DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin Quarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Honeywell International Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Sep 30, 2024
32.65%
=
7.73%
×
4.22
Jun 30, 2024
34.13%
=
8.34%
×
4.09
Mar 31, 2024
34.81%
=
8.72%
×
3.99
Dec 31, 2023
35.68%
=
9.20%
×
3.88
Sep 30, 2023
31.42%
=
8.83%
×
3.56
Jun 30, 2023
31.52%
=
8.75%
×
3.60
Mar 31, 2023
30.89%
=
8.73%
×
3.54
Dec 31, 2022
29.74%
=
7.97%
×
3.73
Sep 30, 2022
30.36%
=
8.92%
×
3.40
Jun 30, 2022
28.96%
=
8.16%
×
3.55
Mar 31, 2022
28.58%
=
8.29%
×
3.45
Dec 31, 2021
29.85%
=
8.60%
×
3.47
Sep 30, 2021
30.67%
=
8.53%
×
3.60
Jun 30, 2021
27.73%
=
7.78%
×
3.56
Mar 31, 2021
25.71%
=
7.28%
×
3.53
Dec 31, 2020
27.23%
=
7.40%
×
3.68
Sep 30, 2020
27.56%
=
7.85%
×
3.51
Jun 30, 2020
32.23%
=
9.19%
×
3.50
Mar 31, 2020
35.75%
=
10.99%
×
3.25
Dec 31, 2019
33.22%
=
10.47%
×
3.17
Sep 30, 2019
—
=
—
×
3.32
Jun 30, 2019
—
=
—
×
3.23
Mar 31, 2019
—
=
—
×
3.12
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 decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Honeywell International Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Sep 30, 2024
32.65%
=
15.01%
×
0.52
×
4.22
Jun 30, 2024
34.13%
=
15.49%
×
0.54
×
4.09
Mar 31, 2024
34.81%
=
15.52%
×
0.56
×
3.99
Dec 31, 2023
35.68%
=
15.43%
×
0.60
×
3.88
Sep 30, 2023
31.42%
=
14.87%
×
0.59
×
3.56
Jun 30, 2023
31.52%
=
15.08%
×
0.58
×
3.60
Mar 31, 2023
30.89%
=
14.54%
×
0.60
×
3.54
Dec 31, 2022
29.74%
=
14.00%
×
0.57
×
3.73
Sep 30, 2022
30.36%
=
15.38%
×
0.58
×
3.40
Jun 30, 2022
28.96%
=
14.74%
×
0.55
×
3.55
Mar 31, 2022
28.58%
=
15.30%
×
0.54
×
3.45
Dec 31, 2021
29.85%
=
16.11%
×
0.53
×
3.47
Sep 30, 2021
30.67%
=
15.80%
×
0.54
×
3.60
Jun 30, 2021
27.73%
=
14.65%
×
0.53
×
3.56
Mar 31, 2021
25.71%
=
14.17%
×
0.51
×
3.53
Dec 31, 2020
27.23%
=
14.64%
×
0.51
×
3.68
Sep 30, 2020
27.56%
=
14.99%
×
0.52
×
3.51
Jun 30, 2020
32.23%
=
16.94%
×
0.54
×
3.50
Mar 31, 2020
35.75%
=
17.38%
×
0.63
×
3.25
Dec 31, 2019
33.22%
=
16.73%
×
0.63
×
3.17
Sep 30, 2019
—
=
—
×
—
×
3.32
Jun 30, 2019
—
=
—
×
—
×
3.23
Mar 31, 2019
—
=
—
×
—
×
3.12
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 decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Honeywell International Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Sep 30, 2024
32.65%
=
0.79
×
0.88
×
21.48%
×
0.52
×
4.22
Jun 30, 2024
34.13%
=
0.79
×
0.89
×
21.92%
×
0.54
×
4.09
Mar 31, 2024
34.81%
=
0.79
×
0.90
×
21.82%
×
0.56
×
3.99
Dec 31, 2023
35.68%
=
0.79
×
0.90
×
21.58%
×
0.60
×
3.88
Sep 30, 2023
31.42%
=
0.79
×
0.91
×
20.65%
×
0.59
×
3.56
Jun 30, 2023
31.52%
=
0.80
×
0.92
×
20.55%
×
0.58
×
3.60
Mar 31, 2023
30.89%
=
0.79
×
0.93
×
19.86%
×
0.60
×
3.54
Dec 31, 2022
29.74%
=
0.78
×
0.94
×
19.15%
×
0.57
×
3.73
Sep 30, 2022
30.36%
=
0.77
×
0.95
×
20.95%
×
0.58
×
3.40
Jun 30, 2022
28.96%
=
0.76
×
0.95
×
20.35%
×
0.55
×
3.55
Mar 31, 2022
28.58%
=
0.77
×
0.95
×
20.90%
×
0.54
×
3.45
Dec 31, 2021
29.85%
=
0.77
×
0.95
×
21.84%
×
0.53
×
3.47
Sep 30, 2021
30.67%
=
0.77
×
0.95
×
21.47%
×
0.54
×
3.60
Jun 30, 2021
27.73%
=
0.76
×
0.95
×
20.28%
×
0.53
×
3.56
Mar 31, 2021
25.71%
=
0.79
×
0.94
×
19.10%
×
0.51
×
3.53
Dec 31, 2020
27.23%
=
0.81
×
0.94
×
19.26%
×
0.51
×
3.68
Sep 30, 2020
27.56%
=
0.83
×
0.94
×
19.05%
×
0.52
×
3.51
Jun 30, 2020
32.23%
=
0.86
×
0.95
×
20.69%
×
0.54
×
3.50
Mar 31, 2020
35.75%
=
0.83
×
0.96
×
21.78%
×
0.63
×
3.25
Dec 31, 2019
33.22%
=
0.82
×
0.95
×
21.33%
×
0.63
×
3.17
Sep 30, 2019
