Instructions:

1. Access the Securities and Exchange Commission EDGAR system to view the most recent annual financial statements and information for Kohls Corp.
2. Enter Kohls in the search bar and click the Search button.
3. Click on Kohs Corp CIK 0000885639 (this should be at the top of the list).
4. Scroll down to find their latest 10K submission (Annual Report from March 2023) and click on Interactive Data. (This data is currently item 81 of 120 so you will have to click on Next 40 in the bottom right corner twice to get to this 10k).
5. If you would like to use Excel for your case calculations, you can click on View Excel Document (top left next to Print Document). The data will open in an Excel file.

1. Calculate the following ratios using the 2023 and 2022 financial statements provided in the 10K annual report. Show your calculations.

Ratio	2023	2022	Industry Average
Current Ratio			2.2
Quick Ratio			.3
Inventory Turnover			4.3 times
Days Sales Outstanding			5.1 days
Fixed Asset Turnover			5.2
Total Asset Turnover			3.8
Debt Ratio (Debt/Assets)			29.45%
Times Interest Earned			15.0
Net Profit Margin			1.52%
Return on Assets			4.0%
Equity Multiplier			.90
DuPont Equation (ROE)			5.2%

2. Complete both a trend and comparative analysis for Kohls. Comment on their liquidity position, asset utilization, debt management, and profitability over time and vs. competitors.Is Kohls in a stronger or weaker financial position than its average competitor? Why?

3. Using Kohls financial data complete the following calculations.

1. Net Operating Working Capital (NOWC) for 2023 and 2022
2. Investment in net operating assets for 2023 (Change in gross fixed assets + change in NOWC)
3. NOPAT (net operating profit after tax) for 2023.Use the effective tax rate of 23.05%.
4. Free Cash Flows (FCF) for 2023.
5. Is their FCF positive or negative? Is this good or bad? Why?