This document discusses various financial ratios used to analyze customers' financial statements. It provides definitions and formulas for liquidity ratios like current ratio and quick ratio, profitability ratios like net profit margin and return on assets, financial leverage ratios like debt to equity, and efficiency ratios like inventory turnover. These ratios are used to evaluate different aspects of a company's financial health and operations, such as liquidity, profitability, debt usage, and working capital management.
Ratios and formulas are important analytical tools for evaluating a company's financial statements. Ratio analysis involves calculating relationships between financial data to assess aspects of a company's operations, such as liquidity, profitability, leverage, efficiency and creditworthiness. Common financial ratios are grouped into categories like liquidity ratios, which measure ability to meet current obligations, and profitability ratios, which evaluate expenses and returns. A standard list of ratios does not exist, as analysts choose those most relevant and understandable for the situation.
Financial ratios can help analyze a business's financial health by comparing numbers from financial statements. They measure aspects like liquidity, safety, profitability, and efficiency. Some common ratios include the current ratio and quick ratio for liquidity, the debt-to-equity ratio for safety, gross profit margin and net profit margin for profitability, and inventory turnover for efficiency. Comparing ratios to industry averages and tracking them over time provides insight into a business's strengths and weaknesses.
This document discusses the overreliance on EBITDA as a measure of firm profitability and valuation. It explores how EBITDA fails to accurately reflect real operating costs like recurring working capital needs and capital expenditures. While EBITDA was rarely used before the 1980s leveraged buyout boom, its use expanded as it inflated valuations and debt capacity. However, EBITDA does not correlate with cash flow for most firms as it does not account for important expenses. The document concludes that more thorough analysis is needed beyond EBITDA to determine a firm's fair valuation.
The document discusses various types of ratios used to evaluate companies, including efficiency ratios, liquidity ratios, leverage ratios, and profitability ratios. Efficiency ratios measure how effectively a company uses its assets. Liquidity ratios evaluate a company's ability to meet short-term obligations. Leverage ratios assess how much debt a company has relative to equity. Profitability ratios provide information on a company's margins and returns. Comparing ratios over time and across peers can provide insights into a company's performance and financial health.
3.4 interpreting published accounts (part 2) - moodleMissHowardHA
This document provides instruction on calculating and interpreting various financial ratios to assess business performance, including liquidity, profitability, efficiency, and gearing ratios. It explains how to calculate ratios such as the current ratio, acid test ratio, gross profit margin, asset turnover, inventory turnover, payables days, receivables days, and gearing ratio. The document also discusses the values and limitations of ratio analysis for measuring business performance. Learners are given practice calculating ratios for sample companies and inferring what can be learned from the analysis.
This document provides definitions and explanations of 14 key business ratios that are used to analyze a company's financial health and performance. The ratios are divided into categories of solvency ratios, profitability ratios, and efficiency ratios. Some of the ratios discussed include the quick ratio, current ratio, return on assets, return on net worth, inventory turnover, and collection period. These ratios measure factors such as a company's liquidity, profit margins, ability to generate sales, and efficiency in areas like collecting receivables.
Accounts payable and accounts receivable refer to money owed to and by a business for goods and services. Accrual accounting records income and expenses when incurred rather than when payment is made. Key financial documents include the income statement, balance sheet, and cash flow statement, which provide different perspectives on a company's performance over time. Financial ratios analyze relationships between financial metrics and compare performance to peers. Profitability, leverage, liquidity, and operating efficiency ratios assess different aspects of a company's financial health.
The document discusses various analytical techniques used to analyze financial reports and ratios, including ratio analysis, vertical analysis, horizontal analysis, and trend analysis. It then provides examples of key financial ratios used to evaluate the profitability, financial stability, and effectiveness of management for a business. These include ratios like gross profit ratio, net profit ratio, current ratio, quick ratio, equity ratio, and debt ratio. Recommendations are provided for improving areas of weakness identified by the ratios.
Ratios and formulas are important analytical tools for evaluating a company's financial statements. Ratio analysis involves calculating relationships between financial data to assess aspects of a company's operations, such as liquidity, profitability, leverage, efficiency and creditworthiness. Common financial ratios are grouped into categories like liquidity ratios, which measure ability to meet current obligations, and profitability ratios, which evaluate expenses and returns. A standard list of ratios does not exist, as analysts choose those most relevant and understandable for the situation.
Financial ratios can help analyze a business's financial health by comparing numbers from financial statements. They measure aspects like liquidity, safety, profitability, and efficiency. Some common ratios include the current ratio and quick ratio for liquidity, the debt-to-equity ratio for safety, gross profit margin and net profit margin for profitability, and inventory turnover for efficiency. Comparing ratios to industry averages and tracking them over time provides insight into a business's strengths and weaknesses.
This document discusses the overreliance on EBITDA as a measure of firm profitability and valuation. It explores how EBITDA fails to accurately reflect real operating costs like recurring working capital needs and capital expenditures. While EBITDA was rarely used before the 1980s leveraged buyout boom, its use expanded as it inflated valuations and debt capacity. However, EBITDA does not correlate with cash flow for most firms as it does not account for important expenses. The document concludes that more thorough analysis is needed beyond EBITDA to determine a firm's fair valuation.
The document discusses various types of ratios used to evaluate companies, including efficiency ratios, liquidity ratios, leverage ratios, and profitability ratios. Efficiency ratios measure how effectively a company uses its assets. Liquidity ratios evaluate a company's ability to meet short-term obligations. Leverage ratios assess how much debt a company has relative to equity. Profitability ratios provide information on a company's margins and returns. Comparing ratios over time and across peers can provide insights into a company's performance and financial health.
3.4 interpreting published accounts (part 2) - moodleMissHowardHA
This document provides instruction on calculating and interpreting various financial ratios to assess business performance, including liquidity, profitability, efficiency, and gearing ratios. It explains how to calculate ratios such as the current ratio, acid test ratio, gross profit margin, asset turnover, inventory turnover, payables days, receivables days, and gearing ratio. The document also discusses the values and limitations of ratio analysis for measuring business performance. Learners are given practice calculating ratios for sample companies and inferring what can be learned from the analysis.
This document provides definitions and explanations of 14 key business ratios that are used to analyze a company's financial health and performance. The ratios are divided into categories of solvency ratios, profitability ratios, and efficiency ratios. Some of the ratios discussed include the quick ratio, current ratio, return on assets, return on net worth, inventory turnover, and collection period. These ratios measure factors such as a company's liquidity, profit margins, ability to generate sales, and efficiency in areas like collecting receivables.
Accounts payable and accounts receivable refer to money owed to and by a business for goods and services. Accrual accounting records income and expenses when incurred rather than when payment is made. Key financial documents include the income statement, balance sheet, and cash flow statement, which provide different perspectives on a company's performance over time. Financial ratios analyze relationships between financial metrics and compare performance to peers. Profitability, leverage, liquidity, and operating efficiency ratios assess different aspects of a company's financial health.
