INVESTOR ANALYSIS
Earnings Before Interest and Tax
Degree of Financial Leverage ¼
Earnings Before Tax
Earnings Before Interest, Tax,
Noncontrolling Interest,
Equity Income, and Nonrecurring Items
All-Inclusive Degree of Financial Leverage ¼
Earnings Before Tax, Noncontrolling Interest,
Equity Income, and Nonrecurring Items
Net Income Preferred Dividends
Earnings per Share ¼
Weighted Average Number of
Common Shares Outstanding
Operating Cash Flow Preferred Dividends
Operating Cash Flow per Share ¼
Diluted Weighted Average Common Shares Outstanding
Market Price per Share
Price/Earnings Ratio ¼
Diluted Earnings per Share, Before Nonrecurring Items
Net Income Before Nonrecurring Items All Dividends
Percentage of Earnings Retained ¼
Net Income Before Nonrecurring Items
Dividends per Common Share
Dividend Payout ¼
Diluted Earnings per Share Before Nonrecurring Items
Dividends per Common Share
Dividend Yield ¼
Market Price per Common Share
Total Shareholders’ Equity Preferred Stock Equity
Book Value per Share ¼
Number of Common Shares Outstanding
Operating Cash Flow
Operating Cash Flow/Cash Dividends ¼
Cash Dividends
Net Income Before Net Income Before
Nonrecurring Items Not Nonrecurring Items
Including Option Expense Including Option Expense
Materiality of Options ¼
Net Income Before Nonrecurring Items
Not Including Option Expense
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BANKS
Average Earning Assets
Earning Assets to Total Assets ¼
Average Total Assets
Interest Margin
Interest Margin to Average Earning Assets ¼
Average Earning Assets
Pretax Income þ Provision for Loan Losses
Loan Loss Coverage Ratio ¼
Net Charge-Offs
Average Equity
Equity Capital to Total Assets ¼
Average Total Assets
Average Deposits
Deposits Times Capital ¼
Average Shareholders’ Equity
Average Total Loans
Loans to Deposit ¼
Average Deposits
REGULATED UTILITIES
Operating Expense
Operating Ratio ¼
Operating Revenue
Funded Debt
Funded Debt to Operating Property ¼
Operating Property
Net Income
Percent Earned on Operating Property ¼
Operating Property
Operating Revenue
Operating Revenue to Operating Property ¼
Operating Property
TRANSPORTATION
Operating Expense
Operating Ratio ¼
Operating Revenue
Long-Term Debt Less Current Maturities
Long-Term Debt to Operating Property ¼
Operating Property
Operating Revenue
Operating Revenue to Operating Property ¼
Operating Property
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LIQUIDITY
Gross Receivables
Days’ Sales in Receivables ¼
Net Sales=365
Net Sales
Accounts Receivable Turnover ¼
Average Gross Receivables
Average Gross Receivables
Accounts Receivable Turnover in Days ¼
Net Sales=365
Ending Inventory
Days’ Sales in Inventory ¼
Cost of Goods Sold=365
Cost of Goods Sold
Inventory Turnover ¼
Average Inventory
Average Inventory
Inventory Turnover in Days ¼
Cost of Goods Sold=365
Accounts Receivable Inventory Turnover
Operating Cycle ¼ þ
Turnover in Days in Days
Working Capital ¼ Current Assets Current Liabilities
Current Assets
Current Ratio ¼
Current Liabilities
Cash Equivalents þ Marketable Securities þ Net Receivables
Acid-Test Ratio ¼
Current Liabilities
Cash Equivalents þ Marketable Securities
Cash Ratio ¼
Current Liabilities
Sales
Sales to Working Capital ¼
Average Working Capital
Operating Cash Flow/
Operating Cash Flow
Current Maturities of Long-Term Debt ¼
Current Maturities of Long-Term Debt
and Current Notes Payable
and Current Notes Payable
LONG-TERM DEBT-PAYING ABILITY
Recurring Earnings, Excluding Interest Expense, Tax
Expense, Equity Earnings, and Noncontrolling Interest
Times Interest Earned ¼
Interest Expense, Including Capitalized Interest
Recurring Earnings, Excluding Interest Expense, Tax
Expense, Equity Earnings, and Noncontrolling Interest
þ Interest Portion of Rentals
Fixed Charge Coverage ¼
Interest Expense, Including Capitalized Interest þ
Interest Portion of Rentals
Total Liabilities
Debt Ratio ¼
Total Assets
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Total Liabilities
Debt/Equity Ratio ¼
Shareholders’ Equity
Total Liabilities
Debt to Tangible Net Worth Ratio ¼
Shareholders’ Equity Intangible Assets
Operating Cash Flow
Operating Cash Flow/Total Debt ¼
Total Debt
PROFITABILITY
Net Income Before Noncontrolling Interest,
Equity Income and Nonrecurring Items
Net Profit Margin ¼
Net Sales
Net Sales
Total Asset Turnover ¼
Average Total Assets
Net Income Before Noncontrolling Interest
and Nonrecurring Items
Return on Assets ¼
Average Total Assets
Operating Income
Operating Income Margin ¼
Net Sales
Net Sales
Operating Asset Turnover ¼
Average Operating Assets
Operating Income
Return on Operating Assets ¼
Average Operating Assets
Operating Operating
DuPont Return on Operating Assets ¼ Income 3 Asset
Margin Turnover
Net Sales
Sales to Fixed Assets ¼
Average Net Fixed Assets
ðExclude Construction in ProgressÞ
Net Income Before Noncontrolling Interest and
Nonrecurring Items þ ½ðInterest ExpenseÞ3ð1 Tax RateÞ
Return on Investment ¼
Average (Long-Term Liabilities + Equity)
Net Income Before Nonrecurring Items
Dividends on Redeemable Preferred Stock
Return on Total Equity ¼
Average Total Equity
Net Income Before Nonrecurring Items Preferred Dividends
Return on Common Equity ¼
Average Common Equity
Gross Profit
Gross Profit Margin ¼
Net Sales
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