DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
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- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Two-Component Disaggregation of ROE
Medtronic PLC, decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Apr 26, 2024 | = | × | |||
| Apr 28, 2023 | = | × | |||
| Apr 29, 2022 | = | × | |||
| Apr 30, 2021 | = | × | |||
| Apr 24, 2020 | = | × | |||
| Apr 26, 2019 | = | × |
Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).
The primary reason for the increase in return on equity ratio (ROE) over 2024 year is the increase in financial leverage ratio.
Three-Component Disaggregation of ROE
Medtronic PLC, decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Apr 26, 2024 | = | × | × | ||||
| Apr 28, 2023 | = | × | × | ||||
| Apr 29, 2022 | = | × | × | ||||
| Apr 30, 2021 | = | × | × | ||||
| Apr 24, 2020 | = | × | × | ||||
| Apr 26, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).
The primary reason for the increase in return on equity ratio (ROE) over 2024 year is the increase in efficiency measured by asset turnover ratio.
Five-Component Disaggregation of ROE
Medtronic PLC, decomposition of ROE
Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).
The primary reason for the increase in return on equity ratio (ROE) over 2024 year is the increase in effect of taxes measured by tax burden ratio.
Two-Component Disaggregation of ROA
Medtronic PLC, decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Apr 26, 2024 | = | × | |||
| Apr 28, 2023 | = | × | |||
| Apr 29, 2022 | = | × | |||
| Apr 30, 2021 | = | × | |||
| Apr 24, 2020 | = | × | |||
| Apr 26, 2019 | = | × |
Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).
The primary reason for the decrease in return on assets ratio (ROA) over 2024 year is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Medtronic PLC, decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Apr 26, 2024 | = | × | × | × | |||||
| Apr 28, 2023 | = | × | × | × | |||||
| Apr 29, 2022 | = | × | × | × | |||||
| Apr 30, 2021 | = | × | × | × | |||||
| Apr 24, 2020 | = | × | × | × | |||||
| Apr 26, 2019 | = | × | × | × |
Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).
The primary reason for the decrease in return on assets ratio (ROA) over 2024 year is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Medtronic PLC, decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Apr 26, 2024 | = | × | × | ||||
| Apr 28, 2023 | = | × | × | ||||
| Apr 29, 2022 | = | × | × | ||||
| Apr 30, 2021 | = | × | × | ||||
| Apr 24, 2020 | = | × | × | ||||
| Apr 26, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26).
The primary reason for the decrease in net profit margin ratio over 2024 year is the decrease in operating profitability measured by EBIT margin ratio.