DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit MarginQuarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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Merck & Co. Inc. (NYSE:MRK), DuPont Analysis (Q)
Thermo Fisher Scientific Inc. (NYSE:TMO), DuPont Analysis (Q)
Danaher Corp. (NYSE:DHR), DuPont Analysis (Q)
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Bristol-Myers Squibb Co. (NYSE:BMY), DuPont Analysis (Q)
Gilead Sciences Inc. (NASDAQ:GILD), DuPont Analysis (Q)
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Regeneron Pharmaceuticals Inc. (NASDAQ:REGN), DuPont Analysis (Q)
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Amgen Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Sep 30, 2024
56.20%
=
4.65%
×
12.07
Jun 30, 2024
52.83%
=
3.44%
×
15.34
Mar 31, 2024
74.93%
=
4.05%
×
18.51
Dec 31, 2023
107.78%
=
6.91%
×
15.59
Sep 30, 2023
98.82%
=
8.36%
×
11.83
Jun 30, 2023
117.67%
=
8.84%
×
13.31
Mar 31, 2023
148.04%
=
8.92%
×
16.59
Dec 31, 2022
178.97%
=
10.06%
×
17.79
Sep 30, 2022
187.11%
=
10.73%
×
17.44
Jun 30, 2022
271.85%
=
11.09%
×
24.51
Mar 31, 2022
624.78%
=
9.67%
×
64.62
Dec 31, 2021
87.96%
=
9.63%
×
9.13
Sep 30, 2021
68.26%
=
8.63%
×
7.91
Jun 30, 2021
69.67%
=
9.61%
×
7.25
Mar 31, 2021
75.91%
=
11.33%
×
6.70
Dec 31, 2020
77.20%
=
11.54%
×
6.69
Sep 30, 2020
67.09%
=
11.37%
×
5.90
Jun 30, 2020
68.48%
=
11.23%
×
6.10
Mar 31, 2020
80.92%
=
12.45%
×
6.50
Dec 31, 2019
81.07%
=
13.13%
×
6.17
Sep 30, 2019
—
=
—
×
5.45
Jun 30, 2019
—
=
—
×
5.50
Mar 31, 2019
—
=
—
×
5.91
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
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) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Amgen Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Sep 30, 2024
56.20%
=
13.58%
×
0.34
×
12.07
Jun 30, 2024
52.83%
=
10.60%
×
0.32
×
15.34
Mar 31, 2024
74.93%
=
13.35%
×
0.30
×
18.51
Dec 31, 2023
107.78%
=
24.96%
×
0.28
×
15.59
Sep 30, 2023
98.82%
=
29.52%
×
0.28
×
11.83
Jun 30, 2023
117.67%
=
31.52%
×
0.28
×
13.31
Mar 31, 2023
148.04%
=
31.77%
×
0.28
×
16.59
Dec 31, 2022
178.97%
=
26.42%
×
0.38
×
17.79
Sep 30, 2022
187.11%
=
27.88%
×
0.38
×
17.44
Jun 30, 2022
271.85%
=
26.73%
×
0.41
×
24.51
Mar 31, 2022
624.78%
=
23.42%
×
0.41
×
64.62
Dec 31, 2021
87.96%
=
24.25%
×
0.40
×
9.13
Sep 30, 2021
68.26%
=
23.03%
×
0.37
×
7.91
Jun 30, 2021
69.67%
=
23.80%
×
0.40
×
7.25
Mar 31, 2021
75.91%
=
29.60%
×
0.38
×
6.70
Dec 31, 2020
77.20%
=
29.97%
×
0.39
×
6.69
Sep 30, 2020
67.09%
=
30.91%
×
0.37
×
5.90
Jun 30, 2020
68.48%
=
31.53%
×
0.36
×
6.10
Mar 31, 2020
80.92%
=
33.64%
×
0.37
×
6.50
Dec 31, 2019
81.07%
=
35.32%
×
0.37
×
6.17
Sep 30, 2019
—
=
—
×
—
×
5.45
Jun 30, 2019
—
=
—
