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Making Short Work Of An Annual Report 3/29/05
Developed by Paul Schneider and converted to Excel 2000 by Dan Hess as a collaborative effort with Nancy Isaacs aHerr for fellow NAIC I Club List users and others as freeware.
You can make short work of an annual report by heading straight for the tables of financial contents. At this stage, w
you have already completed a satisfactory SSG and are either contemplating buying the stock or already own it.
You may view or print out selected pages of the annual report from the company website listed in Value Line or get of the SEC Form 10K annual filing from Edgarscan at http://edgarscan.pwcglobal.com/servlets/edgarscan
as some of the alternate methods of obtaining the required financial tables. The 3 required tables are The StatemenIncome, The Balance Sheet, and The Statement of Cash Flows. The needed items of information are described herebe found and tabulated into this Excel program from these tables onto the "Input Data" worksheet (click on tab at bopage) and the Excel program will automatically calculate and list answers on the "Output Results" worksheet (click tbottom of this page) to provide you with an excellent color coded idea of the financial strength and quality of your comaddition this "How to Input Data & Interpret" Worksheet you are now reading (see tab at bottom of this page) explaparameters calculated for you and provides an index of terms and explains these terms to partially assist in your educannual reports.
The input and output worksheets are provided to accommodate a large number of annual reports simultaneously and side. Some may find it useful to place prior years of a company adjacent to allow historical comparisons. Likewise cocompanies in the same business or industry may make more meaningful comparisons. The worksheet has been set uor print many companies per page in landscape on an HP 932C Printer. This can easily be changed by adding columcolumns, clearing columns as the user desires. Refer to your Excel or Printer User Guides on how to make changes.
The "Output Results" worksheet has a Column B which contains a brief definition of the formulas used in the output cYou may choose to hide this column once you are familiar with the formulas and are familiar with Excel. Hiding Columpermits you to view even more stocks simultaneously. You may also scroll to the right to view an entire portfolio, candstocks, etc. You will also have to scroll vertically to see all the information on each company.
You have the option of comparing performance of sequential years of a given company, or several companies in a givindustry.
A color code of red, yellow, or green colors is used on the Output Results worksheet to signify high risk, caution, or goperformance, respectively, for each calculated parameter. The value of each calculated number is also given so the umake his or her own assessment of quality or risk. The color code also provides a quick overview of stocks in the entithat may be in trouble as measured by a multitude of parameters indicating "red", or conversely in "green" for those cthat have excellent quality. The sample "user criteria" is included. Users may wish to customize this criteria to suit theprofile and desires. The colors have been selected by the "conditional formatting" provided by Excel 2.0 and can also modified by the user if needed to suit the particular nature of a given industry. So look at the number compared to theindustry;don't nit pick at the color. One color criteria does NOT fit all! This Excel program cannot have different color each industry! Color is only a guide.
Often companies that are leveraged on the ragged edge can nonetheless become popular and have successful priceappreciation. In a downturn however, owning companies with solid financial data as defined by these calculated numprovide long term security. You might want to reject owning companies that appear to be of poor quality on this analysotherwise look good using other "stock picking" criteria.
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"If All Else Fails, Read the Directions"
When I take data from the annual report, what sign do I use when I enter the data on an inpu
Additional Data Input After The Statement of Income, Balance Sheet & Cash Flow Statemen
Four more lines of input are required after the 3 Financial Statement Sheets. These are:
In addition to using this spreadsheet to quickly analyze the numbers in the annual report, the report should be read athe proxy. It is suggested that each subsequent annual report be analyzed in the same manner after owning the stocbecome aware of any changes in performance. Be forewarned that some stocks with great annual performance numstill have poor price performance for good reason. (For instance, a drug company that is living off the laurels of one keis ready to go off patent (e.g. Schering Plough in 2001). Stock prices often reflect future anticipated performance.
As a final note, you should fully expect that the numbers that you calculate may differ from numbers you see already cand published for you on the internet, annual reports, or in Value Line. For instance, a different time frame may be ustrailing twelve months (ttm) instead of fiscal year. Also calculations that involve terms of "equity" or "numbers of shareuse different definitions. Return on equity may use equity at the end of the year instead of average equity, which avebeginning and end of the year, or a weighted average equity. Number of shares in this program assume full dilution anumber of shares from beginning to end of the year, a weighted average. As long as you calculate all your companieway, you should not be mislead or have to rely on how it is done for you by each source.
Sorry, but no matter how much you know about Annual Reports or Excel, you are going to have to read the directions"How to Input Data & Interpret" Worksheet if you want to believe your output. There are a lot of opportunities to makeif you do not. Such as: All input must be in Millions of dollars. Sign conventions in the Cash Flow Inputs can be eitheplus depending. Input of capital expenditures or dividends may be exceptions to the sign convention you may seeannual report. The input of numbers of shares must be in "diluted average weighted outstanding shares". And a few
Also, where do I find the Input in an Annual Report? We offer some help here since some companies use different wmean the same thing, and we tell what those terms are likely to be.
In Annual reports, as a general rule, a number is to be entered to our input sheet as a plus if there is no minus sign orparenthesis around the number (meaning minus). But read on for the exceptions. Or on a Statement of Cash Flows, ientered as a plus if it is cash "provided by" an activity or a minus if it is cash "used in" an activity.
Generally it is to be entered on our input sheet with the same sign as indicated by the discussion above, with two notaexceptions: If it is a dividend it should always be entered as a plus (regardless of the sign used in the annual report).capital expenditure (also called CAPEX) it should always be entered as a plus (regardless of the sign used in the annUnless in an extremely rare occurance where capital facilities are sold off rather than purchased. Then it would be mi
"Total Debt (Optional) from Valueline" (in millions of dollars). Do not use this option, but input a zero or leave it blank.total debt from Valueline will overule your input of short term and long term debt on the input sheet.
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What If you don't know much about Excel?
"CEO Total Compensation" (input in millions of dollars). Should be taken from the latest proxy statement (also called S14A) which can be found online at Edgarscan. Add up the total annual compensation to include "Salary", "bonus", anannual compensation." Do not include long term compensation or stock options.
"Stock Option Shares Granted" (input in millions of shares). Data is available from Annual Report or 10K on Edgarscalook in the footnotes section, you will see "employee benefit plans" which lists the total number of stock option shares
outstanding for the year.
"Net Income if Stock Options Expensed" (input in millions of dollars). Look in the footnotes of the Annual Report or 10section on "stock based compensation" that starts out with the "Net Income as reported" and then subtracts the "Pro femployee compensation cost of stock based compensation plans." The Net Income if stock options are expensed wilabeled "pro forma".
You can learn enough to "get by". The following "How To" procedures may be all you need to get started using the spBut I highly recommend a book called "Teach Yourself Visually, Excel 2000" by Maran Graphics and Hungryminds.
To get acquainted with this spreadsheet, go ahead and open the "Input Data" or "Output Results" worksheets by clicknamed tabs on the bottom of the page.
You will want to scroll horizontally to see the many stocks that can all be seen simultaneously and compared. Scroll vsee the entire worksheet.
Whole portfolios and candidate stocks can be seen all in one place, along with several years in a row of any given pastock.
To use the program, you just type in the input on the "Input Data" worksheet, and the output appears automatically o"Output Results" worksheet.
To input a new stock, you probably want to make one of the following 3 choices: You can either choose to insert an ecolumn between existing stocks if you want perhaps to keep them in alphabetical order, or insert an extra column foannual report of a given stock to the right of the same stock of the previous year, or even just type over the input dataexisting stock if you are not yet comfortable with inserting extra columns.
Some worksheets are "protected" so you can't write on them and some are not protected because you have to write osuch as the input sheet. Below, we tell you how to protect and unprotect worksheets. To add a column to both the "Inand "Output Results" worksheets, you are going to have to unprotect both sheets first (if they are not already) so that modify them.
To unprotect the "Input Data" or "Output Results" worksheet, click Tools at the top of the page of any given worksheProtection, and click Unprotect sheet (unless this step tells you its already the way you want it). When the dialogup, we choose not to put in a password, but rather to leave the box blank. So just click OK. Unprotect worksheets wwant to allow the ability to add extra columns or other changes.
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Here's how to copy and paste-in the formulas:
No similar changes should be made to the "Input Data" worksheet.
Abbreviations and DefinitionsAR =Accounts receivable
CA=Current Assets
CAPEX = "Capital expenditures" or "Acquisitions of Plant, Property, and Equipment"
Cash Flow = Has many definitions and has to be separately defined or elaborated upon in a given context.
CEO Total Compensation= Sum of salary, bonuses and other compensation in millions of dollars.
