Stock Analysis on Net
Stock Analysis on Net

Dell Technologies Inc. (NYSE:DELL)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Dell Technologies Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Nov 1, 2024 — = 5.00% × —
Aug 2, 2024 — = 4.80% × —
May 3, 2024 — = 4.47% × —
Feb 2, 2024 — = 3.91% × —
Nov 3, 2023 — = 3.20% × —
Aug 4, 2023 — = 2.22% × —
May 5, 2023 — = 2.32% × —
Feb 3, 2023 — = 2.73% × —
Oct 28, 2022 — = 2.15% × —
Jul 29, 2022 — = 6.11% × —
Apr 29, 2022 — = 6.50% × —
Jan 28, 2022 — = 6.00% × —
Oct 29, 2021 75.81% = 5.00% × 15.15
Jul 30, 2021 78.28% = 3.08% × 25.43
Apr 30, 2021 114.54% = 3.28% × 34.92
Jan 29, 2021 131.10% = 2.63% × 49.78
Oct 30, 2020 275.31% = 2.04% × 134.71
Jul 31, 2020 — = 1.73% × —
May 1, 2020 — = 3.71% × —
Jan 31, 2020 — = 3.88% × —
Nov 1, 2019 — = — × —
Aug 2, 2019 — = — × —
May 3, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

Three-Component Disaggregation of ROE

Dell Technologies Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Nov 1, 2024 — = 4.36% × 1.15 × —
Aug 2, 2024 — = 4.32% × 1.11 × —
May 3, 2024 — = 4.00% × 1.12 × —
Feb 2, 2024 — = 3.63% × 1.08 × —
Nov 3, 2023 — = 2.92% × 1.09 × —
Aug 4, 2023 — = 2.03% × 1.09 × —
May 5, 2023 — = 2.01% × 1.15 × —
Feb 3, 2023 — = 2.39% × 1.14 × —
Oct 28, 2022 — = 1.74% × 1.24 × —
Jul 29, 2022 — = 5.07% × 1.20 × —
Apr 29, 2022 — = 5.49% × 1.18 × —
Jan 28, 2022 — = 5.50% × 1.09 × —
Oct 29, 2021 75.81% = 6.83% × 0.73 × 15.15
Jul 30, 2021 78.28% = 3.92% × 0.79 × 25.43
Apr 30, 2021 114.54% = 4.21% × 0.78 × 34.92
Jan 29, 2021 131.10% = 3.45% × 0.76 × 49.78
Oct 30, 2020 275.31% = 2.64% × 0.77 × 134.71
Jul 31, 2020 — = 2.29% × 0.75 × —
May 1, 2020 — = 4.85% × 0.77 × —
Jan 31, 2020 — = 5.01% × 0.78 × —
Nov 1, 2019 — = — × — × —
Aug 2, 2019 — = — × — × —
May 3, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

Two-Component Disaggregation of ROA

Dell Technologies Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Nov 1, 2024 5.00% = 4.36% × 1.15
Aug 2, 2024 4.80% = 4.32% × 1.11
May 3, 2024 4.47% = 4.00% × 1.12
Feb 2, 2024 3.91% = 3.63% × 1.08
Nov 3, 2023 3.20% = 2.92% × 1.09
Aug 4, 2023 2.22% = 2.03% × 1.09
May 5, 2023 2.32% = 2.01% × 1.15
Feb 3, 2023 2.73% = 2.39% × 1.14
Oct 28, 2022 2.15% = 1.74% × 1.24
Jul 29, 2022 6.11% = 5.07% × 1.20
Apr 29, 2022 6.50% = 5.49% × 1.18
Jan 28, 2022 6.00% = 5.50% × 1.09
Oct 29, 2021 5.00% = 6.83% × 0.73
Jul 30, 2021 3.08% = 3.92% × 0.79
Apr 30, 2021 3.28% = 4.21% × 0.78
Jan 29, 2021 2.63% = 3.45% × 0.76
Oct 30, 2020 2.04% = 2.64% × 0.77
Jul 31, 2020 1.73% = 2.29% × 0.75
May 1, 2020 3.71% = 4.85% × 0.77
Jan 31, 2020 3.88% = 5.01% × 0.78
Nov 1, 2019 — = — × —
Aug 2, 2019 — = — × —
May 3, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2025 is the increase in asset turnover ratio.