DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Two-Component Disaggregation of ROE
Micron Technology Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Aug 31, 2023 | = | × | |||
| Sep 1, 2022 | = | × | |||
| Sep 2, 2021 | = | × | |||
| Sep 3, 2020 | = | × | |||
| Aug 29, 2019 | = | × | |||
| Aug 30, 2018 | = | × |
Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Micron Technology Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Aug 31, 2023 | = | × | × | ||||
| Sep 1, 2022 | = | × | × | ||||
| Sep 2, 2021 | = | × | × | ||||
| Sep 3, 2020 | = | × | × | ||||
| Aug 29, 2019 | = | × | × | ||||
| Aug 30, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Micron Technology Inc., decomposition of ROE
Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).
Two-Component Disaggregation of ROA
Micron Technology Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Aug 31, 2023 | = | × | |||
| Sep 1, 2022 | = | × | |||
| Sep 2, 2021 | = | × | |||
| Sep 3, 2020 | = | × | |||
| Aug 29, 2019 | = | × | |||
| Aug 30, 2018 | = | × |
Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).
The primary reason for the decrease in return on assets ratio (ROA) over 2023 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Micron Technology Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Aug 31, 2023 | = | × | × | × | |||||
| Sep 1, 2022 | = | × | × | × | |||||
| Sep 2, 2021 | = | × | × | × | |||||
| Sep 3, 2020 | = | × | × | × | |||||
| Aug 29, 2019 | = | × | × | × | |||||
| Aug 30, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).
Disaggregation of Net Profit Margin
Micron Technology Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Aug 31, 2023 | = | × | × | ||||
| Sep 1, 2022 | = | × | × | ||||
| Sep 2, 2021 | = | × | × | ||||
| Sep 3, 2020 | = | × | × | ||||
| Aug 29, 2019 | = | × | × | ||||
| Aug 30, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).