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A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 B C D E F Tool Kit for Analysis of Financial Statements Financial statements are analyzed by calculating certain key ratios and then comparing them with the ratios of other firms and by examining the trends in ratios over time. We can also combine ratios to make the analysis more revealing, those indicated below are exceptionally useful for this type of analysis. RATIO ANALYSIS (Section 3.1) *NVIDIA Fiscal Years starts and ends on Jan 31, such that FY13 represents Jan 31, 2015 to Jan31, 2014 Input Data: 2015 2014 Year-end common stock price $19.20 $15.70 Year-end shares outstanding (in thousands) 602,397 567,996 Tax rate 15% 12% After-tax cost of capital Lease payments (in thousands) $18,998 $21,439 Required sinking fund payments $0 $0 Balance Sheets (in thousands of dollars) Assets Cash and equivalents Short-term investments Accounts receivable Inventories Other Current Assets Total current assets Net plant and equipment Goodwill Intangible Assets Other Assets Total assets Liabilities and equity Accounts payable Total current liabilities Long Term Debt Other Liabilities Total liabilities Preferred stock (2,00,000 shares: none issued) Common stock (602,397,200 shares oustanding 2015 and 56 Retained earnings Treasury Stock Capital Surplus Other Stockholder Equity Total common equity Total liabilities and equity 2015 $496,654 $4,126,685 $536,891 $482,893 $70,174 $5,713,297 $557,282 $618,179 $221,714 $90,896 $7,201,368 2014 $1,151,587 $3,520,223 $494,851 $387,765 $70,285 $5,624,711 $582,740 $643,179 $296,012 $104,252 $7,250,894 $896,030 $896,030 $1,398,428 $488,928 $2,783,386 $0 $754 $3,948,877 -$3,394,585 $3,855,092 $7,844 $4,417,982 $7,201,368 $945,496 $945,496 $1,373,875 $475,125 $2,794,496 $0 $732 $3,504,742 -$2,537,295 $3,483,342 $4,877 $4,456,398 $7,250,894 A 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 B C D E Income Statements (in thousands of dollars) Net sales Operating costs Gross Profit Research Development Selling General and Administrative Total Operating Expenses Operating Income Total Other Income/Expenses Net Earnings before interest and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes (15.0%, 12.4%) Net income before preferred dividends Preferred dividends Net income available to common stockholders Common dividends Addition to retained earnings 2015 $4,681,507.0 $2,082,030.0 $2,599,477.0 $1,359,725.0 $480,763.0 $1,840,488.0 $758,989.0 $41,980.0 $800,969.0 $46,133.0 $754,836.0 $124,249.0 $630,587.0 $0.0 $630,587.0 $0.0 $630,587.0 2014 $4,130,162.0 $1,862,399.0 $2,267,763.0 $1,335,834.0 $435,702.0 $1,771,536.0 $496,227.0 $24,470.0 $520,697.0 $10,443.0 $510,254.0 $70,264.0 $439,990.0 $0.0 $439,990.0 $0.0 $439,990.0 F A 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 B C D E F Calculated Data: Operating Performance and Cash Flows 2015 2014 ($1,190,739.0) ($602,648.0) ($633,457.0) ($19,908.0) $680,823.7 $456,130.6 $2,471,075.0 $2,211,526.0 $2,521,311.7 $2,227,666.6 $1,294,372.7 N/A Net operating working capital (NOWC) Total operating capital Net Operating Profit After Taxes (NOPAT) Net Cash Flow (Net income + Depreciation) Operating Cash Flow (OCF) Free Cash Flow (FCF) Calculated Data: Per-share Information 2015 $1.05 $0.34 $7.33 $4.10 $2.15 2014 $0.77 $0.31 $7.85 $3.89 N/A 2015 2014 Industry Average 6.38 5.84 5.95 5.54 2.22 1.3 2015 2014 Industry Average 9.69 41.9 8.40 0.65 10.65 43.73 7.09 0.57 2015 2014 38.65% 0.63 19.40% 17.36 40.20 38.54% 0.63 23.86% 49.86 71.80 2015 2014 13.47% 11.12% 8.76% 14.27% 10.65% 7.18% 6.07% 9.87% Earnings per share (EPS) Dividends per share (DPS) Book value per share (BVPS) Cash flow per share (CFPS) Free cash flow per share (FCFPS) LIQUIDITY RATIOS (Section 3.2) Liquidity ratios Current Ratio Quick Ratio ASSET MANAGEMENT RATIOS (Section 3.3) Asset Management ratios Inventory Turnover Days Sales Outstanding Fixed Asset Turnover Total Asset Turnover DEBT MANAGEMENT RATIOS (Section 3.4) Debt Management ratios Debt Ratio Debt-to-Equity Ratio Market Debt Ratio Times Interest Earned EBITDA Coverage Ratio PROFITABILITY RATIOS (Section 3.5) Profitability ratios Profit Margin Basic Earning Power Return on Assets Return on Equity MARKET VALUE RATIOS (Section 3.6) 4.78 25.6 *Industry leader 1.89 *Industry leader 0.63 Industry Average 39.30% *Industry leader 0.65 *Industry leader 24.40 *Industry leader 196.79 *Incorrect for 2013 an N/A Industry Average 19.96% 17.63% *Industry leader 12.56% 19.43% Industry A B C D E F 122 2015 2014 Average 123 Market Value ratios 18.34 20.27 25.77 *NVIDIA doesn't accou 124 Price-to Earnings Ratio 4.68 4.03 9.66 125 Price-to-Cash Flow Ratio 4.45 3.93 5.13 *Industry Leader 126 Price-to-EBITDA 2.62 2.00 3.59 127 Market-to-Book Ratio 128 129 TREND ANALYSIS, COMMON SIZE ANALYSIS, AND PERCENT CHANGE ANALYSIS (Section 3.7) 130 131 TREND ANALYSIS Trend analysis allows you to see how a firm's results are changing over time. For instance, a firm's ROE may b 132 benchmark, but if it has been steadily rising over the past four years, that should be seen as a good sign. 133 134 A trend analysis and graph have been constructed on this data regarding Nvidia's ROE over the past 5 years. (N average data for earlier years has been provided.) 