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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Two-Component Disaggregation of ROE
Constellation Brands Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Feb 28, 2022 | = | × | |||
| Feb 28, 2021 | = | × | |||
| Feb 29, 2020 | = | × | |||
| Feb 28, 2019 | = | × | |||
| Feb 28, 2018 | = | × | |||
| Feb 28, 2017 | = | × |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
The primary reason for the decrease in return on equity ratio (ROE) over 2022 year is the decrease in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Constellation Brands Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Feb 28, 2022 | = | × | × | ||||
| Feb 28, 2021 | = | × | × | ||||
| Feb 29, 2020 | = | × | × | ||||
| Feb 28, 2019 | = | × | × | ||||
| Feb 28, 2018 | = | × | × | ||||
| Feb 28, 2017 | = | × | × |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
The primary reason for the decrease in return on equity ratio (ROE) over 2022 year is the decrease in profitability measured by net profit margin ratio.
Five-Component Disaggregation of ROE
Constellation Brands Inc., decomposition of ROE
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
The primary reason for the decrease in return on equity ratio (ROE) over 2022 year is the decrease in effect of taxes measured by tax burden ratio.
Two-Component Disaggregation of ROA
Constellation Brands Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Feb 28, 2022 | = | × | |||
| Feb 28, 2021 | = | × | |||
| Feb 29, 2020 | = | × | |||
| Feb 28, 2019 | = | × | |||
| Feb 28, 2018 | = | × | |||
| Feb 28, 2017 | = | × |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
The primary reason for the decrease in return on assets ratio (ROA) over 2022 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Constellation Brands Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2022 | = | × | × | × | |||||
| Feb 28, 2021 | = | × | × | × | |||||
| Feb 29, 2020 | = | × | × | × | |||||
| Feb 28, 2019 | = | × | × | × | |||||
| Feb 28, 2018 | = | × | × | × | |||||
| Feb 28, 2017 | = | × | × | × |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
The primary reason for the decrease in return on assets ratio (ROA) over 2022 year is the decrease in effect of taxes measured by tax burden ratio.
Disaggregation of Net Profit Margin
Constellation Brands Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Feb 28, 2022 | = | × | × | ||||
| Feb 28, 2021 | = | × | × | ||||
| Feb 29, 2020 | = | × | × | ||||
| Feb 28, 2019 | = | × | × | ||||
| Feb 28, 2018 | = | × | × | ||||
| Feb 28, 2017 | = | × | × |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
The primary reason for the decrease in net profit margin ratio over 2022 year is the decrease in effect of taxes measured by tax burden ratio.