DuPont de Nemours Inc. (NYSE:DD)

The financial data over the five-year period reveals notable trends across various key performance indicators.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios display a declining trend from 2015 through 2019. Starting at approximately 0.72 in 2015, the ratio decreases significantly, reaching around 0.31 by 2019. This suggests a reduced efficiency in utilizing total assets to generate sales over time.

Current Ratio

Reported current ratio fell from 2.18 in 2015 to 1.2 in 2019, signifying a diminishing short-term liquidity position. The adjusted current ratio shows a similar pattern but with higher values through 2018, peaking at 2.24, and then declining sharply to 1.2 in 2019. The sharp reduction in 2019 indicates increased liquidity risk.

Debt to Equity Ratio

The reported debt to equity ratio exhibits fluctuation, rising from 0.68 in 2015 to 0.82 in 2016, then declining sharply to 0.34 in 2017 before stabilizing around 0.43 in subsequent years. Adjusted debt to equity follows a similar pattern, decreasing after 2016 and maintaining a stable lower range thereafter. This pattern implies an improvement in financial structure and reduced reliance on equity financing after 2016.

Debt to Capital Ratio

A downward trend is visible in the debt to capital ratios, both reported and adjusted, declining from roughly 0.4-0.44 in 2015 to about 0.29-0.3 by 2019. This indicates a gradual reduction in the proportion of capital financed by debt over the period.

Financial Leverage

Financial leverage metrics decreased markedly, from around 2.68-2.75 in 2015, peaking in 2016, then declining steadily to approximately 1.54-1.69 in 2019. This trend reflects a strategic movement towards lower leverage and potentially reduced financial risk.

Net Profit Margin

Reported net profit margin shows a pronounced decline, falling from 15.76% in 2015 to just 2.31% in 2019, indicative of decreasing profitability over the period. Adjusted net profit margin also deteriorates more sharply, turning negative to -7.36% in 2019, suggesting that adjusted earnings capture additional items harming profitability.

Return on Equity (ROE)

ROE trends mirror the profit margin declines, with reported ROE decreasing from 30.29% to 1.22% and adjusted ROE from 28.2% to -3.52% over the five years. This signals a significant erosion in shareholders' returns, with adjusted figures highlighting greater adversity.

Return on Assets (ROA)

Reported ROA similarly declines from 11.3% in 2015 to 0.72% in 2019, and adjusted ROA drops from 10.25% to a negative -2.29%, indicating diminishing ability to generate returns from asset base and further underlying operational challenges captured in adjusted results.

Overall, the data reflects a consistent pattern of declining operational efficiency, reduced liquidity, deleveraging, and sharply falling profitability across the analyzed period. Adjusted figures amplify the negative trends in profitability and returns, implying the presence of non-recurring or extraordinary factors adversely impacting performance towards the end of the period.

Net Sales

Net sales exhibited notable volatility over the examined periods. Initially, the sales volume experienced a slight decline from 48,778 million US dollars in 2015 to 48,158 million US dollars in 2016. This was followed by a marked increase to 62,484 million US dollars in 2017 and a further substantial rise to 85,977 million US dollars in 2018. However, in 2019, there was a sharp decline to 21,512 million US dollars, indicating a significant contraction in sales during the final year.

Total Assets

Total assets displayed a rising trend through 2017, increasing from 68,026 million US dollars in 2015 to a peak of 192,164 million US dollars in 2017. After this peak, total assets slightly decreased to 188,030 million US dollars in 2018 and then dropped substantially to 69,396 million US dollars in 2019. The asset base thus demonstrated strong growth up to 2017, followed by a significant reduction by the end of the period.

Reported Total Asset Turnover

The reported total asset turnover ratio declined consistently throughout the years reviewed. Starting at 0.72 in 2015, the ratio dipped to 0.61 in 2016 and further to 0.33 in 2017, signaling decreasing efficiency in asset utilization to generate sales. After a slight recovery to 0.46 in 2018, the ratio again declined sharply to 0.31 in 2019, representing the lowest efficiency ratio over the period.

Adjusted Net Sales

Adjusted net sales followed a pattern similar to the reported net sales, with a slight decline from 48,778 million US dollars in 2015 to 48,158 million US dollars in 2016. There was then a steady increase to 64,816 million US dollars in 2017 and then a substantial rise to 85,936 million US dollars in 2018. This was followed by a pronounced decrease to 21,512 million US dollars in 2019. The adjusted figures confirm the observed volatility in net sales performance.

