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: Assets
- Common-Size Income Statement
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Two-Component Disaggregation of ROE
Walgreens Boots Alliance Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Aug 31, 2019 | = | × | |||
| Aug 31, 2018 | = | × | |||
| Aug 31, 2017 | = | × | |||
| Aug 31, 2016 | = | × | |||
| Aug 31, 2015 | = | × | |||
| Aug 31, 2014 | = | × |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2019 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Walgreens Boots Alliance Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Aug 31, 2019 | = | × | × | ||||
| Aug 31, 2018 | = | × | × | ||||
| Aug 31, 2017 | = | × | × | ||||
| Aug 31, 2016 | = | × | × | ||||
| Aug 31, 2015 | = | × | × | ||||
| Aug 31, 2014 | = | × | × |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2019 year is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Walgreens Boots Alliance Inc., decomposition of ROE
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2019 year is the decrease in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
Walgreens Boots Alliance Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Aug 31, 2019 | = | × | |||
| Aug 31, 2018 | = | × | |||
| Aug 31, 2017 | = | × | |||
| Aug 31, 2016 | = | × | |||
| Aug 31, 2015 | = | × | |||
| Aug 31, 2014 | = | × |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The primary reason for the decrease in return on assets ratio (ROA) over 2019 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Walgreens Boots Alliance Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Aug 31, 2019 | = | × | × | × | |||||
| Aug 31, 2018 | = | × | × | × | |||||
| Aug 31, 2017 | = | × | × | × | |||||
| Aug 31, 2016 | = | × | × | × | |||||
| Aug 31, 2015 | = | × | × | × | |||||
| Aug 31, 2014 | = | × | × | × |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The primary reason for the decrease in return on assets ratio (ROA) over 2019 year is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Walgreens Boots Alliance Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Aug 31, 2019 | = | × | × | ||||
| Aug 31, 2018 | = | × | × | ||||
| Aug 31, 2017 | = | × | × | ||||
| Aug 31, 2016 | = | × | × | ||||
| Aug 31, 2015 | = | × | × | ||||
| Aug 31, 2014 | = | × | × |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31).
The primary reason for the decrease in net profit margin ratio over 2019 year is the decrease in operating profitability measured by EBIT margin ratio.