Growth, Profitability,
14
THE FOLLOWING GRAPHS compare 1 company’s 10K/10Q results with its 6 closest competitors. The first page summarizes 10 key financial indicators for growth, profitability and capitalization. The subsequent 10 pages provide detailed background for each of the measures on the first page. Buyside Research investment analysis through technology
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Transcript of Growth, Profitability,
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 114
THE FOLLOWING GRAPHS
compare 1 companyrsquos
10K10Q results with its 6
closest competitors
The first page summarizes
10 key financial indicators for
growth profitability and
capitalization
The subsequent 10 pages
provide detailed background for
each of the measures on the
first page
Buyside Research
investment analysis through technology
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 214
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICE
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYNet Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOS Instruct
When UEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURES
PE Ratio PB Ratio RoR
ROE
Ticker Name
123
4567
IBMHitachiHwltt-Pckd
Compaq ComDell Cmptr Sun MicrosGateway
197nr
478
260703511532
IBMHITHWP
CPQDELLSUNWGTW
EquityAssetsFIVE YEAR PROFITABILITY
KEY FIVE YEAR GROWTH RATE COMPARISONS 1995-2000
FINANCIAL LEVERAGE RATIOS FIVE YEAR AVER
ROE (after NRI)
PRICING MEASURES FIVE YEAR AVERAGES PriceBook Ratio
AV 1 2 3 4 5 6 7
37
58
1
37 36
nm
83
566
4
2
0
PE Ratio
AV 1 2 3 4 5 6 7
11
18
neg
20
nm
40 443030
20
10
0
Profit Margins (after NRI)
AV 1 2 3 4 5 6 7
23
82
1
77
10
7183
37
9
6
3
0
AV 1 2 3 4 5 6 7
74
33
2
20
31
52
21 21
30
20
100
AV 1 2 3 4 5 6 7
52
2430
4954
39
5751
60
40
20
0
Interest Coverage
AV 1 2 3 4 5 6 7
27
15
31
17
nm nmnm nm
15
10
5
0
AV 1 2 3 4 5 6 7
EPS before NRI
11
20
-60
74
-11
57
13
57
20
10
0
-10
AV 1 2 3 4 5 6 7
Sales
88 426
91
21
43
21 21
30
20
10
0
Mkt Cap
(in $BILL)
1996-2000
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to c
OVERVIEWGroup 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 314
Group 1 of 6 in Industry COMPUTER HARDWARESALES
Quarterly Sales Change
Year-to-Date Sales Change
Sales ( in $Billions)
Annual Sales ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not MeaningfulPDND=PartialNo Data NEG=Negative
UPPER LEFT 5 years of revenues are graphed to
illustrate size Companies are grouped by industry
and then ranked their most recent fiscal Sales
growth rates P = V(1+R)5SALES growth rates
should be similar to the growth rates of EPS and
COMMON SHAREHOLDERS EQUITY if a
companyrsquos business growth can be adequately
UPPER RIGHT 5 year point-to-point annual compound
MIDDLE RIGHT Percent change of quarterly revenues ndashthe most recent quarter compared to the same perioda year before
BOTTOM RIGHT Percent change of year-to-daterevenues ndash this year vs same period last year
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
719
652
315
167
530
709
368
5 Year Annual Compound Growth Rates -1995 - 2000
40
30
20
10
0
759
682
384
200
776
860
504
785
679
355
246
123
99
629
817
635
394
312
182
118
770
875
639
424
385
253
157
896
884
672
488
424
319
183
96
5
0
-5
-10
-15
10
5
0
-5
-10
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
IBMHIT
HWPCPQ
DELLSUNW
GTW
8842
6
91
21
43
21 21
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
-50
-4
nr
-14
-17
-8
-20 -32
IBMHIT
HWPCPQ
DELLSUNW
GTW
34 39
nr
-88 -10
46
-10-23
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
financed
95 96 97 98 99 00
100
75
50
25
0
= Value Off Chart
timestimes times times
times times
diams diams diams diams diams diamsoplus oplus
oplusoplus
oplusoplus
lowastlowast
lowast lowast lowast lowast
bull bull bull bullbull
bull
Ο ΟΟ
ΟΟ
Οlozloz loz
loz lozloz
times lowastoplus bullΟ
lozdiams
IBM HIT HWP
CPQ DELL SUNW GTW
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 414
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EARNINGS PER SHARE
Quarterly Change
Year-to-Date Change
EPS ( in $ ) before NRI
95 96 97 98 99 00
EPS ( in $ )
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
181
34
116
62
09
16
60
5 Year Annual Compound Growth Rates -1995 - 2000
11
20
-60
92
-11
57
13
57
IndAv
30
20
10
0
-10
256
21
127
90
19
26
82
309
01
123
123
36
25
36
338
(78)
130
(171)
58
33
111
425
04
154
35
66
59
136
458
25
180
35
87
30
79
6
4
2
0
-2
IBM HIT HWP CPQ DELL SUNWGTW
-34
64
nr
-90
nm nm nm nm
IndAv
9
6
3
0
-3
IBMHIT
HWPCPQ
DELLSUNW
GTW
-60
11nr
-91
nm
-67-97
nm
IndAv
100
50
0
-50
-100
Expectations for earnings growth are usually a
determining factor in the levels of PRICEEARNINGSRATIOS Growth rates for EPS NET INCOME
COMMON SHAREHOLDERS EQUITY and SALES
should coincide if they are to be relevant to stockvaluations
MIDDLE RIGHT Percent change of quarterly earnings pershare ndash the most recent quarter compared to the sameperiod a year before
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
(Before Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
times lowast lozoplus Ο bull diams
UPPER LEFT 5 years of fiscal earnings per share beforenonrecurring items are graphed The consistency andquality of these earnings are for most stocks reflectedin the level of PRICEEARNINGS RATIOS
UPPER RIGHT The five year point-to-point annualcompound growth rate is graphed P = V(1+R)
BOTTOM RIGHT Percent change of year-to date earningsper share- this year vs same period last year
5
IBM HIT HWP
CPQ DELL SUNW GTW
times
timestimes
times
timestimes
diams diamsdiams
diams diamsdiamsoplus oplus
oplus
oplus
oplus opluslowast lowastlowast
lowast
lowastlowastbull bull bull bull
bullbullΟ Ο Ο Ο Ο Οloz loz loz loz loz loz
= Value Off Chart
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 514
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
COMMON SHAREHOLDERS EQUITY
Net Equity Financing ( in $Billions)
Nonrecurring Items ( in $Billions)
Common Sha reho lde rs Equity ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Sum 1996 - 2000
222253
118
461
97
225
56
Book Value per Share5 Year Annual Compound Growth Rates 1995 - 2000
12
29
-23
47
16
47 34 32
IndAv
30
20
10
0
-10
214260
134
729
81
274
82
196257
162
943
129
351
93
192230
169
114
232
487
134
203237
183
148
531
731
202
204227
142
121
562
106
238
IBM HIT HWP CPQ DELL SUNWGTW
-19
115
-98
-01
-57
-17
138
2
1
0
-1
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
UPPER RIGHT The five year point-to-point annual
compound growth rate of Book Value per Share is graphed5