Adjusted Total Assets

Adjusted total assets mirrored the trends of total assets, rising steadily from 67,647 million US dollars in 2015 to a peak of 193,042 million US dollars in 2017. Following this, adjusted assets showed a minor decrement to 189,176 million US dollars in 2018 and then dropped substantially to 69,169 million US dollars in 2019, reinforcing the observation of contraction in asset base at the end of the period.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio decreased from 0.72 in 2015 to 0.61 in 2016, followed by a decline to 0.34 in 2017. The ratio slightly recovered to 0.45 in 2018 but then experienced a sharp decrease to 0.31 in 2019. These adjustments confirm the trend of declining asset efficiency over the years, with 2019 seeing the lowest turnover ratio.

Summary of Trends

Overall, the financial data indicate initial growth phases for both net sales and total assets until 2017-2018, with adjusted figures confirming these patterns. However, 2019 shows a pronounced downturn in sales and assets, suggesting a major change in business scale or asset structure in that year. Concurrently, total asset turnover ratios consistently decreased over the period, implying diminishing effectiveness in asset utilization to generate sales. Such a decline in asset efficiency, especially alongside significant reductions in asset base and sales in 2019, could warrant further investigation into operational or strategic factors impacting performance.

The analysis of the financial data over the five-year period reveals several notable trends in liquidity and working capital management.

Current Assets

Current assets demonstrated substantial fluctuation during the reviewed timeframe. The value moderately decreased from 24,475 million USD in 2015 to 23,659 million USD in 2016, before roughly doubling to 49,893 million USD in 2017 and then slightly declining to 49,603 million USD in 2018. A significant decline occurred in 2019, with current assets falling sharply to 9,999 million USD.

Current Liabilities

Current liabilities also experienced variability but with a different pattern. They increased from 11,215 million USD in 2015 to a peak of 26,128 million USD in 2017, followed by a slight reduction in 2018 to 24,715 million USD, and then a marked decrease to 8,346 million USD in 2019. This suggests some volatility in short-term obligations throughout the period.

Reported Current Ratio

The reported current ratio moved inversely with some of the fluctuations in assets and liabilities. Starting at a relatively strong 2.18 in 2015, it declined to 1.88 in 2016, then stabilized around the 1.9–2.0 range in 2017 and 2018. However, it decreased significantly to 1.2 in 2019, indicating reduced liquidity and a comparatively weaker ability to cover short-term liabilities with current assets.

Adjusted Current Assets and Liabilities

The adjusted figures, which presumably reflect more conservative or refined measurements, closely follow the unadjusted trends but with some differences in magnitude. Adjusted current assets mirrored the rise and fall of unadjusted assets, increasing sharply between 2016 and 2017, remaining steady in 2018, and dropping significantly in 2019. Adjusted current liabilities showed a large increase up to 2017, followed by a decline through to 2019.

Adjusted Current Ratio

The adjusted current ratio indicated a similar trajectory to the reported current ratio. It slightly improved from 2.14 in 2015 to 2.24 in 2018, reflecting relatively stronger liquidity conditions during most years. However, as with the reported ratio, it deteriorated sharply to 1.2 in 2019, suggesting constraints in liquidity amid the decreases in current assets.

Overall, the data indicates that liquidity was generally stable and healthier between 2015 and 2018, with current ratios consistently above 1.8. The abrupt decline in both current assets and current liabilities in 2019, coupled with the fall in current ratios to 1.2, points to a significant shift in working capital dynamics and potentially tighter liquidity conditions in the latest year reported. This may warrant further investigation into the causes behind the substantial decrease in current assets and whether it reflects operational changes, asset disposals, or other financial adjustments.

The data reveals significant fluctuations in the financial structure over the five-year period under review. Specifically, total debt increased markedly from 2015 through 2018, peaking at a notably high level in 2018 before declining sharply in 2019. Total stockholders’ equity experienced an overall upward trend, with a substantial surge in 2017, which then declined over the subsequent two years but remained higher in 2019 than at the start of the period.

Total Debt

Total debt rose steadily from US$17,210 million in 2015 to US$40,464 million in 2018, reflecting a near 135% increase over three years. In 2019, this figure declined significantly to US$17,447 million, almost reverting to the 2015 level.

