Stock Analysis on Net
Stock Analysis on Net

Kimberly-Clark Corp. (NYSE:KMB)

This company has been moved to the archive! The financial data has not been updated since April 23, 2021.

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

Kimberly-Clark Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2021 439.38% = 13.21% × 33.25
Dec 31, 2020 375.72% = 13.42% × 27.99
Sep 30, 2020 704.48% = 14.28% × 49.35
Jun 30, 2020 954.85% = 15.82% × 60.35
Mar 31, 2020 — = 15.07% × —
Dec 31, 2019 — = 14.11% × —
Sep 30, 2019 — = 13.44% × —
Jun 30, 2019 — = 11.74% × —
Mar 31, 2019 — = 11.65% × —
Dec 31, 2018 — = 9.71% × —
Sep 30, 2018 — = 11.08% × —
Jun 30, 2018 — = 11.89% × —
Mar 31, 2018 570.35% = 11.81% × 48.27
Dec 31, 2017 362.16% = 15.04% × 24.09
Sep 30, 2017 836.29% = 14.39% × 58.10
Jun 30, 2017 2,106.86% = 14.26% × 147.75
Mar 31, 2017 1,605.88% = 14.80% × 108.51
Dec 31, 2016 — = 14.83% × —
Sep 30, 2016 — = — × 49.83
Jun 30, 2016 — = — × 75.36
Mar 31, 2016 — = — × 135.96

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2021 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

Kimberly-Clark Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2021 439.38% = 12.06% × 1.10 × 33.25
Dec 31, 2020 375.72% = 12.29% × 1.09 × 27.99
Sep 30, 2020 704.48% = 12.50% × 1.14 × 49.35
Jun 30, 2020 954.85% = 13.58% × 1.17 × 60.35
Mar 31, 2020 — = 12.55% × 1.20 × —
Dec 31, 2019 — = 11.69% × 1.21 × —
Sep 30, 2019 — = 10.96% × 1.23 × —
Jun 30, 2019 — = 9.80% × 1.20 × —
Mar 31, 2019 — = 9.63% × 1.21 × —
Dec 31, 2018 — = 7.63% × 1.27 × —
Sep 30, 2018 — = 8.74% × 1.27 × —
Jun 30, 2018 — = 9.33% × 1.27 × —
Mar 31, 2018 570.35% = 9.77% × 1.21 × 48.27
Dec 31, 2017 362.16% = 12.48% × 1.21 × 24.09
Sep 30, 2017 836.29% = 11.89% × 1.21 × 58.10
Jun 30, 2017 2,106.86% = 11.82% × 1.21 × 147.75
Mar 31, 2017 1,605.88% = 11.99% × 1.23 × 108.51
Dec 31, 2016 — = 11.90% × 1.25 × —
Sep 30, 2016 — = — × — × 49.83
Jun 30, 2016 — = — × — × 75.36
Mar 31, 2016 — = — × — × 135.96

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2021 is the increase in financial leverage ratio.

Five-Component Disaggregation of ROE

Kimberly-Clark Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2021 439.38% = 0.78 × 0.92 × 16.72% × 1.10 × 33.25
Dec 31, 2020 375.72% = 0.78 × 0.92 × 17.14% × 1.09 × 27.99
Sep 30, 2020 704.48% = 0.79 × 0.92 × 17.10% × 1.14 × 49.35
Jun 30, 2020 954.85% = 0.79 × 0.93 × 18.63% × 1.17 × 60.35
Mar 31, 2020 — = 0.79 × 0.92 × 17.26% × 1.20 × —
Dec 31, 2019 — = 0.79 × 0.91 × 16.23% × 1.21 × —
Sep 30, 2019 — = 0.78 × 0.91 × 15.42% × 1.23 × —
Jun 30, 2019 — = 0.78 × 0.90 × 13.96% × 1.20 × —
Mar 31, 2019 — = 0.78 × 0.90 × 13.83% × 1.21 × —
Dec 31, 2018 — = 0.75 × 0.88 × 11.60% × 1.27 × —
Sep 30, 2018 — = 0.76 × 0.89 × 13.02% × 1.27 × —
Jun 30, 2018 — = 0.74 × 0.89 × 14.15% × 1.27 × —
Mar 31, 2018 570.35% = 0.73 × 0.89 × 15.03% × 1.21 × 48.27
Dec 31, 2017 362.16% = 0.75 × 0.91 × 18.47% × 1.21 × 24.09
Sep 30, 2017 836.29% = 0.71 × 0.90 × 18.64% × 1.21 × 58.10
Jun 30, 2017 2,106.86% = 0.70 × 0.90 × 18.63% × 1.21 × 147.75
Mar 31, 2017 1,605.88% = 0.70 × 0.91 × 18.85% × 1.23 × 108.51
Dec 31, 2016 — = 0.70 × 0.91 × 18.72% × 1.25 × —
Sep 30, 2016 — = — × — × — × — × 49.83
Jun 30, 2016 — = — × — × — × — × 75.36
Mar 31, 2016 — = — × — × — × — × 135.96