—
=
—
×
—
×
—
×
—
×
3.32
Jun 30, 2019
—
=
—
×
—
×
—
×
—
×
3.23
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
3.12
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 decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Honeywell International Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Sep 30, 2024
7.73%
=
15.01%
×
0.52
Jun 30, 2024
8.34%
=
15.49%
×
0.54
Mar 31, 2024
8.72%
=
15.52%
×
0.56
Dec 31, 2023
9.20%
=
15.43%
×
0.60
Sep 30, 2023
8.83%
=
14.87%
×
0.59
Jun 30, 2023
8.75%
=
15.08%
×
0.58
Mar 31, 2023
8.73%
=
14.54%
×
0.60
Dec 31, 2022
7.97%
=
14.00%
×
0.57
Sep 30, 2022
8.92%
=
15.38%
×
0.58
Jun 30, 2022
8.16%
=
14.74%
×
0.55
Mar 31, 2022
8.29%
=
15.30%
×
0.54
Dec 31, 2021
8.60%
=
16.11%
×
0.53
Sep 30, 2021
8.53%
=
15.80%
×
0.54
Jun 30, 2021
7.78%
=
14.65%
×
0.53
Mar 31, 2021
7.28%
=
14.17%
×
0.51
Dec 31, 2020
7.40%
=
14.64%
×
0.51
Sep 30, 2020
7.85%
=
14.99%
×
0.52
Jun 30, 2020
9.19%
=
16.94%
×
0.54
Mar 31, 2020
10.99%
=
17.38%
×
0.63
Dec 31, 2019
10.47%
=
16.73%
×
0.63
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 decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in asset turnover ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Honeywell International Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Sep 30, 2024
7.73%
=
0.79
×
0.88
×
21.48%
×
0.52
Jun 30, 2024
8.34%
=
0.79
×
0.89
×
21.92%
×
0.54
Mar 31, 2024
8.72%
=
0.79
×
0.90
×
21.82%
×
0.56
Dec 31, 2023
9.20%
=
0.79
×
0.90
×
21.58%
×
0.60
Sep 30, 2023
8.83%
=
0.79
×
0.91
×
20.65%
×
0.59
Jun 30, 2023
8.75%
=
0.80
×
0.92
×
20.55%
×
0.58
Mar 31, 2023
8.73%
=
0.79
×
0.93
×
19.86%
×
0.60
Dec 31, 2022
7.97%
=
0.78
×
0.94
×
19.15%
×
0.57
Sep 30, 2022
8.92%
=
0.77
×
0.95
×
20.95%
×
0.58
Jun 30, 2022
8.16%
=
0.76
×
0.95
×
20.35%
×
0.55
Mar 31, 2022
8.29%
=
0.77
×
0.95
×
20.90%
×
0.54
Dec 31, 2021
8.60%
=
0.77
×
0.95
×
21.84%
×
0.53
Sep 30, 2021
8.53%
=
0.77
×
0.95
×
21.47%
×
0.54
Jun 30, 2021
7.78%
=
0.76
×
0.95
×
20.28%
×
0.53
Mar 31, 2021
7.28%
=
0.79
×
0.94
×
19.10%
×
0.51
Dec 31, 2020
7.40%
=
0.81
×
0.94
×
19.26%
×
0.51
Sep 30, 2020
7.85%
=
0.83
×
0.94
×
19.05%
×
0.52
Jun 30, 2020
9.19%
=
0.86
×
0.95
×
20.69%
×
0.54
Mar 31, 2020
10.99%
=
0.83
×
0.96
×
21.78%
×
0.63
Dec 31, 2019
10.47%
=
0.82
×
0.95
×
21.33%
×
0.63
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 decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Honeywell International Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Sep 30, 2024
15.01%
=
0.79
×
0.88
×
21.48%
Jun 30, 2024
15.49%
=
0.79
×
0.89
×
21.92%
Mar 31, 2024
15.52%
=
0.79
×
0.90
×
21.82%
Dec 31, 2023
15.43%
=
0.79
×
0.90
×
21.58%
Sep 30, 2023
14.87%
=
0.79
×
0.91
×
20.65%
Jun 30, 2023
15.08%
=
0.80
×
0.92
×
20.55%
Mar 31, 2023
14.54%
=
0.79
×
0.93
×
19.86%
Dec 31, 2022
14.00%
=
0.78
×
0.94
×
19.15%
Sep 30, 2022
15.38%
=
0.77
×
0.95
×
20.95%
Jun 30, 2022
14.74%
=
0.76
×
0.95
×
20.35%
Mar 31, 2022
15.30%
=
0.77
×
0.95
×
20.90%
Dec 31, 2021
16.11%
=
0.77
×
0.95
×
21.84%
Sep 30, 2021
15.80%
=
0.77
×
0.95
×
21.47%
Jun 30, 2021
14.65%
=
0.76
×
0.95
×
20.28%
Mar 31, 2021
14.17%
=
0.79
×
0.94
×
19.10%
Dec 31, 2020
14.64%
=
0.81
×
0.94
×
19.26%
Sep 30, 2020
14.99%
=
0.83
×
0.94
×
19.05%
Jun 30, 2020
16.94%
=
0.86
×
0.95
×
20.69%
Mar 31, 2020
17.38%
=
0.83
×
0.96
×
21.78%
Dec 31, 2019
16.73%
=
0.82
×
0.95
×
21.33%
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 decrease in net profit margin ratio over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.