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
Super Micro Computer Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Mar 31, 2024
20.59%
=
11.84%
×
1.74
Dec 31, 2023
23.80%
=
13.55%
×
1.76
Sep 30, 2023
28.29%
=
14.96%
×
1.89
Jun 30, 2023
32.45%
=
17.42%
×
1.86
Mar 31, 2023
33.21%
=
18.39%
×
1.81
Dec 31, 2022
31.80%
=
18.81%
×
1.69
Sep 30, 2022
27.33%
=
13.45%
×
2.03
Jun 30, 2022
20.00%
=
8.90%
×
2.25
Mar 31, 2022
14.41%
=
5.98%
×
2.41
Dec 31, 2021
10.53%
=
4.67%
×
2.26
Sep 30, 2021
9.77%
=
4.56%
×
2.14
Jun 30, 2021
10.20%
=
4.99%
×
2.05
Mar 31, 2021
8.65%
=
4.56%
×
1.90
Dec 31, 2020
8.32%
=
4.67%
×
1.78
Sep 30, 2020
7.88%
=
4.65%
×
1.69
Jun 30, 2020
7.91%
=
4.39%
×
1.80
Mar 31, 2020
8.63%
=
4.57%
×
1.89
Dec 31, 2019
8.43%
=
4.67%
×
1.80
Sep 30, 2019
8.12%
=
4.64%
×
1.75
Jun 30, 2019
7.64%
=
4.27%
×
1.79
Mar 31, 2019
—
=
—
×
1.76
Dec 31, 2018
—
=
—
×
1.93
Sep 30, 2018
—
=
—
×
1.99
Based on:
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-K (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-Q (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-K (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-Q (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-K (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-Q (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-K (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-Q (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-K (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) .
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
Super Micro Computer Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Mar 31, 2024
20.59%
=
8.88%
×
1.33
×
1.74
Dec 31, 2023
23.80%
=
7.92%
×
1.71
×
1.76
Sep 30, 2023
28.29%
=
8.29%
×
1.80
×
1.89
Jun 30, 2023
32.45%
=
8.98%
×
1.94
×
1.86
Mar 31, 2023
33.21%
=
8.93%
×
2.06
×
1.81
Dec 31, 2022
31.80%
=
8.70%
×
2.16
×
1.69
Sep 30, 2022
27.33%
=
7.38%
×
1.82
×
2.03
Jun 30, 2022
20.00%
=
5.49%
×
1.62
×
2.25
Mar 31, 2022
14.41%
=
3.96%
×
1.51
×
2.41
Dec 31, 2021
10.53%
=
3.00%
×
1.56
×
2.26
Sep 30, 2021
9.77%
=
2.89%
×
1.58
×
2.14
Jun 30, 2021
10.20%
=
3.14%
×
1.59
×
2.05
Mar 31, 2021
8.65%
=
2.69%
×
1.69
×
1.90
Dec 31, 2020
8.32%
=
2.71%
×
1.72
×
1.78
Sep 30, 2020
7.88%
=
2.56%
×
1.82
×
1.69
Jun 30, 2020
7.91%
=
2.52%
×
1.74
×
1.80
Mar 31, 2020
8.63%
=
2.72%
×
1.68
×
1.89
Dec 31, 2019
8.43%
=
2.58%
×
1.81
×
1.80
Sep 30, 2019
8.12%
=
2.37%
×
1.96
×
1.75
Jun 30, 2019
7.64%
=
2.05%
×
2.08
×
1.79
Mar 31, 2019
—
=
—
×
—
×
1.76
Dec 31, 2018
—
=
—
×
—
×
1.93
Sep 30, 2018
—
=
—
×
—
×
1.99
Based on:
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-K (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-Q (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-K (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-Q (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-K (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-Q (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-K (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-Q (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-K (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) .