P = V(1+R) Equity growth should bear some relationship
to the companyrsquos business growth (See SALES growth
rates and Equity Turnover Ratios on the RETURN ON
EQUITY screens) Another informative measure of the
growth rate of book values is the Earnings Retention Rate
(see RATES OF RETURN) multiplied by the RETURN
ON EQUITYMIDDLE RIGHT Net sales of common stock over the
last five years are summarized Positive numbers
indicate equity sales
BOTTOM RIGHT The sum of net nonrecurring items
over the last five years Nonrecurring items althoughnot properly included in a single yearrsquos results should
be included in average or long term analyses
UPPER LEFT The per cent change of Common ShareholdersEquity as of the most recent quarter end vs the same
quarter end a year ago
copy Squyres 1995-96 All rights reserved
All fiscal period data have been converted to comparable
calendar period data
5 Year Sum 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
11
18
nr
-51
-11
-23
45
-21
IndAv
20
10
0
-10
-20
Common Shareholders Equity is a primary determinant of
asset valuation (see PRICEBOOK RATIOS) as well as
borrowing capacity (see EQUITYASSETS RATIOS)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 614
Group 1 of 6 in IndustryCOMPUTER HARDWARE
RETURN ON EQUITY
Equity Turnover Ratio (SalesComShareEquity)
Profit Margins (After NRI)
Return on Average Equity ()
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
25
39
20
22
58
31
37
Return on Average Equity - 5 Year Average 1996 - 2000
40
30
20
10
0
30
9
21
22
90
24
13
33
neg
18
neg
81
25
30
39
11
20
43
44
30
25
40
54
23
42
40
10
11
33
2
20
31
52
21
21
4
3
2
1
0
8
6
4
2
0
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar period
5 Year Average 1996 - 2000
Return on Average Equity - 12 Months Ending 2Q 2001
12
9
6
3
0
UPPER LEFT Net income ndash after taxes extraordinary anddiscontinued items ndash for the 12 months ending with the mostrecent quarter is divided by average (beginning of the periodand end of the period) Common Shareholders Equity For anyone year ROE X the Earnings Retention Rate (see RATES OFRETURN) = the growth rate of Book Value (see COMMONSHAREHOLDERS EQUITY)
UPPER RIGHT The average of each of the last 5 year rsquos returnspositive and negative is graphed ROE X the EarningsRetention Rate (see RATES OF RETURN) = the growth rate ofBook Value (see COMMON SHAREHOLDERS EQUITY)
MIDDLE RIGHT Turnover is fiscal year SALESCOMMONSHAREHOLDERS EQUITY Changes in this ratio indicate achange in the nature of the business (ie acquisitions new
products maturing businesses etc) This ratio is also used toestimate capital requirements for future business growth
ROE = EQUITY TURNOVER X PROFIT MARGINS
BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET
INCOME SALES These rsquos are the average of each of
the last 5 year rsquos after-tax profit margins both positive and
negative
45
41
nr
10
neg
26
10
neg
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
74
33
2
20
31
52
21 21
(After Nonrecurring Items)
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
27
41
27 26
31
73
26
57
IBMHIT
HWPCPQ
DELLSUNW
GTW
23
82
1
77
10
71
83
37
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
ROE = SALESAVERAGE COMMOM SHAREHOLDERS EQUITY
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 214
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICE
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYNet Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOS Instruct
When UEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURES
PE Ratio PB Ratio RoR
ROE
Ticker Name
123
4567
IBMHitachiHwltt-Pckd
Compaq ComDell Cmptr Sun MicrosGateway
197nr
478
260703511532
IBMHITHWP
CPQDELLSUNWGTW
EquityAssetsFIVE YEAR PROFITABILITY
KEY FIVE YEAR GROWTH RATE COMPARISONS 1995-2000
FINANCIAL LEVERAGE RATIOS FIVE YEAR AVER
ROE (after NRI)
PRICING MEASURES FIVE YEAR AVERAGES PriceBook Ratio
AV 1 2 3 4 5 6 7
37
58
1
37 36
nm
83
566
4
2
0
PE Ratio
AV 1 2 3 4 5 6 7
11
18
neg
20
nm
40 443030
20
10
0
Profit Margins (after NRI)
AV 1 2 3 4 5 6 7
23
82
1
77
10
7183
37
9
6
3
0
AV 1 2 3 4 5 6 7
74
33
2
20
31
52
21 21
30
20
100
AV 1 2 3 4 5 6 7
52
2430
4954
39
5751
60
40
20
0
Interest Coverage
AV 1 2 3 4 5 6 7
27
15
31
17
nm nmnm nm
15
10
5
0
AV 1 2 3 4 5 6 7
EPS before NRI
11
20
-60
74
-11
57
13
57
20
10
0
-10
AV 1 2 3 4 5 6 7
Sales
88 426
91
21
43
21 21
30
20
10
0
Mkt Cap
(in $BILL)
1996-2000
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to c
OVERVIEWGroup 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 314
Group 1 of 6 in Industry COMPUTER HARDWARESALES
Quarterly Sales Change
Year-to-Date Sales Change
Sales ( in $Billions)
Annual Sales ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not MeaningfulPDND=PartialNo Data NEG=Negative
UPPER LEFT 5 years of revenues are graphed to
illustrate size Companies are grouped by industry
and then ranked their most recent fiscal Sales
growth rates P = V(1+R)5SALES growth rates
should be similar to the growth rates of EPS and
COMMON SHAREHOLDERS EQUITY if a
companyrsquos business growth can be adequately
UPPER RIGHT 5 year point-to-point annual compound
MIDDLE RIGHT Percent change of quarterly revenues ndashthe most recent quarter compared to the same perioda year before
BOTTOM RIGHT Percent change of year-to-daterevenues ndash this year vs same period last year
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
719
652
315
167
530
709
368
5 Year Annual Compound Growth Rates -1995 - 2000
40
30
20
10
0
759
682
384
200
776
860
504
785
679
355
246
123
99
629
817
635
394
312
182
118
770
875
639
424
385
253
157
896
884
672
488
424
319
183
96
5
0
-5
-10
-15
10
5
0
-5
-10
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
IBMHIT
HWPCPQ
DELLSUNW
GTW
8842
6
91
21
43
21 21
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
-50
-4
nr
-14
-17
-8
-20 -32
IBMHIT
HWPCPQ
DELLSUNW
GTW
34 39
nr
-88 -10
46
-10-23
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
financed
95 96 97 98 99 00
100
75
50
25
0
= Value Off Chart
timestimes times times
times times
diams diams diams diams diams diamsoplus oplus
oplusoplus
oplusoplus
lowastlowast
lowast lowast lowast lowast
bull bull bull bullbull
bull
Ο ΟΟ
ΟΟ
Οlozloz loz
loz lozloz
times lowastoplus bullΟ
lozdiams
IBM HIT HWP
CPQ DELL SUNW GTW
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 414
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EARNINGS PER SHARE
Quarterly Change
Year-to-Date Change
EPS ( in $ ) before NRI
95 96 97 98 99 00
EPS ( in $ )
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
181
34
116
62
09
16
