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DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Beginner level
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
TJX Cos. Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Feb 1, 2020 | = | × | |||
| Feb 2, 2019 | = | × | |||
| Feb 3, 2018 | = | × | |||
| Jan 28, 2017 | = | × | |||
| Jan 30, 2016 | = | × | |||
| Jan 31, 2015 | = | × |
Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2020 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
TJX Cos. Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Feb 1, 2020 | = | × | × | ||||
| Feb 2, 2019 | = | × | × | ||||
| Feb 3, 2018 | = | × | × | ||||
| Jan 28, 2017 | = | × | × | ||||
| Jan 30, 2016 | = | × | × | ||||
| Jan 31, 2015 | = | × | × |
Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2020 year is the decrease in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
TJX Cos. Inc., decomposition of ROE
Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2020 year is the decrease in efficiency measured by asset turnover ratio.
Two-Component Disaggregation of ROA
TJX Cos. Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Feb 1, 2020 | = | × | |||
| Feb 2, 2019 | = | × | |||
| Feb 3, 2018 | = | × | |||
| Jan 28, 2017 | = | × | |||
| Jan 30, 2016 | = | × | |||
| Jan 31, 2015 | = | × |
Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
The primary reason for the decrease in return on assets ratio (ROA) over 2020 year is the decrease in asset turnover ratio.
Four-Component Disaggregation of ROA
TJX Cos. Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 1, 2020 | = | × | × | × | |||||
| Feb 2, 2019 | = | × | × | × | |||||
| Feb 3, 2018 | = | × | × | × | |||||
| Jan 28, 2017 | = | × | × | × | |||||
| Jan 30, 2016 | = | × | × | × | |||||
| Jan 31, 2015 | = | × | × | × |
Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
The primary reason for the decrease in return on assets ratio (ROA) over 2020 year is the decrease in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
TJX Cos. Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Feb 1, 2020 | = | × | × | ||||
| Feb 2, 2019 | = | × | × | ||||
| Feb 3, 2018 | = | × | × | ||||
| Jan 28, 2017 | = | × | × | ||||
| Jan 30, 2016 | = | × | × | ||||
| Jan 31, 2015 | = | × | × |
Based on: 10-K (filing date: 2020-03-27), 10-K (filing date: 2019-04-03), 10-K (filing date: 2018-04-04), 10-K (filing date: 2017-03-28), 10-K (filing date: 2016-03-29), 10-K (filing date: 2015-03-31).
The primary reason for the decrease in net profit margin ratio over 2020 year is the decrease in operating profitability measured by EBIT margin ratio.