DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Home Depot Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
ROE |
= |
ROA |
× |
Financial Leverage |
Feb 2, 2025 |
222.98% |
= |
15.40% |
× |
14.48 |
Oct 27, 2024 |
252.51% |
= |
15.02% |
× |
16.81 |
Jul 28, 2024 |
334.21% |
= |
15.25% |
× |
21.91 |
Apr 28, 2024 |
817.03% |
= |
18.77% |
× |
43.53 |
Jan 28, 2024 |
1,450.48% |
= |
19.79% |
× |
73.30 |
Oct 29, 2023 |
1,098.18% |
= |
20.78% |
× |
52.85 |
Jul 30, 2023 |
1,215.96% |
= |
21.25% |
× |
57.22 |
Apr 30, 2023 |
4,626.24% |
= |
21.92% |
× |
211.01 |
Jan 29, 2023 |
1,095.07% |
= |
22.38% |
× |
48.94 |
Oct 30, 2022 |
1,317.03% |
= |
22.24% |
× |
59.22 |
Jul 31, 2022 |
7,124.47% |
= |
22.27% |
× |
319.94 |
May 1, 2022 |
— |
= |
21.57% |
× |
— |
Jan 30, 2022 |
— |
= |
22.86% |
× |
— |
Oct 31, 2021 |
1,539.90% |
= |
21.82% |
× |
70.56 |
Aug 1, 2021 |
736.64% |
= |
21.54% |
× |
34.20 |
May 2, 2021 |
844.74% |
= |
20.35% |
× |
41.51 |
Jan 31, 2021 |
390.00% |
= |
18.23% |
× |
21.39 |
Nov 1, 2020 |
813.68% |
= |
18.66% |
× |
43.60 |
Aug 2, 2020 |
— |
= |
18.67% |
× |
— |
May 3, 2020 |
— |
= |
18.68% |
× |
— |
Feb 2, 2020 |
— |
= |
21.94% |
× |
— |
Nov 3, 2019 |
— |
= |
— |
× |
— |
Aug 4, 2019 |
— |
= |
— |
× |
— |
May 5, 2019 |
— |
= |
— |
× |
— |
Based on:
10-K (reporting date: 2025-02-02),
10-Q (reporting date: 2024-10-27),
10-Q (reporting date: 2024-07-28),
10-Q (reporting date: 2024-04-28),
10-K (reporting date: 2024-01-28),
10-Q (reporting date: 2023-10-29),
10-Q (reporting date: 2023-07-30),
10-Q (reporting date: 2023-04-30),
10-K (reporting date: 2023-01-29),
10-Q (reporting date: 2022-10-30),
10-Q (reporting date: 2022-07-31),
10-Q (reporting date: 2022-05-01),
10-K (reporting date: 2022-01-30),
10-Q (reporting date: 2021-10-31),
10-Q (reporting date: 2021-08-01),
10-Q (reporting date: 2021-05-02),
10-K (reporting date: 2021-01-31),
10-Q (reporting date: 2020-11-01),
10-Q (reporting date: 2020-08-02),
10-Q (reporting date: 2020-05-03),
10-K (reporting date: 2020-02-02),
10-Q (reporting date: 2019-11-03),
10-Q (reporting date: 2019-08-04),
10-Q (reporting date: 2019-05-05).
The primary reason for the decrease in return on equity ratio (ROE) over Q4 2025 is the decrease in financial leverage ratio.
