DuPont analysis decomposes Return on Equity (ROE) into three components: net profit margin, asset turnover, and equity multiplier. This helps identify whether a company's ROE is driven by operational efficiency, asset use, or financial leverage.
ROE = Net Profit Margin × Asset Turnover × Equity Multiplier. Net Margin = Net Income / Revenue; Turnover = Revenue / Assets; Multiplier = Assets / Equity.
A high multiplier means the company relies more on debt financing. While it can boost ROE, it also increases financial risk.
Improve profit margins (cut costs/raise prices), increase asset turnover (generate more sales per dollar of assets), or optimize capital structure (adjust leverage).
It reveals the underlying drivers of ROE, helping managers and investors pinpoint strengths and weaknesses in a company's financial performance.