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Finsas: Financial Statement Analysis Spreadsheet
Finsas: Financial Statement Analysis Spreadsheet
FinSAS:FinancialStatementAnalysis
Spreadsheet
by
Dr.DonaldV.Saftner
[email protected]
ToAccompany
FinancialReportingandAnalysis:
UsingFinancialAccountingInformation
12/e
byDr.CharlesGibson
Copyright2010CengageLearning
Allrightsreserved
FinSAS: Financial Statement Analysis Spreadsheet allows users to input the reported data from the
financial statements, notes, and other sources. FinSAS then computes the ratios found in Financial
Reporting and Analysis: Using Financial Accounting Information 12/e. Using this tool, you can spend
more time analyzing the statements and less time crunching the numbers. In addition to the ratios,
both a vertical and horizontal analysis are performed.
Instructions:
This FinSAS file's Input sheet has already been filled in with Nike financial statement data. I
suggest that you print it out and use it as a reference with the Instructions below as an aid in
learning how to enter data into a blank FinSAS file using the company of your choice.
Note the sheet tabs below. The following instructions use the names of those tabs as section headings.
Click on a tab to see that sheet after reading the instructions below.
Input
On the Input sheet, enter values into all appropriate cells (i.e., those with blue font). The figures in
black font are calculated based on your input. By entering the Company Name, Analyst Name(s), and
Most Recent Year Available in the first three input cells, those items will appear on all subsequent
output sheets. They make it easy to identify any printouts you make.
Copyright2009CengageLearning
The next two input cells (Years Available for Income Statement and Balance Sheet) are particularly
important to the functioning of the model. Changing these numbers (while keeping them within the
range one through five) changes the number of columns of data that are available on the Input sheet
and all subsequent output sheets. In a single annual report/10K, there are often three years of income
statements and two years of balance sheets. The annual report/10K you are using may have more
and/or you may want to use multiple years worth of annual report/10Ks to increase the amount of data
available to analyze. The maximum years that FinSAS can accept is five years.
Fill in all remaining input cells for which you can find data. There are many different names for the
same account. You must translate the terminology used by the company to the generic terms used in
FinSAS. When the detail is not needed, FinSAS requests a summary figure. For instance, on the
published income statement there may be several operating expenses (e.g., wages, utilities, rent), but
FinSAS only needs the sum of those, which would be entered as Operating Expenses. Be sure to read
the footnotes to the financial statements and the comparative data section. Those sources include some
of the information you need to complete the Input sheet. Also be sure to match key subtotals (e.g. the
FinSAS total current asset should be same as the figure on the balance sheet even though the detail
lines may be different.)
Be consistent in ignoring a certain number of decimal places. Many financial statements have "in
thousands, except par values," "millions except share and per share amounts," or similar statements.
When entering data into FinSAS, it is usually best to follow the same convention as the financial
statements in choosing the number of decimal places to assume have been removed. An exception is
the second statement above. Only "per share" data should be entered as dollars with no decimal places
removed. Account balances and total share information should consistently have the same number of
decimal places removed. If the share and account balances have a different number of decimal places
removed then ratios such as "book value per share" and "operating cash flow per share" will be
inaccurate.
Copyright2009CengageLearning
Source of Input
This is the place to document where you found the information you entered on the previous sheet.
This can be very useful for you and for anyone who reviews your work. For instance if most of it
came from the company's annual report/10K, then state that at the top. Individual lines of input in
FinSAS might be the sum of a few lines in the published financial statements. Indicate on this sheet
how you determined the FinSAS inputs from the statements. For some of the inputs, you may have
used information from the footnotes or comparative information section. Indicate that information on
this sheet and include page numbers wherever possible. Of course, other sources of information
should be cited.
Vertical Analysis
After you insert your data, you can see the result of the vertical analysis. It compares each amount on
the income statement and balance sheet with a base amount (net sales on the income statement and
total assets on the balance sheet) selected from the same year.
Horizontal Analysis
After you insert your data, you can see the result of the horizontal analysis. It compares each amount
on the income statement and balance sheet with the same amount for the oldest year available.
Ratios avg.