Chg=Change
COG=Cost of Goods
C&E=Cash & Equivalents
CL=Current Liabilities
CY = Current Year
DIO=Days Inventory Outstanding http://www.fool.com/dripport/2002/dripport021219.htm?source=EDNWF
DPO=Days Payables Outstanding http://www.fool.com/dripport/2002/dripport021219.htm?source=EDNWFT
DSO=Days Sales Outstanding http://www.fool.com/dripport/2002/dripport021219.htm?source=EDNWFT
To insert in an extra column to make room for a new stock that perhaps you may want to put in alphabetical order, ygoing to have to insert the column in each of the "Input Data" worksheet and the "Output Results" worksheet at the scolumn letter address. First, go to the "Input Data" worksheet by clicking on the "Input Data" tab on the bottom of the Excel will insert an extra column to the left of any column you select. Let us assume you want to insert an extra columleft of alphabetically lettered column G on your Input worksheet. To select a column, left click the column letter at thcolumn G. Then right click and select insert.
A new blank column now appears and all the columns that follow shift to the right. The new extra column now becomnew column G. (Now to deselect the column, just click any cell.) Repeat the same procedure in the "Output Results"as you did for the "Input Data" worksheet. Click the same lettered column for each worksheet. You now have an extG on both worksheets. All the other columns were automatically updated by the insert command.
But you cannot start typing data on the input sheet yet! You have to "copy and paste" the hidden formulas on the "OResults" sheet into the new added column. (All the other columns to the right that have shifted over to new locations automatically adjust their formulas to the new column locations.) You can't see the formulas unless you access themare there.
Let us assume again that the column F of the "Output Results" sheet is the last column alphabetically just before youdesired extra column G. The steps are to select Column F (the one with formulas we want to copy) by left clickingcolumn letter F at the top. Then right click and select copy.
Next, select the column where you want to paste to; column G in this case. Right click Paste. (To remove the "theatrfrom column F, hit the "esc" key. To deselect the column G, just click any cell.)
It is recommended, but not essential, that you now protect the output worksheet so you do not accidentally write on the input worksheet unprotected so you can.
Now you are free to input data on the Input worksheet and read the answers on the Output worksheet at the same coaddress.
What if you fowled something up during this process? All you have to do to return everything back to what it was be
http://www.bivio.com/bullrun/files/annualreportshttp://www.bivio.com/bullrun/files/annualreports -
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Free Cash Flow = Cash provided by Operations - dividends paid - Capital expenditures
LTD=Long Term Debt
MS=Marketable Securities (if any)
NI=Net Income
Net Profit = Same as Net Income or Net Earnings
NCO=Net Cash from Operations
PTI = Pre tax Income
PY = Prior year
ROIC=Return on Invested Capital
STI=Short Term Investments
STD=Short Term Debt
Total Cash = Cash plus Marketable Securities
Total Debt = Long Term debt plus Short Term debt
Number of shares: Refers in this document to average weighted fully diluted shares from beginning to end of the YEA
YTY = Year to Year
Output Analysis, Criteria and Interpretation
Profitability Measures
% Pretax profit margin=(pretax profit / sales ) x 100.
% Return on Equity (ROE) = (net profit / average equity) x 100.
PP&E = Plant, Property, and Equipment. The total that exists now. As distinguished from Acquisitions of Plant PropEquipment(CAPEX)
Short Term Debt: Refers in this document to the current portion of long term debt plus short term borrowing and capitleases. Does not include deferred income taxes, or noncancellable operating leases, etc.
Shows how profitable the company is, taking into account all income and all costs before paying income taxes. HigheCompare companies in the same industry, since margins differ significantly between industries.
% Net profit margin = (net profit /sales ) x 100.
% Profitability compared to sales after all taxes have been paid. A component of Return On Equity (ROE).
Assets and Equity In the next several measures of profitability, we are going to discus "assets" and "equity", so it is to review what these words mean. "Assets" are what the company owns, Liabilities are what the company owes, andthe difference. Assets minus Liabilities = Equity.
(e.g. The more you pay off on your mortgage, the more equity you have in your home.) This is what the Balance sheannual report is all about.
The rate of profit the company earns on the stockholder's equity entrusted to management to use. In this case, the ecalculated by averaging the equity at the beginning and end of the fiscal year. ROE is also useful to look at to determ
much internally generated return on capital is generated to finance future growth. Percent Return On Equity is usefumeasuring the "efficiency" of management compared to competitors. Since the ROE is a key factor in the growth of tcompany's earnings, breaking it into its 3 components allows us to analyze the sources of earnings growth and their t
ROE = (net profit / sales) X (sales / assets) X (assets / equity). We do not calculate ROE this way, but use this facexamine the year to year trend of each component on the ROE trend.
Component No. 1 (net profit / sales ) is the Net Profit Margin described earlier.
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From our discussion of Assets and Equity above, we can write:
Also means % Reinvestment Rate = % Internal Growth Rate = Implied Growth Rate= ROE x (earnings - dividends) / earnings
% Return on invested capital = (net profit) x 100. / (avg. equity + long term debt)
%Return on total assets= (net profit / total assets) x 100.
% Cash From Operations To Net Income =((Cash From Operations / Net Income) -1) X 100.)
Component No. 2 ( sales / assets ) is called the Asset Turnover (Efficiency) Is how efficient and intensively is mautilizing the assets of the company. Check when significant changes occur from year to year..
Component No. 3 (assets / equity ) is called Financial Leverage (Gearing) or Balance Sheet Leverage.
(assets / equity) = (assets / (assets - liabilities) Note that Increased debt increases both the assets and the liabilitiesdenominator is not significantly changed, but the numerator goes up. Therefore increased Debt increases the FinancLeverage directly assuming other changes in the balance sheet are relatively less significant. However, be aware thahigher the leverage with increased debt, the higher the Return on Equity might be, but also the higher the risk. Somecan increase the returns to the shareholders, but increased debt leverage increases the risk of failure and/or bankrupcomparing the year to year changes in Financial Leverage and ROE, one should also note the increased percentage An increase in assets due to more debt will raise Financial Leverage, but will tend to lower Asset Turnover unless an increase in sales is made.
Note: The three components of Return On Equity are printed out on the Output worksheet on the three lines immediathe Return On Equity.
% Retained to Common Equity (term used in Valueline)
This is very important because this is the rate of return of money left over from the return on equity after paying divideany). If no dividends are paid, the ROE and the % Retained to Common Equity are the same. The (earnings - divideearnings term is called the "retention rate". This is also equal to 1.0 minus (dividends / earnings) or 1 minus the "payo
Note that this "implied growth rate" is theoretical, but is useful at estimating whether the company is generating enoupay for expansion to maintain the estimated growth rate.
It is also obvious that a company that wants to grow rapidly would prefer not to pay dividends. A company can grow available reinvestment funds or by borrowing money. A useful criteria would be to compare the Implied Growth Rate tprojected growth rate.
Return on invested capital is a measure of the efficiency by which management is utilizing both the equity and the londebt under its care. It is a far better measure of management than return on equity when a company has large long If long term debt were zero, the return in invested capital and return on equity would be the same.
Having a high return on total assets as well as a high return on equity is important, since a poor company can show aon equity in a given year simply by showing a profit with a tiny amount of equity. Both return on assets and return on should be examined.
This is a measure of the percentage by which the cash from operations exceeds the net income. On the Statement OFlows, it is desirable that the Net Cash provided by Operating Activities be close to or exceed the Net Income to demohigher quality of earnings and that neither item be a user of cash (negative) rather than a provider of cash (positive).
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% Ratio of Cash From Operations to Total Debt = (Cash From Operations / Total Debt) X 100.
%Operating Cash Flow Margin= (net cash from Operations / sales )
Operating Cash Flow Coverage Ratio =
Net Cash "provided by"/ ("used in") Operating Activities
(Net Cash "provided by"/ ("used in") Investing Activities + Net Cash "provided by"/ ("used in") Financing Ac
If the numerator is negative, the program will assign a negative sign for the entire Operating Cash Flow Coverage Rat
Capital Structure
Total Debt to Equity Ratio = Total Debt / Average Equity
% Impact on Net Income of Expensing Stock Options. Shows the percentage by which EPS were overstated. Thureported EPS would be lower by this percentage if stock options had been considered and thus is another measure oquality of earnings. When projecting EPS for the next 5 years, it is good to know what the latest year EPS would haveoptions had been expensed. Some companies are already reporting EPS reduced by the expensing of stock options
Retained Earnings: When a company starts out it only has paid in capital as part of shareholder equity. By this is mdollars paid to the company by shareholders to obtain shares (not via a public market like the NYSE)but like in an IPOretained earnings would be zero. But as the company grows and makes a profit the retained earnings will generally gunless reduced by paying dividends or other expenditures, and especially in mature companies retained earnings willlarger percentage of shareholder equity.
This is intended to show how well the Cash From Operations covers the total outstanding debt. A measure of less thaindicates limited financial ability.
