Stock Analysis on Net
Stock Analysis on Net

Adobe Inc. (NASDAQ:ADBE)

듀퐁 분석: ROE, ROA및 순이익률의 세분화 
분기별 데이터

Microsoft Excel

분해 ROE 는 순이익을 주주 자본으로 나눈 값을 구성 요소 비율의 곱으로 표현하는 것을 포함합니다.

ROE 두 가지 구성 요소로 세분화

Adobe Inc., ROE 분해 (분기별 데이터)

Microsoft Excel
ROE = ROA × 재무 레버리지 비율
2025. 5. 30. 60.00% = 24.44% × 2.46
2025. 2. 28. 51.55% = 22.54% × 2.29
2024. 11. 29. 39.42% = 18.39% × 2.14
2024. 8. 30. 36.85% = 17.97% × 2.05
2024. 5. 31. 34.22% = 16.93% × 2.02
2024. 3. 1. 31.05% = 16.70% × 1.86
2023. 12. 1. 32.86% = 18.23% × 1.80
2023. 9. 1. 32.46% = 17.60% × 1.84
2023. 6. 2. 32.71% = 17.44% × 1.88
2023. 3. 3. 33.35% = 17.76% × 1.88
2022. 12. 2. 33.85% = 17.51% × 1.93
2022. 9. 2. 33.49% = 18.00% × 1.86
2022. 6. 3. 34.96% = 18.57% × 1.88
2022. 3. 4. 35.04% = 18.58% × 1.89
2021. 12. 3. 32.59% = 17.70% × 1.84
2021. 9. 3. 40.51% = 22.33% × 1.81
2021. 6. 4. 40.30% = 21.82% × 1.85
2021. 3. 5. 41.09% = 22.28% × 1.84
2020. 11. 27. 39.66% = 21.66% × 1.83
2020. 8. 28. 32.97% = 17.23% × 1.91
2020. 5. 29. 34.00% = 17.13% × 1.99
2020. 2. 28. 30.89% = 15.24% × 2.03
2019. 11. 29. 28.03% = 14.22% × 1.97
2019. 8. 30. — = — × 1.96
2019. 5. 31. — = — × 1.98
2019. 3. 1. — = — × 1.98

보고서 기준: 10-Q (보고 날짜: 2025-05-30), 10-Q (보고 날짜: 2025-02-28), 10-K (보고 날짜: 2024-11-29), 10-Q (보고 날짜: 2024-08-30), 10-Q (보고 날짜: 2024-05-31), 10-Q (보고 날짜: 2024-03-01), 10-K (보고 날짜: 2023-12-01), 10-Q (보고 날짜: 2023-09-01), 10-Q (보고 날짜: 2023-06-02), 10-Q (보고 날짜: 2023-03-03), 10-K (보고 날짜: 2022-12-02), 10-Q (보고 날짜: 2022-09-02), 10-Q (보고 날짜: 2022-06-03), 10-Q (보고 날짜: 2022-03-04), 10-K (보고 날짜: 2021-12-03), 10-Q (보고 날짜: 2021-09-03), 10-Q (보고 날짜: 2021-06-04), 10-Q (보고 날짜: 2021-03-05), 10-K (보고 날짜: 2020-11-27), 10-Q (보고 날짜: 2020-08-28), 10-Q (보고 날짜: 2020-05-29), 10-Q (보고 날짜: 2020-02-28), 10-K (보고 날짜: 2019-11-29), 10-Q (보고 날짜: 2019-08-30), 10-Q (보고 날짜: 2019-05-31), 10-Q (보고 날짜: 2019-03-01).

2025년 2 분기 대비 주주자본이익률(ROE)이ROE증가할 수 있는 주된 이유는 자산수익률(ROE)로 측정되는 수익성이 증가했기 때문입니다(ROA).

