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
Starbucks Corp., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Dec 29, 2024
—
=
11.03%
×
—
Sep 29, 2024
—
=
12.00%
×
—
Jun 30, 2024
—
=
13.52%
×
—
Mar 31, 2024
—
=
14.16%
×
—
Dec 31, 2023
—
=
14.71%
×
—
Oct 1, 2023
—
=
14.01%
×
—
Jul 2, 2023
—
=
13.17%
×
—
Apr 2, 2023
—
=
12.43%
×
—
Jan 1, 2023
—
=
11.75%
×
—
Oct 2, 2022
—
=
11.73%
×
—
Jul 3, 2022
—
=
14.80%
×
—
Apr 3, 2022
—
=
15.19%
×
—
Jan 2, 2022
—
=
15.24%
×
—
Oct 3, 2021
—
=
13.38%
×
—
Jun 27, 2021
—
=
9.59%
×
—
Mar 28, 2021
—
=
3.51%
×
—
Dec 27, 2020
—
=
2.22%
×
—
Sep 27, 2020
—
=
3.16%
×
—
Jun 28, 2020
—
=
4.59%
×
—
Mar 29, 2020
—
=
12.33%
×
—
Dec 29, 2019
—
=
13.43%
×
—
Sep 29, 2019
—
=
18.73%
×
—
Jun 30, 2019
—
=
—
×
—
Mar 31, 2019
—
=
—
×
—
Dec 30, 2018
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-12-29) ,
10-K (reporting date: 2024-09-29) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-K (reporting date: 2023-10-01) ,
10-Q (reporting date: 2023-07-02) ,
10-Q (reporting date: 2023-04-02) ,
10-Q (reporting date: 2023-01-01) ,
10-K (reporting date: 2022-10-02) ,
10-Q (reporting date: 2022-07-03) ,
10-Q (reporting date: 2022-04-03) ,
10-Q (reporting date: 2022-01-02) ,
10-K (reporting date: 2021-10-03) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-Q (reporting date: 2020-12-27) ,
10-K (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-Q (reporting date: 2019-12-29) ,
10-K (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-30) .
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Starbucks Corp., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Dec 29, 2024
—
=
9.73%
×
1.13
×
—
Sep 29, 2024
—
=
10.40%
×
1.15
×
—
Jun 30, 2024
—
=
11.16%
×
1.21
×
—
Mar 31, 2024
—
=
11.38%
×
1.24
×
—
Dec 31, 2023
—
=
11.70%
×
1.26
×
—
Oct 1, 2023
—
=
11.46%
×
1.22
×
—
Jul 2, 2023
—
=
10.80%
×
1.22
×
—
Apr 2, 2023
—
=
10.46%
×
1.19
×
—
Jan 1, 2023
—
=
10.09%
×
1.16
×
—
Oct 2, 2022
—
=
10.18%
×
1.15
×
—
Jul 3, 2022
—
=
13.03%
×
1.14
×
—
Apr 3, 2022
—
=
14.07%
×
1.08
×
—
Jan 2, 2022
—
=
14.47%
×
1.05
×
—
Oct 3, 2021
—
=
14.45%
×
0.93
×
—
Jun 27, 2021
—
=
10.43%
×
0.92
×
—
Mar 28, 2021
—
=
4.18%
×
0.84
×
—
Dec 27, 2020
—
=
2.87%
×
0.77
×
—
Sep 27, 2020
—
=
3.95%
×
0.80
×
—
Jun 28, 2020
—
=
5.56%
×
0.83
×
—
Mar 29, 2020
—
=
12.71%
×
0.97
×
—
Dec 29, 2019
—
=
13.81%
×
0.97
×
—
Sep 29, 2019
—
=
13.58%
×
1.38
×
—
Jun 30, 2019
—
=
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
Dec 30, 2018
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-12-29) ,
10-K (reporting date: 2024-09-29) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-K (reporting date: 2023-10-01) ,
10-Q (reporting date: 2023-07-02) ,
10-Q (reporting date: 2023-04-02) ,
10-Q (reporting date: 2023-01-01) ,
10-K (reporting date: 2022-10-02) ,
10-Q (reporting date: 2022-07-03) ,
10-Q (reporting date: 2022-04-03) ,
10-Q (reporting date: 2022-01-02) ,
10-K (reporting date: 2021-10-03) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-Q (reporting date: 2020-12-27) ,
10-K (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-Q (reporting date: 2019-12-29) ,
10-K (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-30) .
