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
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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
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|
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
|
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|
|
|
|
|
|
|
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|
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
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|
|
|
|
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
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|
|
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)
|
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|
|
|
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。