DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit MarginQuarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Boston Scientific Corp., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Mar 31, 2023
5.05%
=
2.74%
×
1.84
Dec 31, 2022
3.97%
=
2.15%
×
1.85
Sep 30, 2022
3.70%
=
2.04%
×
1.81
Jun 30, 2022
5.12%
=
2.75%
×
1.87
Mar 31, 2022
4.84%
=
2.50%
×
1.93
Dec 31, 2021
6.26%
=
3.23%
×
1.94
Sep 30, 2021
7.02%
=
3.62%
×
1.94
Jun 30, 2021
3.64%
=
1.86%
×
1.96
Mar 31, 2021
1.58%
=
0.80%
×
1.97
Dec 31, 2020
-0.54%
=
-0.27%
×
2.01
Sep 30, 2020
23.80%
=
12.01%
×
1.98
Jun 30, 2020
25.53%
=
12.93%
×
1.97
Mar 31, 2020
31.06%
=
14.24%
×
2.18
Dec 31, 2019
33.87%
=
15.38%
×
2.20
Sep 30, 2019
11.24%
=
4.07%
×
2.76
Jun 30, 2019
14.81%
=
5.74%
×
2.58
Mar 31, 2019
19.46%
=
7.55%
×
2.58
Dec 31, 2018
19.15%
=
7.96%
×
2.41
Sep 30, 2018
—
=
—
×
2.46
Jun 30, 2018
—
=
—
×
2.53
Mar 31, 2018
—
=
—
×
2.73
Based on:
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-K (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) ,
10-Q (reporting date: 2018-06-30) ,
10-Q (reporting date: 2018-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Boston Scientific Corp., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Mar 31, 2023
5.05%
=
6.91%
×
0.40
×
1.84
Dec 31, 2022
3.97%
=
5.50%
×
0.39
×
1.85
Sep 30, 2022
3.70%
=
5.20%
×
0.39
×
1.81
Jun 30, 2022
5.12%
=
7.17%
×
0.38
×
1.87
Mar 31, 2022
4.84%
=
6.66%
×
0.38
×
1.93
Dec 31, 2021
6.26%
=
8.76%
×
0.37
×
1.94
Sep 30, 2021
7.02%
=
10.07%
×
0.36
×
1.94
Jun 30, 2021
3.64%
=
5.19%
×
0.36
×
1.96
Mar 31, 2021
1.58%
=
2.45%
×
0.33
×
1.97
Dec 31, 2020
-0.54%
=
-0.83%
×
0.32
×
2.01
Sep 30, 2020
23.80%
=
36.65%
×
0.33
×
1.98
Jun 30, 2020
25.53%
=
39.24%
×
0.33
×
1.97
Mar 31, 2020
31.06%
=
39.75%
×
0.36
×
2.18
Dec 31, 2019
33.87%
=
43.78%
×
0.35
×
2.20
Sep 30, 2019
11.24%
=
10.49%
×
0.39
×
2.76
Jun 30, 2019
14.81%
=
13.85%
×
0.41
×
2.58
Mar 31, 2019
19.46%
=
18.08%
×
0.42
×
2.58
Dec 31, 2018
19.15%
=
17.01%
×
0.47
×
2.41
Sep 30, 2018
—
=
—
×
—
×
2.46
Jun 30, 2018
—
=
—
×
—
×
2.53
Mar 31, 2018
—
=
—
×
—
×
2.73
Based on:
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-K (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) ,
10-Q (reporting date: 2018-06-30) ,
10-Q (reporting date: 2018-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Boston Scientific Corp., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Mar 31, 2023
5.05%
=
0.63
×
0.85
×
12.92%
×
0.40
×
1.84
Dec 31, 2022
3.97%
=
0.61
×
0.71
×
12.70%
×
0.39
×
1.85
Sep 30, 2022
3.70%
=
0.75
×
0.64
