| Return on Equity Decomposition |
| ROE =(Income/Equity) |
| = (income/assets) x (assets/equity) |
| = (income/sales) x (sales/assets) x (assets/equity) |
| The following tables show the ROE breakdown for Marriott International as well as Hilton and IHG |
| Marriott ($ millions) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| Net Income |
| Sales |
| Net Profit Margin (ROS) |
| Total Assets |
| Asset Turnover |
| Return on Assets |
| Shareholders Equity |
| Financial Leverage |
| Return on Equity |
| Hilton ($ millions) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| Net Income |
| Sales |
| Net Profit Margin (ROS) |
| Total Assets |
| Asset Turnover |
| Return on Assets |
| Shareholders Equity |
| Financial Leverage |
| Return on Equity |
| IHG ($ millions) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| Net Income |
| Sales |
| Net Profit Margin (ROS) |
| Total Assets |
| Asset Turnover |
| Return on Assets |
| Shareholders Equity |
| Financial Leverage |
| Return on Equity |
betcab
roe_decomp.cabello.xlsx