60
5 Year Annual Compound Growth Rates -1995 - 2000
11
20
-60
92
-11
57
13
57
IndAv
30
20
10
0
-10
256
21
127
90
19
26
82
309
01
123
123
36
25
36
338
(78)
130
(171)
58
33
111
425
04
154
35
66
59
136
458
25
180
35
87
30
79
6
4
2
0
-2
IBM HIT HWP CPQ DELL SUNWGTW
-34
64
nr
-90
nm nm nm nm
IndAv
9
6
3
0
-3
IBMHIT
HWPCPQ
DELLSUNW
GTW
-60
11nr
-91
nm
-67-97
nm
IndAv
100
50
0
-50
-100
Expectations for earnings growth are usually a
determining factor in the levels of PRICEEARNINGSRATIOS Growth rates for EPS NET INCOME
COMMON SHAREHOLDERS EQUITY and SALES
should coincide if they are to be relevant to stockvaluations
MIDDLE RIGHT Percent change of quarterly earnings pershare ndash the most recent quarter compared to the sameperiod a year before
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
(Before Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
times lowast lozoplus Ο bull diams
UPPER LEFT 5 years of fiscal earnings per share beforenonrecurring items are graphed The consistency andquality of these earnings are for most stocks reflectedin the level of PRICEEARNINGS RATIOS
UPPER RIGHT The five year point-to-point annualcompound growth rate is graphed P = V(1+R)
BOTTOM RIGHT Percent change of year-to date earningsper share- this year vs same period last year
5
IBM HIT HWP
CPQ DELL SUNW GTW
times
timestimes
times
timestimes
diams diamsdiams
diams diamsdiamsoplus oplus
oplus
oplus
oplus opluslowast lowastlowast
lowast
lowastlowastbull bull bull bull
bullbullΟ Ο Ο Ο Ο Οloz loz loz loz loz loz
= Value Off Chart
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 514
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
COMMON SHAREHOLDERS EQUITY
Net Equity Financing ( in $Billions)
Nonrecurring Items ( in $Billions)
Common Sha reho lde rs Equity ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Sum 1996 - 2000
222253
118
461
97
225
56
Book Value per Share5 Year Annual Compound Growth Rates 1995 - 2000
12
29
-23
47
16
47 34 32
IndAv
30
20
10
0
-10
214260
134
729
81
274
82
196257
162
943
129
351
93
192230
169
114
232
487
134
203237
183
148
531
731
202
204227
142
121
562
106
238
IBM HIT HWP CPQ DELL SUNWGTW
-19
115
-98
-01
-57
-17
138
2
1
0
-1
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
UPPER RIGHT The five year point-to-point annual
compound growth rate of Book Value per Share is graphed5
P = V(1+R) Equity growth should bear some relationship
to the companyrsquos business growth (See SALES growth
rates and Equity Turnover Ratios on the RETURN ON
EQUITY screens) Another informative measure of the
growth rate of book values is the Earnings Retention Rate
(see RATES OF RETURN) multiplied by the RETURN
ON EQUITYMIDDLE RIGHT Net sales of common stock over the
last five years are summarized Positive numbers
indicate equity sales
BOTTOM RIGHT The sum of net nonrecurring items
over the last five years Nonrecurring items althoughnot properly included in a single yearrsquos results should
be included in average or long term analyses
UPPER LEFT The per cent change of Common ShareholdersEquity as of the most recent quarter end vs the same
quarter end a year ago
copy Squyres 1995-96 All rights reserved
All fiscal period data have been converted to comparable
calendar period data
5 Year Sum 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
11
18
nr
-51
-11
-23
45
-21
IndAv
20
10
0
-10
-20
Common Shareholders Equity is a primary determinant of
asset valuation (see PRICEBOOK RATIOS) as well as
borrowing capacity (see EQUITYASSETS RATIOS)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 614
Group 1 of 6 in IndustryCOMPUTER HARDWARE
RETURN ON EQUITY
Equity Turnover Ratio (SalesComShareEquity)
Profit Margins (After NRI)
Return on Average Equity ()
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
25
39
20
22
58
31
37
Return on Average Equity - 5 Year Average 1996 - 2000
40
30
20
10
0
30
9
21
22
90
24
13
33
neg
18
neg
81
25
30
39
11
20
43
44
30
25
40
54
23
42
40
10
11
33
2
20
31
52
21
21
4
3
2
1
0
8
6
4
2
0
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar period
5 Year Average 1996 - 2000
Return on Average Equity - 12 Months Ending 2Q 2001
12
9
6
3
0
UPPER LEFT Net income ndash after taxes extraordinary anddiscontinued items ndash for the 12 months ending with the mostrecent quarter is divided by average (beginning of the periodand end of the period) Common Shareholders Equity For anyone year ROE X the Earnings Retention Rate (see RATES OFRETURN) = the growth rate of Book Value (see COMMONSHAREHOLDERS EQUITY)
UPPER RIGHT The average of each of the last 5 year rsquos returnspositive and negative is graphed ROE X the EarningsRetention Rate (see RATES OF RETURN) = the growth rate ofBook Value (see COMMON SHAREHOLDERS EQUITY)
MIDDLE RIGHT Turnover is fiscal year SALESCOMMONSHAREHOLDERS EQUITY Changes in this ratio indicate achange in the nature of the business (ie acquisitions new
products maturing businesses etc) This ratio is also used toestimate capital requirements for future business growth
ROE = EQUITY TURNOVER X PROFIT MARGINS
BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET
INCOME SALES These rsquos are the average of each of
the last 5 year rsquos after-tax profit margins both positive and
negative
45
41
nr
10
neg
26
10
neg
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
74
33
2
20
31
52
21 21
(After Nonrecurring Items)
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
27
41
27 26
31
73
26
57
IBMHIT
HWPCPQ
DELLSUNW
GTW
23
82
1
77
10
71
83
37
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
ROE = SALESAVERAGE COMMOM SHAREHOLDERS EQUITY
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 314
Group 1 of 6 in Industry COMPUTER HARDWARESALES
Quarterly Sales Change
Year-to-Date Sales Change
Sales ( in $Billions)
Annual Sales ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not MeaningfulPDND=PartialNo Data NEG=Negative
UPPER LEFT 5 years of revenues are graphed to
illustrate size Companies are grouped by industry
and then ranked their most recent fiscal Sales
growth rates P = V(1+R)5SALES growth rates
should be similar to the growth rates of EPS and
COMMON SHAREHOLDERS EQUITY if a
companyrsquos business growth can be adequately
UPPER RIGHT 5 year point-to-point annual compound
MIDDLE RIGHT Percent change of quarterly revenues ndashthe most recent quarter compared to the same perioda year before
BOTTOM RIGHT Percent change of year-to-daterevenues ndash this year vs same period last year
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
719
652
315
167
530
709
368
