FinSAS Version 20111028

FinSAS: Financial Statement Analysis

Spreadsheet
by
Dr. Donald V. Saftner
[email protected]

To Accompany
Financial Reporting and Analysis:
Using Financial Accounting Information
13/e
by Dr. Charles Gibson

Copyright © 2013 Cengage Learning

All rights reserved

FinSAS: Financial Statement Analysis Spreadsheet allows users to input the

reported data from the financial statements, notes, and other sources. FinSAS then
computes the ratios found in Financial Reporting and Analysis: Using Financial
Accounting Information 13/e. Using this tool, you can spend more time analyzing the
statements and less time crunching the numbers. In addition to the ratios, both a
vertical and horizontal analysis are performed.

Instructions:

Note the sheet tabs below. The following instructions use the names of those tabs as
section headings. Click on a tab to see that sheet after reading the instructions below.

Input

On the Input sheet, enter values into all appropriate cells (i.e., those with blue font).
The figures in black font are calculated based on your input. By entering the
Company Name, Analyst Name(s), and Most Recent Year Available in the first three
input cells, those items will appear on all subsequent output sheets. They make it
easy to identify any printouts you make.

Copyright © 2013 Cengage Learning

The next two input cells (Years Available for Income Statement and Balance Sheet)
are particularly important to the functioning of the model. Changing these numbers
(while keeping them within the range one through five) changes the number of
columns of data that are available on the Input sheet and all subsequent output sheets.
In a single annual report/10K, there are often three years of income statements and
two years of balance sheets. The annual report/10K you are using may have more
and/or you may want to use multiple years’ worth of annual report/10Ks to increase
the amount of data available to analyze. The maximum years that FinSAS can accept
is five years.

Fill in all remaining input cells for which you can find data. There are many
different names for the same account. You must translate the terminology used by
the company to the generic terms used in FinSAS. When the detail is not needed,
FinSAS requests a summary figure. For instance, on the published income statement
there may be several operating expenses (e.g., wages, utilities, rent), but FinSAS only
needs the sum of those, which would be entered as Operating Expenses. Be sure to
read the footnotes to the financial statements and the comparative data section.
Those sources include some of the information you need to complete the Input sheet.
Also be sure to match key subtotals (e.g. the FinSAS total current asset should be
same as the figure on the balance sheet even though the detail lines may be different.)

Be consistent in ignoring a certain number of decimal places. Many financial

statements have "in thousands, except par values," "millions except share and per
share amounts," or similar statements. When entering data into FinSAS, it is usually
best to follow the same convention as the financial statements in choosing the
number of decimal places to assume have been removed. An exception is the second
statement above. Only "per share" data should be entered as dollars with no decimal
places removed. Account balances and total share information should consistently
have the same number of decimal places removed. If the share and account balances
have a different number of decimal places removed then ratios such as "book value
per share" and "operating cash flow per share" will be inaccurate.

Copyright © 2013 Cengage Learning

Source of Input

This is the place to document where you found the information you entered on the
previous sheet. This can be very useful for you and for anyone who reviews your
work. For instance if most of it came from the company's annual report/10K, then
state that at the top. Individual lines of input in FinSAS might be the sum of a few
lines in the published financial statements. Indicate on this sheet how you
determined the FinSAS inputs from the statements. For some of the inputs, you may
have used information from the footnotes or comparative information section.
Indicate that information on this sheet and include page numbers wherever possible.
Of course, other sources of information should be cited.

Vertical Analysis

After you insert your data, you can see the result of the vertical analysis. It compares
each amount on the income statement and balance sheet with a base amount (net
sales on the income statement and total assets on the balance sheet) selected from the
same year.

Horizontal Analysis

After you insert your data, you can see the result of the horizontal analysis. It
compares each amount on the income statement and balance sheet with the same
amount for the oldest year available.

Ratios – avg.

After you insert your data, you can see the result of the ratio analysis. For the ‘Ratio
– Average’, the average of beginning of year values and end of year values is used
when appropriate. Note that if you only have two years of balance sheet information,
then for those ratios that use the average of two years of balance sheet information,
only one year's worth of ratios can be calculated. Since it is desirable to compare the
ratios across time to determine possible trends, a solution to only having one year's
worth of ratios should be sought. Some possible solutions are to find additional
years' worth of data and/or use the Ratio - end. sheet.

