Income Statements Input Sheet Activity Ratios

Balance Sheets Input Sheet Leverage Ratios

Year-to-Year Change Income Statement Profitability Ratios
Common Size Income Statements Altman's Z-Score Analysis
Liquidity Ratios Financial Analysis Summary
TABLE OF CONTENTS
Financial Analysis Module - For Use With 3 Years Data
Strategic Analysis Model - that works
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Financial Analysis - Income Statement Data
0
In Thousands
2011 2012 2013
- $ - $ - $
- - -
- - -
- - -
- - -
- - -
- $ - $ - $
#DIV/0! #DIV/0! #DIV/0!
Earnings Before Interest, Taxes,
Depreciation & Amortization
(EBITDA)
Revenue component 1
Revenue component 2
Revenue component 3
Revenue component 4
Total Revenues or Sales
Cost of Goods Sold
Operating Income
Selling Expenses
Other Expense (Income)
General & Administrative
Net Interest Expense
Depreciation and Amortization
Earnings Before Interest & Taxes
(EBIT)
Preferred Stock Dividends
Net Earnings per Share (EPS)
Net Income Before Taxes (NIBT)
Income Tax Expense
Net Income After Taxes (NIAT)
Number of Shares Outstanding
$-
$0
$0
$0
$0
$1
$1
$1
$1
$1
$1
2011 2012 2013
Net Income After Taxes
$-
$0
$0
$0
$0
$1
$1
$1
$1
$1
$1
2011 2012 2013
Revenues
0
Financial Analysis - Balance Sheet Data
In Thousands
2011 2012 2013
Assets
Cash & Cash Equivalents
Accounts Receivable
Inventory
Prepaid Expenses & Deposits
Other Current Assets
Total Current Assets - - -
Land and Buildings
Furniture and Equipment
Other Fixed Assets
Total Fixed Assets - - -
Total Assets - - -
Liabilities and Stockholder's Equity
Liabilities
Accounts Payable
Accrued Liabilities
Current Maturities of LT Debt
Related Party Notes Payable
Other Current Liabilities
Total Current Liabilities - - -
LT Debt, net of current portion
Deferred Income Taxes
Total Liabilities - - -
Stockholder's Equity
Common Stock
Retained Earnings
Additional Paid-in Capital
Other Equity
Total Stockholder's Equity - - -
- $ - $ - $
Working Capital
(Current Assets
- Current Liabilities) - $ - $ - $
Total Liabilities &
Stockholder's Equity
Must match with Total Assets
2012
% Increase (Decrease)
Over Previous Year
2013
% Increase (Decrease)
Over Previous Year
Two-Yr Average
Percentage
Increase/(Decrease)
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
Earnings Before Interest & Taxes
(EBIT)
Other Expense (Income)
Net Income Before Taxes (NIBT)
Income Tax Expense
Net Income After Taxes (NIAT)
Net Interest Expense
Depreciation and Amortization
Income Statement - Year-to-Year Percentage Changes
Financial Analysis
0
Earnings Before Interest, Taxes,
Depreciation & Amortization (EBITDA)
Revenue component 1
Revenue component 2
Revenue component 3
Revenue component 4
Total Revenues or Sales
Cost of Goods Sold
Operating Income
Selling Expenses
General & Administrative
Line Items Reflected as a Percentage of Total Revenues or Sales
2011 2012 2013
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
100.00% 100.00% 100.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
0
Revenue component 1
Revenue component 2
Revenue component 3
Other Expense (Income)
Common Size Income Statements
Financial Analysis
Revenue component 4
Cost of Goods Sold
Selling Expenses
Income Tax Expense
Net Income After Taxes (NIAT)
Total Revenues or Sales
Operating Income
General & Administrative
Earnings Before Interest, Taxes,
Depreciation & Amortization (EBITDA)
Depreciation and Amortization
Earnings Before Interest & Taxes
(EBIT)
Net Interest Expense
Net Income Before Taxes (NIBT)
2011 2012 2013
Total Current
Assets - - -

Total Current
Liabilities - - -
= Current Ratio #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
Total Current
Assets -
Inventories - - -

Total Current
Liabilities - - -
= Quick Ratio #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
Inventory - - -
Current Assets -
Current Liabilities - - -
=
Inventory to Net
Working Capital #DIV/0! #DIV/0! #DIV/0!
Discussion
0
Inventory to Net
Working Capital
Financial Analysis
Liquidity Ratios & Analysis
Current Ratio
Quick Ratio
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
2011 2012 2013
COGS - - -

Inventory - - -
= Inventory
Turnover #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
Sales - - -

Total Assets - - -
= Total Asset
Turnover #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
A/R - - -

