Stock Analysis on Net
Stock Analysis on Net

Hess Corp. (NYSE:HES)

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

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

Hess Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2023 16.99% = 6.32% × 2.69
Jun 30, 2023 17.86% = 6.64% × 2.69
Mar 31, 2023 24.90% = 9.23% × 2.70
Dec 31, 2022 26.68% = 9.66% × 2.76
Sep 30, 2022 24.66% = 8.61% × 2.86
Jun 30, 2022 20.52% = 6.91% × 2.97
Mar 31, 2022 11.48% = 3.66% × 3.14
Dec 31, 2021 8.87% = 2.72% × 3.26
Sep 30, 2021 3.51% = 1.01% × 3.47
Jun 30, 2021 -2.93% = -0.84% × 3.49
Mar 31, 2021 -7.26% = -2.15% × 3.37
Dec 31, 2020 -57.64% = -16.43% × 3.51
Sep 30, 2020 -54.39% = -16.96% × 3.21
Jun 30, 2020 -49.84% = -16.31% × 3.06
Mar 31, 2020 -39.90% = -13.87% × 2.88
Dec 31, 2019 -4.67% = -1.87% × 2.49
Sep 30, 2019 -2.13% = -0.88% × 2.43
Jun 30, 2019 -0.22% = -0.09% × 2.33
Mar 31, 2019 -1.54% = -0.66% × 2.32
Dec 31, 2018 -2.93% = -1.32% × 2.23
Sep 30, 2018 — = — × 2.22
Jun 30, 2018 — = — × 2.15
Mar 31, 2018 — = — × 2.08

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Hess Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 16.99% = 14.05% × 0.45 × 2.69
Jun 30, 2023 17.86% = 13.73% × 0.48 × 2.69
Mar 31, 2023 24.90% = 17.73% × 0.52 × 2.70
Dec 31, 2022 26.68% = 18.51% × 0.52 × 2.76
Sep 30, 2022 24.66% = 17.54% × 0.49 × 2.86
Jun 30, 2022 20.52% = 15.80% × 0.44 × 2.97
Mar 31, 2022 11.48% = 9.18% × 0.40 × 3.14
Dec 31, 2021 8.87% = 7.48% × 0.36 × 3.26
Sep 30, 2021 3.51% = 3.00% × 0.34 × 3.47
Jun 30, 2021 -2.93% = -2.70% × 0.31 × 3.49
Mar 31, 2021 -7.26% = -7.83% × 0.27 × 3.37
Dec 31, 2020 -57.64% = -66.27% × 0.25 × 3.51
Sep 30, 2020 -54.39% = -63.99% × 0.27 × 3.21
Jun 30, 2020 -49.84% = -58.48% × 0.28 × 3.06
Mar 31, 2020 -39.90% = -45.77% × 0.30 × 2.88
Dec 31, 2019 -4.67% = -6.28% × 0.30 × 2.49
Sep 30, 2019 -2.13% = -2.94% × 0.30 × 2.43
Jun 30, 2019 -0.22% = -0.30% × 0.31 × 2.33
Mar 31, 2019 -1.54% = -2.20% × 0.30 × 2.32
Dec 31, 2018 -2.93% = -4.46% × 0.30 × 2.23
Sep 30, 2018 — = — × — × 2.22
Jun 30, 2018 — = — × — × 2.15
Mar 31, 2018 — = — × — × 2.08

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

Hess Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2023 16.99% = 0.63 × 0.83 × 26.79% × 0.45 × 2.69
Jun 30, 2023 17.86% = 0.62 × 0.83 × 26.79% × 0.48 × 2.69
Mar 31, 2023 24.90% = 0.65 × 0.86 × 31.48% × 0.52 × 2.70
Dec 31, 2022 26.68% = 0.66 × 0.87 × 32.57% × 0.52 × 2.76
Sep 30, 2022 24.66% = 0.65 × 0.85 × 31.74% × 0.49 × 2.86
Jun 30, 2022 20.52% = 0.62 × 0.83 × 30.59% × 0.44 × 2.97
Mar 31, 2022 11.48% = 0.52 × 0.74 × 23.90% × 0.40 × 3.14
Dec 31, 2021 8.87% = 0.48 × 0.71 × 21.95% × 0.36 × 3.26
Sep 30, 2021 3.51% = 0.30 × 0.58 × 17.31% × 0.34 × 3.47
Jun 30, 2021 -2.93% = -1.00 × 0.25 × 10.61% × 0.31 × 3.49
Mar 31, 2021 -7.26% = — × -0.85 × 4.89% × 0.27 × 3.37
Dec 31, 2020 -57.64% = — × — × -56.48% × 0.25 × 3.51
Sep 30, 2020 -54.39% = — × — × -54.42% × 0.27 × 3.21
Jun 30, 2020 -49.84% = — × — × -48.13% × 0.28 × 3.06
Mar 31, 2020 -39.90% = — × — × -34.89% × 0.30 × 2.88
Dec 31, 2019 -4.67% = -7.70 × 0.12 × 6.67% × 0.30 × 2.49
Sep 30, 2019 -2.13% = -1.06 × 0.32 × 8.71% × 0.30 × 2.43
Jun 30, 2019 -0.22% = -0.06 × 0.47 × 11.19% × 0.31 × 2.33
Mar 31, 2019 -1.54% = -0.68 × 0.35 × 9.25% × 0.30 × 2.32
Dec 31, 2018 -2.93% = -5.32 × 0.12 × 7.15% × 0.30 × 2.23
Sep 30, 2018 — = — × — × — × — × 2.22
Jun 30, 2018 — = — × — × — × — × 2.15
Mar 31, 2018 — = — × — × — × — × 2.08

