DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit MarginQuarterly 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
Intuit Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Apr 30, 2024
16.38%
=
9.73%
×
1.68
Jan 31, 2024
16.38%
=
9.33%
×
1.76
Oct 31, 2023
15.21%
=
9.07%
×
1.68
Jul 31, 2023
13.81%
=
8.58%
×
1.61
Apr 30, 2023
12.73%
=
7.74%
×
1.64
Jan 31, 2023
12.28%
=
7.15%
×
1.72
Oct 31, 2022
11.69%
=
6.93%
×
1.69
Jul 31, 2022
12.57%
=
7.45%
×
1.69
Apr 30, 2022
14.75%
=
8.77%
×
1.68
Jan 31, 2022
13.93%
=
8.26%
×
1.69
Oct 31, 2021
21.49%
=
14.07%
×
1.53
Jul 31, 2021
20.89%
=
13.29%
×
1.57
Apr 30, 2021
21.37%
=
13.50%
×
1.58
Jan 31, 2021
19.70%
=
11.97%
×
1.65
Oct 31, 2020
37.50%
=
20.26%
×
1.85
Jul 31, 2020
35.76%
=
16.70%
×
2.14
Apr 30, 2020
28.21%
=
17.22%
×
1.64
Jan 31, 2020
43.76%
=
24.34%
×
1.80
Oct 31, 2019
43.49%
=
25.55%
×
1.70
Jul 31, 2019
41.53%
=
24.78%
×
1.68
Apr 30, 2019
40.54%
=
23.85%
×
1.70
Jan 31, 2019
52.65%
=
27.59%
×
1.91
Oct 31, 2018
45.36%
=
25.61%
×
1.77
Jul 31, 2018
51.44%
=
23.39%
×
2.20
Apr 30, 2018
—
=
—
×
2.45
Jan 31, 2018
—
=
—
×
4.23
Oct 31, 2017
—
=
—
×
3.38
Based on:
10-Q (reporting date: 2024-04-30) ,
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in financial leverage ratio.
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Intuit Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Apr 30, 2024
16.38%
=
19.43%
×
0.50
×
1.68
Jan 31, 2024
16.38%
=
18.35%
×
0.51
×
1.76
Oct 31, 2023
15.21%
=
17.53%
×
0.52
×
1.68
Jul 31, 2023
13.81%
=
16.59%
×
0.52
×
1.61
Apr 30, 2023
12.73%
=
15.91%
×
0.49
×
1.64
Jan 31, 2023
12.28%
=
14.22%
×
0.50
×
1.72
Oct 31, 2022
11.69%
=
14.10%
×
0.49
×
1.69
Jul 31, 2022
12.57%
=
16.23%
×
0.46
×
1.69
Apr 30, 2022
14.75%
=
19.44%
×
0.45
×
1.68
Jan 31, 2022
13.93%
=
19.03%
×
0.43
×
1.69
Oct 31, 2021
21.49%
=
20.28%
×
0.69
×
1.53
Jul 31, 2021
20.89%
=
21.41%
×
0.62
×
1.57
Apr 30, 2021
21.37%
=
23.93%
×
0.56
×
1.58
Jan 31, 2021
19.70%
=
22.64%
×
0.53
×
1.65
Oct 31, 2020
37.50%
=
25.10%
×
0.81
×
1.85
Jul 31, 2020
35.76%
=
23.78%
×
0.70
×
2.14
Apr 30, 2020
28.21%
=
19.50%
×
0.88
×
1.64
Jan 31, 2020
43.76%
=
22.88%
×
1.06
×
1.80
Oct 31, 2019
43.49%
=
22.79%
×
1.12
×
1.70
Jul 31, 2019
41.53%
=
22.95%
×
1.08
×
1.68
Apr 30, 2019
40.54%
=
24.34%
×
0.98
×
1.70
Jan 31, 2019
52.65%
=
22.89%
×
1.21
×
1.91
Oct 31, 2018
45.36%
=
20.71%
×
1.24
×
1.77
Jul 31, 2018
51.44%
=
20.31%
×
1.15
×
2.20
Apr 30, 2018
—
=
—
×
—
×
2.45
Jan 31, 2018
—
=
—
×
—
×
4.23
Oct 31, 2017
—
=
—
×
—
×
3.38
Based on:
10-Q (reporting date: 2024-04-30) ,
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in financial leverage ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Intuit Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Apr 30, 2024
16.38%
=
0.83
×
0.94
×
24.88%
×
0.50
×
1.68
Jan 31, 2024
16.38%
=
0.83
×
0.93
×
23.87%
×
0.51
×
1.76
Oct 31, 2023
15.21%
=
0.80
×
0.92
×
23.63%
×
0.52
×
1.68
Jul 31, 2023
13.81%
=
0.80
×
0.92
×
22.53%
×
0.52
×
1.61
Apr 30, 2023
12.73%
=
0.77
×
0.93
×
22.08%
×
0.49
×
1.64
Jan 31, 2023
12.28%
=
