DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin Quarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Freeport-McMoRan Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Sep 30, 2024
11.41%
=
3.62%
×
3.16
Jun 30, 2024
11.10%
=
3.53%
×
3.14
Mar 31, 2024
9.77%
=
3.06%
×
3.19
Dec 31, 2023
11.07%
=
3.52%
×
3.15
Sep 30, 2023
13.11%
=
4.18%
×
3.14
Jun 30, 2023
13.00%
=
4.14%
×
3.14
Mar 31, 2023
16.22%
=
5.12%
×
3.17
Dec 31, 2022
22.30%
=
6.79%
×
3.28
Sep 30, 2022
25.93%
=
7.77%
×
3.34
Jun 30, 2022
32.72%
=
9.72%
×
3.37
Mar 31, 2022
34.41%
=
10.47%
×
3.28
Dec 31, 2021
30.80%
=
8.97%
×
3.44
Sep 30, 2021
29.27%
=
8.33%
×
3.51
Jun 30, 2021
23.63%
=
6.25%
×
3.78
Mar 31, 2021
16.56%
=
4.14%
×
4.00
Dec 31, 2020
5.89%
=
1.42%
×
4.14
Sep 30, 2020
-1.08%
=
-0.24%
×
4.45
Jun 30, 2020
-7.10%
=
-1.58%
×
4.49
Mar 31, 2020
-8.59%
=
-1.89%
×
4.54
Dec 31, 2019
-2.57%
=
-0.59%
×
4.39
Sep 30, 2019
—
=
—
×
4.34
Jun 30, 2019
—
=
—
×
4.23
Mar 31, 2019
—
=
—
×
4.20
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by return on assets ratio (ROA).
Three-Component Disaggregation of ROE
Annual Data
Quarterly Data
Freeport-McMoRan Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Sep 30, 2024
11.41%
=
7.81%
×
0.46
×
3.16
Jun 30, 2024
11.10%
=
7.83%
×
0.45
×
3.14
Mar 31, 2024
9.77%
=
6.97%
×
0.44
×
3.19
Dec 31, 2023
11.07%
=
8.09%
×
0.44
×
3.15
Sep 30, 2023
13.11%
=
9.50%
×
0.44
×
3.14
Jun 30, 2023
13.00%
=
9.63%
×
0.43
×
3.14
Mar 31, 2023
16.22%
=
12.07%
×
0.42
×
3.17
Dec 31, 2022
22.30%
=
15.22%
×
0.45
×
3.28
Sep 30, 2022
25.93%
=
16.72%
×
0.46
×
3.34
Jun 30, 2022
32.72%
=
20.08%
×
0.48
×
3.37
Mar 31, 2022
34.41%
=
20.79%
×
0.50
×
3.28
Dec 31, 2021
30.80%
=
18.85%
×
0.48
×
3.44
Sep 30, 2021
29.27%
=
18.45%
×
0.45
×
3.51
Jun 30, 2021
23.63%
=
14.98%
×
0.42
×
3.78
Mar 31, 2021
16.56%
=
11.13%
×
0.37
×
4.00
Dec 31, 2020
5.89%
=
4.22%
×
0.34
×
4.14
Sep 30, 2020
-1.08%
=
-0.73%
×
0.33
×
4.45
Jun 30, 2020
-7.10%
=
-4.92%
×
0.32
×
4.49
Mar 31, 2020
-8.59%
=
-5.68%
×
0.33
×
4.54
Dec 31, 2019
-2.57%
=
-1.66%
×
0.35
×
4.39
Sep 30, 2019
—
=
—
×
—
×
4.34
Jun 30, 2019
—
=
—
×
—
×
4.23
Mar 31, 2019
—
=
—
×
—
×
4.20
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
Annual Data
Quarterly Data
Freeport-McMoRan Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Sep 30, 2024
11.41%
=
0.42
×
0.93
×
19.80%
×
0.46
×
3.16
Jun 30, 2024
11.10%
=
0.44
×
0.92
×
19.45%
×
0.45
×
3.14
Mar 31, 2024
9.77%
=
0.42
×
0.90
×
18.47%
×
0.44
×
3.19
Dec 31, 2023
11.07%
=
0.45
×
0.89
×
20.27%
×
0.44
×
3.15
Sep 30, 2023
13.11%
=
0.51
×
0.88
×
21.20%
×
0.44
×
3.14
Jun 30, 2023
13.00%
=