After you insert your data, you can see the result of the ratio analysis. For the Ratio Average, the
average of beginning of year values and end of year values is used when appropriate. Note that if you
only have two years of balance sheet information, then for those ratios that use the average of two
years of balance sheet information, only one year's worth of ratios can be calculated. Since it is
desirable to compare the ratios across time to determine possible trends, a solution to only having one
year's worth of ratios should be sought. Some possible solutions are to find additional years' worth of
data and/or use the Ratio - end. sheet.
Copyright2009CengageLearning
Ratios with a negative cash flow or negative profit measure in the numerator will display #N/A, which
means not available or not applicable. This makes it less likely that invalid conclusions will be made
during your analysis.
You may want to determine how a certain ratio is calculated. You may do this in one of two ways. If
you select the cell in which the ratio appears, then the formula for that cell appears near the top of the
screen. You will then have to determine what accounts the cell refers to by looking at the Input screen.
Alternatively, you can refer to the Documentation screen for the definition.
Ratios end.
For the Ratios - end. sheet, the end of year values are used instead of the average values. The * marks
indicate the ratios for which the end of year values are used whereas the averages are used on the
previous sheet. Note that the Ratios - avg. sheet is theoretically superior in that averages for balance
sheet information (point in time) is compared to income statement or cash flow statements (period of
time).
Documentation
The Documentation sheet provides you the definitions of the ratios using the row labels of the Input
sheet or other ratio results.
Copyright2009CengageLearning
FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)
Input
Nike,Inc.
DonSaftner
2009
3
4
Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)
0
0
0
0.00
0.00
6150
5954
5029
0.00
0.00
2455
2434
2132
0.00
0.00
40
41
50
0.00
0.00
138
110
118
0.00
0.00
596
0.00
0.00
0
0
0
0.00
0.00
1957
2503
2200
0.00
0.00
470
620
708
0.00
0.00
1487
1883
1492
0.00
0.00
0
0
0
0.00
0.00
1487
1883
1492
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0
0
0.00
0.00
NetIncome(Loss)
1487
1883
1492
0.00
0.00
========================================= =========== =========== =========== =========== ===========
BALANCESHEET
2009
ASSETS
CurrentAssets:
Cash
2291
MarketableSecurities
1164
GrossReceivables
2958
Less:AllowanceforBadDebts
74
NetTradeReceivables
2884
Inventories
2357
PrepaidExpenses
766
OtherCurrentAssets
272
TotalCurrentAssets
9734
LongTermAssets:
NetTangible(Fixed)Assets(otherthan
1794
constructioninprogress)
ConstructioninProgress
164
IntangibleAssets
661
Investments
0
OtherNonoperatingAssets
897
OtherOperatingAssets
0
TotalLongTermAssets
3516
TotalAssets
13250
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
1032
ShortTermLoans
343
CurrentMaturityofL.t.Debt
32
OtherCurrentLiabilities
1870
TotalCurrentLiabilities
3277
LongTermLiabilities:
LongtermDebt
437
Reserves
0
DeferredLiabilities
842
NoncontrollingInterest
0
RedeemablePreferred
0
OtherLongtermLiabilities
0
TotalLongtermLiabilities
1280
TotalLiabilities
4557
Shareholders'Equity:
PreferredEquity
0
CommonEquityincl.Ret.Ern.
8693
TotalEquity
8693
TotalLiabilitiesandEquity
13250
========================================= ===========
2008
2007
2006
2005.00
2134
1857
954
0.00
642
990
1349
0.00
2837
2533
2421
0.00
42
38
38
0.00
2795
2495
2383
0.00
2438
2122
2077
0.00
602
393
380
0.00
227
220
203
0.00
8839
8077
7346
0.00
1694
1584
1576
0.00
197
94
81
0.00
1192
541
536
0.00
0
0
0
0.00
520
393
330
0.00
0
0
0
0.00
3603
2612
2524
0.00
12443
10688
9870
0.00
1288
1040
952
0.00
178
101
43
0.00
6
31
255
0.00
1850
1412
1362
0.00
3322
2584
2612
0.00
441
410
411
0.00
0
0
0
0.00
855
669
561
0.00
0
0
0
0.00
0
0
0
0.00
0
0
0
0.00
1296
1079
972
0.00
4617
3663
3584
0.00
0
0
0
0.00
7825
7025
6285
0.00
7825
7025
6285
0.00
12443
10688
9870
0.00
=========== =========== =========== ===========
OTHERDATA
2009
2008
2007
2006
2005.00
CapitalizedInterest
0.0
0.0
0.0
0.0
0.00
InterestPortionofRentals
39.7
34.4
28.5
25.2
0.00
LiquidationValueofPref.Stock
0.3
0.3
0.3
0.3
0.00
DividendsonRedeemablePref.