Average Daily
Sales - - -
=
Average
Collection Period
(days) #DIV/0! #DIV/0! #DIV/0!
Discussion
0
Average
Collection Period
Financial Analysis
Activity Ratios & Analysis
Inventory
Turnover
Total-Asset
Turnover
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2011 2012 2013
Use either Debt-to-Assets ratio or Debt-to-Equity ratio, not both.
2011 2012 2013
Total Debt - - -

Total Assets - - -
= Debt-to-Assets
Ratio #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
Total Debt - - -

Total Equity - - -
= Debt-to-Equity
Ratio #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
EBIT - - -

Interest Expense - - -
= Times Interest
Earned #DIV/0! #DIV/0! #DIV/0!
Discussion
0
Times Interest
Earned (TIE) or
Coverage Ratio
Financial Analysis
Leverage Ratios & Analysis
Debt-to-Assets
Ratio
Debt-to-Equity
Ratio
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2011 2012 2013
2011 2012 2013
NIAT - - -
Sales - - -
= Net Profit Margin #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
NIAT - - -
Stockholder's Equity - - -
= Return on Equity #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
NIAT - - -
Total Assets - - -
= Return on Assets #DIV/0! #DIV/0! #DIV/0!
Discussion
The following two ratios are much less useful to a strategist because they do not use NIAT in the numerator:
2011 2012 2013
Sales - COGS - - -
Sales - - -
= Gross Profit Margin #DIV/0! #DIV/0! #DIV/0!
Discussion
2011 2012 2013
EBIT - - -
Sales - - -
= Return on Sales #DIV/0! #DIV/0! #DIV/0!
Discussion
0
Return on Sales
Financial Analysis
Profitability Ratios & Analysis
Gross Profit Margin
Net Profit Margin
Return on Equity
Return on Assets
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
-
0.20
0.40
0.60
0.80
1.00
2011 2012 2013
The Ratios: Results:
2011 2012 2013
X
1 =
Net Working Capital / Total
Assets X
1 =
#DIV/0! #DIV/0! #DIV/0!
X
2 =
Retained Earnings / Total
Assets
X
2 =
#DIV/0! #DIV/0! #DIV/0!
X
3 =
EBIT / Total Assets
X
3 =
#DIV/0! #DIV/0! #DIV/0!
X
4
=
Market Value of Equity /
Book Value of Debt X
4
= #DIV/0! #DIV/0! #DIV/0!
X
5
= Sales / Total Assets
X
5
= #DIV/0! #DIV/0! #DIV/0!
X
4a
= Net Worth / Total Debt
X
4a
= #DIV/0! #DIV/0! #DIV/0!
Note: Because in most instances the market value of equity and the book value of debt are not given, SAM
TW
instead uses Total
Equity and Total Debt, respectively. In addition, it assumes that Total Equity equals Net Worth, so that, in fact, the
ratios X4 and X4a are computed to be identical. The resulting errors from these simplifying assumptions are negligible.
The Formulae and Results:
For manufacturers: Z = 1.2X
1
+ 1.4X
2
+ 3.3X
3
+ 0.6X
4
+ 1.0X
5
=
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
Z
2
= 6.5X
1
+ 3.26X
2
+ 6.72X
3
+ 1.05X
4a
=
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
What does it mean?
0
Financial Analysis
Criteria
> 2.99 1.81 -- 2.99
For non-manufacturers:
Z
2
(for Non-Manufacturers)
Z (for Manufacturers)
Altman's Z-Score (for manufacturers) and Z
2
-Score (for non-manufacturers)
Safe Region Gray Region Bankrupt Region
< 1.81
<1.11 > 2.59 1.11 -- 2.59
There are five types of general conclusions that can be drawn from this type of financial analysis.
Please check the one that you feel is most representative of this company's performance.
Be prepared to support the conclusion chosen.
As above, except for one or two N indicators.
Roughly equal number of P and N indicators.
As below, except for one or two P indicators.
All supporting indicators are N's, not P.
Indication P/N
NIAT increased 35.93% last year P
D/E is 0.33, well below danger value of 2.0 P
Declined 2.33% last year, disappointing
given positive growth in prior years.
N
Summarize overall conclusion here:
NIAT This is astounding growth rate.
0
Financial Analysis
In the table below, indicate up to seven financial indicators and their values as of the most recent year that
support your conclusion. All indicators chosen should somehow support the chosen conclusion. If you find that,
in fact, they support a different conclusion, then click on that one. Overwrite the examples shown with
support for your conclusion.
Based upon the conclusion chosen above, all indicators chosen should show strong performance to
support your conclusion. Indicate P or N for Positive or Negative in the column labeled "P/N."
Summary of Financial Analysis
Indicator Comments/Discussion
The company has beenwell managed, has performed well, and is in strong financial condition. All supporting
indicators are P's, not N (see below).
Debt/Equity Ratio Good indication of strong leverage.
Revenues This is astounding growth rate.
Enter your text here
Choose one Conclusion Based Upon the Results Presented in the Financial Analysis