Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

デュポン分析: ROE、ROA、純利益率の分類
四半期データ

難易度が低い

ROEの2つのコンポーネントへの分解

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

Microsoft Excel LibreOffice Calc
ROE = ROA × 財務レバレッジ
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 42.95% = 5.15% × 8.33
2019/06/30 49.50% = 5.65% × 8.76
2019/03/31 52.42% = 6.60% × 7.94
2018/12/31 51.96% = 7.07% × 7.35
2018/09/30 28.93% = 4.69% × 6.17
2018/06/30 31.07% = 4.73% × 6.57
2018/03/31 31.28% = 4.54% × 6.90
2017/12/31 32.70% = 4.59% × 7.12
2017/09/30 57.61% = 9.30% × 6.20
2017/06/30 62.08% = 9.49% × 6.54
2017/03/31 63.34% = 9.88% × 6.41
2016/12/31 65.07% = 10.11% × 6.44
2016/09/30 69.57% = 10.24% × 6.80
2016/06/30 75.83% = 10.11% × 7.50
2016/03/31 86.27% = 10.83% × 7.96
2015/12/31 92.48% = 11.94% × 7.75
2015/09/30 = × 8.17
2015/06/30 = × 8.24
2015/03/31 = × 9.23

ソース: International Business Machines Corp. (NYSE:IBM) | DuPont analysis (Q) (www.stock-analysis-on.net)

2020年第3四半期に比べて株主資本利益率(ROE)が低下する主な理由は、財務レバレッジ比率の低下です。


ROEを3つのコンポーネントに分解

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

Microsoft Excel LibreOffice Calc
ROE = 純利益率 × 資産回転率 × 財務レバレッジ
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 42.95% = 10.00% × 0.52 × 8.33
2019/06/30 49.50% = 11.22% × 0.50 × 8.76
2019/03/31 52.42% = 10.98% × 0.60 × 7.94
2018/12/31 51.96% = 10.97% × 0.65 × 7.35
2018/09/30 28.93% = 7.12% × 0.66 × 6.17
2018/06/30 31.07% = 7.13% × 0.66 × 6.57
2018/03/31 31.28% = 7.10% × 0.64 × 6.90
2017/12/31 32.70% = 7.27% × 0.63 × 7.12
2017/09/30 57.61% = 14.43% × 0.64 × 6.20
2017/06/30 62.08% = 14.58% × 0.65 × 6.54
2017/03/31 63.34% = 14.62% × 0.68 × 6.41
2016/12/31 65.07% = 14.86% × 0.68 × 6.44
2016/09/30 69.57% = 14.75% × 0.69 × 6.80
2016/06/30 75.83% = 14.87% × 0.68 × 7.50
2016/03/31 86.27% = 15.93% × 0.68 × 7.96
2015/12/31 92.48% = 16.14% × 0.74 × 7.75
2015/09/30 = × × 8.17
2015/06/30 = × × 8.24
2015/03/31 = × × 9.23

ソース: International Business Machines Corp. (NYSE:IBM) | DuPont analysis (Q) (www.stock-analysis-on.net)

2020年第3四半期に比べて株主資本利益率(ROE)が低下する主な理由は、財務レバレッジ比率の低下です。


ROEを5つのコンポーネントに分解

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

Microsoft Excel LibreOffice Calc
ROE = 税負担 × 利子負担 × EBITマージン × 資産回転率 × 財務レバレッジ
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 42.95% = 0.73 × 0.90 × 15.28% × 0.52 × 8.33
2019/06/30 49.50% = 0.72 × 0.93 × 16.73% × 0.50 × 8.76
2019/03/31 52.42% = 0.71 × 0.94 × 16.34% × 0.60 × 7.94
2018/12/31 51.96% = 0.77 × 0.94 × 15.17% × 0.65 × 7.35
2018/09/30 28.93% = 0.50 × 0.94 × 15.02% × 0.66 × 6.17
2018/06/30 31.07% = 0.50 × 0.94 × 15.00% × 0.66 × 6.57
2018/03/31 31.28% = 0.51 × 0.95 × 14.69% × 0.64 × 6.90
2017/12/31 32.70% = 0.50 × 0.95 × 15.18% × 0.63 × 7.12
2017/09/30 57.61% = 0.95 × 0.95 × 15.97% × 0.64 × 6.20
2017/06/30 62.08% = 0.94 × 0.95 × 16.19% × 0.65 × 6.54
2017/03/31 63.34% = 0.91 × 0.95 × 16.79% × 0.68 × 6.41
2016/12/31 65.07% = 0.96 × 0.95 × 16.21% × 0.68 × 6.44
2016/09/30 69.57% = 0.95 × 0.95 × 16.26% × 0.69 × 6.80
2016/06/30 75.83% = 0.93 × 0.96 × 16.63% × 0.68 × 7.50
2016/03/31 86.27% = 0.93 × 0.96 × 17.81% × 0.68 × 7.96
2015/12/31 92.48% = 0.84 × 0.97 × 19.87% × 0.74 × 7.75
2015/09/30 = × × × × 8.17
2015/06/30 = × × × × 8.24
2015/03/31 = × × × × 9.23

ソース: International Business Machines Corp. (NYSE:IBM) | DuPont analysis (Q) (www.stock-analysis-on.net)

