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DuPont Analysis

A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows:

	Industry Average Ratios
Current ratio	3.83x		Fixed assets turnover	6.20x
Debt-to-capital ratio	14.54%		Total assets turnover	3.56x
Times interest earned	12.61x		Profit margin	6.29%
EBITDA coverage	7.81x		Return on total assets	23.99%
Inventory turnover	11.78x		Return on common equity	28.47%
Days sales outstandinga	17.85 days		Return on invested capital	29.12%

aCalculation is based on a 365-day year.

Balance Sheet as of December 31, 2016 (Millions of Dollars)
Cash and equivalents	$25		Accounts payable	$12
Accounts receivables	20		Other current liabilities	5
Inventories	50		Notes payable	14
Total current assets	$95		Total current liabilities	$31
			Long-term debt	6
			Total liabilities	$37
Gross fixed assets	71		Common stock	37
Less depreciation	11		Retained earnings	81
Net fixed assets	$60		Total stockholders' equity	$118
Total assets	$155		Total liabilities and equity	$155

Income Statement for Year Ended December 31, 2016 (Millions of Dollars)
Net sales	$310.0
Cost of goods sold	244.9
Gross profit	$65.1
Selling expenses	21.7
EBITDA	$43.4
Depreciation expense	4.0
Earnings before interest and taxes (EBIT)	$39.4
Interest expense	2.0
Earnings before taxes (EBT)	$37.4
Taxes (40%)	15.0
Net income	$22.4

Calculate the following ratios. Do not round intermediate steps. Round your answers to two decimal places.

	Firm	Industry Average
Current ratio	???	3.83x
Debt to total capital	???	14.54%
Times interest earned	???	12.61x
EBITDA coverage	???	7.81x
Inventory turnover	???	11.78x
Days sales outstanding	???	17.85days
Fixed assets turnover	???	6.20x
Total assets turnover	???	3.56x
Profit margin	???	6.29%
Return on total assets	???	23.99%
Return on common equity	???	28.47%
Return on invested capital	???	29.12%

Construct a DuPont equation for the firm and the industry. Do not round intermediate steps. Round your answers to two decimal places.

	Firm	Industry
Profit margin	???	6.29%
Total assets turnover	???	3.56x
Equity multiplier	???	x