Financial Ratio Analysis

Financial ratios are used to analyze a company's performance and position from different perspectives, including liquidity, solvency, efficiency, profitability, and valuation. The analyst interprets the growth rate of a company, which is divided into hyper-growth, maturity phase, and decline phase. Financial ratios help investors measure the company's share value, forecast future returns, and decide whether to purchase, hold or sell shares. The limitations of financial ratios include the need for reliable primary data, differences in accounting policies and periods, seasonal factors, inflation distortion, and interrelatedness between ratios.

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Course Topics

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Overview
How to do ratio analysis for financial statements?
Financial statement analysis use ratio analysis formulas to draw a meaningful interpretation of
the data given in financial statements. This analysis helps investors to adopt a user-oriented
approach rather than traditional proprietary approach. Considering the various types of ratios
help investors to easily obtain the data from some ratios. This course aims to learn how to do
ratio analysis for the financial statement. This course first covers the meaning and definition of
ratio analysis in the introductory part and next to the various types of examples of financial
ratios. This course focuses on the purpose of the financial statement that is to evaluate its
performance in management's profitability, risk, and efficiency. The importance of ratio analysis
is to access the financial statement and analyze it. This analysis compares the company’s trends
with others over a specific period.
A ratio measures the relationship between two financial figures. In this corporate finance world,
ratios specify the company's standard performance and help the investors and managers to
analyze the operations. The ratios may be classified according to the financial statement on the
basic leading categories from which the ratios are derived.
 Balance sheet ratios
 Revenue statement ratios
 Combined ratios
The ratio measures the relationship between two financial figures. Considering an example if
there are four cell phones and two calculators, now it can be said that cell phones and calculators

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are in the ratio of 4:2. This shows that there are four cell phones for every two calculators. In the
corporate world of finance, ratios show the performance of companies. Ratio analysis helps the
investors and managers to analyze the various ratios and sustainability of the operations.
Ratios are used to simplify financial statement ratios. Without understanding the whole financial
statement ratio analysis helps the investor to obtain the information of a few data from the ratios.
Detection of problematic trend the analysis can also forecast the future performance of a
company. The profile of the company's business based on the geographical location where the
company operates, the category of product and services it provides, target customers, etc. Next is
financial profile included the size of the company, the upper limit to lower limit, etc. the
comparison in between companies through the implication of the ratios and that ratios can be PE
ratio, PB ratio. Financial statements are essential for the internal and external investors of the company
ever all the stakeholders have their different tastes like equity shareholders are interested in the growth of
the dividend payment. This course also provides the quiz after the topic finished for better knowledge of
the ratios and understanding.
Keywords- T/O- This short-form denotes to the company's turnover
ROE- ROE means a return on equity that is used to show the investor's return on their stock
holding.
RONA- This short form is used to show the companies performance in finance which determines
the use of assets in the financial statement. The return on net assets reflects the higher proportion
that means using the assets and net working capital efficiently and effectively.
EAT- Earning after tax is used to show a company's profitability. This term reflects the earning
expressed in percentage of revenues.

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PE ratio= Price earning ratio
PB ratio= price to book ratio
Introduction
Financial statement analysis determines the performance of management namely profitability, efficiency
and risk. Financial statement classified in three analysis that can be:
 Vertical analysis
 Horizontal analysis
 Ratio analysis
Vertical analysis:
Vertical analysis is known as a common size statement analysis compares to all items. This is a
technique used to identify the resources where to apply the resources. The distribution of
resources in varied proportions has applied determines the measure of the relative performance
of the income statement.
The income statements each item are expressed as a percentage of sales. Balance sheet items also
balanced with twofold aspect. Total assets= Total liabilities.
Vertical analysis – Balance sheet
These analyses manage the balance sheet and consider various items in the total assets and total
liabilities percentages.

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Horizontal analysis
This analysis compares the income statement and balance sheet; both financial statements
determine the changes, the absolute change along with percentage changes. This technique
evaluates the trends within time by computing the proportion, the percentages increase or
decrease with the base year. The accounts calculated interlinked with different dates using
different purchasing powers.
Ratio analysis of financial statements helps to identify the changes in the financial statements
situation. The individually separate ratio is not adequate to judge the situation of the company.
Various ratios used to evaluate the financial statement with each other. This comparative analysis
of ratios is most important in financial analysis. The ratios are variables in analysis and not
absolute measurements. The awareness is required to avoid the errors in conclusions. This is the
following ratios discussed below:
Solvency Ratio
Solvency ratios show companies feasibility on a long term basis. The comparison of debt
measures its earning, equity and assets. This analysis classified into two subcategories:
1) Liquidity ratio and
2) Turnover ratio
Liquidity ratios indicate the cash available to business and its ability to meet current dues.
Liquidity ratios are an indicator of a company's capacity to clear its current liabilities (liabilities
need to be cleared in the year)