Three-Component Disaggregation of ROE
Home Depot Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
ROE |
= |
Net Profit Margin |
× |
Asset Turnover |
× |
Financial Leverage |
Feb 2, 2025 |
222.98% |
= |
9.28% |
× |
1.66 |
× |
14.48 |
Oct 27, 2024 |
252.51% |
= |
9.45% |
× |
1.59 |
× |
16.81 |
Jul 28, 2024 |
334.21% |
= |
9.71% |
× |
1.57 |
× |
21.91 |
Apr 28, 2024 |
817.03% |
= |
9.79% |
× |
1.92 |
× |
43.53 |
Jan 28, 2024 |
1,450.48% |
= |
9.92% |
× |
1.99 |
× |
73.30 |
Oct 29, 2023 |
1,098.18% |
= |
10.22% |
× |
2.03 |
× |
52.85 |
Jul 30, 2023 |
1,215.96% |
= |
10.48% |
× |
2.03 |
× |
57.22 |
Apr 30, 2023 |
4,626.24% |
= |
10.75% |
× |
2.04 |
× |
211.01 |
Jan 29, 2023 |
1,095.07% |
= |
10.87% |
× |
2.06 |
× |
48.94 |
Oct 30, 2022 |
1,317.03% |
= |
10.87% |
× |
2.05 |
× |
59.22 |
Jul 31, 2022 |
7,124.47% |
= |
10.88% |
× |
2.05 |
× |
319.94 |
May 1, 2022 |
— |
= |
10.83% |
× |
1.99 |
× |
— |
Jan 30, 2022 |
— |
= |
10.87% |
× |
2.10 |
× |
— |
Oct 31, 2021 |
1,539.90% |
= |
10.79% |
× |
2.02 |
× |
70.56 |
Aug 1, 2021 |
736.64% |
= |
10.55% |
× |
2.04 |
× |
34.20 |
May 2, 2021 |
844.74% |
= |
10.45% |
× |
1.95 |
× |
41.51 |
Jan 31, 2021 |
390.00% |
= |
9.74% |
× |
1.87 |
× |
21.39 |
Nov 1, 2020 |
813.68% |
= |
9.94% |
× |
1.88 |
× |
43.60 |
Aug 2, 2020 |
— |
= |
9.91% |
× |
1.88 |
× |
— |
May 3, 2020 |
— |
= |
9.79% |
× |
1.91 |
× |
— |
Feb 2, 2020 |
— |
= |
10.20% |
× |
2.15 |
× |
— |
Nov 3, 2019 |
— |
= |
— |
× |
— |
× |
— |
Aug 4, 2019 |
— |
= |
— |
× |
— |
× |
— |
May 5, 2019 |
— |
= |
— |
× |
— |
× |
— |
Based on:
10-K (reporting date: 2025-02-02),
10-Q (reporting date: 2024-10-27),
10-Q (reporting date: 2024-07-28),
10-Q (reporting date: 2024-04-28),
10-K (reporting date: 2024-01-28),
10-Q (reporting date: 2023-10-29),
10-Q (reporting date: 2023-07-30),
10-Q (reporting date: 2023-04-30),
10-K (reporting date: 2023-01-29),
10-Q (reporting date: 2022-10-30),
10-Q (reporting date: 2022-07-31),
10-Q (reporting date: 2022-05-01),
10-K (reporting date: 2022-01-30),
10-Q (reporting date: 2021-10-31),
10-Q (reporting date: 2021-08-01),
10-Q (reporting date: 2021-05-02),
10-K (reporting date: 2021-01-31),
10-Q (reporting date: 2020-11-01),
10-Q (reporting date: 2020-08-02),
10-Q (reporting date: 2020-05-03),
10-K (reporting date: 2020-02-02),
10-Q (reporting date: 2019-11-03),
10-Q (reporting date: 2019-08-04),
10-Q (reporting date: 2019-05-05).
The primary reason for the decrease in return on equity ratio (ROE) over Q4 2025 is the decrease in financial leverage ratio.
