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Target Corp. (TGT)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Beginner level

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE
Three-Component Disaggregation of ROE
Five-Component Disaggregation of ROE
Two-Component Disaggregation of ROA
Four-Component Disaggregation of ROA
Disaggregation of Net Profit Margin

Two-Component Disaggregation of ROE

Target Corp., decomposition of ROE (quarterly data)

	ROE	=	ROA	×	Financial Leverage

Nov 2, 2019		=		×
Aug 3, 2019		=		×
May 4, 2019		=		×
Feb 2, 2019		=		×
Nov 3, 2018		=		×
Aug 4, 2018		=		×
May 5, 2018		=		×
Feb 3, 2018		=		×
Oct 28, 2017		=		×
Jul 29, 2017		=		×
Apr 29, 2017		=		×
Jan 28, 2017		=		×
Oct 29, 2016		=		×
Jul 30, 2016		=		×
Apr 30, 2016		=		×
Jan 30, 2016		=		×
Oct 31, 2015		=		×
Aug 1, 2015		=		×
May 2, 2015		=		×
Jan 31, 2015		=		×
Nov 1, 2014		=		×
Aug 2, 2014		=		×
May 3, 2014		=		×
Feb 1, 2014		=		×
Nov 2, 2013		=		×
Aug 3, 2013		=		×
May 4, 2013		=		×

Based on: 10-Q (filing date: 2019-11-27), 10-Q (filing date: 2019-08-30), 10-Q (filing date: 2019-05-31), 10-K (filing date: 2019-03-13), 10-Q (filing date: 2018-11-27), 10-Q (filing date: 2018-08-27), 10-Q (filing date: 2018-05-29), 10-K (filing date: 2018-03-14), 10-Q (filing date: 2017-11-20), 10-Q (filing date: 2017-08-21), 10-Q (filing date: 2017-05-22), 10-K (filing date: 2017-03-08), 10-Q (filing date: 2016-11-23), 10-Q (filing date: 2016-08-24), 10-Q (filing date: 2016-05-25), 10-K (filing date: 2016-03-11), 10-Q (filing date: 2015-11-25), 10-Q (filing date: 2015-08-25), 10-Q (filing date: 2015-05-28), 10-K (filing date: 2015-03-13), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-27), 10-Q (filing date: 2014-05-29), 10-K (filing date: 2014-03-14), 10-Q (filing date: 2013-11-27), 10-Q (filing date: 2013-08-28), 10-Q (filing date: 2013-05-30).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2020 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

Target Corp., decomposition of ROE (quarterly data)

	ROE	=	Net Profit Margin	×	Asset Turnover	×	Financial Leverage

Nov 2, 2019		=		×		×
Aug 3, 2019		=		×		×
May 4, 2019		=		×		×
Feb 2, 2019		=		×		×
Nov 3, 2018		=		×		×
Aug 4, 2018		=		×		×
May 5, 2018		=		×		×
Feb 3, 2018		=		×		×
Oct 28, 2017		=		×		×
Jul 29, 2017		=		×		×
Apr 29, 2017		=		×		×
Jan 28, 2017		=		×		×
Oct 29, 2016		=		×		×
Jul 30, 2016		=		×		×
Apr 30, 2016		=		×		×
Jan 30, 2016		=		×		×
Oct 31, 2015		=		×		×
Aug 1, 2015		=		×		×
May 2, 2015		=		×		×
Jan 31, 2015		=		×		×
Nov 1, 2014		=		×		×
Aug 2, 2014		=		×		×
May 3, 2014		=		×		×
Feb 1, 2014		=		×		×
Nov 2, 2013		=		×		×
Aug 3, 2013		=		×		×
May 4, 2013		=		×		×

Based on: 10-Q (filing date: 2019-11-27), 10-Q (filing date: 2019-08-30), 10-Q (filing date: 2019-05-31), 10-K (filing date: 2019-03-13), 10-Q (filing date: 2018-11-27), 10-Q (filing date: 2018-08-27), 10-Q (filing date: 2018-05-29), 10-K (filing date: 2018-03-14), 10-Q (filing date: 2017-11-20), 10-Q (filing date: 2017-08-21), 10-Q (filing date: 2017-05-22), 10-K (filing date: 2017-03-08), 10-Q (filing date: 2016-11-23), 10-Q (filing date: 2016-08-24), 10-Q (filing date: 2016-05-25), 10-K (filing date: 2016-03-11), 10-Q (filing date: 2015-11-25), 10-Q (filing date: 2015-08-25), 10-Q (filing date: 2015-05-28), 10-K (filing date: 2015-03-13), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-27), 10-Q (filing date: 2014-05-29), 10-K (filing date: 2014-03-14), 10-Q (filing date: 2013-11-27), 10-Q (filing date: 2013-08-28), 10-Q (filing date: 2013-05-30).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2020 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Target Corp., decomposition of ROE (quarterly data)