0.0
0.0
0.0
0.0
0.00
DividendsonNonredeemablePref.
0.0
0.0
0.0
0.0
0.00
DividendsperCommonShare
0.980
0.875
0.710
0.590
0.00
TotalCashDividends
466.7
412.9
343.7
290.9
0.00
Dil.Earn.perSh.beforeNonrec.Items
3.030
3.740
2.930
2.640
0.00
MarketPriceperCommonShare
57.050
68.370
56.750
40.160
0.00
TaxRate(01)
0.240
0.248
0.322
0.350
0.00
CommonSharesOutstanding
485.5
491.1
501.7
512.0
0.00
DilutedWeightedAverageCommonShares
490.7
504.1
509.9
527.6
0.00
CashFlowfromOperations
1736.1
1936.3
1878.7
1667.9
0.00
Options:
Optionexpense
128.8
127.0
134.9
0.3
0.00
Netincomebef.nonrec.items
notincl.opt.exp.
1615.5
2010.4
1626.4
1392.3
0.00
FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)
SourceofInput
Nike,Inc.
DonSaftner
2009
3
4
========================================
INCOMESTATEMENT
FromtheNike,Inc.2009andother10K's
NetSales
p.53Revenues
Less:CostofGoodsSold
p.53Costofsales
GrossProfit
=RevenuesCostofsales
OtherOperatingRevenue
Less:OperatingExpenses
Notused
p.53Sellingandadministrativeexpense
OperatingIncome
=GrossProfitOperatingExpenses
Less:InterestExpense
(nocapitalizedinterest)
Exhibit12.1(separatefrom10K)Interestexpense
OtherIncome(Expenses)
UnusualorInfreq.Item;
Gain(Loss)
EquityinEarningsofAssoc.;
Profit(Loss)
p.53Other(income)expenseInterestincome,net+
InterestExpense(above)
p.53Restructuringcharges+Goodwillimpairment+
Intangibleandotherassetimpairment
Notused
IncomebeforeTaxes
=OperatingIncomeInterestexpenseOtherexpenses
Less:TaxesRelatedtoOperations
p.53Incometaxes
N.I.beforeNoncontr.Inc.
=IncomebeforeTaxesTaxesRelatedtoOperations
Noncontrollingincome(loss)
Notused
N.I.beforeNonrecurringItems
Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)
=N.I.beforeNoncontr.Inc.
Notused
Notused
Notused
Notused
NetIncome(Loss)
=N.I.beforeNonrecurringItems
========================================
BALANCESHEET
FromtheNike,Inc.2009andother10K's
ASSETS
CurrentAssets:
Cash
p.54Cashandequivalents
MarketableSecurities
p.54Shortterminvestments
p.54andp.58Accountsreceivable,net+(allowancefor
uncollectibleaccountsreceivableportionrecordedin
GrossReceivables
otherassets)
p.58Allowanceforuncollectibleaccountsreceivable
Less:AllowanceforBadDebts
portionrecordedinotherassets
NetTradeReceivables
=GrossReceivablesAllowanceforBadDepts
Inventories
p.54Inventories
PrepaidExpenses
p.54Prepaidexpensesandothercurrentassets
OtherCurrentAssets
p.54Deferredincometaxes
TotalCurrentAssets
LongTermAssets:
NetTangible(Fixed)Assets(otherthan
constructioninprogress)
ConstructioninProgress
IntangibleAssets
Investments
OtherNonoperatingAssets
OtherOperatingAssets
TotalLongTermAssets
TotalAssets
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
ShortTermLoans
CurrentMaturityofL.t.Debt
OtherCurrentLiabilities
TotalCurrentLiabilities
LongTermLiabilities:
LongtermDebt
Reserves
DeferredLiabilities
NoncontrollingInterest
RedeemablePreferred
OtherLongtermLiabilities
TotalLongtermLiabilities
TotalLiabilities
Shareholders'Equity:
PreferredEquity
CommonEquityincl.Ret.Ern.
