FINANCIAL STATEMENT

CFA LEVEL 1 ANALYSIS

CHAPTER 6
“CRAFTING YOUR
CFA TRIUMPH
WITH EFFECTIVE
SUMMARIES.”
CONCEPT NOTES
Financial Analysis Techniques
-Ratio analysis 1
-Common size analysis 3

-Graphical analysis 4

-Regression analysis 5

-Activity ratios 6

-Liquidity ratios 9

-Solvency ratios 12

-Profitability ratios 15

-DuPont analysis 18
-Other financial ratios 20
-Business segment & Geographic segment 21

TABLE OF
CONTENTS
Financial Analysis Techniques
What is ratio analysis?
Ratio analysis is a financial analysis technique used by analysts, investors, and
businesses for several purposes, and it provides valuable insights into a
company's financial health and performance.
(1) Purposes of Ratio Analysis:
Performance Evaluation: Analysts use ratio analysis to assess a
company's past and current performance. By examining trends in
profitability, efficiency, and solvency ratios, they can determine how well the
company has been managing its financial resources.
Comparative Analysis: Ratios help in comparing a company's financial
performance with that of its peers in the same industry or with industry
benchmarks. This enables analysts to identify relative strengths and
weaknesses.
Forecasting: Ratio analysis can assist in making financial projections and
forecasts. By studying historical trends, analysts can make educated guesses
about a company's future financial performance.
Creditworthiness Assessment: Lenders and creditors use ratio analysis
to evaluate a borrower's creditworthiness. It helps them assess whether a
company can repay its debts and interest.
Investment Decision Making: Investors use ratios to assess the financial
health of a company before making investment decisions. They look for
signs of profitability and stability.
Risk Assessment: Ratios provide insights into various financial risks a
company may face. For example, high debt ratios might indicate high
financial leverage and associated risks.
Operational Efficiency: Ratios related to asset turnover, inventory
management, and receivables collection help evaluate how efficiently a
company is utilizing its resources.

1 | CFA L1 NOTES
(2) Limitations of Ratio Analysis:
Limited Focus: Ratio analysis relies on quantitative data from financial
statements. It does not provide a complete picture of a company's
operations, including qualitative factors or external influences.
Industry Differences: What constitutes a good or bad ratio can vary
significantly between industries. Ratios should be compared with industry
benchmarks to be meaningful.
Historical Data: Ratios are based on historical financial statements and
may not reflect current or future conditions accurately.
Manipulation: Companies can manipulate financial statements to
influence ratios, making them less reliable in cases of accounting
irregularities.
No Causation: Ratios reveal relationships between variables but not the
causes behind those relationships. A high ratio may be a sign of good
management, but it doesn't explain why it's high.
Complexity: Ratio analysis can become quite complex, especially when
considering multiple ratios simultaneously. Analysts must exercise caution
in interpretation.
External Factors: Economic, market, and industry factors can
significantly impact a company's ratios. These external factors are not
considered in ratio analysis.

"While numbers can be cold and impersonal, the story

they tell through ratio analysis is often rich in insights,
revealing the financial narrative of a company's past,
present, and perhaps even its future."

It is important to note that the meaning of ratios can vary widely among the
analysts. For instance, some analysts use all debt when measuring leverage,
while other analysts only use interest-bearing debt. Consistency is essential.
Analysts must also understand that reasonable values of ratios can differ among
industries due to different characteristics of each industry.

2 | CFA L1 NOTES
What is common-size analysis?
Common-size analysis, also known as vertical analysis, is a financial analysis
technique used to evaluate and compare the relative proportions of different line
items in a company's financial statements. It involves expressing each line item
as a percentage of a common base, typically total revenue or total assets. This
process standardizes the financial statements, making it easier to compare the
financial structure and performance of different companies or analyze a single
company's trends over time.
Common-Size Income Statement:
In a common-size income statement, each line item (such as revenue,
expenses, and net income) is expressed as a percentage of total revenue.
Common-Size Balance Sheet:
In a common-size balance sheet, each line item (assets, liabilities, and
equity) is expressed as a percentage of total assets.
Common-Size Cash Flow Statement:
Similar to the income statement and balance sheet, a common-size cash
flow statement expresses each category (operating, investing, and
financing cash flows) as a percentage of total revenues typically.
(1) Purposes of Common-size Analysis:
Financial Structure: Common-size analysis reveals the relative
composition of a company's assets, liabilities, and equity. Analysts can assess
the proportion of assets financed by debt (leverage) and equity, which is
crucial for understanding the company's financial stability.
Operational Efficiency: By examining the common-size income
statement, analysts can identify the relative sizes of various expense
categories. This helps in evaluating cost control and operational efficiency,
and it may highlight areas for improvement.
Profitability Margins: Common-size income statements show the
proportions of revenue allocated to different expenses, allowing analysts to
calculate various profitability margins (e.g., gross margin, operating margin,
net margin). These margins indicate how efficiently the company generates
profits.