Five-Component Disaggregation of ROE
Home Depot Inc., decomposition of ROE (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
× |
Financial Leverage |
Feb 2, 2025 |
222.98% |
= |
0.76 |
× |
0.89 |
× |
13.62% |
× |
1.66 |
× |
14.48 |
Oct 27, 2024 |
252.51% |
= |
0.76 |
× |
0.90 |
× |
13.84% |
× |
1.59 |
× |
16.81 |
Jul 28, 2024 |
334.21% |
= |
0.76 |
× |
0.90 |
× |
14.08% |
× |
1.57 |
× |
21.91 |
Apr 28, 2024 |
817.03% |
= |
0.76 |
× |
0.91 |
× |
14.11% |
× |
1.92 |
× |
43.53 |
Jan 28, 2024 |
1,450.48% |
= |
0.76 |
× |
0.91 |
× |
14.32% |
× |
1.99 |
× |
73.30 |
Oct 29, 2023 |
1,098.18% |
= |
0.76 |
× |
0.92 |
× |
14.61% |
× |
2.03 |
× |
52.85 |
Jul 30, 2023 |
1,215.96% |
= |
0.76 |
× |
0.92 |
× |
14.96% |
× |
2.03 |
× |
57.22 |
Apr 30, 2023 |
4,626.24% |
= |
0.76 |
× |
0.93 |
× |
15.25% |
× |
2.04 |
× |
211.01 |
Jan 29, 2023 |
1,095.07% |
= |
0.76 |
× |
0.93 |
× |
15.31% |
× |
2.06 |
× |
48.94 |
Oct 30, 2022 |
1,317.03% |
= |
0.76 |
× |
0.94 |
× |
15.35% |
× |
2.05 |
× |
59.22 |
Jul 31, 2022 |
7,124.47% |
= |
0.76 |
× |
0.94 |
× |
15.33% |
× |
2.05 |
× |
319.94 |
May 1, 2022 |
— |
= |
0.76 |
× |
0.94 |
× |
15.23% |
× |
1.99 |
× |
— |
Jan 30, 2022 |
— |
= |
0.76 |
× |
0.94 |
× |
15.27% |
× |
2.10 |
× |
— |
Oct 31, 2021 |
1,539.90% |
= |
0.76 |
× |
0.94 |
× |
15.12% |
× |
2.02 |
× |
70.56 |
Aug 1, 2021 |
736.64% |
= |
0.76 |
× |
0.94 |
× |
14.81% |
× |
2.04 |
× |
34.20 |
May 2, 2021 |
844.74% |
= |
0.76 |
× |
0.93 |
× |
14.73% |
× |
1.95 |
× |
41.51 |
Jan 31, 2021 |
390.00% |
= |
0.76 |
× |
0.93 |
× |
13.87% |
× |
1.87 |
× |
21.39 |
Nov 1, 2020 |
813.68% |
= |
0.76 |
× |
0.93 |
× |
14.05% |
× |
1.88 |
× |
43.60 |
Aug 2, 2020 |
— |
= |
0.76 |
× |
0.92 |
× |
14.04% |
× |
1.88 |
× |
— |
May 3, 2020 |
— |
= |
0.76 |
× |
0.92 |
× |
13.91% |
× |
1.91 |
× |
— |
Feb 2, 2020 |
— |
= |
0.76 |
× |
0.92 |
× |
14.44% |
× |
2.15 |
× |
— |
Nov 3, 2019 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
× |
— |
Aug 4, 2019 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
× |
— |
May 5, 2019 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
× |
— |
Based on:
10-K (reporting date: 2025-02-02),
10-Q (reporting date: 2024-10-27),
10-Q (reporting date: 2024-07-28),
10-Q (reporting date: 2024-04-28),
10-K (reporting date: 2024-01-28),
10-Q (reporting date: 2023-10-29),
10-Q (reporting date: 2023-07-30),
10-Q (reporting date: 2023-04-30),
10-K (reporting date: 2023-01-29),
10-Q (reporting date: 2022-10-30),
10-Q (reporting date: 2022-07-31),
10-Q (reporting date: 2022-05-01),
10-K (reporting date: 2022-01-30),
10-Q (reporting date: 2021-10-31),
10-Q (reporting date: 2021-08-01),
10-Q (reporting date: 2021-05-02),
10-K (reporting date: 2021-01-31),
10-Q (reporting date: 2020-11-01),
10-Q (reporting date: 2020-08-02),
10-Q (reporting date: 2020-05-03),
10-K (reporting date: 2020-02-02),
10-Q (reporting date: 2019-11-03),
10-Q (reporting date: 2019-08-04),
10-Q (reporting date: 2019-05-05).
