Financial Performance Ratios

指标

公式

描述

利润率

净收入／销售

Profit Margin reflects your ability to control costs and make a return on your sales.

Management is interested in having high profit margins.

*Net profit margin is mostly used to compare company’s results over time. To compare net profit margin, even between companies in the same industry, might have little meaning. For example, if a company recently took a long-term loan to increase its production capacity, the net profit margin will significantly be reduced. That does not mean, necessarily, that the company is less efficient than other competitors.

利润率衡量每一美元销售所产生的利润百分比。利润率反映了你控制成本和在销售上获得回报的能力。管理层对高利润率感兴趣。

净利润率主要用于随着时间的推移，比较公司的业绩。比较不同公司的净利润率，甚至在同一行业的公司之间，可能没有什么意义。例如，如果一个公司最近采取了长期贷款，以提高其生产能力，净利润率将大大降低。这并不一定意味着，该公司效率低于其他竞争对手。

资产周转率

销售／资产

Asset Turnover reflects the level of capital we have tied-up in assets and how much sales we can generate from our assets.

A high asset turnover rate implies that we can generate strong sales from a relatively low level of capital.

Low turnover would imply a very capital-intensive organization.

*A ratio of 1 means that the net sales of a company equal the average total assets for the year. In other words, the company is generating 1 dollar of sales for every dollar invested in assets.

Like with most ratios, the asset turnover ratio is based on industry standards. Some industries use assets more efficiently than others. To get a true sense of how well a company’s assets are being used, it must be compared to other companies in its industry.

The total asset turnover ratio is a general efficiency ratio that measures how efficiently a company uses all of its assets. This gives investors and creditors an idea of how a company is managed and uses its assets to produce products and sales.

资产周转率衡量你能从你的资产中获得的销售额的百分比。资产周转率反映了我们在资产中的资本水平，以及我们可以从资产中产生多少销售额。高资产周转率意味着我们可以从相对较低的资本水平产生强劲的销售额.。

低周转意味着一个资本密集型组织。

1的比率意味着公司的净销售额等于当年的平均总资产。换句话说，公司为每一美元的资产投资产生1美元的销售额。

与大多数比率一样，资产周转率基于行业标准。一些行业比其他行业更有效地利用资产。要真正了解一个公司的资产是如何使用的，它必须与在同一行业其他公司进行比较。

总资产周转率是衡量公司利用其全部资产的效率的一般效率比率。这给投资者和债权人一个公司如何管理和利用其资产来生产产品和销售的大概认知。

财务杠杆

资产／所有者权益

As debt increases, financial leverage increases.

Generally, management tends to prefer equity financing over debt since it carries less risk.

财务杠杆是衡量我们用多少股票和债务来资助我们的资产。

随着债务增加，财务杠杆增加。

一般来说，比起债务融资，管理层倾向于股权融资，因为它携带较少的风险。

流动比率

流动资产／流动负债

Ratio> 1- Minimum because anything less than 1 means the company has more liabilities than assets. A low current ratio would imply possible insolvency problems.

A higher ratio indicates greater safety as some inventory and receivables may not be easily convertible to cash. A very high current ratio might imply that management is not investing idle assets productively.

The ideal current ratio is proportional to the operating cycle (asset management)

表明公司支付短期票据的能力。

比率大于 1 – 这是最低标准，因为任何低于1意味着公司有相较于资产更多的负债比资产。低流动比率意味着可能的破产问题。

较高的比例表明更安全，因为一些库存和应收款不容易兑换现金。一个非常高的流动比率可能意味着管理层没有有效的投资闲置资产。

理想的流动比率比与操作周期成正比（资产管理）

酸性测验比率／速动比率

流动资产／流动负债

A quick ratio of 1 indicates that quick assets equal current assets. It also shows that the company could pay off current liabilities without selling any long-term assets. As the ratio increases, so does liquidity- this is a good sign for investors and creditors.

衡量我们的能力，以满足当前义务的基础上最流动的资产。

1的快速比率表明快速资产等于流动资产。这也表明，公司可以支付流动负债而不出售任何长期资产。随着比率的增加，流动性也增加了，这是对于投资者和债权人而言是个好迹象。

存货周转率

销售成本/平均库存

衡量我们的库存在年内翻了多少次。较高的周转率是可取的，因为它表明，管理上无多余的库存，库存是高度市场化的。

存货周转天数

360/存货周转率

A low number of inventory days is desirable.

A high number of days implies that management is unable to sell existing inventory stocks.

