DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin Quarterly Data
Annual Data
Quarterly Data
Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.
Two-Component Disaggregation of ROE
Annual Data
Quarterly Data
Walmart Inc., decomposition of ROE (quarterly data)
ROE
=
ROA
×
Financial Leverage
Jan 31, 2025
21.36%
=
7.45%
×
2.87
Oct 31, 2024
22.33%
=
7.47%
×
2.99
Jul 31, 2024
18.42%
=
6.11%
×
3.01
Apr 30, 2024
23.30%
=
7.46%
×
3.13
Jan 31, 2024
18.50%
=
6.15%
×
3.01
Oct 31, 2023
20.50%
=
6.29%
×
3.26
Jul 31, 2023
17.65%
=
5.50%
×
3.21
Apr 30, 2023
15.61%
=
4.61%
×
3.38
Jan 31, 2023
15.23%
=
4.80%
×
3.17
Oct 31, 2022
12.41%
=
3.62%
×
3.43
Jul 31, 2022
17.88%
=
5.61%
×
3.19
Apr 30, 2022
16.90%
=
5.28%
×
3.20
Jan 31, 2022
16.42%
=
5.58%
×
2.94
Oct 31, 2021
9.75%
=
3.28%
×
2.98
Jul 31, 2021
12.48%
=
4.21%
×
2.96
Apr 30, 2021
15.64%
=
5.18%
×
3.02
Jan 31, 2021
16.69%
=
5.35%
×
3.12
Oct 31, 2020
24.24%
=
7.87%
×
3.08
Jul 31, 2020
23.76%
=
7.54%
×
3.15
Apr 30, 2020
22.02%
=
6.45%
×
3.41
Jan 31, 2020
19.93%
=
6.29%
×
3.17
Oct 31, 2019
—
=
—
×
3.35
Jul 31, 2019
—
=
—
×
3.34
Apr 30, 2019
—
=
—
×
3.44
Based on:
10-K (reporting date: 2025-01-31) ,
10-Q (reporting date: 2024-10-31) ,
10-Q (reporting date: 2024-07-31) ,
10-Q (reporting date: 2024-04-30) ,
10-K (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-Q (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-K (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-Q (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-K (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-Q (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-K (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-Q (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-K (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-Q (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) .
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
Annual Data
Quarterly Data
Walmart Inc., decomposition of ROE (quarterly data)
ROE
=
Net Profit Margin
×
Asset Turnover
×
Financial Leverage
Jan 31, 2025
21.36%
=
2.88%
×
2.59
×
2.87
Oct 31, 2024
22.33%
=
2.95%
×
2.53
×
2.99
Jul 31, 2024
18.42%
=
2.36%
×
2.59
×
3.01
Apr 30, 2024
23.30%
=
2.91%
×
2.56
×
3.13
Jan 31, 2024
18.50%
=
2.41%
×
2.55
×
3.01
Oct 31, 2023
20.50%
=
2.57%
×
2.44
×
3.26
Jul 31, 2023
17.65%
=
2.24%
×
2.45
×
3.21
Apr 30, 2023
15.61%
=
1.83%
×
2.52
×
3.38
Jan 31, 2023
15.23%
=
1.93%
×
2.49
×
3.17
Oct 31, 2022
12.41%
=
1.51%
×
2.40
×
3.43
Jul 31, 2022
17.88%
=
2.38%
×
2.36
×
3.19
Apr 30, 2022
16.90%
=
2.28%
×
2.32
×
3.20
Jan 31, 2022
16.42%
=
2.41%
×
2.32
×
2.94
Oct 31, 2021
9.75%
=
1.41%
×
2.32
×
2.98
Jul 31, 2021
12.48%
=
1.79%
×
2.35
×
2.96
Apr 30, 2021
15.64%
=
2.19%
×
2.36
×
3.02
Jan 31, 2021
16.69%
=
2.43%
×
2.20
×
3.12
Oct 31, 2020
24.24%
=
3.62%
×
2.17
×
3.08
Jul 31, 2020
23.76%
=
3.33%
×
2.27
×
3.15
Apr 30, 2020
22.02%
=
2.83%
×
2.28
×
3.41
Jan 31, 2020
19.93%
=
2.86%
×
2.20
×
3.17
Oct 31, 2019
—
=
—
×
—
×
3.35
Jul 31, 2019
—
=
—
×
—
×
3.34
Apr 30, 2019
—
=
—
×
—
×
3.44
Based on:
10-K (reporting date: 2025-01-31) ,
10-Q (reporting date: 2024-10-31) ,
10-Q (reporting date: 2024-07-31) ,
10-Q (reporting date: 2024-04-30) ,
10-K (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-Q (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-K (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-Q (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-K (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-Q (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-K (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-Q (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-K (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-Q (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) .