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
Super Micro Computer Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Mar 31, 2024
20.59%
=
0.92
×
0.98
×
9.83%
×
1.33
×
1.74
Dec 31, 2023
23.80%
=
0.86
×
0.98
×
9.41%
×
1.71
×
1.76
Sep 30, 2023
28.29%
=
0.87
×
0.99
×
9.65%
×
1.80
×
1.89
Jun 30, 2023
32.45%
=
0.85
×
0.99
×
10.69%
×
1.94
×
1.86
Mar 31, 2023
33.21%
=
0.85
×
0.99
×
10.68%
×
2.06
×
1.81
Dec 31, 2022
31.80%
=
0.84
×
0.99
×
10.52%
×
2.16
×
1.69
Sep 30, 2022
27.33%
=
0.83
×
0.98
×
9.01%
×
1.82
×
2.03
Jun 30, 2022
20.00%
=
0.84
×
0.98
×
6.63%
×
1.62
×
2.25
Mar 31, 2022
14.41%
=
0.88
×
0.98
×
4.60%
×
1.51
×
2.41
Dec 31, 2021
10.53%
=
0.93
×
0.98
×
3.29%
×
1.56
×
2.26
Sep 30, 2021
9.77%
=
0.94
×
0.98
×
3.13%
×
1.58
×
2.14
Jun 30, 2021
10.20%
=
0.94
×
0.98
×
3.41%
×
1.59
×
2.05
Mar 31, 2021
8.65%
=
0.98
×
0.97
×
2.82%
×
1.69
×
1.90
Dec 31, 2020
8.32%
=
0.99
×
0.97
×
2.82%
×
1.72
×
1.78
Sep 30, 2020
7.88%
=
1.02
×
0.97
×
2.57%
×
1.82
×
1.69
Jun 30, 2020
7.91%
=
0.97
×
0.98
×
2.68%
×
1.74
×
1.80
Mar 31, 2020
8.63%
=
0.86
×
0.97
×
3.23%
×
1.68
×
1.89
Dec 31, 2019
8.43%
=
0.84
×
0.97
×
3.17%
×
1.81
×
1.80
Sep 30, 2019
8.12%
=
0.81
×
0.95
×
3.06%
×
1.96
×
1.75
Jun 30, 2019
7.64%
=
0.83
×
0.93
×
2.67%
×
2.08
×
1.79
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
1.76
Dec 31, 2018
—
=
—
×
—
×
—
×
—
×
1.93
Sep 30, 2018
—
=
—
×
—
×
—
×
—
×
1.99
Based on:
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-K (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-Q (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-K (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-Q (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-K (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-Q (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-K (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-Q (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-K (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) .
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
Super Micro Computer Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Mar 31, 2024
11.84%
=
8.88%
×
1.33
Dec 31, 2023
13.55%
=
7.92%
×
1.71
Sep 30, 2023
14.96%
=
8.29%
×
1.80
Jun 30, 2023
17.42%
=
8.98%
×
1.94
Mar 31, 2023
18.39%
=
8.93%
×
2.06
Dec 31, 2022
18.81%
=
8.70%
×
2.16
Sep 30, 2022
13.45%
=
7.38%
×
1.82
Jun 30, 2022
8.90%
=
5.49%
×
1.62
Mar 31, 2022
5.98%
=
3.96%
×
1.51
Dec 31, 2021
4.67%
=
3.00%
×
1.56
Sep 30, 2021
4.56%
=
2.89%
×
1.58
Jun 30, 2021
4.99%
=
3.14%
×
1.59
Mar 31, 2021
4.56%
=
2.69%
×
1.69
Dec 31, 2020
4.67%
=
2.71%
×
1.72
Sep 30, 2020
4.65%
=
2.56%
×
1.82
Jun 30, 2020
4.39%
=
2.52%
×
1.74
Mar 31, 2020
4.57%
=
2.72%
×
1.68
Dec 31, 2019
4.67%
=
2.58%
×
1.81
Sep 30, 2019
4.64%
=
2.37%
×
1.96
Jun 30, 2019
4.27%
=
2.05%
×
2.08
Mar 31, 2019
—
=
—
×
—
Dec 31, 2018
—
=
—
×
—
Sep 30, 2018
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-K (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-Q (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-K (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-Q (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-K (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-Q (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-K (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-Q (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-K (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) .
