Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2008
- Return on Assets (ROA) since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Book Value (P/BV) since 2008
- Aggregate Accruals
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Two-Component Disaggregation of ROE
ROE | = | ROA | × | Financial Leverage | |
---|---|---|---|---|---|
Dec 31, 2021 | = | × | |||
Dec 31, 2020 | = | × | |||
Dec 31, 2019 | = | × | |||
Dec 31, 2018 | = | × | |||
Dec 31, 2017 | = | × |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2021 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
---|---|---|---|---|---|---|---|
Dec 31, 2021 | = | × | × | ||||
Dec 31, 2020 | = | × | × | ||||
Dec 31, 2019 | = | × | × | ||||
Dec 31, 2018 | = | × | × | ||||
Dec 31, 2017 | = | × | × |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2021 year is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The primary reason for the decrease in return on equity ratio (ROE) over 2021 year is the decrease in operating profitability measured by EBIT margin ratio.
Two-Component Disaggregation of ROA
ROA | = | Net Profit Margin | × | Asset Turnover | |
---|---|---|---|---|---|
Dec 31, 2021 | = | × | |||
Dec 31, 2020 | = | × | |||
Dec 31, 2019 | = | × | |||
Dec 31, 2018 | = | × | |||
Dec 31, 2017 | = | × |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The primary reason for the decrease in return on assets ratio (ROA) over 2021 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
---|---|---|---|---|---|---|---|---|---|
Dec 31, 2021 | = | × | × | × | |||||
Dec 31, 2020 | = | × | × | × | |||||
Dec 31, 2019 | = | × | × | × | |||||
Dec 31, 2018 | = | × | × | × | |||||
Dec 31, 2017 | = | × | × | × |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The primary reason for the decrease in return on assets ratio (ROA) over 2021 year is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
---|---|---|---|---|---|---|---|
Dec 31, 2021 | = | × | × | ||||
Dec 31, 2020 | = | × | × | ||||
Dec 31, 2019 | = | × | × | ||||
Dec 31, 2018 | = | × | × | ||||
Dec 31, 2017 | = | × | × |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The primary reason for the decrease in net profit margin ratio over 2021 year is the decrease in operating profitability measured by EBIT margin ratio.