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
Annual Data
Quarterly Data
Walmart Inc., decomposition of ROE (quarterly data)
ROE
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
×
Financial Leverage
Jan 31, 2025
21.36%
=
0.76
×
0.90
×
4.20%
×
2.59
×
2.87
Oct 31, 2024
22.33%
=
0.75
×
0.91
×
4.32%
×
2.53
×
2.99
Jul 31, 2024
18.42%
=
0.74
×
0.88
×
3.59%
×
2.59
×
3.01
Apr 30, 2024
23.30%
=
0.74
×
0.90
×
4.33%
×
2.56
×
3.13
Jan 31, 2024
18.50%
=
0.74
×
0.89
×
3.70%
×
2.55
×
3.01
Oct 31, 2023
20.50%
=
0.70
×
0.90
×
4.06%
×
2.44
×
3.26
Jul 31, 2023
17.65%
=
0.67
×
0.89
×
3.75%
×
2.45
×
3.21
Apr 30, 2023
15.61%
=
0.66
×
0.88
×
3.14%
×
2.52
×
3.38
Jan 31, 2023
15.23%
=
0.67
×
0.89
×
3.22%
×
2.49
×
3.17
Oct 31, 2022
12.41%
=
0.70
×
0.87
×
2.47%
×
2.40
×
3.43
Jul 31, 2022
17.88%
=
0.76
×
0.91
×
3.46%
×
2.36
×
3.19
Apr 30, 2022
16.90%
=
0.74
×
0.90
×
3.40%
×
2.32
×
3.20
Jan 31, 2022
16.42%
=
0.74
×
0.90
×
3.60%
×
2.32
×
2.94
Oct 31, 2021
9.75%
=
0.61
×
0.86
×
2.67%
×
2.32
×
2.98
Jul 31, 2021
12.48%
=
0.63
×
0.88
×
3.23%
×
2.35
×
2.96
Apr 30, 2021
15.64%
=
0.65
×
0.89
×
3.78%
×
2.36
×
3.02
Jan 31, 2021
16.69%
=
0.66
×
0.90
×
4.09%
×
2.20
×
3.12
Oct 31, 2020
24.24%
=
0.74
×
0.92
×
5.32%
×
2.17
×
3.08
Jul 31, 2020
23.76%
=
0.75
×
0.90
×
4.90%
×
2.27
×
3.15
Apr 30, 2020
22.02%
=
0.75
×
0.89
×
4.25%
×
2.28
×
3.41
Jan 31, 2020
19.93%
=
0.75
×
0.88
×
4.31%
×
2.20
×
3.17
Oct 31, 2019
—
=
—
×
—
×
—
×
—
×
3.35
Jul 31, 2019
—
=
—
×
—
×
—
×
—
×
3.34
Apr 30, 2019
—
=
—
×
—
×
—
×
—
×
3.44
Based on:
10-K (reporting date: 2025-01-31) ,
10-Q (reporting date: 2024-10-31) ,
10-Q (reporting date: 2024-07-31) ,
10-Q (reporting date: 2024-04-30) ,
10-K (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-Q (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-K (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-Q (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-K (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-Q (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-K (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-Q (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-K (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-Q (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) .
