Stock Analysis on Net
Stock Analysis on Net

Visa Inc. (NYSE:V)

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

Visa Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2023 40.94% = 18.20% × 2.25
Dec 31, 2022 41.10% = 17.77% × 2.31
Sep 30, 2022 42.04% = 17.49% × 2.40
Jun 30, 2022 41.15% = 17.10% × 2.41
Mar 31, 2022 38.25% = 16.83% × 2.27
Dec 31, 2021 36.32% = 16.04% × 2.26
Sep 30, 2021 32.75% = 14.85% × 2.21
Jun 30, 2021 28.75% = 13.14% × 2.19
Mar 31, 2021 28.28% = 13.30% × 2.13
Dec 31, 2020 28.45% = 13.33% × 2.13
Sep 30, 2020 30.01% = 13.43% × 2.23
Jun 30, 2020 33.09% = 15.09% × 2.19
Mar 31, 2020 36.09% = 17.14% × 2.11
Dec 31, 2019 35.09% = 16.55% × 2.12
Sep 30, 2019 34.83% = 16.65% × 2.09
Jun 30, 2019 34.00% = 16.94% × 2.01
Mar 31, 2019 32.47% = 15.93% × 2.04
Dec 31, 2018 31.55% = 15.01% × 2.10
Sep 30, 2018 30.29% = 14.88% × 2.04
Jun 30, 2018 28.80% = 14.08% × 2.05
Mar 31, 2018 27.35% = 13.51% × 2.02
Dec 31, 2017 21.41% = 10.65% × 2.01
Sep 30, 2017 20.45% = 9.85% × 2.08
Jun 30, 2017 — = — × 2.00
Mar 31, 2017 — = — × 2.05
Dec 31, 2016 — = — × 2.00

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Visa Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 40.94% = 50.95% × 0.36 × 2.25
Dec 31, 2022 41.10% = 50.28% × 0.35 × 2.31
Sep 30, 2022 42.04% = 51.03% × 0.34 × 2.40
Jun 30, 2022 41.15% = 51.99% × 0.33 × 2.41
Mar 31, 2022 38.25% = 51.10% × 0.33 × 2.27
Dec 31, 2021 36.32% = 51.59% × 0.31 × 2.26
Sep 30, 2021 32.75% = 51.07% × 0.29 × 2.21
Jun 30, 2021 28.75% = 47.97% × 0.27 × 2.19
Mar 31, 2021 28.28% = 49.93% × 0.27 × 2.13
Dec 31, 2020 28.45% = 49.91% × 0.27 × 2.13
Sep 30, 2020 30.01% = 49.74% × 0.27 × 2.23
Jun 30, 2020 33.09% = 51.37% × 0.29 × 2.19
Mar 31, 2020 36.09% = 52.26% × 0.33 × 2.11
Dec 31, 2019 35.09% = 52.60% × 0.31 × 2.12
Sep 30, 2019 34.83% = 52.57% × 0.32 × 2.09
Jun 30, 2019 34.00% = 53.43% × 0.32 × 2.01
Mar 31, 2019 32.47% = 51.34% × 0.31 × 2.04
Dec 31, 2018 31.55% = 50.61% × 0.30 × 2.10
Sep 30, 2018 30.29% = 49.98% × 0.30 × 2.04
Jun 30, 2018 28.80% = 47.91% × 0.29 × 2.05
Mar 31, 2018 27.35% = 48.18% × 0.28 × 2.02
Dec 31, 2017 21.41% = 38.12% × 0.28 × 2.01
Sep 30, 2017 20.45% = 36.49% × 0.27 × 2.08
Jun 30, 2017 — = — × — × 2.00
Mar 31, 2017 — = — × — × 2.05
Dec 31, 2016 — = — × — × 2.00

