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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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Two-Component Disaggregation of ROE
Western Digital Corp., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Jun 30, 2023 | = | × | |||
| Jul 1, 2022 | = | × | |||
| Jul 2, 2021 | = | × | |||
| Jul 3, 2020 | = | × | |||
| Jun 28, 2019 | = | × | |||
| Jun 29, 2018 | = | × |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Western Digital Corp., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Jun 30, 2023 | = | × | × | ||||
| Jul 1, 2022 | = | × | × | ||||
| Jul 2, 2021 | = | × | × | ||||
| Jul 3, 2020 | = | × | × | ||||
| Jun 28, 2019 | = | × | × | ||||
| Jun 29, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).
The primary reason for the decrease in return on equity ratio (ROE) over 2023 year is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Western Digital Corp., decomposition of ROE
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).
Two-Component Disaggregation of ROA
Western Digital Corp., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Jun 30, 2023 | = | × | |||
| Jul 1, 2022 | = | × | |||
| Jul 2, 2021 | = | × | |||
| Jul 3, 2020 | = | × | |||
| Jun 28, 2019 | = | × | |||
| Jun 29, 2018 | = | × |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).
The primary reason for the decrease in return on assets ratio (ROA) over 2023 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Western Digital Corp., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2023 | = | × | × | × | |||||
| Jul 1, 2022 | = | × | × | × | |||||
| Jul 2, 2021 | = | × | × | × | |||||
| Jul 3, 2020 | = | × | × | × | |||||
| Jun 28, 2019 | = | × | × | × | |||||
| Jun 29, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).
Disaggregation of Net Profit Margin
Western Digital Corp., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Jun 30, 2023 | = | × | × | ||||
| Jul 1, 2022 | = | × | × | ||||
| Jul 2, 2021 | = | × | × | ||||
| Jul 3, 2020 | = | × | × | ||||
| Jun 28, 2019 | = | × | × | ||||
| Jun 29, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).