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Adobe Inc. (NASDAQ:ADBE)

デュポンの分析: ROE、ROA、純利益率の内訳 
四半期データ

Microsoft Excel

ROE分解では、純利益を株主資本で割ったものを構成比率の積として表します。

ROEを2つのコンポーネントに分解

Adobe Inc.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = ROA × 財務レバレッジ比率
2025/05/30 60.00% = 24.44% × 2.46
2025/02/28 51.55% = 22.54% × 2.29
2024/11/29 39.42% = 18.39% × 2.14
2024/08/30 36.85% = 17.97% × 2.05
2024/05/31 34.22% = 16.93% × 2.02
2024/03/01 31.05% = 16.70% × 1.86
2023/12/01 32.86% = 18.23% × 1.80
2023/09/01 32.46% = 17.60% × 1.84
2023/06/02 32.71% = 17.44% × 1.88
2023/03/03 33.35% = 17.76% × 1.88
2022/12/02 33.85% = 17.51% × 1.93
2022/09/02 33.49% = 18.00% × 1.86
2022/06/03 34.96% = 18.57% × 1.88
2022/03/04 35.04% = 18.58% × 1.89
2021/12/03 32.59% = 17.70% × 1.84
2021/09/03 40.51% = 22.33% × 1.81
2021/06/04 40.30% = 21.82% × 1.85
2021/03/05 41.09% = 22.28% × 1.84
2020/11/27 39.66% = 21.66% × 1.83
2020/08/28 32.97% = 17.23% × 1.91
2020/05/29 34.00% = 17.13% × 1.99
2020/02/28 30.89% = 15.24% × 2.03
2019/11/29 28.03% = 14.22% × 1.97
2019/08/30 — = — × 1.96
2019/05/31 — = — × 1.98
2019/03/01 — = — × 1.98

レポートに基づく: 10-Q (報告日: 2025-05-30), 10-Q (報告日: 2025-02-28), 10-K (報告日: 2024-11-29), 10-Q (報告日: 2024-08-30), 10-Q (報告日: 2024-05-31), 10-Q (報告日: 2024-03-01), 10-K (報告日: 2023-12-01), 10-Q (報告日: 2023-09-01), 10-Q (報告日: 2023-06-02), 10-Q (報告日: 2023-03-03), 10-K (報告日: 2022-12-02), 10-Q (報告日: 2022-09-02), 10-Q (報告日: 2022-06-03), 10-Q (報告日: 2022-03-04), 10-K (報告日: 2021-12-03), 10-Q (報告日: 2021-09-03), 10-Q (報告日: 2021-06-04), 10-Q (報告日: 2021-03-05), 10-K (報告日: 2020-11-27), 10-Q (報告日: 2020-08-28), 10-Q (報告日: 2020-05-29), 10-Q (報告日: 2020-02-28), 10-K (報告日: 2019-11-29), 10-Q (報告日: 2019-08-30), 10-Q (報告日: 2019-05-31), 10-Q (報告日: 2019-03-01).

