A

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FINANCIAL ANALYSIS MODEL

Note: Enter data in Blue-coded cells; Black cells are computer generated
ANALYST'S NAME
NAME OF COMPANY
FIRST CALENDAR YEAR OF
DATA
NUMBER OF YEARS OF DATA

INCOME STATEMENT
Sales Revenue
Less: Cost of Goods Sold
Gross Profits
Less: Operating Expenses:
Selling Expense
General / Admin. Exp.
Lease Expense
Depreciation Expense
Total Operating Expenses
Operating Profits
Less: Interest Expense
Net Profits Before Taxes
Less: Taxes
Net Profit After Taxes
Less: Pref. Stock Divds.
Earnings Available for Common
Stockholders

BALANCE SHEET
Current Assets:
Cash
Marketable Securities
Accounts Receivable
Inventories
Total Current Assets
Gross Fixed Assets (at cost):
Land & Buildings
Machinery and Equipment
Furniture & Fixtures
Vehicles
Other (Inc. Fin. Leases)
Total Gross Fixed Assets
Less: Accumulated Depreciation
Net Fixed Assets
Other Assets
Total Assets
Current Liabilities:
Accounts Payable
Notes Payable
Accruals
Taxes Payable
Other Current Liabilities
Total Current Liabilities
L / T Debt (Inc. Financial Leases)
Total Liabilities
Preferred Stock
Common Stock
Paid-In Capital In Excess of Par
Retained Earnings
Total Stockholders' Equity
Total Liabs. & Stockhldrs' Equity
Reconciliation TA & TL/SE
Number of Common Shares
End-of-Year Stock Price

Dr. Glenn L. Stevens

Sample Firm

1996
3

1996
$1,500
$1,000
$500

1997
$1,550
$1,030
$520

1998
$1,700
$1,040
$660

$140
$260
$5
$10
$415
$85
$23
$62
$10
$52
$1

$150
$270
$0
$11
$431
$89
$29
$60
$12
$48
$0

$155
$275
$2
$12
$444
$216
$30
$186
$15
$171
$0

$51

$48

$171

$31
$82
$104
$145
$362

$12
$66
$152
$191
$421

$18
$68
$160
$200
$446

$0
$0
$0
$0

$180
$0
$0
$0
$0
$180
$52
$128
$0
$490

$195
$0
$0
$0
$0
$195
$63
$132
$0
$553

$200
$0
$0
$0
$0
$200
$65
$135
$0
$581

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$0

$0

$0

$0

1996
$126
$190
$25
$0
$0
$341
$40
$381
$0
$20
$30
$59
$109
$490
$0
500
$3.00

1997
$136
$200
$27
$0
$0
$363
$38
$401
$0
$20
$30
$102
$152
$553
$0
500
$5.00

1998
$150
$140
$28
$0
$0
$318
$13
$331
$0
$20
$30
$200
$250
$581
$0
500
$5.50

$0
$0

$0
$0
=IF($B$8>4,F13-F14," ")

$0
$0
$0
$0

$0
$0
$0
$0
=IF($B$8>4,SUM(F17:F20)," ")
=IF($B$8>4,F15-F21," ")

$0

$0

$0

$0

$0

$0

=IF($B$8>4,F22-F23," ")
=IF($B$8>4,F24-F25," ")

IF($B$8>4,F26-F27," ")

$0
$0
$0
$0
=IF($B$8>4,SUM(F33:F36)," ")

=IF($B$8>4,SUM(F39:F43)," ")
=IF($B$8>4,F44-F45," ")
=IF($B$8>4,F37+F46," ")
=IF($B$8>4,F37+F46," ")
$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$0

$0

$0
$0
$0
$0

$0
$0
$0
$0

=IF($B$8>4,SUM(F51:F55)," ")
=IF($B$8>4,F56+F57," ")

=IF($B$8>4,SUM(F59:F62)," ")
=IF($B$8>4,F58+F63," ")
=IF($B$8>4,F64-F48," ")
0
$0.00

0
$0.00

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A
RATIO ANALYSIS
Current Ratio
Quick Ratio

1.06
0.64

1.16
0.63

1.40
0.77

=IF($B$8>4,F37/F56," ")
=IF($B$8>4,(F37-F36)/F56," ")

6.90
24.96
11.72
3.06

5.39
35.30
11.74
2.80

5.20
33.88
12.59
2.93

=IF($B$8>4,F14/F36," ")
=IF($B$8>4,F35/(F13/360)," ")
=IF($B$8>4,F13/F46," ")
=IF($B$8>4,F13/F48," ")

0.78
0.37
3.70

0.73
0.25
3.07

0.57
0.05
7.20

=IF($B$8>4,F58/F48," ")
=IF($B$8>4,F57/F63," ")
=IF($B$8>4,F22/F23," ")

Gross Profit Margin

Operating Profit Margin
Net Profit Margin

33.33%
5.67%
3.47%

33.55%
5.74%
3.10%

38.82%
12.71%
10.06%

=IF($B$8>4,F15/F13," ")
=IF($B$8>4,F22/F13," ")
=IF($B$8>4,F26/F13," ")

Return on Total Assets (ROA)

Return on Equity (ROE)

10.61%
47.71%

8.68%
31.58%

29.43%
68.40%

=IF($B$8>4,F26/F48," ")
=IF($B$8>4,F26/F63," ")

Earnings Per Share

$0.10

$0.10

$0.34

=IF($B$8>4,F28/F66," ")

Price/Earnings Ratio

29.41

52.08

16.08

=IF(AND(F67>0,F89>0),F67/F89," ")

3.47%
306.12%
10.61%
10.61%
449.54%
47.71%

3.10%
280.29%
8.68%
8.68%
363.82%
31.58%

10.06%
292.60%
29.43%
29.43%
232.40%
68.40%

1996

1997
$48
$11
($48)
($46)
$0
$10
$2
$0
$0
($23)

1998
$171
$12
($8)
($9)
$0
$14
$1
$0
$0
$181

($15)
($15)

($5)
($5)

$10
($2)
$0
$0
($5)

($60)
($25)
$0
$0

$3

($85)

($35)

$91

Inventory Turnover
Average Collection Period
Fixed Asset Turnover
Total Asset Turnover
Debt Ratio
Debt-to-Equity
Times Interest Earned

DUPONT ANALYSIS
Net Profit AT/Sales
Sales/Total Assets
ROA
Net Profit AT/Total Assets
Total Assets/Stockhldrs. Equity
ROE

STATEMENT OF CASH FLOWS

CASH FLOW FROM OPERATING
ACTIVITIES
Net Profit After Taxes
Depreciation
Decrease in Accts. Receiv.
Decrease in Inventories
Decrease in Other Assets
Increase in Accounts Pay.
Increase in Accruals
Increase in Taxes Payable
Increase in Other Cur. Lia.
Cash Flow from Oper. Act.

CASH FLOW FROM

INVESTMENT ACTIVITIES
118 Increase in Gross Fixed Assets
119 Cash Flow from Investments
120
CASH FLOW FROM FINANCING
121
ACTIVITIES
122 Increase in Notes Payable
123 Increase in Long-Term Debt
124 Changes in Stockholders' Equity
125 Preferred Dividends Paid
126 Common Dividends Paid (-)
117

127

Cash Flow from Financing Activities

128
129 Net Incr. in Cash / Mark. Securities

=IF($B$8>4,F26/F13," ")
=IF($B$8>4,F13/F48," ")
=IF($B$8>4,F94*F95," ")
=IF($B$8>4,F26/F48," ")
=IF($B$8>4,F48/F63," ")
=IF($B$8>4,F97*F98," ")