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2023 is the decrease in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

Hess Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2023 6.32% = 14.05% × 0.45
Jun 30, 2023 6.64% = 13.73% × 0.48
Mar 31, 2023 9.23% = 17.73% × 0.52
Dec 31, 2022 9.66% = 18.51% × 0.52
Sep 30, 2022 8.61% = 17.54% × 0.49
Jun 30, 2022 6.91% = 15.80% × 0.44
Mar 31, 2022 3.66% = 9.18% × 0.40
Dec 31, 2021 2.72% = 7.48% × 0.36
Sep 30, 2021 1.01% = 3.00% × 0.34
Jun 30, 2021 -0.84% = -2.70% × 0.31
Mar 31, 2021 -2.15% = -7.83% × 0.27
Dec 31, 2020 -16.43% = -66.27% × 0.25
Sep 30, 2020 -16.96% = -63.99% × 0.27
Jun 30, 2020 -16.31% = -58.48% × 0.28
Mar 31, 2020 -13.87% = -45.77% × 0.30
Dec 31, 2019 -1.87% = -6.28% × 0.30
Sep 30, 2019 -0.88% = -2.94% × 0.30
Jun 30, 2019 -0.09% = -0.30% × 0.31
Mar 31, 2019 -0.66% = -2.20% × 0.30
Dec 31, 2018 -1.32% = -4.46% × 0.30
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2023 is the decrease in asset turnover ratio.

Four-Component Disaggregation of ROA

Hess Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2023 6.32% = 0.63 × 0.83 × 26.79% × 0.45
Jun 30, 2023 6.64% = 0.62 × 0.83 × 26.79% × 0.48
Mar 31, 2023 9.23% = 0.65 × 0.86 × 31.48% × 0.52
Dec 31, 2022 9.66% = 0.66 × 0.87 × 32.57% × 0.52
Sep 30, 2022 8.61% = 0.65 × 0.85 × 31.74% × 0.49
Jun 30, 2022 6.91% = 0.62 × 0.83 × 30.59% × 0.44
Mar 31, 2022 3.66% = 0.52 × 0.74 × 23.90% × 0.40
Dec 31, 2021 2.72% = 0.48 × 0.71 × 21.95% × 0.36
Sep 30, 2021 1.01% = 0.30 × 0.58 × 17.31% × 0.34
Jun 30, 2021 -0.84% = -1.00 × 0.25 × 10.61% × 0.31
Mar 31, 2021 -2.15% = — × -0.85 × 4.89% × 0.27
Dec 31, 2020 -16.43% = — × — × -56.48% × 0.25
Sep 30, 2020 -16.96% = — × — × -54.42% × 0.27
Jun 30, 2020 -16.31% = — × — × -48.13% × 0.28
Mar 31, 2020 -13.87% = — × — × -34.89% × 0.30
Dec 31, 2019 -1.87% = -7.70 × 0.12 × 6.67% × 0.30
Sep 30, 2019 -0.88% = -1.06 × 0.32 × 8.71% × 0.30
Jun 30, 2019 -0.09% = -0.06 × 0.47 × 11.19% × 0.31
Mar 31, 2019 -0.66% = -0.68 × 0.35 × 9.25% × 0.30
Dec 31, 2018 -1.32% = -5.32 × 0.12 × 7.15% × 0.30
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2023 is the decrease in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

Hess Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2023 14.05% = 0.63 × 0.83 × 26.79%
Jun 30, 2023 13.73% = 0.62 × 0.83 × 26.79%
Mar 31, 2023 17.73% = 0.65 × 0.86 × 31.48%
Dec 31, 2022 18.51% = 0.66 × 0.87 × 32.57%
Sep 30, 2022 17.54% = 0.65 × 0.85 × 31.74%
Jun 30, 2022 15.80% = 0.62 × 0.83 × 30.59%
Mar 31, 2022 9.18% = 0.52 × 0.74 × 23.90%
Dec 31, 2021 7.48% = 0.48 × 0.71 × 21.95%
Sep 30, 2021 3.00% = 0.30 × 0.58 × 17.31%
Jun 30, 2021 -2.70% = -1.00 × 0.25 × 10.61%
Mar 31, 2021 -7.83% = — × -0.85 × 4.89%
Dec 31, 2020 -66.27% = — × — × -56.48%
Sep 30, 2020 -63.99% = — × — × -54.42%
Jun 30, 2020 -58.48% = — × — × -48.13%
Mar 31, 2020 -45.77% = — × — × -34.89%
Dec 31, 2019 -6.28% = -7.70 × 0.12 × 6.67%
Sep 30, 2019 -2.94% = -1.06 × 0.32 × 8.71%
Jun 30, 2019 -0.30% = -0.06 × 0.47 × 11.19%
Mar 31, 2019 -2.20% = -0.68 × 0.35 × 9.25%
Dec 31, 2018 -4.46% = -5.32 × 0.12 × 7.15%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in net profit margin ratio over Q3 2023 is the increase in effect of taxes measured by tax burden ratio.