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
Annual Data
Quarterly Data
Walmart Inc., decomposition of ROA (quarterly data)
ROA
=
Net Profit Margin
×
Asset Turnover
Jan 31, 2025
7.45%
=
2.88%
×
2.59
Oct 31, 2024
7.47%
=
2.95%
×
2.53
Jul 31, 2024
6.11%
=
2.36%
×
2.59
Apr 30, 2024
7.46%
=
2.91%
×
2.56
Jan 31, 2024
6.15%
=
2.41%
×
2.55
Oct 31, 2023
6.29%
=
2.57%
×
2.44
Jul 31, 2023
5.50%
=
2.24%
×
2.45
Apr 30, 2023
4.61%
=
1.83%
×
2.52
Jan 31, 2023
4.80%
=
1.93%
×
2.49
Oct 31, 2022
3.62%
=
1.51%
×
2.40
Jul 31, 2022
5.61%
=
2.38%
×
2.36
Apr 30, 2022
5.28%
=
2.28%
×
2.32
Jan 31, 2022
5.58%
=
2.41%
×
2.32
Oct 31, 2021
3.28%
=
1.41%
×
2.32
Jul 31, 2021
4.21%
=
1.79%
×
2.35
Apr 30, 2021
5.18%
=
2.19%
×
2.36
Jan 31, 2021
5.35%
=
2.43%
×
2.20
Oct 31, 2020
7.87%
=
3.62%
×
2.17
Jul 31, 2020
7.54%
=
3.33%
×
2.27
Apr 30, 2020
6.45%
=
2.83%
×
2.28
Jan 31, 2020
6.29%
=
2.86%
×
2.20
Oct 31, 2019
—
=
—
×
—
Jul 31, 2019
—
=
—
×
—
Apr 30, 2019
—
=
—
×
—
Based on:
10-K (reporting date: 2025-01-31) ,
10-Q (reporting date: 2024-10-31) ,
10-Q (reporting date: 2024-07-31) ,
10-Q (reporting date: 2024-04-30) ,
10-K (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-Q (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-K (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-Q (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-K (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-Q (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-K (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-Q (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-K (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-Q (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) .
The primary reason for the decrease in return on assets ratio (ROA) over Q4 2025 is the decrease in profitability measured by net profit margin ratio.
Four-Component Disaggregation of ROA
Annual Data
Quarterly Data
Walmart Inc., decomposition of ROA (quarterly data)
ROA
=
Tax Burden
×
Interest Burden
×
EBIT Margin
×
Asset Turnover
Jan 31, 2025
7.45%
=
0.76
×
0.90
×
4.20%
×
2.59
Oct 31, 2024
7.47%
=
0.75
×
0.91
×
4.32%
×
2.53
Jul 31, 2024
6.11%
=
0.74
×
0.88
×
3.59%
×
2.59
Apr 30, 2024
7.46%
=
0.74
×
0.90
×
4.33%
×
2.56
Jan 31, 2024
6.15%
=
0.74
×
0.89
×
3.70%
×
2.55
Oct 31, 2023
6.29%
=
0.70
×
0.90
×
4.06%
×
2.44
Jul 31, 2023
5.50%
=
0.67
×
0.89
×
3.75%
×
2.45
Apr 30, 2023
4.61%
=
0.66
×
0.88
×
3.14%
×
2.52
Jan 31, 2023
4.80%
=
0.67
×
0.89
×
3.22%
×
2.49
Oct 31, 2022
3.62%
=
0.70
×
0.87
×
2.47%
×
2.40
Jul 31, 2022
5.61%
=
0.76
×
0.91
×
3.46%
×
2.36
Apr 30, 2022
5.28%
=
0.74
×
0.90
×
3.40%
×
2.32
Jan 31, 2022
5.58%
=
0.74
×
0.90
×
3.60%
×
2.32
Oct 31, 2021
3.28%
=
0.61
×
0.86
×
2.67%
×
2.32
Jul 31, 2021
4.21%
=
0.63
×
0.88
×
3.23%
×
2.35
Apr 30, 2021
5.18%
=
0.65
×
0.89
×
3.78%
×
2.36
Jan 31, 2021
5.35%
=
0.66
×
0.90
×
4.09%
×
2.20
Oct 31, 2020
7.87%
=
0.74
×
0.92
×
5.32%
×
2.17
Jul 31, 2020
7.54%
=
0.75
×
0.90
×
4.90%
×
2.27
Apr 30, 2020
6.45%
=
0.75
×
0.89
×
4.25%
×
2.28
Jan 31, 2020
6.29%
=
0.75
×
0.88
×
4.31%
×
2.20
Oct 31, 2019
—
=
—
×
—
×
—
×
—
Jul 31, 2019
—
=
—
×
—
×
—
×
—
Apr 30, 2019
—
=
—
×
—
×
—
×
—
Based on:
10-K (reporting date: 2025-01-31) ,
10-Q (reporting date: 2024-10-31) ,
10-Q (reporting date: 2024-07-31) ,
10-Q (reporting date: 2024-04-30) ,
10-K (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-Q (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-K (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-Q (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-K (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-Q (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-K (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-Q (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-K (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-Q (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) .