5 Year Annual Compound Growth Rates -1995 - 2000
40
30
20
10
0
759
682
384
200
776
860
504
785
679
355
246
123
99
629
817
635
394
312
182
118
770
875
639
424
385
253
157
896
884
672
488
424
319
183
96
5
0
-5
-10
-15
10
5
0
-5
-10
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
IBMHIT
HWPCPQ
DELLSUNW
GTW
8842
6
91
21
43
21 21
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
-50
-4
nr
-14
-17
-8
-20 -32
IBMHIT
HWPCPQ
DELLSUNW
GTW
34 39
nr
-88 -10
46
-10-23
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
financed
95 96 97 98 99 00
100
75
50
25
0
= Value Off Chart
timestimes times times
times times
diams diams diams diams diams diamsoplus oplus
oplusoplus
oplusoplus
lowastlowast
lowast lowast lowast lowast
bull bull bull bullbull
bull
Ο ΟΟ
ΟΟ
Οlozloz loz
loz lozloz
times lowastoplus bullΟ
lozdiams
IBM HIT HWP
CPQ DELL SUNW GTW
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 414
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EARNINGS PER SHARE
Quarterly Change
Year-to-Date Change
EPS ( in $ ) before NRI
95 96 97 98 99 00
EPS ( in $ )
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
181
34
116
62
09
16
60
5 Year Annual Compound Growth Rates -1995 - 2000
11
20
-60
92
-11
57
13
57
IndAv
30
20
10
0
-10
256
21
127
90
19
26
82
309
01
123
123
36
25
36
338
(78)
130
(171)
58
33
111
425
04
154
35
66
59
136
458
25
180
35
87
30
79
6
4
2
0
-2
IBM HIT HWP CPQ DELL SUNWGTW
-34
64
nr
-90
nm nm nm nm
IndAv
9
6
3
0
-3
IBMHIT
HWPCPQ
DELLSUNW
GTW
-60
11nr
-91
nm
-67-97
nm
IndAv
100
50
0
-50
-100
Expectations for earnings growth are usually a
determining factor in the levels of PRICEEARNINGSRATIOS Growth rates for EPS NET INCOME
COMMON SHAREHOLDERS EQUITY and SALES
should coincide if they are to be relevant to stockvaluations
MIDDLE RIGHT Percent change of quarterly earnings pershare ndash the most recent quarter compared to the sameperiod a year before
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
(Before Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
times lowast lozoplus Ο bull diams
UPPER LEFT 5 years of fiscal earnings per share beforenonrecurring items are graphed The consistency andquality of these earnings are for most stocks reflectedin the level of PRICEEARNINGS RATIOS
UPPER RIGHT The five year point-to-point annualcompound growth rate is graphed P = V(1+R)
BOTTOM RIGHT Percent change of year-to date earningsper share- this year vs same period last year
5
IBM HIT HWP
CPQ DELL SUNW GTW
times
timestimes
times
timestimes
diams diamsdiams
diams diamsdiamsoplus oplus
oplus
oplus
oplus opluslowast lowastlowast
lowast
lowastlowastbull bull bull bull
bullbullΟ Ο Ο Ο Ο Οloz loz loz loz loz loz
= Value Off Chart
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 514
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
COMMON SHAREHOLDERS EQUITY
Net Equity Financing ( in $Billions)
Nonrecurring Items ( in $Billions)
Common Sha reho lde rs Equity ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Sum 1996 - 2000
222253
118
461
97
225
56
Book Value per Share5 Year Annual Compound Growth Rates 1995 - 2000
12
29
-23
47
16
47 34 32
IndAv
30
20
10
0
-10
214260
134
729
81
274
82
196257
162
943
129
351
93
192230
169
114
232
487
134
203237
183
148
531
731
202
204227
142
121
562
106
238
IBM HIT HWP CPQ DELL SUNWGTW
-19
115
-98
-01
-57
-17
138
2
1
0
-1
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
UPPER RIGHT The five year point-to-point annual
compound growth rate of Book Value per Share is graphed5
P = V(1+R) Equity growth should bear some relationship
to the companyrsquos business growth (See SALES growth
rates and Equity Turnover Ratios on the RETURN ON
EQUITY screens) Another informative measure of the
growth rate of book values is the Earnings Retention Rate
(see RATES OF RETURN) multiplied by the RETURN
ON EQUITYMIDDLE RIGHT Net sales of common stock over the
last five years are summarized Positive numbers
indicate equity sales
BOTTOM RIGHT The sum of net nonrecurring items
over the last five years Nonrecurring items althoughnot properly included in a single yearrsquos results should
be included in average or long term analyses
UPPER LEFT The per cent change of Common ShareholdersEquity as of the most recent quarter end vs the same
quarter end a year ago
copy Squyres 1995-96 All rights reserved
All fiscal period data have been converted to comparable
calendar period data
5 Year Sum 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
11
18
nr
-51
-11
-23
45
-21
IndAv
20
10
0
-10
-20
Common Shareholders Equity is a primary determinant of
asset valuation (see PRICEBOOK RATIOS) as well as
borrowing capacity (see EQUITYASSETS RATIOS)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 614
Group 1 of 6 in IndustryCOMPUTER HARDWARE
RETURN ON EQUITY
Equity Turnover Ratio (SalesComShareEquity)
Profit Margins (After NRI)
Return on Average Equity ()
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
25
39
20
22
58
31
37
Return on Average Equity - 5 Year Average 1996 - 2000
40
30
20
10
0
30
9
21
22
90
24
13
33
neg
18
neg
81
25
30
39
11
20
43
44
30
25
40
54
23
42
40
10
11
33
2
20
31
52
21
21
4
3
2
1
0
8
6
4
2
0
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar period
5 Year Average 1996 - 2000
Return on Average Equity - 12 Months Ending 2Q 2001
12
9
6
3
0
UPPER LEFT Net income ndash after taxes extraordinary anddiscontinued items ndash for the 12 months ending with the mostrecent quarter is divided by average (beginning of the periodand end of the period) Common Shareholders Equity For anyone year ROE X the Earnings Retention Rate (see RATES OFRETURN) = the growth rate of Book Value (see COMMONSHAREHOLDERS EQUITY)
UPPER RIGHT The average of each of the last 5 year rsquos returnspositive and negative is graphed ROE X the EarningsRetention Rate (see RATES OF RETURN) = the growth rate ofBook Value (see COMMON SHAREHOLDERS EQUITY)
MIDDLE RIGHT Turnover is fiscal year SALESCOMMONSHAREHOLDERS EQUITY Changes in this ratio indicate achange in the nature of the business (ie acquisitions new
products maturing businesses etc) This ratio is also used toestimate capital requirements for future business growth
ROE = EQUITY TURNOVER X PROFIT MARGINS
BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET
INCOME SALES These rsquos are the average of each of
the last 5 year rsquos after-tax profit margins both positive and
negative
45
41
nr
10
neg
26
10
neg
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
74
33
2
20
31
52
21 21
(After Nonrecurring Items)
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
