Stock Analysis on Net
Stock Analysis on Net

Expand Energy Corp. (NASDAQ:EXE)

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

Expand Energy Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2024 -4.06% = -2.56% × 1.59
Sep 30, 2024 2.49% = 1.90% × 1.31
Jun 30, 2024 4.22% = 3.22% × 1.31
Mar 31, 2024 9.89% = 7.53% × 1.31
Dec 31, 2023 22.55% = 16.83% × 1.34
Sep 30, 2023 52.88% = 38.11% × 1.39
Jun 30, 2023 60.05% = 43.27% × 1.39
Mar 31, 2023 68.94% = 48.58% × 1.42
Dec 31, 2022 54.10% = 31.91% × 1.70
Sep 30, 2022 43.96% = 19.80% × 2.22
Jun 30, 2022 26.89% = 11.24% × 2.39
Mar 31, 2022 -2.12% = -0.86% × 2.47
Dec 31, 2021 111.59% = 57.48% × 1.94
Sep 30, 2021 — = — × 2.41
Jun 30, 2021 — = — × 2.05
Mar 31, 2021 — = — × 1.78

Based on: 10-K (reporting date: 2024-12-31), 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).

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

Three-Component Disaggregation of ROE

Expand Energy Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2024 -4.06% = -16.76% × 0.15 × 1.59
Sep 30, 2024 2.49% = 7.72% × 0.25 × 1.31
Jun 30, 2024 4.22% = 10.69% × 0.30 × 1.31
Mar 31, 2024 9.89% = 21.80% × 0.35 × 1.31
Dec 31, 2023 22.55% = 40.00% × 0.42 × 1.34
Sep 30, 2023 52.88% = 68.67% × 0.55 × 1.39
Jun 30, 2023 60.05% = 58.38% × 0.74 × 1.39
Mar 31, 2023 68.94% = 52.72% × 0.92 × 1.42
Dec 31, 2022 54.10% = 34.95% × 0.91 × 1.70
Sep 30, 2022 43.96% = 20.53% × 0.96 × 2.22
Jun 30, 2022 26.89% = 13.95% × 0.81 × 2.39
Mar 31, 2022 -2.12% = -1.32% × 0.65 × 2.47
Dec 31, 2021 111.59% = 86.67% × 0.66 × 1.94
Sep 30, 2021 — = — × — × 2.41
Jun 30, 2021 — = — × — × 2.05
Mar 31, 2021 — = — × — × 1.78

Based on: 10-K (reporting date: 2024-12-31), 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).

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

Five-Component Disaggregation of ROE

Expand Energy Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2024 -4.06% = — × — × -16.86% × 0.15 × 1.59
Sep 30, 2024 2.49% = 0.81 × 0.80 × 12.03% × 0.25 × 1.31
Jun 30, 2024 4.22% = 0.81 × 0.87 × 15.33% × 0.30 × 1.31
Mar 31, 2024 9.89% = 0.78 × 0.94 × 29.80% × 0.35 × 1.31
Dec 31, 2023 22.55% = 0.78 × 0.97 × 53.27% × 0.42 × 1.34
Sep 30, 2023 52.88% = 1.19 × 0.97 × 59.37% × 0.55 × 1.39
Jun 30, 2023 60.05% = 1.14 × 0.97 × 52.45% × 0.74 × 1.39
Mar 31, 2023 68.94% = 1.13 × 0.97 × 47.74% × 0.92 × 1.42
Dec 31, 2022 54.10% = 1.35 × 0.96 × 26.98% × 0.91 × 1.70
Sep 30, 2022 43.96% = 0.98 × 0.95 × 22.08% × 0.96 × 2.22
Jun 30, 2022 26.89% = 1.01 × 0.93 × 14.78% × 0.81 × 2.39
Mar 31, 2022 -2.12% = — × — × -1.35% × 0.65 × 2.47
Dec 31, 2021 111.59% = 1.02 × 0.99 × 86.37% × 0.66 × 1.94
Sep 30, 2021 — = — × — × — × — × 2.41
Jun 30, 2021 — = — × — × — × — × 2.05
Mar 31, 2021 — = — × — × — × — × 1.78

Based on: 10-K (reporting date: 2024-12-31), 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).

