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
ROE | = | ROA | × | Financial Leverage | |
---|---|---|---|---|---|
May 31, 2023 | = | × | |||
May 31, 2022 | = | × | |||
May 31, 2021 | = | × | |||
May 31, 2020 | = | × | |||
May 31, 2019 | = | × | |||
May 31, 2018 | = | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Three-Component Disaggregation of ROE
ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
---|---|---|---|---|---|---|---|
May 31, 2023 | = | × | × | ||||
May 31, 2022 | = | × | × | ||||
May 31, 2021 | = | × | × | ||||
May 31, 2020 | = | × | × | ||||
May 31, 2019 | = | × | × | ||||
May 31, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Five-Component Disaggregation of ROE
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Two-Component Disaggregation of ROA
ROA | = | Net Profit Margin | × | Asset Turnover | |
---|---|---|---|---|---|
May 31, 2023 | = | × | |||
May 31, 2022 | = | × | |||
May 31, 2021 | = | × | |||
May 31, 2020 | = | × | |||
May 31, 2019 | = | × | |||
May 31, 2018 | = | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
---|---|---|---|---|---|---|---|---|---|
May 31, 2023 | = | × | × | × | |||||
May 31, 2022 | = | × | × | × | |||||
May 31, 2021 | = | × | × | × | |||||
May 31, 2020 | = | × | × | × | |||||
May 31, 2019 | = | × | × | × | |||||
May 31, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in effect of taxes measured by tax burden ratio.
Disaggregation of Net Profit Margin
Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
---|---|---|---|---|---|---|---|
May 31, 2023 | = | × | × | ||||
May 31, 2022 | = | × | × | ||||
May 31, 2021 | = | × | × | ||||
May 31, 2020 | = | × | × | ||||
May 31, 2019 | = | × | × | ||||
May 31, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
The primary reason for the increase in net profit margin ratio over 2023 year is the increase in effect of taxes measured by tax burden ratio.