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Visa Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 40.94% = 0.83 × 0.97 × 62.94% × 0.36 × 2.25
Dec 31, 2022 41.10% = 0.83 × 0.97 × 62.14% × 0.35 × 2.31
Sep 30, 2022 42.04% = 0.82 × 0.97 × 63.71% × 0.34 × 2.40
Jun 30, 2022 41.15% = 0.83 × 0.97 × 64.35% × 0.33 × 2.41
Mar 31, 2022 38.25% = 0.76 × 0.97 × 69.24% × 0.33 × 2.27
Dec 31, 2021 36.32% = 0.76 × 0.97 × 69.56% × 0.31 × 2.26
Sep 30, 2021 32.75% = 0.77 × 0.97 × 68.77% × 0.29 × 2.21
Jun 30, 2021 28.75% = 0.73 × 0.97 × 67.79% × 0.27 × 2.19
Mar 31, 2021 28.28% = 0.80 × 0.96 × 65.13% × 0.27 × 2.13
Dec 31, 2020 28.45% = 0.79 × 0.96 × 65.67% × 0.27 × 2.13
Sep 30, 2020 30.01% = 0.79 × 0.96 × 65.49% × 0.27 × 2.23
Jun 30, 2020 33.09% = 0.81 × 0.97 × 65.28% × 0.29 × 2.19
Mar 31, 2020 36.09% = 0.81 × 0.97 × 66.39% × 0.33 × 2.11
Dec 31, 2019 35.09% = 0.81 × 0.97 × 66.85% × 0.31 × 2.12
Sep 30, 2019 34.83% = 0.81 × 0.97 × 67.10% × 0.32 × 2.09
Jun 30, 2019 34.00% = 0.81 × 0.96 × 68.57% × 0.32 × 2.01
Mar 31, 2019 32.47% = 0.81 × 0.96 × 65.73% × 0.31 × 2.04
Dec 31, 2018 31.55% = 0.82 × 0.96 × 64.93% × 0.30 × 2.10
Sep 30, 2018 30.29% = 0.80 × 0.95 × 65.11% × 0.30 × 2.04
Jun 30, 2018 28.80% = 0.78 × 0.95 × 64.79% × 0.29 × 2.05
Mar 31, 2018 27.35% = 0.75 × 0.95 × 67.50% × 0.28 × 2.02
Dec 31, 2017 21.41% = 0.60 × 0.95 × 66.80% × 0.28 × 2.01
Sep 30, 2017 20.45% = 0.57 × 0.95 × 66.77% × 0.27 × 2.08
Jun 30, 2017 — = — × — × — × — × 2.00
Mar 31, 2017 — = — × — × — × — × 2.05
Dec 31, 2016 — = — × — × — × — × 2.00

