Returns on capital — ROE, ROIC, ROA and their decomposition

ROE over time

What does the shareholders' equity earn?

• ROE — from 11.20% to 6.60%: FY21 11.20%, FY22 22.30%, FY23 13.30%, FY24 11.60%, FY25 6.60%

Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.

ROE = net income / equity (point-in-time). All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts · filings 2009–2026

ROA over time

What do total assets earn?

• ROA — from 6.50% to 3.80%: FY21 6.50%, FY22 13.80%, FY23 8.20%, FY24 6.90%, FY25 3.80%

Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.

ROA = net income / total assets (point-in-time). All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts · filings 2009–2026

Returns compared

The same years, three denominators: equity, invested capital, total assets. The gap between ROE and ROIC shows how much the capital lever contributes.

• ROE — from 11.20% to 6.60%: FY21 11.20%, FY22 22.30%, FY23 13.30%, FY24 11.60%, FY25 6.60%
• ROA — from 6.50% to 3.80%: FY21 6.50%, FY22 13.80%, FY23 8.20%, FY24 6.90%, FY25 3.80%

Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.

ROE = net/equity · ROIC = EBIT·(1−tax rate)/(equity+debt−cash) · ROA = net/assets. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY24 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 11.59pp → ROE 6.60pp, change -5.00pp.

• Margin -2.79pp
• Asset turnover -2.48pp
• Equity multiplier 0.27pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 9.1 % → 6.7 %, turnover 0.75 → 0.57, multiplier 1.69 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY24 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 11.59pp → ROE 6.60pp, change -5.00pp.

• Margin -2.79pp
• Asset turnover -2.48pp
• Equity multiplier 0.27pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 9.1 % → 6.7 %, turnover 0.75 → 0.57, multiplier 1.69 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY24 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 11.59pp → ROE 6.60pp, change -5.00pp.

• Margin -2.79pp
• Asset turnover -2.48pp
• Equity multiplier 0.27pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 9.1 % → 6.7 %, turnover 0.75 → 0.57, multiplier 1.69 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY23 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 13.28pp → ROE 6.60pp, change -6.68pp.

• Margin -4.64pp
• Asset turnover -2.69pp
• Equity multiplier 0.66pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 10.9 % → 6.7 %, turnover 0.75 → 0.57, multiplier 1.63 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY23 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 13.28pp → ROE 6.60pp, change -6.68pp.

• Margin -4.64pp
• Asset turnover -2.69pp
• Equity multiplier 0.66pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 10.9 % → 6.7 %, turnover 0.75 → 0.57, multiplier 1.63 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY23 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 13.28pp → ROE 6.60pp, change -6.68pp.

• Margin -4.64pp
• Asset turnover -2.69pp
• Equity multiplier 0.66pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 10.9 % → 6.7 %, turnover 0.75 → 0.57, multiplier 1.63 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY22 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 22.27pp → ROE 6.60pp, change -15.67pp.

• Margin -10.40pp
• Asset turnover -6.26pp
• Equity multiplier 0.99pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 15.0 % → 6.7 %, turnover 0.91 → 0.57, multiplier 1.62 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY22 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 22.27pp → ROE 6.60pp, change -15.67pp.

• Margin -10.40pp
• Asset turnover -6.26pp
• Equity multiplier 0.99pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 15.0 % → 6.7 %, turnover 0.91 → 0.57, multiplier 1.62 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026

DuPont: why return on equity moved — FY22 → FY25

ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.

Shown: ROE 22.27pp → ROE 6.60pp, change -15.67pp.

• Margin -10.40pp
• Asset turnover -6.26pp
• Equity multiplier 0.99pp

Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.

Margin 15.0 % → 6.7 %, turnover 0.91 → 0.57, multiplier 1.62 → 1.74. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026