0.77
×
0.94
×
19.74%
×
0.50
×
1.72
Oct 31, 2022
11.69%
=
0.80
×
0.95
×
18.47%
×
0.49
×
1.69
Jul 31, 2022
12.57%
=
0.81
×
0.97
×
20.61%
×
0.46
×
1.69
Apr 30, 2022
14.75%
=
0.82
×
0.98
×
24.08%
×
0.45
×
1.68
Jan 31, 2022
13.93%
=
0.84
×
0.98
×
23.08%
×
0.43
×
1.69
Oct 31, 2021
21.49%
=
0.81
×
0.99
×
25.32%
×
0.69
×
1.53
Jul 31, 2021
20.89%
=
0.81
×
0.99
×
26.83%
×
0.62
×
1.57
Apr 30, 2021
21.37%
=
0.81
×
0.99
×
30.02%
×
0.56
×
1.58
Jan 31, 2021
19.70%
=
0.82
×
0.99
×
27.86%
×
0.53
×
1.65
Oct 31, 2020
37.50%
=
0.82
×
0.99
×
30.70%
×
0.81
×
1.85
Jul 31, 2020
35.76%
=
0.83
×
0.99
×
28.81%
×
0.70
×
2.14
Apr 30, 2020
28.21%
=
0.85
×
0.99
×
23.12%
×
0.88
×
1.64
Jan 31, 2020
43.76%
=
0.83
×
0.99
×
27.73%
×
1.06
×
1.80
Oct 31, 2019
43.49%
=
0.82
×
0.99
×
27.84%
×
1.12
×
1.70
Jul 31, 2019
41.53%
=
0.83
×
0.99
×
27.95%
×
1.08
×
1.68
Apr 30, 2019
40.54%
=
0.85
×
0.99
×
28.92%
×
0.98
×
1.70
Jan 31, 2019
52.65%
=
0.83
×
0.99
×
27.69%
×
1.21
×
1.91
Oct 31, 2018
45.36%
=
0.82
×
0.99
×
25.71%
×
1.24
×
1.77
Jul 31, 2018
51.44%
=
0.81
×
0.99
×
25.54%
×
1.15
×
2.20
Apr 30, 2018
—
=
—
×
—
×
—
×
—
×
2.45
Jan 31, 2018
—
=
—
×
—
×
—
×
—
×
4.23
Oct 31, 2017
—
=
—
×
—
×
—
×
—
×
3.38
Based on:
10-Q (reporting date: 2024-04-30) ,
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in financial leverage ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Intuit Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Apr 30, 2024
9.73%
=
19.43%
×
0.50
Jan 31, 2024
9.33%
=
18.35%
×
0.51
Oct 31, 2023
9.07%
=
17.53%
×
0.52
Jul 31, 2023
8.58%
=
16.59%
×
0.52
Apr 30, 2023
7.74%
=
15.91%
×
0.49
Jan 31, 2023
7.15%
=
14.22%
×
0.50
Oct 31, 2022
6.93%
=
14.10%
×
0.49
Jul 31, 2022
7.45%
=
16.23%
×
0.46
Apr 30, 2022
8.77%
=
19.44%
×
0.45
Jan 31, 2022
8.26%
=
19.03%
×
0.43
Oct 31, 2021
14.07%
=
20.28%
×
0.69
Jul 31, 2021
13.29%
=
21.41%
×
0.62
Apr 30, 2021
13.50%
=
23.93%
×
0.56
Jan 31, 2021
11.97%
=
22.64%
×
0.53
Oct 31, 2020
20.26%
=
25.10%
×
0.81
Jul 31, 2020
16.70%
=
23.78%
×
0.70
Apr 30, 2020
17.22%
=
19.50%
×
0.88
Jan 31, 2020
24.34%
=
22.88%
×
1.06
Oct 31, 2019
25.55%
=
22.79%
×
1.12
Jul 31, 2019
24.78%
=
22.95%
×
1.08
Apr 30, 2019
23.85%
=
24.34%
×
0.98
Jan 31, 2019
27.59%
=
22.89%
×
1.21
Oct 31, 2018
25.61%
=
20.71%
×
1.24
Jul 31, 2018
23.39%
=
20.31%
×
1.15
Apr 30, 2018
—
=
—
×
—
Jan 31, 2018
—
=
—
×
—
Oct 31, 2017
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-04-30) ,
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Intuit Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Apr 30, 2024
9.73%
=
0.83
×
0.94
×
24.88%
×
0.50
Jan 31, 2024
9.33%
=
0.83
×
0.93
×
23.87%
×
0.51
Oct 31, 2023
9.07%
=
0.80
×
0.92
×
23.63%
×
0.52
Jul 31, 2023
8.58%
=
0.80
×
0.92
×
22.53%
×
0.52
Apr 30, 2023
7.74%
=
0.77
×
0.93
×
22.08%
×
0.49
Jan 31, 2023
7.15%
=
0.77
×
0.94
×
19.74%
×
0.50
Oct 31, 2022
6.93%
=
0.80
×
0.95
×
18.47%
×
0.49
Jul 31, 2022
7.45%
=
0.81
×
0.97
×
20.61%
×
0.46
Apr 30, 2022
8.77%
=
0.82
×
0.98
×
24.08%
×
0.45
Jan 31, 2022
8.26%
=
0.84
×
0.98
×
23.08%
×
0.43
Oct 31, 2021
14.07%
=
0.81
×
0.99