The document discusses various analytical techniques used to analyze financial reports and ratios, including ratio analysis, vertical analysis, horizontal analysis, and trend analysis. It then provides examples of key financial ratios used to evaluate the profitability, financial stability, and effectiveness of management for a business. These include ratios like gross profit ratio, net profit ratio, current ratio, quick ratio, equity ratio, and debt ratio. Recommendations are provided for improving areas of weakness identified by the ratios.
This document discusses financial ratio analysis and various types of ratios used to analyze companies. It provides definitions and formulas for current ratio, quick ratio, stock turnover ratio, debtors turnover ratio, creditors turnover ratio, working capital turnover ratio, debt-equity ratio, proprietary ratio, net profit ratio, operating profit ratio, return on investment ratio, and capital gearing ratio. These ratios are used to analyze different aspects of a company's financial health and performance, including liquidity, activity, solvency, profitability, and leverage. The document also notes some limitations of ratio analysis.
The document discusses free cash flow (FCF) estimation and valuation techniques. It provides equations and considerations for calculating key line items in the FCF statement, including EBITDA, taxes, capital expenditures, and changes in net working capital. The document also discusses estimating the final value and terminal growth rate, and analyzing key performance indicators to inform projections. An example FCF statement is provided for a European industrial company from 2011-2016 and the final valuation year to demonstrate the calculations.
The document discusses various financial ratios used to analyze a company's profitability, liquidity, efficiency, gearing, and evaluate investments. It provides examples and definitions of key ratios including gross profit margin, net profit margin, current ratio, acid test (quick) ratio, return on capital employed, stock turnover, gearing ratio, and average rate of return.
This document provides definitions and formulas for various types of financial ratios used to analyze a company's liquidity, capital structure, coverage, turnover/activity, and profitability.
It includes liquidity ratios like current ratio, quick ratio, and cash ratio to assess short-term solvency. Capital structure ratios like debt-equity ratio and capital gearing ratio indicate financing techniques and long-term solvency. Coverage ratios assess ability to serve fixed liabilities. Turnover/activity ratios measure efficiency of asset usage. Profitability ratios evaluate overall performance based on sales, assets, equity, and investment. Illustrations demonstrate computing ratios from financial statements.
This document provides guidelines on using ratio analysis as a management tool to improve understanding of financial results and trends over time. It outlines various categories of ratios including profitability, operational efficiency, liquidity, and leverage ratios. For each ratio, it defines what the ratio measures and what insights it can provide about the organization's financial performance and sustainability. The ratios can help pinpoint strengths and weaknesses, measure performance against goals and industry benchmarks, and identify areas for strategic improvement.
This allows for a sufficient tax shield to maximize the profitability of the buyout. By utilizing such leverage, we incur a great deal from the tax shield. Further, we would pay off the debt using our excess free cash flow to pay off the debt. By the end of the 5th year, we would sell the firm andgain from any excess value found within the firm.
This document discusses mergers and acquisitions (M&A) and provides an overview of key concepts in 3 sections. Section 1 discusses values that can be obtained from M&A. Section 2 covers M&A practices, including effects of takeovers, anti-takeover devices, and other concepts. Section 3 lists various valuation methods used in M&A transactions.
Ratio analysis is a technique used to analyze and interpret financial statements to evaluate the performance, financial position and cash flows of a business. It involves calculating and comparing various ratios using information from the financial statements. Some key ratios discussed in the document include current ratio, quick ratio, debtors turnover ratio, gross profit ratio, operating ratio, net profit ratio and expense ratios. The document also discusses ratios like debt-equity ratio, proprietary ratio, price to book ratio and price earnings ratio. Advantages of ratio analysis include simplifying accounting information and helping in comparative analysis and forecasting. Limitations include non-comparability between firms and qualitative factors being ignored.
Financial statement analysis involves assessing a firm's past, present, and future financial conditions to identify strengths and weaknesses. Key tools include financial statements and ratio analysis, which standardizes information for comparisons of performance over time, against peers, and to industry standards. Ratio analysis is used for tasks like evaluating loan applications, creditworthiness, mergers, and investment opportunities. Ratios measure liquidity, leverage, activity/efficiency, and profitability.
The document discusses various methods for valuing companies, including cost-based methods like book value and replacement cost, income-based methods like earnings capitalization and discounted cash flow, and market-based methods. It notes that valuation depends on factors like management, performance, projections, industry, and the transaction context. The valuation process involves considering financial and non-financial factors, using multiple models, and arriving at a valuation range. Special situations like multi-business companies, M&A, and cyclic businesses require tailored applications of valuation models.
This Key Financial Ratios glossary assists small business owners in calculating key financial metrics of the business from their Financial Statements. This allows a business owner to understand what their financials mean and how a business has performed in the last financial year, comparably to historical performance and benchmarking performance against industry standards.
Financial Analysis tool containing all four types of ratios (liquidity ratio, capital structure or leverage ratio, turnover or activity ratio and profitability ratio)
The document discusses ratio analysis, which involves using ratios to analyze a company's financial statements and determine its financial soundness. It defines various types of ratios including liquidity, profitability, and solvency ratios. It also covers the classification, calculation, and interpretation of different financial ratios like the current ratio, quick ratio, and absolute liquid ratio.
The document discusses fundamental principles of value creation including lessons on value creation, Fred's Hardware case study, discounted cash flow approach, drivers of cash flow and value, and economic profit. It provides examples of how companies can create value by investing capital at returns above their cost of capital. The value of a company is based on expected future cash flows discounted at the required rate of return. Growth, return on invested capital, and cost of capital are key drivers of corporate value.
This document discusses key financial ratios used to analyze different aspects of a business's performance. It covers ratios related to liquidity, investment/shareholders, gearing, profitability, and financial metrics. Specifically, it defines ratios like the current ratio, acid test ratio, return on capital employed, gross profit margin, and stock turnover, explaining what each measures and ideal levels.
Bba 2204 fin mgt week 3 financial ratiosStephen Ong
This document provides an overview of financial statements and ratio analysis. It discusses the key financial statements including the income statement, balance sheet, statement of retained earnings, and statement of cash flows. It also covers consolidating international financial statements and how various parties use ratio analysis to evaluate a firm's liquidity, activity, debt, and profitability by comparing financial metrics to industry averages and past performance. Specific examples are provided to demonstrate calculating common ratios like the current ratio, inventory turnover, times interest earned, and gross profit margin for a sample company. The document is intended to help readers understand how to use ratio analysis to evaluate a firm's financial health.