ROE 세 가지 구성 요소로 세분화

Adobe Inc., ROE 분해 (분기별 데이터)

Microsoft Excel
ROE = 순이익률(Net Profit Margin Ratio) × 자산 회전율 × 재무 레버리지 비율
2025. 5. 30. 60.00% = 30.39% × 0.80 × 2.46
2025. 2. 28. 51.55% = 30.63% × 0.74 × 2.29
2024. 11. 29. 39.42% = 25.85% × 0.71 × 2.14
2024. 8. 30. 36.85% = 25.59% × 0.70 × 2.05
2024. 5. 31. 34.22% = 24.86% × 0.68 × 2.02
2024. 3. 1. 31.05% = 24.08% × 0.69 × 1.86
2023. 12. 1. 32.86% = 27.97% × 0.65 × 1.80
2023. 9. 1. 32.46% = 27.12% × 0.65 × 1.84
2023. 6. 2. 32.71% = 26.34% × 0.66 × 1.88
2023. 3. 3. 33.35% = 26.32% × 0.67 × 1.88
2022. 12. 2. 33.85% = 27.01% × 0.65 × 1.93
2022. 9. 2. 33.49% = 28.00% × 0.64 × 1.86
2022. 6. 3. 34.96% = 29.29% × 0.63 × 1.88
2022. 3. 4. 35.04% = 29.90% × 0.62 × 1.89
2021. 12. 3. 32.59% = 30.55% × 0.58 × 1.84
2021. 9. 3. 40.51% = 38.67% × 0.58 × 1.81
2021. 6. 4. 40.30% = 38.79% × 0.56 × 1.85
2021. 3. 5. 41.09% = 40.68% × 0.55 × 1.84
2020. 11. 27. 39.66% = 40.88% × 0.53 × 1.83
2020. 8. 28. 32.97% = 31.05% × 0.55 × 1.91
2020. 5. 29. 34.00% = 30.71% × 0.56 × 1.99
2020. 2. 28. 30.89% = 27.72% × 0.55 × 2.03
2019. 11. 29. 28.03% = 26.42% × 0.54 × 1.97
2019. 8. 30. — = — × — × 1.96
2019. 5. 31. — = — × — × 1.98
2019. 3. 1. — = — × — × 1.98

보고서 기준: 10-Q (보고 날짜: 2025-05-30), 10-Q (보고 날짜: 2025-02-28), 10-K (보고 날짜: 2024-11-29), 10-Q (보고 날짜: 2024-08-30), 10-Q (보고 날짜: 2024-05-31), 10-Q (보고 날짜: 2024-03-01), 10-K (보고 날짜: 2023-12-01), 10-Q (보고 날짜: 2023-09-01), 10-Q (보고 날짜: 2023-06-02), 10-Q (보고 날짜: 2023-03-03), 10-K (보고 날짜: 2022-12-02), 10-Q (보고 날짜: 2022-09-02), 10-Q (보고 날짜: 2022-06-03), 10-Q (보고 날짜: 2022-03-04), 10-K (보고 날짜: 2021-12-03), 10-Q (보고 날짜: 2021-09-03), 10-Q (보고 날짜: 2021-06-04), 10-Q (보고 날짜: 2021-03-05), 10-K (보고 날짜: 2020-11-27), 10-Q (보고 날짜: 2020-08-28), 10-Q (보고 날짜: 2020-05-29), 10-Q (보고 날짜: 2020-02-28), 10-K (보고 날짜: 2019-11-29), 10-Q (보고 날짜: 2019-08-30), 10-Q (보고 날짜: 2019-05-31), 10-Q (보고 날짜: 2019-03-01).

2025년 2 분기 대비 주주자본이익률(ROE)이ROE증가할 수 있는 주된 이유는 자산회전율로 측정되는 효율성의 증가입니다.