The primary reason for the decrease in return on equity ratio (ROE) over Q4 2025 is the decrease in financial leverage ratio.
Two-Component Disaggregation of ROA
Home Depot Inc., decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
ROA |
= |
Net Profit Margin |
× |
Asset Turnover |
Feb 2, 2025 |
15.40% |
= |
9.28% |
× |
1.66 |
Oct 27, 2024 |
15.02% |
= |
9.45% |
× |
1.59 |
Jul 28, 2024 |
15.25% |
= |
9.71% |
× |
1.57 |
Apr 28, 2024 |
18.77% |
= |
9.79% |
× |
1.92 |
Jan 28, 2024 |
19.79% |
= |
9.92% |
× |
1.99 |
Oct 29, 2023 |
20.78% |
= |
10.22% |
× |
2.03 |
Jul 30, 2023 |
21.25% |
= |
10.48% |
× |
2.03 |
Apr 30, 2023 |
21.92% |
= |
10.75% |
× |
2.04 |
Jan 29, 2023 |
22.38% |
= |
10.87% |
× |
2.06 |
Oct 30, 2022 |
22.24% |
= |
10.87% |
× |
2.05 |
Jul 31, 2022 |
22.27% |
= |
10.88% |
× |
2.05 |
May 1, 2022 |
21.57% |
= |
10.83% |
× |
1.99 |
Jan 30, 2022 |
22.86% |
= |
10.87% |
× |
2.10 |
Oct 31, 2021 |
21.82% |
= |
10.79% |
× |
2.02 |
Aug 1, 2021 |
21.54% |
= |
10.55% |
× |
2.04 |
May 2, 2021 |
20.35% |
= |
10.45% |
× |
1.95 |
Jan 31, 2021 |
18.23% |
= |
9.74% |
× |
1.87 |
Nov 1, 2020 |
18.66% |
= |
9.94% |
× |
1.88 |
Aug 2, 2020 |
18.67% |
= |
9.91% |
× |
1.88 |
May 3, 2020 |
18.68% |
= |
9.79% |
× |
1.91 |
Feb 2, 2020 |
21.94% |
= |
10.20% |
× |
2.15 |
Nov 3, 2019 |
— |
= |
— |
× |
— |
Aug 4, 2019 |
— |
= |
— |
× |
— |
May 5, 2019 |
— |
= |
— |
× |
— |
Based on:
10-K (reporting date: 2025-02-02),
10-Q (reporting date: 2024-10-27),
10-Q (reporting date: 2024-07-28),
10-Q (reporting date: 2024-04-28),
10-K (reporting date: 2024-01-28),
10-Q (reporting date: 2023-10-29),
10-Q (reporting date: 2023-07-30),
10-Q (reporting date: 2023-04-30),
10-K (reporting date: 2023-01-29),
10-Q (reporting date: 2022-10-30),
10-Q (reporting date: 2022-07-31),
10-Q (reporting date: 2022-05-01),
10-K (reporting date: 2022-01-30),
10-Q (reporting date: 2021-10-31),
10-Q (reporting date: 2021-08-01),
10-Q (reporting date: 2021-05-02),
10-K (reporting date: 2021-01-31),
10-Q (reporting date: 2020-11-01),
10-Q (reporting date: 2020-08-02),
10-Q (reporting date: 2020-05-03),
10-K (reporting date: 2020-02-02),
10-Q (reporting date: 2019-11-03),
10-Q (reporting date: 2019-08-04),
10-Q (reporting date: 2019-05-05).
The primary reason for the increase in return on assets ratio (ROA) over Q4 2025 is the increase in asset turnover ratio.