% Margin of Free Cash Flow To Sales = (Cash Flow Provided By Operations - Capital Expenditures - Dividend100. / Sales
The Net Cash from Operating Activities minus capital expenditures and dividends paid should be positive. It is exprecase as a percentage of Sales. Capital expenditures are also referred to as CAPEX.
Measures the effectiveness of generating cash for every dollar of sales. The net cash from Operations is given on theStatement. The Sales (or Revenue) is located on the Statement of Income.
The main operating business is a source of cash and is called Operating Activities (in the numerator above) and is divcombined total (in the denominator) of Investing Activities (which is usually mostly capitol expenditures) plus Financin(which is usually mostly debt financing costs)
Each of these three items listed in the Statement of Cash Flow can have a plus sign (if they are a provider of cash) orsign (if they are a user of cash). The Operating Activities (numerator) is usually (and hopefully) a provider of cash anplus sign, whereas the two items in the denominator, when algebraically totaled up are usually net users of cash.
The larger this ratio is (say one or above) , the more successful the main Operating business is and the less dependespending for capitol expenditures and debt repayment.
Examining the three parts of the Cash Flow Statement is of major importance in determining the quality of the total cathe company and goes far beyond the Cash Flow Coverage Ratio discussed here. It is important that this be studied
as well.
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Share Buyback (Vs Share Dilution) = (Shares Last Year - Shares This Year) / Shares Last year
Stock Option Shares / Total Number of Shares
Net Cash= (Cash & Equivalents - Long Term Debt):
Cash & Equivalents Ratio CY/PY = Cash & Equivalents (Current Year) / Cash & Equivalents (Prior Year)
Interest Coverage Ratio = (Pretax Profit + Interest Expense) / Interest Expense
Cash Conversion Cycle (CCC) = Days Inv Outstanding + Days Sales Outstanding - Days Payables Outstandin
CCC is from the Fool and is briefly the time required to turn a dollar spent on goods sold back into cash. See
http://www.fool.com/dripport/2002/dripport021219.htm?source=EDNWFT
Current Ratio = Current Assets / Current Liabilities
Lower debt may permit management to have greater flexibility during difficult economic times and to pay less interest servicing the debt. Normally long term debt is used. However, total debt is used here and therefore a much more pesnumber is produced. Total debt is the sum of short term and long term debt. GE was recently criticized by noted BonBill Gross (March 2002) for having an excessive short term debt in the form of commercial paper. Debt is not necessaproperly managed.
If a company actually buys back its shares (rather than just authorizes it), the earnings per share will increase and exstockholders will own a greater percentage of the company. If the calculated equation comes out negative, the numbshares this year has been increased and we have "share dilution" which is the opposite effect. From studying severacompanies, it will be noted that share dilution is far more common as a result of an overage of stock options granted ostock offerings all exceeding the number of actual buybacks.
Shows the percentage of shares that management has awarded of the total shares outstanding. Our color criteria is 5of these shares may be "in the money" and thus counted in the diluted shares and some may not. Thus one needs to deeply to determine the impact. Since we buy a stock expecting the price to rise and if it does then these awarded shbe excercised and thus further dilute shareholder earnings and equity, it seems to be an area the investor should und
before investing in such a company. Perhaps a company can still show suitable growth and potential total return evea large options overhanng but it is an area that should be considered.
C&E as stated here really includes short term investments and short term marketable securities in addition to Cash anEquivalents. This will be a positive number for a company with lots of cash and little or no debt. A large positive numideal signal of financial strength, but a lot of good companies will also have negative net cash.
C&E as stated here really includes short term investments and short term marketable securities in addition to Cash anequivalents. This is a measure if the company is improving on the Cash & Equivalents available this year over last ye
This is expressed as a ratio of the number of times the excess of pretax profit plus the interest expense exceeds the iexpense. Higher numbers show an increased capability to handle interest costs. It is at a maximum if there is no debtherefore no interest is paid. In this case, the words "No Debt" are printed out.
This is a measure of short term liquidity where current assets (available in one year) could be used to pay off current (debt due within one year). A ratio of 1 to 2 is typical depending on the nature of the company's business. Higher is bnumbers over 3 or 4 indicate excess cash may not be put to work efficiently. Less that 1 is called negative working cis rare or used as an interest free way of raising cash. (Omnicom, OMC, an advertising company, for example is negaless than 1) every year.) For some businesses, negative working capitol may not be a bad thing.
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Change in Sales
This measures the percent change in sales for the current year (CY) compared to the prior year (PY).
Change in AR/Sales
This measures the percent change in the ratios of Accounts Receivable (AR) to Sales for current year (CY) to prior y
Days Sales Outstanding ( CY)
(Net Sales/365 days) = Sales per Day
(Average Accounts Receivable / Sales per Day) = DSO
Inventory Turnover Rate (CY)
Turnover rate (CY) = Cost of Goods Sold (CY) / Inventory (CY)
Plant Turnover Ratio = Sales / Plant, Property, and Equipment (PP&E)
This measures the Sales that are returned relative to the value of the plant, property, and equipment that exists.
Annual Report Terminology
Quick Assets Ratio = (Cash & Equivalents+Short TermInvestments+Short Term Marketable Securites+Accounts ReCurrent Liabilities: Cash and other assets which can or will be converted into cash fairly soon, such as accounts receimarketable securities; or equivalently, current assets minus inventory.
Foolish Flow Ratio= (Current Assets - Cash& Equivalents) / (Current Liabilities - Short Term Debt) is taken from TheFool. It is a ratio of "bad assets to good liabilities." What do we mean by a "bad asset" and "good liability"? A bad asse
inventories and high accounts receivable. A good liability is a high accounts payable.If you look at a typical Balance Sheet, Current Assets consist of "bad assets" (where people owe you money such a
receivable, or that cost you money such as inventories that you have to wait till you can sell) and "good assets" like CEquivalents that are immediately available.
Current Liabilites consist of "good liabilities" such as accounts payable (that you owe other people but have not paid"bad liabilities" such as short term debt that must be paid right away.
The type of companies that have high inventories to sell will not be as able to keep this ratio down as easily as the tybusinesses that have no inventory. So this ratio has to be compared to peer companies to be useful. An arbitrary critewas used only to flag the need to investigate the nature of a company that might have a number higher than its peerssame industry.
The Days Sales Outstanding (DSO) indicates how many days it is taking to convert the uncollected sales to cash. A sturnover period and a stable or declining trend are positive indicators of receivable quality.
Days Sales Outstanding (PY) As above except for prior year (PY)
The inventory turnover rate for the current year (CY) is the number of times annually that the dollar value of the currencan be sold in a given year. The more inventory "turns" that can be achieved per year , the greater the liquidity of theinventories.
Inventory Turnover Rate (PY) As above except for prior year (PY)
Higher values are better in that they indicate a better return on the facilities. Additional capital expenditures (CAPEX)the total PP&E should be met with improved sales in subsequent years in order to maintain or improve the Plant TurnRatio.
As you approach studying financial statements, here is a "cheat sheet" to refer to when you get confused by the line itnames. Frequently there are different names for the same thing. You will therefore have use for this.
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Accounts Payable = Payables
Accounts Receivable = Trade Receivables
= Receivables
Additional Paid-in Capital = Capital in Excess of Stated Value= Capital Surplus
= Paid-in Capital
Balance Sheet = Statement of Financial Condition
= Consolidated Balance Sheets
Capital Expenditures includes: Acquisition of Property and Equipment
Capital Expenditures
Capitalized Software Costs
Cash includes: Cash Equivalents
Marketable SecuritiesShort-term Marketable Securities
Investment Securities
Other Securities
Short-term Investments
Trading Assets
Cost of Goods Sold includes: Costs of Sales
Cost of Revenue
Cost of Products Sold
Cost of Services Sold
Costs, Materials, and Production
Current Assets includes: Cash
Accounts Receivable
Trade Accounts Receivable
Other receivables
Loan receivable
Inventories (includes raw materials,
work-in-process,semi-finishedgoods,
and finished goods)
Deferred tax
Prepaid income tax
Prepaid assets
Other prepaid expenses and receivablesOther current assets
Current Liabilities includes: Accounts payable
Income taxes
Current portion of long-term debt
Accrued liabilities (expenses)
Deferred/unearned revenue
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Other current liabilities
Earnings = Net Income
= Net Profit
Income Statement = Earnings Statement
= Statement of Operations= Profit & Loss Statement
= Consolidated Statement of Income
Inventories = Merchandise Inventories
Earnings Before Income Taxes = Income (Loss) Before Income Taxes
= Earnings Before Provision for Income Taxes
Earnings per Share = Net Income per Share
= Net Income per Common Share
Long-Term Debt includes: Notes/Loans payable
Bank line of credit
Capital lease obligation
Preferred stock
Convertible notes
Net Income = Net Profit
= Net Earnings
Operating Cash Flow includes: Net cash provided by (used in) Operating Activities
Revenues = Sales
= Net Sales
Shareholder Equity = Shareholders' Investment
= Stockholders' Equity
Short-Term Debt includes: Debt Payable Within One Year
Current Portion of Long-Term Debt
Notes Payable
Short-term borrowings
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Annual Report Analysis Version 1.0.50Required Inputs
Company ACS ACS ACS ACS ACS ACS
Fiscal Year (mm/dd/yy) 06/30/00 06/30/01 06/30/02 06/30/03 06/30/04 06/30
Sales - Current Year CY (M) 1962.54 2063.56 3062.92 3787.21 4106.39 4351
Sales - Prior Year PY (M) 1642.22 1962.54 2063.56 3062.92 3787.21 4106
Cost of Goods Sold - Current Year 854.16 904.68 1350.06 1716.95 1790.48 1867
Cost of Goods Sold - Prior Year 713.98 854.16 904.68 1350.06 1716.95 1790
Interest Expense 23.98 23.74 30.62 25.19 17.04 18.6
Pre Tax Income (PTI) 195.27 221.06 360.46 490.95 829.18 641.0
Income Taxes 85.96 86.77 130.86 184.11 299.34 225.