ROE를 5개 구성 요소로 세분화

Adobe Inc., ROE 분해 (분기별 데이터)

Microsoft Excel
ROE = 세금 부담 × 이자 부담 × EBIT 마진 × 자산 회전율 × 재무 레버리지 비율
2025. 5. 30. 60.00% = 0.83 × 0.97 × 37.82% × 0.80 × 2.46
2025. 2. 28. 51.55% = 0.83 × 0.98 × 37.89% × 0.74 × 2.29
2024. 11. 29. 39.42% = 0.80 × 0.98 × 33.02% × 0.71 × 2.14
2024. 8. 30. 36.85% = 0.79 × 0.98 × 32.92% × 0.70 × 2.05
2024. 5. 31. 34.22% = 0.79 × 0.98 × 32.17% × 0.68 × 2.02
2024. 3. 1. 31.05% = 0.78 × 0.98 × 31.49% × 0.69 × 1.86
2023. 12. 1. 32.86% = 0.80 × 0.98 × 35.61% × 0.65 × 1.80
2023. 9. 1. 32.46% = 0.79 × 0.98 × 35.06% × 0.65 × 1.84
2023. 6. 2. 32.71% = 0.78 × 0.98 × 34.38% × 0.66 × 1.88
2023. 3. 3. 33.35% = 0.78 × 0.98 × 34.33% × 0.67 × 1.88
2022. 12. 2. 33.85% = 0.79 × 0.98 × 34.76% × 0.65 × 1.93
2022. 9. 2. 33.49% = 0.81 × 0.98 × 35.31% × 0.64 × 1.86
2022. 6. 3. 34.96% = 0.83 × 0.98 × 36.13% × 0.63 × 1.88
2022. 3. 4. 35.04% = 0.83 × 0.98 × 36.71% × 0.62 × 1.89
2021. 12. 3. 32.59% = 0.85 × 0.98 × 36.86% × 0.58 × 1.84
2021. 9. 3. 40.51% = 1.07 × 0.98 × 36.73% × 0.58 × 1.81
2021. 6. 4. 40.30% = 1.10 × 0.98 × 36.06% × 0.56 × 1.85
2021. 3. 5. 41.09% = 1.19 × 0.98 × 35.10% × 0.55 × 1.84
2020. 11. 27. 39.66% = 1.26 × 0.97 × 33.35% × 0.53 × 1.83
2020. 8. 28. 32.97% = 0.98 × 0.97 × 32.66% × 0.55 × 1.91
2020. 5. 29. 34.00% = 1.00 × 0.96 × 31.94% × 0.56 × 1.99
2020. 2. 28. 30.89% = 0.94 × 0.96 × 30.62% × 0.55 × 2.03
2019. 11. 29. 28.03% = 0.92 × 0.95 × 30.09% × 0.54 × 1.97
2019. 8. 30. — = — × — × — × — × 1.96
2019. 5. 31. — = — × — × — × — × 1.98
2019. 3. 1. — = — × — × — × — × 1.98

보고서 기준: 10-Q (보고 날짜: 2025-05-30), 10-Q (보고 날짜: 2025-02-28), 10-K (보고 날짜: 2024-11-29), 10-Q (보고 날짜: 2024-08-30), 10-Q (보고 날짜: 2024-05-31), 10-Q (보고 날짜: 2024-03-01), 10-K (보고 날짜: 2023-12-01), 10-Q (보고 날짜: 2023-09-01), 10-Q (보고 날짜: 2023-06-02), 10-Q (보고 날짜: 2023-03-03), 10-K (보고 날짜: 2022-12-02), 10-Q (보고 날짜: 2022-09-02), 10-Q (보고 날짜: 2022-06-03), 10-Q (보고 날짜: 2022-03-04), 10-K (보고 날짜: 2021-12-03), 10-Q (보고 날짜: 2021-09-03), 10-Q (보고 날짜: 2021-06-04), 10-Q (보고 날짜: 2021-03-05), 10-K (보고 날짜: 2020-11-27), 10-Q (보고 날짜: 2020-08-28), 10-Q (보고 날짜: 2020-05-29), 10-Q (보고 날짜: 2020-02-28), 10-K (보고 날짜: 2019-11-29), 10-Q (보고 날짜: 2019-08-30), 10-Q (보고 날짜: 2019-05-31), 10-Q (보고 날짜: 2019-03-01).