2025年第2 四半期に株主資本利益率(ROE)が増加した主な理由は、資産利益率(ROA)で測定される収益性の増加です。

ROEを3つの要素に分解

Adobe Inc.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = 純利益率 × 資産回転率 × 財務レバレッジ比率
2025/05/30 60.00% = 30.39% × 0.80 × 2.46
2025/02/28 51.55% = 30.63% × 0.74 × 2.29
2024/11/29 39.42% = 25.85% × 0.71 × 2.14
2024/08/30 36.85% = 25.59% × 0.70 × 2.05
2024/05/31 34.22% = 24.86% × 0.68 × 2.02
2024/03/01 31.05% = 24.08% × 0.69 × 1.86
2023/12/01 32.86% = 27.97% × 0.65 × 1.80
2023/09/01 32.46% = 27.12% × 0.65 × 1.84
2023/06/02 32.71% = 26.34% × 0.66 × 1.88
2023/03/03 33.35% = 26.32% × 0.67 × 1.88
2022/12/02 33.85% = 27.01% × 0.65 × 1.93
2022/09/02 33.49% = 28.00% × 0.64 × 1.86
2022/06/03 34.96% = 29.29% × 0.63 × 1.88
2022/03/04 35.04% = 29.90% × 0.62 × 1.89
2021/12/03 32.59% = 30.55% × 0.58 × 1.84
2021/09/03 40.51% = 38.67% × 0.58 × 1.81
2021/06/04 40.30% = 38.79% × 0.56 × 1.85
2021/03/05 41.09% = 40.68% × 0.55 × 1.84
2020/11/27 39.66% = 40.88% × 0.53 × 1.83
2020/08/28 32.97% = 31.05% × 0.55 × 1.91
2020/05/29 34.00% = 30.71% × 0.56 × 1.99
2020/02/28 30.89% = 27.72% × 0.55 × 2.03
2019/11/29 28.03% = 26.42% × 0.54 × 1.97
2019/08/30 — = — × — × 1.96
2019/05/31 — = — × — × 1.98
2019/03/01 — = — × — × 1.98

レポートに基づく: 10-Q (報告日: 2025-05-30), 10-Q (報告日: 2025-02-28), 10-K (報告日: 2024-11-29), 10-Q (報告日: 2024-08-30), 10-Q (報告日: 2024-05-31), 10-Q (報告日: 2024-03-01), 10-K (報告日: 2023-12-01), 10-Q (報告日: 2023-09-01), 10-Q (報告日: 2023-06-02), 10-Q (報告日: 2023-03-03), 10-K (報告日: 2022-12-02), 10-Q (報告日: 2022-09-02), 10-Q (報告日: 2022-06-03), 10-Q (報告日: 2022-03-04), 10-K (報告日: 2021-12-03), 10-Q (報告日: 2021-09-03), 10-Q (報告日: 2021-06-04), 10-Q (報告日: 2021-03-05), 10-K (報告日: 2020-11-27), 10-Q (報告日: 2020-08-28), 10-Q (報告日: 2020-05-29), 10-Q (報告日: 2020-02-28), 10-K (報告日: 2019-11-29), 10-Q (報告日: 2019-08-30), 10-Q (報告日: 2019-05-31), 10-Q (報告日: 2019-03-01).

2025年第2 四半期に株主資本利益率(ROE)が増加した主な理由は、資産回転率で測定される効率の増加です。

ROEを5つの要素に分解

Adobe Inc.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = 税負担 × 利息負担 × EBITマージン × 資産回転率 × 財務レバレッジ比率
2025/05/30 60.00% = 0.83 × 0.97 × 37.82% × 0.80 × 2.46
2025/02/28 51.55% = 0.83 × 0.98 × 37.89% × 0.74 × 2.29
2024/11/29 39.42% = 0.80 × 0.98 × 33.02% × 0.71 × 2.14
2024/08/30 36.85% = 0.79 × 0.98 × 32.92% × 0.70 × 2.05
2024/05/31 34.22% = 0.79 × 0.98 × 32.17% × 0.68 × 2.02
2024/03/01 31.05% = 0.78 × 0.98 × 31.49% × 0.69 × 1.86
2023/12/01 32.86% = 0.80 × 0.98 × 35.61% × 0.65 × 1.80
2023/09/01 32.46% = 0.79 × 0.98 × 35.06% × 0.65 × 1.84
2023/06/02 32.71% = 0.78 × 0.98 × 34.38% × 0.66 × 1.88
2023/03/03 33.35% = 0.78 × 0.98 × 34.33% × 0.67 × 1.88
2022/12/02 33.85% = 0.79 × 0.98 × 34.76% × 0.65 × 1.93
2022/09/02 33.49% = 0.81 × 0.98 × 35.31% × 0.64 × 1.86
2022/06/03 34.96% = 0.83 × 0.98 × 36.13% × 0.63 × 1.88
2022/03/04 35.04% = 0.83 × 0.98 × 36.71% × 0.62 × 1.89
2021/12/03 32.59% = 0.85 × 0.98 × 36.86% × 0.58 × 1.84
2021/09/03 40.51% = 1.07 × 0.98 × 36.73% × 0.58 × 1.81
2021/06/04 40.30% = 1.10 × 0.98 × 36.06% × 0.56 × 1.85
2021/03/05 41.09% = 1.19 × 0.98 × 35.10% × 0.55 × 1.84
2020/11/27 39.66% = 1.26 × 0.97 × 33.35% × 0.53 × 1.83
2020/08/28 32.97% = 0.98 × 0.97 × 32.66% × 0.55 × 1.91
2020/05/29 34.00% = 1.00 × 0.96 × 31.94% × 0.56 × 1.99
2020/02/28 30.89% = 0.94 × 0.96 × 30.62% × 0.55 × 2.03
2019/11/29 28.03% = 0.92 × 0.95 × 30.09% × 0.54 × 1.97
2019/08/30 — = — × — × — × — × 1.96
2019/05/31 — = — × — × — × — × 1.98
2019/03/01 — = — × — × — × — × 1.98

