Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

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

Microsoft Excel

Two-Component Disaggregation of ROE

Apple Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 28, 2024 164.59% = 25.68% × 6.41
Jun 29, 2024 152.84% = 30.75% × 4.97
Mar 30, 2024 135.31% = 29.75% × 4.55
Dec 30, 2023 136.18% = 28.55% × 4.77
Sep 30, 2023 156.08% = 27.51% × 5.67
Jul 1, 2023 157.22% = 28.28% × 5.56
Apr 1, 2023 151.74% = 28.40% × 5.34
Dec 31, 2022 167.77% = 27.45% × 6.11
Sep 24, 2022 196.96% = 28.29% × 6.96
Jun 25, 2022 171.46% = 29.63% × 5.79
Mar 26, 2022 151.24% = 29.07% × 5.20
Dec 25, 2021 139.79% = 26.38% × 5.30
Sep 25, 2021 150.07% = 26.97% × 5.56
Jun 26, 2021 135.04% = 26.32% × 5.13
Mar 27, 2021 110.31% = 22.63% × 4.87
Dec 26, 2020 96.54% = 18.06% × 5.35
Sep 26, 2020 87.87% = 17.73% × 4.96
Jun 27, 2020 80.83% = 18.41% × 4.39
Mar 28, 2020 72.96% = 17.86% × 4.09
Dec 28, 2019 64.25% = 16.89% × 3.80
Sep 28, 2019 61.06% = 16.32% × 3.74
Jun 29, 2019 = × 3.34
Mar 30, 2019 = × 3.23
Dec 29, 2018 = × 3.17

Based on: 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in financial leverage ratio.


Three-Component Disaggregation of ROE

Apple Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 28, 2024 164.59% = 23.97% × 1.07 × 6.41
Jun 29, 2024 152.84% = 26.44% × 1.16 × 4.97
Mar 30, 2024 135.31% = 26.31% × 1.13 × 4.55
Dec 30, 2023 136.18% = 26.16% × 1.09 × 4.77
Sep 30, 2023 156.08% = 25.31% × 1.09 × 5.67
Jul 1, 2023 157.22% = 24.68% × 1.15 × 5.56
Apr 1, 2023 151.74% = 24.49% × 1.16 × 5.34
Dec 31, 2022 167.77% = 24.56% × 1.12 × 6.11
Sep 24, 2022 196.96% = 25.31% × 1.12 × 6.96
Jun 25, 2022 171.46% = 25.71% × 1.15 × 5.79
Mar 26, 2022 151.24% = 26.41% × 1.10 × 5.20
Dec 25, 2021 139.79% = 26.58% × 0.99 × 5.30
Sep 25, 2021 150.07% = 25.88% × 1.04 × 5.56
Jun 26, 2021 135.04% = 25.00% × 1.05 × 5.13
Mar 27, 2021 110.31% = 23.45% × 0.97 × 4.87
Dec 26, 2020 96.54% = 21.73% × 0.83 × 5.35
Sep 26, 2020 87.87% = 20.91% × 0.85 × 4.96
Jun 27, 2020 80.83% = 21.33% × 0.86 × 4.39
Mar 28, 2020 72.96% = 21.35% × 0.84 × 4.09
Dec 28, 2019 64.25% = 21.49% × 0.79 × 3.80
Sep 28, 2019 61.06% = 21.24% × 0.77 × 3.74
Jun 29, 2019 = × × 3.34
Mar 30, 2019 = × × 3.23
Dec 29, 2018 = × × 3.17

Based on: 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in financial leverage ratio.


Two-Component Disaggregation of ROA

Apple Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 28, 2024 25.68% = 23.97% × 1.07
Jun 29, 2024 30.75% = 26.44% × 1.16
Mar 30, 2024 29.75% = 26.31% × 1.13
Dec 30, 2023 28.55% = 26.16% × 1.09
Sep 30, 2023 27.51% = 25.31% × 1.09
Jul 1, 2023 28.28% = 24.68% × 1.15
Apr 1, 2023 28.40% = 24.49% × 1.16
Dec 31, 2022 27.45% = 24.56% × 1.12
Sep 24, 2022 28.29% = 25.31% × 1.12
Jun 25, 2022 29.63% = 25.71% × 1.15
Mar 26, 2022 29.07% = 26.41% × 1.10
Dec 25, 2021 26.38% = 26.58% × 0.99
Sep 25, 2021 26.97% = 25.88% × 1.04
Jun 26, 2021 26.32% = 25.00% × 1.05
Mar 27, 2021 22.63% = 23.45% × 0.97
Dec 26, 2020 18.06% = 21.73% × 0.83
Sep 26, 2020 17.73% = 20.91% × 0.85
Jun 27, 2020 18.41% = 21.33% × 0.86
Mar 28, 2020 17.86% = 21.35% × 0.84
Dec 28, 2019 16.89% = 21.49% × 0.79
Sep 28, 2019 16.32% = 21.24% × 0.77
Jun 29, 2019 = ×
Mar 30, 2019 = ×
Dec 29, 2018 = ×

Based on: 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2024 is the decrease in profitability measured by net profit margin ratio.