Stock Analysis on Net

Adobe Inc. (NASDAQ:ADBE)

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

Microsoft Excel

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Two-Component Disaggregation of ROE

Adobe Inc., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 1, 2023 = ×
Dec 2, 2022 = ×
Dec 3, 2021 = ×
Nov 27, 2020 = ×
Nov 29, 2019 = ×
Nov 30, 2018 = ×

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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


Three-Component Disaggregation of ROE

Adobe Inc., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 1, 2023 = × ×
Dec 2, 2022 = × ×
Dec 3, 2021 = × ×
Nov 27, 2020 = × ×
Nov 29, 2019 = × ×
Nov 30, 2018 = × ×

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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


Five-Component Disaggregation of ROE

Adobe Inc., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 1, 2023 = × × × ×
Dec 2, 2022 = × × × ×
Dec 3, 2021 = × × × ×
Nov 27, 2020 = × × × ×
Nov 29, 2019 = × × × ×
Nov 30, 2018 = × × × ×

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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


Two-Component Disaggregation of ROA

Adobe Inc., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 1, 2023 = ×
Dec 2, 2022 = ×
Dec 3, 2021 = ×
Nov 27, 2020 = ×
Nov 29, 2019 = ×
Nov 30, 2018 = ×

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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


Four-Component Disaggregation of ROA

Adobe Inc., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 1, 2023 = × × ×
Dec 2, 2022 = × × ×
Dec 3, 2021 = × × ×
Nov 27, 2020 = × × ×
Nov 29, 2019 = × × ×
Nov 30, 2018 = × × ×

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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


Disaggregation of Net Profit Margin

Adobe Inc., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 1, 2023 = × ×
Dec 2, 2022 = × ×
Dec 3, 2021 = × ×
Nov 27, 2020 = × ×
Nov 29, 2019 = × ×
Nov 30, 2018 = × ×

Based on: 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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