Copyright © 2013 Cengage Learning

Ratios with a negative cash flow or negative profit measure in the numerator will
display #N/A, which means not available or not applicable. This makes it less likely
that invalid conclusions will be made during your analysis.

You may want to determine how a certain ratio is calculated. You may do this in one
of two ways. If you select the cell in which the ratio appears, then the formula for
that cell appears near the top of the screen. You will then have to determine what
accounts the cell refers to by looking at the Input screen. Alternatively, you can refer
to the Documentation screen for the definition.

Ratios – end.

For the Ratios - end. sheet, the end of year values are used instead of the average
values. The ‘*’ marks indicate the ratios for which the end of year values are used
whereas the averages are used on the previous sheet. Note that the Ratios - avg.
sheet is theoretically superior in that averages for balance sheet information (point in
time) is compared to income statement or cash flow statements (period of time).

Documentation

The Documentation sheet provides you the definitions of the ratios using the row
labels of the Input sheet or other ratio results.

Copyright © 2013 Cengage Learning

FinSAS Version 20111028 Input
Company: Boeing
Analyst: Brandon Simonton
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 4
Balance Sheet (1-5) 4

================================= ========= ========= ========= ========= =========

INCOME STATEMENT 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Net Sales 76559 101127 93392 94571 0
Less: Cost of Goods Sold 72093 81490 76066 80790 0
--------- --------- --------- --------- ---------
Gross Profit 4466 19637 17326 13781 0

Other Operating Revenue 0 0 0 0 0

Less: Operating Expenses 7128 7836 7273 8243 0
--------- --------- --------- --------- ---------
Operating Income -2662 11801 10053 5538 0

Less: Interest Expense 722 475 360 306 0

(no capitalized interest)
Other Income (Expenses) 1125 278 354 336 0
Unusual or Infreq. Item;
Gain (Loss) 1623 -1144 -1850 -673 0
Equity in Earnings of Assoc.;
Profit (Loss) 0 -7 -6 -3 0
--------- --------- --------- --------- ---------
Income before Taxes -636 10453 8191 4892 0

Less:Taxes Related to Operations 0 0 0 0 0

--------- --------- --------- --------- ---------
N.I. before Noncontr. Inc -636 10453 8191 4892 0

Noncontrolling income (loss) 0 0 0 0 0

--------- --------- --------- --------- ---------
N.I. before Nonrecurring Items -636 10453 8191 4892 0

Oper. of Discontinued Segment;