×
25.32%
×
0.69
Jul 31, 2021
13.29%
=
0.81
×
0.99
×
26.83%
×
0.62
Apr 30, 2021
13.50%
=
0.81
×
0.99
×
30.02%
×
0.56
Jan 31, 2021
11.97%
=
0.82
×
0.99
×
27.86%
×
0.53
Oct 31, 2020
20.26%
=
0.82
×
0.99
×
30.70%
×
0.81
Jul 31, 2020
16.70%
=
0.83
×
0.99
×
28.81%
×
0.70
Apr 30, 2020
17.22%
=
0.85
×
0.99
×
23.12%
×
0.88
Jan 31, 2020
24.34%
=
0.83
×
0.99
×
27.73%
×
1.06
Oct 31, 2019
25.55%
=
0.82
×
0.99
×
27.84%
×
1.12
Jul 31, 2019
24.78%
=
0.83
×
0.99
×
27.95%
×
1.08
Apr 30, 2019
23.85%
=
0.85
×
0.99
×
28.92%
×
0.98
Jan 31, 2019
27.59%
=
0.83
×
0.99
×
27.69%
×
1.21
Oct 31, 2018
25.61%
=
0.82
×
0.99
×
25.71%
×
1.24
Jul 31, 2018
23.39%
=
0.81
×
0.99
×
25.54%
×
1.15
Apr 30, 2018
—
=
—
×
—
×
—
×
—
Jan 31, 2018
—
=
—
×
—
×
—
×
—
Oct 31, 2017
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-04-30) ,
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Intuit Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Apr 30, 2024
19.43%
=
0.83
×
0.94
×
24.88%
Jan 31, 2024
18.35%
=
0.83
×
0.93
×
23.87%
Oct 31, 2023
17.53%
=
0.80
×
0.92
×
23.63%
Jul 31, 2023
16.59%
=
0.80
×
0.92
×
22.53%
Apr 30, 2023
15.91%
=
0.77
×
0.93
×
22.08%
Jan 31, 2023
14.22%
=
0.77
×
0.94
×
19.74%
Oct 31, 2022
14.10%
=
0.80
×
0.95
×
18.47%
Jul 31, 2022
16.23%
=
0.81
×
0.97
×
20.61%
Apr 30, 2022
19.44%
=
0.82
×
0.98
×
24.08%
Jan 31, 2022
19.03%
=
0.84
×
0.98
×
23.08%
Oct 31, 2021
20.28%
=
0.81
×
0.99
×
25.32%
Jul 31, 2021
21.41%
=
0.81
×
0.99
×
26.83%
Apr 30, 2021
23.93%
=
0.81
×
0.99
×
30.02%
Jan 31, 2021
22.64%
=
0.82
×
0.99
×
27.86%
Oct 31, 2020
25.10%
=
0.82
×
0.99
×
30.70%
Jul 31, 2020
23.78%
=
0.83
×
0.99
×
28.81%
Apr 30, 2020
19.50%
=
0.85
×
0.99
×
23.12%
Jan 31, 2020
22.88%
=
0.83
×
0.99
×
27.73%
Oct 31, 2019
22.79%
=
0.82
×
0.99
×
27.84%
Jul 31, 2019
22.95%
=
0.83
×
0.99
×
27.95%
Apr 30, 2019
24.34%
=
0.85
×
0.99
×
28.92%
Jan 31, 2019
22.89%
=
0.83
×
0.99
×
27.69%
Oct 31, 2018
20.71%
=
0.82
×
0.99
×
25.71%
Jul 31, 2018
20.31%
=
0.81
×
0.99
×
25.54%
Apr 30, 2018
—
=
—
×
—
×
—
Jan 31, 2018
—
=
—
×
—
×
—
Oct 31, 2017
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-04-30) ,
10-Q (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-K (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-Q (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-K (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-Q (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-K (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-Q (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-K (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-Q (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-K (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) ,
10-Q (reporting date: 2019-01-31) ,
10-Q (reporting date: 2018-10-31) ,
10-K (reporting date: 2018-07-31) ,
10-Q (reporting date: 2018-04-30) ,
10-Q (reporting date: 2018-01-31) ,
10-Q (reporting date: 2017-10-31) .
The primary reason for the increase in net profit margin ratio over Q3 2024 is the increase in operating profitability measured by EBIT margin ratio.