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Operational Efficiency
Some ratios help to analyze efficiency. This ratio specifies the standard use where the company
collects the cash from the clients for credit goods and services. The main aim of this ratio is to
measure day to day performance of the company in its operation from trading concern to the
selling department to make profits.
Profitability
Profitable return on assets ratio and return on equity ratio help to the shareholders or the stakeholders to
understand how many firms can generate the earnings. Return on assets means the total net income
divided by total assets. The margin rate helps to analyze the firm's ability to translate sales to profit.
Valuation Ratio
Valuation ratios are for the company's investors, it helps them to measure whether the share to be
purchase, hold or sell. Using these ratio investors can also be able to forecast the future of the
shares and stock and the expected returns from the stock
Types of financial statement ratios
Solvency Ratios:
Solvency ratios show companies feasibility on a long term basis. The comparison of debt
measures its earning, equity and assets. This analysis classified into two subcategories:

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3) Liquidity ratio and
4) Turnover ratio
Examples of solvency ratios are:
According to its name debt –to- equity ratio shows its relationship with debt taken by the
company to equity. The proportion of fundraising from banks and creditors compared to the fund
from the investors. Debt -equity = Debts
Equity shareholders fund
Debts=$ 40,000
Equity shareholders fund= $ 20,000
Debt- equity= $ 40,000/$ 20,000 =2
This ratio depicts that lower the ratio of debt-equity, higher the company's position. The fund
taken from the company's shareholders and investors is always better than the fund from banks
and creditors.
Liquidity Ratio
Liquidity ratios indicate the cash available to business and its ability to meet current dues.
Liquidity ratios are an indicator of a company's capacity to clear its current liabilities (liabilities
need to be cleared in the year)
Liquidity ratio examples are discussed below
Quick Ratio

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This ratio indicates the ability to meet immediate liabilities. The ideal ratio is 1.33:1.
Quick Ratio = Quick assets
Quick liabilities
Quick assets= cash and cash equivalent + account receivable.
Cash= $ 200
Account Receivable= $ 400
Current liabilities= $1000
Quick Ratio = 200+400
1200
= 0.5
Current Ratio
The current ratio is often used to analyze the liquidity. It is quickly and easily accessible to
measure the relationship between current assets and current liabilities. This ratio is also known as
an acid ratio. An amount of stock, prepaid expenses, and other current expenses are examples of
current assets. The current ratio provides the estimate for the survival of the company whether it
would survive for one year or not. When the current assets are more than the current liabilities,
the company can easily convert the current assets into cash to pay off the current debts of the
company. Current ratios not only provide the grades of the company but also the marketability.
Current Ratio = Curre nt Assets
Current liabilities

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Formula: The addition of all the current assets and current liabilities shown in the balance sheet
comes to a quick ratio.
Current assets = $ 400
Current liabilities = $ 800
Current ratio= $ 400/ $800 = 0.5 times
Cash Ratio
Cash Ratio = cash∧cash equivalent
current liabilities
This ratio determines the value of cash and cash equivalents. A higher cash ratio depicts a
company's ability to pay short term liabilities.
Cash and cash equivalent= $600
Current liabilities= $1200
Quick Ratio= $ 600
$ 1200 = 0.5
Turnover analysis
Turnover analysis analyzes the company’s liquidity. How much time a particular
Commonly turnover ratios are as follows:
Receivable turnover ratio- accounts receivables calculated annually or quarterly. For quarterly,
Sales =$ 2000, credit percentage= 90%,

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Account receivable= $ 400, credit sales= 90% of $ 2000 = $ 1800
Account receivable T/O= 1800
400 = 4.5
Inventory turnover ratios
This turnover ratio shows the inventories restored over one year. The calculation of this ratio
involves the cost of goods sold and inventory.
Inventory Turnover Ratio= cost of goods sold
inventory
Cost of goods sold=$ 600, inventory = $ 300
Inventory Turnover Ratio= 600
300 = 2 times
Efficiency Ratios:
Efficiency ratio indicates the efficiency level of financial ratios. It shows the company uses
assets to derive profits or conversion of stock into cash. This ratio specifies the standard use
where the company collects the cash from the clients for credit goods and services. The main aim
of this ratio is to measure day to day performance of the company in its operation from trading
concern to the selling department to make profits.
Operating efficiency ratios are as follows:
Asset turnover ratio