Income (Loss) 0 0 0 0 0
Disposal of Discont. Segment;
Gain (Loss) 0 0 0 0 0
Extraordinary Item;
Gain (Loss) 0 0 0 0 0
Cum. Effect of Acct Change;
Gain (Loss) 0 0 0 0 0
--------- --------- --------- --------- ---------
Net Income (Loss) -636 10453 8191 4892 0
================================= ========= ========= ========= ========= =========
BALANCE SHEET 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
ASSETS
Current Assets:
Cash 9485 7637 8813 8801 0
Marketable Securities 545 927 1179 1228 0
Gross Receivables 12471 14364 10825 9260 0
Less: Allowance for Bad Debts 0 0 0 0 0
Net Trade Receivables 12471 14364 10825 9260 0
Inventories 76622 62567 44344 43199 0
Prepaid Expenses 0 0 0 0 0
Other Current Assets 3106 2335 0 0 0
--------- --------- --------- --------- ---------
Total Current Assets 102229 87830 65161 62488 0
Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress) 11196 11308 11591 11017 0
Construction in Progress 1306 1337 1081 1790 0
Intangible Assets 11398 11269 8132 7864 0
Investments 1092 1087 1260 1317 0
Other Nonoperating Assets 4268 2110 2368 1748 0
Other Operating Assets 2136 2418 2740 3773 0
--------- --------- --------- --------- ---------
Total Long-Term Assets 31396 29529 27172 27509 0
Total Assets 133625 117359 92333 89997 0
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 31572 19756 19624 18747 0
Short Term Loans 7340 3190 1335 384 0
Current Maturity of L.t. Debt 0 0 0 0 0
Other Current Liabilities 58400 58644 35310 31003 0
--------- --------- --------- --------- ---------
Total Current Liabilities 97312 81590 56269 50134 0
Long-Term Liabilities:
Long-term Debt 19962 10657 9782 9568 0
Reserves 0 0 0 0 0
Deferred Liabilities 413 1736 1839 1338 0
Noncontrolling Interest 0 0 0 0 0
Redeemable Preferred 0 0 0 0 0
Other Long-term Liabilities 24238 22966 24031 28080 0
--------- --------- --------- --------- ---------
Total Long-term Liabilities 44613 35359 35652 38986 0
Total Liabilities 141925 116949 91921 89120 0
Shareholders' Equity:
Preferred Equity 0 0 0 0 0
Common Equity-incl. Ret. Ern. -8300 410 412 877 0
--------- --------- --------- --------- ---------
Total Equity -8300 410 412 877 0
Total Liabilities and Equity 133625 117359 92333 89997 0
================================= ========= ========= ========= ========= =========
OTHER DATA 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Capitalized Interest 0.0 0.0 0.0 0.0 0.0
Interest Portion of Rentals 0.0 0.0 0.0 0.0 0.0
Liquidation Value of Pref. Stock 0.0 0.0 0.0 0.0 0.0
Dividends on Redeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends on Nonredeemable Pref. 0.0 0.0 0.0 0.0 0.0
Dividends per Common Share 8.220 6.840 5.680 4.360 0.000
Total Cash Dividends 0.0 0.0 0.0 0.0 0.0
Dil. Earn. per Sh. before Nonrec. I -1.120 17.850 13.430 7.610 0.000
Market Price per Common Share 316.390 374.710 337.710 151.510 0.000
Tax Rate (0-1) 0.000 0.000 0.000 0.000 0.000
Common Shares Outstanding 562.0 568.0 591.0 617.0 0.0
Diluted Weighted Average Common Sha 0.0 0.0 0.0 0.0 0.0
Cash Flow from Operations -2.5 15.3 13.3 10.5 0.0
Options:
Option expense 0.0 0.0 0.0 0.0 0.0
Net income bef. nonrec. items
not incl. opt. exp. 0.0 0.0 0.0 0.0 0.0
FinSAS Version 20111028 Source of Input
Company: Boeing
Analyst: Brandon Simonton
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 4
Balance Sheet (1-5) 4

=================================
INCOME STATEMENT
---------------------------------
Net Sales
Less: Cost of Goods Sold

Gross Profit

Other Operating Revenue

Less: Operating Expenses

Operating Income

Less: Interest Expense

(no capitalized interest)
Other Income (Expenses)
Unusual or Infreq. Item;
Gain (Loss)
Equity in Earnings of Assoc.;
Profit (Loss)

Income before Taxes

Less:Taxes Related to Operations

N.I. before Noncontr. Inc

Noncontrolling income (loss)

N.I. before Nonrecurring Items

Oper. of Discontinued Segment;

Income (Loss)
Disposal of Discont. Segment;
Gain (Loss)
Extraordinary Item;
Gain (Loss)
Cum. Effect of Acct Change;
Gain (Loss)

Net Income (Loss)

=================================
BALANCE SHEET
---------------------------------
ASSETS
Current Assets:
Cash
Marketable Securities
Gross Receivables
Less: Allowance for Bad Debts
Net Trade Receivables
Inventories
Prepaid Expenses
Other Current Assets

Total Current Assets

Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress)
Construction in Progress
Intangible Assets
Investments
Other Nonoperating Assets
Other Operating Assets

Total Long-Term Assets

Total Assets
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable
Short Term Loans
Current Maturity of L.t. Debt
Other Current Liabilities

Total Current Liabilities

Long-Term Liabilities:
Long-term Debt
Reserves
Deferred Liabilities
Noncontrolling Interest
Redeemable Preferred
Other Long-term Liabilities

Total Long-term Liabilities

Total Liabilities
Shareholders' Equity:
Preferred Equity
Common Equity-incl. Ret. Ern.

Total Equity
Total Liabilities and Equity
=================================
OTHER DATA
---------------------------------
Capitalized Interest
Interest Portion of Rentals
Liquidation Value of Pref. Stock
Dividends on Redeemable Pref.
Dividends on Nonredeemable Pref.
Dividends per Common Share
Total Cash Dividends
Dil. Earn. per Sh. before Nonrec. Items
Market Price per Common Share
Tax Rate (0-1)
Common Shares Outstanding
Diluted Weighted Average Common Shares
Cash Flow from Operations
Options:
Option expense
Net income bef. nonrec. items
not incl. opt. exp.
FinSAS Version 20111028 Vertical Analysis
Company: Boeing
Analyst: Brandon Simonton
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 4
Balance Sheet (1-5) 4

================================= ========= ========= ========= ========= =========

INCOME STATEMENT 2019 2018 2017 2016 2015
--------------------------------- --------------------------------------------------
Net Sales 100.00% 100.00% 100.00% 100.00% #DIV/0!
Less: Cost of Goods Sold 94.17% 80.58% 81.45% 85.43% #DIV/0!
--------------------------------------------------
Gross Profit 5.83% 19.42% 18.55% 14.57% #DIV/0!

