Table 3.1 in Chapter 3 presents financial statements over the period2008 through 2011 for...

2006

2007

2008

2009

2010

Industry Average*

Profitability ratios:

Return on equity (%)

9.4

9.6

11.1

9.5

10.9

18.1 

Return on assets (%)

4.6

5.0

6.0

5.4

6.7

7.5 

Return on invested capital (%)

7.4

7.8

8.7

7.7

9.0

12.5 

Profit margin (%)

6.0

6.6

7.3

7.2

8.1

8.4 

Gross margin (%)

34.2

34.3

34.0

34.2

34.0

33.5 

Price-to-earnings ratio (X)

17.2

17.2

12.7

14.8

17.0

17.7 

Turnover-control ratios: 

Asset turnover (X)

0.8

0.8

0.8

0.8

0.8

0.9 

Fixed-asset turnover (X)

2.8

2.8

3.1

2.8

3.1

4.0 

Inventory turnover (X)

2.2

2.2

2.2

2.0

2.2

4.1 

Collection period (days)

59.2

60.5

58.0

60.8

60.1

58.9 

Days' sales in cash (days)

1.7

3.2

2.5

3.7

3.9

32.9 

Payables period (days)

40.8

41.7

36.6

41.1

39.9

51.3 

Leverage and liquidity ratios: 

Assets to equity (X)

2.1

1.9

1.9

1.8

1.6

2.4 

Debt to assets (%)

51.6

47.9

46.3

42.9

38.5

57.3 

Debt to equity (%)

106.5

92.1

86.3

75.2

62.6

139.7 

Times interest earned (X)

3.6

4.1

5.0

6.7

8.5

10.1 

Times burden covered (X)

3.6

4.1

5.0

6.7

8.5

5.4 

Debt to assets (market value, %)

39.6

35.9

38.1

34.7

25.3

32.5 

Debt to equity (market value, %)

65.5

56.0

61.5

53.2

33.8

50.5 

Current ratio (X)

2.1

2.7

3.2

3.0

3.3

2.2 

Acid test (X)

0.8

1.1

1.3

1.2

1.4

1.5