2025년 2 분기 대비 주주자본이익률(ROE)이ROE증가할 수 있는 주된 이유는 자산회전율로 측정되는 효율성의 증가입니다.

ROA 두 가지 구성 요소로 세분화

Adobe Inc., ROA 분해 (분기별 데이터)

Microsoft Excel
ROA = 순이익률(Net Profit Margin Ratio) × 자산 회전율
2025. 5. 30. 24.44% = 30.39% × 0.80
2025. 2. 28. 22.54% = 30.63% × 0.74
2024. 11. 29. 18.39% = 25.85% × 0.71
2024. 8. 30. 17.97% = 25.59% × 0.70
2024. 5. 31. 16.93% = 24.86% × 0.68
2024. 3. 1. 16.70% = 24.08% × 0.69
2023. 12. 1. 18.23% = 27.97% × 0.65
2023. 9. 1. 17.60% = 27.12% × 0.65
2023. 6. 2. 17.44% = 26.34% × 0.66
2023. 3. 3. 17.76% = 26.32% × 0.67
2022. 12. 2. 17.51% = 27.01% × 0.65
2022. 9. 2. 18.00% = 28.00% × 0.64
2022. 6. 3. 18.57% = 29.29% × 0.63
2022. 3. 4. 18.58% = 29.90% × 0.62
2021. 12. 3. 17.70% = 30.55% × 0.58
2021. 9. 3. 22.33% = 38.67% × 0.58
2021. 6. 4. 21.82% = 38.79% × 0.56
2021. 3. 5. 22.28% = 40.68% × 0.55
2020. 11. 27. 21.66% = 40.88% × 0.53
2020. 8. 28. 17.23% = 31.05% × 0.55
2020. 5. 29. 17.13% = 30.71% × 0.56
2020. 2. 28. 15.24% = 27.72% × 0.55
2019. 11. 29. 14.22% = 26.42% × 0.54
2019. 8. 30. — = — × —
2019. 5. 31. — = — × —
2019. 3. 1. — = — × —

보고서 기준: 10-Q (보고 날짜: 2025-05-30), 10-Q (보고 날짜: 2025-02-28), 10-K (보고 날짜: 2024-11-29), 10-Q (보고 날짜: 2024-08-30), 10-Q (보고 날짜: 2024-05-31), 10-Q (보고 날짜: 2024-03-01), 10-K (보고 날짜: 2023-12-01), 10-Q (보고 날짜: 2023-09-01), 10-Q (보고 날짜: 2023-06-02), 10-Q (보고 날짜: 2023-03-03), 10-K (보고 날짜: 2022-12-02), 10-Q (보고 날짜: 2022-09-02), 10-Q (보고 날짜: 2022-06-03), 10-Q (보고 날짜: 2022-03-04), 10-K (보고 날짜: 2021-12-03), 10-Q (보고 날짜: 2021-09-03), 10-Q (보고 날짜: 2021-06-04), 10-Q (보고 날짜: 2021-03-05), 10-K (보고 날짜: 2020-11-27), 10-Q (보고 날짜: 2020-08-28), 10-Q (보고 날짜: 2020-05-29), 10-Q (보고 날짜: 2020-02-28), 10-K (보고 날짜: 2019-11-29), 10-Q (보고 날짜: 2019-08-30), 10-Q (보고 날짜: 2019-05-31), 10-Q (보고 날짜: 2019-03-01).

2025년 2 분기 자산수익률(ROA률이 증가한 주된 이유는 자산회전율의 증가입니다.

