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

ROE over time

What does the shareholders' equity earn?

• ROE — from 18.30% to 4.60%: FY21 18.30%, FY22 28.10%, FY23 23.90%, FY24 9.70%, FY25 4.60%

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

ROIC over time

What does total invested capital earn — regardless of whether it is funded by equity or debt?

• ROIC — from 32.30% to 4.30%: FY21 32.30%, FY22 41.10%, FY23 26.20%, FY24 8.70%, FY25 4.30%

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

ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). The rate comes from tax expense / pre-tax income. 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 8.90% to 2.80%: FY21 8.90%, FY22 15.20%, FY23 14.10%, FY24 5.80%, FY25 2.80%

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 (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 18.30% to 4.60%: FY21 18.30%, FY22 28.10%, FY23 23.90%, FY24 9.70%, FY25 4.60%
• ROIC — from 32.30% to 4.30%: FY21 32.30%, FY22 41.10%, FY23 26.20%, FY24 8.70%, FY25 4.30%
• ROA — from 8.90% to 2.80%: FY21 8.90%, FY22 15.20%, FY23 14.10%, FY24 5.80%, FY25 2.80%

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 (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 9.73pp → ROE 4.62pp, change -5.11pp.

• Margin -4.06pp
• Asset turnover -1.06pp
• 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 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. 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 9.73pp → ROE 4.62pp, change -5.11pp.

• Margin -4.06pp
• Asset turnover -1.06pp
• 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 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. 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 9.73pp → ROE 4.62pp, change -5.11pp.

• Margin -4.06pp
• Asset turnover -1.06pp
• 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 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. 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 9.73pp → ROE 4.62pp, change -5.11pp.

• Margin -4.06pp
• Asset turnover -1.06pp
• 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 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. 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 23.94pp → ROE 4.62pp, change -19.32pp.

• Margin -15.51pp
• Asset turnover -3.62pp
• Equity multiplier -0.20pp

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 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. 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 23.94pp → ROE 4.62pp, change -19.32pp.

• Margin -15.51pp
• Asset turnover -3.62pp
• Equity multiplier -0.20pp

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 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. 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 23.94pp → ROE 4.62pp, change -19.32pp.

• Margin -15.51pp
• Asset turnover -3.62pp
• Equity multiplier -0.20pp

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 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. 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 23.94pp → ROE 4.62pp, change -19.32pp.

• Margin -15.51pp
• Asset turnover -3.62pp
• Equity multiplier -0.20pp

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 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. 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 28.09pp → ROE 4.62pp, change -23.47pp.

• Margin -16.89pp
• Asset turnover -5.19pp
• Equity multiplier -1.38pp

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 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. 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 28.09pp → ROE 4.62pp, change -23.47pp.

• Margin -16.89pp
• Asset turnover -5.19pp
• Equity multiplier -1.38pp

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 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. 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 28.09pp → ROE 4.62pp, change -23.47pp.

• Margin -16.89pp
• Asset turnover -5.19pp
• Equity multiplier -1.38pp

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 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. 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 28.09pp → ROE 4.62pp, change -23.47pp.

• Margin -16.89pp
• Asset turnover -5.19pp
• Equity multiplier -1.38pp

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 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. 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.