Other Operating Revenue 0.00% 0.00% 0.00% 0.00% #DIV/0!

Less: Operating Expenses 9.31% 7.75% 7.79% 8.72% #DIV/0!
--------------------------------------------------
Operating Income -3.48% 11.67% 10.76% 5.86% #DIV/0!

Less: Interest Expense 0.94% 0.47% 0.39% 0.32% #DIV/0!

(no capitalized interest)
Other Income (Expenses) 1.47% 0.27% 0.38% 0.36% #DIV/0!
Unusual or Infreq. Item;
Gain (Loss) 2.12% -1.13% -1.98% -0.71% #DIV/0!
Equity in Earnings of Assoc.;
Profit (Loss) 0.00% -0.01% -0.01% 0.00% #DIV/0!
--------------------------------------------------
Income before Taxes -0.83% 10.34% 8.77% 5.17% #DIV/0!

Less:Taxes Related to Operations 0.00% 0.00% 0.00% 0.00% #DIV/0!

--------------------------------------------------
N.I. before Noncontr. Inc -0.83% 10.34% 8.77% 5.17% #DIV/0!

Noncontrolling income (loss) 0.00% 0.00% 0.00% 0.00% #DIV/0!

--------------------------------------------------
N.I. before Nonrecurring Items -0.83% 10.34% 8.77% 5.17% #DIV/0!

Oper. of Discontinued Segment;

Income (Loss) 0.00% 0.00% 0.00% 0.00% #DIV/0!
Disposal of Discont. Segment;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% #DIV/0!
Extraordinary Item;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% #DIV/0!
Cum. Effect of Acct Change;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% #DIV/0!
--------------------------------------------------
Net Income (Loss) -0.83% 10.34% 8.77% 5.17% #DIV/0!
================================= ========= ========= ========= ========= =========
BALANCE SHEET 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
ASSETS
Current Assets:
Cash 7.10% 6.51% 9.54% 9.78% #DIV/0!
Marketable Securities 0.41% 0.79% 1.28% 1.36% #DIV/0!
Gross Receivables 9.33% 12.24% 11.72% 10.29% #DIV/0!
Less: Allowance for Bad Debts 0.00% 0.00% 0.00% 0.00% #DIV/0!
Net Trade Receivables 9.33% 12.24% 11.72% 10.29% #DIV/0!
Inventories 57.34% 53.31% 48.03% 48.00% #DIV/0!
Prepaid Expenses 0.00% 0.00% 0.00% 0.00% #DIV/0!
Other Current Assets 2.32% 1.99% 0.00% 0.00% #DIV/0!
--------- --------- --------- --------- ---------
Total Current Assets 76.50% 74.84% 70.57% 69.43% #DIV/0!
Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress) 8.38% 9.64% 12.55% 12.24% #DIV/0!
Construction in Progress 0.98% 1.14% 1.17% 1.99% #DIV/0!
Intangible Assets 8.53% 9.60% 8.81% 8.74% #DIV/0!
Investments 0.82% 0.93% 1.36% 1.46% #DIV/0!
Other Nonoperating Assets 3.19% 1.80% 2.56% 1.94% #DIV/0!
Other Operating Assets 1.60% 2.06% 2.97% 4.19% #DIV/0!
--------- --------- --------- --------- ---------
Total Long-Term Assets 23.50% 25.16% 29.43% 30.57% #DIV/0!
Total Assets 100.00% 100.00% 100.00% 100.00% #DIV/0!
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 23.63% 16.83% 21.25% 20.83% #DIV/0!
Short Term Loans 5.49% 2.72% 1.45% 0.43% #DIV/0!
Current Maturity of L.t. Debt 0.00% 0.00% 0.00% 0.00% #DIV/0!
Other Current Liabilities 43.70% 49.97% 38.24% 34.45% #DIV/0!
--------- --------- --------- --------- ---------
Total Current Liabilities 72.82% 69.52% 60.94% 55.71% #DIV/0!
Long-Term Liabilities:
Long-term Debt 14.94% 9.08% 10.59% 10.63% #DIV/0!
Reserves 0.00% 0.00% 0.00% 0.00% #DIV/0!
Deferred Liabilities 0.31% 1.48% 1.99% 1.49% #DIV/0!
Noncontrolling Interest 0.00% 0.00% 0.00% 0.00% #DIV/0!
Redeemable Preferred 0.00% 0.00% 0.00% 0.00% #DIV/0!
Other Long-term Liabilities 18.14% 19.57% 26.03% 31.20% #DIV/0!
--------- --------- --------- --------- ---------
Total Long-term Liabilities 33.39% 30.13% 38.61% 43.32% #DIV/0!
Total Liabilities 106.21% 99.65% 99.55% 99.03% #DIV/0!
Shareholders' Equity:
Preferred Equity 0.00% 0.00% 0.00% 0.00% #DIV/0!
Common Equity-incl. Ret. Ern. -6.21% 0.35% 0.45% 0.97% #DIV/0!
--------- --------- --------- --------- ---------
Total Equity -6.21% 0.35% 0.45% 0.97% #DIV/0!
Total Liabilities and Equity 100.00% 100.00% 100.00% 100.00% #DIV/0!
================================= ========= ========= ========= ========= =========
FinSAS Version 20111028 Horizontal Analysis
Company: Boeing
Analyst: Brandon Simonton
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 4
Balance Sheet (1-5) 4

