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

ROE over time

What does the shareholders' equity earn?

• ROE — from 10.40% to 17.90%: FY21 10.40%, FY22 19.60%, FY23 12.40%, FY24 12.30%, FY25 17.90%

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 0.90% to 1.80%: FY21 0.90%, FY22 1.30%, FY23 1.00%, FY24 1.20%, FY25 1.80%

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 10.40% to 17.90%: FY21 10.40%, FY22 19.60%, FY23 12.40%, FY24 12.30%, FY25 17.90%
• ROA — from 0.90% to 1.80%: FY21 0.90%, FY22 1.30%, FY23 1.00%, FY24 1.20%, FY25 1.80%

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 12.28pp → ROE 17.91pp, change 5.63pp.

• Margin 2.98pp
• Asset turnover 2.63pp
• Equity multiplier 0.02pp

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 30.3 % → 37.0 %, turnover 0.04 → 0.05, multiplier 9.92 → 9.93. 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 12.28pp → ROE 17.91pp, change 5.63pp.

• Margin 2.98pp
• Asset turnover 2.63pp
• Equity multiplier 0.02pp

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 30.3 % → 37.0 %, turnover 0.04 → 0.05, multiplier 9.92 → 9.93. 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 12.28pp → ROE 17.91pp, change 5.63pp.

• Margin 2.98pp
• Asset turnover 2.63pp
• Equity multiplier 0.02pp

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 30.3 % → 37.0 %, turnover 0.04 → 0.05, multiplier 9.92 → 9.93. 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 12.37pp → ROE 17.91pp, change 5.54pp.

• Margin 4.81pp
• Asset turnover 3.68pp
• Equity multiplier -2.94pp

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 26.9 % → 37.0 %, turnover 0.04 → 0.05, multiplier 12.04 → 9.93. 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 12.37pp → ROE 17.91pp, change 5.54pp.

• Margin 4.81pp
• Asset turnover 3.68pp
• Equity multiplier -2.94pp

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 26.9 % → 37.0 %, turnover 0.04 → 0.05, multiplier 12.04 → 9.93. 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 12.37pp → ROE 17.91pp, change 5.54pp.

• Margin 4.81pp
• Asset turnover 3.68pp
• Equity multiplier -2.94pp

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 26.9 % → 37.0 %, turnover 0.04 → 0.05, multiplier 12.04 → 9.93. 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 19.62pp → ROE 17.91pp, change -1.71pp.

• Margin 1.29pp
• Asset turnover 4.95pp
• Equity multiplier -7.95pp

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 34.6 % → 37.0 %, turnover 0.04 → 0.05, multiplier 15.07 → 9.93. 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 19.62pp → ROE 17.91pp, change -1.71pp.

• Margin 1.29pp
• Asset turnover 4.95pp
• Equity multiplier -7.95pp

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 34.6 % → 37.0 %, turnover 0.04 → 0.05, multiplier 15.07 → 9.93. 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 19.62pp → ROE 17.91pp, change -1.71pp.

• Margin 1.29pp
• Asset turnover 4.95pp
• Equity multiplier -7.95pp

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 34.6 % → 37.0 %, turnover 0.04 → 0.05, multiplier 15.07 → 9.93. 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