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
Keurig Dr Pepper Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Jun 30, 2022
8.57%
=
4.23%
×
2.03
Mar 31, 2022
9.43%
=
4.70%
×
2.01
Dec 31, 2021
8.59%
=
4.24%
×
2.03
Sep 30, 2021
7.09%
=
3.44%
×
2.06
Jun 30, 2021
6.78%
=
3.27%
×
2.08
Mar 31, 2021
6.21%
=
2.96%
×
2.09
Dec 31, 2020
5.56%
=
2.66%
×
2.09
Sep 30, 2020
5.59%
=
2.64%
×
2.12
Jun 30, 2020
5.08%
=
2.37%
×
2.14
Mar 31, 2020
5.21%
=
2.42%
×
2.16
Dec 31, 2019
5.39%
=
2.53%
×
2.13
Sep 30, 2019
—
=
—
×
2.16
Jun 30, 2019
—
=
—
×
2.17
Mar 31, 2019
—
=
—
×
2.17
Based on:
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 Q2 2022 is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Keurig Dr Pepper Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Jun 30, 2022
8.57%
=
16.39%
×
0.26
×
2.03
Mar 31, 2022
9.43%
=
18.71%
×
0.25
×
2.01
Dec 31, 2021
8.59%
=
16.92%
×
0.25
×
2.03
Sep 30, 2021
7.09%
=
13.95%
×
0.25
×
2.06
Jun 30, 2021
6.78%
=
13.49%
×
0.24
×
2.08
Mar 31, 2021
6.21%
=
12.55%
×
0.24
×
2.09
Dec 31, 2020
5.56%
=
11.40%
×
0.23
×
2.09
Sep 30, 2020
5.59%
=
11.40%
×
0.23
×
2.12
Jun 30, 2020
5.08%
=
10.32%
×
0.23
×
2.14
Mar 31, 2020
5.21%
=
10.51%
×
0.23
×
2.16
Dec 31, 2019
5.39%
=
11.28%
×
0.22
×
2.13
Sep 30, 2019
—
=
—
×
—
×
2.16
Jun 30, 2019
—
=
—
×
—
×
2.17
Mar 31, 2019
—
=
—
×
—
×
2.17
Based on:
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 Q2 2022 is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Keurig Dr Pepper Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Jun 30, 2022
8.57%
=
0.79
×
0.82
×
25.34%
×
0.26
×
2.03
Mar 31, 2022
9.43%
=
0.76
×
0.85
×
28.88%
×
0.25
×
2.01
Dec 31, 2021
8.59%
=
0.77
×
0.85
×
26.01%
×
0.25
×
2.03
Sep 30, 2021
7.09%
=
0.77
×
0.81
×
22.36%
×
0.25
×
2.06
Jun 30, 2021
6.78%
=
0.76
×
0.79
×
22.26%
×
0.24
×
2.08
Mar 31, 2021
6.21%
=
0.77
×
0.77
×
21.31%
×
0.24
×
2.09
Dec 31, 2020
5.56%
=
0.76
×
0.74
×
20.29%
×
0.23
×
2.09
Sep 30, 2020
5.59%
=
0.75
×
0.74
×
20.65%
×
0.23
×
2.12
Jun 30, 2020
5.08%
=
0.74
×
0.72
×
19.49%
×
0.23
×
2.14
Mar 31, 2020
5.21%
=
0.74
×
0.71
×
19.79%
×
0.23
×
2.16
Dec 31, 2019
5.39%
=
0.74
×
0.72
×
21.12%
×
0.22
×
2.13
Sep 30, 2019
—
=
—
×
—
×
—
×
—
×
2.16
Jun 30, 2019
—
=
—
×
—
×
—
×
—
×
2.17
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
2.17
Based on:
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 Q2 2022 is the decrease in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Keurig Dr Pepper Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Jun 30, 2022
4.23%
=
16.39%
×
0.26
Mar 31, 2022
4.70%
=
18.71%
×
0.25
Dec 31, 2021
4.24%
=
16.92%
×
0.25
Sep 30, 2021
3.44%
=
13.95%
×
0.25
Jun 30, 2021
3.27%
=
13.49%
×
0.24
Mar 31, 2021
2.96%
=
12.55%
×
0.24
Dec 31, 2020
2.66%
=
11.40%
×
0.23
Sep 30, 2020
2.64%
=
11.40%
×
0.23
Jun 30, 2020
2.37%
=
10.32%
×
0.23
Mar 31, 2020
2.42%
=
10.51%
×
0.23
Dec 31, 2019
2.53%
=
11.28%
×
0.22
Sep 30, 2019
—
=
—
×
—
Jun 30, 2019
—
=
—
×
—
Mar 31, 2019
—
=
—
×
—
Based on:
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 Q2 2022 is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Keurig Dr Pepper Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Jun 30, 2022
4.23%
=
0.79
×
0.82
×
25.34%
×
0.26
Mar 31, 2022
4.70%
=
0.76
×
0.85
×
28.88%
×
0.25
Dec 31, 2021
4.24%
=
0.77
×
0.85
×
26.01%
×
0.25
Sep 30, 2021
3.44%
=
0.77
×
0.81
×
22.36%
×
0.25
Jun 30, 2021
3.27%
=
0.76
×
0.79
×
22.26%
×
0.24
Mar 31, 2021
2.96%
=
0.77
×
0.77
×
21.31%
×
0.24
Dec 31, 2020
2.66%
=
0.76
×
0.74
×
20.29%
×
0.23
Sep 30, 2020
2.64%
=
0.75
×
0.74
×
20.65%
×
0.23
Jun 30, 2020
2.37%
=
0.74
×
0.72
×
19.49%
×
0.23
Mar 31, 2020
2.42%
=
0.74
×
0.71
×
19.79%
×
0.23
Dec 31, 2019
2.53%
=
0.74
×
0.72
×
21.12%
×
0.22
Sep 30, 2019
—
=
—
×
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
×
—
Based on:
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 Q2 2022 is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Keurig Dr Pepper Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Jun 30, 2022
16.39%
=
0.79
×
0.82
×
25.34%
Mar 31, 2022
18.71%
=
0.76
×
0.85
×
28.88%
Dec 31, 2021
16.92%
=
0.77
×
0.85
×
26.01%
Sep 30, 2021
13.95%
=
0.77
×
0.81
×
22.36%
Jun 30, 2021
13.49%
=
0.76
×
0.79
×
22.26%
Mar 31, 2021
12.55%
=
0.77
×
0.77
×
21.31%
Dec 31, 2020
11.40%
=
0.76
×
0.74
×
20.29%
Sep 30, 2020
11.40%
=
0.75
×
0.74
×
20.65%
Jun 30, 2020
10.32%
=
0.74
×
0.72
×
19.49%
Mar 31, 2020
10.51%
=
0.74
×
0.71
×
19.79%
Dec 31, 2019
11.28%
=
0.74
×
0.72
×
21.12%
Sep 30, 2019
—
=
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
Based on:
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 Q2 2022 is the decrease in operating profitability measured by EBIT margin ratio.