ROA를 4개의 구성 요소로 세분화

Adobe Inc., ROA 분해 (분기별 데이터)

Microsoft Excel
ROA = 세금 부담 × 이자 부담 × EBIT 마진 × 자산 회전율
2025. 5. 30. 24.44% = 0.83 × 0.97 × 37.82% × 0.80
2025. 2. 28. 22.54% = 0.83 × 0.98 × 37.89% × 0.74
2024. 11. 29. 18.39% = 0.80 × 0.98 × 33.02% × 0.71
2024. 8. 30. 17.97% = 0.79 × 0.98 × 32.92% × 0.70
2024. 5. 31. 16.93% = 0.79 × 0.98 × 32.17% × 0.68
2024. 3. 1. 16.70% = 0.78 × 0.98 × 31.49% × 0.69
2023. 12. 1. 18.23% = 0.80 × 0.98 × 35.61% × 0.65
2023. 9. 1. 17.60% = 0.79 × 0.98 × 35.06% × 0.65
2023. 6. 2. 17.44% = 0.78 × 0.98 × 34.38% × 0.66
2023. 3. 3. 17.76% = 0.78 × 0.98 × 34.33% × 0.67
2022. 12. 2. 17.51% = 0.79 × 0.98 × 34.76% × 0.65
2022. 9. 2. 18.00% = 0.81 × 0.98 × 35.31% × 0.64
2022. 6. 3. 18.57% = 0.83 × 0.98 × 36.13% × 0.63
2022. 3. 4. 18.58% = 0.83 × 0.98 × 36.71% × 0.62
2021. 12. 3. 17.70% = 0.85 × 0.98 × 36.86% × 0.58
2021. 9. 3. 22.33% = 1.07 × 0.98 × 36.73% × 0.58
2021. 6. 4. 21.82% = 1.10 × 0.98 × 36.06% × 0.56
2021. 3. 5. 22.28% = 1.19 × 0.98 × 35.10% × 0.55
2020. 11. 27. 21.66% = 1.26 × 0.97 × 33.35% × 0.53
2020. 8. 28. 17.23% = 0.98 × 0.97 × 32.66% × 0.55
2020. 5. 29. 17.13% = 1.00 × 0.96 × 31.94% × 0.56
2020. 2. 28. 15.24% = 0.94 × 0.96 × 30.62% × 0.55
2019. 11. 29. 14.22% = 0.92 × 0.95 × 30.09% × 0.54
2019. 8. 30. — = — × — × — × —
2019. 5. 31. — = — × — × — × —
2019. 3. 1. — = — × — × — × —

보고서 기준: 10-Q (보고 날짜: 2025-05-30), 10-Q (보고 날짜: 2025-02-28), 10-K (보고 날짜: 2024-11-29), 10-Q (보고 날짜: 2024-08-30), 10-Q (보고 날짜: 2024-05-31), 10-Q (보고 날짜: 2024-03-01), 10-K (보고 날짜: 2023-12-01), 10-Q (보고 날짜: 2023-09-01), 10-Q (보고 날짜: 2023-06-02), 10-Q (보고 날짜: 2023-03-03), 10-K (보고 날짜: 2022-12-02), 10-Q (보고 날짜: 2022-09-02), 10-Q (보고 날짜: 2022-06-03), 10-Q (보고 날짜: 2022-03-04), 10-K (보고 날짜: 2021-12-03), 10-Q (보고 날짜: 2021-09-03), 10-Q (보고 날짜: 2021-06-04), 10-Q (보고 날짜: 2021-03-05), 10-K (보고 날짜: 2020-11-27), 10-Q (보고 날짜: 2020-08-28), 10-Q (보고 날짜: 2020-05-29), 10-Q (보고 날짜: 2020-02-28), 10-K (보고 날짜: 2019-11-29), 10-Q (보고 날짜: 2019-08-30), 10-Q (보고 날짜: 2019-05-31), 10-Q (보고 날짜: 2019-03-01).