=Cash+MarketableSecurities+NetTradeReceivables+
Inventories+PrepaidExpenses+OtherCurrentAssets
p.63Note3
=PPE,netConstructioninprocess
p.63Note3Constructioninprocess
p.54=Identifiableintangibleassets,net+Goodwill
Notused
p.54Deferredincometaxesandotherassets
Notused
=NetTangibleFixedAssets+ConstructionInProgress+
IntangibleAssets+OtherNonoperatingAssets
=TotalCurrentAssets+TotalLongTermAssets
p.54Accountspayable
p.54Notespayable
p.54Currentportionoflongtermdebt
p.54=Accruedliabilities+Incometaxespayable
=AccountsPayable+ShortTermLoans+CurrentMaturity
ofL.t.Debt+OtherCurrentLiabilities
p.54Longtermdebt
Notused
p.54Deferredincometaxesandotherliabilities
Notused
p.54RedeemablePreferredStock
Notused
=LongtermDebt+DeferredLiabilities+Redeeemable
Preferred
=TotalCurrentLiabilities+TotalLongtermLiabilities
Notused
p.54Totalshareholders'equity
TotalEquity
=CommonEquityincl.Ret.Ern.
TotalLiabilitiesandEquity
=TotalLiabilities+TotalEquity
========================================
OTHERDATA
FromtheNike,Inc.2009andother10K's
CapitalizedInterest
p.63Note3
Exhibit12.1(separatefrom10K)Interestcomponentof
InterestPortionofRentals
leases
LiquidationValueofPref.Stock
p.74Note10
DividendsonRedeemablePref.
p.74Note10
DividendsonNonredeemablePref.
Notused
DividendsperCommonShare
p.21Cashdividendsdeclaredpercommonshare
TotalCashDividends
p.55Dividendscommonandpreferred
Dil.Earn.perSh.beforeNonrec.Items
p.77Note12Dilutedearningspercommonshare
MarketPriceperCommonShare
p.21Yearendstockprice
TaxRate(01)
p.72Note9Effectiveincometaxrate
CommonSharesOutstanding
p.54ClassAShares+ClassBShares
p.21Item6Dilutedweightedaveragecommonshares
DilutedWeightedAverageCommonShares
outstanding
CashFlowfromOperations
p.21Item6Cashflowfromoperations
Options:
Optionexpense
p.75Stockoptions
Netincomebef.nonrec.items
notincl.opt.exp.
p.21Netincome+Optionexpense(fromabove)
FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)
VerticalAnalysis
Nike,Inc.
DonSaftner
2009
3
4
Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)
0.00%
32.07%
12.80%
0.00%
31.96%
13.07%
0.00%
30.80%
13.06%
#DIV/0!
#DIV/0!
#DIV/0!
0.21%
0.22%
0.30%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.72%
0.59%
0.72%
#DIV/0!
#DIV/0!
3.11%
0.00%
0.00%
#DIV/0!
#DIV/0!
0.00%
10.20%
0.00%
13.44%
0.00%
13.47%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
2.45%
7.75%
3.33%
10.11%
4.34%
9.14%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
7.75%
0.00%
10.11%
0.00%
9.14%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
0.00%
0.00%
#DIV/0!
#DIV/0!
0.00%
0.00%
0.00%
#DIV/0!
#DIV/0!
0.00%
0.00%
0.00%
#DIV/0!
#DIV/0!
0.00%
0.00%
0.00%
#DIV/0!
#DIV/0!
NetIncome(Loss)
7.75%
10.11%
9.14%
#DIV/0!
#DIV/0!
