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DuPont Analysis: Decomposition of ROE
Difficulty: Beginner
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Walmart Inc., decomposition of ROE
Based on: 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21), 10-K (filing date: 2013-03-26).
The primary reason for the decrease in Return on Equity (ROE) over 2018 year is the decrease in profitability measured by Return on Assets (ROA).
Three-Component Disaggregation of ROE
Walmart Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Leverage | |
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| Jan 31, 2018 | |
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Based on: 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21), 10-K (filing date: 2013-03-26).
The primary reason for the decrease in Return on Equity (ROE) over 2018 year is the decrease in profitability measured by Net Profit Margin.
Five-Component Disaggregation of ROE
Walmart Inc., decomposition of ROE
| ROE | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | × | Leverage | |
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| Jan 31, 2018 | |
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| Jan 31, 2017 | |
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| Jan 31, 2014 | |
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| Jan 31, 2013 | |
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Based on: 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21), 10-K (filing date: 2013-03-26).
The primary reason for the decrease in Return on Equity (ROE) over 2018 year is the decrease in operating profitability measured by EBIT Margin.
Two-Way Decomposition of ROA
Walmart Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Jan 31, 2018 | |
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| Jan 31, 2017 | |
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| Jan 31, 2016 | |
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| Jan 31, 2015 | |
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| Jan 31, 2014 | |
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| Jan 31, 2013 | |
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Based on: 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21), 10-K (filing date: 2013-03-26).
The primary reason for the decrease in Return on Assets (ROA) over 2018 year is the decrease in profitability measured by Net Profit Margin.
Four-Way Decomposition of ROA
Walmart Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2018 | |
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| Jan 31, 2017 | |
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| Jan 31, 2016 | |
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| Jan 31, 2015 | |
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| Jan 31, 2014 | |
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| Jan 31, 2013 | |
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Based on: 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21), 10-K (filing date: 2013-03-26).
The primary reason for the decrease in Return on Assets (ROA) over 2018 year is the decrease in operating profitability measured by EBIT Margin.
Decomposition of Net Profit Margin
Walmart Inc., decomposition of Net Profit Margin
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2018 | |
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| Jan 31, 2017 | |
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| Jan 31, 2016 | |
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| Jan 31, 2015 | |
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| Jan 31, 2014 | |
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| Jan 31, 2013 | |
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Based on: 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21), 10-K (filing date: 2013-03-26).
The primary reason for the decrease in Net Profit Margin over 2018 year is the decrease in operating profitability measured by EBIT Margin.