[] Medical notes_clinical_medicine_pocket_guideAchmad Dainuri
The document contains a list of contacts including names, phone numbers, and email addresses. It also contains brief summaries of common medical guidelines such as cancer screening recommendations from the American Cancer Society for various cancers like breast, colon, cervical, endometrial, prostate and others. It provides normal ranges and criteria for interpreting components of an electrocardiogram like rate, P waves, PR interval, QRS complex, QT interval, and axis deviation.
The document provides information on conducting internal audits, including:
1) It discusses auditor competence and responsibilities, such as being objective, ethical, and maintaining confidentiality.
2) It explains how to manage an audit program, including establishing objectives and procedures, scheduling audits, and maintaining records.
3) It describes the audit process, from planning and document review, to conducting on-site activities like interviews and observations, and preparing the audit report.
The Moon rotates once every 27.3 days, the same amount of time it takes to orbit Earth. Because of this, the Moon is tidally locked and always presents the same face to Earth. Over time, Earth's gravity slowed the Moon's rotation until it became tidally locked, explaining why we only see one side of the Moon from Earth. Many other moons in the solar system are also tidally locked to the planets they orbit.
This document discusses financial ratio analysis and various types of ratios used to analyze companies. It provides definitions and formulas for current ratio, quick ratio, stock turnover ratio, debtors turnover ratio, creditors turnover ratio, working capital turnover ratio, debt-equity ratio, proprietary ratio, net profit ratio, operating profit ratio, return on investment ratio, and capital gearing ratio. These ratios are used to analyze different aspects of a company's financial health and performance, including liquidity, activity, solvency, profitability, and leverage. The document also notes some limitations of ratio analysis.
The document discusses free cash flow (FCF) estimation and valuation techniques. It provides equations and considerations for calculating key line items in the FCF statement, including EBITDA, taxes, capital expenditures, and changes in net working capital. The document also discusses estimating the final value and terminal growth rate, and analyzing key performance indicators to inform projections. An example FCF statement is provided for a European industrial company from 2011-2016 and the final valuation year to demonstrate the calculations.
The document discusses various financial ratios used to analyze a company's profitability, liquidity, efficiency, gearing, and evaluate investments. It provides examples and definitions of key ratios including gross profit margin, net profit margin, current ratio, acid test (quick) ratio, return on capital employed, stock turnover, gearing ratio, and average rate of return.
This document provides definitions and formulas for various types of financial ratios used to analyze a company's liquidity, capital structure, coverage, turnover/activity, and profitability.
It includes liquidity ratios like current ratio, quick ratio, and cash ratio to assess short-term solvency. Capital structure ratios like debt-equity ratio and capital gearing ratio indicate financing techniques and long-term solvency. Coverage ratios assess ability to serve fixed liabilities. Turnover/activity ratios measure efficiency of asset usage. Profitability ratios evaluate overall performance based on sales, assets, equity, and investment. Illustrations demonstrate computing ratios from financial statements.
This document provides guidelines on using ratio analysis as a management tool to improve understanding of financial results and trends over time. It outlines various categories of ratios including profitability, operational efficiency, liquidity, and leverage ratios. For each ratio, it defines what the ratio measures and what insights it can provide about the organization's financial performance and sustainability. The ratios can help pinpoint strengths and weaknesses, measure performance against goals and industry benchmarks, and identify areas for strategic improvement.
This allows for a sufficient tax shield to maximize the profitability of the buyout. By utilizing such leverage, we incur a great deal from the tax shield. Further, we would pay off the debt using our excess free cash flow to pay off the debt. By the end of the 5th year, we would sell the firm andgain from any excess value found within the firm.
This document discusses mergers and acquisitions (M&A) and provides an overview of key concepts in 3 sections. Section 1 discusses values that can be obtained from M&A. Section 2 covers M&A practices, including effects of takeovers, anti-takeover devices, and other concepts. Section 3 lists various valuation methods used in M&A transactions.
Ratio analysis is a technique used to analyze and interpret financial statements to evaluate the performance, financial position and cash flows of a business. It involves calculating and comparing various ratios using information from the financial statements. Some key ratios discussed in the document include current ratio, quick ratio, debtors turnover ratio, gross profit ratio, operating ratio, net profit ratio and expense ratios. The document also discusses ratios like debt-equity ratio, proprietary ratio, price to book ratio and price earnings ratio. Advantages of ratio analysis include simplifying accounting information and helping in comparative analysis and forecasting. Limitations include non-comparability between firms and qualitative factors being ignored.
Financial statement analysis involves assessing a firm's past, present, and future financial conditions to identify strengths and weaknesses. Key tools include financial statements and ratio analysis, which standardizes information for comparisons of performance over time, against peers, and to industry standards. Ratio analysis is used for tasks like evaluating loan applications, creditworthiness, mergers, and investment opportunities. Ratios measure liquidity, leverage, activity/efficiency, and profitability.
The document discusses various methods for valuing companies, including cost-based methods like book value and replacement cost, income-based methods like earnings capitalization and discounted cash flow, and market-based methods. It notes that valuation depends on factors like management, performance, projections, industry, and the transaction context. The valuation process involves considering financial and non-financial factors, using multiple models, and arriving at a valuation range. Special situations like multi-business companies, M&A, and cyclic businesses require tailored applications of valuation models.
This Key Financial Ratios glossary assists small business owners in calculating key financial metrics of the business from their Financial Statements. This allows a business owner to understand what their financials mean and how a business has performed in the last financial year, comparably to historical performance and benchmarking performance against industry standards.
Financial Analysis tool containing all four types of ratios (liquidity ratio, capital structure or leverage ratio, turnover or activity ratio and profitability ratio)
The document discusses ratio analysis, which involves using ratios to analyze a company's financial statements and determine its financial soundness. It defines various types of ratios including liquidity, profitability, and solvency ratios. It also covers the classification, calculation, and interpretation of different financial ratios like the current ratio, quick ratio, and absolute liquid ratio.
The document discusses fundamental principles of value creation including lessons on value creation, Fred's Hardware case study, discounted cash flow approach, drivers of cash flow and value, and economic profit. It provides examples of how companies can create value by investing capital at returns above their cost of capital. The value of a company is based on expected future cash flows discounted at the required rate of return. Growth, return on invested capital, and cost of capital are key drivers of corporate value.
This document discusses key financial ratios used to analyze different aspects of a business's performance. It covers ratios related to liquidity, investment/shareholders, gearing, profitability, and financial metrics. Specifically, it defines ratios like the current ratio, acid test ratio, return on capital employed, gross profit margin, and stock turnover, explaining what each measures and ideal levels.
Bba 2204 fin mgt week 3 financial ratiosStephen Ong
This document provides an overview of financial statements and ratio analysis. It discusses the key financial statements including the income statement, balance sheet, statement of retained earnings, and statement of cash flows. It also covers consolidating international financial statements and how various parties use ratio analysis to evaluate a firm's liquidity, activity, debt, and profitability by comparing financial metrics to industry averages and past performance. Specific examples are provided to demonstrate calculating common ratios like the current ratio, inventory turnover, times interest earned, and gross profit margin for a sample company. The document is intended to help readers understand how to use ratio analysis to evaluate a firm's financial health.