135 136 137 NVIDIA 2011 -1.2% 138 2012 -2.7% 139 2013 8.7% 140 2014 15.9% 141 142 2015 14.3% 143 144 Figure 3-1 Rate of Return on Common Equity 145 146 ROE 147 (%) 148 149 150 28.0% 151 152 24.0% 153 154 155 20.0% 156 157 16.0% 158 159 12.0% 160 161 162 8.0% 163 164 4.0% 165 166 0.0% 167 2011 2012 2013 168 169 ROE AMD -213.1% 107.4% 56.7% 37.7% -111.2% Intel 12.93% 10.82% 25.16% 27.15% 22.66% NVIDIA AMD Intel 2014 2015 A B C D E 170 171 COMMON SIZE ANALYSIS 172 In common size income statements, all items for a year are divided by the sales for that year. 173 174 Figure 3-2 Common Size Income Statements 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 Net sales Operating costs Gross Profit Total Operating Expenses Earnings before interest and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes (15.0%, 12.4%) Net income before preferred dividends Preferred dividends Net income available to common stockholders (profit margi Nvidia 2015 100.0% 44.5% 55.5% 39.3% 17.1% 1.0% 16.1% 2.7% 13.5% 0.0% 13.5% 2014 ### 45.1% 54.9% 42.9% 12.6% 0.3% 12.4% 1.7% 10.7% 0.0% 10.7% In common sheets, all items for a year are divided by the total assets for that year. Figure 3-3 Common Size Balance Sheets Industry Composite 2015 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 Industry Composite 2015 100.0% 72.1% 27.9% 0.0% 27.9% 0.0% 27.9% 7.3% 20.6% 0.0% 20.6% F Nvidia 2015 2014 Assets Cash and equivalents Short-term investments Accounts receivable Other Current Assets Total current assets Net plant and equipment Total assets 13.0% 11.5% 7.1% 5.6% 37.2% 62.8% 100.0% 6.9% 57.3% 7.5% 1.0% 79.3% 7.7% 100.0% 15.9% 48.5% 6.8% 1.0% 77.6% 8.0% 100.0% Liabilities and equity Accounts payable Total current liabilities Long Term Debt Other Liabilities Total liabilities Preferred stock Total common equity Total liabilities and equity 12.6% 0.4% 2.3% 76.4% 76.4% 0.0% 23.6% 100.0% 12.4% 12.4% 19.4% 6.8% 38.7% 0.0% 61.3% 100.0% 13.0% 13.0% 18.9% 6.6% 38.5% 0.0% 61.5% 100.0% PERCENT CHANGE ANALYSIS In percent change analysis, all items are divided by the that item's value in the beginning, or base, year. A 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 B D E F Figure 3-4 Income Statement Percent Change Analysis Percent Change in 2015 13.3% 11.8% 14.6% 0.0% 53.8% 341.8% 47.9% 76.8% 43.3% 0.0% 43.3% Base year = 2014 Net sales Operating costs Gross Profit Total Operating Expenses Earnings before interest and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes (15.0%, 12.4%) Net income before preferred dividends Preferred dividends Net income available to common stockholders Balance Sheet Percent Change Analysis (not in textbook) Percent Change in 2015 Base year = 2014 Assets Cash and equivalents Short-term investments Accounts receivable Other Current Assets Total current assets Net plant and equipment Total assets -56.9% 17.2% 8.5% -0.2% 1.6% -4.4% -0.7% Liabilities and equity Accounts payable Total current liabilities Long Term Debt Other Liabilities Total liabilities Preferred stock (2,00,000 shares: none issued) Common stock (602,397,200 shares oustanding 2015 and 56 Retained earnings Total common equity Total liabilities and equity -5.2% 0.0% 1.8% 2.9% -0.4% 0.0% 3.0% 12.7% -0.9% -0.7% DU PONT ANALYSIS (Section 3.8) 261 262 263 264 C Nvidia Nvidia Industry Average 2015 2014 ROE = 14.27% 9.87% 20.72% (Equity (Profit margin) (TA turnover) Multiplier) 13.47% 0.65 1.63 10.65% 0.57 1.63 19.96% 0.63 1.65 A 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 B C D E F 1 2 3 4 5 6 7 8 9 10 15 to Jan31, 2014 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 G G 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 13.35% 0.43318485 G 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 *Industry leader 100 *Industry leader 101 102 103 104 105 106 *Industry leader 107 *Industry leader 108 *Industry leader 109 *Incorrect for 2013 and 2012 as interest combined is income not expense 110 111 112 113 114 115 116 *Industry leader 117 118 119 120 121 G 122 123 *NVIDIA 124 doesn't account for depreciation in their 10-K statements Same P/E P/CF Ratio because there is no depreciation 125 *Industry Leader 126 127 128 129 130 131 tance, a firm's ROE may be slightly below the 132 seen as a good sign. 133 E over the past 5 years. (Nvidia and indusry 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 G 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 ning, or base,217 year. G 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 G 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305