存货周转天数是，在销售之前，持有存货的平均天数。

一个低的存货周转天数是可取的。

大量的天数意味着管理层无法销售现有库存。

运转周期

应收账款周转天数＋库存周转天数

比较运营周期内成交量和流动比率。

资本周转率

销售／有息债务＋股东权益

资本周转衡量我们将资本（债务和权益）转化为销售的能力。

运营收入比销售

利息税收前的收入／销售

比较息税前利润（EBIT）／销售。

资产回报

净收入/平均总资产

资产收益率衡量每一美元资产的净收益。这个比率衡量我们的资产投资的整体盈利能力。较高的回报率是被期望的。ROA给出了一个想法，及如何一个有效的管理层是使用资产产生收益。

股本回报率

净收入／股东权益

净收益金额按股东权益百分比返还。股本回报率通过揭示了公司用股东投资产生的多少利润来衡量公司的盈利能力。

每股收益

普通股东可获得的收益／普通股数量

A high EPS in comparison to other competing firms is desirable.

收益的增长经常用每股收益（EPS）来测评。每股收益表示一个公司的收益在“每股”的基础上。

与其他竞争公司相比，高每股收益是被期望的。

市盈率估值比率

股价／每股收益

A high P / E Ratio would imply that investors are very optimistic (bullish) about the future of the company since the price (which reflects market value) is selling for well above current earnings.

A low P / E Ratio would imply that investors view the company’s future as poor and thus, the price the company sells for is relatively low when compared to its earnings.

股票价格与每股收益的关系表现为市盈率或市盈率。投资者通常将市盈率作为公司价值的粗略指标。

高市盈率将意味着投资者对公司的未来非常乐观（看涨），因为价格（反映市场价值）远远高于当前收益。

低市盈率将意味着投资者认为公司的未来是低迷的，因此，公司出售的价格相对市盈率相比是较低的。

股息收益率

每股股息/股票价格

For investors interested in a source of income, the dividend yield is important since it gives the investor an indication of how much dividends are paid by the company.

A high or low dividend yield is relative to the industry of the company. As I mentioned above, tech companies rarely give dividends at all. So even a small dividend might produce a high dividend yield ratio for the tech industry. Generally, investors want to see a yield as high as possible.

向股东支付的股息与股票价格的比例称为股息率。

对于投资者感兴趣的收入来源，股息收益率是重要的，因为它指明公司支付给投资者的股息是多少。

股息率的高低与公司的行业有关。正如我上面提到的，科技公司很少提供红利。因此即使是很小的股利也可能会给高科技产业带来高股息率。一般来说，投资者希望看到收益率尽可能高。

资产比率

所有债务／股东权益

On the other hand, the use of debt can help improve earnings since we get to deduct interest expense on the tax return. So we want to balance the use of debt and equity such that we maximize our profits, but at the same time manage our risk.

Each industry has a different debt to equity ratio benchmark as some industries tend to use more debt financing than others.

债转股是负债总额与权益总额之比。将债权人提供的资金与股东提供的资金进行比较。随着更多的债务被使用，债务与股本比率将增加。由于我们承担更多的固定利息债务，风险增加。

另一方面，债务的使用可以帮助提高收入，因为我们得到扣除利息支出的报税表。因此，我们希望平衡债务和权益的使用，使我们的利润最大化，但同时管理我们的风险。

每个行业都有不同的债务与股本比率基准，因为一些行业往往比其他行业使用更多的债务融资。

债务比率

所有债务／所有资产

The Debt Ratio tells us the percent of funds provided by creditors and to what extent our assets protect us from creditors.

A low Debt Ratio would indicate that we have sufficient assets to cover our debt load. Creditors and management favor a low Debt Ratio.

衡量债务水平与我们的资产投资有关。

债务比率告诉我们债权人提供的资金的百分比以及我们的资产在何种程度上保护我们免受债权人的侵害。

低负债率将表明，我们有足够的资产来支付我们的债务负担。债权人和管理层青睐低负债率。

*A lower debt ratio usually implies a more stable business with the potential of longevity because a company with lower ratio also has lower overall debt. Each industry has its own benchmarks for debt, but .5 is reasonable ratio.

较低的负债率通常意味着更稳定的业务与长寿的可能性，因为一个公司这个比率较低也就有较低的整体债务。每个行业都有自己的基准债务，但0.5是合理的比例。

A debt ratio of .5 is often considered to be less risky. This means that the company has twice as many assets as liabilities. Or said a different way, this company’s liabilities are only 50 percent of its total assets. Essentially, only its creditors own half of the company’s assets and the shareholders own the remainder of the assets.

0.5的负债率通常被认为风险较小。这意味着公司拥有的资产是负债的两倍。或者说不同的方式，这家公司的负债只占其总资产的50%。从本质上讲，只有债权人拥有公司资产的一半，股东拥有剩余的资产。

A ratio of 1 means that total liabilities equals total assets. In other words, the company would have to sell off all of its assets in order to pay off its liabilities. Obviously, this is a highly leverage firm. Once its assets are sold off, the business no longer can operate.

比率为1，总负债等于总资产。换言之，公司必须变卖所有资产以清偿债务。显然，这是一个高度杠杆的公司。一旦资产出售，企业就不能经营。

赚取利息倍数

息税前收入／利息

赚取的利息倍数是我们的收入（包括利息和税金）支付利息支出的倍数。它代表了我们在固定利息支付方面的安全边际。高比率是可取的债权人和管理。