2025년 2 분기 자산회전율(ROA)이 증가한 주된 이유는 자산회전율로 측정되는 효율성이 증가했기 때문입니다.

순이익률(Net Profit Margin Ratio)의 세분화

Adobe Inc., 순이익률의 분해(분기별 데이터)

Microsoft Excel
순이익률(Net Profit Margin Ratio) = 세금 부담 × 이자 부담 × EBIT 마진
2025. 5. 30. 30.39% = 0.83 × 0.97 × 37.82%
2025. 2. 28. 30.63% = 0.83 × 0.98 × 37.89%
2024. 11. 29. 25.85% = 0.80 × 0.98 × 33.02%
2024. 8. 30. 25.59% = 0.79 × 0.98 × 32.92%
2024. 5. 31. 24.86% = 0.79 × 0.98 × 32.17%
2024. 3. 1. 24.08% = 0.78 × 0.98 × 31.49%
2023. 12. 1. 27.97% = 0.80 × 0.98 × 35.61%
2023. 9. 1. 27.12% = 0.79 × 0.98 × 35.06%
2023. 6. 2. 26.34% = 0.78 × 0.98 × 34.38%
2023. 3. 3. 26.32% = 0.78 × 0.98 × 34.33%
2022. 12. 2. 27.01% = 0.79 × 0.98 × 34.76%
2022. 9. 2. 28.00% = 0.81 × 0.98 × 35.31%
2022. 6. 3. 29.29% = 0.83 × 0.98 × 36.13%
2022. 3. 4. 29.90% = 0.83 × 0.98 × 36.71%
2021. 12. 3. 30.55% = 0.85 × 0.98 × 36.86%
2021. 9. 3. 38.67% = 1.07 × 0.98 × 36.73%
2021. 6. 4. 38.79% = 1.10 × 0.98 × 36.06%
2021. 3. 5. 40.68% = 1.19 × 0.98 × 35.10%
2020. 11. 27. 40.88% = 1.26 × 0.97 × 33.35%
2020. 8. 28. 31.05% = 0.98 × 0.97 × 32.66%
2020. 5. 29. 30.71% = 1.00 × 0.96 × 31.94%
2020. 2. 28. 27.72% = 0.94 × 0.96 × 30.62%
2019. 11. 29. 26.42% = 0.92 × 0.95 × 30.09%
2019. 8. 30. — = — × — × —
2019. 5. 31. — = — × — × —
2019. 3. 1. — = — × — × —

보고서 기준: 10-Q (보고 날짜: 2025-05-30), 10-Q (보고 날짜: 2025-02-28), 10-K (보고 날짜: 2024-11-29), 10-Q (보고 날짜: 2024-08-30), 10-Q (보고 날짜: 2024-05-31), 10-Q (보고 날짜: 2024-03-01), 10-K (보고 날짜: 2023-12-01), 10-Q (보고 날짜: 2023-09-01), 10-Q (보고 날짜: 2023-06-02), 10-Q (보고 날짜: 2023-03-03), 10-K (보고 날짜: 2022-12-02), 10-Q (보고 날짜: 2022-09-02), 10-Q (보고 날짜: 2022-06-03), 10-Q (보고 날짜: 2022-03-04), 10-K (보고 날짜: 2021-12-03), 10-Q (보고 날짜: 2021-09-03), 10-Q (보고 날짜: 2021-06-04), 10-Q (보고 날짜: 2021-03-05), 10-K (보고 날짜: 2020-11-27), 10-Q (보고 날짜: 2020-08-28), 10-Q (보고 날짜: 2020-05-29), 10-Q (보고 날짜: 2020-02-28), 10-K (보고 날짜: 2019-11-29), 10-Q (보고 날짜: 2019-08-30), 10-Q (보고 날짜: 2019-05-31), 10-Q (보고 날짜: 2019-03-01).

2025년 2분기 동안 순이익률이 감소한 주된 이유는 조세부담률로 측정된 조세효과율이 감소했기 때문입니다.