04 // 交互式科学公式百科 // 公司金融、衍生品定价与投资组合公式ROE = (Net Income / Revenue) × (Revenue / Assets) × (Assets / Equity)

杜邦分析恒等式 — 净资产收益率 (ROE) 三步与五步拆解

将净资产收益率 (ROE) 清晰拆解为销售净利率（盈利能力）、总资产周转率（营运效率）和权益乘数（财务杠杆）三大驱动力。

公式速查卡

核心公式

ROE = (Net Income / Revenue) × (Revenue / Assets) × (Assets / Equity)

变形公式

ROE = Net Profit Margin × Asset Turnover × Equity Multiplier (3-Step DuPont)

ROA = (Net Income / Revenue) × (Revenue / Assets) = Net Income / Assets

ROE_5step = (NI/EBT) × (EBT/EBIT) × (EBIT/Rev) × (Rev/Assets) × (Assets/Equity)

变量说明与单位

变量说明与单位 — DuPont ROE Identity (3-Step & 5-Step Return on Equity Decomposition)
Symbol	Name	Unit
ROE	Return on Equity (%)	%
netIncome	Net Income	USD M
revenue	Annual Revenue / Sales	USD M
assets	Average Total Assets	USD M
equity	Average Shareholders' Equity	USD M

输入数值与参数

netIncomeNet Income[USD M]

revenueAnnual Revenue / Sales[USD M]

assetsAverage Total Assets[USD M]

equityAverage Shareholders' Equity[USD M]

计算结果 (Return on Equity (%))

ROE =30%

公式说明与推导背景

Start with the definition of Return on Equity: ROE = Net Income / Equity.
Multiply numerator and denominator by Revenue and by Total Assets: ROE = (Net Income / Revenue) × (Revenue / Assets) × (Assets / Equity).
Recognize the three ratios as Net Profit Margin, Asset Turnover, and the Equity Leverage Multiplier.

分步计算实例

#1: Decompose ROE for a company with $120M Net Income, $1,000M Revenue, $800M Assets, and $400M Equity.

Net Margin = 120/1000 = 12%Asset Turnover = 1000/800 = 1.25×Equity Multiplier = 800/400 = 2.0×

ROE = 12.0% × 1.25 × 2.0 = 15.0% (ROA) × 2.0

→ ROE = 30.0%

#2: Compare a high-margin luxury brand (20% margin, 0.75× turnover, 1.5× leverage) vs. a grocery chain (2.5% margin, 4.0× turnover, 2.25× leverage).

Luxury: 0.20 × 0.75 × 1.5Grocery: 0.025 × 4.0 × 2.25

Both products evaluate to 0.225

→ Both achieve 22.5% ROE through completely different business models

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常见问题解答 (FAQ)

如何使用在线杜邦分析恒等式 — 净资产收益率 (ROE) 三步与五步拆解工具？+

输入已知参数或拖动滑块，即可在浏览器中实时计算并可视化杜邦分析恒等式 — 净资产收益率 (ROE) 三步与五步拆解（基于关系式 ROE = (Net Income / Revenue) × (Revenue / Assets) × (Assets / Equity)）。将净资产收益率 (ROE) 清晰拆解为销售净利率（盈利能力）、总资产周转率（营运效率）和权益乘数（财务杠杆）三大驱动力。

可以导出或打印杜邦分析恒等式 — 净资产收益率 (ROE) 三步与五步拆解的结果吗？+

可以。支持一键复制数据、打印计算工作表或导出高清 SVG、PNG 和 CSV 文件。

我可以清空杜邦分析恒等式 — 净资产收益率 (ROE) 三步与五步拆解中的示例数据并从空白状态开始吗？+

可以。点击工具顶部的“清空 / 空白开始”按钮即可重置所有输入项，随时也可一键重新加载示例数据。