Four-Component Disaggregation of ROA
Home Depot Inc., decomposition of ROA (quarterly data)
|
|
|
|
|
|
|
|
|
|
|
ROA |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
× |
Asset Turnover |
Feb 2, 2025 |
15.40% |
= |
0.76 |
× |
0.89 |
× |
13.62% |
× |
1.66 |
Oct 27, 2024 |
15.02% |
= |
0.76 |
× |
0.90 |
× |
13.84% |
× |
1.59 |
Jul 28, 2024 |
15.25% |
= |
0.76 |
× |
0.90 |
× |
14.08% |
× |
1.57 |
Apr 28, 2024 |
18.77% |
= |
0.76 |
× |
0.91 |
× |
14.11% |
× |
1.92 |
Jan 28, 2024 |
19.79% |
= |
0.76 |
× |
0.91 |
× |
14.32% |
× |
1.99 |
Oct 29, 2023 |
20.78% |
= |
0.76 |
× |
0.92 |
× |
14.61% |
× |
2.03 |
Jul 30, 2023 |
21.25% |
= |
0.76 |
× |
0.92 |
× |
14.96% |
× |
2.03 |
Apr 30, 2023 |
21.92% |
= |
0.76 |
× |
0.93 |
× |
15.25% |
× |
2.04 |
Jan 29, 2023 |
22.38% |
= |
0.76 |
× |
0.93 |
× |
15.31% |
× |
2.06 |
Oct 30, 2022 |
22.24% |
= |
0.76 |
× |
0.94 |
× |
15.35% |
× |
2.05 |
Jul 31, 2022 |
22.27% |
= |
0.76 |
× |
0.94 |
× |
15.33% |
× |
2.05 |
May 1, 2022 |
21.57% |
= |
0.76 |
× |
0.94 |
× |
15.23% |
× |
1.99 |
Jan 30, 2022 |
22.86% |
= |
0.76 |
× |
0.94 |
× |
15.27% |
× |
2.10 |
Oct 31, 2021 |
21.82% |
= |
0.76 |
× |
0.94 |
× |
15.12% |
× |
2.02 |
Aug 1, 2021 |
21.54% |
= |
0.76 |
× |
0.94 |
× |
14.81% |
× |
2.04 |
May 2, 2021 |
20.35% |
= |
0.76 |
× |
0.93 |
× |
14.73% |
× |
1.95 |
Jan 31, 2021 |
18.23% |
= |
0.76 |
× |
0.93 |
× |
13.87% |
× |
1.87 |
Nov 1, 2020 |
18.66% |
= |
0.76 |
× |
0.93 |
× |
14.05% |
× |
1.88 |
Aug 2, 2020 |
18.67% |
= |
0.76 |
× |
0.92 |
× |
14.04% |
× |
1.88 |
May 3, 2020 |
18.68% |
= |
0.76 |
× |
0.92 |
× |
13.91% |
× |
1.91 |
Feb 2, 2020 |
21.94% |
= |
0.76 |
× |
0.92 |
× |
14.44% |
× |
2.15 |
Nov 3, 2019 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
Aug 4, 2019 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
May 5, 2019 |
— |
= |
— |
× |
— |
× |
— |
× |
— |
Based on:
10-K (reporting date: 2025-02-02),
10-Q (reporting date: 2024-10-27),
10-Q (reporting date: 2024-07-28),
10-Q (reporting date: 2024-04-28),
10-K (reporting date: 2024-01-28),
10-Q (reporting date: 2023-10-29),
10-Q (reporting date: 2023-07-30),
10-Q (reporting date: 2023-04-30),
10-K (reporting date: 2023-01-29),
10-Q (reporting date: 2022-10-30),
10-Q (reporting date: 2022-07-31),
10-Q (reporting date: 2022-05-01),
10-K (reporting date: 2022-01-30),
10-Q (reporting date: 2021-10-31),
10-Q (reporting date: 2021-08-01),
10-Q (reporting date: 2021-05-02),
10-K (reporting date: 2021-01-31),
10-Q (reporting date: 2020-11-01),
10-Q (reporting date: 2020-08-02),
10-Q (reporting date: 2020-05-03),
10-K (reporting date: 2020-02-02),
10-Q (reporting date: 2019-11-03),
10-Q (reporting date: 2019-08-04),
10-Q (reporting date: 2019-05-05).