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This ratio compares sales to assets. Asset turnover indicates the assets are being used for the
generation of sales.
Asset T/O ratio= Total sales
assets
Sales = 1000/- , Total assets= 1, 00,000
Asset Turnover= 1000
100000 =0.01
Fixed Asset Turnover Ratio
Fixed Asset Turnover = ❑
sales /¿ assets
Sales =$ 800
Fixed assets=$ 1000
Fixed Asset Turnover¿ $ 800
$ 1000 =$ 0.8
This ratio according to analyst interpretation should be applied to those sectors which are highly
capital intensive such as automobile, manufacturing, etc. This ratio should not apply to light
capital sector services or internet-based where the net fixed assets will be low. This analysis can
look bad if the company added more in the capacity in the projection of future sales.
Equity Turnover

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This ratio evaluates the generated revenue to shareholder's equity, Measures Company's
efficiency in deploying shareholders equity to generate revenues.
Equity Turnover Ratio= Sales
Shareholders equity
Sales=$ 1200/-
Shareholders equity=$ 400/-
Equity turnover= $ 1200
$ 400 = 3
This solved example stated that for every $ spent, the company equity turnover is enabled to
generate $3 in revenues.
Profitability Ratios:
The profitability ratio shows the company's effective demonstration by using the assets to make a
profit. Operating profitability ratio measures the relative costs to sales and profit generated from
the business. The example of this ratio is:
Gross Profit Ratio
The difference between sales and cost provides gross profit. The significance of This ratio is of
basic profitability. It includes gross profit as per trading account and sales that of the net of
returns.
Gross profit ratio = Gross profit
sales

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For example:
Sales= $ 2000
Gross profit = $ 1000
Gross profit ratio= $ 1000/ $ 2000 = 50%
Operating Profit Ratio
This ratio determines the value of the numerator as sales – the cost of sales or net profit as per
profit and loss account = non-operating expenses (loss on the sake of asset, preliminary expenses
written off, etc.) – Non- operating incomes (rents, interest, and dividends)
Operating profit ratio= Operating profit
sales
Operating profit= $ 1600
Sales= $ 400
Operating profit= $ 1600/$ 400 = 4
Net Profit Ratio
The net profit ratio indicates overall profitability. Net profit shows as per profit and loss account
and sales that of a net of returns.

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Net profit ratio= Net profit
sales
Net profit= $ 1200
Sales=$ 600
Net profit ratio= $ 1200/$ 600 = 2
Contribution Sales Ratio
The contribution sales ratio or profit volume ratio is an indicator of profitability in marginal
costing. Contribution shows as sales less variable cost and sales that of the net of returns.
Contribution sales ratio or profit volume ratio= Contribution
Sales
Contribution = $ 400
Sales=$ 800
Contribution sales ratio= $ 400/ $ 800 = 50%
Return on Investment
Return on investment or return on capital employed signifies the overall profitability of the
business on the total funds employed. If the Return of capital employed > interest rate, the use of
debt funds is justified. Numerator and denominator represent earning after tax+ interest on debt
funds+ non-operating adjustments e.g. other income/loss on the sale of fixed assets etc. and
capital employed can be computed using –(a) asset route (b) liability route. Assets route implies

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fixed assets+ net working capital. The liability route implies equity share capital+ preference
share capital + reserves and surplus+ long term debt – accumulated losses – on trade
investments.
Return on Investment- Total earning
capital employed
Total earning= $ 500
Capemployed= $ 1000
Return on investment=$ 500/ $ 1000 =50%
Return on Equity
Return on equity or return on the net worth that indicates the profitability of equity funds/owners
funds invested in the business. The numerator represents earning after taxation and denominator
represents net fixed assets + networking capital – external liabilities (long term)
Return on equity (ROE) = Equity earnings
shareholders fund
Equity earning = $ 400
Total shareholders fund = $ 4000
Return on equity= $ 400/ $ 4000 =10%
Return on Assets

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Return on asset indicates net income per rupee of average fixed assets. The numerator represents
earning after taxation and the denominator represents the average total assets or tangible assets or
fixed assets, i.e. ½ of opening and closing balance.
Return on asset= Net profit after tax
Average total assets ×100
Net profit after tax= $ 700
Average total assets=$ 1500
Return on assets= 700/1500 × 100 = 46.6%
DuPont (Return on Equity)
DuPont ROE measures the profitability of equity funds invested in the firm. This ratio reveals
how the profitability of the owner's fund has been utilized by the firm. This ratio is computed as
ROE= P rofit after
−tax net worth
Profit after tax= $ 3000
Net worth= $ 2500
Return on equity=$ 3000/$ 2500 = 1.2
ROE is one of the most important indicators of a firm’s profitability and potential growth.
Companies that boast a high return on equity with little or no debt can grow without large capital
expenditures, allowing the owners of the business to withdraw cash and reinvest it elsewhere.