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2023 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Visa Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2023 18.20% = 50.95% × 0.36
Dec 31, 2022 17.77% = 50.28% × 0.35
Sep 30, 2022 17.49% = 51.03% × 0.34
Jun 30, 2022 17.10% = 51.99% × 0.33
Mar 31, 2022 16.83% = 51.10% × 0.33
Dec 31, 2021 16.04% = 51.59% × 0.31
Sep 30, 2021 14.85% = 51.07% × 0.29
Jun 30, 2021 13.14% = 47.97% × 0.27
Mar 31, 2021 13.30% = 49.93% × 0.27
Dec 31, 2020 13.33% = 49.91% × 0.27
Sep 30, 2020 13.43% = 49.74% × 0.27
Jun 30, 2020 15.09% = 51.37% × 0.29
Mar 31, 2020 17.14% = 52.26% × 0.33
Dec 31, 2019 16.55% = 52.60% × 0.31
Sep 30, 2019 16.65% = 52.57% × 0.32
Jun 30, 2019 16.94% = 53.43% × 0.32
Mar 31, 2019 15.93% = 51.34% × 0.31
Dec 31, 2018 15.01% = 50.61% × 0.30
Sep 30, 2018 14.88% = 49.98% × 0.30
Jun 30, 2018 14.08% = 47.91% × 0.29
Mar 31, 2018 13.51% = 48.18% × 0.28
Dec 31, 2017 10.65% = 38.12% × 0.28
Sep 30, 2017 9.85% = 36.49% × 0.27
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × —
Dec 31, 2016 — = — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2023 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Visa Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2023 18.20% = 0.83 × 0.97 × 62.94% × 0.36
Dec 31, 2022 17.77% = 0.83 × 0.97 × 62.14% × 0.35
Sep 30, 2022 17.49% = 0.82 × 0.97 × 63.71% × 0.34
Jun 30, 2022 17.10% = 0.83 × 0.97 × 64.35% × 0.33
Mar 31, 2022 16.83% = 0.76 × 0.97 × 69.24% × 0.33
Dec 31, 2021 16.04% = 0.76 × 0.97 × 69.56% × 0.31
Sep 30, 2021 14.85% = 0.77 × 0.97 × 68.77% × 0.29
Jun 30, 2021 13.14% = 0.73 × 0.97 × 67.79% × 0.27
Mar 31, 2021 13.30% = 0.80 × 0.96 × 65.13% × 0.27
Dec 31, 2020 13.33% = 0.79 × 0.96 × 65.67% × 0.27
Sep 30, 2020 13.43% = 0.79 × 0.96 × 65.49% × 0.27
Jun 30, 2020 15.09% = 0.81 × 0.97 × 65.28% × 0.29
Mar 31, 2020 17.14% = 0.81 × 0.97 × 66.39% × 0.33
Dec 31, 2019 16.55% = 0.81 × 0.97 × 66.85% × 0.31
Sep 30, 2019 16.65% = 0.81 × 0.97 × 67.10% × 0.32
Jun 30, 2019 16.94% = 0.81 × 0.96 × 68.57% × 0.32
Mar 31, 2019 15.93% = 0.81 × 0.96 × 65.73% × 0.31
Dec 31, 2018 15.01% = 0.82 × 0.96 × 64.93% × 0.30
Sep 30, 2018 14.88% = 0.80 × 0.95 × 65.11% × 0.30
Jun 30, 2018 14.08% = 0.78 × 0.95 × 64.79% × 0.29
Mar 31, 2018 13.51% = 0.75 × 0.95 × 67.50% × 0.28
Dec 31, 2017 10.65% = 0.60 × 0.95 × 66.80% × 0.28
Sep 30, 2017 9.85% = 0.57 × 0.95 × 66.77% × 0.27
Jun 30, 2017 — = — × — × — × —
Mar 31, 2017 — = — × — × — × —
Dec 31, 2016 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2023 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

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

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2023 50.95% = 0.83 × 0.97 × 62.94%
Dec 31, 2022 50.28% = 0.83 × 0.97 × 62.14%
Sep 30, 2022 51.03% = 0.82 × 0.97 × 63.71%
Jun 30, 2022 51.99% = 0.83 × 0.97 × 64.35%
Mar 31, 2022 51.10% = 0.76 × 0.97 × 69.24%
Dec 31, 2021 51.59% = 0.76 × 0.97 × 69.56%
Sep 30, 2021 51.07% = 0.77 × 0.97 × 68.77%
Jun 30, 2021 47.97% = 0.73 × 0.97 × 67.79%
Mar 31, 2021 49.93% = 0.80 × 0.96 × 65.13%
Dec 31, 2020 49.91% = 0.79 × 0.96 × 65.67%
Sep 30, 2020 49.74% = 0.79 × 0.96 × 65.49%
Jun 30, 2020 51.37% = 0.81 × 0.97 × 65.28%
Mar 31, 2020 52.26% = 0.81 × 0.97 × 66.39%
Dec 31, 2019 52.60% = 0.81 × 0.97 × 66.85%
Sep 30, 2019 52.57% = 0.81 × 0.97 × 67.10%
Jun 30, 2019 53.43% = 0.81 × 0.96 × 68.57%
Mar 31, 2019 51.34% = 0.81 × 0.96 × 65.73%
Dec 31, 2018 50.61% = 0.82 × 0.96 × 64.93%
Sep 30, 2018 49.98% = 0.80 × 0.95 × 65.11%
Jun 30, 2018 47.91% = 0.78 × 0.95 × 64.79%
Mar 31, 2018 48.18% = 0.75 × 0.95 × 67.50%
Dec 31, 2017 38.12% = 0.60 × 0.95 × 66.80%
Sep 30, 2017 36.49% = 0.57 × 0.95 × 66.77%
Jun 30, 2017 — = — × — × —
Mar 31, 2017 — = — × — × —
Dec 31, 2016 — = — × — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The primary reason for the increase in net profit margin ratio over Q2 2023 is the increase in operating profitability measured by EBIT margin ratio.