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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- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Two-Component Disaggregation of ROE
Procter & Gamble Co., decomposition of ROE
| ROE | = | ROA | × | Financial Leverage | |
|---|---|---|---|---|---|
| Jun 30, 2024 | = | × | |||
| Jun 30, 2023 | = | × | |||
| Jun 30, 2022 | = | × | |||
| Jun 30, 2021 | = | × | |||
| Jun 30, 2020 | = | × | |||
| Jun 30, 2019 | = | × |
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The primary reason for the decrease in return on equity ratio (ROE) over 2024 year is the decrease in financial leverage ratio.
Three-Component Disaggregation of ROE
Procter & Gamble Co., decomposition of ROE
| ROE | = | Net Profit Margin | × | Asset Turnover | × | Financial Leverage | |
|---|---|---|---|---|---|---|---|
| Jun 30, 2024 | = | × | × | ||||
| Jun 30, 2023 | = | × | × | ||||
| Jun 30, 2022 | = | × | × | ||||
| Jun 30, 2021 | = | × | × | ||||
| Jun 30, 2020 | = | × | × | ||||
| Jun 30, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The primary reason for the decrease in return on equity ratio (ROE) over 2024 year is the decrease in financial leverage ratio.
Five-Component Disaggregation of ROE
Procter & Gamble Co., decomposition of ROE
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The primary reason for the decrease in return on equity ratio (ROE) over 2024 year is the decrease in financial leverage ratio.
Two-Component Disaggregation of ROA
Procter & Gamble Co., decomposition of ROA
| ROA | = | Net Profit Margin | × | Asset Turnover | |
|---|---|---|---|---|---|
| Jun 30, 2024 | = | × | |||
| Jun 30, 2023 | = | × | |||
| Jun 30, 2022 | = | × | |||
| Jun 30, 2021 | = | × | |||
| Jun 30, 2020 | = | × | |||
| Jun 30, 2019 | = | × |
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The primary reason for the increase in return on assets ratio (ROA) over 2024 year is the increase in asset turnover ratio.
Four-Component Disaggregation of ROA
Procter & Gamble Co., decomposition of ROA
| ROA | = | Tax Burden | × | Interest Burden | × | EBIT Margin | × | Asset Turnover | |
|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2024 | = | × | × | × | |||||
| Jun 30, 2023 | = | × | × | × | |||||
| Jun 30, 2022 | = | × | × | × | |||||
| Jun 30, 2021 | = | × | × | × | |||||
| Jun 30, 2020 | = | × | × | × | |||||
| Jun 30, 2019 | = | × | × | × |
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The primary reason for the increase in return on assets ratio (ROA) over 2024 year is the increase in efficiency measured by asset turnover ratio.
Disaggregation of Net Profit Margin
Procter & Gamble Co., decomposition of net profit margin ratio
| Net Profit Margin | = | Tax Burden | × | Interest Burden | × | EBIT Margin | |
|---|---|---|---|---|---|---|---|
| Jun 30, 2024 | = | × | × | ||||
| Jun 30, 2023 | = | × | × | ||||
| Jun 30, 2022 | = | × | × | ||||
| Jun 30, 2021 | = | × | × | ||||
| Jun 30, 2020 | = | × | × | ||||
| Jun 30, 2019 | = | × | × |
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
The primary reason for the decrease in net profit margin ratio over 2024 year is the decrease in effect of interest expense measured by interest burden ratio.