3 | CFA L1 NOTES
 Trends and Comparisons: Common-size analysis is valuable for trend
analysis and making comparisons with other companies in the same
industry or with industry benchmarks. It helps identify changes in financial
structure and performance over time.
Risk Assessment: Assessing the proportions of short-term and long-term
debt in the common-size balance sheet can help analysts evaluate a
company's liquidity and solvency, which is essential for risk assessment.
Capital Allocation: In the common-size cash flow statement, analysts can
determine how a company allocates its cash flow among different activities,
such as operating, investing, and financing. This provides insights into the
company's financial strategy.

"Common-size analysis unveils the hidden melodies

within financial statements, turning the cacophony of
numbers into a harmonious symphony of insights,
allowing us to understand the financial story in perfect
proportion."

What is graphical analysis?

Graphical analysis in the context of analyzing a company involves the use of
visual aids, such as charts and graphs, to represent and interpret financial and
operational data. These visuals help stakeholders gain a better understanding of
the company's performance, trends, and key metrics.
(1) Purposes of Graphical Analysis:
Visual Representation of Data: Graphs and charts provide a clear,
visual representation of complex data, making it easier for analysts,
investors, and management to grasp the company's financial and
operational information at a glance. It simplifies the communication of data,
particularly to non-financial audiences.
Trend Identification: Graphical analysis allows for the visualization of
trends over time. By plotting historical data points, trends in revenue, profit
margins, or other key metrics become more apparent. This helps analysts
identify patterns, growth or decline, and cyclical fluctuations.

4 | CFA L1 NOTES
 Comparative Analysis: Visual aids facilitate easy comparison between
different time periods, companies, or industry benchmarks. For instance, a
side-by-side comparison of two companies' revenue growth using line charts
can quickly reveal which company is performing better.
Highlighting Key Metrics: Graphical analysis can emphasize specific
financial ratios or operational KPIs. Bar charts, pie charts, or radar charts
can be used to focus attention on critical metrics like profitability margins,
asset turnover, or market share.
Scenario Analysis: Graphical tools can be used to create scenario
analyses. By adjusting variables and observing how they impact financial
outcomes, stakeholders can make informed decisions about future strategies
or investments. Sensitivity analysis, for example, can be represented
graphically to show the potential impact of different scenarios.

"Graphical analysis paints a vivid portrait of

financial landscapes, turning numbers into
pictures, and revealing the artistry hidden
within the data."

What is regression analysis?

Regression analysis is a statistical technique used to analyze the relationship
between two or more variables. In the context of analyzing a company,
regression analysis can help assess the impact of one or more independent
variables on a dependent variable, such as how various factors affect a
company's financial performance.
(1) Purposes of Regression Analysis:
Causal Relationships: Regression analysis helps identify causal
relationships between variables. For example, it can determine how changes
in variables like marketing expenditures, interest rates, or the price of raw
materials affect a company's revenue, profits, or stock price.
Predictive Modeling: By examining historical data, these models can help
forecast future outcomes, allowing companies to make informed decisions
and develop strategies based on expected results.

5 | CFA L1 NOTES
 Risk Assessment: Regression analysis can be used to assess risk. By
modeling the relationship between variables, analysts can estimate the
potential impact of various risks on the company's financial performance,
helping with risk management and mitigation strategies.
Performance Benchmarking: Companies can use regression analysis to
benchmark their performance against industry peers. By comparing their
performance against a regression model that accounts for industry-specific
variables, they can identify areas where they excel or underperform.
Data-Driven Decision-Making: Regression analysis provides a data-
driven approach to decision-making. It enables companies to make
decisions based on empirical evidence rather than relying solely on intuition
or qualitative assessments.

