Kapitalrenditen — ROE, ROIC, ROA und ihre Zerlegung

• Return on equity 76.3% (-15.5pp vs FY25).
• ROIC 71.3% — NOPAT (EBIT at the effective tax rate) over equity plus debt less cash; the measure that ignores how the mix is financed.
• Capital returned 41.06bn (buybacks 40.09, dividends 0.97) against free cash flow 96.68bn — 42% of it.

All inputs from the same statement layer as the P&L, balance sheet and cash-flow slides. ROE = net income / equity · ROA = net income / assets · ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). DuPont splits ΔROE into margin × asset turnover × equity multiplier using the order-neutral Shapley decomposition for a three-factor product — the three contributions sum to the ROE change exactly.