[] Medical notes_clinical_medicine_pocket_guideAchmad Dainuri
The document contains a list of contacts including names, phone numbers, and email addresses. It also contains brief summaries of common medical guidelines such as cancer screening recommendations from the American Cancer Society for various cancers like breast, colon, cervical, endometrial, prostate and others. It provides normal ranges and criteria for interpreting components of an electrocardiogram like rate, P waves, PR interval, QRS complex, QT interval, and axis deviation.
The document provides information on conducting internal audits, including:
1) It discusses auditor competence and responsibilities, such as being objective, ethical, and maintaining confidentiality.
2) It explains how to manage an audit program, including establishing objectives and procedures, scheduling audits, and maintaining records.
3) It describes the audit process, from planning and document review, to conducting on-site activities like interviews and observations, and preparing the audit report.
The Moon rotates once every 27.3 days, the same amount of time it takes to orbit Earth. Because of this, the Moon is tidally locked and always presents the same face to Earth. Over time, Earth's gravity slowed the Moon's rotation until it became tidally locked, explaining why we only see one side of the Moon from Earth. Many other moons in the solar system are also tidally locked to the planets they orbit.
The document provides an introduction to and overview of the scientific miracles found in the Quran. It discusses several topics mentioned in the Quran that have been scientifically confirmed, including the expansion of the universe, the roundness of the Earth, the protective atmosphere, layers of the atmosphere, mountains stabilizing the Earth's crust, iron's role in Earth's formation, relativity of time, rain formation, and pollinating winds. The introduction emphasizes that revealing scientific truths not known to people at the time is evidence that the Quran is not a human work but divine revelation from God.
The document provides biographical information about Harun Yahya and summarizes some of the key points made in his books. It notes that Harun Yahya writes under a pen name to honor the prophets Aaron and John and aims to disprove anti-religious ideologies and silence objections to religion. His books have been influential in recovering faith and provide evidence from the Quran to support Allah's existence and refute ideas like evolution and atheism. The success of his books is seen as helping to ideologically defeat denial and spread the Quran's message of wisdom and morality.
Human error and secure systems - DevOpsDays Ohio 2015Dustin Collins
We see reports all the time with headlines like "90% of data breaches caused by human error". But what does that really mean? In this talk I will cover the traditional view of human error and how it hinders our ability to develop and maintain secure systems. Other industries have improved safety and security by shifting their view of human error. We can apply many of the the same concepts to software development and operations, minimizing risk and maximizing learning opportunity.
Virtual teams - Learnings from Crisis Management Teams for Distributed Agile ...Rolf Häsänen
Learnings from improving Virtual Crisis Management team performance and applying this to distributed Agile Teams
Take aways
-Learn why we need to pay attention to Team Situational Awareness especially for distributed / virtual teams.
-Learn the Team Situational Awareness Model and how it can be used
Risk Management in IES 60601. Medical Devices, Creation and content of RMF, Methods for the visualization and identification of harms and hazards,
Creating a RMF – Minimal Documentation,
Common errors when creating a RMF.
Usability in healthcare, general overview on new standards and metrics (Inter...Stella Tsank
This document provides an overview of standards and metrics for evaluating usability in healthcare. It discusses international standards that define usability and its key aspects of effectiveness, efficiency, and satisfaction. A new set of metrics is proposed to quantitatively measure these aspects of usability for medical devices. Effectiveness is measured by completeness, error, and assistance indices calculated for individual tasks and overall. Efficiency considers completion times. The metrics allow standardized usability testing and reporting to support design, risk analysis, and evaluation of medical devices.
An insider attacker is defined as a current or former employee, contractor, or other trusted entity that has access to an organization's network, systems, or data and intentionally or unintentionally misuses that access. Insider attacks account for 30-50% of cybersecurity incidents according to various studies. Insider threats can be malicious, negligent, or accidental. They are challenging to detect and prevent because insiders have legitimate access that makes their harmful actions difficult to distinguish from regular job functions. Potential solutions include improving security visibility, using red and blue teams to test defenses, following security standards for development, and monitoring behaviors for anomalies using artificial intelligence. However, overly complex security can also reduce productivity.
[David j. sheskin]_handbook_of_parametric_and_nonpNERRU
This document provides a preface and overview of the third edition of the Handbook of Parametric and Nonparametric Statistical Procedures. The handbook aims to serve as a comprehensive reference for statistical procedures, with an emphasis on practical applications over theory. It covers a wide range of univariate and bivariate statistical tests and measures of association across over 30 chapters. New material has been added to various chapters, expanding the coverage of topics like experimental design, probability, missing data techniques, and specific statistical tests.
The document provides information about the University of Lahore's vision, leadership, and academic programs. The University's vision is to be an internationally recognized institution offering innovative, high-quality education with a focus on research excellence, ethics, and cultural advancement to produce leaders in various fields. It offers degrees in medicine, dentistry, engineering, sciences, and other disciplines and aims to respond to changes in science and technology for Pakistan's economic development. The leadership believes the University is playing an important role in students' lives and the wider society by creating and disseminating knowledge.
Shahid, M., & Kamran, F. (2015). Causal Relationship between Macroeconomic Factors and Stock Prices in Pakistan. International Journal Of Management And Commerce Innovations, 3(2), 172-178. Retrieved from http://researchpublish.com/journal/IJMCI/Issue-2-October-2015-March-2016/0
The business book (big ideas simply explained) by dk publishingMartin Arale
This document provides biographical information and credits for the contributors involved in producing the book "The Book Business". It lists the editors, art directors, designers, illustrators, and producers involved in the project. It also provides publishing information including the publisher, copyright details, and place of publication. The document concludes by listing two consultant editors, Ian Marcouse and Phillipa Anderson, and their backgrounds.
Exploratory data analysis handbook (from www.nist.gov, Engineering Statistic...Stella Tsank
This document provides a detailed table of contents for a chapter on exploratory data analysis (EDA). The chapter introduces EDA assumptions, principles and techniques for gaining insight from data. It discusses EDA goals and differences from classical/Bayesian analysis and summary analysis. The chapter also outlines graphical and quantitative EDA techniques as well as case studies applying these techniques to different datasets.
I apologize, upon reviewing the document I do not feel comfortable generating a summary without the full context of the topic being discussed. Summaries can unintentionally omit or distort important information if taken out of context.
This document provides an introduction and guide to the principles of accounting. It covers topics such as the purpose and uses of accounting information, the fundamentals of financial accounting including how to prepare financial statements, and an introduction to management accounting concepts like costing and decision making. The guide was written by Jennifer Ireland for undergraduate students studying economics, management, finance or social sciences at the University of London. It includes 12 chapters and is intended to help students understand and apply key accounting principles.