========================================= =========== =========== =========== =========== ===========
BALANCESHEET
ASSETS
CurrentAssets:
Cash
MarketableSecurities
GrossReceivables
Less:AllowanceforBadDebts
NetTradeReceivables
Inventories
PrepaidExpenses
OtherCurrentAssets
TotalCurrentAssets
LongTermAssets:
NetTangible(Fixed)Assets(otherthan
constructioninprogress)
ConstructioninProgress
IntangibleAssets
Investments
OtherNonoperatingAssets
OtherOperatingAssets
TotalLongTermAssets
TotalAssets
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
ShortTermLoans
CurrentMaturityofL.t.Debt
OtherCurrentLiabilities
TotalCurrentLiabilities
LongTermLiabilities:
LongtermDebt
Reserves
DeferredLiabilities
NoncontrollingInterest
RedeemablePreferred
OtherLongtermLiabilities
TotalLongtermLiabilities
TotalLiabilities
Shareholders'Equity:
PreferredEquity
CommonEquityincl.Ret.Ern.
2009
2008
2007
2006
2005.00
17.29%
8.79%
22.32%
0.56%
21.77%
17.79%
5.78%
2.06%
73.47%
17.15%
5.16%
22.80%
0.34%
22.47%
19.60%
4.84%
1.83%
71.04%
17.37%
9.27%
23.70%
0.36%
23.34%
19.85%
3.68%
2.06%
75.56%
9.67%
13.67%
24.53%
0.39%
24.14%
21.04%
3.85%
2.06%
74.43%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
13.54%
1.24%
4.99%
0.00%
6.77%
0.00%
26.53%
100.00%
13.62%
1.58%
9.58%
0.00%
4.18%
0.00%
28.96%
100.00%
14.82%
0.88%
5.06%
0.00%
3.68%
0.00%
24.44%
100.00%
15.97%
0.82%
5.43%
0.00%
3.34%
0.00%
25.57%
100.00%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
7.79%
2.59%
0.24%
14.12%
24.73%
10.35%
1.43%
0.05%
14.87%
26.69%
9.73%
0.94%
0.29%
13.21%
24.18%
9.65%
0.44%
2.59%
13.79%
26.47%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
3.30%
0.00%
6.35%
0.00%
0.00%
0.00%
9.66%
34.39%
3.55%
0.00%
6.87%
0.00%
0.00%
0.00%
10.41%
37.11%
3.84%
0.00%
6.26%
0.00%
0.00%
0.00%
10.09%
34.27%
4.16%
0.00%
5.68%
0.00%
0.00%
0.00%
9.85%
36.32%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.00%
0.00%
0.00%
0.00%
#DIV/0!
65.61%
62.89%
65.73%
63.68%
#DIV/0!
TotalEquity
65.61%
62.89%
65.73%
63.68%
#DIV/0!
TotalLiabilitiesandEquity
100.00%
100.00%
100.00%
100.00%
#DIV/0!
========================================= =========== =========== =========== =========== ===========
FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)
HorizontalAnalysis
Nike,Inc.
DonSaftner
2009
3
4
#N/A
122.29%
115.15%
#N/A
118.39%
114.16%
#N/A
100.00%
100.00%
#N/A
0.00
0.00
#N/A
0.00
0.00
81.09%
81.89%
100.00%
0.00
0.00
117.40%
93.29%
100.00%
0.00
0.00
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
88.94%
#N/A
113.77%
#N/A
100.00%
#N/A
0.00
#N/A
0.00
66.32%
99.68%
87.45%
126.28%
100.00%
100.00%
0.00
0.00
0.00
0.00
#N/A
99.68%
#N/A
126.28%
#N/A
100.00%
#N/A
0.00
#N/A
0.00
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Less:InterestExpense
(nocapitalizedinterest)
OtherIncome(Expenses)
UnusualorInfreq.Item;
Gain(Loss)
EquityinEarningsofAssoc.;
Profit(Loss)
IncomebeforeTaxes
Less:TaxesRelatedtoOperations
N.I.beforeNoncontr.Inc
Noncontrollingincome(loss)
N.I.beforeNonrecurringItems
Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)
#N/A
#N/A
#N/A
#N/A
#N/A
NetIncome(Loss)
99.68%
126.28%
100.00%
0.00
0.00
========================================= =========== =========== =========== =========== ===========
BALANCESHEET
ASSETS
CurrentAssets:
Cash
MarketableSecurities
GrossReceivables
Less:AllowanceforBadDebts
NetTradeReceivables
Inventories
PrepaidExpenses
OtherCurrentAssets
TotalCurrentAssets
LongTermAssets:
NetTangible(Fixed)Assets(otherthan
constructioninprogress)
ConstructioninProgress
IntangibleAssets
Investments
OtherNonoperatingAssets
OtherOperatingAssets
TotalLongTermAssets
TotalAssets
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
ShortTermLoans
CurrentMaturityofL.t.Debt
OtherCurrentLiabilities
TotalCurrentLiabilities
LongTermLiabilities:
LongtermDebt
Reserves
DeferredLiabilities
NoncontrollingInterest
RedeemablePreferred
OtherLongtermLiabilities
TotalLongtermLiabilities
TotalLiabilities
Shareholders'Equity:
PreferredEquity
CommonEquityincl.Ret.Ern.