×
10.81%
×
0.39
×
1.81
Jun 30, 2022
5.12%
=
0.80
×
0.68
×
13.13%
×
0.38
×
1.87
Mar 31, 2022
4.84%
=
0.89
×
0.63
×
11.88%
×
0.38
×
1.93
Dec 31, 2021
6.26%
=
0.97
×
0.76
×
11.92%
×
0.37
×
1.94
Sep 30, 2021
7.02%
=
0.91
×
0.78
×
14.07%
×
0.36
×
1.94
Jun 30, 2021
3.64%
=
1.05
×
0.61
×
8.07%
×
0.36
×
1.96
Mar 31, 2021
1.58%
=
1.11
×
0.39
×
5.72%
×
0.33
×
1.97
Dec 31, 2020
-0.54%
=
—
×
-0.28
×
2.84%
×
0.32
×
2.01
Sep 30, 2020
23.80%
=
—
×
-7.40
×
0.52%
×
0.33
×
1.98
Jun 30, 2020
25.53%
=
—
×
-0.19
×
3.74%
×
0.33
×
1.97
Mar 31, 2020
31.06%
=
17.01
×
0.36
×
6.53%
×
0.36
×
2.18
Dec 31, 2019
33.87%
=
6.84
×
0.59
×
10.81%
×
0.35
×
2.20
Sep 30, 2019
11.24%
=
1.10
×
0.73
×
12.96%
×
0.39
×
2.76
Jun 30, 2019
14.81%
=
1.03
×
0.81
×
16.62%
×
0.41
×
2.58
Mar 31, 2019
19.46%
=
1.15
×
0.84
×
18.57%
×
0.42
×
2.58
Dec 31, 2018
19.15%
=
1.18
×
0.86
×
16.93%
×
0.47
×
2.41
Sep 30, 2018
—
=
—
×
—
×
—
×
—
×
2.46
Jun 30, 2018
—
=
—
×
—
×
—
×
—
×
2.53
Mar 31, 2018
—
=
—
×
—
×
—
×
—
×
2.73
Based on:
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-K (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) ,
10-Q (reporting date: 2018-06-30) ,
10-Q (reporting date: 2018-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in effect of interest expense measured by interest burden ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Boston Scientific Corp., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Mar 31, 2023
2.74%
=
6.91%
×
0.40
Dec 31, 2022
2.15%
=
5.50%
×
0.39
Sep 30, 2022
2.04%
=
5.20%
×
0.39
Jun 30, 2022
2.75%
=
7.17%
×
0.38
Mar 31, 2022
2.50%
=
6.66%
×
0.38
Dec 31, 2021
3.23%
=
8.76%
×
0.37
Sep 30, 2021
3.62%
=
10.07%
×
0.36
Jun 30, 2021
1.86%
=
5.19%
×
0.36
Mar 31, 2021
0.80%
=
2.45%
×
0.33
Dec 31, 2020
-0.27%
=
-0.83%
×
0.32
Sep 30, 2020
12.01%
=
36.65%
×
0.33
Jun 30, 2020
12.93%
=
39.24%
×
0.33
Mar 31, 2020
14.24%
=
39.75%
×
0.36
Dec 31, 2019
15.38%
=
43.78%
×
0.35
Sep 30, 2019
4.07%
=
10.49%
×
0.39
Jun 30, 2019
5.74%
=
13.85%
×
0.41
Mar 31, 2019
7.55%
=
18.08%
×
0.42
Dec 31, 2018
7.96%
=
17.01%
×
0.47
Sep 30, 2018
—
=
—
×
—
Jun 30, 2018
—
=
—
×
—
Mar 31, 2018
—
=
—
×
—
Based on:
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-K (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) ,
10-Q (reporting date: 2018-06-30) ,
10-Q (reporting date: 2018-03-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q1 2023 is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Boston Scientific Corp., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Mar 31, 2023
2.74%
=
0.63
×
0.85
×
12.92%
×
0.40