Total Stockholders’ Equity

Stockholders’ equity showed moderate growth from US$25,374 million in 2015 to US$25,987 million in 2016, followed by an exceptional increase to US$100,330 million in 2017, which is an approximately 286% rise year-over-year. Subsequently, equity decreased to US$94,571 million in 2018 and further dropped to US$40,987 million in 2019, though remaining well above the initial two years.

Debt to Equity Ratio (Reported)

The reported debt to equity ratio trends downward from 0.68 in 2015 to 0.34 in 2017, indicating a reduction in leverage relative to equity during this period. The ratio increased to 0.43 in 2018 and remained steady at 0.43 in 2019, suggesting a stabilization in leverage but at a higher level than in 2017.

Adjusted Total Debt and Equity

Adjusted total debt mirrors the pattern of reported total debt, increasing from US$19,250 million in 2015 to a peak of US$43,241 million in 2018, followed by a decline to US$18,001 million in 2019. Adjusted equity similarly rises sharply in 2017 to US$109,429 million, then decreases over the next two years to US$45,005 million.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio increased from 0.78 in 2015 to a peak of 0.91 in 2016, then decreased significantly to 0.34 in 2017. The ratio slightly increased again to 0.42 in 2018 and marginally decreased to 0.40 in 2019. This indicates fluctuating leverage levels with a notable reduction in 2017 and relative stabilization thereafter.

Overall, the data depicts a period characterized by substantial increases in debt and equity up to 2017-2018, followed by a correction or normalization in 2019. The sharp rise in equity in 2017 suggests a significant capital event or revaluation. The leverage ratios’ decline in 2017 indicates an improved capital structure, though the subsequent modest increase in ratios in 2018-2019 signals a partial rebound in debt reliance. The decline in total debt and equity in 2019 points toward a strategic deleveraging or restructuring process.

The data reveals notable fluctuations in the debt and capital structure over the five-year period. Total debt exhibited a rising trend from 2015 to 2018, increasing from $17,210 million to a peak of $40,464 million in 2018, before sharply declining to $17,447 million in 2019. Similarly, the adjusted total debt followed a comparable pattern, peaking in 2018 at $43,241 million and dropping significantly to $18,001 million by 2019.

Total capital showed a significant increase between 2016 and 2017, jumping from $47,350 million to $134,401 million, and remained roughly stable at this elevated level through 2018 before declining to $58,434 million in 2019. Adjusted total capital followed the same trajectory, with a substantial increase to $146,336 million in 2017 and a subsequent decrease to $63,006 million in 2019.

The reported debt to capital ratio declined significantly from 0.45 in 2016 to 0.25 in 2017, indicating a considerable reduction in leverage relative to capital during that year. This ratio then climbed slightly to 0.3 in 2018 and remained steady into 2019. The adjusted debt to capital ratio shows a similar pattern but starts at a higher ratio of 0.44 in 2015, peaks at 0.48 in 2016, and declines sharply to 0.25 in 2017, thereafter stabilizing near 0.3 through 2018 and 2019.

These trends suggest a period of significant capital structure adjustment around 2017, likely driven by changes in both total debt and capital levels. The sharp increase in capital and the simultaneous decrease in leverage ratios at that time could reflect strategic financial restructuring or major transactions affecting the balance sheet. The subsequent decline in both debt and capital by 2019 points to a possible deleveraging phase or asset dispositions following the earlier expansion.

The financial data reveals several notable trends in the company's balance sheet composition and leverage ratios over the five-year period from 2015 to 2019.

Total Assets

The total assets increased substantially from 2015 through 2017, nearly tripling from approximately US$68 billion in 2015 to US$192 billion in 2017. This large increase is followed by a stable level in 2018, at about US$188 billion, then a sharp decline to roughly US$69 billion by the end of 2019. This pattern suggests significant asset acquisitions or restructurings occurred around 2017, with major divestitures or deconsolidations by 2019.

Total Stockholders’ Equity

Stockholders’ equity mirrored the asset trend but with more pronounced fluctuations. Starting at about US$25 billion in 2015, equity increased slightly in 2016, then surged to over US$100 billion in 2017. After a modest decline in 2018, equity dropped significantly to around US$41 billion by 2019. This volatility aligns with the asset changes and indicates substantial shifts in retained earnings, capital transactions, or revaluations during the period.