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2021 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

Kimberly-Clark Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2021 13.21% = 12.06% × 1.10
Dec 31, 2020 13.42% = 12.29% × 1.09
Sep 30, 2020 14.28% = 12.50% × 1.14
Jun 30, 2020 15.82% = 13.58% × 1.17
Mar 31, 2020 15.07% = 12.55% × 1.20
Dec 31, 2019 14.11% = 11.69% × 1.21
Sep 30, 2019 13.44% = 10.96% × 1.23
Jun 30, 2019 11.74% = 9.80% × 1.20
Mar 31, 2019 11.65% = 9.63% × 1.21
Dec 31, 2018 9.71% = 7.63% × 1.27
Sep 30, 2018 11.08% = 8.74% × 1.27
Jun 30, 2018 11.89% = 9.33% × 1.27
Mar 31, 2018 11.81% = 9.77% × 1.21
Dec 31, 2017 15.04% = 12.48% × 1.21
Sep 30, 2017 14.39% = 11.89% × 1.21
Jun 30, 2017 14.26% = 11.82% × 1.21
Mar 31, 2017 14.80% = 11.99% × 1.23
Dec 31, 2016 14.83% = 11.90% × 1.25
Sep 30, 2016 — = — × —
Jun 30, 2016 — = — × —
Mar 31, 2016 — = — × —

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2021 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Kimberly-Clark Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2021 13.21% = 0.78 × 0.92 × 16.72% × 1.10
Dec 31, 2020 13.42% = 0.78 × 0.92 × 17.14% × 1.09
Sep 30, 2020 14.28% = 0.79 × 0.92 × 17.10% × 1.14
Jun 30, 2020 15.82% = 0.79 × 0.93 × 18.63% × 1.17
Mar 31, 2020 15.07% = 0.79 × 0.92 × 17.26% × 1.20
Dec 31, 2019 14.11% = 0.79 × 0.91 × 16.23% × 1.21
Sep 30, 2019 13.44% = 0.78 × 0.91 × 15.42% × 1.23
Jun 30, 2019 11.74% = 0.78 × 0.90 × 13.96% × 1.20
Mar 31, 2019 11.65% = 0.78 × 0.90 × 13.83% × 1.21
Dec 31, 2018 9.71% = 0.75 × 0.88 × 11.60% × 1.27
Sep 30, 2018 11.08% = 0.76 × 0.89 × 13.02% × 1.27
Jun 30, 2018 11.89% = 0.74 × 0.89 × 14.15% × 1.27
Mar 31, 2018 11.81% = 0.73 × 0.89 × 15.03% × 1.21
Dec 31, 2017 15.04% = 0.75 × 0.91 × 18.47% × 1.21
Sep 30, 2017 14.39% = 0.71 × 0.90 × 18.64% × 1.21
Jun 30, 2017 14.26% = 0.70 × 0.90 × 18.63% × 1.21
Mar 31, 2017 14.80% = 0.70 × 0.91 × 18.85% × 1.23
Dec 31, 2016 14.83% = 0.70 × 0.91 × 18.72% × 1.25
Sep 30, 2016 — = — × — × — × —
Jun 30, 2016 — = — × — × — × —
Mar 31, 2016 — = — × — × — × —

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q1 2021 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Kimberly-Clark Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2021 12.06% = 0.78 × 0.92 × 16.72%
Dec 31, 2020 12.29% = 0.78 × 0.92 × 17.14%
Sep 30, 2020 12.50% = 0.79 × 0.92 × 17.10%
Jun 30, 2020 13.58% = 0.79 × 0.93 × 18.63%
Mar 31, 2020 12.55% = 0.79 × 0.92 × 17.26%
Dec 31, 2019 11.69% = 0.79 × 0.91 × 16.23%
Sep 30, 2019 10.96% = 0.78 × 0.91 × 15.42%
Jun 30, 2019 9.80% = 0.78 × 0.90 × 13.96%
Mar 31, 2019 9.63% = 0.78 × 0.90 × 13.83%
Dec 31, 2018 7.63% = 0.75 × 0.88 × 11.60%
Sep 30, 2018 8.74% = 0.76 × 0.89 × 13.02%
Jun 30, 2018 9.33% = 0.74 × 0.89 × 14.15%
Mar 31, 2018 9.77% = 0.73 × 0.89 × 15.03%
Dec 31, 2017 12.48% = 0.75 × 0.91 × 18.47%
Sep 30, 2017 11.89% = 0.71 × 0.90 × 18.64%
Jun 30, 2017 11.82% = 0.70 × 0.90 × 18.63%
Mar 31, 2017 11.99% = 0.70 × 0.91 × 18.85%
Dec 31, 2016 11.90% = 0.70 × 0.91 × 18.72%
Sep 30, 2016 — = — × — × —
Jun 30, 2016 — = — × — × —
Mar 31, 2016 — = — × — × —

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

The primary reason for the decrease in net profit margin ratio over Q1 2021 is the decrease in operating profitability measured by EBIT margin ratio.