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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Analysis of Revenues
- Analysis of Debt
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Two-Component Disaggregation of ROE
AutoZone Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Aug 26, 2023 | = | × | |||
| Aug 27, 2022 | = | × | |||
| Aug 28, 2021 | = | × | |||
| Aug 29, 2020 | = | × | |||
| Aug 31, 2019 | = | × | |||
| Aug 25, 2018 | = | × |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
Three-Component Disaggregation of ROE
AutoZone Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Aug 26, 2023 | = | × | × | ||||
| Aug 27, 2022 | = | × | × | ||||
| Aug 28, 2021 | = | × | × | ||||
| Aug 29, 2020 | = | × | × | ||||
| Aug 31, 2019 | = | × | × | ||||
| Aug 25, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
Five-Component Disaggregation of ROE
AutoZone Inc., decomposition of ROE
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
Two-Component Disaggregation of ROA
AutoZone Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Aug 26, 2023 | = | × | |||
| Aug 27, 2022 | = | × | |||
| Aug 28, 2021 | = | × | |||
| Aug 29, 2020 | = | × | |||
| Aug 31, 2019 | = | × | |||
| Aug 25, 2018 | = | × |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
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
AutoZone Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Aug 26, 2023 | = | × | × | × | |||||
| Aug 27, 2022 | = | × | × | × | |||||
| Aug 28, 2021 | = | × | × | × | |||||
| Aug 29, 2020 | = | × | × | × | |||||
| Aug 31, 2019 | = | × | × | × | |||||
| Aug 25, 2018 | = | × | × | × |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
The primary reason for the decrease in return on assets ratio (ROA) over 2023 year is the decrease in effect of interest expense measured by interest burden ratio.
Disaggregation of Net Profit Margin
AutoZone Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Aug 26, 2023 | = | × | × | ||||
| Aug 27, 2022 | = | × | × | ||||
| Aug 28, 2021 | = | × | × | ||||
| Aug 29, 2020 | = | × | × | ||||
| Aug 31, 2019 | = | × | × | ||||
| Aug 25, 2018 | = | × | × |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25).
The primary reason for the decrease in net profit margin ratio over 2023 year is the decrease in effect of interest expense measured by interest burden ratio.