Stock Analysis on Net
Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

デュポン分析: 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

International Business Machines Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = ROA × 財務レバレッジ比率
2023/12/31 33.29% = 5.55% × 6.00
2023/09/30 30.00% = 5.35% × 5.60
2023/06/30 9.12% = 1.53% × 5.96
2023/03/31 8.48% = 1.37% × 6.19
2022/12/31 7.47% = 1.29% × 5.80
2022/09/30 6.29% = 1.00% × 6.27
2022/06/30 28.79% = 4.38% × 6.57
2022/03/31 28.98% = 4.14% × 7.00
2021/12/31 30.38% = 4.35% × 6.98
2021/09/30 21.44% = 3.30% × 6.49
2021/06/30 24.31% = 3.63% × 6.69
2021/03/31 25.11% = 3.61% × 6.95
2020/12/31 27.14% = 3.58% × 7.57
2020/09/30 37.27% = 5.13% × 7.27
2020/06/30 38.33% = 5.11% × 7.50
2020/03/31 45.08% = 5.88% × 7.67
2019/12/31 45.25% = 6.20% × 7.30
2019/09/30 — = — × 8.33
2019/06/30 — = — × 8.76
2019/03/31 — = — × 7.94

レポートに基づく: 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2023年第4 四半期の株主資本利益率(ROE)が上昇した主な理由は、財務レバレッジ比率の上昇です。

ROEを3つの要素に分解

International Business Machines Corp.、 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
2023/12/31 33.29% = 12.13% × 0.46 × 6.00
2023/09/30 30.00% = 11.32% × 0.47 × 5.60
2023/06/30 9.12% = 3.34% × 0.46 × 5.96
2023/03/31 8.48% = 3.03% × 0.45 × 6.19
2022/12/31 7.47% = 2.71% × 0.48 × 5.80
2022/09/30 6.29% = 2.08% × 0.48 × 6.27
2022/06/30 28.79% = 9.36% × 0.47 × 6.57
2022/03/31 28.98% = 9.46% × 0.44 × 7.00
2021/12/31 30.38% = 10.01% × 0.43 × 6.98
2021/09/30 21.44% = 7.81% × 0.42 × 6.49
2021/06/30 24.31% = 8.16% × 0.44 × 6.69
2021/03/31 25.11% = 7.76% × 0.47 × 6.95
2020/12/31 27.14% = 7.59% × 0.47 × 7.57
2020/09/30 37.27% = 10.53% × 0.49 × 7.27
2020/06/30 38.33% = 10.43% × 0.49 × 7.50
2020/03/31 45.08% = 11.78% × 0.50 × 7.67
2019/12/31 45.25% = 12.22% × 0.51 × 7.30
2019/09/30 — = — × — × 8.33
2019/06/30 — = — × — × 8.76
2019/03/31 — = — × — × 7.94

レポートに基づく: 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2023年第4 四半期の株主資本利益率(ROE)が増加した主な理由は、純利益率で測定される収益性の向上です。

ROEを5つの要素に分解

International Business Machines Corp.、 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
2023/12/31 33.29% = 0.86 × 0.84 × 16.63% × 0.46 × 6.00
2023/09/30 30.00% = 0.86 × 0.84 × 15.67% × 0.47 × 5.60
2023/06/30 9.12% = 1.17 × 0.55 × 5.16% × 0.46 × 5.96
2023/03/31 8.48% = 1.34 × 0.52 × 4.36% × 0.45 × 6.19
2022/12/31 7.47% = 1.62 × 0.45 × 3.68% × 0.48 × 5.80
2022/09/30 6.29% = 2.10 × 0.33 × 2.99% × 0.48 × 6.27
2022/06/30 28.79% = 0.93 × 0.83 × 12.05% × 0.47 × 6.57
2022/03/31 28.98% = 0.96 × 0.83 × 11.91% × 0.44 × 7.00
2021/12/31 30.38% = 0.98 × 0.84 × 12.25% × 0.43 × 6.98
2021/09/30 21.44% = 1.06 × 0.79 × 9.30% × 0.42 × 6.49
2021/06/30 24.31% = 0.98 × 0.82 × 10.15% × 0.44 × 6.69
2021/03/31 25.11% = 0.96 × 0.82 × 9.84% × 0.47 × 6.95
2020/12/31 27.14% = 1.18 × 0.79 × 8.17% × 0.47 × 7.57
2020/09/30 37.27% = 1.08 × 0.85 × 11.55% × 0.49 × 7.27
2020/06/30 38.33% = 1.12 × 0.83 × 11.22% × 0.49 × 7.50
2020/03/31 45.08% = 1.10 × 0.85 × 12.66% × 0.50 × 7.67
2019/12/31 45.25% = 0.93 × 0.88 × 14.91% × 0.51 × 7.30
2019/09/30 — = — × — × — × — × 8.33
2019/06/30 — = — × — × — × — × 8.76
2019/03/31 — = — × — × — × — × 7.94