2009
2008
2007
2006
2005.00
240.11%
86.30%
122.16%
192.45%
121.02%
113.50%
201.42%
133.99%
132.51%
223.63%
47.61%
117.17%
108.59%
117.31%
117.42%
158.46%
111.76%
120.33%
194.58%
73.42%
104.61%
99.48%
104.69%
102.18%
103.45%
108.07%
109.94%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
113.80%
201.23%
123.23%
#N/A
272.15%
#N/A
139.31%
134.25%
107.49%
241.65%
222.25%
#N/A
157.89%
#N/A
142.79%
126.07%
100.48%
115.97%
100.82%
#N/A
119.17%
#N/A
103.50%
108.30%
100.00%
100.00%
100.00%
#N/A
100.00%
#N/A
100.00%
100.00%
0.00
0.00
0.00
#N/A
0.00
#N/A
0.00
0.00
108.37%
790.09%
12.53%
137.36%
125.44%
135.22%
409.45%
2.47%
135.87%
127.14%
109.25%
232.26%
11.95%
103.74%
98.91%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00
0.00
0.00
0.00
0.00
106.45%
#N/A
150.09%
#N/A
100.00%
#N/A
131.64%
127.12%
107.40%
#N/A
152.32%
#N/A
100.00%
#N/A
133.32%
128.82%
99.81%
#N/A
119.20%
#N/A
100.00%
#N/A
111.00%
102.19%
100.00%
#N/A
100.00%
#N/A
100.00%
#N/A
100.00%
100.00%
0.00
#N/A
0.00
#N/A
0.00
#N/A
0.00
0.00
#N/A
#N/A
#N/A
#N/A
#N/A
138.31%
124.50%
111.78%
100.00%
0.00
TotalEquity
138.31%
124.50%
111.78%
100.00%
0.00
TotalLiabilitiesandEquity
134.25%
126.07%
108.30%
100.00%
0.00
========================================= =========== =========== =========== =========== ===========
FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)
Ratiosaverage
Nike,Inc.
DonSaftner
2009
3
4
LIQUIDITY
2009
2008
2007
2006
2005.00
Days'SalesinReceivables
56.30
55.59
56.63
#DIV/0!
#DIV/0!
AccountsReceivableTurnover
6.62
6.94
6.59
0.00
#DIV/0!
A/RTurnoverinDays
55.15
52.61
55.38
#DIV/0!
#N/A
Days'SalesinInventory
InventoryTurnover
InventoryTurnoverinDays
81.38
4.41
82.78
86.92
4.49
81.28
84.50
4.37
83.60
#DIV/0!
0.00
#DIV/0!
#DIV/0!
#DIV/0!
#N/A
OperatingCycle
WorkingCapital
CurrentRatio
137.93
133.89
138.98
#DIV/0!
6,457 5,518 5,493 4,734
2.97 2.66 3.13 2.81
#N/A
0.00
#DIV/0!
AcidTest
CashRatio
SalestoWorkingCapital
#DIV/0!
#DIV/0!
#DIV/0!
CashFlow/Cur.Mat.ofDebt&NP
#DIV/0!
LONGTERMDEBTPAYINGABILITY
2009
2008
2007
2006
2005.00
TimesInterestEarned
49.55
62.50
45.26
#DIV/0!
#DIV/0!
FixedChargeCoverage
25.46
34.33
29.13
1.00
#DIV/0!
DebtRatio
34.39%
37.11%
34.27%
36.32%
#DIV/0!