Net Profit / Net Income / Net Earnings 109.31 134.29 229.60 306.84 529.84 415.9
Diluted avg wtd no shares CY (M) 111.61 116.46 137.46 143.43 139.65 130.3
Diluted avg wtd no shares PY (M) 111.34 111.61 116.46 137.46 143.43 139.6From Balance Sheet: ($M)
C&E+ShTm Inv+Marketable Sec(CY) 44.52 242.46 33.81 51.17 76.90 62.6
C&E+ShTm Inv+Marketable Sec(PY) 28.58 44.52 242.46 33.81 51.17 76.9
Accounts Receivable - CY 579.67 472.04 736.47 835.48 873.47 1061
Accounts Receivable - PY 320.12 399.85 472.04 736.47 835.48 873.4
Inventories - Current Year 7.32 8.59 9.74 6.25 0.00 0.00
Inventories - Prior Year 13.78 7.32 8.59 9.74 6.25 0.00
Current assets 771.87 809.62 874.49 979.50 1044.42 1244
Property, Plant & Equipment 194.03 237.56 394.83 478.21 521.77 677.2
Total assets (CY) 1656.45 1891.69 3403.57 3698.71 3907.24 4850
Total assets (PY) 1223.60 1656.45 1891.69 3403.57 3698.71 3907
Short Term Debt (See definition) 2.88 3.36 1.33 1.76 2.05 6.19
Accounts Payable
Current liabilities 358.24 281.05 485.91 557.48 637.57 838.
Long Term Debt 525.62 649.31 708.23 498.30 372.44 251.0
Retained Earnings 400.20 534.37 763.57 1070.41 1600.25 2016
Shareholder Equity - Current Year 711.38 885.52 2095.42 2429.19 2590.49 2838
Shareholder Equity - Prior Year 607.42 711.38 885.52 2095.42 2429.19 2590From Statement of Cash Flows ($M)
Net Cash from Operating Activities(cy) 157.82 141.91 372.01 545.31 476.21 739.3
Net Cash from Investing Activities -315.78 -69.14 -1598.16 -320.08 70.40 -921.
Capital Expenditures (CAPEX) 71.55 99.07 144.41 205.67 224.62 253.2
Net cash from Financing Activities 173.90 125.16 1017.51 -207.89 -520.88 168.4
Dividends Paid 0.00 0.00 0.00 0.00 0.00 0.00
From Value Line ($M)
Total Debt (Optional)
CEO Total Compensation 2.45 2.24From Financial Notes In Annual Report
From Statement of Income: ($M)
From Proxy, or SEC Schedule 14A ($M)
http://edgarscan.pwcglobal.com/servlets/edgarscan#%22http://edgarscan.pwcglobal.com/servlets/edgarscan#%22 -
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Stock Option Shares Outstanding (M) 11.3 10.71 11.13 12.96 13.46 15.36 24.17
Net Income if Stk Options Expensed($M) 102 125.43 217.66 289.27 509.4 392.5 154.5
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BBBY BBBY BBBY BFAM BFAM BFAM BFAM BMET BMET BMET BMET
3/1/2003 2/28/2004 2/28/2005 12/31/2001 12/31/2002 12/31/2003 12/31/2004 05/31/00 05/31/01 05/31/02 05/31/0
3665.16 4477.98 5147.68 345.86 407.53 472.76 551.76 923.55 1030.66 1191.90 1390.3
2927.96 3665.16 4477.98 291.14 345.86 407.53 472.76 830.84 923.55 1030.66 1191.9
2146.62 2601.32 2961.38 295.03 347.64 400.41 459.81 281.35 296.06 332.73 407.30
1720.40 2146.62 2601.32 248.41 295.03 347.64 400.41 262.36 281.35 296.06 332.73
0.00 0.00 0.00 103.00 167.00 165.00 3.81 4.11 3.38 4.67
491.35 649.55 811.19 19.94 26.27 34.65 47.10 280.69 310.68 376.12 451.74
189.17 250.08 306.23 8.41 10.95 14.63 19.77 99.74 105.91 127.67 156.96302.18 399.47 504.96 11.53 15.32 20.01 27.33 173.77 197.55 239.74 286.70
301.15 304.69 306.64 25.60 26.05 26.75 27.85 267.24 270.75 271.25 261.39
298.67 301.15 304.69 25.04 25.60 26.05 26.75 265.82 267.24 270.75 271.25
616.60 866.60 851.45 12.77 28.19 33.90 42.47 247.74 287.72 185.27 262.99
429.50 616.60 866.60 8.60 12.77 28.19 33.90 192.16 247.74 287.72 185.27
0.00 0.00 0.00 26.74 22.56 27.94 26.18 249.79 324.85 365.15 418.10
0.00 0.00 0.00 23.95 26.74 22.56 27.94 223.61 249.79 324.85 365.15
915.67 1012.33 1152.03 0.00 0.00 0.00 0.00 240.16 277.60 335.35 356.27
753.97 915.67 1012.33 0.00 0.00 0.00 0.00 220.59 240.16 277.60 335.35
1594.39 1969.29 2097.00 51.25 65.11 81.05 94.61 789.63 968.38 952.94 1111.7
423.91 516.16 609.63 77.76 88.47 98.20 112.64 183.26 185.75 219.06 253.45
2188.84 2865.02 3199.98 161.02 201.29 247.07 296.61 1218.45 1489.31 1521.72 1672.1
1647.52 2188.84 2865.02 136.90 161.02 201.29 247.07 1110.94 1218.45 1489.31 1521.7
0.00 0.00 0.25 0.16 0.67 0.78 70.55 62.73 90.47 114.12
398.65 450.53 36.15 48.84 52.38 51.96
680.17 769.53 873.59 54.79 73.83 83.33 82.79 181.44 241.82 237.70 266.65
0.00 0.00 0.00 0.64 0.38 1.99 1.32 0.00 0.00 0.00 0.00
1154.94 1554.41 2059.38 14.34 29.66 49.68 77.00 866.00 1044.56 1054.02 1100.4
1451.92 1990.82 2203.76 89.42 109.63 145.51 186.24 943.32 1146.19 1176.48 1286.1
1094.35 1451.92 1990.82 75.28 89.42 109.63 145.51 795.85 943.32 1146.19 1176.4
419.32 548.44 616.39 31.09 46.07 30.75 37.28 137.83 190.51 184.24 310.28
-493.12 -687.23 -363.04 -22.17 -31.61 -35.22 -33.87 -67.65 -156.67 -77.42 -19.70
135.25 113.00 190.72 21.01 17.03 18.69 12.87 43.07 35.26 62.28 59.77
24.22 53.38 -325.74 -4.73 0.77 10.06 4.95 14.58 -14.95 -188.92 -222.8
0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.47 18.99 24.27 26.420.00
0.00 0.00
0.833 0.931 1.031 0.28 0.33 0.39 0.57 0.51 0
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23.84 23.03 24.84 1.98 2.03 1.5 2.4 6.27 8.71 8.39 7.79 7.36
276.7 370.1 470.3 8.1 10.66 16.46 25 170.3 193.4 234.5 281.2 319.8
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8/8/2019 Ratio Analysis Sample
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CDWC CDWC CDWC CDWC EDMC EDMC EDMC EDMC FAST FAST FAST
12/31/01 12/31/02 12/31/03 12/31/04 06/30/02 06/30/03 05/30/04 05/30/05 12/31/00 12/31/01 12/31/0
3961.55 4264.58 4664.62 5737.77 500.58 640.03 853.02 1019.34 755.62 818.28 905.4
3842.45 3961.55 4264.58 4664.62 370.70 500.58 640.03 853.02 618.19 755.62 818.2
3434.51 3700.74 3990.82 4867.65 325.03 417.56 546.13 640.45 367.50 405.86 456.9
3352.61 3434.51 3700.74 3990.82 242.30 325.03 417.56 546.13 298.73 367.50 405.8
0.00 0.00 0.00 0.00 1.55 1.28 2.48 -0.22 0.00 0.00 0.00
279.98 306.20 289.56 399.86 67.42 91.45 130.51 168.81 131.43 113.63 121.2
111.29 120.95 114.38 158.42 25.10 35.17 53.50 67.23 50.70 43.52 46.38168.69 185.25 175.19 241.45 42.31 56.28 77.01 101.57 80.73 70.11 75.54
89.14 88.30 86.18 86.55 68.96 73.02 74.87 75.15 75.88 75.88 75.88
90.86 89.14 88.30 86.18 62.03 68.96 73.02 74.87 75.88 75.88 75.88