レポートに基づく: 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2023年第4 四半期の株主資本利益率(ROE)が上昇した主な理由は、財務レバレッジ比率の上昇です。

ROAを2つのコンポーネントに分解

International Business Machines Corp.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 純利益率 × 資産回転率
2023/12/31 5.55% = 12.13% × 0.46
2023/09/30 5.35% = 11.32% × 0.47
2023/06/30 1.53% = 3.34% × 0.46
2023/03/31 1.37% = 3.03% × 0.45
2022/12/31 1.29% = 2.71% × 0.48
2022/09/30 1.00% = 2.08% × 0.48
2022/06/30 4.38% = 9.36% × 0.47
2022/03/31 4.14% = 9.46% × 0.44
2021/12/31 4.35% = 10.01% × 0.43
2021/09/30 3.30% = 7.81% × 0.42
2021/06/30 3.63% = 8.16% × 0.44
2021/03/31 3.61% = 7.76% × 0.47
2020/12/31 3.58% = 7.59% × 0.47
2020/09/30 5.13% = 10.53% × 0.49
2020/06/30 5.11% = 10.43% × 0.49
2020/03/31 5.88% = 11.78% × 0.50
2019/12/31 6.20% = 12.22% × 0.51
2019/09/30 — = — × —
2019/06/30 — = — × —
2019/03/31 — = — × —

レポートに基づく: 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2023年第4 四半期の総資産利益率(ROA)が上昇した主な理由は、純利益率で測定した収益性の向上です。

ROAを4つの要素に分解

International Business Machines Corp.、 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
2023/12/31 5.55% = 0.86 × 0.84 × 16.63% × 0.46
2023/09/30 5.35% = 0.86 × 0.84 × 15.67% × 0.47
2023/06/30 1.53% = 1.17 × 0.55 × 5.16% × 0.46
2023/03/31 1.37% = 1.34 × 0.52 × 4.36% × 0.45
2022/12/31 1.29% = 1.62 × 0.45 × 3.68% × 0.48
2022/09/30 1.00% = 2.10 × 0.33 × 2.99% × 0.48
2022/06/30 4.38% = 0.93 × 0.83 × 12.05% × 0.47
2022/03/31 4.14% = 0.96 × 0.83 × 11.91% × 0.44
2021/12/31 4.35% = 0.98 × 0.84 × 12.25% × 0.43
2021/09/30 3.30% = 1.06 × 0.79 × 9.30% × 0.42
2021/06/30 3.63% = 0.98 × 0.82 × 10.15% × 0.44
2021/03/31 3.61% = 0.96 × 0.82 × 9.84% × 0.47
2020/12/31 3.58% = 1.18 × 0.79 × 8.17% × 0.47
2020/09/30 5.13% = 1.08 × 0.85 × 11.55% × 0.49
2020/06/30 5.11% = 1.12 × 0.83 × 11.22% × 0.49
2020/03/31 5.88% = 1.10 × 0.85 × 12.66% × 0.50
2019/12/31 6.20% = 0.93 × 0.88 × 14.91% × 0.51
2019/09/30 — = — × — × — × —
2019/06/30 — = — × — × — × —
2019/03/31 — = — × — × — × —

レポートに基づく: 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2023年第4 四半期の総資産利益率(ROA)が上昇した主な理由は、EBITマージン率で測定した営業利益率の増加です。

純利益率の分解

International Business Machines Corp.、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
2023/12/31 12.13% = 0.86 × 0.84 × 16.63%
2023/09/30 11.32% = 0.86 × 0.84 × 15.67%
2023/06/30 3.34% = 1.17 × 0.55 × 5.16%
2023/03/31 3.03% = 1.34 × 0.52 × 4.36%
2022/12/31 2.71% = 1.62 × 0.45 × 3.68%
2022/09/30 2.08% = 2.10 × 0.33 × 2.99%
2022/06/30 9.36% = 0.93 × 0.83 × 12.05%
2022/03/31 9.46% = 0.96 × 0.83 × 11.91%
2021/12/31 10.01% = 0.98 × 0.84 × 12.25%
2021/09/30 7.81% = 1.06 × 0.79 × 9.30%
2021/06/30 8.16% = 0.98 × 0.82 × 10.15%
2021/03/31 7.76% = 0.96 × 0.82 × 9.84%
2020/12/31 7.59% = 1.18 × 0.79 × 8.17%
2020/09/30 10.53% = 1.08 × 0.85 × 11.55%
2020/06/30 10.43% = 1.12 × 0.83 × 11.22%
2020/03/31 11.78% = 1.10 × 0.85 × 12.66%
2019/12/31 12.22% = 0.93 × 0.88 × 14.91%
2019/09/30 — = — × — × —
2019/06/30 — = — × — × —
2019/03/31 — = — × — × —

レポートに基づく: 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2023年第4 四半期の純利益率が上昇した主な理由は、EBITマージン率で測定した営業利益率の増加です。