Two-Component Disaggregation of ROA

Expand Energy Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2024 -2.56% = -16.76% × 0.15
Sep 30, 2024 1.90% = 7.72% × 0.25
Jun 30, 2024 3.22% = 10.69% × 0.30
Mar 31, 2024 7.53% = 21.80% × 0.35
Dec 31, 2023 16.83% = 40.00% × 0.42
Sep 30, 2023 38.11% = 68.67% × 0.55
Jun 30, 2023 43.27% = 58.38% × 0.74
Mar 31, 2023 48.58% = 52.72% × 0.92
Dec 31, 2022 31.91% = 34.95% × 0.91
Sep 30, 2022 19.80% = 20.53% × 0.96
Jun 30, 2022 11.24% = 13.95% × 0.81
Mar 31, 2022 -0.86% = -1.32% × 0.65
Dec 31, 2021 57.48% = 86.67% × 0.66
Sep 30, 2021 — = — × —
Jun 30, 2021 — = — × —
Mar 31, 2021 — = — × —

Based on: 10-K (reporting date: 2024-12-31), 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).

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.

Four-Component Disaggregation of ROA

Expand Energy Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2024 -2.56% = — × — × -16.86% × 0.15
Sep 30, 2024 1.90% = 0.81 × 0.80 × 12.03% × 0.25
Jun 30, 2024 3.22% = 0.81 × 0.87 × 15.33% × 0.30
Mar 31, 2024 7.53% = 0.78 × 0.94 × 29.80% × 0.35
Dec 31, 2023 16.83% = 0.78 × 0.97 × 53.27% × 0.42
Sep 30, 2023 38.11% = 1.19 × 0.97 × 59.37% × 0.55
Jun 30, 2023 43.27% = 1.14 × 0.97 × 52.45% × 0.74
Mar 31, 2023 48.58% = 1.13 × 0.97 × 47.74% × 0.92
Dec 31, 2022 31.91% = 1.35 × 0.96 × 26.98% × 0.91
Sep 30, 2022 19.80% = 0.98 × 0.95 × 22.08% × 0.96
Jun 30, 2022 11.24% = 1.01 × 0.93 × 14.78% × 0.81
Mar 31, 2022 -0.86% = — × — × -1.35% × 0.65
Dec 31, 2021 57.48% = 1.02 × 0.99 × 86.37% × 0.66
Sep 30, 2021 — = — × — × — × —
Jun 30, 2021 — = — × — × — × —
Mar 31, 2021 — = — × — × — × —

Based on: 10-K (reporting date: 2024-12-31), 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).

Disaggregation of Net Profit Margin

Expand Energy Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2024 -16.76% = — × — × -16.86%
Sep 30, 2024 7.72% = 0.81 × 0.80 × 12.03%
Jun 30, 2024 10.69% = 0.81 × 0.87 × 15.33%
Mar 31, 2024 21.80% = 0.78 × 0.94 × 29.80%
Dec 31, 2023 40.00% = 0.78 × 0.97 × 53.27%
Sep 30, 2023 68.67% = 1.19 × 0.97 × 59.37%
Jun 30, 2023 58.38% = 1.14 × 0.97 × 52.45%
Mar 31, 2023 52.72% = 1.13 × 0.97 × 47.74%
Dec 31, 2022 34.95% = 1.35 × 0.96 × 26.98%
Sep 30, 2022 20.53% = 0.98 × 0.95 × 22.08%
Jun 30, 2022 13.95% = 1.01 × 0.93 × 14.78%
Mar 31, 2022 -1.32% = — × — × -1.35%
Dec 31, 2021 86.67% = 1.02 × 0.99 × 86.37%
Sep 30, 2021 — = — × — × —
Jun 30, 2021 — = — × — × —
Mar 31, 2021 — = — × — × —

Based on: 10-K (reporting date: 2024-12-31), 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).