Stock Analysis on Net
Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

This company has been moved to the archive! The financial data has not been updated since July 31, 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

Activision Blizzard Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2023 10.41% = 7.59% × 1.37
Mar 31, 2023 9.24% = 6.78% × 1.36
Dec 31, 2022 7.86% = 5.53% × 1.42
Sep 30, 2022 8.91% = 6.54% × 1.36
Jun 30, 2022 10.30% = 7.52% × 1.37
Mar 31, 2022 13.88% = 9.90% × 1.40
Dec 31, 2021 15.34% = 10.77% × 1.42
Sep 30, 2021 15.59% = 11.02% × 1.41
Jun 30, 2021 16.01% = 11.06% × 1.45
Mar 31, 2021 15.07% = 9.87% × 1.53
Dec 31, 2020 14.61% = 9.51% × 1.54
Sep 30, 2020 15.39% = 10.26% × 1.50
Jun 30, 2020 13.25% = 8.97% × 1.48
Mar 31, 2020 11.99% = 7.96% × 1.51
Dec 31, 2019 11.74% = 7.57% × 1.55
Sep 30, 2019 13.32% = 9.15% × 1.46
Jun 30, 2019 14.08% = 9.64% × 1.46
Mar 31, 2019 15.18% = 9.81% × 1.55
Dec 31, 2018 15.96% = 10.17% × 1.57
Sep 30, 2018 — = — × 1.57
Jun 30, 2018 — = — × 1.74
Mar 31, 2018 — = — × 1.87

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

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

Three-Component Disaggregation of ROE

Activision Blizzard Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 10.41% = 24.87% × 0.31 × 1.37
Mar 31, 2023 9.24% = 22.82% × 0.30 × 1.36
Dec 31, 2022 7.86% = 20.10% × 0.27 × 1.42
Sep 30, 2022 8.91% = 22.77% × 0.29 × 1.36
Jun 30, 2022 10.30% = 24.58% × 0.31 × 1.37
Mar 31, 2022 13.88% = 29.83% × 0.33 × 1.40
Dec 31, 2021 15.34% = 30.66% × 0.35 × 1.42
Sep 30, 2021 15.59% = 29.18% × 0.38 × 1.41
Jun 30, 2021 16.01% = 29.17% × 0.38 × 1.45
Mar 31, 2021 15.07% = 26.96% × 0.37 × 1.53
Dec 31, 2020 14.61% = 27.17% × 0.35 × 1.54
Sep 30, 2020 15.39% = 28.89% × 0.36 × 1.50
Jun 30, 2020 13.25% = 25.94% × 0.35 × 1.48
Mar 31, 2020 11.99% = 24.19% × 0.33 × 1.51
Dec 31, 2019 11.74% = 23.16% × 0.33 × 1.55
Sep 30, 2019 13.32% = 23.67% × 0.39 × 1.46
Jun 30, 2019 14.08% = 23.70% × 0.41 × 1.46
Mar 31, 2019 15.18% = 23.91% × 0.41 × 1.55
Dec 31, 2018 15.96% = 24.17% × 0.42 × 1.57
Sep 30, 2018 — = — × — × 1.57
Jun 30, 2018 — = — × — × 1.74
Mar 31, 2018 — = — × — × 1.87

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

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

Five-Component Disaggregation of ROE

Activision Blizzard Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 10.41% = 0.84 × 0.96 × 30.84% × 0.31 × 1.37
Mar 31, 2023 9.24% = 0.85 × 0.95 × 28.02% × 0.30 × 1.36
Dec 31, 2022 7.86% = 0.87 × 0.94 × 24.60% × 0.27 × 1.42
Sep 30, 2022 8.91% = 0.87 × 0.97 × 26.89% × 0.29 × 1.36
Jun 30, 2022 10.30% = 0.86 × 0.98 × 29.26% × 0.31 × 1.37
Mar 31, 2022 13.88% = 0.86 × 0.99 × 34.85% × 0.33 × 1.40
Dec 31, 2021 15.34% = 0.85 × 1.00 × 35.94% × 0.35 × 1.42
Sep 30, 2021 15.59% = 0.86 × 1.00 × 34.12% × 0.38 × 1.41
Jun 30, 2021 16.01% = 0.85 × 1.00 × 34.15% × 0.38 × 1.45
Mar 31, 2021 15.07% = 0.83 × 1.00 × 32.39% × 0.37 × 1.53
Dec 31, 2020 14.61% = 0.84 × 1.00 × 32.35% × 0.35 × 1.54
Sep 30, 2020 15.39% = 0.89 × 1.00 × 32.64% × 0.36 × 1.50
Jun 30, 2020 13.25% = 0.89 × 1.00 × 29.01% × 0.35 × 1.48
Mar 31, 2020 11.99% = 0.93 × 1.00 × 25.88% × 0.33 × 1.51
Dec 31, 2019 11.74% = 0.92 × 1.00 × 25.17% × 0.33 × 1.55
Sep 30, 2019 13.32% = 0.87 × 1.00 × 27.25% × 0.39 × 1.46
Jun 30, 2019 14.08% = 0.92 × 1.00 × 25.85% × 0.41 × 1.46
Mar 31, 2019 15.18% = 0.94 × 1.00 × 25.50% × 0.41 × 1.55
Dec 31, 2018 15.96% = 0.97 × 1.00 × 25.03% × 0.42 × 1.57
Sep 30, 2018 — = — × — × — × — × 1.57
Jun 30, 2018 — = — × — × — × — × 1.74
Mar 31, 2018 — = — × — × — × — × 1.87