レポートに基づく: 10-Q (報告日: 2025-05-30), 10-Q (報告日: 2025-02-28), 10-K (報告日: 2024-11-29), 10-Q (報告日: 2024-08-30), 10-Q (報告日: 2024-05-31), 10-Q (報告日: 2024-03-01), 10-K (報告日: 2023-12-01), 10-Q (報告日: 2023-09-01), 10-Q (報告日: 2023-06-02), 10-Q (報告日: 2023-03-03), 10-K (報告日: 2022-12-02), 10-Q (報告日: 2022-09-02), 10-Q (報告日: 2022-06-03), 10-Q (報告日: 2022-03-04), 10-K (報告日: 2021-12-03), 10-Q (報告日: 2021-09-03), 10-Q (報告日: 2021-06-04), 10-Q (報告日: 2021-03-05), 10-K (報告日: 2020-11-27), 10-Q (報告日: 2020-08-28), 10-Q (報告日: 2020-05-29), 10-Q (報告日: 2020-02-28), 10-K (報告日: 2019-11-29), 10-Q (報告日: 2019-08-30), 10-Q (報告日: 2019-05-31), 10-Q (報告日: 2019-03-01).

2025年第2 四半期に株主資本利益率(ROE)が増加した主な理由は、資産回転率で測定される効率の増加です。

ROAを2つのコンポーネントに分解

Adobe Inc.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 純利益率 × 資産回転率
2025/05/30 24.44% = 30.39% × 0.80
2025/02/28 22.54% = 30.63% × 0.74
2024/11/29 18.39% = 25.85% × 0.71
2024/08/30 17.97% = 25.59% × 0.70
2024/05/31 16.93% = 24.86% × 0.68
2024/03/01 16.70% = 24.08% × 0.69
2023/12/01 18.23% = 27.97% × 0.65
2023/09/01 17.60% = 27.12% × 0.65
2023/06/02 17.44% = 26.34% × 0.66
2023/03/03 17.76% = 26.32% × 0.67
2022/12/02 17.51% = 27.01% × 0.65
2022/09/02 18.00% = 28.00% × 0.64
2022/06/03 18.57% = 29.29% × 0.63
2022/03/04 18.58% = 29.90% × 0.62
2021/12/03 17.70% = 30.55% × 0.58
2021/09/03 22.33% = 38.67% × 0.58
2021/06/04 21.82% = 38.79% × 0.56
2021/03/05 22.28% = 40.68% × 0.55
2020/11/27 21.66% = 40.88% × 0.53
2020/08/28 17.23% = 31.05% × 0.55
2020/05/29 17.13% = 30.71% × 0.56
2020/02/28 15.24% = 27.72% × 0.55
2019/11/29 14.22% = 26.42% × 0.54
2019/08/30 — = — × —
2019/05/31 — = — × —
2019/03/01 — = — × —