0.52
×
0.87
×
21.09%
×
0.43
×
3.14
Mar 31, 2023
16.22%
=
0.57
×
0.89
×
23.79%
×
0.42
×
3.17
Dec 31, 2022
22.30%
=
0.60
×
0.91
×
27.63%
×
0.45
×
3.28
Sep 30, 2022
25.93%
=
0.62
×
0.91
×
29.35%
×
0.46
×
3.34
Jun 30, 2022
32.72%
=
0.65
×
0.93
×
33.43%
×
0.48
×
3.37
Mar 31, 2022
34.41%
=
0.66
×
0.93
×
34.06%
×
0.50
×
3.28
Dec 31, 2021
30.80%
=
0.65
×
0.92
×
31.55%
×
0.48
×
3.44
Sep 30, 2021
29.27%
=
0.63
×
0.90
×
32.40%
×
0.45
×
3.51
Jun 30, 2021
23.63%
=
0.59
×
0.88
×
28.72%
×
0.42
×
3.78
Mar 31, 2021
16.56%
=
0.56
×
0.84
×
23.82%
×
0.37
×
4.00
Dec 31, 2020
5.89%
=
0.39
×
0.72
×
15.08%
×
0.34
×
4.14
Sep 30, 2020
-1.08%
=
-0.18
×
0.49
×
8.40%
×
0.33
×
4.45
Jun 30, 2020
-7.10%
=
—
×
-0.45
×
3.13%
×
0.32
×
4.49
Mar 31, 2020
-8.59%
=
—
×
-2.25
×
1.38%
×
0.33
×
4.54
Dec 31, 2019
-2.57%
=
-0.88
×
0.30
×
6.19%
×
0.35
×
4.39
Sep 30, 2019
—
=
—
×
—
×
—
×
—
×
4.34
Jun 30, 2019
—
=
—
×
—
×
—
×
—
×
4.23
Mar 31, 2019
—
=
—
×
—
×
—
×
—
×
4.20
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in efficiency measured by asset turnover ratio.
Two-Component Disaggregation of ROA
Annual Data
Quarterly Data
Freeport-McMoRan Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Sep 30, 2024
3.62%
=
7.81%
×
0.46
Jun 30, 2024
3.53%
=
7.83%
×
0.45
Mar 31, 2024
3.06%
=
6.97%
×
0.44
Dec 31, 2023
3.52%
=
8.09%
×
0.44
Sep 30, 2023
4.18%
=
9.50%
×
0.44
Jun 30, 2023
4.14%
=
9.63%
×
0.43
Mar 31, 2023
5.12%
=
12.07%
×
0.42
Dec 31, 2022
6.79%
=
15.22%
×
0.45
Sep 30, 2022
7.77%
=
16.72%
×
0.46
Jun 30, 2022
9.72%
=
20.08%
×
0.48
Mar 31, 2022
10.47%
=
20.79%
×
0.50
Dec 31, 2021
8.97%
=
18.85%
×
0.48
Sep 30, 2021
8.33%
=
18.45%
×
0.45
Jun 30, 2021
6.25%
=
14.98%
×
0.42
Mar 31, 2021
4.14%
=
11.13%
×
0.37
Dec 31, 2020
1.42%
=
4.22%
×
0.34
Sep 30, 2020
-0.24%
=
-0.73%
×
0.33
Jun 30, 2020
-1.58%
=
-4.92%
×
0.32
Mar 31, 2020
-1.89%
=
-5.68%
×
0.33
Dec 31, 2019
-0.59%
=
-1.66%
×
0.35
Sep 30, 2019
—
=
—
×
—
Jun 30, 2019
—
=
—
×
—
Mar 31, 2019
—
=
—
×
—
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in asset turnover ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Freeport-McMoRan Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Sep 30, 2024
3.62%
=
0.42
×
0.93
×
19.80%
×
0.46
Jun 30, 2024
3.53%
=
0.44
×
0.92
×
19.45%
×
0.45
Mar 31, 2024
3.06%
=
0.42
×
0.90
×
18.47%
×
0.44
Dec 31, 2023
3.52%
=
0.45
×
0.89
×
20.27%
×
0.44
Sep 30, 2023
4.18%
=
0.51
×
0.88
×
21.20%
×
0.44
Jun 30, 2023
4.14%
=
0.52
×
0.87
×
21.09%
×
0.43
Mar 31, 2023
5.12%
=
0.57
×
0.89
×
23.79%
×
0.42
Dec 31, 2022
6.79%
=
0.60
×
0.91
×
27.63%
×
0.45
Sep 30, 2022
7.77%
=
0.62
×
0.91
×
29.35%
×
0.46