"Regression analysis is the compass that guides

us through the tangled forest of data, revealing
the hidden trails of cause and effect, and
helping us navigate toward informed decisions."

What are activity ratios?

Activity ratios, also known as turnover ratios, are a category of financial ratios
used to evaluate a company's efficiency in managing its assets and liabilities, as
well as its overall operational performance. These ratios provide insights into
how effectively a company is using its resources to generate sales, manage
inventory, collect receivables, and pay its suppliers.
(1) Accounts Receivable Turnover:
This ratio measures how quickly a company collects outstanding receivables.
A high turnover indicates efficient collections, while a low turnover suggests
slower collections.

Net Sales

Avg. Accounts Receivable

6 | CFA L1 NOTES
(2) Days of Sales Outstanding (DSO):
DSO calculates the average number of days it takes for a company to collect
its accounts receivable. A lower DSO value is generally better, as it means
quicker collection.

Avg. Accounts Receivable

365
Net Sales

(3) Inventory Turnover:

This ratio measures how many times a company sells and replaces its
inventory in a given period. A higher turnover indicates efficient inventory
management.

Cost of Goods Sold

Avg. Inventory

(4) Days of Inventory on Hand:

This ratio represents the average number of days it takes to sell the entire
inventory. Lower values indicate faster inventory turnover.

Avg. Inventory
365
Cost of Goods Sold

(5) Payables Turnover:

This ratio gauges how quickly a company pays its suppliers. A higher
turnover may indicate more favorable credit terms with suppliers.

7 | CFA L1 NOTES
 Total Purchases

Avg. Accounts Payable

(6) Number of Days of Payables:

This ratio represents the average number of days a company takes to pay its
suppliers. A longer period may imply better cash flow management.

Avg. Accounts Payable

365
Total Purchases

(7) Total Asset Turnover:

This ratio evaluates how efficiently a company uses its total assets to
generate sales. A higher turnover indicates better asset utilization.

Net Sales

Avg. Total Assets

(8) Fixed Asset Turnover:

This ratio specifically assesses the efficiency of a company's fixed or long-
term assets in generating revenue.

Net Sales

Avg. Fixed Assets

8 | CFA L1 NOTES
(9) Working Capital Turnover:
This ratio measures how effectively a company utilizes its working capital to
support its operations. Higher turnover indicates efficient working capital
management.

Net Sales

Avg. Working Capital

Activity Ratio at Rescue

A retail chain analyzed its "Inventory Turnover" and "Days of

Inventory on Hand" ratios. The results revealed slow inventory
turnover and excessive holding periods. By optimizing inventory
management, implementing lean practices, and discontinuing
underperforming products, the company significantly improved
cash flow and profitability.

What are liquidity ratios?

Liquidity ratios are financial metrics used to assess a company's ability to
meet its short-term financial obligations, specifically, its capacity to convert
assets into cash to cover its current liabilities. These ratios are crucial for
investors, creditors, and management to gauge the company's financial
health and its ability to weather short-term financial challenges. Each ratio
offers a different level of stringency, allowing a more comprehensive
understanding of a company's financial health and its ability to manage
short-term financial challenges.

9 | CFA L1 NOTES
(1) Current Ratio:
A higher current ratio indicates a greater ability to cover short-term
liabilities with short-term assets. However, an excessively high ratio may
suggest that a company is not efficiently utilizing its assets.

Current Assets

Current Liabilities

(2) Quick Ratio (Acid-Test Ratio):

The quick ratio is a more stringent measure of liquidity than the current
ratio. It excludes less liquid current assets like inventory and prepaid
expenses, focusing on assets that can be quickly converted into cash.

Quick Assets

Current Liabilities

Where, quick assets = cash + marketable securities + accounts receivables.

(3) Cash Ratio:
The cash ratio is the most conservative liquidity measure, as it only
considers the most liquid assets (usually just cash and cash equivalents) to
current liabilities. A high cash ratio is an indicator of a company's strong
ability to cover short-term debts, but it may also imply that the company is
not efficiently investing its cash.