================================= ========= ========= ========= ========= =========

INCOME STATEMENT 2019 2018 2017 2016 2015
--------------------------------- --------------------------------------------------
Net Sales 80.95% 106.93% 98.75% 100.00% 0.00%
Less: Cost of Goods Sold 89.24% 100.87% 94.15% 100.00% 0.00%
--------------------------------------------------
Gross Profit 32.41% 142.49% 125.72% 100.00% 0.00%

Other Operating Revenue #N/A #N/A #N/A #N/A #N/A

Less: Operating Expenses 86.47% 95.06% 88.23% 100.00% 0.00%
--------------------------------------------------
Operating Income -48.07% 213.09% 181.53% 100.00% 0.00%

Less: Interest Expense 235.95% 155.23% 117.65% 100.00% 0.00%

(no capitalized interest)
Other Income (Expenses) 334.82% 82.74% 105.36% 100.00% 0.00%
Unusual or Infreq. Item;
Gain (Loss) -241.16% 169.99% 274.89% 100.00% 0.00%
Equity in Earnings of Assoc.;
Profit (Loss) 0.00% 233.33% 200.00% 100.00% 0.00%
--------------------------------------------------
Income before Taxes -13.00% 213.68% 167.44% 100.00% 0.00%

Less:Taxes Related to Operations #N/A #N/A #N/A #N/A #N/A

--------------------------------------------------
N.I. before Noncontr. Inc -13.00% 213.68% 167.44% 100.00% 0.00%

Noncontrolling income (loss) #N/A #N/A #N/A #N/A #N/A

--------------------------------------------------
N.I. before Nonrecurring Items -13.00% 213.68% 167.44% 100.00% 0.00%

Oper. of Discontinued Segment;

