DuPont Analysis Calculator
From net margin, asset turnover and equity multiplier, decompose and compute the Return on Equity (ROE).
輸入資料
計算結果
重點速覽：DuPont: ROE = net margin x asset turnover x equity multiplier. Net margin = earning power; asset turnover = efficiency; equity multiplier = leverage. Example: 10% x 0.8 x 2.0 = 16%. Same ROE can come from quality (margin/turnover) or risk (leverage) — DuPont exposes the source. WARNING: net margin as % (10=10%); high multiplier amplifies risk; consistent same-period data; industry context. Education, not advice.
計算公式
ROE = 淨利率 × 資產週轉率 × 權益乘數。
$$\text{ROE} = \underbrace{\dfrac{\text{Net Income}}{\text{Revenue}}}_{\text{淨利率}} \times \underbrace{\dfrac{\text{Revenue}}{\text{Assets}}}_{\text{資產週轉率}} \times \underbrace{\dfrac{\text{Assets}}{\text{Equity}}}_{\text{權益乘數}}$$使用說明
- Enter net margin (net profit / revenue, %).
- Enter asset turnover (revenue / assets).
- Enter equity multiplier (assets / equity) for ROE.
四種不同的三因子組合，都能得出約 16% 的 ROE，說明相同回報可由『高利潤』『高週轉』或『高槓桿』等截然不同的路徑達成。
| 淨利率 | 資產週轉率 | 權益乘數 | ROE | 獲利路徑特徵 |
|---|---|---|---|---|
| 10% | 0.8 | 2.0 | 16.0% | 均衡型 |
| 20% | 0.5 | 1.6 | 16.0% | 高利潤薄週轉 (如名牌) |
| 3% | 2.5 | 2.13 | 16.0% | 薄利多銷 (如零售) |
| 8% | 1.0 | 4.0 | 32.0% | 高槓桿放大 (風險較高) |
理財情境案例
個案一：拆穿兩間同 ROE 公司的成色
甲公司是香港名牌零售：淨利率 20%、資產週轉率 0.5、權益乘數 1.6，ROE = 16%，靠的是『高利潤、低槓桿』，回報質素高、風險低。
乙公司是薄利多銷的貿易商：淨利率 3%、資產週轉率 2.5、權益乘數 2.13，ROE 同為約 16%，靠的是『薄利、高週轉』。兩者 ROE 相同，但甲公司靠品牌定價權賺錢、財務穩健;乙公司則靠周轉速度，利潤緩衝薄、抗風險力較弱。杜邦分析清楚揭示：同樣 16% 的 ROE，投資價值與風險並不相同。
個案二：高 ROE 可能只是高槓桿的假象
一間公司淨利率 8%、資產週轉率 1.0、權益乘數 2，ROE = 16%，看似不錯。管理層為了『做靚』ROE，大舉借貸把權益乘數推高至 4。
在其他不變下，ROE 隨即翻倍至 32%，帳面亮麗。但這 32% 完全由槓桿催出，公司本業的賺錢效率 (淨利率) 與資產效率 (週轉率) 毫無改善，反而背上沉重債務。一旦盈利下滑或利率上升，高槓桿會反過來放大虧損與償債風險。杜邦分析提醒投資者：看到 ROE 飆升時，務必拆解是本業改善還是單純加槓桿所致。
常見問題
Why decompose ROE into three factors?
A single ROE number hides where it comes from. DuPont splits it into earning power (margin), efficiency (turnover) and leverage (multiplier) so you can see the true driver. Two firms at 16% ROE — one efficient, one debt-heavy — have very different risk and value. Decomposition also points to where to improve.
What does a high equity multiplier mean?
It = total assets / equity; higher means more debt funding assets (more leverage). It amplifies ROE in good times but also risk — profits or rates reversing hit harder. Banks/utilities are naturally leveraged; general firms with too-high multiplier warrant caution.
How do I improve ROE with DuPont?
Target the weak factor: raise margin (pricing, costs, mix), raise turnover (faster inventory/receivables, dispose idle assets), or adjust leverage. But leverage is 'trading risk for return' — the healthiest ROE gains come from margin and turnover, not just borrowing more.
What ratios do the three factors correspond to?
Net margin = net profit / revenue (earning efficiency); asset turnover = revenue / total assets (asset efficiency); equity multiplier = total assets / equity (leverage). Multiplying them cancels revenue and assets, leaving net profit / equity = ROE. So DuPont analyses ROE along 'earning x asset x leverage' dimensions.
How do I use DuPont to improve ROE?
It gives three independent levers. (1) Raise net margin via pricing, differentiation, cost control, dropping loss lines. (2) Raise asset turnover by speeding inventory/receivables, disposing idle assets, raising capacity use — key for asset-heavy firms. (3) Adjust the equity multiplier — moderate debt lifts ROE but is double-edged. Healthiest, most sustainable ROE gains come from margin and turnover (operational improvement), not pure leverage. Find your weak link (thin margin, idle assets, or wrong leverage) and fix that.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。