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Starbucks Corp., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Dec 29, 2024
—
=
0.76
×
0.89
×
14.28%
×
1.13
×
—
Sep 29, 2024
—
=
0.76
×
0.90
×
15.29%
×
1.15
×
—
Jun 30, 2024
—
=
0.76
×
0.90
×
16.27%
×
1.21
×
—
Mar 31, 2024
—
=
0.77
×
0.91
×
16.41%
×
1.24
×
—
Dec 31, 2023
—
=
0.76
×
0.91
×
16.92%
×
1.26
×
—
Oct 1, 2023
—
=
0.76
×
0.91
×
16.54%
×
1.22
×
—
Jul 2, 2023
—
=
0.77
×
0.90
×
15.54%
×
1.22
×
—
Apr 2, 2023
—
=
0.77
×
0.90
×
15.15%
×
1.19
×
—
Jan 1, 2023
—
=
0.77
×
0.90
×
14.58%
×
1.16
×
—
Oct 2, 2022
—
=
0.78
×
0.90
×
14.61%
×
1.15
×
—
Jul 3, 2022
—
=
0.78
×
0.92
×
18.31%
×
1.14
×
—
Apr 3, 2022
—
=
0.79
×
0.92
×
19.36%
×
1.08
×
—
Jan 2, 2022
—
=
0.78
×
0.92
×
20.01%
×
1.05
×
—
Oct 3, 2021
—
=
0.78
×
0.92
×
20.05%
×
0.93
×
—
Jun 27, 2021
—
=
0.80
×
0.88
×
14.84%
×
0.92
×
—
Mar 28, 2021
—
=
0.75
×
0.73
×
7.59%
×
0.84
×
—
Dec 27, 2020
—
=
0.80
×
0.64
×
5.60%
×
0.77
×
—
Sep 27, 2020
—
=
0.79
×
0.73
×
6.82%
×
0.80
×
—
Jun 28, 2020
—
=
0.77
×
0.81
×
8.88%
×
0.83
×
—
Mar 29, 2020
—
=
0.80
×
0.92
×
17.22%
×
0.97
×
—
Dec 29, 2019
—
=
0.80
×
0.93
×
18.53%
×
0.97
×
—
Sep 29, 2019
—
=
0.81
×
0.93
×
18.11%
×
1.38
×
—
Jun 30, 2019
—
=
—
×
—
×
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
—
Dec 30, 2018
—
=
—
×
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-12-29) ,
10-K (reporting date: 2024-09-29) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-K (reporting date: 2023-10-01) ,
10-Q (reporting date: 2023-07-02) ,
10-Q (reporting date: 2023-04-02) ,
10-Q (reporting date: 2023-01-01) ,
10-K (reporting date: 2022-10-02) ,
10-Q (reporting date: 2022-07-03) ,
10-Q (reporting date: 2022-04-03) ,
10-Q (reporting date: 2022-01-02) ,
10-K (reporting date: 2021-10-03) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-Q (reporting date: 2020-12-27) ,
10-K (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-Q (reporting date: 2019-12-29) ,
10-K (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-30) .