27
41
27 26
31
73
26
57
IBMHIT
HWPCPQ
DELLSUNW
GTW
23
82
1
77
10
71
83
37
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
ROE = SALESAVERAGE COMMOM SHAREHOLDERS EQUITY
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 414
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EARNINGS PER SHARE
Quarterly Change
Year-to-Date Change
EPS ( in $ ) before NRI
95 96 97 98 99 00
EPS ( in $ )
Ticker Name 95 96 97 98 99 00
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
2Q 2001 vs 2Q 2000
6 mos 2001 vs 6 mos 2000
181
34
116
62
09
16
60
5 Year Annual Compound Growth Rates -1995 - 2000
11
20
-60
92
-11
57
13
57
IndAv
30
20
10
0
-10
256
21
127
90
19
26
82
309
01
123
123
36
25
36
338
(78)
130
(171)
58
33
111
425
04
154
35
66
59
136
458
25
180
35
87
30
79
6
4
2
0
-2
IBM HIT HWP CPQ DELL SUNWGTW
-34
64
nr
-90
nm nm nm nm
IndAv
9
6
3
0
-3
IBMHIT
HWPCPQ
DELLSUNW
GTW
-60
11nr
-91
nm
-67-97
nm
IndAv
100
50
0
-50
-100
Expectations for earnings growth are usually a
determining factor in the levels of PRICEEARNINGSRATIOS Growth rates for EPS NET INCOME
COMMON SHAREHOLDERS EQUITY and SALES
should coincide if they are to be relevant to stockvaluations
MIDDLE RIGHT Percent change of quarterly earnings pershare ndash the most recent quarter compared to the sameperiod a year before
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
(Before Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
times lowast lozoplus Ο bull diams
UPPER LEFT 5 years of fiscal earnings per share beforenonrecurring items are graphed The consistency andquality of these earnings are for most stocks reflectedin the level of PRICEEARNINGS RATIOS
UPPER RIGHT The five year point-to-point annualcompound growth rate is graphed P = V(1+R)
BOTTOM RIGHT Percent change of year-to date earningsper share- this year vs same period last year
5
IBM HIT HWP
CPQ DELL SUNW GTW
times
timestimes
times
timestimes
diams diamsdiams
diams diamsdiamsoplus oplus
oplus
oplus
oplus opluslowast lowastlowast
lowast
lowastlowastbull bull bull bull
bullbullΟ Ο Ο Ο Ο Οloz loz loz loz loz loz
= Value Off Chart
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 514
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
COMMON SHAREHOLDERS EQUITY
Net Equity Financing ( in $Billions)
Nonrecurring Items ( in $Billions)
Common Sha reho lde rs Equity ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Sum 1996 - 2000
222253
118
461
97
225
56
Book Value per Share5 Year Annual Compound Growth Rates 1995 - 2000
12
29
-23
47
16
47 34 32
IndAv
30
20
10
0
-10
214260
134
729
81
274
82
196257
162
943
129
351
93
192230
169
114
232
487
134
203237
183
148
531
731
202
204227
142
121
562
106
238
IBM HIT HWP CPQ DELL SUNWGTW
-19
115
-98
-01
-57
-17
138
2
1
0
-1
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
UPPER RIGHT The five year point-to-point annual
compound growth rate of Book Value per Share is graphed5
P = V(1+R) Equity growth should bear some relationship
to the companyrsquos business growth (See SALES growth
rates and Equity Turnover Ratios on the RETURN ON
EQUITY screens) Another informative measure of the
growth rate of book values is the Earnings Retention Rate
(see RATES OF RETURN) multiplied by the RETURN
ON EQUITYMIDDLE RIGHT Net sales of common stock over the
last five years are summarized Positive numbers
indicate equity sales
BOTTOM RIGHT The sum of net nonrecurring items
over the last five years Nonrecurring items althoughnot properly included in a single yearrsquos results should
be included in average or long term analyses
UPPER LEFT The per cent change of Common ShareholdersEquity as of the most recent quarter end vs the same
quarter end a year ago
copy Squyres 1995-96 All rights reserved
All fiscal period data have been converted to comparable
calendar period data
5 Year Sum 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
11
18
nr
-51
-11
-23
45
-21
IndAv
20
10
0
-10
-20
Common Shareholders Equity is a primary determinant of
asset valuation (see PRICEBOOK RATIOS) as well as
borrowing capacity (see EQUITYASSETS RATIOS)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 614
Group 1 of 6 in IndustryCOMPUTER HARDWARE
RETURN ON EQUITY
Equity Turnover Ratio (SalesComShareEquity)
Profit Margins (After NRI)
Return on Average Equity ()
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
25
39
20
22
58
31
37
Return on Average Equity - 5 Year Average 1996 - 2000
40
30
20
10
0
30
9
21
22
90
24
13
33
neg
18
neg
81
25
30
39
11
20
43
44
30
25
40
54
23
42
40
10
11
33
2
20
31
52
21
21
4
3
2
1
0
8
6
4
2
0
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar period
5 Year Average 1996 - 2000
Return on Average Equity - 12 Months Ending 2Q 2001
12
9
6
3
0
UPPER LEFT Net income ndash after taxes extraordinary anddiscontinued items ndash for the 12 months ending with the mostrecent quarter is divided by average (beginning of the periodand end of the period) Common Shareholders Equity For anyone year ROE X the Earnings Retention Rate (see RATES OFRETURN) = the growth rate of Book Value (see COMMONSHAREHOLDERS EQUITY)
UPPER RIGHT The average of each of the last 5 year rsquos returnspositive and negative is graphed ROE X the EarningsRetention Rate (see RATES OF RETURN) = the growth rate ofBook Value (see COMMON SHAREHOLDERS EQUITY)
MIDDLE RIGHT Turnover is fiscal year SALESCOMMONSHAREHOLDERS EQUITY Changes in this ratio indicate achange in the nature of the business (ie acquisitions new
products maturing businesses etc) This ratio is also used toestimate capital requirements for future business growth
ROE = EQUITY TURNOVER X PROFIT MARGINS
BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET
INCOME SALES These rsquos are the average of each of
the last 5 year rsquos after-tax profit margins both positive and
negative
45
41
nr
10
neg
26
10
neg
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
74
33
2
20
31
52
21 21
(After Nonrecurring Items)
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
27
41
27 26
31
73
26
57
IBMHIT
HWPCPQ
DELLSUNW
GTW
23
82
1
77
10
71
83
37
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
ROE = SALESAVERAGE COMMOM SHAREHOLDERS EQUITY
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 514
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
COMMON SHAREHOLDERS EQUITY
Net Equity Financing ( in $Billions)
Nonrecurring Items ( in $Billions)
Common Sha reho lde rs Equity ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Sum 1996 - 2000
222253
118
461
97
225
56
Book Value per Share5 Year Annual Compound Growth Rates 1995 - 2000
12
29
-23
47
16
