DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Two-Component Disaggregation of ROE
Salesforce Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | |||
| Jan 31, 2024 | = | × | |||
| Jan 31, 2023 | = | × | |||
| Jan 31, 2022 | = | × | |||
| Jan 31, 2021 | = | × | |||
| Jan 31, 2020 | = | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on equity ratio (ROE) over 2025 year is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Salesforce Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | × | ||||
| Jan 31, 2024 | = | × | × | ||||
| Jan 31, 2023 | = | × | × | ||||
| Jan 31, 2022 | = | × | × | ||||
| Jan 31, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on equity ratio (ROE) over 2025 year is the increase in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Salesforce Inc., decomposition of ROE
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on equity ratio (ROE) over 2025 year is the increase in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
Salesforce Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | |||
| Jan 31, 2024 | = | × | |||
| Jan 31, 2023 | = | × | |||
| Jan 31, 2022 | = | × | |||
| Jan 31, 2021 | = | × | |||
| Jan 31, 2020 | = | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on assets ratio (ROA) over 2025 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Salesforce Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | × | × | |||||
| Jan 31, 2024 | = | × | × | × | |||||
| Jan 31, 2023 | = | × | × | × | |||||
| Jan 31, 2022 | = | × | × | × | |||||
| Jan 31, 2021 | = | × | × | × | |||||
| Jan 31, 2020 | = | × | × | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in return on assets ratio (ROA) over 2025 year is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Salesforce Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | = | × | × | ||||
| Jan 31, 2024 | = | × | × | ||||
| Jan 31, 2023 | = | × | × | ||||
| Jan 31, 2022 | = | × | × | ||||
| Jan 31, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The primary reason for the increase in net profit margin ratio over 2025 year is the increase in operating profitability measured by EBIT margin ratio.