Cash + Marketable Securities

Current Liabilities

10 | CFA L1 NOTES
(4) Defensive Internal Ratio:
The defensive interval ratio, also known as the operating cycle ratio,
measures how long a company can cover its expenses with its existing liquid
assets without generating additional income. This ratio provides a sense of
how long a company can operate without generating additional revenue if its
income suddenly stops. A higher ratio indicates greater financial stability.

Quick Assets

Avg. Daily Expenses

(5) Cash Conversion Cycle:

The cash conversion cycle evaluates how efficiently a company manages its
working capital. It includes three components: the days sales of inventory
(DSI), days sales outstanding (DSO), and days payable outstanding (DPO). A
shorter cash conversion cycle is generally preferable, as it suggests a
company can quickly convert its investments into cash.

DSO DIO DPO

Liquidity Ratio at Rescue

A retail company's quick ratio of 0.6 indicates potential liquidity

issues. Although it has high current assets, a significant portion
is tied up in slow-moving inventory, making it challenging to
meet short-term debts without selling off excess stock or
increasing sales, highlighting a need for inventory management
improvements.

11 | CFA L1 NOTES
What are solvency ratios?
Solvency ratios are financial metrics used to assess a company's ability to meet
its long-term financial obligations and determine its overall financial stability.
These ratios are crucial for investors, creditors, and stakeholders to gauge a
company's financial health, risk exposure, and its capacity to manage debt.
Solvency ratios provide insights into the company's ability to repay its debts and
continue its operations without excessive financial strain.
(1) Debt-to-Equity Ratio:
This ratio measures the proportion of a company's total debt to its total
equity (shareholders' equity). It reflects the degree to which a company is
funded by debt compared to equity. A high debt-to-equity ratio may indicate
higher financial risk, while a low ratio suggests a more conservative capital
structure.

Total Debt

Shareholders’ Equity

(2) Debt-to-Capital Ratio:

This ratio evaluates the company's financial leverage by comparing its total
debt to its total capital, which includes both debt and equity. A higher debt-
to-capital ratio indicates a larger reliance on debt financing, which can
increase financial risk.

Total Debt

Total Debt + Equity Capital

(3) Debt-to-Assets Ratio:

This ratio measures the proportion of a company's total debt to its total
assets, indicating the extent to which a company's assets are funded by debt.
A high debt-to-assets ratio may signal a riskier financial position, while a
lower ratio indicates greater financial stability.

12 | CFA L1 NOTES
 Total Debt

Total Assets

(4) Financial Leverage Ratio:

The financial leverage ratio assesses the impact of debt in a company's
capital structure. It shows how much asset base is there of the company for
each unit of equity capital. A ratio greater than 1 indicates that the company
is using more debt in capital structure, but this also increases financial risk.

Total Assets

Shareholders’ Equity

(5) Interest Coverage Ratio:

The interest coverage ratio measures a company's ability to cover its interest
expenses with its operating income. It indicates the company's capacity to
meet interest obligations. A higher interest coverage ratio suggests that the
company is better positioned to meet its interest payments.

EBIT

Interest Expense

(6) Debt-to-EBITDA Ratio:

This ratio relates a company's total debt to its earnings before interest, taxes,
depreciation, and amortization (EBITDA). It reflects the number of years it
would take to repay debt using EBITDA. A lower ratio indicates a healthier
financial position.

13 | CFA L1 NOTES
 Total Debt

EBITDA

(7) Fixed Charge Coverage Ratio:

The fixed charge coverage ratio assesses a company's ability to cover its fixed
costs, including interest and lease payments, with its operating income. A
higher ratio indicates a better ability to meet fixed financial obligations.

EBIT + Lease Payments

Interest + Lease Payments

Solvency Ratio at Rescue

During the 2008 financial crisis, the solvency ratios of many

major banks like high debt-to-capital ratios and low interest
coverage ratios indicated significant exposure to mortgage-
backed securities. This led to a loss of investor confidence,
contributing to the financial market turmoil and necessitating
government bailouts to prevent widespread bankruptcies.

14 | CFA L1 NOTES
What are profitability ratios?
Profitability ratios are financial metrics used to assess a company's ability to
generate profits relative to its revenues and capital invested. These ratios provide
insights into the efficiency and effectiveness of a company's operations and are
crucial for evaluating its financial performance.
(1) Net Profit Margin:
Net profit margin measures the percentage of revenue that remains as profit
after all expenses, including taxes and interest, are deducted. A higher net
profit margin indicates efficient cost management and profitability.