レポートに基づく: 10-Q (報告日: 2025-05-30), 10-Q (報告日: 2025-02-28), 10-K (報告日: 2024-11-29), 10-Q (報告日: 2024-08-30), 10-Q (報告日: 2024-05-31), 10-Q (報告日: 2024-03-01), 10-K (報告日: 2023-12-01), 10-Q (報告日: 2023-09-01), 10-Q (報告日: 2023-06-02), 10-Q (報告日: 2023-03-03), 10-K (報告日: 2022-12-02), 10-Q (報告日: 2022-09-02), 10-Q (報告日: 2022-06-03), 10-Q (報告日: 2022-03-04), 10-K (報告日: 2021-12-03), 10-Q (報告日: 2021-09-03), 10-Q (報告日: 2021-06-04), 10-Q (報告日: 2021-03-05), 10-K (報告日: 2020-11-27), 10-Q (報告日: 2020-08-28), 10-Q (報告日: 2020-05-29), 10-Q (報告日: 2020-02-28), 10-K (報告日: 2019-11-29), 10-Q (報告日: 2019-08-30), 10-Q (報告日: 2019-05-31), 10-Q (報告日: 2019-03-01).

2025年第2 四半期に総資産利益率(ROA)が上昇した主な理由は、資産回転率の上昇です。

ROAを4つの要素に分解

Adobe Inc.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 税負担 × 利息負担 × EBITマージン × 資産回転率
2025/05/30 24.44% = 0.83 × 0.97 × 37.82% × 0.80
2025/02/28 22.54% = 0.83 × 0.98 × 37.89% × 0.74
2024/11/29 18.39% = 0.80 × 0.98 × 33.02% × 0.71
2024/08/30 17.97% = 0.79 × 0.98 × 32.92% × 0.70
2024/05/31 16.93% = 0.79 × 0.98 × 32.17% × 0.68
2024/03/01 16.70% = 0.78 × 0.98 × 31.49% × 0.69
2023/12/01 18.23% = 0.80 × 0.98 × 35.61% × 0.65
2023/09/01 17.60% = 0.79 × 0.98 × 35.06% × 0.65
2023/06/02 17.44% = 0.78 × 0.98 × 34.38% × 0.66
2023/03/03 17.76% = 0.78 × 0.98 × 34.33% × 0.67
2022/12/02 17.51% = 0.79 × 0.98 × 34.76% × 0.65
2022/09/02 18.00% = 0.81 × 0.98 × 35.31% × 0.64
2022/06/03 18.57% = 0.83 × 0.98 × 36.13% × 0.63
2022/03/04 18.58% = 0.83 × 0.98 × 36.71% × 0.62
2021/12/03 17.70% = 0.85 × 0.98 × 36.86% × 0.58
2021/09/03 22.33% = 1.07 × 0.98 × 36.73% × 0.58
2021/06/04 21.82% = 1.10 × 0.98 × 36.06% × 0.56
2021/03/05 22.28% = 1.19 × 0.98 × 35.10% × 0.55
2020/11/27 21.66% = 1.26 × 0.97 × 33.35% × 0.53
2020/08/28 17.23% = 0.98 × 0.97 × 32.66% × 0.55
2020/05/29 17.13% = 1.00 × 0.96 × 31.94% × 0.56
2020/02/28 15.24% = 0.94 × 0.96 × 30.62% × 0.55
2019/11/29 14.22% = 0.92 × 0.95 × 30.09% × 0.54
2019/08/30 — = — × — × — × —
2019/05/31 — = — × — × — × —
2019/03/01 — = — × — × — × —

レポートに基づく: 10-Q (報告日: 2025-05-30), 10-Q (報告日: 2025-02-28), 10-K (報告日: 2024-11-29), 10-Q (報告日: 2024-08-30), 10-Q (報告日: 2024-05-31), 10-Q (報告日: 2024-03-01), 10-K (報告日: 2023-12-01), 10-Q (報告日: 2023-09-01), 10-Q (報告日: 2023-06-02), 10-Q (報告日: 2023-03-03), 10-K (報告日: 2022-12-02), 10-Q (報告日: 2022-09-02), 10-Q (報告日: 2022-06-03), 10-Q (報告日: 2022-03-04), 10-K (報告日: 2021-12-03), 10-Q (報告日: 2021-09-03), 10-Q (報告日: 2021-06-04), 10-Q (報告日: 2021-03-05), 10-K (報告日: 2020-11-27), 10-Q (報告日: 2020-08-28), 10-Q (報告日: 2020-05-29), 10-Q (報告日: 2020-02-28), 10-K (報告日: 2019-11-29), 10-Q (報告日: 2019-08-30), 10-Q (報告日: 2019-05-31), 10-Q (報告日: 2019-03-01).