394.38 504.61 562.36 603.62 92.12 89.55 123.14 176.87 23.74 68.52 51.36
202.62 394.38 504.61 562.36 47.10 84.50 88.95 123.14 27.85 23.74 68.52
318.41 333.08 444.00 580.04 30.38 40.64 52.20 57.97 106.12 101.36 105.5
337.42 318.41 333.08 444.00 22.50 30.38 40.64 52.20 84.56 106.12 101.3
119.12 150.79 183.89 213.22 3.93 4.37 5.00 5.60 143.07 152.71 217.2
110.20 119.12 150.79 183.89 2.90 3.93 4.37 5.00 106.60 143.07 152.7
854.16 1018.54 1070.18 1316.44 140.00 161.02 205.05 279.68 284.46 341.24 396.4
69.07 64.09 62.32 68.60 191.70 230.75 276.15 325.80 105.81 121.61 144.2
937.03 1095.66 1311.63 1520.94 492.70 577.60 828.00 956.03 402.46 475.24 559.0
748.44 937.03 1095.66 1311.63 287.50 492.70 577.60 828.00 318.62 402.46 475.2
0.00 0.00 0.00 0.00 25.10 35.10 125.20 66.20 0.00 0.00 0.00
149.07 168.06 19.9 20.1
158.37 171.59 248.46 279.52 139.70 140.20 281.51 232.60 36.58 40.56 47.06
0.00 0.00 0.00 0.00 3.50 3.40 3.40 4.30 0.00 0.00 0.00
621.30 806.55 956.87 1168.29 97.10 153.37 230.38 332.00 355.20 421.95 493.6
778.66 924.07 1061.18 1241.42 346.60 427.78 528.69 666.01 359.26 424.89 499.8
636.25 778.66 924.07 1061.18 159.90 346.60 427.78 528.69 281.96 359.26 424.8
302.40 231.41 125.42 184.21 100.42 79.39 163.30 193.19 38.25 90.77 17.61
-111.01 -109.79 -21.98 -139.95 -154.24 -108.44 -236.93 -98.79 -43.30 -60.65 -46.80
22.49 10.58 11.38 22.11 45.40 80.81 80.70 71.21 30.10 42.05 39.99
-89.08 -110.45 -38.33 -118.14 98.53 24.25 102.04 -39.00 -3.04 -3.42 -3.79
0.00 0.00 24.87 30.03 0.00 0.00 0.00 0.00 3.42 3.42 3.790.00 0.00 0.00
1.40 1.68 1.70 0.52 0.60 1.03 0.12 0.06 0.42
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8/8/2019 Ratio Analysis Sample
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12.65 11.38 10.93 3.77 5.63 6.85 5.32
145.57 159.8 150.8 214.8 36.2 49.6 61.6 85.1 79.2 67.6 72.9 82.4
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8/8/2019 Ratio Analysis Sample
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FDS FDS FDS FDS FDS FISV FISV GNTX GNTX GNTX GNTX
08/31/01 08/31/02 08/31/03 08/31/04 08/31/05 12/31/03 12/31/04 12/31/00 12/31/01 12/31/02 12/31/0
167.60 198.29 222.30 251.91 312.64 2925.37 3729.75 297.42 310.30 395.26 469.0
134.18 167.56 198.29 222.30 251.91 2389.39 2925.37 262.16 297.42 310.30 395.2
52.44 60.39 66.30 74.19 91.80 2403.55 3070.19 172.47 188.30 235.61 272.5
45.49 52.44 60.39 66.29 74.19 1955.09 2403.55 148.82 172.47 188.30 235.6
0.00 0.00 0.00 0.00 0.00 521.82 659.56 0.00 0.00 0.00 0.00
54.25 64.24 79.02 89.38 110.16 506.27 641.37 104.52 96.62 127.07 158.1
20.85 23.39 27.58 31.36 38.40 197.44 246.47 33.98 31.40 31.30 51.4133.40 40.85 51.44 58.02 71.77 308.82 394.90 70.54 65.22 85.77 106.7
52.14 52.29 52.22 50.62 50.16 195.94 197.29 75.52 75.87 76.60 77.68
51.00 52.15 52.29 52.22 50.62 194.95 195.94 75.00 75.52 75.87 76.60
79.31 130.84 169.26 98.10 76.02 162.67 516.13 138.44 205.64 215.65 393.6
62.33 79.31 130.84 169.26 98.10 227.20 162.67 94.73 138.44 205.64 215.6
33.22 31.92 35.70 45.94 54.03 417.52 437.76 35.61 31.99 35.89 58.96
28.45 33.22 31.92 35.70 45.94 339.74 417.52 30.66 35.61 31.99 35.89
0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.09 14.41 17.74 20.94
0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.98 12.09 14.41 17.74
120.23 170.82 212.35 154.61 139.15 0.00 0.00 190.56 259.86 276.80 485.3
35.47 27.56 19.35 43.91 52.36 200.58 213.80 81.92 110.86 124.98 126.8
172.55 216.16 256.16 229.93 347.53 7214.18 8383.35 428.13 506.82 609.17 762.5
135.57 172.55 216.16 256.16 229.93 6438.70 7214.18 337.70 506.82 609.1
0.00 0.00 0.00 0.00 100.00 100.00 0.00 0.00 0.00 0.00
6.20 11.43 13.79 21.12 20.4 179.19 202.62 18.26
33.67 38.65 43.37 57.79 63.69 0.00 0.00 19.69 20.99 29.06 50.48
0.00 0.00 0.00 0.00 0.00 699.12 505.33 0.00 0.00 0.00 0.00
114.57 149.56 193.61 243.32 305.64 1542.90 1920.54 303.20 368.40 454.20 528.3
138.26 176.97 212.23 164.55 268.11 2199.81 2564.42 402.10 479.00 573.64 693.6
103.00 138.26 176.97 212.23 164.55 1827.70 2199.81 317.05 402.10 479.00 573.6
49.61 66.70 74.71 82.46 94.35 595.69 698.38 83.62 85.35 119.11 116.5
-50.20 -55.21 -48.57 54.40 -111.13 -735.60 -365.25 -49.02 -63.64 -102.54 37.54
30.14 10.02 8.46 37.84 21.94 139.11 161.09 21.57 44.05 32.37 22.18
-0.45 -5.25 -19.83 -109.41 -2.12 109.62 20.32 6.37 7.88 12.47 -0.29
4.01 5.38 6.67 7.74 8.84 0.00 0.00 0.00 0.00 0.00 11.510.00
0.00
0.63 0.66 0.67 0.72 0.76 1.66 0.39 0.42
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4.15 4.45 4.47 4.64 7.02 11.59 11.56 3.9 4.14 4.27 4.55 5.29
27.21 33.55 43.9 50.9 65 298 359.6 64.50 58.21 77.69 96.3 98.1
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8/8/2019 Ratio Analysis Sample
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HD HD HD HD KNX KNX KNX LNCR LNCR LNCR LNCR
02/03/02 02/02/03 02/01/04 02/01/05 12/31/02 12/31/03 12/31/04 12/31/01 12/31/02 12/31/03 12/31/0
53553.00 58247.00 64816.00 73094.00 285.79 340.07 442.29 812.44 960.90 1147.36 1268.5
45738.00 53553.00 58247.00 64816.00 250.82 285.79 340.07 702.48 812.44 960.90 1147.3
37406.00 40139.00 44236.00 48664.00 176.90 206.90 274.60 123.41 144.53 171.66 184.4
32057.00 37406.00 40139.00 44236.00 158.10 176.90 206.90 112.95 123.41 144.53 171.6
28.00 37.00 62.00 70.00 1.08 0.88 0.00 16.01 14.17 17.43 17.06
4957.00 5872.00 6843.00 7912.00 47.35 58.80 79.76 218.00 305.66 371.26 440.4
1913.00 2208.00 2539.00 2911.00 19.41 23.34 31.90 83.06 115.23 139.15 166.93044.00 3664.00 4304.00 5001.00 27.94 35.46 47.86 134.94 190.43 232.11 273.4
2353.00 2344.00 2289.00 2216.00 57.04 57.36 57.64 107.44 106.94 101.67 99.68
2352.00 2353.00 2344.00 2289.00 52.72 57.04 57.36 106.17 107.44 106.94 101.6
2546.00 2253.00 2852.00 2165.00 36.20 40.55 25.36 8.35 1.58 9.82 225.7
177.00 2546.00 2253.00 2852.00 24.14 36.20 40.55 3.20 8.35 1.58 9.82
920.00 1072.00 1097.00 1499.00 41.31 39.27 58.90 143.84 142.74 151.19 137.8
835.00 920.00 1072.00 1097.00 32.47 41.31 39.27 116.84 143.84 142.74 151.1
6725.00 8338.00 9076.00 10076.00 1.35 1.34 2.33 2.86 2.99 2.50 2.35