	ROE	=	Tax Burden	×	Interest Burden	×	EBIT Margin	×	Asset Turnover	×	Financial Leverage

Nov 2, 2019		=		×		×		×		×
Aug 3, 2019		=		×		×		×		×
May 4, 2019		=		×		×		×		×
Feb 2, 2019		=		×		×		×		×
Nov 3, 2018		=		×		×		×		×
Aug 4, 2018		=		×		×		×		×
May 5, 2018		=		×		×		×		×
Feb 3, 2018		=		×		×		×		×
Oct 28, 2017		=		×		×		×		×
Jul 29, 2017		=		×		×		×		×
Apr 29, 2017		=		×		×		×		×
Jan 28, 2017		=		×		×		×		×
Oct 29, 2016		=		×		×		×		×
Jul 30, 2016		=		×		×		×		×
Apr 30, 2016		=		×		×		×		×
Jan 30, 2016		=		×		×		×		×
Oct 31, 2015		=		×		×		×		×
Aug 1, 2015		=		×		×		×		×
May 2, 2015		=		×		×		×		×
Jan 31, 2015		=		×		×		×		×
Nov 1, 2014		=		×		×		×		×
Aug 2, 2014		=		×		×		×		×
May 3, 2014		=		×		×		×		×
Feb 1, 2014		=		×		×		×		×
Nov 2, 2013		=		×		×		×		×
Aug 3, 2013		=		×		×		×		×
May 4, 2013		=		×		×		×		×

Based on: 10-Q (filing date: 2019-11-27), 10-Q (filing date: 2019-08-30), 10-Q (filing date: 2019-05-31), 10-K (filing date: 2019-03-13), 10-Q (filing date: 2018-11-27), 10-Q (filing date: 2018-08-27), 10-Q (filing date: 2018-05-29), 10-K (filing date: 2018-03-14), 10-Q (filing date: 2017-11-20), 10-Q (filing date: 2017-08-21), 10-Q (filing date: 2017-05-22), 10-K (filing date: 2017-03-08), 10-Q (filing date: 2016-11-23), 10-Q (filing date: 2016-08-24), 10-Q (filing date: 2016-05-25), 10-K (filing date: 2016-03-11), 10-Q (filing date: 2015-11-25), 10-Q (filing date: 2015-08-25), 10-Q (filing date: 2015-05-28), 10-K (filing date: 2015-03-13), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-27), 10-Q (filing date: 2014-05-29), 10-K (filing date: 2014-03-14), 10-Q (filing date: 2013-11-27), 10-Q (filing date: 2013-08-28), 10-Q (filing date: 2013-05-30).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2020 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Target Corp., decomposition of ROA (quarterly data)

	ROA	=	Net Profit Margin	×	Asset Turnover

Nov 2, 2019		=		×
Aug 3, 2019		=		×
May 4, 2019		=		×
Feb 2, 2019		=		×
Nov 3, 2018		=		×
Aug 4, 2018		=		×
May 5, 2018		=		×
Feb 3, 2018		=		×
Oct 28, 2017		=		×
Jul 29, 2017		=		×
Apr 29, 2017		=		×
Jan 28, 2017		=		×
Oct 29, 2016		=		×
Jul 30, 2016		=		×
Apr 30, 2016		=		×
Jan 30, 2016		=		×
Oct 31, 2015		=		×
Aug 1, 2015		=		×
May 2, 2015		=		×
Jan 31, 2015		=		×
Nov 1, 2014		=		×
Aug 2, 2014		=		×
May 3, 2014		=		×
Feb 1, 2014		=		×
Nov 2, 2013		=		×
Aug 3, 2013		=		×
May 4, 2013		=		×

Based on: 10-Q (filing date: 2019-11-27), 10-Q (filing date: 2019-08-30), 10-Q (filing date: 2019-05-31), 10-K (filing date: 2019-03-13), 10-Q (filing date: 2018-11-27), 10-Q (filing date: 2018-08-27), 10-Q (filing date: 2018-05-29), 10-K (filing date: 2018-03-14), 10-Q (filing date: 2017-11-20), 10-Q (filing date: 2017-08-21), 10-Q (filing date: 2017-05-22), 10-K (filing date: 2017-03-08), 10-Q (filing date: 2016-11-23), 10-Q (filing date: 2016-08-24), 10-Q (filing date: 2016-05-25), 10-K (filing date: 2016-03-11), 10-Q (filing date: 2015-11-25), 10-Q (filing date: 2015-08-25), 10-Q (filing date: 2015-05-28), 10-K (filing date: 2015-03-13), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-27), 10-Q (filing date: 2014-05-29), 10-K (filing date: 2014-03-14), 10-Q (filing date: 2013-11-27), 10-Q (filing date: 2013-08-28), 10-Q (filing date: 2013-05-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Target Corp., decomposition of ROA (quarterly data)

