Profitability - Looking at the three levels of profit ratios: gross margin, operating profit and net income. How are they changing from year to year as a percentage of sales (vertical analysis)?

Cash Flow and Liquidity - Is cash increasing or decreasing. Does that make sense in light of the profits? What about the liquidity ratios? Did you find a change in the current or the quick ratio? Look at the cash flow statements. Is operations generating or consuming cash? Is the growth of inventory reasonable as compared to the growing of cost of goods sold? Look at the accounts payable turnover ratio. And don't forget about accounts receivable and its change. Are you concerned with changes in the accounts receivable turnover ratio?

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