This document outlines a national standards strategy for the United States. It discusses the importance of voluntary consensus standards to the US economy and society. However, the standards system faces new challenges from globalization and increased international competition. The strategy proposes strategic initiatives to strengthen the US role in international standardization, ensure standards continue to support health, safety and the environment, and improve responsiveness to consumer needs. It aims to provide guidance for sector-focused standard development while maintaining coherence across sectors.
This document is the foreword to a book titled "Hundred Great Muslims" written by Kh. Jamil Ahmad. It was written by L.F. Rushbrook Williams, who knew the author for many years through his writings and work in government. Williams notes that the book contains biographical studies of prominent Muslim figures across various fields including poets, philosophers, scientists, scholars, statesmen, warriors and explorers. He commends the wide range of genius exhibited by great Muslims in history and says the book will fill a need, as an earlier work on great Indian men he edited, which included Muslims, has long been out of print.
Building your All-Star DevOps Team – "Planning, Process and Partners"Dustin Collins
The document discusses challenges in hiring for DevOps roles and best practices when working with recruiting agencies. It recommends being specific about DevOps roles and expectations, and planning hiring efforts by defining goals, timelines and success metrics. When partnering with agencies, hiring managers should prepare detailed job descriptions, benchmark top performers, and remain engaged with candidates. Building trust is important as recruiters do not always understand a client's needs and may disappear when not actively recruiting. Recruiting resources for additional information are also provided.
Ratios and formulas in customer financial analysisNajib Baig
The document provides an overview of various financial ratios used in analyzing customer financial statements. It discusses liquidity ratios, profitability ratios, leverage ratios, and efficiency ratios. For each type of ratio, it provides the calculation formulas and explains what each ratio measures. The ratios can be used to evaluate aspects of a company's operations, such as its ability to meet current obligations, generate profits, utilize debt, and manage assets and expenses.
Ratios and Formulas in Customer Financial AnalysisFinancial stat.docxcatheryncouper
Ratios and Formulas in Customer Financial Analysis
Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes in trends, and relationships and the investigation of the reasons underlying those changes. The judgment process can be improved by experience and the use of analytical tools. Probably the most widely used financial analysis technique is ratio analysis, the analysis of relationships between two or more line items on the financial statement. Financial ratios are usually expressed in percentage or times. Generally, financial ratios are calculated for the purpose of evaluating aspects of a company's operations and fall into the following categories:
· Liquidity ratios measure a firm's ability to meet its current obligations.
· Profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business.
· Leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time.
· Efficiency, activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business.
A ratio can be computed from any pair of numbers. Given the large quantity of variables included in financial statements, a very long list of meaningful ratios can be derived. A standard list of ratios or standard computation of them does not exist. The following ratio presentation includes ratios that are most often used when evaluating the credit worthiness of a customer. Ratio analysis becomes a very personal or company driven procedure. Analysts are drawn to and use the ones they are comfortable with and understand.
1. Liquidity Ratios
Working Capital
Working capital compares current assets to current liabilities, and serves as the liquid reserve available to satisfy contingencies and uncertainties. A high working capital balance is mandated if the entity is unable to borrow on short notice. The ratio indicates the short-term solvency of a business and in determining if a firm can pay its current liabilities when due.
Formula
Current Assets - Current Liabilities
Acid Test or Quick Ratio
A measurement of the liquidity position of the business. The quick ratio compares the cash plus cash equivalents and accounts receivable to the current liabilities. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a business's quick ratio will be lower than its current ratio. It is a stringent test of liquidity.
Formula
Cash + Marketable Securities + Accounts Receivable
Current Liabilities
Current Ratio
provides an indication of the liquidity of the business by comparing the amount of current assets to current liabilities. A business's curren ...
Ratio AnalysisFinancial ratios can be used to examine various as.docxcatheryncouper
Ratio Analysis
Financial ratios can be used to examine various aspects of the financial position and performance of a business and are widely used for planning and control purposes.
They can be used to evaluate the financial health of a business and can be utilised by management in a wide variety of decisions involving such areas as profit planning, pricing, working-capital management, financial structure and dividend policy.
Ratio analysis provides a fairly simplistic method of examining the financial condition of a business.
A ratio expresses the relation of one figure appearing in the financial statements to some other figure appearing there.
Ratios enable comparison between businesses.
Differences may exist between businesses in the scale of operations making comparison via the profits generated unreliable.
Ratios can eliminate this uncertainty.
Other than comparison with other businesses, it is also a valuable tool in analysing the performance of one business over time.
However useful ratios are not without their problems.
Figures calculated through ratio analysis can highlight the financial strengths and weaknesses of a business but they cannot, by themselves, explain why certain strengths or weaknesses exist or why certain changes have occurred.
Only detailed investigation will reveal these underlying reasons. Ratios must, therefore, be seen as a ‘starting point’.
Financial ratio classification
The following ratios are considered the more important for decision-making purposes:
Ratios can be grouped into certain categories, each of which reflects a particular aspect of financial performance or position.
The following broad categories provide a useful basis for explaining the nature of the financial ratios to be dealt with.
Profitability.Businesses come into being with the primary purpose of creating wealth for the owners. Profitability ratios provide an insight to the degree of success in achieving this purpose. They express the profits made in relation to other key figures in the financial statements or to some business resource.
Efficiency.Ratios may be used to measure the efficiency with which certain resource have been utilised within the business. These ratios are also referred to as active ratios.
Liquidity.It is vital to the survival of a business that there be sufficient liquid resources available to meet maturing obligations. Certain ratios may be calculated that examines the relationship between liquid resources held and creditors due for payment in the near future.
Gearing.This is the relationship between the amount financed by the owners of the business and the amount contributed by outsiders, which has an important effect on the degree of risk associated with a business. Gearing is then something that managers must consider when making financing decisions.
Investment.Certain ratios are concerned with assessing the returns and performance of shares held in a particular business.
Profitabi ...
Profitability ratios measure a company's ability to generate earnings compared to its expenses and costs. Some examples are profit margin, return on assets, and return on equity. Higher ratios typically indicate better performance. The document then discusses various profitability ratios in more detail like gross profit margin, net profit margin, return on assets, return on equity, and return on capital employed. It provides the formulas to calculate each ratio.
A study on financial & performance analysis of acc limitedcjvicky
This document analyzes the financial performance and position of ACC Limited, India's largest cement producer, using ratio analysis. It summarizes ACC's history and industry, examines key financial ratios to analyze profitability, liquidity, asset use efficiency and debt levels over several years. The analysis finds that ACC's current ratio is below ideal levels but cash ratio is adequate, debtors' collection period is reasonable, and assets and capital are generally used efficiently. It concludes that ACC should improve its quick ratio and maintains its satisfactory debt-equity levels.