The primary reason for the increase in return on assets ratio (ROA) over Q4 2025 is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Home Depot Inc., decomposition of net profit margin ratio (quarterly data)
|
|
|
|
|
|
|
|
|
Net Profit Margin |
= |
Tax Burden |
× |
Interest Burden |
× |
EBIT Margin |
Feb 2, 2025 |
9.28% |
= |
0.76 |
× |
0.89 |
× |
13.62% |
Oct 27, 2024 |
9.45% |
= |
0.76 |
× |
0.90 |
× |
13.84% |
Jul 28, 2024 |
9.71% |
= |
0.76 |
× |
0.90 |
× |
14.08% |
Apr 28, 2024 |
9.79% |
= |
0.76 |
× |
0.91 |
× |
14.11% |
Jan 28, 2024 |
9.92% |
= |
0.76 |
× |
0.91 |
× |
14.32% |
Oct 29, 2023 |
10.22% |
= |
0.76 |
× |
0.92 |
× |
14.61% |
Jul 30, 2023 |
10.48% |
= |
0.76 |
× |
0.92 |
× |
14.96% |
Apr 30, 2023 |
10.75% |
= |
0.76 |
× |
0.93 |
× |
15.25% |
Jan 29, 2023 |
10.87% |
= |
0.76 |
× |
0.93 |
× |
15.31% |
Oct 30, 2022 |
10.87% |
= |
0.76 |
× |
0.94 |
× |
15.35% |
Jul 31, 2022 |
10.88% |
= |
0.76 |
× |
0.94 |
× |
15.33% |
May 1, 2022 |
10.83% |
= |
0.76 |
× |
0.94 |
× |
15.23% |
Jan 30, 2022 |
10.87% |
= |
0.76 |
× |
0.94 |
× |
15.27% |
Oct 31, 2021 |
10.79% |
= |
0.76 |
× |
0.94 |
× |
15.12% |
Aug 1, 2021 |
10.55% |
= |
0.76 |
× |
0.94 |
× |
14.81% |
May 2, 2021 |
10.45% |
= |
0.76 |
× |
0.93 |
× |
14.73% |
Jan 31, 2021 |
9.74% |
= |
0.76 |
× |
0.93 |
× |
13.87% |
Nov 1, 2020 |
9.94% |
= |
0.76 |
× |
0.93 |
× |
14.05% |
Aug 2, 2020 |
9.91% |
= |
0.76 |
× |
0.92 |
× |
14.04% |
May 3, 2020 |
9.79% |
= |
0.76 |
× |
0.92 |
× |
13.91% |
Feb 2, 2020 |
10.20% |
= |
0.76 |
× |
0.92 |
× |
14.44% |
Nov 3, 2019 |
— |
= |
— |
× |
— |
× |
— |
Aug 4, 2019 |
— |
= |
— |
× |
— |
× |
— |
May 5, 2019 |
— |
= |
— |
× |
— |
× |
— |
Based on:
10-K (reporting date: 2025-02-02),
10-Q (reporting date: 2024-10-27),
10-Q (reporting date: 2024-07-28),
10-Q (reporting date: 2024-04-28),
10-K (reporting date: 2024-01-28),
10-Q (reporting date: 2023-10-29),
10-Q (reporting date: 2023-07-30),
10-Q (reporting date: 2023-04-30),
10-K (reporting date: 2023-01-29),
10-Q (reporting date: 2022-10-30),
10-Q (reporting date: 2022-07-31),
10-Q (reporting date: 2022-05-01),
10-K (reporting date: 2022-01-30),
10-Q (reporting date: 2021-10-31),
10-Q (reporting date: 2021-08-01),
10-Q (reporting date: 2021-05-02),
10-K (reporting date: 2021-01-31),
10-Q (reporting date: 2020-11-01),
10-Q (reporting date: 2020-08-02),
10-Q (reporting date: 2020-05-03),
10-K (reporting date: 2020-02-02),
10-Q (reporting date: 2019-11-03),
10-Q (reporting date: 2019-08-04),
10-Q (reporting date: 2019-05-05).
The primary reason for the decrease in net profit margin ratio over Q4 2025 is the decrease in operating profitability measured by EBIT margin ratio.