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question		réponse
receivables turnover commencer à apprendre		(A) annual sales / average receivables
days of sales outstanding (average collection period) commencer à apprendre		(A) 365 / receivables turnover
inventory turnover commencer à apprendre		(A) COGS / average inventory
days of inventory on hand (average inventory processing period; number of days of inventory) commencer à apprendre		(A) 365 / inventory turnover
payables turnover commencer à apprendre		(A) purchases / average trade payables
number of days of payables (payables payment period) commencer à apprendre		(A) 365 / payables turnover ratio
total assets turnover commencer à apprendre		(A) revenue / average total assets
fixed assets turnover commencer à apprendre		(A) revenue / average net fixed asstes
working capital turnover commencer à apprendre		(A) revenue / average working capital
working capital commencer à apprendre		current assets - current liabilities
current ratio commencer à apprendre		(L) current assets / current liabilities
quick ratio commencer à apprendre		(L) (cash + marketable securities + receivables) / current liabilities
cash ratio commencer à apprendre		(L) (cash + marketable securities) / current liabilities
defensive interval ratio (avg. days of expenditures the firm could pay with its current assets) commencer à apprendre		(L) (cash + marketable securities + receivables) / average daily expenditures
the cash conversion cycle (the time it takes to turn cash invested in inventory back into cash) commencer à apprendre		(L) (days sales outstanding) + (days of inventory on hand) - (number of days of payables)
debt-to-equity commencer à apprendre		(S) total debt / total shareholders' equity
total debt commencer à apprendre		long-term debt plus interest-bearing short-term debt
debt-to-capital commencer à apprendre		(S) total debt / total debt + total shareholders' equity
debt-to-assets commencer à apprendre		(S) total debt / total assets
debt-to-assets commencer à apprendre		(S) total debt / total assets
financial leverage commencer à apprendre		(S) average total assets / average total equity
interest coverage commencer à apprendre		(S) EBIT / interest payments
debt-to-EBITDA commencer à apprendre		(S) total debt / EBITDA
fixed charge coverage commencer à apprendre		(S) (EBIT + lease payments) / (interest payments + lease payments)
net profit margin commencer à apprendre		(P) net income / revenue
gross profit commencer à apprendre		net sales (revenue) - COGS
operating profits commencer à apprendre		earnings before interest and taxes (EBIT)
net income (NI) commencer à apprendre		earnings after taxes but before dividends
total capital commencer à apprendre		common and preferred equity + long-term debt + short-term debt
total capital commencer à apprendre		also = total assets
gross profit margin commencer à apprendre		(P) gross profit / revenue
operating profit margin commencer à apprendre		(P) [operating income / revenue] OR [EBIT / revenue]
pretax margin commencer à apprendre		(P) EBT / revenue
return on assets (ROA) (no interest included) commencer à apprendre		(P) net income / average total assets
alternative ROA (with interest added back) commencer à apprendre		(P) [net income + interest expense*(1 - tax rate)] / average total assets
operating return on assets commencer à apprendre		(P) [operating income / average total assets] OR [EBIT / average total assets]
return on total capital (ROTC) commencer à apprendre		(P) EBIT / average total capital
return on common equity commencer à apprendre		(P) (net income - preferred dividends) / (average common equity)
return on equity (ROE) commencer à apprendre		(P) net income / average total equity
return on common equity commencer à apprendre		(P) also = net income available to common / average common equity
DuPont (3) commencer à apprendre		ROE = (net profit margin) (assets turnover) (leverage ratio)
DuPont (5) commencer à apprendre		ROE =
tax burden commencer à apprendre		net income / EBT
interest burden commencer à apprendre		EBT / EBIT
EBIT margin commencer à apprendre		EBIT / revenue
DuPont (5) commencer à apprendre		(tax burden) (interest burden) (EBIT margin) (assets turnover) (financial leverage)

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