Chapter 6_Interpretation of Financial StatementPresana1
This document provides an overview of ratio analysis for financial statement evaluation. It defines ratios that measure profitability, liquidity, management efficiency, leverage, and valuation/growth. Specific ratios are defined along with their formulas and uses. An example is provided to demonstrate ratio calculations for the Norton Corporation using data on its income statement, balance sheet, and other financial details. Ratios computed include current ratio, acid-test ratio, accounts receivable turnover, inventory turnover, equity ratio, return on sales, return on equity, earnings per share, and price-earnings ratio. The document also outlines advantages and limitations of ratio analysis for stakeholders.
This document provides descriptions and explanations of various types of financial ratios used in ratio analysis. It discusses liquidity ratios like the current ratio and quick ratio, profitability ratios such as return on assets and return on equity, activity ratios including asset turnover and inventory turnover, capital structure ratios like the debt ratio, and market ratios like the price to earnings ratio. It also covers DuPont analysis, analysis of leverage, and sustainable growth rate. The ratios can be used to evaluate different aspects of a company's financial health and performance over time.
Prepare a witten financial analysis. .This should include calculation.pdfarrowit1
Prepare a witten financial analysis. .This should include calculations and discussion related to
the Chapter 5 appendix (Appendix 5A). See illustration 5A-1 for a summary of financial ratios.
Be sure to include (1) these ratios, (2) what they mean and (3) how you interpret them: o Current
ratio o Accounts receivable turnover o Inventory turnover o Profit margin on sales o Return on
assets o Return on stockholders\' equity o Debt to assets ratio Submit a WORD document via
D2L- Assessments - Assignments
Solution
Ans ) The ratios are not meant for a particular person or firm.People in various fields of life are
interested in ratio analysis from their own angles.The parties attached with business or firm are
creditors i.e. mony lenders, shareholders.Management uses the toolof Ratio analysisto
interpretate the information from their own angles.For example creditors are interested in
liquidity and solvency for which they will make use of current ratio , liquidity ratio,
proprietaryRatio, debt equity Ratio,capital gearing Ratio.Shareholders are interested in
profitability and long term solvency.They want to know the rate of return on their capital
employed for which they willmake use of Gross Profit Ratio, Operating Ratio, Dividend ratio
and Price Earning Ratio.Management is interested in overall efficiency of business which can be
better jud ged through Ratios like turnover to fixed assets, turnover to capital employed, stock
turnover ratio etc.So, from the above discussion it is clear that different prties uses the tool of
Ratio analysis for taking their own decisions
The particular purpose of a user is determining the particular Ratios that might be used ofr
financial analysis.Here we will discuss and calculate various ratios to do fianacial analysis.
Current Ratio = Current Assests/Current Liabilities
Current Assests= Cash + Bank+ Prepaid Insurance+Inventory+ Accounts Recievables
Current Assests=44746.5 +510+500+5000+29000=79756.5
Current Laibilites =Accounts payable
Current Laibilites= 30064.83
Current Ratio = 79756.5/30064.83= 2.7
Interpretation : Generally a current ratio of 2 times or 2:1 is cosidered to be satisfactory.Here the
current ratio of greater than 2 denotes the good liquidity position but it also indicates assest
liabilty mis match.But current ratio greater than 2 is generally preferred as compared to less than
2.
2.Account receivables turnover :It represents the number of times the cash is collected from
debtors.Lower turnover denotes poor collection and means that funds are blocked ofr longer
period of tiem and vice-versa.It also measure the liquidity of the firm.It shows how quickly
debtors (receivables) are converted into sales.The Account receivables turnover shows the
relationship between sales and debtors of the firm.
Account receivables turnover= Net Credit Annual Sales/Average trade debtors
3. Inventory turnover :This ratio indicates the number of times inventory or stock is replaced
during the year.The turnover of invent.
This document discusses various approaches to company valuation through financial ratios. It describes the types of ratios used such as liquidity, profitability, activity, leverage, and shareholder ratios. Specific ratios are defined that fall under each type, such as current ratio, quick ratio, gross profit margin, debt to assets, earnings per share, and others. These ratios are calculated using financial data and used to evaluate the financial condition and performance of a company.
Scooters India Limited is an automotive manufacturing company located in Lucknow, India. It acquired its first plant and machinery from Innocenti of Italy in 1972. The company originally produced scooters but shifted focus to three-wheelers in 1997 under brands like Vikram and Lambro. Scooters India has its own marketing network across India to support sales and service of its three-wheelers, which have become relevant for transporting people and goods economically. The presentation included analysis of the company's ratios like return on capital employed, current ratio, and inventory turnover ratio to measure its performance and liquidity.
Sip 2013 15 main report-kiran mankumbre 110914Kiran Mankumbre
This document provides an executive summary and introduction to analyzing the financial ratios of Dabur India Pvt Ltd. It discusses the objectives of the project, which are to develop a financial model of Dabur and learn about financial modeling and ratio analysis. It introduces the key types of ratios that will be analyzed, including liquidity, profitability, turnover, solvency, and overall profitability ratios. Specific ratios that will be calculated and analyzed include current ratio, quick ratio, gross profit ratio, operating ratio, net profit ratio, return on investment ratio, and return on capital employed ratio.
This document provides an overview of various ratio analysis techniques used to evaluate the financial health and performance of a business. It discusses liquidity ratios, profitability ratios, financial leverage ratios, operating performance ratios, and investment valuation ratios. For each type of ratio, it provides examples of specific ratios calculated along with their formulas and what they measure. The ratios are used to analyze a company's ability to meet short-term obligations, manage costs and expenses, utilize assets, leverage debt, generate revenue, and determine stock valuation.
Ratio analysis is a method used to interpret financial statements and assess the strengths and weaknesses of a firm. Ratios measure the relationship between different financial metrics and can be used to compare performance over time, between firms, or against standards. Key types of ratios include liquidity, capital structure, profitability, and activity ratios which analyze different aspects of a firm's financial health and operations. Calculating ratios on its own does not provide value; analysis and comparison are required to draw meaningful conclusions.
The document discusses ratio analysis, which involves calculating and interpreting various financial ratios to evaluate aspects of a company's performance and financial position. It defines key ratios including liquidity ratios, activity ratios, profitability ratios, and leverage ratios. It provides formulas and examples for specific ratios like current ratio, inventory turnover, debt-to-equity ratio, and return on equity. The purpose of ratio analysis is to help assess a company's liquidity, profitability, financial stability, and management quality.
Ratio analysis is a technique used to analyze a company's financial statements. It involves calculating and comparing various financial ratios over time and against industry benchmarks to gain insight into the company's performance. The document outlines various types of ratios that can be calculated, including liquidity ratios, capital structure ratios, turnover ratios, and profitability ratios. It provides examples of specific ratios within each category, such as the current ratio, debt-to-equity ratio, inventory turnover ratio, and return on equity. The objective of ratio analysis is to help stakeholders evaluate a company's performance, strengths, weaknesses, and risks to inform decision making.
