Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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Two-Component Disaggregation of ROE
ROE | = | ROA | × | Financial Leverage | |
---|---|---|---|---|---|
Dec 31, 2022 | = | × | |||
Dec 31, 2021 | = | × | |||
Dec 31, 2020 | = | × | |||
Dec 31, 2019 | = | × | |||
Dec 31, 2018 | = | × |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Three-Component Disaggregation of ROE
ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
---|---|---|---|---|---|---|---|
Dec 31, 2022 | = | × | × | ||||
Dec 31, 2021 | = | × | × | ||||
Dec 31, 2020 | = | × | × | ||||
Dec 31, 2019 | = | × | × | ||||
Dec 31, 2018 | = | × | × |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Five-Component Disaggregation of ROE
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Two-Component Disaggregation of ROA
ROA | = | Net Profit Margin | × | Asset Turnover | |
---|---|---|---|---|---|
Dec 31, 2022 | = | × | |||
Dec 31, 2021 | = | × | |||
Dec 31, 2020 | = | × | |||
Dec 31, 2019 | = | × | |||
Dec 31, 2018 | = | × |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The primary reason for the increase in return on assets ratio (ROA) over 2022 year is the increase in asset turnover ratio.
Four-Component Disaggregation of ROA
ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
---|---|---|---|---|---|---|---|---|---|
Dec 31, 2022 | = | × | × | × | |||||
Dec 31, 2021 | = | × | × | × | |||||
Dec 31, 2020 | = | × | × | × | |||||
Dec 31, 2019 | = | × | × | × | |||||
Dec 31, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The primary reason for the increase in return on assets ratio (ROA) over 2022 year is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
---|---|---|---|---|---|---|---|
Dec 31, 2022 | = | × | × | ||||
Dec 31, 2021 | = | × | × | ||||
Dec 31, 2020 | = | × | × | ||||
Dec 31, 2019 | = | × | × | ||||
Dec 31, 2018 | = | × | × |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The primary reason for the increase in net profit margin ratio over 2022 year is the increase in operating profitability measured by EBIT margin ratio.