6556.00 6725.00 8338.00 9076.00 1.91 1.35 1.34 3.88 2.86 2.99 2.50
10361.00 11917.00 13328.00 14190.00 92.94 96.07 102.52 161.23 153.65 187.09 377.8
15375.00 17168.00 20063.00 22726.00 176.89 212.94 287.93 441.39 515.27 622.27 678.3
26394.00 30011.00 34437.00 38907.00 284.84 321.23 402.87 1071.06 1198.60 1431.66 1721.0
21385.00 26394.00 30011.00 34437.00 239.89 284.84 321.23 877.60 1071.06 1198.60 1431.6
5.00 7.00 509.00 11.00 2.72 0.00 0.00 97.49 53.72 65.94 67.94
7.75 3.41 5.04 26.96 35.03 26.79
6501.00 8035.00 9554.00 10529.00 28.69 26.15 39.19 162.02 110.67 147.16 132.4
1250.00 1321.00 856.00 2148.00 12.20 0.00 0.00 125.78 155.53 320.82 275.2
12799.00 15971.00 19680.00 23962.00 126.15 161.61 208.33 719.64 910.07 1142.18 1415.6
18082.00 19802.00 22407.00 24158.00 199.66 239.92 291.02 738.96 856.29 848.25 1166.3
15004.00 18082.00 19802.00 22407.00 167.70 199.66 239.92 584.45 738.96 856.29 848.2
5963.00 4802.00 6545.00 6904.00 55.49 84.41 98.90 233.71 287.64 370.97 419.2
-3466.00 -2601.00 -4171.00 -4479.00 -42.29 -67.36 -115.04 -231.13 -177.39 -266.98 -173.1
3393.00 2749.00 3508.00 3948.00 41.81 70.31 115.67 74.21 82.93 127.84 89.67
-173.00 -2165.00 -1931.00 -3055.00 -1.14 -12.69 0.95 -5.77 -108.67 -95.76 -30.18
396.00 492.00 595.00 719.00 0.00 0.00 1.13 0.00 0.00 0.00 0.000.00
13.86 11.55 11.66 14.62 0.27 0.39 0.59 3.50 1.48 1.90 1.53
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69.45 83.17 87.78 86.39 1.79 2.50 2.50 9.96 10.36 11.09 9.98
2800 3414 4067 4843 27.3 34.4 46.6 118.51 171.6 215 260.5
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8/8/2019 Ratio Analysis Sample
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ORLY ORLY PFCB PFCB PFE PFE PFE PFE SYK SYK SYK
13/31/03 12/31/2004 12/28/2003 1/2/2005 12/31/01 12/31/02 12/31/03 12/31/04 12/31/97 12/31/98 12/31/9
1511.82 1721.24 539.92 706.94 29024.00 32373.00 44736.00 52616.00 980.14 1103.21 2103.7
1312.49 1511.82 406.61 539.92 26045.00 29024.00 32373.00 44736.00 910.06 980.14 1103.2
873.48 978.08 152.79 200.74 3823.00 4045.00 9589.00 7541.00 397.77 472.07 989.7
759.09 873.48 112.57 152.79 3755.00 3823.00 4045.00 9589.00 392.36 397.77 472.1
6.86 4.70 0.01 0.00 266.00 251.00 290.00 359.00 4.12 12.18 122.6
160.04 187.74 37.21 36.71 9984.00 11796.00 3246.00 14007.00 194.45 59.96 29.80
59.96 70.06 12.42 10.66 2433.00 2609.00 1614.00 2665.00 70.00 20.39 10.40100.09 138.57 24.79 26.05 7788.00 9126.00 3910.00 11361.00 125.32 39.57 19.40
54.53 55.71 26.25 26.58 6361.00 6241.00 7185.60 7613.90 196.26 192.60 397.2
53.69 54.53 25.92 26.25 6368.00 6361.00 6241.00 7185.60 106.86 196.26 192.6
21.09 69.03 50.48 71.41 8615.00 12551.00 11952.00 19893.00 351.07 142.21 83.50
29.33 21.09 42.89 50.48 6863.00 8615.00 12551.00 11952.00 367.57 351.07 138.6
52.24 60.93 0.00 0.00 4798.00 5785.00 8636.00 9367.00 176.21 425.61 377.7
45.42 52.24 0.00 0.00 5489.00 4798.00 5785.00 8636.00 166.05 176.21 425.6
523.75 625.32 2.91 2.95 2485.00 2678.00 5699.00 6660.00 136.25 553.96 386.1
504.10 523.75 2.32 2.91 2702.00 2485.00 2678.00 5699.00 127.39 116.34 591.0
656.93 813.48 59.70 84.23 19212.00 24781.00 30677.00 39694.00 756.61 1311.84 1110.4
449.06 567.49 228.17 280.64 9783.00 10712.00 18156.00 18385.00 163.90 429.50 391.5
1157.03 1432.36 303.82 383.52 39153.00 46356.00 116775.00 123684.00 985.08 2885.85 2580.5
1009.42 1157.03 383.50 303.82 33510.00 39153.00 46356.00 116775.00 993.91 985.08 2885.8
0.93 0.59 1.45 0.61 6263.00 8669.00 8818.00 11266.00 73.63 15.01 106.3
145.95 240.55 8.37 14.01 2587 2672
215.31 333.82 54.05 63.28 13729.00 18555.00 23909.00 26458.00 303.01 699.46 669.6
120.98 100.32 0.10 0.50 2609.00 3140.00 5755.00 7279.00 4.45 1487.97 1181.1
481.05 620.61 64.67 90.72 24430.00 30243.00 29382.00 35492.00 612.90 661.40 668.1
784.29 947.82 204.33 244.96 18293.00 19950.00 65377.00 68278.00 612.78 652.08 671.5
650.52 784.29 168.80 204.33 16076.00 18293.00 19950.00 65377.00 530.36 612.78 672.6
168.84 226.54 8861.00 9864.00 11713.00 16340.00 91.87 154.52 284.0
-130.56 171.99 -7135.00 -4338.00 4850.00 -9422.00 -79.74 -1566.19 -79.40
136.50 173.49 2105.00 1758.00 2629.00 2601.00 35.21 51.24 76.20
46.52 -6.62 -2096.00 -4999.00 -16909.00 -6629.00 -30.43 1386.75 -230.6
0.00 0.00 2715.00 3168.00 4353.00 5082.00 9.68 10.58 11.600.00 0.00 0.00 0.00
0.00
1.05 1.21 12.36 10.54 9.71
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8/8/2019 Ratio Analysis Sample
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3.25 3.4 618.60 635.14
90.88 132.1 7228 8608 3365 10783
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8/8/2019 Ratio Analysis Sample
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SYK SYK SYK TEVA Teva TEVA TOL TOL TOL TOL TOL
12/31/02 12/31/03 12/31/04 12/31/02 12/31/03 12/31/04 10/31/00 10/31/01 10/31/02 10/31/03 10/31/0
3011.60 3625.30 4262.30 2518.60 3276.40 4798.90 1801.66 2208.00 2315.44 2758.44 3861.9
2602.30 3011.60 3625.30 2077.40 2518.60 3276.40 1455.52 1801.66 2208.00 2315.44 2758.4
1111.20 1312.40 4262.30 1423.20 1757.50 2559.60 1366.87 1623.74 1681.00 1995.31 2763.0
963.80 1111.20 1312.40 1230.10 1423.20 1757.50 1131.25 1366.87 1623.74 1681.00 1995.3
40.30 22.60 6.80 25.10 34.00 31.20 46.17 58.25 64.53 73.25 93.30
506.70 652.50 717.00 499.40 872.40 603.70 230.97 337.89 347.32 411.15 647.4
161.10 199.00 251.30 84.80 181.50 267.20 85.02 124.22 127.43 151.33 238.3345.60 453.50 465.70 410.30 691.00 331.80 145.94 213.67 219.89 259.82 409.1
407.60 406.80 410.30 580.90 536.80 612.70 74.83 77.37 75.48 75.54 81.17
406.00 407.60 406.80 561.80 580.90 536.80 74.87 74.83 77.37 75.48 75.54
37.80 65.90 349.40 1045.60 1379.40 1040.90 161.86 182.84 102.34 425.25 580.8
50.10 37.80 65.90 790.10 1045.60 1379.40 96.48 161.86 182.84 102.34 425.2
406.70 498.60 751.10 1074.70 1332.40 1874.30 113.03 74.48 95.50 113.63 146.2
332.10 406.70 498.60 817.60 1074.70 1332.40 87.47 113.03 74.48 95.50 113.6
426.50 467.90 552.50 781.10 1004.60 1286.30 1712.38 2183.54 2551.06 3080.35 3878.2