	ROA	=	Tax Burden	×	Interest Burden	×	EBIT Margin	×	Asset Turnover

Nov 2, 2019		=		×		×		×
Aug 3, 2019		=		×		×		×
May 4, 2019		=		×		×		×
Feb 2, 2019		=		×		×		×
Nov 3, 2018		=		×		×		×
Aug 4, 2018		=		×		×		×
May 5, 2018		=		×		×		×
Feb 3, 2018		=		×		×		×
Oct 28, 2017		=		×		×		×
Jul 29, 2017		=		×		×		×
Apr 29, 2017		=		×		×		×
Jan 28, 2017		=		×		×		×
Oct 29, 2016		=		×		×		×
Jul 30, 2016		=		×		×		×
Apr 30, 2016		=		×		×		×
Jan 30, 2016		=		×		×		×
Oct 31, 2015		=		×		×		×
Aug 1, 2015		=		×		×		×
May 2, 2015		=		×		×		×
Jan 31, 2015		=		×		×		×
Nov 1, 2014		=		×		×		×
Aug 2, 2014		=		×		×		×
May 3, 2014		=		×		×		×
Feb 1, 2014		=		×		×		×
Nov 2, 2013		=		×		×		×
Aug 3, 2013		=		×		×		×
May 4, 2013		=		×		×		×

Based on: 10-Q (filing date: 2019-11-27), 10-Q (filing date: 2019-08-30), 10-Q (filing date: 2019-05-31), 10-K (filing date: 2019-03-13), 10-Q (filing date: 2018-11-27), 10-Q (filing date: 2018-08-27), 10-Q (filing date: 2018-05-29), 10-K (filing date: 2018-03-14), 10-Q (filing date: 2017-11-20), 10-Q (filing date: 2017-08-21), 10-Q (filing date: 2017-05-22), 10-K (filing date: 2017-03-08), 10-Q (filing date: 2016-11-23), 10-Q (filing date: 2016-08-24), 10-Q (filing date: 2016-05-25), 10-K (filing date: 2016-03-11), 10-Q (filing date: 2015-11-25), 10-Q (filing date: 2015-08-25), 10-Q (filing date: 2015-05-28), 10-K (filing date: 2015-03-13), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-27), 10-Q (filing date: 2014-05-29), 10-K (filing date: 2014-03-14), 10-Q (filing date: 2013-11-27), 10-Q (filing date: 2013-08-28), 10-Q (filing date: 2013-05-30).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2020 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Target Corp., decomposition of net profit margin ratio (quarterly data)

	Net Profit Margin	=	Tax Burden	×	Interest Burden	×	EBIT Margin

Nov 2, 2019		=		×		×
Aug 3, 2019		=		×		×
May 4, 2019		=		×		×
Feb 2, 2019		=		×		×
Nov 3, 2018		=		×		×
Aug 4, 2018		=		×		×
May 5, 2018		=		×		×
Feb 3, 2018		=		×		×
Oct 28, 2017		=		×		×
Jul 29, 2017		=		×		×
Apr 29, 2017		=		×		×
Jan 28, 2017		=		×		×
Oct 29, 2016		=		×		×
Jul 30, 2016		=		×		×
Apr 30, 2016		=		×		×
Jan 30, 2016		=		×		×
Oct 31, 2015		=		×		×
Aug 1, 2015		=		×		×
May 2, 2015		=		×		×
Jan 31, 2015		=		×		×
Nov 1, 2014		=		×		×
Aug 2, 2014		=		×		×
May 3, 2014		=		×		×
Feb 1, 2014		=		×		×
Nov 2, 2013		=		×		×
Aug 3, 2013		=		×		×
May 4, 2013		=		×		×

Based on: 10-Q (filing date: 2019-11-27), 10-Q (filing date: 2019-08-30), 10-Q (filing date: 2019-05-31), 10-K (filing date: 2019-03-13), 10-Q (filing date: 2018-11-27), 10-Q (filing date: 2018-08-27), 10-Q (filing date: 2018-05-29), 10-K (filing date: 2018-03-14), 10-Q (filing date: 2017-11-20), 10-Q (filing date: 2017-08-21), 10-Q (filing date: 2017-05-22), 10-K (filing date: 2017-03-08), 10-Q (filing date: 2016-11-23), 10-Q (filing date: 2016-08-24), 10-Q (filing date: 2016-05-25), 10-K (filing date: 2016-03-11), 10-Q (filing date: 2015-11-25), 10-Q (filing date: 2015-08-25), 10-Q (filing date: 2015-05-28), 10-K (filing date: 2015-03-13), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-27), 10-Q (filing date: 2014-05-29), 10-K (filing date: 2014-03-14), 10-Q (filing date: 2013-11-27), 10-Q (filing date: 2013-08-28), 10-Q (filing date: 2013-05-30).

The primary reason for the increase in net profit margin ratio over Q3 2020 is the increase in operating profitability measured by EBIT margin ratio.

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