Net Profit
100
Total Revenue

(2) Gross Profit Margin:

Gross profit margin represents the percentage of revenue that remains after
subtracting the cost of goods sold (COGS). This ratio reveals a company's
ability to cover its direct production costs.

Gross Profit
100
Total Revenue

(3) Operating Profit Margin:

Operating profit margin assesses a company's profitability from its core
operations by excluding interest and taxes from the calculation. It provides
insights into the company's operational efficiency.

Operating Profit/EBIT
100
Total Revenue

15 | CFA L1 NOTES
(4) Pretax Margin:
The pretax margin measures the percentage of revenue that remains as
profit before taxes are considered. It shows a company's profitability before
tax implications.

Pretax Profit/EBT
100
Total Revenue

(5) Return on Assets (ROA):

ROA calculates the company's ability to generate profits relative to its total
assets. A higher ROA indicates better utilization of assets to generate profits.

Net Profit
100
Avg. Total Assets

(6) Operating Return on Assets:

This ratio evaluates a company's profitability specifically from its core
operations in relation to its total assets. It measures the efficiency of core
business operations.

Operating Profit/EBIT
100
Avg. Total Assets

(7) Return on Total Capital (ROTC):

ROTC assesses a company's ability to generate returns on both equity and
debt capital. It reflects the company's overall capital efficiency.

16 | CFA L1 NOTES
 Operating Profit/EBIT
100
Avg. Total Capital

(8) Return on Equity (ROE):

ROE measures the company's profitability concerning shareholders' equity,
showing how effectively it generates profits for its shareholders. A higher
ROE signifies strong returns for shareholders.

Net Profit
100
Shareholders’ Equity

Profitability Ratio at Rescue

One example is the tech giant Apple Inc. Its consistently high
net profit margins and return on equity (ROE) have signaled its
ability to generate substantial profits and provide strong returns
to shareholders. These profitability ratios have underscored
Apple's financial strength and played a significant role in its
market capitalization growth and investor confidence.

17 | CFA L1 NOTES
What is DuPont analysis?
DuPont Analysis is a financial performance assessment method that breaks
down a company's return on equity (ROE) into its component parts, allowing for
a more detailed evaluation of the factors driving ROE. It was developed by the
DuPont Corporation in the early 20th century. DuPont Analysis is particularly
useful for understanding how a company's profitability, asset utilization, and
financial leverage affect its overall return on equity.
(1) Three-Step DuPont Analysis:
Net Profit Margin: This ratio measures the profitability of a company by
calculating how much profit it generates from each dollar of revenue. It is
expressed as:
Net Profit Margin = Net Income / Total Revenue
Asset Turnover: Asset turnover assesses how efficiently a company
utilizes its assets to generate revenue. It is expressed as:
Asset Turnover = Total Revenue / Average Total Assets
Financial Leverage: Financial leverage evaluates how much a company
relies on debt to finance its operations. It is expressed as:
Financial Leverage = Average Total Assets / Average Shareholders'
Equity
The three components (net profit margin, asset turnover, and financial
leverage) are then multiplied together to calculate ROE:

Net Profit Margin Asset Turnover Financial Leverage

(2) Five-Step DuPont Analysis:

In addition to the three-step approach, the five-step DuPont Analysis further
breaks down the first component (Net Profit Margin) into two additional
components:
Operating Profit Margin: This ratio assesses a company's profitability
from its core operations, excluding interest and taxes. It is expressed as:
Operating Profit Margin = Operating Profit / Total Revenue

18 | CFA L1 NOTES
 Interest Burden: Interest burden focuses on the impact of interest
expenses on net income and ROE. It is expressed as:
Interest Burden = (Operating Profit / Total Revenue) x (1 - Tax Rate)
The five components (Operating Profit Margin, Asset Turnover, Interest
Burden, Financial Leverage, and Tax Burden) are then multiplied together
to calculate ROE:

Tax Interest EBIT Asset Financial

Burden Burden Margin Turnover Leverage

By using DuPont Analysis, analysts can pinpoint which specific factors are
influencing a company's ROE. For example, a company with a low ROE may use
DuPont Analysis to identify whether the issue lies in low profitability, inefficient
asset utilization, or excessive reliance on debt. This breakdown helps
management and investors make informed decisions to improve financial
performance.
Additionally, by breaking down ROE into its component parts, DuPont Analysis
can also be useful for comparing companies within the same industry and
identifying areas for improvement.

