學(xué)習(xí)CMA要知道CMA考試也是需要考公式的,今天我們來看看Financial Ratios這個知識點中的公式,不知道你準(zhǔn)備的怎么樣呢?小編給你說說哦!
Unless otherwise indicated, end of year data is used for balance sheet items; full year data is used forincome statement and statement of cash flow items.
Liquidity
a(1) Current ratio = current assets / current liabilities
a(2) Quick ratio or acid test ratio = (cash + marketable securities + accounts receivable) /
current liabilities
a(3) Cash ratio = (cash + marketable securities) / current liabilities
a(4) Cash flow ratio = operating cash flow / current liabilities
a(5) Net working capital ratio = net working capital / total assets
Leverage
f(1) Degree of financial leverage = % change in net income / % change in EBIT, or
= EBIT / EBT
f(2) Degree of operating leverage = % change in EBIT / % change in sales, or
= contribution margin / EBIT
h. Financial leverage ratio = assets / equity
i(1) Debt to equity ratio = total debt / equity
i(2) Long-term debt to equity ratio = (total debt – current liabilities) / equity
i(3) Debt to total assets ratio = total debt / total assets
j(1) Fixed charge coverage = earnings before fixed charges and taxes / fixed charges
fixed charges include interest, required principal repayment, and leases
j(2) Interest coverage (times interest earned) = EBIT / interest expense
j(3) Cash flow to fixed charges = (cash from operations + fixed charges + tax payments) / fixed
charges. Note: cash from operations is after-tax.
Activity
l(1) Accounts receivable turnover = credit sales / average gross accounts receivables
l(2) Inventory turnover = cost of goods sold / average inventory
l(3) Accounts payable turnover = credit purchases / average accounts payable
m(1) Days sales in receivables = average accounts receivable / (credit sales / 365), or
= 365 / accounts receivable turnover
m(2) Days sales in inventory = average inventory / (cost of sales / 365), or
= 365 / inventory turnover
m(3) Days purchases in payables = average payables / (purchase / 365), or
= 365 / payables turnover
n(1) Operating cycle = days sales in receivables + days sales in inventory
n(2) Cash cycle = Operating cycle – days purchases in payables
o(1) Total asset turnover = sales / average total assets
o(2) Fixed asset turnover = sales / average net plant, property and equipment
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Profitability
p(1) Gross profit margin percentage = gross profit / sales
p(2) Operating profit margin percentage = operating income / sales
p(3) Net profit margin percentage = net income / sales
p(4) EBITDA margin = EBITDA / sales
q(1) ROA = net income / average total assets
q(2) ROE = net income / average equity
Market
r(1) Market-to-book ratio = current stock price / book value per share
r(2) Price earnings ratio = market price per share / EPS
s. Book value per share = (total stockholders’ equity – preferred equity) /
number of common shares outstanding
u(1) Basic EPS = (net income – preferred dividends) / weighted average common shares
outstanding
(Number of shares outstanding is weighted by the number of months shares are
outstanding)
u(2) Diluted EPS = (net income – preferred dividends) / diluted weighted average common
shares outstanding
(Diluted EPS adjusts common shares by adding shares that may be issued for convertible
securities and options)
v(1) Earnings yield = EPS / current market price per common share
v(2) Dividend yield = annual dividends per share / market price per share
v(3) Dividend payout ratio = common dividend / earnings available to common shareholders
v(4) Shareholder return = (ending stock price – beginning stock price + annual dividends per
share) / beginning stock price
找組織
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