×
—
×
5.50
Mar 31, 2019
—
=
—
×
—
×
5.91
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
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) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Amgen Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Sep 30, 2024
56.20%
=
0.90
×
0.59
×
25.39%
×
0.34
×
12.07
Jun 30, 2024
52.83%
=
0.89
×
0.52
×
22.81%
×
0.32
×
15.34
Mar 31, 2024
74.93%
=
0.87
×
0.58
×
26.62%
×
0.30
×
18.51
Dec 31, 2023
107.78%
=
0.86
×
0.73
×
39.87%
×
0.28
×
15.59
Sep 30, 2023
98.82%
=
0.86
×
0.78
×
43.78%
×
0.28
×
11.83
Jun 30, 2023
117.67%
=
0.87
×
0.82
×
44.53%
×
0.28
×
13.31
Mar 31, 2023
148.04%
=
0.87
×
0.85
×
43.21%
×
0.28
×
16.59
Dec 31, 2022
178.97%
=
0.89
×
0.84
×
35.29%
×
0.38
×
17.79
Sep 30, 2022
187.11%
=
0.88
×
0.85
×
36.93%
×
0.38
×
17.44
Jun 30, 2022
271.85%
=
0.88
×
0.86
×
35.55%
×
0.41
×
24.51
Mar 31, 2022
624.78%
=
0.88
×
0.84
×
31.62%
×
0.41
×
64.62
Dec 31, 2021
87.96%
=
0.88
×
0.85
×
32.51%
×
0.40
×
9.13
Sep 30, 2021
68.26%
=
0.87
×
0.85
×
31.31%
×
0.37
×
7.91
Jun 30, 2021
69.67%
=
0.88
×
0.85
×
31.83%
×
0.40
×
7.25
Mar 31, 2021
75.91%
=
0.89
×
0.87
×
38.31%
×
0.38
×
6.70
Dec 31, 2020
77.20%
=
0.89
×
0.87
×
38.76%
×
0.39
×
6.69
Sep 30, 2020
67.09%
=
0.89
×
0.87
×
39.87%
×
0.37
×
5.90
Jun 30, 2020
68.48%
=
0.88
×
0.87
×
41.33%
×
0.36
×
6.10
Mar 31, 2020
80.92%
=
0.87
×
0.87
×
44.43%
×
0.37
×
6.50
Dec 31, 2019
81.07%
=
0.86
×
0.88
×
46.96%
×
0.37
×
6.17
Sep 30, 2019
—
=
—
×
—
×
—
×
—
×
5.45
Jun 30, 2019
—
=
—
×
—
×
—
×
—
×
5.50
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
5.91
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
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) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in effect of interest expense measured by interest burden ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Amgen Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Sep 30, 2024
4.65%
=
13.58%
×
0.34
Jun 30, 2024
3.44%
=
10.60%
×
0.32
Mar 31, 2024
4.05%
=
13.35%
×
0.30
Dec 31, 2023
6.91%
=
24.96%
×
0.28
Sep 30, 2023
8.36%
=
29.52%
×
0.28
Jun 30, 2023
8.84%
=
31.52%
×
0.28
Mar 31, 2023
8.92%
=
31.77%
×
0.28
Dec 31, 2022
10.06%
=
26.42%
×
0.38
Sep 30, 2022
10.73%
=
27.88%
×
0.38
Jun 30, 2022
11.09%
=
26.73%
×
0.41
Mar 31, 2022
9.67%
=
23.42%
×
0.41
Dec 31, 2021
9.63%
=
24.25%
×
0.40
Sep 30, 2021
8.63%
=
23.03%
×
0.37
Jun 30, 2021
9.61%
=
23.80%
×
0.40
Mar 31, 2021
11.33%
=
29.60%
×
0.38
Dec 31, 2020
11.54%
=
29.97%
×
0.39
Sep 30, 2020
11.37%
=
30.91%
×
0.37
Jun 30, 2020
11.23%
=
31.53%
×
0.36
Mar 31, 2020
12.45%
=
33.64%
×
0.37
Dec 31, 2019
13.13%
=
35.32%
×
0.37
Sep 30, 2019
—
=
—
×
—
Jun 30, 2019
—
=
—
×
—
Mar 31, 2019
