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KEY RATIOS

LIQUIDITY

Net working capital = CA CL Current ratio = CA/CL Cash cover for daily expenses (daily) = Cash/Average daily expenses Quick assets cover for daily expenses= Quick assets/Average daily expenses Accounts receivable turnover= Net sales/Average accounts receivable Average collection period (days)= Accounts receivable/Average daily sales Inventory turnover= Cost of goods sold/Average inventory Inventory holding period (days)= 360 days/Inventory turnover Average payables period= accounts payable/Average cost of goods sold per day Accounts payable turnover= Cost of goods sold/Average accounts payable

SOLVENCY

Total debt to Total Capital= Total liabilities/Capital employed Total debt = Current debt +Long-term debt + other liabilities including deferred taxes Capital employed (Total assets)= Total debt+ stockholders equity including preferred stock Long-term debt to Capital Employed= Long-term debt/Capital employed Long-term debt to Fixed assets= Long-term debt/Fixed assets Interest cover= EBIT/Interest expense Times fixed charges covered= EBIT/Fixed charges

PROFITABILITY

Gross profit margin= Gross profit/Sales Operating profit margin= Operating profit/sales Net profit margin = Net profit/Sales Operating profit to Operating assets= Operating profit/Average operating assets Return on assets= EAT/Average total assets Return on equity= (Profit after tax Preference dividend)/Shareholders equity Shareholders equity= (Paid-up capital + reserves + surplus) Earning power = Profit before interest and taxes/Average total assets EPS DPS P/E ratio Market price to Book value= Market price per share/Book value per share Book value = Total assets Liabilities including preferred stock Earnings yield= EPS/Market price Dividend yield= DPS/Average stock price Equity growth rate = (Net income Preferred dividend - Common dividend)/Shareholders equity Sustainable equity growth rate = Return on common equity X (1- Payout ratio). It depends on both earnings retention and the return earned on retained earnings

EFFICIENCY

Total assets turnover= Sales/Average total assets Operating assets turnover= Sales/Average operating assets Cash turnover= Sales/Average cash and equivalents Working capital turnover= Sales/Average working capital Shareholder equity turnover= Sales/Average shareholders equity