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

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

Two-Component Disaggregation of ROA

Activision Blizzard Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2023 7.59% = 24.87% × 0.31
Mar 31, 2023 6.78% = 22.82% × 0.30
Dec 31, 2022 5.53% = 20.10% × 0.27
Sep 30, 2022 6.54% = 22.77% × 0.29
Jun 30, 2022 7.52% = 24.58% × 0.31
Mar 31, 2022 9.90% = 29.83% × 0.33
Dec 31, 2021 10.77% = 30.66% × 0.35
Sep 30, 2021 11.02% = 29.18% × 0.38
Jun 30, 2021 11.06% = 29.17% × 0.38
Mar 31, 2021 9.87% = 26.96% × 0.37
Dec 31, 2020 9.51% = 27.17% × 0.35
Sep 30, 2020 10.26% = 28.89% × 0.36
Jun 30, 2020 8.97% = 25.94% × 0.35
Mar 31, 2020 7.96% = 24.19% × 0.33
Dec 31, 2019 7.57% = 23.16% × 0.33
Sep 30, 2019 9.15% = 23.67% × 0.39
Jun 30, 2019 9.64% = 23.70% × 0.41
Mar 31, 2019 9.81% = 23.91% × 0.41
Dec 31, 2018 10.17% = 24.17% × 0.42
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

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

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

Activision Blizzard Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2023 7.59% = 0.84 × 0.96 × 30.84% × 0.31
Mar 31, 2023 6.78% = 0.85 × 0.95 × 28.02% × 0.30
Dec 31, 2022 5.53% = 0.87 × 0.94 × 24.60% × 0.27
Sep 30, 2022 6.54% = 0.87 × 0.97 × 26.89% × 0.29
Jun 30, 2022 7.52% = 0.86 × 0.98 × 29.26% × 0.31
Mar 31, 2022 9.90% = 0.86 × 0.99 × 34.85% × 0.33
Dec 31, 2021 10.77% = 0.85 × 1.00 × 35.94% × 0.35
Sep 30, 2021 11.02% = 0.86 × 1.00 × 34.12% × 0.38
Jun 30, 2021 11.06% = 0.85 × 1.00 × 34.15% × 0.38
Mar 31, 2021 9.87% = 0.83 × 1.00 × 32.39% × 0.37
Dec 31, 2020 9.51% = 0.84 × 1.00 × 32.35% × 0.35
Sep 30, 2020 10.26% = 0.89 × 1.00 × 32.64% × 0.36
Jun 30, 2020 8.97% = 0.89 × 1.00 × 29.01% × 0.35
Mar 31, 2020 7.96% = 0.93 × 1.00 × 25.88% × 0.33
Dec 31, 2019 7.57% = 0.92 × 1.00 × 25.17% × 0.33
Sep 30, 2019 9.15% = 0.87 × 1.00 × 27.25% × 0.39
Jun 30, 2019 9.64% = 0.92 × 1.00 × 25.85% × 0.41
Mar 31, 2019 9.81% = 0.94 × 1.00 × 25.50% × 0.41
Dec 31, 2018 10.17% = 0.97 × 1.00 × 25.03% × 0.42
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

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

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

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

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2023 24.87% = 0.84 × 0.96 × 30.84%
Mar 31, 2023 22.82% = 0.85 × 0.95 × 28.02%
Dec 31, 2022 20.10% = 0.87 × 0.94 × 24.60%
Sep 30, 2022 22.77% = 0.87 × 0.97 × 26.89%
Jun 30, 2022 24.58% = 0.86 × 0.98 × 29.26%
Mar 31, 2022 29.83% = 0.86 × 0.99 × 34.85%
Dec 31, 2021 30.66% = 0.85 × 1.00 × 35.94%
Sep 30, 2021 29.18% = 0.86 × 1.00 × 34.12%
Jun 30, 2021 29.17% = 0.85 × 1.00 × 34.15%
Mar 31, 2021 26.96% = 0.83 × 1.00 × 32.39%
Dec 31, 2020 27.17% = 0.84 × 1.00 × 32.35%
Sep 30, 2020 28.89% = 0.89 × 1.00 × 32.64%
Jun 30, 2020 25.94% = 0.89 × 1.00 × 29.01%
Mar 31, 2020 24.19% = 0.93 × 1.00 × 25.88%
Dec 31, 2019 23.16% = 0.92 × 1.00 × 25.17%
Sep 30, 2019 23.67% = 0.87 × 1.00 × 27.25%
Jun 30, 2019 23.70% = 0.92 × 1.00 × 25.85%
Mar 31, 2019 23.91% = 0.94 × 1.00 × 25.50%
Dec 31, 2018 24.17% = 0.97 × 1.00 × 25.03%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

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

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.