Stock Analysis on Net
Stock Analysis on Net

Ford Motor Co. (NYSE:F)

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

Microsoft Excel

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

Two-Component Disaggregation of ROE

Ford Motor Co., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 10.16% = 1.59% × 6.39
Dec 31, 2022 -4.58% = -0.77% × 5.92
Dec 31, 2021 36.97% = 6.98% × 5.30
Dec 31, 2020 -4.17% = -0.48% × 8.71
Dec 31, 2019 0.14% = 0.02% × 7.79

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Three-Component Disaggregation of ROE

Ford Motor Co., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 10.16% = 2.62% × 0.61 × 6.39
Dec 31, 2022 -4.58% = -1.33% × 0.58 × 5.92
Dec 31, 2021 36.97% = 14.21% × 0.49 × 5.30
Dec 31, 2020 -4.17% = -1.10% × 0.43 × 8.71
Dec 31, 2019 0.14% = 0.03% × 0.56 × 7.79

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Five-Component Disaggregation of ROE

Ford Motor Co., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 10.16% = 1.09 × 0.75 × 3.19% × 0.61 × 6.39
Dec 31, 2022 -4.58% = — × — × -1.06% × 0.58 × 5.92
Dec 31, 2021 36.97% = 1.01 × 0.91 × 15.53% × 0.49 × 5.30
Dec 31, 2020 -4.17% = — × -2.11 × 0.46% × 0.43 × 8.71
Dec 31, 2019 0.14% = — × -1.97 × 0.24% × 0.56 × 7.79

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Two-Component Disaggregation of ROA

Ford Motor Co., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 1.59% = 2.62% × 0.61
Dec 31, 2022 -0.77% = -1.33% × 0.58
Dec 31, 2021 6.98% = 14.21% × 0.49
Dec 31, 2020 -0.48% = -1.10% × 0.43
Dec 31, 2019 0.02% = 0.03% × 0.56

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Four-Component Disaggregation of ROA

Ford Motor Co., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 1.59% = 1.09 × 0.75 × 3.19% × 0.61
Dec 31, 2022 -0.77% = — × — × -1.06% × 0.58
Dec 31, 2021 6.98% = 1.01 × 0.91 × 15.53% × 0.49
Dec 31, 2020 -0.48% = — × -2.11 × 0.46% × 0.43
Dec 31, 2019 0.02% = — × -1.97 × 0.24% × 0.56

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Disaggregation of Net Profit Margin

Ford Motor Co., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 2.62% = 1.09 × 0.75 × 3.19%
Dec 31, 2022 -1.33% = — × — × -1.06%
Dec 31, 2021 14.21% = 1.01 × 0.91 × 15.53%
Dec 31, 2020 -1.10% = — × -2.11 × 0.46%
Dec 31, 2019 0.03% = — × -1.97 × 0.24%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).