DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Two-Component Disaggregation of ROE
Apple Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Sep 28, 2024 | = | × | |||
| Sep 30, 2023 | = | × | |||
| Sep 24, 2022 | = | × | |||
| Sep 25, 2021 | = | × | |||
| Sep 26, 2020 | = | × | |||
| Sep 28, 2019 | = | × |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The primary reason for the increase in return on equity ratio (ROE) over 2024 year is the increase in financial leverage ratio.
Three-Component Disaggregation of ROE
Apple Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Sep 28, 2024 | = | × | × | ||||
| Sep 30, 2023 | = | × | × | ||||
| Sep 24, 2022 | = | × | × | ||||
| Sep 25, 2021 | = | × | × | ||||
| Sep 26, 2020 | = | × | × | ||||
| Sep 28, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The primary reason for the increase in return on equity ratio (ROE) over 2024 year is the increase in financial leverage ratio.
Five-Component Disaggregation of ROE
Apple Inc., decomposition of ROE
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The primary reason for the increase in return on equity ratio (ROE) over 2024 year is the increase in financial leverage ratio.
Two-Component Disaggregation of ROA
Apple Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Sep 28, 2024 | = | × | |||
| Sep 30, 2023 | = | × | |||
| Sep 24, 2022 | = | × | |||
| Sep 25, 2021 | = | × | |||
| Sep 26, 2020 | = | × | |||
| Sep 28, 2019 | = | × |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The primary reason for the decrease in return on assets ratio (ROA) over 2024 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Apple Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Sep 28, 2024 | = | × | × | × | |||||
| Sep 30, 2023 | = | × | × | × | |||||
| Sep 24, 2022 | = | × | × | × | |||||
| Sep 25, 2021 | = | × | × | × | |||||
| Sep 26, 2020 | = | × | × | × | |||||
| Sep 28, 2019 | = | × | × | × |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The primary reason for the decrease in return on assets ratio (ROA) over 2024 year is the decrease in effect of taxes measured by tax burden ratio.
Disaggregation of Net Profit Margin
Apple Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Sep 28, 2024 | = | × | × | ||||
| Sep 30, 2023 | = | × | × | ||||
| Sep 24, 2022 | = | × | × | ||||
| Sep 25, 2021 | = | × | × | ||||
| Sep 26, 2020 | = | × | × | ||||
| Sep 28, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The primary reason for the decrease in net profit margin ratio over 2024 year is the decrease in effect of taxes measured by tax burden ratio.