Income (Loss) #N/A #N/A #N/A #N/A #N/A
Disposal of Discont. Segment;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Extraordinary Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Cum. Effect of Acct Change;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
--------------------------------------------------
Net Income (Loss) -13.00% 213.68% 167.44% 100.00% 0.00%
================================= ========= ========= ========= ========= =========
BALANCE SHEET 2019 2018 2017 2016 2015
--------------------------------- --------------------------------------------------
ASSETS
Current Assets:
Cash 107.77% 86.77% 100.14% 100.00% 0.00%
Marketable Securities 44.38% 75.49% 96.01% 100.00% 0.00%
Gross Receivables 134.68% 155.12% 116.90% 100.00% 0.00%
Less: Allowance for Bad Debts #N/A #N/A #N/A #N/A #N/A
Net Trade Receivables 134.68% 155.12% 116.90% 100.00% 0.00%
Inventories 177.37% 144.83% 102.65% 100.00% 0.00%
Prepaid Expenses #N/A #N/A #N/A #N/A #N/A
Other Current Assets #N/A #N/A #N/A #N/A #N/A
--------------------------------------------------
Total Current Assets 163.60% 140.55% 104.28% 100.00% 0.00%
Long-Term Assets:
Net Tangible (Fixed) Assets (other
than construction in progress) 101.62% 102.64% 105.21% 100.00% 0.00%
Construction in Progress 72.96% 74.69% 60.39% 100.00% 0.00%
Intangible Assets 144.94% 143.30% 103.41% 100.00% 0.00%
Investments 82.92% 82.54% 95.67% 100.00% 0.00%
Other Nonoperating Assets 244.16% 120.71% 135.47% 100.00% 0.00%
Other Operating Assets 56.61% 64.09% 72.62% 100.00% 0.00%
--------------------------------------------------
Total Long-Term Assets 114.13% 107.34% 98.77% 100.00% 0.00%
Total Assets 148.48% 130.40% 102.60% 100.00% 0.00%
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 168.41% 105.38% 104.68% 100.00% 0.00%
Short Term Loans 1911.46% 830.73% 347.66% 100.00% 0.00%
Current Maturity of L.t. Debt #N/A #N/A #N/A #N/A #N/A
Other Current Liabilities 188.37% 189.16% 113.89% 100.00% 0.00%
--------------------------------------------------
Total Current Liabilities 194.10% 162.74% 112.24% 100.00% 0.00%
Long-Term Liabilities:
Long-term Debt 208.63% 111.38% 102.24% 100.00% 0.00%
Reserves #N/A #N/A #N/A #N/A #N/A
Deferred Liabilities 30.87% 129.75% 137.44% 100.00% 0.00%
Noncontrolling Interest #N/A #N/A #N/A #N/A #N/A
Redeemable Preferred #N/A #N/A #N/A #N/A #N/A
Other Long-term Liabilities 86.32% 81.79% 85.58% 100.00% 0.00%
--------------------------------------------------
Total Long-term Liabilities 114.43% 90.70% 91.45% 100.00% 0.00%
Total Liabilities 159.25% 131.23% 103.14% 100.00% 0.00%
Shareholders' Equity:
Preferred Equity #N/A #N/A #N/A #N/A #N/A
Common Equity-incl. Ret. Ern. -946.41% 46.75% 46.98% 100.00% 0.00%
--------------------------------------------------
Total Equity -946.41% 46.75% 46.98% 100.00% 0.00%
Total Liabilities and Equity 148.48% 130.40% 102.60% 100.00% 0.00%
================================= ========= ========= ========= ========= =========
FinSAS Version 20111028 Ratios - average
Company: Boeing
Analyst: Brandon Simonton
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 4
Balance Sheet (1-5) 4

--------------------------------- --------- --------- --------- --------- ---------

LIQUIDITY 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Days' Sales in Receivables 59.46 51.84 42.31 35.74 #DIV/0!
Accounts Receivable Turnover 5.71 8.03 9.30 20.43 #DIV/0!
A/R Turnover in Days 63.97 45.46 39.25 17.87 #N/A

Days' Sales in Inventory 387.93 280.24 212.78 195.17 #DIV/0!

Inventory Turnover 1.04 1.52 1.74 3.74 #DIV/0!
Inventory Turnover in Days 352.35 239.43 210.04 97.58 #N/A

Operating Cycle 416.32 284.89 249.28 115.45 #N/A

Working Capital 4,917 6,240 8,892 12,354 -
Current Ratio 1.05 1.08 1.16 1.25 #DIV/0!

Acid Test 0.23 0.28 0.37 0.38 #DIV/0!

Cash Ratio 0.10 0.10 0.18 0.20 #DIV/0!
Sales to Working Capital 13.72 13.37 8.79 15.31 #DIV/0!

Cash Flow/Cur. Mat. of Debt & NP #N/A 0.00 0.01 0.03 #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

LONG-TERM DEBT-PAYING ABILITY 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Times Interest Earned 0.12 23.02 23.77 17.00 #DIV/0!
Fixed Charge Coverage 0.12 23.02 23.77 17.00 #DIV/0!
Debt Ratio 106.21% 99.65% 99.55% 99.03% #DIV/0!

Debt/Equity -1709.94% 28524.15% 22310.92% 10161.92% #DIV/0!

