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

ROE over time

What does the shareholders' equity earn?

• ROE — from 19.70% to 13.70%: FY21 19.70%, FY22 9.60%, FY23 7.30%, FY24 11.70%, FY25 13.70%

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 (fully loaded); annual and quarterly durations identified by period length.

ROA over time

What do total assets earn?

• ROA — from 1.50% to 0.90%: FY21 1.50%, FY22 0.80%, FY23 0.50%, FY24 0.90%, FY25 0.90%

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 (fully loaded); annual and quarterly durations identified by period length.

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 19.70% to 13.70%: FY21 19.70%, FY22 9.60%, FY23 7.30%, FY24 11.70%, FY25 13.70%
• ROA — from 1.50% to 0.90%: FY21 1.50%, FY22 0.80%, FY23 0.50%, FY24 0.90%, FY25 0.90%

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 (fully loaded); annual and quarterly durations identified by period length.

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 11.70pp → ROE 13.74pp, change 2.04pp.

• Margin 1.26pp
• Asset turnover 0.11pp
• Equity multiplier 0.67pp

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 26.7 % → 29.5 %, turnover 0.03 → 0.03, multiplier 13.74 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 11.70pp → ROE 13.74pp, change 2.04pp.

• Margin 1.26pp
• Asset turnover 0.11pp
• Equity multiplier 0.67pp

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 26.7 % → 29.5 %, turnover 0.03 → 0.03, multiplier 13.74 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 11.70pp → ROE 13.74pp, change 2.04pp.

• Margin 1.26pp
• Asset turnover 0.11pp
• Equity multiplier 0.67pp

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 26.7 % → 29.5 %, turnover 0.03 → 0.03, multiplier 13.74 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 7.28pp → ROE 13.74pp, change 6.46pp.

• Margin 4.76pp
• Asset turnover 1.38pp
• Equity multiplier 0.32pp

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 18.4 % → 29.5 %, turnover 0.03 → 0.03, multiplier 14.04 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 7.28pp → ROE 13.74pp, change 6.46pp.

• Margin 4.76pp
• Asset turnover 1.38pp
• Equity multiplier 0.32pp

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 18.4 % → 29.5 %, turnover 0.03 → 0.03, multiplier 14.04 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 7.28pp → ROE 13.74pp, change 6.46pp.

• Margin 4.76pp
• Asset turnover 1.38pp
• Equity multiplier 0.32pp

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 18.4 % → 29.5 %, turnover 0.03 → 0.03, multiplier 14.04 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 9.61pp → ROE 13.74pp, change 4.13pp.

• Margin 2.48pp
• Asset turnover -0.23pp
• Equity multiplier 1.88pp

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 23.8 % → 29.5 %, turnover 0.03 → 0.03, multiplier 12.30 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 9.61pp → ROE 13.74pp, change 4.13pp.

• Margin 2.48pp
• Asset turnover -0.23pp
• Equity multiplier 1.88pp

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 23.8 % → 29.5 %, turnover 0.03 → 0.03, multiplier 12.30 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.

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 9.61pp → ROE 13.74pp, change 4.13pp.

• Margin 2.48pp
• Asset turnover -0.23pp
• Equity multiplier 1.88pp

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 23.8 % → 29.5 %, turnover 0.03 → 0.03, multiplier 12.30 → 14.48. 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 (fully loaded); annual and quarterly durations identified by period length.