87 × 0.96 × 56.92% × 0.54
Dec 31, 2021 23.06% = 0.84 × 0.96 × 56.86% × 0.50
Sep 30, 2021 22.86% = 0.84 × 0.96 × 56.67% × 0.50
Jun 30, 2021 20.60% = 0.82 × 0.95 × 55.13% × 0.48
Mar 31, 2021 18.81% = 0.82 × 0.95 × 54.26% × 0.44
Dec 31, 2020 19.09% = 0.83 × 0.95 × 53.20% × 0.46
Sep 30, 2020 21.29% = 0.83 × 0.96 × 53.90% × 0.49
Jun 30, 2020 22.79% = 0.84 × 0.97 × 55.37% × 0.51
Mar 31, 2020 25.94% = 0.84 × 0.97 × 57.41% × 0.55
Dec 31, 2019 27.77% = 0.83 × 0.98 × 58.96% × 0.58
Sep 30, 2019 26.62% = 0.82 × 0.98 × 53.32% × 0.63
Jun 30, 2019 27.12% = 0.82 × 0.98 × 53.43% × 0.64
Mar 31, 2019 26.48% = 0.82 × 0.98 × 51.07% × 0.65
Dec 31, 2018 23.57% = 0.81 × 0.97 × 49.43% × 0.60
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 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).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2023 is the decrease in effect of taxes measured by tax burden ratio.

Disaggregation of Net Profit Margin

Mastercard Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2023 42.33% = 0.82 × 0.96 × 53.93%
Dec 31, 2022 44.66% = 0.85 × 0.96 × 54.88%
Sep 30, 2022 45.22% = 0.85 × 0.96 × 55.08%
Jun 30, 2022 46.48% = 0.87 × 0.96 × 55.84%
Mar 31, 2022 47.70% = 0.87 × 0.96 × 56.92%
Dec 31, 2021 46.00% = 0.84 × 0.96 × 56.86%
Sep 30, 2021 45.50% = 0.84 × 0.96 × 56.67%
Jun 30, 2021 43.22% = 0.82 × 0.95 × 55.13%
Mar 31, 2021 42.38% = 0.82 × 0.95 × 54.26%
Dec 31, 2020 41.90% = 0.83 × 0.95 × 53.20%
Sep 30, 2020 43.13% = 0.83 × 0.96 × 53.90%
Jun 30, 2020 45.12% = 0.84 × 0.97 × 55.37%
Mar 31, 2020 46.75% = 0.84 × 0.97 × 57.41%
Dec 31, 2019 48.08% = 0.83 × 0.98 × 58.96%
Sep 30, 2019 42.50% = 0.82 × 0.98 × 53.32%
Jun 30, 2019 42.71% = 0.82 × 0.98 × 53.43%
Mar 31, 2019 40.82% = 0.82 × 0.98 × 51.07%
Dec 31, 2018 39.19% = 0.81 × 0.97 × 49.43%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 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).

The primary reason for the decrease in net profit margin ratio over Q1 2023 is the decrease in effect of taxes measured by tax burden ratio.