Debt/Equity
DebttoTangibleNetWorth
CashFlow/TotalDebt
52.42%
56.73%
38.10%
59.01%
69.61%
41.93%
52.14%
56.49%
51.29%
57.03%
62.35%
46.53%
#DIV/0!
#DIV/0!
#DIV/0!
PROFITABILITY
2009
2008
2007
2006
2005.00
NetProfitMargin
7.75%
10.11%
9.14%
#DIV/0!
#DIV/0!
TotalAssetTurnover
1.49
1.61
1.59
0.00
#DIV/0!
ReturnonAssets
11.57%
16.28%
14.51%
0.00
#DIV/0!
OperatingIncomeMargin
OperatingAssetTurnover
ReturnonOperatingAssets
12.80%
1.74
22.25%
13.07%
1.84
24.10%
13.06%
1.76
22.94%
#DIV/0!
0.00
0.00
#DIV/0!
#DIV/0!
#DIV/0!
SalestoFixedAssets
ReturnonInvestment
ReturnonTotalEquity
10.99
15.89%
18.00%
11.36
22.22%
25.36%
10.33
19.86%
22.41%
0.00
0.00
#N/A
#DIV/0!
#DIV/0!
#DIV/0!
ReturnonCommonEquity
GrossProfitMargin
18.00%
44.87%
25.36%
45.03%
22.41%
43.86%
#N/A
#DIV/0!
#DIV/0!
#DIV/0!
INVESTORANALYSIS
2009
2008
2007
2006
2005.00
DegreeofFinancialLeverage
1.02
1.02
1.02
#DIV/0!
#DIV/0!
EarningsperShare
3.03
3.74
2.93
2.64
0.00
Price/EarningsRatio
18.83
18.28
19.37
15.21
#DIV/0!
PercentageofEarningsRetained
DividendPayout
DividendYield
BookValueperShare
MaterialityofOptions
Oper.CashFlowperShare
68.61%
32.34%
1.72%
78.08%
23.40%
1.28%
76.96%
24.23%
1.25%
#N/A
0.22
1.47%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Oper.CashFlow/CashDividends
3.72
4.69
5.47
5.73
#DIV/0!
YearendMarketPrice
57.05
68.37
56.75
40.16
0.00
========================================= =========== =========== =========== =========== ===========
FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)
Ratiosending
Nike,Inc.
DonSaftner
2009
3
4
*EOYvaluesinsteadofaverages
LIQUIDITY
2009
2008
2007
2006
2005.00
Days'SalesinReceivables
56.30
55.59
56.63
#DIV/0!
#DIV/0!
*AccountsReceivableTurnover
6.48
6.57
6.45
0.00
#DIV/0!
*A/RTurnoverinDays
56.30
55.59
56.63
#DIV/0!
#DIV/0!
Days'SalesinInventory
*InventoryTurnover
*InventoryTurnoverinDays
#DIV/0!
0.00
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
*OperatingCycle
WorkingCapital
CurrentRatio
137.68
142.51
141.13
#DIV/0!
6,457 5,518 5,493 4,734
2.97 2.66 3.13 2.81
#DIV/0!
0.00
#DIV/0!
AcidTest
CashRatio
*SalestoWorkingCapital
#DIV/0!
#DIV/0!
#DIV/0!
CashFlow/Cur.Mat.ofDebt&NP
#DIV/0!
LONGTERMDEBTPAYINGABILITY
TimesInterestEarned
FixedChargeCoverage
DebtRatio
2009
49.55
25.46
34.39%
2008
62.50
34.33
37.11%
52.42%
56.73%
38.10%
59.01%
69.61%
41.93%
Debt/Equity
DebttoTangibleNetWorth
CashFlow/TotalDebt
81.38
4.49
81.38
86.92
4.20
86.92
84.50
4.32
84.50
2007
2006
2005.00
45.26
#DIV/0!
#DIV/0!
29.13
1.00
#DIV/0!
34.27%
36.32%
#DIV/0!
52.14%
56.49%
51.29%
57.03%
62.35%
46.53%
#DIV/0!
#DIV/0!
#DIV/0!
PROFITABILITY
2009
2008
2007
2006
2005.00
NetProfitMargin
7.75%
10.11%
9.14%
#DIV/0!
#DIV/0!
*TotalAssetTurnover
1.45
1.50
1.53
0.00
#DIV/0!