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Many investors fail to realize, however, that two companies can have the same return on equity,
yet one can be a much better business.
For that reason, a finance executive at E.I Du Pont de Numerous & company of Wilmington,
Delaware created the Du Pont system of financial analysis in 1919. That system is used around
the world today and serves as a basis of components that make up return on equity.
Return on equity/ return on net worth
Financial leverage and debt-equity ratio affect the ROE and reflect efficiency. Thus ROE is a
product of RONA and Financial leverage ratio
Composition of Return on Equity using the DuPont Model
Net Profit Margin- The net profit margin is simply the after-tax profit a company generates for
each rupee of revenue.
Net Profit Margin= Net Income
Revenue
Net income= $ 500
Revenue= $ 50
Net profit margin= $ 500/ $ 50 = 10
Net profit margin is a safety cushion, the lower the margin, the room for error.
Asset turnover: The asset turnover is a measure of how effectively a company converts its
assets into sales.

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Asset Turnover= Revenue
Asset
Revenue = $ 2100
Asset= $ 700
Asset turnover= $2100/$ 700 =3
The asset turnover ratio tends to be inversely related to the net profit margin, i.e. the higher the
net profit margin, the lower the asset turnover.
Equity multiplier: A company with terrible sales and margins can take on excessive debt and
artificially increased its return on equity. The equity multiplier, a measure of financial leverage
allows the investors to see what portion of the return on equity is the result of debt
Equity multiplier= A sset
Shareholders E quity
Asset= $ 6000
Shareholders equity= $ 3000
Equity multiplier= $ 6000/ $3000 = 2
Calculation of Return on Equity
Return on equity= Net Profit Margin× Asset Turnover ×Equity Multiplier
= net income/ sales × sales/total assets× total assets/ shareholders equity fund
Net income = $ 40

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Sales= $ 400
Total assets= $ 100
Shareholders equity fund= $ 300
Gross margin= net income/ sales
= $ 40/$ 400 = 10%
Asset turnover= sales/total assets
= $ 400/ $100 = 4 times
Equity multiplier= Total assets/ Shareholders equity
= $100/ $300 = 0.3
DuPont ROE= 10% × 4 × 0.3 =12%
DuPont formula provides the additional methods to analyze the return on equity ratio and help to
determine to find the final number. The first multiplier is the net profit margin. The small sectors
operate on a low margin of profit, however, the software product company based where the
company operates the business on a heavy margin. The second multiplier is sales / total assets,
usually, this term is known as assets turnover. This shows how efficiently the assets are being
utilized. The third multiplier is known as equity multiplier that reflects the formula total assets/
shareholders equity fund. This gives the framework for how the company enables finance to
purchase new assets. A higher equity multiplier does not signify a better team than that of the
lower multiplier. It shows the financial health when we perform the whole ratio analysis for
various companies financial statement.

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Ratio analysis of growth rate
The growth rate is an important framework for company analysis. The company becomes larger
and larger, the growth rate tapers and lead a company too long term sustainable growth.
Sustainable growth is important for the company's health.
Sustainable growth is very important for the stakeholders and the creditors in ratio analysis, to
help stakeholder's projection of growth in the earnings and valuations. It is important to evaluate
the sustainable growth. Sustainable growth consists of two different variables and that is. What is
the equities rate of return? (That can give the utmost possible growth) and How much of that
growth put to work through retained earning?
Sustainable growth rate= Return on equity× Retention rate
Return on equity= 30%
Dividend payout= 40%
Sustainable growth rate= 30% × 40%
According to the analyst interpretation of the company's growth rate is not increasing then there
can be larger chances of default on the company's debt. The company's configuring growth is
usually divided into three various parts and that are hyper-growth, a maturity phase, and last one
decline phase.
Quiz:
1. Return on equity (ROE) is

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 Equity earnings
shareholders fund
 Equity earnings
shareholders fund
 Equity earnings
shareholders fund
 None of the above
2. Net profit ratio is
 Net profit
sales
 Sales
Net profit
 Gross profit
sales
 All of the above
3. Gross profit ratio is an indicator
 Basic
 Primary
 Secondary
 All of the above
4. Contribution sales ratio indicate the profitability of
 Job costing
 Contract costing
 Marginal costing
 Any of these

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Valuation Ratios:
Valuation ratios are for the company's investors, it helps them to measure whether the share to be
purchase, hold or sell. Using these ratio investors can also be able to forecast the future of the
shares and stock and the expected returns from the stock.
The example of valuation ratio:
Price Earning Ratio
For the earning from the price paid for the shares price earning ratio should be used. It indicates
the appraisal investment in the stock market and the valuation of share-based on the value of
earning from the share.
Price earning ratio= Market value per equity share
earnings per share
Market value per equity share= $ 4500
Earning per share= $ 50
Price earning ratio=$ 4500/$ 50 =90
The PE ratio shows the expected share price based on the earning of share. Generally, these
ratios are calculated at the time of the financial year-end.