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Starbucks Corp., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Dec 29, 2024
11.03%
=
9.73%
×
1.13
Sep 29, 2024
12.00%
=
10.40%
×
1.15
Jun 30, 2024
13.52%
=
11.16%
×
1.21
Mar 31, 2024
14.16%
=
11.38%
×
1.24
Dec 31, 2023
14.71%
=
11.70%
×
1.26
Oct 1, 2023
14.01%
=
11.46%
×
1.22
Jul 2, 2023
13.17%
=
10.80%
×
1.22
Apr 2, 2023
12.43%
=
10.46%
×
1.19
Jan 1, 2023
11.75%
=
10.09%
×
1.16
Oct 2, 2022
11.73%
=
10.18%
×
1.15
Jul 3, 2022
14.80%
=
13.03%
×
1.14
Apr 3, 2022
15.19%
=
14.07%
×
1.08
Jan 2, 2022
15.24%
=
14.47%
×
1.05
Oct 3, 2021
13.38%
=
14.45%
×
0.93
Jun 27, 2021
9.59%
=
10.43%
×
0.92
Mar 28, 2021
3.51%
=
4.18%
×
0.84
Dec 27, 2020
2.22%
=
2.87%
×
0.77
Sep 27, 2020
3.16%
=
3.95%
×
0.80
Jun 28, 2020
4.59%
=
5.56%
×
0.83
Mar 29, 2020
12.33%
=
12.71%
×
0.97
Dec 29, 2019
13.43%
=
13.81%
×
0.97
Sep 29, 2019
18.73%
=
13.58%
×
1.38
Jun 30, 2019
—
=
—
×
—
Mar 31, 2019
—
=
—
×
—
Dec 30, 2018
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-12-29) ,
10-K (reporting date: 2024-09-29) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-K (reporting date: 2023-10-01) ,
10-Q (reporting date: 2023-07-02) ,
10-Q (reporting date: 2023-04-02) ,
10-Q (reporting date: 2023-01-01) ,
10-K (reporting date: 2022-10-02) ,
10-Q (reporting date: 2022-07-03) ,
10-Q (reporting date: 2022-04-03) ,
10-Q (reporting date: 2022-01-02) ,
10-K (reporting date: 2021-10-03) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-Q (reporting date: 2020-12-27) ,
10-K (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-Q (reporting date: 2019-12-29) ,
10-K (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-30) .
The primary reason for the decrease in return on assets ratio (ROA) over Q1 2025 is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Starbucks Corp., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Dec 29, 2024
11.03%
=
0.76
×
0.89
×
14.28%
×
1.13
Sep 29, 2024
12.00%
=
0.76
×
0.90
×
15.29%
×
1.15
Jun 30, 2024
13.52%
=
0.76
×
0.90
×
16.27%
×
1.21
Mar 31, 2024
14.16%
=
0.77
×
0.91
×
16.41%
×
1.24
Dec 31, 2023
14.71%
=
0.76
×
0.91
×
16.92%
×
1.26
Oct 1, 2023
14.01%
=
0.76
×
0.91
×
16.54%
×
1.22
Jul 2, 2023
13.17%
=
0.77
×
0.90
×
15.54%
×
1.22
Apr 2, 2023
12.43%
=
0.77
×
0.90
×
15.15%
×
1.19
Jan 1, 2023
11.75%
=
0.77
×
0.90
×
14.58%
×
1.16
Oct 2, 2022
11.73%
=
0.78
×
0.90
×
14.61%
×
1.15
Jul 3, 2022
14.80%
=
0.78
×
0.92
×
18.31%
×
1.14
Apr 3, 2022
15.19%
=
0.79
×
0.92
×
19.36%
×
1.08
Jan 2, 2022
15.24%
=
0.78
×
0.92
×
20.01%
×
1.05
Oct 3, 2021
13.38%
=
0.78
×
0.92
×
20.05%
×
0.93
Jun 27, 2021
9.59%
=
0.80
×
0.88
×
14.84%
×
0.92
Mar 28, 2021
3.51%
=
0.75
×
0.73
×
7.59%
×
0.84
Dec 27, 2020
2.22%
=
0.80
×
0.64
×
5.60%
×
0.77
Sep 27, 2020
3.16%
=
0.79
×
0.73
×
6.82%
×
0.80
Jun 28, 2020
4.59%
=
0.77
×
0.81
×
8.88%
×
0.83
Mar 29, 2020
12.33%
=
0.80
×
0.92
×
17.22%
×
0.97
Dec 29, 2019
13.43%
=
0.80
×
0.93
×
18.53%
×
0.97
Sep 29, 2019
18.73%
=
0.81
×
0.93
×
18.11%
×
1.38
Jun 30, 2019
—
=
—
×
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
×
—
Dec 30, 2018
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-12-29) ,
10-K (reporting date: 2024-09-29) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-K (reporting date: 2023-10-01) ,
10-Q (reporting date: 2023-07-02) ,
10-Q (reporting date: 2023-04-02) ,
10-Q (reporting date: 2023-01-01) ,
10-K (reporting date: 2022-10-02) ,
10-Q (reporting date: 2022-07-03) ,
10-Q (reporting date: 2022-04-03) ,
10-Q (reporting date: 2022-01-02) ,
10-K (reporting date: 2021-10-03) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-Q (reporting date: 2020-12-27) ,
10-K (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-Q (reporting date: 2019-12-29) ,
10-K (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-30) .