2020年第3四半期に比べて株主資本利益率(ROE)が減少する主な理由は、税負担率で測定される税効果の減少です。


ROAの2つのコンポーネントへの分解

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

Microsoft Excel LibreOffice Calc
ROA = 純利益率 × 資産回転率
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 5.15% = 10.00% × 0.52
2019/06/30 5.65% = 11.22% × 0.50
2019/03/31 6.60% = 10.98% × 0.60
2018/12/31 7.07% = 10.97% × 0.65
2018/09/30 4.69% = 7.12% × 0.66
2018/06/30 4.73% = 7.13% × 0.66
2018/03/31 4.54% = 7.10% × 0.64
2017/12/31 4.59% = 7.27% × 0.63
2017/09/30 9.30% = 14.43% × 0.64
2017/06/30 9.49% = 14.58% × 0.65
2017/03/31 9.88% = 14.62% × 0.68
2016/12/31 10.11% = 14.86% × 0.68
2016/09/30 10.24% = 14.75% × 0.69
2016/06/30 10.11% = 14.87% × 0.68
2016/03/31 10.83% = 15.93% × 0.68
2015/12/31 11.94% = 16.14% × 0.74
2015/09/30 = ×
2015/06/30 = ×
2015/03/31 = ×

ソース: International Business Machines Corp. (NYSE:IBM) | DuPont analysis (Q) (www.stock-analysis-on.net)

2020年第3四半期に比べて総資産利益率(ROA)が増加する主な理由は、純利益率比率で測定される収益性の増加です。


ROAを4つのコンポーネントに分解

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

Microsoft Excel LibreOffice Calc
ROA = 税負担 × 利子負担 × EBITマージン × 資産回転率
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 5.15% = 0.73 × 0.90 × 15.28% × 0.52
2019/06/30 5.65% = 0.72 × 0.93 × 16.73% × 0.50
2019/03/31 6.60% = 0.71 × 0.94 × 16.34% × 0.60
2018/12/31 7.07% = 0.77 × 0.94 × 15.17% × 0.65
2018/09/30 4.69% = 0.50 × 0.94 × 15.02% × 0.66
2018/06/30 4.73% = 0.50 × 0.94 × 15.00% × 0.66
2018/03/31 4.54% = 0.51 × 0.95 × 14.69% × 0.64
2017/12/31 4.59% = 0.50 × 0.95 × 15.18% × 0.63
2017/09/30 9.30% = 0.95 × 0.95 × 15.97% × 0.64
2017/06/30 9.49% = 0.94 × 0.95 × 16.19% × 0.65
2017/03/31 9.88% = 0.91 × 0.95 × 16.79% × 0.68
2016/12/31 10.11% = 0.96 × 0.95 × 16.21% × 0.68
2016/09/30 10.24% = 0.95 × 0.95 × 16.26% × 0.69
2016/06/30 10.11% = 0.93 × 0.96 × 16.63% × 0.68
2016/03/31 10.83% = 0.93 × 0.96 × 17.81% × 0.68
2015/12/31 11.94% = 0.84 × 0.97 × 19.87% × 0.74
2015/09/30 = × × ×
2015/06/30 = × × ×
2015/03/31 = × × ×

ソース: International Business Machines Corp. (NYSE:IBM) | DuPont analysis (Q) (www.stock-analysis-on.net)

2020年第3四半期に比べて総資産利益率(ROA)が増加する主な理由は、EBITマージン率で測定される営業利益率の増加です。


純利益率比率の分解

International Business Machines Corp.、純利益率比率の分解(四半期データ)

Microsoft Excel LibreOffice Calc
純利益率 = 税負担 × 利子負担 × EBITマージン
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 10.00% = 0.73 × 0.90 × 15.28%
2019/06/30 11.22% = 0.72 × 0.93 × 16.73%
2019/03/31 10.98% = 0.71 × 0.94 × 16.34%
2018/12/31 10.97% = 0.77 × 0.94 × 15.17%
2018/09/30 7.12% = 0.50 × 0.94 × 15.02%
2018/06/30 7.13% = 0.50 × 0.94 × 15.00%
2018/03/31 7.10% = 0.51 × 0.95 × 14.69%
2017/12/31 7.27% = 0.50 × 0.95 × 15.18%
2017/09/30 14.43% = 0.95 × 0.95 × 15.97%
2017/06/30 14.58% = 0.94 × 0.95 × 16.19%
2017/03/31 14.62% = 0.91 × 0.95 × 16.79%
2016/12/31 14.86% = 0.96 × 0.95 × 16.21%
2016/09/30 14.75% = 0.95 × 0.95 × 16.26%
2016/06/30 14.87% = 0.93 × 0.96 × 16.63%
2016/03/31 15.93% = 0.93 × 0.96 × 17.81%
2015/12/31 16.14% = 0.84 × 0.97 × 19.87%
2015/09/30 = × ×
2015/06/30 = × ×
2015/03/31 = × ×

ソース: International Business Machines Corp. (NYSE:IBM) | DuPont analysis (Q) (www.stock-analysis-on.net)

2020年第3四半期に比べて純利益率比率が増加する主な理由は、EBIT利益率で測定される営業利益率の増加です。