2025年第2 四半期に総資産利益率(ROA)が増加した主な理由は、資産回転率で測定される効率性の向上です。

当期純利益率の分解

Adobe Inc.、純利益率の分解(四半期データ)

Microsoft Excel
純利益率 = 税負担 × 利息負担 × EBITマージン
2025/05/30 30.39% = 0.83 × 0.97 × 37.82%
2025/02/28 30.63% = 0.83 × 0.98 × 37.89%
2024/11/29 25.85% = 0.80 × 0.98 × 33.02%
2024/08/30 25.59% = 0.79 × 0.98 × 32.92%
2024/05/31 24.86% = 0.79 × 0.98 × 32.17%
2024/03/01 24.08% = 0.78 × 0.98 × 31.49%
2023/12/01 27.97% = 0.80 × 0.98 × 35.61%
2023/09/01 27.12% = 0.79 × 0.98 × 35.06%
2023/06/02 26.34% = 0.78 × 0.98 × 34.38%
2023/03/03 26.32% = 0.78 × 0.98 × 34.33%
2022/12/02 27.01% = 0.79 × 0.98 × 34.76%
2022/09/02 28.00% = 0.81 × 0.98 × 35.31%
2022/06/03 29.29% = 0.83 × 0.98 × 36.13%
2022/03/04 29.90% = 0.83 × 0.98 × 36.71%
2021/12/03 30.55% = 0.85 × 0.98 × 36.86%
2021/09/03 38.67% = 1.07 × 0.98 × 36.73%
2021/06/04 38.79% = 1.10 × 0.98 × 36.06%
2021/03/05 40.68% = 1.19 × 0.98 × 35.10%
2020/11/27 40.88% = 1.26 × 0.97 × 33.35%
2020/08/28 31.05% = 0.98 × 0.97 × 32.66%
2020/05/29 30.71% = 1.00 × 0.96 × 31.94%
2020/02/28 27.72% = 0.94 × 0.96 × 30.62%
2019/11/29 26.42% = 0.92 × 0.95 × 30.09%
2019/08/30 — = — × — × —
2019/05/31 — = — × — × —
2019/03/01 — = — × — × —

レポートに基づく: 10-Q (報告日: 2025-05-30), 10-Q (報告日: 2025-02-28), 10-K (報告日: 2024-11-29), 10-Q (報告日: 2024-08-30), 10-Q (報告日: 2024-05-31), 10-Q (報告日: 2024-03-01), 10-K (報告日: 2023-12-01), 10-Q (報告日: 2023-09-01), 10-Q (報告日: 2023-06-02), 10-Q (報告日: 2023-03-03), 10-K (報告日: 2022-12-02), 10-Q (報告日: 2022-09-02), 10-Q (報告日: 2022-06-03), 10-Q (報告日: 2022-03-04), 10-K (報告日: 2021-12-03), 10-Q (報告日: 2021-09-03), 10-Q (報告日: 2021-06-04), 10-Q (報告日: 2021-03-05), 10-K (報告日: 2020-11-27), 10-Q (報告日: 2020-08-28), 10-Q (報告日: 2020-05-29), 10-Q (報告日: 2020-02-28), 10-K (報告日: 2019-11-29), 10-Q (報告日: 2019-08-30), 10-Q (報告日: 2019-05-31), 10-Q (報告日: 2019-03-01).

2025年Q2 期の当期純利益率が低下した主な要因は、税負担率で測定した税効果の減少です。