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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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2019
- Total Asset Turnover since 2019
- Price to Operating Profit (P/OP) since 2019
- Price to Book Value (P/BV) since 2019
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Two-Component Disaggregation of ROE
Dell Technologies Inc., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | |||
| Feb 3, 2023 | = | × | |||
| Jan 28, 2022 | = | × | |||
| Jan 29, 2021 | = | × | |||
| Jan 31, 2020 | = | × | |||
| Feb 1, 2019 | = | × |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
Three-Component Disaggregation of ROE
Dell Technologies Inc., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | × | ||||
| Feb 3, 2023 | = | × | × | ||||
| Jan 28, 2022 | = | × | × | ||||
| Jan 29, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × | ||||
| Feb 1, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
Five-Component Disaggregation of ROE
Dell Technologies Inc., decomposition of ROE
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
Two-Component Disaggregation of ROA
Dell Technologies Inc., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | |||
| Feb 3, 2023 | = | × | |||
| Jan 28, 2022 | = | × | |||
| Jan 29, 2021 | = | × | |||
| Jan 31, 2020 | = | × | |||
| Feb 1, 2019 | = | × |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
The primary reason for the increase in return on assets ratio (ROA) over 2024 year is the increase in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Dell Technologies Inc., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | × | × | |||||
| Feb 3, 2023 | = | × | × | × | |||||
| Jan 28, 2022 | = | × | × | × | |||||
| Jan 29, 2021 | = | × | × | × | |||||
| Jan 31, 2020 | = | × | × | × | |||||
| Feb 1, 2019 | = | × | × | × |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
The primary reason for the increase in return on assets ratio (ROA) over 2024 year is the increase in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Dell Technologies Inc., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Feb 2, 2024 | = | × | × | ||||
| Feb 3, 2023 | = | × | × | ||||
| Jan 28, 2022 | = | × | × | ||||
| Jan 29, 2021 | = | × | × | ||||
| Jan 31, 2020 | = | × | × | ||||
| Feb 1, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
The primary reason for the increase in net profit margin ratio over 2024 year is the increase in operating profitability measured by EBIT margin ratio.