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Earning Per Share
Earning per share signifies return or income per share, whether or not distributed as dividends.
The numerator represents the residual earnings i.e. EAT (-) Preference dividend and denominator
as the number of equity share outstanding= equity capital face value per share.
Earnings per share = EAT− preference dividend
Number of equity share
Dividend per Share
The dividend per share signifies the number of profits distributed per share. The numerator
represents the profit distributed to equity shareholders and denominator like the number of equity
share outstanding= equity capital face value per share.
Dividend per share= Total equity dividend
Number of equity shares
Quiz
1) Category wise classification of financial ratios
 Liquidity, solvency, efficiency, profitability, valuation
 Solvency, liquidity, efficiency, valuation, profitability
 Efficiency, valuation, profitability, liquidity, solvency
 Any of the above
2) The quick ratio is also known as-
 Acid test ratio
 Working capital ratio

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 Current ratio
 All of the above
3) The working capital ratio is also known as
 Quick ratio
 Current ratio
 Working capital ratio
 Acid test ratio
4) Quick ratio formula -
 Current Assets
Current liabilities
 Quick assets
Quick liabilities
 Both (A) and (B)
 None of the above
5) Debt -equity ratio implies
 Debts
Equity shareholders fund
 Cur rent Assets
Current liabilities
 All of the above
 None of the above
Limitations of financial ratios are as follows:
 The primary data on which ratios are based must be reliable and non-manipulated.

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 The difference in accounting policies, interpretation of financial terms and accounting
periods make accounting data two firms non-comparable as also the accounting ratios.
Adjustments are needed to sort out such differences.
 There is no standard set of ratios.
 Seasonal factor may influence financial data.
 Window dressing can change the character of financial ratios.
 In the case of diversified product lines, aggregate data cannot be used for inter-firm
comparison.
 Financial data are badly distorted by inflation.
 Financial ratios are interrelated or not independent.
 Timely ratio analysis provides clues but not conclusions. These are tools in the hands of
experts for their interpretations.
Conclusion
Ratio analysis for financial statements includes all the ratios discussed above those studies from
various dimensions. An individual ratio does not provide the whole information of the company.
These ratios are interlinked and connected for the evaluation of a company's performance. Here
even the cases are noted with the examples for the financial statements better understanding.
This is concluded that all the ratios need to be looked carefully for the whole ratio analysis.
Final quiz:
1) Limitation of financial ratios include following are:
 Seasonal factor may influence financial data.
 Window dressing can change the character of financial ratios.

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 In the case of diversified product lines, aggregate data cannot be used for inter-
firm comparison.
 Financial data are badly distorted by inflation.
 All of the above
2) Current ratio formula -
 Current Assets
Current liabilities
 Quick assets
Quick liabilities
 Both (A) and (B)
 None of the above
3) Return on asset=
 Net profit before tax
total assets ×100
 Net profi t
total assets ×100
 Both (A) and (B)
 None of the above
4) Price earning ratio=
 Market value per equity share
earnings per share
 Earning per share
Market value per equit y share ×100
 Longterm assets
¿ assets × 100
 None of the above

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5) Inventory turnover ratio
 Cost of goods sold
Inventory
 Cost of goods sold
Average inventory
 Sales
Average inventory
 None of the above
6) Objectives of the analysis financial statements analysis can be:
 Long term and short term
 Medium-term
 Short term
 Long term
7) Capital turnover ratio is equal to
 Capital employed
Net sales
 Net sales
capital employed
 Net sales
total assets
 None of these
8) Total asset turnover ratio is equal to
 total asse
ssment sales
 Net sales
total asse ts

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 Current sales
total assets
 None of the above
9) Earnings per share numerator represent
 EAT (-) Preference dividend
 EAT (-) Equity dividend
 Both (A) and (B)
 None of the above
10) Equity multiplier
 A sset
Shareholders E quity
 Shareholders E quit
A sset
 Any of these
 None of the above

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