Dec 31, 2022
2.15%
=
0.61
×
0.71
×
12.70%
×
0.39
Sep 30, 2022
2.04%
=
0.75
×
0.64
×
10.81%
×
0.39
Jun 30, 2022
2.75%
=
0.80
×
0.68
×
13.13%
×
0.38
Mar 31, 2022
2.50%
=
0.89
×
0.63
×
11.88%
×
0.38
Dec 31, 2021
3.23%
=
0.97
×
0.76
×
11.92%
×
0.37
Sep 30, 2021
3.62%
=
0.91
×
0.78
×
14.07%
×
0.36
Jun 30, 2021
1.86%
=
1.05
×
0.61
×
8.07%
×
0.36
Mar 31, 2021
0.80%
=
1.11
×
0.39
×
5.72%
×
0.33
Dec 31, 2020
-0.27%
=
—
×
-0.28
×
2.84%
×
0.32
Sep 30, 2020
12.01%
=
—
×
-7.40
×
0.52%
×
0.33
Jun 30, 2020
12.93%
=
—
×
-0.19
×
3.74%
×
0.33
Mar 31, 2020
14.24%
=
17.01
×
0.36
×
6.53%
×
0.36
Dec 31, 2019
15.38%
=
6.84
×
0.59
×
10.81%
×
0.35
Sep 30, 2019
4.07%
=
1.10
×
0.73
×
12.96%
×
0.39
Jun 30, 2019
5.74%
=
1.03
×
0.81
×
16.62%
×
0.41
Mar 31, 2019
7.55%
=
1.15
×
0.84
×
18.57%
×
0.42
Dec 31, 2018
7.96%
=
1.18
×
0.86
×
16.93%
×
0.47
Sep 30, 2018
—
=
—
×
—
×
—
×
—
Jun 30, 2018
—
=
—
×
—
×
—
×
—
Mar 31, 2018
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-K (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) ,
10-Q (reporting date: 2018-06-30) ,
10-Q (reporting date: 2018-03-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q1 2023 is the increase in effect of interest expense measured by interest burden ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Boston Scientific Corp., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Mar 31, 2023
6.91%
=
0.63
×
0.85
×
12.92%
Dec 31, 2022
5.50%
=
0.61
×
0.71
×
12.70%
Sep 30, 2022
5.20%
=
0.75
×
0.64
×
10.81%
Jun 30, 2022
7.17%
=
0.80
×
0.68
×
13.13%
Mar 31, 2022
6.66%
=
0.89
×
0.63
×
11.88%
Dec 31, 2021
8.76%
=
0.97
×
0.76
×
11.92%
Sep 30, 2021
10.07%
=
0.91
×
0.78
×
14.07%
Jun 30, 2021
5.19%
=
1.05
×
0.61
×
8.07%
Mar 31, 2021
2.45%
=
1.11
×
0.39
×
5.72%
Dec 31, 2020
-0.83%
=
—
×
-0.28
×
2.84%
Sep 30, 2020
36.65%
=
—
×
-7.40
×
0.52%
Jun 30, 2020
39.24%
=
—
×
-0.19
×
3.74%
Mar 31, 2020
39.75%
=
17.01
×
0.36
×
6.53%
Dec 31, 2019
43.78%
=
6.84
×
0.59
×
10.81%
Sep 30, 2019
10.49%
=
1.10
×
0.73
×
12.96%
Jun 30, 2019
13.85%
=
1.03
×
0.81
×
16.62%
Mar 31, 2019
18.08%
=
1.15
×
0.84
×
18.57%
Dec 31, 2018
17.01%
=
1.18
×
0.86
×
16.93%
Sep 30, 2018
—
=
—
×
—
×
—
Jun 30, 2018
—
=
—
×
—
×
—
Mar 31, 2018
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) ,
10-K (reporting date: 2018-12-31) ,
10-Q (reporting date: 2018-09-30) ,
10-Q (reporting date: 2018-06-30) ,
10-Q (reporting date: 2018-03-31) .
The primary reason for the increase in net profit margin ratio over Q1 2023 is the increase in effect of interest expense measured by interest burden ratio.