47 34 32
IndAv
30
20
10
0
-10
214260
134
729
81
274
82
196257
162
943
129
351
93
192230
169
114
232
487
134
203237
183
148
531
731
202
204227
142
121
562
106
238
IBM HIT HWP CPQ DELL SUNWGTW
-19
115
-98
-01
-57
-17
138
2
1
0
-1
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
UPPER RIGHT The five year point-to-point annual
compound growth rate of Book Value per Share is graphed5
P = V(1+R) Equity growth should bear some relationship
to the companyrsquos business growth (See SALES growth
rates and Equity Turnover Ratios on the RETURN ON
EQUITY screens) Another informative measure of the
growth rate of book values is the Earnings Retention Rate
(see RATES OF RETURN) multiplied by the RETURN
ON EQUITYMIDDLE RIGHT Net sales of common stock over the
last five years are summarized Positive numbers
indicate equity sales
BOTTOM RIGHT The sum of net nonrecurring items
over the last five years Nonrecurring items althoughnot properly included in a single yearrsquos results should
be included in average or long term analyses
UPPER LEFT The per cent change of Common ShareholdersEquity as of the most recent quarter end vs the same
quarter end a year ago
copy Squyres 1995-96 All rights reserved
All fiscal period data have been converted to comparable
calendar period data
5 Year Sum 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
11
18
nr
-51
-11
-23
45
-21
IndAv
20
10
0
-10
-20
Common Shareholders Equity is a primary determinant of
asset valuation (see PRICEBOOK RATIOS) as well as
borrowing capacity (see EQUITYASSETS RATIOS)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 614
Group 1 of 6 in IndustryCOMPUTER HARDWARE
RETURN ON EQUITY
Equity Turnover Ratio (SalesComShareEquity)
Profit Margins (After NRI)
Return on Average Equity ()
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
25
39
20
22
58
31
37
Return on Average Equity - 5 Year Average 1996 - 2000
40
30
20
10
0
30
9
21
22
90
24
13
33
neg
18
neg
81
25
30
39
11
20
43
44
30
25
40
54
23
42
40
10
11
33
2
20
31
52
21
21
4
3
2
1
0
8
6
4
2
0
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar period
5 Year Average 1996 - 2000
Return on Average Equity - 12 Months Ending 2Q 2001
12
9
6
3
0
UPPER LEFT Net income ndash after taxes extraordinary anddiscontinued items ndash for the 12 months ending with the mostrecent quarter is divided by average (beginning of the periodand end of the period) Common Shareholders Equity For anyone year ROE X the Earnings Retention Rate (see RATES OFRETURN) = the growth rate of Book Value (see COMMONSHAREHOLDERS EQUITY)
UPPER RIGHT The average of each of the last 5 year rsquos returnspositive and negative is graphed ROE X the EarningsRetention Rate (see RATES OF RETURN) = the growth rate ofBook Value (see COMMON SHAREHOLDERS EQUITY)
MIDDLE RIGHT Turnover is fiscal year SALESCOMMONSHAREHOLDERS EQUITY Changes in this ratio indicate achange in the nature of the business (ie acquisitions new
products maturing businesses etc) This ratio is also used toestimate capital requirements for future business growth
ROE = EQUITY TURNOVER X PROFIT MARGINS
BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET
INCOME SALES These rsquos are the average of each of
the last 5 year rsquos after-tax profit margins both positive and
negative
45
41
nr
10
neg
26
10
neg
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
74
33
2
20
31
52
21 21
(After Nonrecurring Items)
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
27
41
27 26
31
73
26
57
IBMHIT
HWPCPQ
DELLSUNW
GTW
23
82
1
77
10
71
83
37
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
ROE = SALESAVERAGE COMMOM SHAREHOLDERS EQUITY
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 614
Group 1 of 6 in IndustryCOMPUTER HARDWARE
RETURN ON EQUITY
Equity Turnover Ratio (SalesComShareEquity)
Profit Margins (After NRI)
Return on Average Equity ()
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
25
39
20
22
58
31
37
Return on Average Equity - 5 Year Average 1996 - 2000
40
30
20
10
0
30
9
21
22
90
24
13
33
neg
18
neg
81
25
30
39
11
20
43
44
30
25
40
54
23
42
40
10
11
33
2
20
31
52
21
21
4
3
2
1
0
8
6
4
2
0
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar period
5 Year Average 1996 - 2000
Return on Average Equity - 12 Months Ending 2Q 2001
12
9
6
3
0
UPPER LEFT Net income ndash after taxes extraordinary anddiscontinued items ndash for the 12 months ending with the mostrecent quarter is divided by average (beginning of the periodand end of the period) Common Shareholders Equity For anyone year ROE X the Earnings Retention Rate (see RATES OFRETURN) = the growth rate of Book Value (see COMMONSHAREHOLDERS EQUITY)
UPPER RIGHT The average of each of the last 5 year rsquos returnspositive and negative is graphed ROE X the EarningsRetention Rate (see RATES OF RETURN) = the growth rate ofBook Value (see COMMON SHAREHOLDERS EQUITY)
MIDDLE RIGHT Turnover is fiscal year SALESCOMMONSHAREHOLDERS EQUITY Changes in this ratio indicate achange in the nature of the business (ie acquisitions new
products maturing businesses etc) This ratio is also used toestimate capital requirements for future business growth
ROE = EQUITY TURNOVER X PROFIT MARGINS
BOTTOM RIGHT Profit Margin is the fiscal year after-tax NET
INCOME SALES These rsquos are the average of each of
the last 5 year rsquos after-tax profit margins both positive and
negative
45
41
nr
10
neg
26
10
neg
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
74
33
2
20
31
52
21 21
(After Nonrecurring Items)
IndAv
IndAv
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
27
41
27 26
31
73
26
57
IBMHIT
HWPCPQ
DELLSUNW
GTW
23
82
1
77
10
71
83
37
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
ROE = SALESAVERAGE COMMOM SHAREHOLDERS EQUITY
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 714
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
EQUITY ASSETS RATIO
Long Term Debt Change
Common Shareholders Equity Change
Common Sha reho lde rs Equity Assets Ra tio
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
2633
49
59
27
58
49
Common Shareholders Equity Assets5 Year Average 1996 - 2000
52
2430
4954
39
57
51
IndAv
80
60
40
20
0
2432
51
64
30
62
46
2230
53
49
34
57
47
2330
52
54
46
52
51
2325
42
49
42
58
57
2430
49
54
39
57
51
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
35
83
56
413
92
350
nm
-100
IndAv
150
100
50
0
-50
IBMHIT
HWPCPQ
DELLSUNW
GTW
185
-81 -11
20
162
481 370 328
IndAv
300
200
100
0
-100
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Years 1995 vs 2000
Common Shareholders Equity AssetsEnding 2 Quarter 2001
