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DuPont Analysis

杜邦分析

Overview

概述

DuPont decomposes ROE into three multiplicative components: Net Profit Margin × Asset Turnover × Equity Multiplier. This reveals whether ROE is driven by profitability, efficiency, or leverage — critical for diagnosis and comparison.
杜邦分析（DuPont）将ROE分解为三个相乘的组成部分：净利润率 × 资产周转率 × 权益乘数。这能揭示ROE的驱动因素是盈利能力、运营效率还是杠杆水平，这对诊断和对比财务表现至关重要。

When to Use

适用场景

Trigger conditions:
  • User asks "why is our ROE high/low?"
  • User comparing financial performance across companies
  • User needs to identify which operational lever improves returns
  • User analyzing profitability beyond top-line metrics
When NOT to use:
  • For company valuation → use DCF
  • For comprehensive ratio analysis → use Financial Ratios skill
  • For strategic positioning → use SWOT
触发条件：
  • 用户询问“我们的ROE为何偏高/偏低？”
  • 用户需要对比不同企业的财务表现
  • 用户需要确定哪些运营杠杆可以提升收益
  • 用户需要分析除营收指标外的盈利能力
不适用场景：
  • 企业估值 → 使用DCF
  • 综合比率分析 → 使用财务比率技能
  • 战略定位分析 → 使用SWOT

Framework

分析框架

IRON LAW: Three-Factor Decomposition

ROE = Net Profit Margin × Asset Turnover × Equity Multiplier
    = (Net Income/Revenue) × (Revenue/Total Assets) × (Total Assets/Equity)

All three factors MUST be calculated and analyzed. Reporting ROE without
decomposition is like reporting a fever without checking symptoms.
IRON LAW: High Leverage ≠ Good Performance

A high Equity Multiplier (Assets/Equity) inflates ROE through debt.
A company with 5% margin, 1.0x turnover, and 6x leverage has ROE of 30% —
but is one bad quarter away from insolvency. Always flag when leverage
is the dominant driver.
IRON LAW: Three-Factor Decomposition

ROE = Net Profit Margin × Asset Turnover × Equity Multiplier
    = (Net Income/Revenue) × (Revenue/Total Assets) × (Total Assets/Equity)

All three factors MUST be calculated and analyzed. Reporting ROE without
decomposition is like reporting a fever without checking symptoms.
IRON LAW: High Leverage ≠ Good Performance

A high Equity Multiplier (Assets/Equity) inflates ROE through debt.
A company with 5% margin, 1.0x turnover, and 6x leverage has ROE of 30% —
but is one bad quarter away from insolvency. Always flag when leverage
is the dominant driver.

Step 1: Calculate the Three Components

步骤1：计算三个组成部分

ComponentFormulaWhat It Measures
Net Profit MarginNet Income / RevenueProfitability — how much of each dollar of revenue becomes profit
Asset TurnoverRevenue / Total AssetsEfficiency — how well assets generate revenue
Equity MultiplierTotal Assets / Shareholders' EquityLeverage — how much debt amplifies equity returns
组成部分计算公式衡量指标
净利润率净利润 / 营业收入盈利能力——每单位营业收入能转化为多少利润
资产周转率营业收入 / 总资产运营效率——资产创造营业收入的能力
权益乘数总资产 / 股东权益杠杆水平——债务对权益收益的放大程度

Step 2: Diagnose the Driver

步骤2：识别驱动因素

Compare each component to industry benchmarks and trends:
  • Margin-driven ROE: Premium brands, tech companies (high margin, lower turnover)
  • Turnover-driven ROE: Retail, fast food (low margin, high turnover)
  • Leverage-driven ROE: Banks, real estate (moderate margin, high leverage) — flag the risk
将每个组成部分与行业基准和趋势对比：
  • 利润率驱动型ROE：高端品牌、科技企业（高利润率，低周转率）
  • 周转率驱动型ROE：零售、快餐行业（低利润率，高周转率）
  • 杠杆驱动型ROE：银行、房地产行业（中等利润率，高杠杆）——需标记风险

Step 3: Trend Analysis

步骤3：趋势分析

Calculate DuPont components for 3-5 years. Identify:
  • Which component is improving/declining?
  • Is improving ROE driven by operations (margin, turnover) or financial engineering (leverage)?
计算3-5年的杜邦分析组成部分，明确：
  • 哪些组成部分在改善/下滑？
  • ROE的提升是由运营因素（利润率、周转率）还是财务手段（杠杆）驱动的？

Step 4: Peer Comparison

步骤4：同业对比

Compare DuPont components across competitors to identify relative strengths/weaknesses.
对比竞争对手的杜邦分析组成部分，找出相对优势/劣势。