Reported Financial Leverage (Ratio)

The leverage ratio initially rose from 2.68 in 2015 to a peak of 3.06 in 2016, indicating increased use of debt relative to equity. It then fell sharply to 1.92 in 2017 and slightly increased to 1.99 in 2018, before declining further to 1.69 in 2019. The overall trend from 2016 onward suggests a gradual reduction in leverage, reflecting either deleveraging strategies or changes in capital structure.

Adjusted Total Assets

The adjusted total assets follow a pattern very similar to reported total assets, confirming the large increase in asset base through 2017 and subsequent sharp decline by 2019. The adjusted figures are generally slightly lower but track the same significant shifts, indicating that adjustments made do not materially alter the trend analysis.

Adjusted Total Equity

Adjusted equity also shows a sharp rise peaking in 2017, followed by a decline by 2019. The increase is from approximately US$24.6 billion in 2015 to more than US$109 billion in 2017, dipping to around US$45 billion by 2019. This confirms strong growth followed by notable contractions in shareholders' equity from an adjusted perspective.

Adjusted Financial Leverage (Ratio)

Similar to the reported leverage ratio, the adjusted financial leverage peaked at 3.08 in 2016 before falling significantly to 1.76 in 2017 and gradually declining further to 1.54 in 2019. This decrease over the last three years indicates an ongoing effort to lower reliance on debt or to strengthen equity through asset disposal or recapitalization.

Overall, the data indicates a phase of rapid growth and expansion between 2015 and 2017, evidenced by the steep rise in assets and equity, followed by a notable contraction and deleveraging phase through 2019. The leverage ratios affirm a strategy shift towards lower financial risk and reduced leverage after the peak in 2016. Such patterns are characteristic of significant corporate restructuring, asset sales, or revisions in capital management policies within the analyzed period.

The data reveals significant fluctuations in the financial performance indicators over the five-year period.

Net Income Attributable to DuPont (US$ in millions)

The net income shows a declining trend overall, starting at 7,685 million in 2015 and decreasing sharply to 498 million in 2019. The year 2017 recorded the lowest net income at 1,460 million, after which there was a moderate recovery in 2018 to 3,844 million, followed by a steep decline in 2019.

Net Sales (US$ in millions)

Net sales increased significantly from 48,778 million in 2015 to a peak of 85,977 million in 2018, indicating strong revenue growth during this period. However, net sales dropped substantially in 2019 to 21,512 million, marking a major reduction compared to the previous years.

Reported Net Profit Margin (%)

The reported net profit margin decreased markedly from 15.76% in 2015 to 2.31% in 2019. After a sharp decline in 2016 to 8.97%, the margin further dropped in 2017 and 2019, with a slight improvement noted in 2018.

Adjusted Net Income (US$ in millions)

Adjusted net income exhibits a downward trajectory with values dropping from 6,936 million in 2015 to a negative figure of -1,583 million in 2019. The year 2016 showed a notable decrease, and despite minor fluctuations thereafter, the adjusted net income remained low and turned negative by 2019.

Adjusted Net Sales (US$ in millions)

Adjusted net sales followed a similar pattern to net sales, rising from 48,778 million in 2015 to 85,936 million in 2018. A considerable decline occurred in 2019 with adjusted net sales falling to 21,512 million.

Adjusted Net Profit Margin (%)

The adjusted net profit margin started at 14.22% in 2015 but decreased consistently to reach -7.36% in 2019. This consistent decline suggests deteriorating profitability after adjustments, with the margin turning negative in the final year indicating losses on an adjusted basis.

Overall, the financial data indicates that the company experienced strong sales growth until 2018 but faced marked declines in both revenues and profitability in 2019. The sharp drop in net income and adjusted net income, along with negative profit margins in 2019, point to significant operational or market challenges during that period. The disparity between net and adjusted figures also suggests that adjustments substantially impacted reported profitability.

The financial data demonstrates notable fluctuations in profitability and equity for the company over the five-year period from 2015 to 2019. Net income attributable to the company experienced a significant decline from a high of 7,685 million US dollars in 2015 to 498 million US dollars in 2019, with a pronounced drop observed particularly between 2016 and 2017. Although there was some recovery in 2018, the net income decreased sharply again in 2019.

Total stockholders’ equity shows a contrasting pattern, with an initial moderate increase from 25,374 million US dollars in 2015 to 25,987 million US dollars in 2016, followed by a substantial rise to over 100 billion US dollars in 2017. This elevated equity level was largely maintained in 2018, before falling to approximately 40,987 million US dollars in 2019. This sharp rise and subsequent decline suggest an event such as an acquisition or restructuring impacting the equity base.