49
27
nr
43 4938
58
53
80
60
40
20
0
Changes in the capital structure increase or decrease the
effect of leverage on COMMON SHAREHOLDERS
EQUITY and will affect the impact of NET INCOME onand the variability of a companyrsquos RETURN ON EQUITY
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
UPPER LEFT Common Shareholderrsquos Equity Total Assets
for the most recent quarter
UPPER RIGHT The average of the last 5 years Common
Shareholderrsquos Equity Assets Of the measures of unused
borrowing power (also see INTEREST COVERAGE) one
of the minimum requirements for investment grade bonds
(Aaa thru Baa) is that Retained Earnings (here Common
Shareholderrsquos Equity is a proxy) equal 40 of Assets -
exept in capital intensive industries where 25 may be
adequateMIDDLE RIGHT The percent change in long term debt
over the last five years
BOTTOM RIGHT The percent change in common share-
holders equity over the last five years
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 814
Group 1 of 6 in Industry COMPUTER HARDWAREINTEREST COVERAGE
Interest Co verage Ratio
Total Debt Change
Ticker Name 96 97 98 99 00 Avg
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Years 1995 vs 2000
1353
12
nm
nm
nm
nm
Interest Coverage5 Year Average 1996 - 2000
20
15
10
5
0
1339
18
nm
nm
nm
nm
14neg
17
neg
nm
nm
nm
1725
22
nm
nm
nm
nm
1765
19
nm
nm
nm
nm
1531
17
nm
nm
nm
nm
60
40
20
0
-20
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
Interest Coverage12 Months ending Jun 2001
16
18
nr
61
neg nm nm neg
8
6
4
2
0
UPPER LEFT Before-tax net income plus interest expense is
divided by interest expense
UPPER RIGHT The 5 year sum of before-tax net incomeplus interest expense is divided by the 5 year sum of
interest expense Of the measures of unused borrowing
power (also see EQUITYASSETS and CASH FLOW
DEBT SERVICE) one of the minimum requirements for
investment-grade bonds (Aaa thru Baa) is that interest
expenses are earned an average of 5X for industrials and
3X for utilities -- with a poorest year of 2X
MIDDLE RIGHT The high and low coverage over the
last 5 years are graphed along with the last fiscal
yearrsquos coverage Continuity consistency and
stability of earning power are key factors in
determining creditworthinessBOTTOM RIGHT The per cent change in Total Debt (Long
term and Short Term) over the last 5 years is graphed
IBMHIT
HWPCPQ
DELLSUNW
GTWIndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
27
15
31
17
nm nm nm nm
IndAv
IBMHIT
HWPCPQ
DELLSUNW
GTW
102
32
56
28
329 346
nm
-100
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Interest Coverage 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
15
10
5
0
-5
-21
-71
23
13
17
17
-27
6565
12
19
22
nrnrnr nmnmnm nrnrnr nrnrnr
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 914
Group 1 of 6 in Industry COMPUTER HARDWARECASH FLOW DEBT SERVICE
Total Debt Change
Debt Payback Period (in years)
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
17
28
28
46
nm
25
70
Debt Service Coverage5 Year Average 1996 - 200078
1721
30
32
neg
13
nm
IndAv
4
3
2
1
0
16
24
26
nm
nm
44
49
15
12
32
nm
44
63
nm
19
20
33
60
nm
13
nm
18
23
30
15
nm
54
nm
17
21
30
32
neg
13
nm
102
32
56
28
329 346
nm
-100
IndAv
60
40
20
0
-20
IBMHIT
HWPCPQ
DELLSUNW
GTW
12
17
37
8
21
3
0
IndAv
2
15
1
05
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period da
5 Years 1996 vs 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
Debt Service Coverage12 Months Ending 2Q 2001
36
23
nr
17
60
60 92
neg
IndAv
8
6
4
2
0
UPPER LEFT 12 months EBITDA DEBT SERVICE through
the most recent quarter EBITDA is Earnings Before
Interest Taxes Depreciation and Amortization DebtService is Total Debt (beginning and end of year average)
stepped up to a pretax basis (using the reported tax rate of
the year) assumed to be paid down over a 10 year period
plus interest Of the measures of unused borrowing power
(see also EQUITYASSETS and INTEREST COVERAGE)
one of the minimum requirements for investment-grade
bonds (Aaa thru Baa) is that Total Debt Service Coverage
average 2X and not fall below 1X in the worst year
UPPER RIGHT The five year average of EBITDA DEBT
MIDDLE RIGHT The percent change in Total Debt (long
term and short term) over the last 5 yearsBOTTOM RIGHT The five year average of Total Debt
(beginning and end of year average of both Long Term
and Short Term) is divided by EBITDA
Debt Servic e Co verag e
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
SERVICE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1014
Group 1 of 6 in Industry COMPUTER HARDWARE
IBMHIT
HWPCPQ
DELLSUNW
GTW
NET INCOME amp PROFIT MARGINS
5 Year Annual Compound Growth Rates
$ Nonrecurring Items ( in $Billions)Net Inc ome (After NRI) ( in $Billions)
Ticker Name 95 96 97 98 99 00
IBMHIT
HWP
CPQ
DELL
SUNW
GTW
IBMHitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
5 Year Sum 1996 - 2000
418145
243
89
272
476
173
Profit Margins (After NRI)5 Year Average 1996 - 2000
23
82
1
77
10
71
83
37
IndAv
8
6
4
2
0
54399
259
132
52
76
251
609242
312
186
94
76
110
633(252)
295
(274)
146
103
346
771251
349
57
167
185
428
809126
370
57
218
93
241
IBMHIT
HWPCPQ
DELLSUNW
GTW
14 14
-28
87
-86
52
14
69
IndAv
15
10
5
0
-5
IBMHIT
HWPCPQ
DELLSUNW
GTW
000 000
139
00
-01 -01
00
15
1
05
0
-05
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
1995 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
Quarterly Change2Q 2001 vs 2Q 2000
-26
54
nr
-89
nm nm nm nm
IndAv
6
4
2
0
-2
IBMHIT
HWPCPQ
DELLSUNW
GTW
Year-to-Date Change6 mos 2001 vs 6 mos 2000
-39
97 nr
-91
nm
-66
nm nm
IndAv
100
50
0
-50
-100
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
BOTTOM LEFT Percent change of year-to-date after-tax Net Income ndash this year vs same period last year
MIDDLE RIGHT 5 year point-to-point annual compound growth rate P = V(1+R)5 One stock valuation approach is based
on Net Income growth (see PRICEEARNINGS RATIOS) These growth rates should coincide with the growth rates ofSALES EPS and COMMON SHAREHOLDERS EQUITY to be valid benchmarks for future estimates
BOTTOM RIGHT The sum of the nonrecurring items over the last five years Nonrecurring items although not properly
included in a single yearrsquos results should be included in average or long term analyses
UPPER LEFT Percent change of quarterly after-tax Net Income ndash the most recent quarter compared to the same period a year
UPPER RIGHT Profit Margin is the fiscal year after-tax NET INCOME SALES These rsquos are the average of each of thelast 5 years after-tax profit margins both positive and negative