Debt to Tangible Net Worth -720.50% -1076.98% -1190.69% -1275.51% #DIV/0!
Cash Flow/Total Debt #N/A 0.01% 0.01% 0.01% #DIV/0!
--------------------------------- --------- --------- --------- --------- ---------
PROFITABILITY 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Net Profit Margin #N/A 10.34% 8.78% 5.18% #DIV/0!
Total Asset Turnover 0.61 0.96 1.02 2.10 #DIV/0!
Return on Assets #N/A 9.97% 8.98% 10.87% #DIV/0!

Operating Income Margin #N/A 11.67% 10.76% 5.86% #DIV/0!

Operating Asset Turnover 0.71 1.12 1.19 2.45 #DIV/0!
Return on Operating Assets #N/A 13.04% 12.83% 14.33% #DIV/0!

Sales to Fixed Assets 6.80 8.83 8.26 17.17 #DIV/0!

Return on Investment 0.24% 30.43% 22.52% 26.08% #DIV/0!
Return on Total Equity #N/A 2543.31% 1270.91% 1115.62% #DIV/0!

Return on Common Equity #N/A 2543.31% 1270.91% 1115.62% #DIV/0!

Gross Profit Margin 5.83% 19.42% 18.55% 14.57% #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

INVESTOR ANALYSIS 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Degree of Financial Leverage #N/A 1.05 1.04 1.06 #DIV/0!
Earnings per Share -1.12 17.85 13.43 7.61 0.00
Price/Earnings Ratio -282.49 20.99 25.15 19.91 #DIV/0!

Percentage of Earnings Retained #N/A 100.00% 100.00% 100.00% #DIV/0!

Dividend Payout -733.93% 38.32% 42.29% 57.29% #DIV/0!
Dividend Yield 2.60% 1.83% 1.68% 2.88% #DIV/0!

Book Value per Share (14.77) 0.72 0.70 1.42 #DIV/0!

Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #N/A #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. Cash Flow/Cash Dividends #N/A #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Year-end Market Price 316.39 374.71 337.71 151.51 0.00
================================= ========= ========= ========= ========= =========
FinSAS Version 20111028 Ratios - ending
Company: Boeing
Analyst: Brandon Simonton
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 4
Balance Sheet (1-5) 4

* EOY values instead of averages

--------------------------------- --------- --------- --------- --------- ---------
LIQUIDITY 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Days' Sales in Receivables 59.46 51.84 42.31 35.74 #DIV/0!
* Accounts Receivable Turnover 6.14 7.04 8.63 10.21 #DIV/0!
* A/R Turnover in Days 59.46 51.84 42.31 35.74 #DIV/0!

Days' Sales in Inventory 387.93 280.24 212.78 195.17 #DIV/0!

* Inventory Turnover 0.94 1.30 1.72 1.87 #DIV/0!
* Inventory Turnover in Days 387.93 280.24 212.78 195.17 #DIV/0!

* Operating Cycle 447.39 332.09 255.09 230.91 #DIV/0!

Working Capital 4,917 6,240 8,892 12,354 -
Current Ratio 1.05 1.08 1.16 1.25 #DIV/0!

Acid Test 0.23 0.28 0.37 0.38 #DIV/0!

Cash Ratio 0.10 0.10 0.18 0.20 #DIV/0!
* Sales to Working Capital 15.57 16.21 10.50 7.66 #DIV/0!

Cash Flow/Cur. Mat. of Debt & NP #N/A 0.00 0.01 0.03 #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

LONG-TERM DEBT-PAYING ABILITY 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Times Interest Earned 0.12 23.02 23.77 17.00 #DIV/0!
Fixed Charge Coverage 0.12 23.02 23.77 17.00 #DIV/0!
Debt Ratio 106.21% 99.65% 99.55% 99.03% #DIV/0!

Debt/Equity -1709.94% 28524.15% 22310.92% 10161.92% #DIV/0!

Debt to Tangible Net Worth -720.50% -1076.98% -1190.69% -1275.51% #DIV/0!
Cash Flow/Total Debt #N/A 0.01% 0.01% 0.01% #DIV/0!
--------------------------------- --------- --------- --------- --------- ---------
PROFITABILITY 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Net Profit Margin #N/A 10.34% 8.78% 5.18% #DIV/0!
* Total Asset Turnover 0.57 0.86 1.01 1.05 #DIV/0!
* Return on Assets #N/A 8.91% 8.87% 5.44% #DIV/0!

Operating Income Margin #N/A 11.67% 10.76% 5.86% #DIV/0!