399.80 426.50 467.90 570.20 781.10 1004.60 1443.28 1712.38 2183.54 2551.06 3080.3
1151.30 1397.60 2142.60 2901.40 3716.40 4201.50 1987.30 2484.90 2812.40 3708.30 4759.2
519.20 604.70 700.50 675.40 827.40 1278.20 24.08 33.10 38.50 43.71 52.43
2815.50 3159.10 4083.80 4626.80 5915.90 9632.00 2030.25 2532.20 2895.37 3787.39 4905.5
2423.60 2815.50 3159.10 3460.20 4626.80 5915.90 1668.06 2030.25 2532.20 2895.37 3787.3
10.70 7.30 9.30 738.50 644.20 560.40 326.54 362.71 253.19 281.70 340.3
106 137.8 214.5 785.7 1050.7 1643.5 110.9 133 126.39 151.73 181.9
707.50 834.40 1113.50 1524.20 1694.90 2203.90 815.60 950.00 946.20 1144.00 1690.0
491.00 18.80 0.70 1161.40 815.40 1728.40 469.50 669.60 819.70 1166.70 1295.6
1442.60 1868.10 2297.60 1345.70 1960.30 2171.40 668.61 882.28 1101.80 1361.62 1770.7
1498.20 2154.80 2752.00 1829.40 3289.40 5388.90 745.15 912.58 1129.51 1476.63 1919.9
1056.20 1498.20 2154.80 1380.70 1829.40 3289.40 616.33 745.15 912.58 1129.51 1476.6
516.20 648.50 593.30 353.70 626.60 1248.80 -16.86 -148.38 -94.11 -44.72 123.7
-311.80 -151.60 -324.00 273.20 353.70 626.60 4.17 0.73 -19.50 -218.30 -7.40
138.20 140.80 179.30 160.40 207.50 311.00 9.42 15.02 14.17 15.48 20.41
-224.90 -476.30 10.60 337.50 29.60 852.40 78.07 168.63 33.10 395.18 115.0
19.70 23.70 28.00 46.60 76.30 120.70 0.00 0.00 0.00 0.00 0.00
1.99 2.13 3.19 5.49 8.13 11.15 21.50 37.91
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12.3 24 18.18 15.32 15.53 15.25 26.16
328.5 434.4 440 351.8 636.8 286.9 136.6 202.6 205.3 245.20 391.90 790.4
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profit Version 1.0.51
Measure - Unhide Col. B for detail See"How to Input Data & Interpret Good ACS ACSProfitability Measures User Criteria 6/30/2000 6/30/2001
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15% 9.9% 10.7%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10% 5.6% 6.5%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs 1.36 1.16
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs 2.18 2.22
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15% 16.6% 16.8%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt 16.6% 16.8%
Growth of Debt % Growth of annual debt < ROE NA NA
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15% 9.2% 9.3%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind 6.6% 7.1%
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0% 44.4% 5.7%EPS Net Income / Weighted Average Shares > Prior Yr 0.98 1.15Cash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS 1.41 1.22
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr NA -13.8%
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3% -3.4% -0.4%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5% -6.7% -6.6%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR 56.3% 60.3%
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr 86 43
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10% 4.4% 2.1%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15% 8.0% 6.9%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9 1.11 2.53
Pretax Profit 195 221
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90% 78.9% 31.9%
CAPEX / Sales % CAPEX/Sales Cmp Ind 3.6% 4.8%
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5 0.1 0.4
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0% 55.8% 444.6%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5 9.1 10.3
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0 2.15 2.88Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0 1.7 2.5
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12% 19.5% 5.1%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0% 61.6% 12.9%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY 107.8 83.5
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Days Sales Outstanding PY AR PY / (Sales PY / 365) 71.1 74.4
Inventory Turnover Rate (CY) COG CY / Inv CY > PY 116.7 105.3
Inventory Turnover Rate (PY) COG PY / Inv PY 51.8 116.7
% Change in Inventory INV CY / INV PY -46.9% 17.3%
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0% -66% 12%
Plant Turnover Ratio Sales CY / PP&E Incr YTY 10.1 8.7CEO Pay as % of Net Income CEO Total Compensation /Net Income NA NA
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax Profit
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
ACS BBBY6/30/2005 3/3/2001
14.7% 11.8%
9.6% 7.2%
0.99 2.33
1.61 1.50
15.3% 25.0%
15.3% 25.0%
-31.3% #REF!
14.0% 25.0%
8.6% 14.4%
77.8% 15.1%3.19 0.595.67 0.68
66.3% NA
-7.4% -2.5%
-5.6% -10.1%
71.0% 77.5%
486 58
11.2% 2.4%
17.0% 8.3%
0.98 5.24641 282
116.9% 33.5%
5.8% 5.9%
0.09 No Debt
0.35 No Debt
0.30 No LTD
6.63% -1.61%
11.78% 8.25%
-194.57 239.33
-1.49 0.82
0.2 No Debt
-18.5% 66.2%
35.5 >99
1.48 2.511.3 0.7
1.42 1.83
21.5% 0.0%
6.0% 29.0%
15.6% 0.0%
89.1 0.0
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTYCEO Pay as % of Net Income CEO Total Compensation /Net Income
77.6 0.0
No Inv 2.3
No Inv 2.3 2
No Inv 29.0% 2
0% 0%
6.4 7.9
0.41% NA
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%
EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax ProfitFree Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
BBBY BFAM2/28/2005 12/31/2001
15.8% 5.8%
9.8% 3.3%
1.70 2.32
1.45 1.81
24.1% 14.0%
24.1% 14.0%
NA NA
24.1% 13.9%
15.8% 7.2%
22.1% 169.7%1.65 0.452.01 1.21
11.7% NA
-3.7% -13.1%
-6.9% -29.7%
93.4% 16.0%
426 10
8.3% 2.9%
12.0% 9.0%
0.89 1.16811 20
84.3% 87.5%
3.7% 6.1%
No Debt 0.01
No Debt 0.03
No LTD 0.03
-0.64% -2.22%
8.10% 7.74%
851.45 11.88
2.78 0.46
No Debt 14.3
-1.7% 48.5%
>99 >99
2.40 0.941.0 0.7
1.43 0.71
0.0% 11.7%
15.0% 18.8%
0.0% -7.1%
0.0 28.2
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTYCEO Pay as % of Net Income CEO Total Compensation /Net Income
0.0 30.0
2.6 No Inv
2.6 No Inv
13.8% No Inv
-1% 0%
8.4 4.40.20% 2.39%
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax Profit
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
BMET BMET5/31/2000 5/31/2001
30.4% 30.1%
18.8% 19.2%
0.79 0.76
1.34 1.30
20.0% 18.9%
18.1% 17.1%
NA #REF!