*ReturnonAssets
11.22%
15.14%
13.95%
0.00
#DIV/0!
OperatingIncomeMargin
*OperatingAssetTurnover
*ReturnonOperatingAssets
12.80%
1.66
21.29%
13.07%
1.77
23.10%
13.06%
1.69
22.07%
#DIV/0!
0.00
0.00
#DIV/0!
#DIV/0!
#DIV/0!
*SalestoFixedAssets
*ReturnonInvestment
*ReturnonTotalEquity
10.69
15.21%
17.10%
10.99
20.98%
24.07%
10.31
18.82%
21.23%
0.00
0.00
#N/A
#DIV/0!
#DIV/0!
#DIV/0!
*ReturnonCommonEquity
GrossProfitMargin
17.10%
44.87%
24.07%
45.03%
21.23%
43.86%
#N/A
#DIV/0!
#DIV/0!
#DIV/0!
2009
1.02
3.03
18.83
2008
1.02
3.74
18.28
68.61%
32.34%
1.72%
78.08%
23.40%
1.28%
INVESTORANALYSIS
DegreeofFinancialLeverage
EarningsperShare
Price/EarningsRatio
PercentageofEarningsRetained
DividendPayout
DividendYield
BookValueperShare
MaterialityofOptions
Oper.CashFlowperShare
2007
2006
2005.00
1.02
#DIV/0!
#DIV/0!
2.93
2.64
0.00
19.37
15.21
#DIV/0!
76.96%
24.23%
1.25%
#N/A
0.22
1.47%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Oper.CashFlow/CashDividends
3.72 4.69 5.47 5.73
#DIV/0!
YearendMarketPrice
57.05
68.37
56.75
40.16
0.00
========================================= =========== =========== =========== =========== ===========
Inventory Turnover
Documentation
Gross Receivables
--------------------------Net Sales / 365
Net Sales
---------------------------------------Average (Gross Receivables)
365
-------------------------------------------Accounts Receivable Turnover
Ending Inventory
----------------------------------Cost of Goods Sold / 365
Cost of Goods Sold
--------------------------------Average (Inventories)
365
-------------------------------------Inventory Turnover
Operating Cycle
Working Capital
Current Ratio
Acid Test
Cash Ratio
Copyright2009CengageLearning
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
-------------------------------------------------------------------------------------------------------------------------------------------------------Interest Expense (no capitalized interest) + Capitalized Interest
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest Portion of Rentals
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals
Debt Ratio
Total Liabilities
-------------------------------Total Assets
Debt/Equity
Total Liabilities
-----------------------Total Equity
Total Liabilities
----------------------------------------------Total Equity - Intangible Assets
Cash Flow from Operations
---------------------------------------Total Liabilities
Copyright2009CengageLearning
PROFITABILITY
Net Profit Margin
Net Sales
--------------------------------Average (Total Assets)
Return on Assets
Operating Income
------------------------Net Sales
Net Sales
-------------------------------------------------------------------------------------------------------------------------------------------------------------Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)
Operating Income
-------------------------------------------------------------------------------------------------------------------------------------------------------------Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)
Net Sales
------------------------------------------------------------------------------------------------------Average (Net Tangible (Fixed) Assets (other than construction in progress))
Return on Investment
N.I. before Noncontr. Inc. + {(1- Tax Rate) * Interest Expense (no capitalized interest)}
-----------------------------------------------------------------------------------------------Average (Total Liabilities and Equity - Total Current Liabilities)
N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
--------------------------------------------------------------------------------------------------------------------------------------------Average (Common Equity-incl. Ret. Ern.)
Gross Profit
-------------------Net Sales
Copyright2009CengageLearning
INVESTOR ANALYSIS
Degree of Financial Leverage
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
-----------------------------------------------------------------------------------------------------------------------------------------------------Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss)
Price/Earnings Ratio
Dividend Payout
Dividend Yield
Materiality of Options
Option expense
--------------------------------------------------------------Net income bef. nonrec. items not incl. opt. exp.
Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
--------------------------------------------------------------------------------------------------------------------------------------Diluted Weighted Average Common Shares
Cash Flow from Operations
--------------------------------------Total Cash Dividends
Copyright2009CengageLearning