There are many different ways to illustrate ROE one of which is:
ROE = (net profit margin)(asset turnover)(equity multiplier)
0.18 = (0.15)(4.5)(equity multiplier)
0.18 ÷ [(0.15)(4.5)] = equity multiplier
0.18 ÷ 0.675 = equity multiplier
0.18 ÷ 0.675 = 0.267
