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Ratios derived from the financial statements of firms are an important management tool.
Analogous to someone’s vital statistics, heart rate, cholesterol level, blood pressure, etc.
ratios can provide valuable insights into and empirical support for strategic issues
surrounding firms.
There are a large number of potential ratios. As a manager you will have to use your
discretion to identify which ones are the most important or meaningful given the
situation. Keep in mind as well that different accounting assumptions or outright
manipulation can skew financial ratio comparisons both within and between companies.
Therefore, using ratio analysis in isolation can be problematic.
For simplicity we’ll group ratios into three common areas, profitability, activity, and
solvency. The calculation of any ratio is an elementary school math problem. The extent
of the challenge embodied in financial ratios is using them effectively to understand their
implications on the performance and future of the firm.
Performance Ratios. These ratios are concerned with how well the firm is using its
assets and the investments of stakeholders, especially the firm’s shareholders. Common
ratios used as performance measures have income as the numerator and include:
Return on Assets = Net Income / Assets
Return on Equity = Net Income / Shareholders Equity
Profit Margin = Net Income / Sales (or Revenue)
Earnings per Share = Net Income / Shares of Common Stock
The larger each of these ratios are the better the firm is performing. While historical or
industry level data is exceptionally useful for comparison, other metrics can be used. For
example, for any year a firm’s return on assets should be greater than the risk free rate of
return. Earnings per share is not really a performance ratio but it can be helpful,
especially with new firms, because it takes account of new issues of stock. Make sure
this number is computed on a fully diluted basis.