Pratica di Shadowing: DuPont analysis explained - Impara a parlare inglese con i video
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Return on Equity, ROA Return on Assets, ROS Return on Sales.
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This video takes you through the financial ratios of the ROE formula, the ROA formula, the ROS formula, asset turnover and leverage, and shows how they fit together.
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The very basics and the very essence of financial ratio analysis.
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The beauty of financial ratios is that they link together information from two of the three main financial statements, the income statement or profit and loss statement, and the balance sheet.
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This gives you a more holistic view of a company's performance than merely looking at one financial statement in isolation.
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ROE, or Return on Equity, is defined as net income divided by equity.
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In other words, the net profit that the company has generated during a year, divided by the book value of the shareholder capital invested in the company.
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ROE is a measure of the rate of return to shareholders.
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For return on equity, at first sight you would say, the higher this ratio is, the better.
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The return on equity financial ratio becomes more meaningful when you dive into its drivers.
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What made the ROE go up or down versus prior year, if you look at the same company?
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Why is the ROE for two companies in different industries, or even in the same industry, different?
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This is where financial analysts owe a big thank you to the DuPont Corporation, for coming up with the idea of breaking ROE into three distinct elements.
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Let me walk you through these elements, ROS, Asset Turnover and Leverage, shortly.
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But first a trivia question.
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In which period did the DuPont Corporation start using the DuPont analysis?
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Was it the 1890s, the 1920s, the 1950s, or 1980s?
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When you are logged into YouTube and are watching this video from a computer, then please click the voting card on the top right to submit your vote.
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I will explain you first what the DuPont formula is, and then share the answer to the quiz question towards the end of the video.
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Here's the three-part version of the DuPont analysis.
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Mathematically, this split makes little sense, as you are multiplying fraction bars where the denominator in one of the fractions is the numerator in another fraction,
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hence they will cancel each other out when multiplied.
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For financial analysis, to split into three pieces makes a lot of sense.
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The first element, ROS or Return on Sales, is Net Income divided by Sales, which is an indicator of the relative profitability or operating efficiency.
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How many cents of profit are generated for every dollar of sales?
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The higher the ROS, the better.
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The second element is Asset Turnover, calculated as Sales divided by Assets, a measure of asset use efficiency.
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Can we maximize the amount of sales we generate with the assets that we have?
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A solid control of working capital is key here to decrease the denominator of assets.
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What are the terms you negotiate with your customers?
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Are you getting your customers to pay on time?
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Is your manufacturing and supply chain operation efficient, so the amount of inventory or stock along the way is minimized?
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All of those help to minimize the denominator.
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The first two elements together, ROS multiplied by Asset Turnover, form ROA .
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This ratio of ROA has many variations.
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Some companies measure ROIC , ROTC , ROCE or RONOA .
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These are all variations on the same theme.
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You look at the returns generated during a period, and compare them to the capital invested in the company to generate those returns.
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ROA is an indicator of business success, influenced by two factors, ROS or Margin Performance,
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and Asset Turnover, which you could call speed or velocity.
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The last element of the DuPont three-part equation is leverage, assets divided by equity.
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Whether they should be high or low is a much discussed question among business people, finance people, and academics, and I don't think there is a definitive answer.
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On the one side, if you can borrow money, take on debt, at low interest rates, and put this money to productive use, you could grow the company faster, and generate higher returns.
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On the other side, if debt is very high compared to the equity in the company, you could increase the risk profile, and decrease your buffer against bankruptcy.
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We have seen plenty of examples of companies that were too highly leveraged, going under in various financial crises over the years.
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Alright, that's the most commonly known three-step version of the DuPont formula.
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Are you ready for some more excitement?
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You can expand the DuPont formula to five steps if you want even more analytical insight
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into the drivers of where your ROE increase or decrease is coming from.
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The two elements on the right stay the same, asset turnover and leverage.
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However, ROS gets split into three elements.
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Net income divided by earnings before tax, which is called tax burden, earnings before tax divided by EBIT,
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called interest burden, and EBIT divided by sales, which is EBIT percentage.
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In a lot of companies, improving the EBIT percentage and increasing the asset turnover are important targets for the management team, whereas the other elements are for the finance,
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treasury and tax departments to manage.
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To close the loop on the DuPont formula, the answer to the trivia question is that this financial ratio analysis method came into use in the 1920s.
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It is still in ubiquitous use, and it can help you to understand the drivers of performance for your company.
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So thank you very much to Donaldson Brown of the DuPont Corporation!
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On the Finance Storyteller YouTube channel, you can find lots of well-researched videos explaining business, finance and accounting topics.
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Please subscribe to the Finance Storyteller channel, and take the time to like the video and comment below.
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On average, I post one new video per week.
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If you subscribe to the channel, you will be the first to see it!
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Vocabolario e note di pronuncia per questa lezione
Questa lezione di conversazione di livello C1 si basa sul video “DuPont analysis explained”. Le parole che ritornano più spesso: asset, return, Dupont, financial, element. Questo video contiene 62 frasi e 996 parole da ripetere con lo shadowing. Il parlato dura 6:15. Chi parla ha un ritmo naturale di circa 160 parole al minuto, vicino a una conversazione quotidiana. Solo il 78% delle parole rientra nelle 3.000 più comuni dell’inglese, quindi il lessico è impegnativo. 10 delle sue 62 frasi sono domande: un buon esercizio per l’intonazione interrogativa e le risposte brevi.