DuPont Analysis at Rescue

In DuPont Analysis of XYZ, it was revealed that the company's

declining ROE was primarily due to a significant decrease in its
net profit margin. This finding prompted management to focus
on improving cost control and profitability in their core
operations, resulting in a subsequent increase in ROE, which
enhanced investor confidence and stock performance.

19 | CFA L1 NOTES
What are some other financial ratios?
Certain other ratios are important while considering valuation, dividend
perspective and industry characteristics.

Price-to-Earnings (P/E) Ratio:

P/E ratio measures a company's current share price relative to its
earnings per share (EPS).
It reflects how much investors are willing to pay for each dollar of
earnings.
Price-to-Cash Flow Ratio:
Price-to-cash flow ratio assesses a company's stock price in relation to its
operating cash flow per share.
It provides insight into the company's ability to generate cash from its
core operations.
Price-to-Sales Ratio:
Price-to-sales ratio compares a company's market capitalization to its
total revenue.
It indicates how the market values the company's sales.
Price-to-Book Value Ratio:
Price-to-book value ratio evaluates a company's stock price in relation to
its book value per share.
It reflects the market's perception of the company's asset value.
Earnings per Share (EPS) Ratio:
EPS ratio calculates a company's net income attributable to common
shareholders divided by the number of outstanding shares.
It shows the portion of a company's profit allocated to each share.
Cash Flow per Share:
Cash flow per share measures a company's cash flow generated from its
operations, financing, and investing activities per share.
It provides insights into a company's ability to generate cash.

20 | CFA L1 NOTES
 Dividend Payout Ratio:
Dividend payout ratio reveals the proportion of earnings paid out as
dividends to shareholders.
It helps assess the sustainability of dividend payments.
Sustainable Growth Rate:
The sustainable growth rate indicates the maximum growth rate a
company can achieve without raising additional external financing.
It considers the retention of earnings and return on equity.
Net Income per Employee:
Net income per employee assesses a company's profitability per
employee, indicating its efficiency in generating profit with its
workforce.
Growth in Same-Store Sales:
Growth in same-store sales evaluates the increase in sales at existing
stores or locations over a specified period.
It reflects a company's ability to drive revenue growth without opening
new outlets.
Net Interest Margin:
Net interest margin calculates the difference between a financial
institution's interest income and interest expenses as a percentage of its
total assets.
It indicates the profitability of a bank or lender's core lending and
borrowing activities.

What are business segment and geographic segment of a

company?
Business and geographical segments are ways in which a company organizes its
financial and operational reporting to provide a clearer picture of its diverse
business activities and geographic reach. These segments help investors,
analysts, and stakeholders understand how a company's operations are divided
and where its revenue and profits are generated.

21 | CFA L1 NOTES
Business Segment:
Business segments represent different lines of business or distinct
operations within a company which accounts for more than 10% of the
company’s revenues, assets, or income .
Business segments allow for a more detailed analysis of the company's
performance, helping stakeholders assess which parts of the company
are contributing most to its success or facing challenges.
For example, a large conglomerate may have business segments for its
automotive, electronics, and energy divisions, each with separate
financial reporting.
Geographical Segment:
Geographical segments, as the name suggests, represent different
geographic regions in which a company operates. This could be at the
country, regional, or global level, depending on the company's
international presence.
Geographical segments help assess a company's exposure to different
markets, currency risks, and regional economic conditions.
For instance, a multinational corporation may have geographical
segments for North America, Europe, Asia-Pacific, and other key
regions, providing a breakdown of its revenue and profits by location.

"Business segments are the distinct threads that

weave together the fabric of a company's
success, each telling a unique story of
contribution and potential."

"Geographic segments are the chapters in a

company's global story, where opportunities and
challenges unfold on the diverse landscapes of
the world market."

22 | CFA L1 NOTES
CFA L1 Notes

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Published: October 2023