This document provides information on ratio analysis, including definitions, calculations, and uses of various types of ratios. It discusses profitability ratios, coverage ratios, turnover ratios, financial ratios, and control ratios. For each type of ratio, it provides examples and explanations of important individual ratios calculated within that category, such as gross profit ratio, current ratio, debt-to-equity ratio, and budget variance ratio. The document is intended to help explain ratio analysis and how different financial ratios can be used for analysis and decision making.
This document provides an introduction and methodology for analyzing the financial ratios of Square Pharmaceuticals Ltd. for the financial years 2013-14 and 2014-15. It lists the group members conducting the analysis and the objectives to assess the company's performance, financial condition, and compare the two years. The methodology describes collecting annual report data from the Dhaka Stock Exchange to calculate 11 key financial ratios to analyze liquidity, profitability, asset management, and debt management. These ratios will be used to evaluate Square Pharmaceuticals Ltd.'s financial position and performance over the two years.
The document discusses various profitability ratios that can be used to analyze a company's ability to generate profits. It defines key profitability ratios like gross profit ratio, net profit ratio, operating profit ratio, return on assets, return on equity, return on capital employed, earnings per share, dividend payout ratio, and provides the formulas to calculate each ratio. The document also discusses various turnover or activity ratios like inventory turnover ratio, debtors turnover ratio, creditors turnover ratio, fixed assets turnover ratio, and current assets turnover ratio that measure how efficiently a company utilizes its assets and collects cash.
Ratio analysis involves calculating relationships between financial statement items to interpret a firm's financial condition and performance. Ratios can be classified into liquidity, capital structure, profitability, and activity ratios. Liquidity ratios measure short-term solvency, capital structure ratios measure long-term solvency, profitability ratios measure operating efficiency and returns, and activity ratios measure asset utilization and efficiency. Ratios are compared over time, against industry standards, or between firms to identify strengths, weaknesses, and trends.
Similar to Ratios and formulas in customer financial analysis (20)
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Ratios and formulas in customer financial analysis
1. Ratios and Formulas in Customer Financial Analysis
Financial statement analysis is a judgmental process. One of the primary objectives is
identification of major changes in trends, and relationships and the investigation of the
reasons underlying those changes. The judgment process can be improved by
experience and the use of analytical tools. Probably the most widely used financial
analysis technique is ratio analysis, the analysis of relationships between two or more
line items on the financial statement. Financial ratios are usually expressed in
percentage or times. Generally, financial ratios are calculated for the purpose of
evaluating aspects of a company's operations and fall into the following categories:
liquidity ratios measure a firm's ability to meet its current obligations.
profitability ratios measure management's ability to control expenses and to
earn a return on the resources committed to the business.
leverage ratios measure the degree of protection of suppliers of long-term
funds and can also aid in judging a firm's ability to raise additional debt and its
capacity to pay its liabilities on time.
efficiency, activity or turnover ratios provide information about management's
ability to control expenses and to earn a return on the resources committed to
the business.
A ratio can be computed from any pair of numbers. Given the large quantity of
variables included in financial statements, a very long list of meaningful ratios can be
derived. A standard list of ratios or standard computation of them does not exist. The
following ratio presentation includes ratios that are most often used when evaluating
the credit worthiness of a customer. Ratio analysis becomes a very personal or
company driven procedure. Analysts are drawn to and use the ones they are
comfortable with and understand.
Liquidity Ratios
Working Capital
Working capital compares current assets to current liabilities, and serves as the liquid
reserve available to satisfy contingencies and uncertainties. A high working capital
balance is mandated if the entity is unable to borrow on short notice. The ratio
indicates the short-term solvency of a business and in determining if a firm can pay its
current liabilities when due.
Formula
Current Assets
- Current Liabilities
2. Acid Test or Quick Ratio
A measurement of the liquidity position of the business. The quick ratio compares the cash plus
cash equivalents and accounts receivable to the current liabilities. The primary difference
between the current ratio and the quick ratio is the quick ratio does not include inventory and
prepaid expenses in the calculation. Consequently, a business's quick ratio will be lower than its
current ratio. It is a stringent test of liquidity.
Formula
Cash + Marketable Securities + Accounts Receivable
Current Liabilities
Current Ratio
Provides an indication of the liquidity of the business by comparing the amount of current assets
to current liabilities. A business's current assets generally consist of cash, marketable securities,
accounts receivable, and inventories. Current liabilities include accounts payable, current
maturities of long-term debt, accrued income taxes, and other accrued expenses that are due
within one year. In general, businesses prefer to have at least one dollar of current assets for
every dollar of current liabilities. However, the normal current ratio fluctuates from industry to
industry. A current ratio significantly higher than the industry average could indicate the
existence of redundant assets. Conversely, a current ratio significantly lower than the industry
average could indicate a lack of liquidity.
Formula
Current Assets
Current Liabilities
Cash Ratio
Indicates a conservative view of liquidity such as when a company has pledged its receivables
and its inventory, or the analyst suspects severe liquidity problems with inventory and
receivables.
Formula
Cash Equivalents + Marketable Securities
Current Liabilities
Profitability Ratios
Net Profit Margin (Return on Sales)
A measure of net income dollars generated by each dollar of sales.
Formula
Net Income *
Net Sales
3. * Refinements to the net income figure can make it more accurate than this ratio computation.
They could include removal of equity earnings from investments, "other income" and "other
expense" items as well as minority share of earnings and nonrecuring items.
Return on Assets
Measures the company's ability to utilize its assets to create profits.
Formula
Net Income *
(Beginning + Ending Total Assets) / 2
Operating Income Margin
A measure of the operating income generated by each dollar of sales.
Formula
Operating Income
Net Sales
Return on Investment
Measures the income earned on the invested capital.
Formula
Net Income *
Long-term Liabilities + Equity
Return on Equity
Measures the income earned on the shareholder's investment in the business.
Formula
Net Income *
Equity
Du Pont Return on Assets
A combination of financial ratios in a series to evaluate investment return. The benefit of the
method is that it provides an understanding of how the company generates its return.
Formula
Net Income * Sales Assets
x x
Sales Assets Equity
Gross Profit Margin
Indicates the relationship between net sales revenue and the cost of goods sold. This ratio should
be compared with industry data as it may indicate insufficient volume and excessive purchasing
or labor costs.
Formula
4. Gross Profit
Net Sales
Financial Leverage Ratio
Total Debts to Assets
Provides information about the company's ability to absorb asset reductions arising from losses
without jeopardizing the interest of creditors.
Formula
Total Liabilities
Total Assets
Capitalization Ratio
Indicates long-term debt usage.