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
Super Micro Computer Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Mar 31, 2024
11.84%
=
0.92
×
0.98
×
9.83%
×
1.33
Dec 31, 2023
13.55%
=
0.86
×
0.98
×
9.41%
×
1.71
Sep 30, 2023
14.96%
=
0.87
×
0.99
×
9.65%
×
1.80
Jun 30, 2023
17.42%
=
0.85
×
0.99
×
10.69%
×
1.94
Mar 31, 2023
18.39%
=
0.85
×
0.99
×
10.68%
×
2.06
Dec 31, 2022
18.81%
=
0.84
×
0.99
×
10.52%
×
2.16
Sep 30, 2022
13.45%
=
0.83
×
0.98
×
9.01%
×
1.82
Jun 30, 2022
8.90%
=
0.84
×
0.98
×
6.63%
×
1.62
Mar 31, 2022
5.98%
=
0.88
×
0.98
×
4.60%
×
1.51
Dec 31, 2021
4.67%
=
0.93
×
0.98
×
3.29%
×
1.56
Sep 30, 2021
4.56%
=
0.94
×
0.98
×
3.13%
×
1.58
Jun 30, 2021
4.99%
=
0.94
×
0.98
×
3.41%
×
1.59
Mar 31, 2021
4.56%
=
0.98
×
0.97
×
2.82%
×
1.69
Dec 31, 2020
4.67%
=
0.99
×
0.97
×
2.82%
×
1.72
Sep 30, 2020
4.65%
=
1.02
×
0.97
×
2.57%
×
1.82
Jun 30, 2020
4.39%
=
0.97
×
0.98
×
2.68%
×
1.74
Mar 31, 2020
4.57%
=
0.86
×
0.97
×
3.23%
×
1.68
Dec 31, 2019
4.67%
=
0.84
×
0.97
×
3.17%
×
1.81
Sep 30, 2019
4.64%
=
0.81
×
0.95
×
3.06%
×
1.96
Jun 30, 2019
4.27%
=
0.83
×
0.93
×
2.67%
×
2.08
Mar 31, 2019
—
=
—
×
—
×
—
×
—
Dec 31, 2018
—
=
—
×
—
×
—
×
—
Sep 30, 2018
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-K (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-Q (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-K (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-Q (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-K (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-Q (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-K (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-Q (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-K (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) .
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
Super Micro Computer Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Mar 31, 2024
8.88%
=
0.92
×
0.98
×
9.83%
Dec 31, 2023
7.92%
=
0.86
×
0.98
×
9.41%
Sep 30, 2023
8.29%
=
0.87
×
0.99
×
9.65%
Jun 30, 2023
8.98%
=
0.85
×
0.99
×
10.69%
Mar 31, 2023
8.93%
=
0.85
×
0.99
×
10.68%
Dec 31, 2022
8.70%
=
0.84
×
0.99
×
10.52%
Sep 30, 2022
7.38%
=
0.83
×
0.98
×
9.01%
Jun 30, 2022
5.49%
=
0.84
×
0.98
×
6.63%
Mar 31, 2022
3.96%
=
0.88
×
0.98
×
4.60%
Dec 31, 2021
3.00%
=
0.93
×
0.98
×
3.29%
Sep 30, 2021
2.89%
=
0.94
×
0.98
×
3.13%
Jun 30, 2021
3.14%
=
0.94
×
0.98
×
3.41%
Mar 31, 2021
2.69%
=
0.98
×
0.97
×
2.82%
Dec 31, 2020
2.71%
=
0.99
×
0.97
×
2.82%
Sep 30, 2020
2.56%
=
1.02
×
0.97
×
2.57%
Jun 30, 2020
2.52%
=
0.97
×
0.98
×
2.68%
Mar 31, 2020
2.72%
=
0.86
×
0.97
×
3.23%
Dec 31, 2019
2.58%
=
0.84
×
0.97
×
3.17%
Sep 30, 2019
2.37%
=
0.81
×
0.95
×
3.06%
Jun 30, 2019
2.05%
=
0.83
×
0.93
×
2.67%
Mar 31, 2019
—
=
—
×
—
×
—
Dec 31, 2018
—
=
—
×
—
×
—
Sep 30, 2018
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-03-31) ,
10-Q (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-K (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-Q (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-K (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-Q (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-K (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-Q (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-K (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-Q (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-K (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-Q (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) .
The primary reason for the increase in net profit margin ratio over Q3 2024 is the increase in effect of taxes measured by tax burden ratio.