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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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2008
- Total Asset Turnover since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
- Aggregate Accruals
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Two-Component Disaggregation of ROE
Ulta Beauty Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Jan 28, 2023 | = | × | |||
| Jan 29, 2022 | = | × | |||
| Jan 30, 2021 | = | × | |||
| Feb 1, 2020 | = | × | |||
| Feb 2, 2019 | = | × | |||
| Feb 3, 2018 | = | × |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in financial leverage ratio.
Three-Component Disaggregation of ROE
Ulta Beauty Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Jan 28, 2023 | = | × | × | ||||
| Jan 29, 2022 | = | × | × | ||||
| Jan 30, 2021 | = | × | × | ||||
| Feb 1, 2020 | = | × | × | ||||
| Feb 2, 2019 | = | × | × | ||||
| Feb 3, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in financial leverage ratio.
Five-Component Disaggregation of ROE
Ulta Beauty Inc., decomposition of ROE
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in financial leverage ratio.
Two-Component Disaggregation of ROA
Ulta Beauty Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Jan 28, 2023 | = | × | |||
| Jan 29, 2022 | = | × | |||
| Jan 30, 2021 | = | × | |||
| Feb 1, 2020 | = | × | |||
| Feb 2, 2019 | = | × | |||
| Feb 3, 2018 | = | × |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Ulta Beauty Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2023 | = | × | × | × | |||||
| Jan 29, 2022 | = | × | × | × | |||||
| Jan 30, 2021 | = | × | × | × | |||||
| Feb 1, 2020 | = | × | × | × | |||||
| Feb 2, 2019 | = | × | × | × | |||||
| Feb 3, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
The primary reason for the increase in return on assets ratio (ROA) over 2023 year is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Ulta Beauty Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Jan 28, 2023 | = | × | × | ||||
| Jan 29, 2022 | = | × | × | ||||
| Jan 30, 2021 | = | × | × | ||||
| Feb 1, 2020 | = | × | × | ||||
| Feb 2, 2019 | = | × | × | ||||
| Feb 3, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
The primary reason for the increase in net profit margin ratio over 2023 year is the increase in operating profitability measured by EBIT margin ratio.