Output Format

输出格式

⚠️ Decimal vs percent: The bundled script returns ROE and all margin/burden components as decimals (
0.2014
means 20.14%, NOT 
20.14
). The narrative table below renders them as percentages for humans, but JSON outputs and any downstream pipeline must use decimals consistently.
markdown
undefined
⚠️ 小数与百分比说明：配套脚本返回的ROE及所有利润率/负担组成部分均为小数（
0.2014
代表20.14%，而非
20.14
）。下方的说明表格为便于人类阅读使用百分比，但JSON输出及所有下游流程必须统一使用小数。
markdown
undefined

DuPont Analysis: {Company}

杜邦分析：{企业名称}

ROE Decomposition

ROE分解

ComponentValueIndustry AvgTrend (3yr)
Net Profit MarginX%X%↑/↓/→
Asset TurnoverX.XxX.Xx↑/↓/→
Equity MultiplierX.XxX.Xx↑/↓/→
ROEX%X%↑/↓/→
组成部分数值行业平均值3年趋势
净利润率X%X%↑/↓/→
资产周转率X.X倍X.X倍↑/↓/→
权益乘数X.X倍X.X倍↑/↓/→
ROEX%X%↑/↓/→

Diagnosis

诊断结论

  • Primary ROE driver: {margin / turnover / leverage}
  • Risk flag: {leverage concern if applicable}
  • ROE主要驱动因素：{利润率 / 周转率 / 杠杆}
  • 风险提示：{若存在杠杆问题则标注}

Peer Comparison

同业对比

CompanyMarginTurnoverLeverageROE
{Company}X%X.XxX.XxX%
{Peer A}............
企业利润率周转率杠杆ROE
{企业名称}X%X.X倍X.X倍X%
{同业A}............

Recommendations

建议

  1. {Which lever to improve and how}
undefined
  1. {应优化的杠杆及具体措施}
undefined

Examples

示例

Correct Application

正确应用

Scenario: DuPont for two Taiwanese retailers
Company ACompany B
Net Profit Margin2%8%
Asset Turnover3.5x1.2x
Equity Multiplier2.0x2.0x
ROE14%19.2%
Diagnosis: Company A is turnover-driven (high-volume, low-margin retail). Company B is margin-driven (premium positioning). Both have similar leverage — ROE difference comes from operations ✓
**场景：**两家台湾零售商的杜邦分析
企业A企业B
净利润率2%8%
资产周转率3.5倍1.2倍
权益乘数2.0倍2.0倍
ROE14%19.2%
诊断结论：企业A属于周转率驱动型（高销量、低利润率零售），企业B属于利润率驱动型（高端定位）。两者杠杆水平相近——ROE差异源于运营表现 ✓

Incorrect Application

错误应用

  • ROE is 25% and reported as "excellent" without decomposition. Turns out: Margin 3%, Turnover 1.0x, Leverage 8.3x → Almost entirely leverage-driven, extremely risky. Violates Iron Law: must decompose.
  • 仅报告ROE为25%并称为“优异表现”，未进行分解。实际情况：利润率3%，周转率1.0倍，杠杆8.3倍 → 几乎完全由杠杆驱动，风险极高。违反核心规则：必须进行ROE分解。

Gotchas

注意事项

  • Extended 5-factor DuPont: For deeper analysis, decompose margin into Tax Burden × Interest Burden × Operating Margin. Useful when comparing across tax jurisdictions.
  • Negative equity breaks the model: Companies with accumulated losses can have negative equity, making the multiplier meaningless. Note and use alternative metrics.
  • One-time items distort margin: Use normalized/adjusted net income to avoid single-year spikes from asset sales, write-downs, or legal settlements.
  • Turnover varies wildly by industry: Asset-light businesses (SaaS) have naturally high turnover. Capital-heavy businesses (manufacturing) have low turnover. Compare within industry only.
  • 扩展五因素杜邦分析：如需更深入的分析，可将利润率分解为税负率 × 利息负担率 × 营业利润率。适用于跨税收辖区的企业对比。
  • 负权益会导致模型失效：累计亏损的企业可能出现负权益，此时权益乘数无意义。需标注该情况并使用替代指标。
  • 一次性项目会扭曲利润率：应使用经调整的常态化净利润，避免因资产出售、资产减值或法律和解等一次性项目导致的单年度利润率异常波动。
  • 周转率因行业差异极大：轻资产企业（如SaaS）的周转率自然偏高，重资产企业（如制造业）的周转率偏低。仅可在同行业内进行对比。

Scripts

脚本工具

ScriptDescriptionUsage
scripts/dupont.py
Decompose ROE into 3-factor or 5-factor DuPont components
python scripts/dupont.py --help
Run 
python scripts/dupont.py --verify
to execute built-in sanity tests.
脚本说明使用方法
scripts/dupont.py
将ROE分解为三因素或五因素杜邦分析组成部分
python scripts/dupont.py --help
运行
python scripts/dupont.py --verify
可执行内置的合理性测试。

References

参考资料

  • For 5-factor DuPont extension, see 
    references/extended-dupont.md
  • 关于五因素杜邦分析的扩展内容，详见
    references/extended-dupont.md