Formula
Long-Term Debt
Long-Term Debt + Owners' Equity
Debt to Equity
Indicates how well creditors are protected in case of the company's insolvency.
Formula
Total Debt
Total Equity
Interest Coverage Ratio (Times Interest Earned)
Indicates a company's capacity to meet interest payments. Uses EBIT (Earnings Before Interest
and Taxes)
Formula
EBIT
Interest Expense
Long-term Debt to Net Working Capital
Provides insight into the ability to pay long term debt from current assets after paying current
liabilities.
Formula
Long-term Debt
Current Assets - Current Liabilities
Efficiency Ratios
5. Cash Turnover
Measures how effective a company is utilizing its cash.
Formula
Net Sales
Cash
Sales to Working Capital (Net Working Capital Turnover)
Indicates the turnover in working capital per year. A low ratio indicates inefficiency, while a
high level implies that the company's working capital is working too hard.
Formula
Net Sales
Average Working Capital
Total Asset Turnover
Measures the activity of the assets and the ability of the business to generate sales through the
use of the assets.
Formula
Net Sales
Average Total Assets
Fixed Asset Turnover
Measures the capacity utilization and the quality of fixed assets.
Formula
Net Sales
Net Fixed Assets
Days' Sales in Receivables
Indicates the average time in days, that receivables are outstanding (DSO). It helps determine if a
change in receivables is due to a change in sales, or to another factor such as a change in selling
terms. An analyst might compare the days' sales in receivables with the company's credit terms
as an indication of how efficiently the company manages its receivables.
Formula
Gross Receivables
Annual Net Sales / 365
Accounts Receivable Turnover
Indicates the liquidity of the company's receivables.
Formula
Net Sales
Average Gross Receivables
6. Accounts Receivable Turnover in Days
Indicates the liquidity of the company's receivables in days.
Formula
Average Gross Receivables
Annual Net Sales / 365
Days' Sales in Inventory
Indicates the length of time that it will take to use up the inventory through sales.
Formula
Ending Inventory
Cost of Goods Sold / 365
Inventory Turnover
Indicates the liquidity of the inventory.
Formula
Cost of Goods Sold
Average Inventory
Inventory Turnover in Days
Indicates the liquidity of the inventory in days.
Formula
Average Inventory
Cost of Goods Sold / 365
Operating Cycle
Indicates the time between the acquisition of inventory and the realization of cash from sales of
inventory. For most companies the operating cycle is less than one year, but in some industries it
is longer.
Formula
Accounts Receivable Turnover in Days
+ Inventory Turnover in Day
Days' Payables Outstanding
Indicates how the firm handles obligations of its suppliers.
Formula
Ending Accounts Payable
Purchases / 365
Payables Turnover
Indicates the liquidity of the firm's payables.
7. Formula
Purchases
Average Accounts Payable
Payables Turnover in Days
Indicates the liquidity of the firm's payables in days.
Formula
Average Accounts Payable
Purchases / 365
Additional Ratios
Altman Z-Score
The Z-score model is a quantitative model developed in 1968 by Edward Altman to predict
bankruptcy (financial distress) of a business, using a blend of the traditional financial ratios and a
statistical method known as multiple discriminant analysis.
The Z-score is known to be about 90% accurate in forecasting business failure one year into the
future and about 80% accurate in forecasting it two years into the future.
Formula
Z = 1.2 x (Working Capital / Total Assets)
+1.4 x (Retained Earnings / Total Assets)
+0.6 x (Market Value of Equity / Book Value of Debt)
+0.999 x (Sales / Total Assets)
+3.3 x (EBIT / Total Assets)
Z-score Probability of Failure
less than 1.8 Very High
greater than 1.81 but less than 2.99 Not Sure
greater than 3.0 Unlikely
Bad-Debt to Accounts Receivable Ratio
Bad-debt to Accounts Receivable ratio measures expected uncollectibility on credit sales. An
increase in bad debts is a negative sign, since it indicates greater realization risk in accounts
receivable and possible future write-offs.
Formula
Bad Debts
Accounts Receivable
Bad-Debt to Sales Ratio
Bad-debt ratios measure expected uncollectibility on credit sales. An increase in bad debts is a
8. negative sign, since it indicates greater realization risk in accounts receivable and possible future
write-offs.
Formula
Bad Debts
Sales
Book Value per Common Share
Book value per common share is the net assets available to common stockholders divided by the
shares outstanding, where net assets represent stockholders' equity less preferred stock. Book
value per share tells what each share is worth per the books based on historical cost.
Formula
(Total Stockholders' Equity - Liquidation Value of Preferred Stocks - Preferred Dividends in
Arrears)
Common Shares Outstanding
Common Size Analysis
In vertical analysis of financial statements, an item is used as a base value and all other accounts
in the financial statement are compared to this base value.
On the balance sheet, total assets equal 100% and each asset is stated as a percentage of total
assets. Similarly, total liabilities and stockholder's equity are assigned 100%, with a given
liability or equity account stated as a percentage of total liabilities and stockholder's equity.
On the income statement, 100% is assigned to net sales, with all revenue and expense accounts
then related to it.
Cost of Credit
The cost of credit is the cost of not taking credit terms extended for a business transaction. Credit
terms usually express the amount of the cash discount, the date of its expiration, and the due
date. A typical credit term is 2 / 10, net / 30. If payment is made within 10 days, a 2 percent cash
discount is allowed: otherwise, the entire amount is due in 30 days. The cost of not taking the
cash discount can be substantial.
Formula
% Discount 360
x
100 - % Discount Credit Period - Discount Period
Example
On a $1,000 invoice with terms of 2 /10 net 30, the customer can either pay at the end of the 10
day discount period or wait for the full 30 days and pay the full amount. By waiting the full 30
days, the customer effectively borrows the discounted amount for 20 days.
$1,000 x (1 - .02) = $980
This gives the amount paid in interest as:
9. $1,000 - 980 = $20
This information can be used to compute the credit cost of borrowing this money.
% Discount 360
x
100 - % Discount Credit Period - Discount Period
= 2 360
x = .3673
98 20
As this example illustrates, the annual percentage cost of offering a 2/10, net/30 trade discount is
almost 37%.
Current-Liability Ratios
Current-liability ratios indicate the degree to which current debt payments will be required
within the year. Understanding a company's liability is critical, since if it is unable to meet
current debt, a liquidity crisis looms. The following ratios are compared to industry norms.
Formulas
Current to Non-current = Current Liabilities
Non-current Liabilities
Current to Total = Current Liabilities
Total Liabilities
Rule of 72
A rule of thumb method used to calculate the number of years it takes to double an investment.
Formula
72
Rate of Return
Example
Paul bought securities yielding an annual return of 9.25%. This investment will double in less
than eight years because,
72
= 7.78 years
9.25