20.0% 18.9%
14.3% 13.3%
-20.7% -3.6%0.65 0.730.52 0.70
NA 36.4%
3.1% 0.5%
-2.0% -2.1%
91.8% 91.1%
95 155
10.3% 15.1%
14.9% 18.5%
2.60 1.11281 311
54.5% 78.6%
4.7% 3.4%
0.07 0.05
0.51 0.33
No LTD No LTD
-0.53% -1.31%
2.35% 3.22%
177.19 224.99
0.66 0.83
3.5 4.6
28.9% 16.1%
74.7 76.6
4.35 4.002.7 2.5
4.89 3.80
11.7% 30.0%
11.2% 11.6%
0.5% 18.5%
98.7 115.0
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTY
CEO Pay as % of Net Income CEO Total Compensation /Net Income
98.2 98.7
1.2 1.1
1.2 1.2
8.9% 15.6%
-2% 4%
5.0 5.5
NA NA
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax Profit
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
BMET CDWC5/31/2005 12/31/2001
29.2% 7.1%
18.7% 4.3%
0.97 4.70
1.29 1.19
23.3% 23.8%
20.0% 23.8%
147.3% NA
23.3% 23.8%
16.8% 18.0%
16.9% 79.3%1.38 1.891.62 3.39
7.7% NA
-3.1% -15.9%
-2.1% -13.7%
82.2% 79.8%
314 280
16.7% 7.1%
21.9% 7.6%
0.90 1.51550 280
89.2% 165.9%
5.2% 0.6%
0.18 No Debt
0.69 No Debt
No LTD No LTD
1.19% 1.90%
3.17% 14.19%
-166.53 394.38
-0.66 4.42
0.4 No Debt
-31.7% 94.6%
64.4 >99
2.34 5.391.2 4.5
4.83 2.90
3.0% -5.6%
16.4% 3.1%
-13.4% -8.7%
93.1 29.3
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTYCEO Pay as % of Net Income CEO Total Compensation /Net Income
105.3 32.1
1.1 28.8
1.2 30.4
20.6% 8.1%
4% 5%
5.8 57.4
0.17% 0.83%
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax ProfitFree Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
EDMC EDMC6/30/2002 6/30/2003
13.5% 14.3%
8.5% 8.8%
1.28 1.20
1.54 1.38
16.7% 14.5%
16.7% 14.5%
NA 34.6%
16.5% 14.4%
8.6% 9.7%
137.3% 41.1%0.61 0.771.46 1.09
NA -25.3%
-14.9% -4.3%
-14.4% -11.9%
28.0% 35.9%
55 -1
11.0% -0.2%
20.1% 12.4%
1.80 0.94
67 91
130.0% -2.5%
9.1% 12.6%
0.08 0.09
0.28 0.48
0.04 0.03
-11.17% -5.89%
5.46% 7.71%
63.52 51.05
0.92 0.70
3.2 2.3
95.6% 6.0%
44.4 72.3
1.00 1.150.9 0.9
0.42 0.68
35.0% 33.8%
35.0% 27.9%
0.0% 5.9%
22.2 23.2
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTYCEO Pay as % of Net Income CEO Total Compensation /Net Income
22.2 22.2
82.7 95.5
83.6 82.7
35.6% 11.2%
1% -17%
2.6 2.8
1.22% 1.06%
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax Profit
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
FAST FAST12/31/2001 12/31/2002
13.9% 13.4%
8.6% 8.3%
1.86 1.75
1.12 1.12
17.9% 16.3%
17.0% 15.5%
NA NA
17.9% 16.3%
14.8% 13.5%
29.5% -76.7%0.92 1.001.20 0.23
137.3% -80.6%
-4.7% 11.2%
-3.6% -3.5%
99.3% 98.8%
49 -22
6.0% -2.5%
11.1% 1.9%
1.42 0.35114 121
69.5% -29.6%
5.1% 4.4%
No Debt No Debt
No Debt No Debt
No LTD No LTD
0.00% 0.00%
NA NA
68.52 51.36
0.90 0.68
No Debt No Debt
188.7% -25.0%
>99 >99
8.41 8.424.2 3.3
6.72 7.33
-4.5% 4.1%
8.3% 10.7%
-12.8% -6.5%
45.2 42.6
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTYCEO Pay as % of Net Income CEO Total Compensation /Net Income
51.3 45.2
2.7 2.1
2.6 2.7
6.7% 42.3%
-2% 32%
6.7 6.30.09% 0.56%
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax Profit
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
FDS FDS8/31/2002 8/31/2003
32.4% 35.5%
20.6% 23.1%
1.02 0.94
1.23 1.21
25.9% 26.4%
22.5% 23.0%
NA NA
25.9% 26.4%
18.9% 20.1%
63.3% 45.2%0.78 0.981.28 1.43
34.1% 12.2%
-13.3% -9.9%
-17.9% -14.7%
84.5% 91.2%
57 66
28.6% 29.8%
33.6% 33.6%
1.10 1.0964 79
138.8% 128.8%
5.1% 3.8%
No Debt No Debt
No Debt No Debt
No LTD No LTD
-0.27% 0.13%
8.51% 8.55%
130.84 169.26
2.50 3.24
No Debt No Debt
65.0% 29.4%
>99 >99
4.42 4.904.2 4.7
1.03 0.99
-3.9% 11.9%
18.3% 12.1%
-22.3% -0.2%
58.8 58.6
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv CY > PY
Inventory Turnover Rate (PY) COG PY / Inv PY
% Change in Inventory INV CY / INV PY
% Change in Inventory vs Sales Chg Inv% - Chg Sales% < 0%
Plant Turnover Ratio Sales CY / PP&E Incr YTYCEO Pay as % of Net Income CEO Total Compensation /Net Income
72.4 58.8
No Inv No Inv
No Inv No Inv N
No Inv No Inv N
0% 0%
7.2 11.51.61% 1.30%
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profit
Measure - Unhide Col. B for detail See"How to Input Data & Interpret GoodProfitability Measures User Criteria
Pretax Profit Margin % Pretax profit margin=(Pretax profit / sales ) >15%
Net Profit Margin (Profitability) % Net profit margin = (Net Profit / Sales ) >10%
Asset Turnover(Efficiency) Sales / Avg Annual Assets Chk Chgs
Financial Leverage(Gearing) Avg Annual Assets / Avg Shareholder Equity Chk Chgs
Return on Equity % Return on Equity= (Net Profit / Average Equity) >15%
Retained to Common Eqty % ROE x (earnings - dividends)/ earnings >= Grth Rt
Growth of Debt % Growth of annual debt < ROE
Return on Invested Capital ROIC = (Net Profit) / (Avg. Equity + LTD) >15%
Return on Total Assets Return on total assets = (Net Profit / total assets) Cmp Ind
Cash from Operations/Net Income % (Net Cash from Operating Activities(NCO)/Net Income)-1 > 0%EPS Net Income / Weighted Average Shares > Prior YrCash From Operations/Per Share Net Cash from Operations / Avg Weighted Shares >EPS
Growth in Cash from Operations/Share % (CFO/share CY - CFO/share PY) /CFO/Share PY >EPS Gr
Quality of Earnings (NI-NCO)/(Total Assets CY+Total Assets PY)/2 < 3%
Impact on NI of Expensing Stk Options (NI if Stk Opt Expensed-NI)/NI >-5%
Retained Earnings/Shareholder Equity Retained Earnings/Shareholder Equity SGR
Free Cash Flow ($M) Net Cash from Operations - CAPEX > Prior Yr
Free Cash Flow Margin % (NCO-CAPEX)/Sales >10%
Operating Cash Flow Margin %OCF Margin=Net Cash from Operations/Revenue > 15%
Operating Cash Flow Coverage NCO / (Absolute Value (NCI+NCF) > 0.9
Pretax Profit
Free Cash Flow Productivity (Net Cash from Operations-CAPEX)/Earnings >90%
CAPEX / Sales % CAPEX/Sales Cmp Ind
Capital Structure
Total Debt to Equity Ratio Total debt to equity ratio = total debt / equity 1.5
C&E+STI+MS Ratio CY/PY % Cash & Equiv +Sh Tm Inv+Marketable Securities CY/Same for PY > 0%
Interest Coverage Ratio (Pretax Profit + Interest Expense) / Interest Expense > 5
Current Ratio Current ratio= Current Assets / Current Liabilities > 2.0Quick Assets Ratio Quick Assets Ratio= (C&E+STI+MS+AR) / Current Liabilities > 1.0
Foolish Flow Ratio Foolish Flow Ratio = (CA-C&E)/CL-STD) 12%
% Change in AR vs Sales Chg AR% - Chg Sales% < 0%
Days Sales Outstanding CY AR CY / (Sales CY / 365) < PY
FISV GNTX12/31/2004 12/31/2000
17.2% 35.1%
10.6% 23.7%
0.48 0.78
3.27 1.06
16.6% 19.6%
16.6% 19.6%
-24.3% NA
13.7% 19.6%
4.7% 16.5%
76.9% 18.5%2.00 0.933.54 1.11
16.4% NA
-3.9% -3.4%
-8.9% -8.6%
74.9% 75.4%
537 62
14.4% 20.9%
18.7% 28.1%
2.02 1.96641 105
136.1% 88.0%
4.3% 7.3%
0.24 No Debt
0.87 No Debt
0.64 No LTD
-0.69% -0.69%
5.86% 5.17%
-89.20 138.44
-0.45 1.83
0.9 No Debt
217.3% 46.1%
2.0 >99
NA 9.68NA 8.8
NA 2.65
4.8% 16.1%
27.5% 13.4%
-22.6% 2.7%
42.8 43.7
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Days Sales Outstanding PY AR PY / (Sales PY / 365)
Inventory Turnover Rate (CY) COG CY / Inv