The primary reason for the decrease in return on assets ratio (ROA) over Q4 2025 is the decrease in operating profitability measured by EBIT margin ratio.
Disaggregation of Net Profit Margin
Annual Data
Quarterly Data
Walmart Inc., decomposition of net profit margin ratio (quarterly data)
Net Profit Margin
=
Tax Burden
×
Interest Burden
×
EBIT Margin
Jan 31, 2025
2.88%
=
0.76
×
0.90
×
4.20%
Oct 31, 2024
2.95%
=
0.75
×
0.91
×
4.32%
Jul 31, 2024
2.36%
=
0.74
×
0.88
×
3.59%
Apr 30, 2024
2.91%
=
0.74
×
0.90
×
4.33%
Jan 31, 2024
2.41%
=
0.74
×
0.89
×
3.70%
Oct 31, 2023
2.57%
=
0.70
×
0.90
×
4.06%
Jul 31, 2023
2.24%
=
0.67
×
0.89
×
3.75%
Apr 30, 2023
1.83%
=
0.66
×
0.88
×
3.14%
Jan 31, 2023
1.93%
=
0.67
×
0.89
×
3.22%
Oct 31, 2022
1.51%
=
0.70
×
0.87
×
2.47%
Jul 31, 2022
2.38%
=
0.76
×
0.91
×
3.46%
Apr 30, 2022
2.28%
=
0.74
×
0.90
×
3.40%
Jan 31, 2022
2.41%
=
0.74
×
0.90
×
3.60%
Oct 31, 2021
1.41%
=
0.61
×
0.86
×
2.67%
Jul 31, 2021
1.79%
=
0.63
×
0.88
×
3.23%
Apr 30, 2021
2.19%
=
0.65
×
0.89
×
3.78%
Jan 31, 2021
2.43%
=
0.66
×
0.90
×
4.09%
Oct 31, 2020
3.62%
=
0.74
×
0.92
×
5.32%
Jul 31, 2020
3.33%
=
0.75
×
0.90
×
4.90%
Apr 30, 2020
2.83%
=
0.75
×
0.89
×
4.25%
Jan 31, 2020
2.86%
=
0.75
×
0.88
×
4.31%
Oct 31, 2019
—
=
—
×
—
×
—
Jul 31, 2019
—
=
—
×
—
×
—
Apr 30, 2019
—
=
—
×
—
×
—
Based on:
10-K (reporting date: 2025-01-31) ,
10-Q (reporting date: 2024-10-31) ,
10-Q (reporting date: 2024-07-31) ,
10-Q (reporting date: 2024-04-30) ,
10-K (reporting date: 2024-01-31) ,
10-Q (reporting date: 2023-10-31) ,
10-Q (reporting date: 2023-07-31) ,
10-Q (reporting date: 2023-04-30) ,
10-K (reporting date: 2023-01-31) ,
10-Q (reporting date: 2022-10-31) ,
10-Q (reporting date: 2022-07-31) ,
10-Q (reporting date: 2022-04-30) ,
10-K (reporting date: 2022-01-31) ,
10-Q (reporting date: 2021-10-31) ,
10-Q (reporting date: 2021-07-31) ,
10-Q (reporting date: 2021-04-30) ,
10-K (reporting date: 2021-01-31) ,
10-Q (reporting date: 2020-10-31) ,
10-Q (reporting date: 2020-07-31) ,
10-Q (reporting date: 2020-04-30) ,
10-K (reporting date: 2020-01-31) ,
10-Q (reporting date: 2019-10-31) ,
10-Q (reporting date: 2019-07-31) ,
10-Q (reporting date: 2019-04-30) .
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.