The primary reason for the decrease in return on assets ratio (ROA) over Q1 2025 is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Starbucks Corp., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Dec 29, 2024
9.73%
=
0.76
×
0.89
×
14.28%
Sep 29, 2024
10.40%
=
0.76
×
0.90
×
15.29%
Jun 30, 2024
11.16%
=
0.76
×
0.90
×
16.27%
Mar 31, 2024
11.38%
=
0.77
×
0.91
×
16.41%
Dec 31, 2023
11.70%
=
0.76
×
0.91
×
16.92%
Oct 1, 2023
11.46%
=
0.76
×
0.91
×
16.54%
Jul 2, 2023
10.80%
=
0.77
×
0.90
×
15.54%
Apr 2, 2023
10.46%
=
0.77
×
0.90
×
15.15%
Jan 1, 2023
10.09%
=
0.77
×
0.90
×
14.58%
Oct 2, 2022
10.18%
=
0.78
×
0.90
×
14.61%
Jul 3, 2022
13.03%
=
0.78
×
0.92
×
18.31%
Apr 3, 2022
14.07%
=
0.79
×
0.92
×
19.36%
Jan 2, 2022
14.47%
=
0.78
×
0.92
×
20.01%
Oct 3, 2021
14.45%
=
0.78
×
0.92
×
20.05%
Jun 27, 2021
10.43%
=
0.80
×
0.88
×
14.84%
Mar 28, 2021
4.18%
=
0.75
×
0.73
×
7.59%
Dec 27, 2020
2.87%
=
0.80
×
0.64
×
5.60%
Sep 27, 2020
3.95%
=
0.79
×
0.73
×
6.82%
Jun 28, 2020
5.56%
=
0.77
×
0.81
×
8.88%
Mar 29, 2020
12.71%
=
0.80
×
0.92
×
17.22%
Dec 29, 2019
13.81%
=
0.80
×
0.93
×
18.53%
Sep 29, 2019
13.58%
=
0.81
×
0.93
×
18.11%
Jun 30, 2019
—
=
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
Dec 30, 2018
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-12-29) ,
10-K (reporting date: 2024-09-29) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-K (reporting date: 2023-10-01) ,
10-Q (reporting date: 2023-07-02) ,
10-Q (reporting date: 2023-04-02) ,
10-Q (reporting date: 2023-01-01) ,
10-K (reporting date: 2022-10-02) ,
10-Q (reporting date: 2022-07-03) ,
10-Q (reporting date: 2022-04-03) ,
10-Q (reporting date: 2022-01-02) ,
10-K (reporting date: 2021-10-03) ,
10-Q (reporting date: 2021-06-27) ,
10-Q (reporting date: 2021-03-28) ,
10-Q (reporting date: 2020-12-27) ,
10-K (reporting date: 2020-09-27) ,
10-Q (reporting date: 2020-06-28) ,
10-Q (reporting date: 2020-03-29) ,
10-Q (reporting date: 2019-12-29) ,
10-K (reporting date: 2019-09-29) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-30) .
The primary reason for the decrease in net profit margin ratio over Q1 2025 is the decrease in operating profitability measured by EBIT margin ratio.