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
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) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Amgen Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Sep 30, 2024
4.65%
=
0.90
×
0.59
×
25.39%
×
0.34
Jun 30, 2024
3.44%
=
0.89
×
0.52
×
22.81%
×
0.32
Mar 31, 2024
4.05%
=
0.87
×
0.58
×
26.62%
×
0.30
Dec 31, 2023
6.91%
=
0.86
×
0.73
×
39.87%
×
0.28
Sep 30, 2023
8.36%
=
0.86
×
0.78
×
43.78%
×
0.28
Jun 30, 2023
8.84%
=
0.87
×
0.82
×
44.53%
×
0.28
Mar 31, 2023
8.92%
=
0.87
×
0.85
×
43.21%
×
0.28
Dec 31, 2022
10.06%
=
0.89
×
0.84
×
35.29%
×
0.38
Sep 30, 2022
10.73%
=
0.88
×
0.85
×
36.93%
×
0.38
Jun 30, 2022
11.09%
=
0.88
×
0.86
×
35.55%
×
0.41
Mar 31, 2022
9.67%
=
0.88
×
0.84
×
31.62%
×
0.41
Dec 31, 2021
9.63%
=
0.88
×
0.85
×
32.51%
×
0.40
Sep 30, 2021
8.63%
=
0.87
×
0.85
×
31.31%
×
0.37
Jun 30, 2021
9.61%
=
0.88
×
0.85
×
31.83%
×
0.40
Mar 31, 2021
11.33%
=
0.89
×
0.87
×
38.31%
×
0.38
Dec 31, 2020
11.54%
=
0.89
×
0.87
×
38.76%
×
0.39
Sep 30, 2020
11.37%
=
0.89
×
0.87
×
39.87%
×
0.37
Jun 30, 2020
11.23%
=
0.88
×
0.87
×
41.33%
×
0.36
Mar 31, 2020
12.45%
=
0.87
×
0.87
×
44.43%
×
0.37
Dec 31, 2019
13.13%
=
0.86
×
0.88
×
46.96%
×
0.37
Sep 30, 2019
—
=
—
×
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
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) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in effect of interest expense measured by interest burden ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Amgen Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Sep 30, 2024
13.58%
=
0.90
×
0.59
×
25.39%
Jun 30, 2024
10.60%
=
0.89
×
0.52
×
22.81%
Mar 31, 2024
13.35%
=
0.87
×
0.58
×
26.62%
Dec 31, 2023
24.96%
=
0.86
×
0.73
×
39.87%
Sep 30, 2023
29.52%
=
0.86
×
0.78
×
43.78%
Jun 30, 2023
31.52%
=
0.87
×
0.82
×
44.53%
Mar 31, 2023
31.77%
=
0.87
×
0.85
×
43.21%
Dec 31, 2022
26.42%
=
0.89
×
0.84
×
35.29%
Sep 30, 2022
27.88%
=
0.88
×
0.85
×
36.93%
Jun 30, 2022
26.73%
=
0.88
×
0.86
×
35.55%
Mar 31, 2022
23.42%
=
0.88
×
0.84
×
31.62%
Dec 31, 2021
24.25%
=
0.88
×
0.85
×
32.51%
Sep 30, 2021
23.03%
=
0.87
×
0.85
×
31.31%
Jun 30, 2021
23.80%
=
0.88
×
0.85
×
31.83%
Mar 31, 2021
29.60%
=
0.89
×
0.87
×
38.31%
Dec 31, 2020
29.97%
=
0.89
×
0.87
×
38.76%
Sep 30, 2020
30.91%
=
0.89
×
0.87
×
39.87%
Jun 30, 2020
31.53%
=
0.88
×
0.87
×
41.33%
Mar 31, 2020
33.64%
=
0.87
×
0.87
×
44.43%
Dec 31, 2019
35.32%
=
0.86
×
0.88
×
46.96%
Sep 30, 2019
—
=
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
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) .
The primary reason for the increase in net profit margin ratio over Q3 2024 is the increase in effect of interest expense measured by interest burden ratio.