Ratio

1. Profitability ratio 经营利润率

1. Profit/Net revenue （分子叫什么，名称就是什么）

• Gross profit margin = Gross profit / net revenue
• Operating profit margin = EBIT / net revenue
• Pretax margin = EBT / net revenue
• Net profit margin = NI / net revenue

2. Profit/Capital (分子、分母match；流量/存量时，存量使用平均值)

• Return on assets(ROA) = [NI + int.(1-t)] / average total assets
• Operating return on assets = EBIT / average total assets
• Return on total capital(ROTC) = EBIT / average total capital
• Return on equity(ROE) = NI / average total equity
• Return on common equity = (NI - preferred dividend) / average common equity

2. Activity ratio 管理效率

1. Turnover
   Turnover = net revenue / assets

• Total asset turnover = net revenue / average total assets
• Fixed asset turnover = net revenue / average net fixed asset
• Working capital turnover = net revenue / average WC

working capital = current assets - current liabilities

2.Turnover 2

• A/R
  net sales / 平均A.R
• Inv
  1. Inv begin + purchase - COGS = Inv ending
  2. COGS / 平均Inv = 次数
  3. 天数 = 365 / 次数
• A/P
  1. Purchase = COGS + delta Inv
  2. purchase / 平均A.P
• 
• 
  记法： 资产天数 - 负债天数

3. Liquidity ratio 短期偿债能力

• Current ratio = current assets / current liabilities
• Quick ratio = [cash + marketable securities + receivables] / current liabilities
  = [current asset - inventories] / current liabilities
• Cash ratio = [cash + marketable securities] / current liabilities

• Defensive interval = (cash + + marketable securities + receivables) / average expenditures

4. Solvency ratio 长期偿债能力

1. Leverage

• Debt-to-equity ratio = D / E
• Debt-to-capital = D / ( D + E )
• Debt-to-assets = D / A
• 

2. Coverage

• Interest coverage = EBIT / interest
• Fixed charge coverage =
  (EBIT + lease payments) / (interest + lease payments)

Notice：
这里的lease指的是经营租赁，因为融资租赁会包含利息

5. Sustainable growth rate - Important, Important

g = ROE * RR = ROE * (1 - dividends / net income) = ROE * (1 - payout )
= 净资产收益率 * 留存率

• DuPont 三因子
  ROE = （net income / sales）(sales / assets) (assets / equity)
  = (net profit margin) (asset turnover) (leverage ratio)
  = 净利润率 * 总资产周转率 * 杠杠率
  = ROA * leverage ratio

• DuPont 五因子
  ROE = （net income / EBT）(EBT / EBIT) (EBIT / revenue) (revenue / assets) (assets / equity)
  = (tax burden) (interest burden)(EBIT margin)(asset turnover)(leverage ration)

Notice:

• tax burden ratio 上升，表示的是tax burden下降
• interest burden ratio上升，表示的是interest burden下降

6. Analysis of CFO

Performance ratios	Coverage ratios
CFO/Revenue	CFO/Total debt
CFO/average total assets	CFO/Cash paid for long-term assets
CFO/average total equity	CFO/Cash paid for long-term debt repayment
CFO/operating income	CFO/dividend paid
(CFO-preferred dividends)/weighted average number of common shares	CFO /cash outflows from investing and financing activities
	(CFO+interest paid + taxes paid) / interest paid