(After Nonrecurring Items)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
before
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1114
PRICE EARNINGS RATIOSGroup 1 of 6 in Industry COMPUTER HARDWARE
Year End PErsquosTicker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
89
nm
18
11
45
14
75
Price Earnings Ratios5 Year Average 1996 - 2000
61
18
neg
20
nm
4044
30
IndAvIndAv
40
30
20
10
0
12
nm
18
12
12
19
37
16
neg
24
neg
21
17
15
22
nm
20
nm
76
29
19
24
nm
21
77
44
nm
91
18
neg
20
nm
40
44
30
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Earnings Ratio2 QTR 2001
11
24
nr
35
neg neg neg neg
IBMHIT
HWPCPQ
DELLSUNW
GTW IBMHIT
HWPCPQ
DELLSUNW
GTW
IBMHIT
HWPCPQ
DELLSUNW
GTW
40
30
20
10
0
Price Earnings Ratios 5 Year Range1996 - 2000 and Last Fiscal Year End
IndAv
20
15
10
5
0
36
21
36
89
24
24
nmnmnm
18
21
24
nmnmnm
45
44
76
nmnmnm
75
91
91
As an earnings valuation measure these values should coincide
with EPS and NET INCOME growth rates lower growth rates
tend to result in lower PErsquos EPS are before NRI
UPPER RIGHT The 5 year average of fiscal year-end
UPPER LEFT The most recent fiscal quarterrsquos PE using
the quarter-end price and the previous 12 monthrsquos EPS
BOTTOM RIGHT The range of the last 5 years PErsquos
with the last fiscal year marked
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
PErsquos
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1214
Group 1 of 6 in Industry COMPUTER HARDWAREMARKET CAPITALIZATION amp PRICE BOOK RATIOS
Pric e Book Ra tios
Ticker Name 96 97 98 99 00 Avg
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NEG=Negative PDND=PartialNo Data
NM=Not Meaningful NR=Not Reported Yet
22
1
35
20
29
40
23
Market Capitalization ( in $Billions)2 QTR 2001
80
60
40
20
0
37
1
28
24
83
40
44
50
1
37
42
nm
35
38
81
1
33
47
nm
75
40
92
1
51
38
nm
nm
98
58
1
37
36
nm
83
56
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period dat
Price Book Ratio2 QTR 2001
4
3
2
1
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Book Ratios 5 Year Range1996 vs 2000 and Last Fiscal Year End
IndAv
4
3
2
1
0
17
32
48
22
92
92
111
28
51
51
20
38
47
nmnmnm nmnmnm
23
98
98
Price Book Ratios5 Year Average 1996 - 2000
4
3
2
1
0
UPPER RIGHT The fiscal quarter-end price times the
most recently reported common shares outstanding
UPPER LEFT The most recent fiscal quarter-end price
M IDDLE RIGHT The average of 5 fiscal year end Price
BOTTOM RIGHT The range of the last 5 yearrsquos Price
Book ratios with the last fiscal year marked
IBMHIT
HWPCPQ
DELLSUNW
GTW
37
88
pd
34
22
nm
48
29
IndAv IBMHIT
HWPCPQ
DELLSUNW
GTW
197
nr
478
260
703
511
532
IBMHIT
HWPCPQ
DELLSUNW
GTW
31 58
1
37 36
nm
83 56
IndAv
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Book Values are more relevant for financial asset companiesutilities and industrials particularly natural resource
companies such as mining forest products oil and gas
Book ratios
divided by the per share book value
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1314
Group 1 of 6 in Industry COMPUTER HARDWARERATE OF RETURN
IBMHIT
HWPCPQ
DELLSUNW
GTW
Price Earnings Ratios
Earnings Retention Rate
Rates of Return (in ) 5 Yrs Thru 2 QTR 2001
Ticker Name with Dividends wo DividendsIBM
HIT
HWP
CPQ
DELL
SUNW
GTW
IBM
Hitachi
Hwltt-Pckd
Compaq Com
Dell Cmptr
Sun Micros
Gateway
NR=Not Reported Yet NM=Not Meaningful
PDND=PartialNo Data NEG=Negative
5 Year Average 1996 - 2000
Return on Equity5 Year Average 1997 - 2001
74
33
2
20
31
52
21 21
IndAv
40
30
20
10
0
na
na
na
na
na
na
na
pd
pd
pd
pd
pd
pd
pd
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
11
18
neg
20
nm
4044
30
IndAv
40
30
20
10
0
IBMHIT
HWPCPQ
DELLSUNW
GTW
0 na na na na na na na
IndAv
4
3
2
1
0
copy Squyres 1995-96 All rights reserved All fiscal period data have been converted to comparable calendar period data
5 Year Average 1996 - 2000
IBMHIT
HWPCPQ
DELLSUNW
GTW
(0) (pd) (pd) (pd) (pd) (pd) (pd) (pd)
5 Year Annual Compound Growth RatesIncluding Cash Dividend Payments 5 Yrs Thru( ) contain rates excluding dividends 2 QTR 2001
0 na na na na na na na
IndAv
4
3
2
1
0
receipt of dividends during the period P = V(1+R)5
Primary determinants of this rate are earnings growth
(RETURN ON EQUITY) the marketrsquos valuation of that
growth (PRICE EARNINGS RATIO) and dividend
payments (1 - EARNINGS RETENTION RATES)
UPPER LEFT One measure of an investment return in the ratewhich reflects the change in market price over time plus the
The higher the RETURN ON EQUITY (UPPER
RIGHT) which will be reflected in the earnings
multiplier PRICE EARNINGS RATIOS (MIDDLE
RIGHT) the greater the proportion of earnings that
should be retained by the company EARNINGS
RETENTION RATE (BOTTOM RIGHT)
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Cash FloDbt Svc
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
862019 Growth Profitability
httpslidepdfcomreaderfullgrowth-profitability 1414
WHEN UPDATED
DATA FOR THE FUNDAMENTAL GRAPHS ARE UPDATED WEEKLY WITH THE 10Ks amp 10Qs
FILED BY COMPANIES
COMPANIES WITH NON-DECEMBER FISCALS HAVE THEIR DATA CONVERTED TO A
CALENDAR BASIS JANUARY - JUNE YEARENDS ARE CHANGED TO DECEMBER OF THE
PRIOR YEAR JULY - DECEMBER YEARENDS ARE CHANGED TO THIS YEAR JANUARYQUARTERENDS ARE CHANGED TO DECEMBER OF THE PRIOR YEAR FEBRUARY
QUARTERENDS ARE CHANGED TO MARCH ETC
ONCE IN THIS DATABASE COMPANY DATA FOR THE MOST RECENT YEAREND AND
QUARTEREND ARE GRAPHED AFTER 4 OF THE 7 COMPANIES IN THE GROUP HAVE
REPORTED
EVERY WEEK THIS SYSTEM COMBINES COMPANIES IN THE SAME INDUSTRY AND
THEN RANKS THEM FROM HIGHEST ANNUAL SALES TO LOWEST THUS THE SCREENS
WILL DISPLAY THE BUSINESS HISTORY OF THE TICKER YOU REQUESTED ALONG WITH
6 OF ITS COMPETITORS WHICH ARE CLOSEST IN SIZE THOSE 7 COMPANIES ALONG
WITH THEIR RELEVANT REPORTINGDISPLAY DATES ARE LISTED BELOW
MOST RECENT FILINGS BEING USED IN GRAPHS
ANNUAL QUARTERLY ANNUAL QUARTERLY
IBM
HIT
HWP
CPQ
DELL
SUNW
GTW
123100 063001 123100 063001
033101 033101 033101 033101
103100 073101 103100 073101
123100 063001 123100 063001
020201 080301 020201 080301
063001 063001 063001 063001
123100 063001 123100 063001
copy Squyres 1995-96 All rights reserved All Fiscal Period Data have been converted to comparable calendar perio
FOR ADDITIONAL GRAPHS CLICK ON ONE OF THESE CHOICES
OVERVIEW KEY FIVE YEAR GROWTH RATESEPS before NRISales Common Equity
FIVE YEAR PROFITABILITYROE Net Inc amp Margins
FIVE YEAR FIN LEVERAGE RATIOSEquityAssets Int Cvge Debt Svc Cvge
FIVE YEAR PRICING MEASURESPE Ratio PB Ratio RoR
Instructions
When updated
Group 1 of 6 in Industry COMPUTER HARDWARE