The reported return on equity (ROE) closely tracks the fluctuations in net income, starting from a strong 30.29% in 2015, sharply decreasing to 1.22% in 2019. The ROE dropped significantly after 2016, coinciding with the large increase in equity, indicating diminished profitability relative to equity during that period and the years following.

The adjusted financial metrics, which likely exclude certain one-time items or non-recurring factors, portray a similar trend. Adjusted net income steadily declines from 6,936 million US dollars in 2015 to a negative figure of -1,583 million US dollars in 2019, with a notable dip in 2016 followed by minor fluctuations and a downturn in the last year. Adjusted total equity reflects the pattern of reported equity, increasing substantially in 2017 and 2018 before decreasing in 2019.

Adjusted ROE values also indicate declining profitability on a consistent equity base, starting at 28.2% in 2015 and falling below zero to -3.52% in 2019. This negative adjusted ROE in 2019 suggests that, excluding one-time effects, the company operated at a loss relative to adjusted equity.

Profitability

Both reported and adjusted net income exhibit a downward trajectory with significant volatility, highlighting challenges in maintaining earnings at historic levels.

Equity

The equity base increased dramatically in 2017, remaining elevated through 2018 before declining sharply in 2019, indicating significant corporate transactions or capital restructuring.

Return on Equity

ROE metrics declined substantially, indicating reduced efficiency in generating profits from equity during this period, with adjusted ROE turning negative by 2019.

Overall Insight

The data reveals a period marked by substantial changes in financial structure and declining profitability, with the company facing reduced returns on equity and experiencing losses on an adjusted basis by the end of the period.

Net Income Attributable to DuPont

The net income shows a significant decline over the five-year period. Starting from a high of 7,685 million US dollars in 2015, it dropped sharply to 4,318 million in 2016 and further decreased to 1,460 million by 2017. A partial recovery occurred in 2018, with net income rising to 3,844 million, but it fell drastically again in 2019 to only 498 million.

Total Assets

Total assets increased notably from 68,026 million US dollars in 2015 to 79,511 million in 2016, and then surged dramatically to 192,164 million in 2017. After a slight decrease in 2018 to 188,030 million, total assets contracted sharply to 69,396 million by 2019, returning to levels similar to those at the start of the period.

Reported Return on Assets (ROA)

The reported ROA declined markedly from 11.3% in 2015 to 5.43% in 2016, continuing down to 0.76% in 2017. A mild improvement was observed in 2018 with ROA increasing to 2.04%, but it dropped again to 0.72% in 2019, indicating decreasing efficiency in generating profits from assets.

Adjusted Net Income

Adjusted net income displays a more volatile pattern. It fell substantially from 6,936 million US dollars in 2015 to 2,176 million in 2016, but then slightly recovered to 2,782 million in 2017. However, it again decreased to 1,385 million in 2018 and turned negative to -1,583 million in 2019, signaling operational challenges or significant adjustments impacting profitability.

Adjusted Total Assets

Adjusted total assets mirror the trend of total assets, growing from 67,647 million in 2015 to 78,562 million in 2016 and peaking at 193,042 million in 2017. They declined slightly in 2018 to 189,176 million, then sharply dropped to 69,169 million in 2019, reflecting a major reversal in asset base adjustments.

Adjusted Return on Assets (ROA)

The adjusted ROA indicates a gradual decline in profitability relative to asset base. Beginning at 10.25% in 2015, it decreased to 2.77% in 2016 and continued declining to 1.44% in 2017. The downward trend persisted, falling to 0.73% in 2018 and turning negative to -2.29% in 2019, highlighting deteriorating returns when adjustments are considered.

Overall Observations

The data suggests that the company experienced significant fluctuations in both asset size and profitability over the analyzed period. The dramatic increase in total and adjusted assets in 2017, followed by a steep decline in 2019, indicates possible strategic acquisitions or restructuring, succeeded by divestitures or asset impairments. Profitability metrics, both reported and adjusted, show a consistent downward trend, with adjusted figures turning negative by 2019, signaling operational difficulties or non-recurring charges impacting financial performance. The disparity between reported and adjusted results also suggests the influence of exceptional items or accounting adjustments affecting comparability across periods.