Vocaboli chiave di questo video
Le 15 parole più avanzate del video, con pronuncia e significato:
| Parola | Pronuncia | Significato |
|---|---|---|
| turnover sostantivo | /ˈtɝnoʊvɚ/ | giro d'affari |
| leverage sostantivo | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | potenza, leveraggio |
| denominator sostantivo | /dɪˈnɒmɪneɪtə(ɹ)/ | denominatore |
| multiply verbo | /ˈmʌltɪplaɪ/ | moltiplicare |
| fraction sostantivo | /ˈfɹæk.ʃən/ | frazione |
| shareholder sostantivo | /ˈʃɛəˌhəʊl.də(ɹ)/ | azionista |
| minimize verbo | /ˈmɪn.ɪˌmaɪz/ | minimizzare |
| subscribe verbo | /səbˈskɹaɪb/ | abbonarsi |
| variation sostantivo | /ˌvɛəɹiˈeɪʃn̩/ | variazione |
| holistic aggettivo | /hoʊˈlɪs.tɪk/ | olistico |
| mathematically avverbio | matematicamente | |
| ubiquitous aggettivo | /juːˈbɪkwɪtəs/ | ubiquitario, onnipresente |
| buffer sostantivo | /ˈbʌfəɹ/ | soluzione tampone |
| definitive aggettivo | /dɪˈfɪn.ɪ.tɪv/ | definitivo |
| quiz sostantivo | /kwɪz/ | quiz |
I phrasal verb che sentirai
| Parola | Significato |
|---|---|
| come up with verbo | ideare, escogitare |
| go up verbo | salire |
Frasi da ripetere
Frasi brevi e complete del video che puoi riutilizzare nella conversazione di tutti i giorni:
- What are the terms you negotiate with your customers?
- Are you getting your customers to pay on time?
- Are you ready for some more excitement?
La grammatica di questo video
Le strutture che chi parla usa di più, con le parole esatte del video:
| Struttura | Nel video |
|---|---|
| Forma passiva be + participio passato — conta ciò che accade, non chi lo fa | is defined · are logged · are generated |
| Frasi relative who / which + frase — un’informazione in più su una persona o una cosa | Sales, which is · tax, which is |
| Present perfect have/has + participio passato — un’azione passata che conta ancora adesso | has generated · have seen |
Pronuncia a cui fare attenzione
- I suoni “sh” e “zh”: fraction /ˈfɹæk.ʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, variation /ˌvɛəɹiˈeɪʃn̩/, negotiate /nəˈɡəʊ.ʃi.eɪt/, isolation /ˌaɪsəˈleɪʃən/
- Parole lunghe — attenzione all’accento: denominator /dɪˈnɒmɪneɪtə(ɹ)/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, numerator /ˈnuː.məɹˌeɪ̯.təɹ/, profitability /ˌpɹɑ.fɪ.təˈbɪl.ɪ.ti/, ubiquitous /juːˈbɪkwɪtəs/
I suoni difficili per chi parla italiano:
- /h/ — va soffiata, non è muta: shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, holistic /hoʊˈlɪs.tɪk/
- Consonante finale — senza aggiungere una vocale dopo: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, minimize /ˈmɪn.ɪˌmaɪz/, subscribe /səbˈskɹaɪb/, holistic /hoʊˈlɪs.tɪk/, ubiquitous /juːˈbɪkwɪtəs/
- /æ/ — più aperta della “e”: fraction /ˈfɹæk.ʃən/, maximize /ˈmæksəmaɪz/, analytical /ˌæn.əˈlɪt.ɪ.kəl/, calculate /ˈkælkjʊleɪt/, analyst /ˈænəlɪst/
Come esercitarsi con questo video
- Ascolta tutto il video una volta senza parlare e annota le parole che non conosci.
- Inizia a velocità 0,75×, fai shadowing frase per frase e torna alla velocità normale quando diventa facile.
- Registrati e confronta con l’originale, facendo attenzione a parole come turnover, leverage, denominator.
Cos'è la tecnica dello Shadowing?
Shadowing è una tecnica di apprendimento delle lingue supportata da studi scientifici, originariamente sviluppata per la formazione dei traduttori professionisti e resa popolare dal poliglotta Dr. Alexander Arguelles. Il metodo è semplice ma potente: ascolti un audio in inglese di madrelingua e lo ripeti immediatamente ad alta voce — come un'ombra che segue il parlante con un ritardo di solo 1–2 secondi. A differenza dell'ascolto passivo o degli esercizi di grammatica, lo shadowing costringe il tuo cervello e i muscoli della bocca a elaborare e riprodurre simultaneamente i modelli di discorso reale. La ricerca dimostra che migliora significativamente la precisione della pronuncia, l'intonazione, il ritmo, il discorso connesso, la comprensione dell'ascolto e la fluidità del parlato — rendendolo uno dei metodi più efficaci per la preparazione alla prova di speaking dell'IELTS e per la comunicazione reale in inglese.