Jun 30, 2022
9.72%
=
0.65
×
0.93
×
33.43%
×
0.48
Mar 31, 2022
10.47%
=
0.66
×
0.93
×
34.06%
×
0.50
Dec 31, 2021
8.97%
=
0.65
×
0.92
×
31.55%
×
0.48
Sep 30, 2021
8.33%
=
0.63
×
0.90
×
32.40%
×
0.45
Jun 30, 2021
6.25%
=
0.59
×
0.88
×
28.72%
×
0.42
Mar 31, 2021
4.14%
=
0.56
×
0.84
×
23.82%
×
0.37
Dec 31, 2020
1.42%
=
0.39
×
0.72
×
15.08%
×
0.34
Sep 30, 2020
-0.24%
=
-0.18
×
0.49
×
8.40%
×
0.33
Jun 30, 2020
-1.58%
=
—
×
-0.45
×
3.13%
×
0.32
Mar 31, 2020
-1.89%
=
—
×
-2.25
×
1.38%
×
0.33
Dec 31, 2019
-0.59%
=
-0.88
×
0.30
×
6.19%
×
0.35
Sep 30, 2019
—
=
—
×
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Freeport-McMoRan Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Sep 30, 2024
7.81%
=
0.42
×
0.93
×
19.80%
Jun 30, 2024
7.83%
=
0.44
×
0.92
×
19.45%
Mar 31, 2024
6.97%
=
0.42
×
0.90
×
18.47%
Dec 31, 2023
8.09%
=
0.45
×
0.89
×
20.27%
Sep 30, 2023
9.50%
=
0.51
×
0.88
×
21.20%
Jun 30, 2023
9.63%
=
0.52
×
0.87
×
21.09%
Mar 31, 2023
12.07%
=
0.57
×
0.89
×
23.79%
Dec 31, 2022
15.22%
=
0.60
×
0.91
×
27.63%
Sep 30, 2022
16.72%
=
0.62
×
0.91
×
29.35%
Jun 30, 2022
20.08%
=
0.65
×
0.93
×
33.43%
Mar 31, 2022
20.79%
=
0.66
×
0.93
×
34.06%
Dec 31, 2021
18.85%
=
0.65
×
0.92
×
31.55%
Sep 30, 2021
18.45%
=
0.63
×
0.90
×
32.40%
Jun 30, 2021
14.98%
=
0.59
×
0.88
×
28.72%
Mar 31, 2021
11.13%
=
0.56
×
0.84
×
23.82%
Dec 31, 2020
4.22%
=
0.39
×
0.72
×
15.08%
Sep 30, 2020
-0.73%
=
-0.18
×
0.49
×
8.40%
Jun 30, 2020
-4.92%
=
—
×
-0.45
×
3.13%
Mar 31, 2020
-5.68%
=
—
×
-2.25
×
1.38%
Dec 31, 2019
-1.66%
=
-0.88
×
0.30
×
6.19%
Sep 30, 2019
—
=
—
×
—
×
—
Jun 30, 2019
—
=
—
×
—
×
—
Mar 31, 2019
—
=
—
×
—
×
—
Based on:
10-Q (reporting date: 2024-09-30) ,
10-Q (reporting date: 2024-06-30) ,
10-Q (reporting date: 2024-03-31) ,
10-K (reporting date: 2023-12-31) ,
10-Q (reporting date: 2023-09-30) ,
10-Q (reporting date: 2023-06-30) ,
10-Q (reporting date: 2023-03-31) ,
10-K (reporting date: 2022-12-31) ,
10-Q (reporting date: 2022-09-30) ,
10-Q (reporting date: 2022-06-30) ,
10-Q (reporting date: 2022-03-31) ,
10-K (reporting date: 2021-12-31) ,
10-Q (reporting date: 2021-09-30) ,
10-Q (reporting date: 2021-06-30) ,
10-Q (reporting date: 2021-03-31) ,
10-K (reporting date: 2020-12-31) ,
10-Q (reporting date: 2020-09-30) ,
10-Q (reporting date: 2020-06-30) ,
10-Q (reporting date: 2020-03-31) ,
10-K (reporting date: 2019-12-31) ,
10-Q (reporting date: 2019-09-30) ,
10-Q (reporting date: 2019-06-30) ,
10-Q (reporting date: 2019-03-31) .
The primary reason for the decrease in net profit margin ratio over Q3 2024 is the decrease in effect of taxes measured by tax burden ratio.