* Operating Asset Turnover 0.66 1.00 1.17 1.22 #DIV/0!
* Return on Operating Assets #N/A 11.62% 12.65% 7.17% #DIV/0!

* Sales to Fixed Assets 6.84 8.94 8.06 8.58 #DIV/0!

* Return on Investment 0.24% 30.55% 23.71% 13.04% #DIV/0!
* Return on Total Equity #N/A 2549.51% 1988.11% 557.81% #DIV/0!

* Return on Common Equity #N/A 2549.51% 1988.11% 557.81% #DIV/0!

Gross Profit Margin 5.83% 19.42% 18.55% 14.57% #DIV/0!

--------------------------------- --------- --------- --------- --------- ---------

INVESTOR ANALYSIS 2019 2018 2017 2016 2015
--------------------------------- --------- --------- --------- --------- ---------
Degree of Financial Leverage #N/A 1.05 1.04 1.06 #DIV/0!
Earnings per Share (1.12) 17.85 13.43 7.61 -
Price/Earnings Ratio (282.49) 20.99 25.15 19.91 #DIV/0!

Percentage of Earnings Retained #N/A 100.00% 100.00% 100.00% #DIV/0!

Dividend Payout -733.93% 38.32% 42.29% 57.29% #DIV/0!
Dividend Yield 2.60% 1.83% 1.68% 2.88% #DIV/0!

Book Value per Share (14.77) 0.72 0.70 1.42 #DIV/0!

Materiality of Options #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oper. Cash Flow per Share #N/A #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oper. Cash Flow/Cash Dividends #N/A #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Year-end Market Price 316.39 374.71 337.71 151.51 0.00
================================= ========= ========= ========= ========= =========
FinSAS Version 20111028 Documentation
-
LIQUIDITY
-
Gross Receivables
Days' Sales in Receivables ---------------------------
Net Sales / 365

Net Sales
Accounts Receivable Turnover ----------------------------------------
Average (Gross Receivables)

365
A/R Turnover in Days --------------------------------------------
Accounts Receivable Turnover

Ending Inventory
Days' Sales in Inventory -----------------------------------
Cost of Goods Sold / 365

Cost of Goods Sold

Inventory Turnover ---------------------------------
Average (Inventories)

365
Inventory Turnover in Days --------------------------------------
Inventory Turnover

Operating Cycle A/R Turnover in Days + Inventory Turnover in Days

Working Capital Total Current Assets - Total Current Liabilities

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Total Current Assets
Current Ratio ----------------------------------
Total Current Liabilities

Cash + Marketable Securities + Net Trade Receivables

Acid Test ---------------------------------------------------------------------------------
Total Current Liabilities

Cash + Marketable Securities

Cash Ratio ---------------------------------------------
Total Current Liabilities

Net Sales
Sales to Working Capital ------------------------------------
Average (Working Capital)

Cash Flow from Operations

Cash Flow/Cur. Mat. of Debt &
---------------------------------------------------------------------
NP
Short Term Loans + Current Maturity of L.t. Debt

Copyright © 2013 Cengage Learning

-
LONG-TERM DEBT-PAYING
ABILITY
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Times Interest Earned --------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest

Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest Portion of Rentals
Fixed Charge Coverage -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals

Total Liabilities
Debt Ratio --------------------------------
Total Assets

Total Liabilities
Debt/Equity ------------------------
Total Equity

Total Liabilities
Debt to Tangible Net Worth -----------------------------------------------
Total Equity - Intangible Assets

Cash Flow from Operations

Cash Flow/Total Debt ----------------------------------------
Total Liabilities

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-
PROFITABILITY
-
N.I. before Noncontr. Inc. – Equity in Earnings of Assoc.; Profit (Loss)
Net Profit Margin ---------------------------------------------------------------------------------------
Net Sales

Net Sales
Total Asset Turnover ---------------------------------
Average (Total Assets)

N.I. before Noncontr. Inc.

Return on Assets -----------------------------
Average (Total Assets)

Operating Income
Operating Income Margin -------------------------
Net Sales

Net Sales
Operating Asset Turnover --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)

Operating Income
Return on Operating Assets --------------------------------------------------------------------------------------------------------------------------------------------------------------
Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)

Net Sales
Sales to Fixed Assets -------------------------------------------------------------------------------------------------------
Average (Net Tangible (Fixed) Assets (other than construction in progress))

N.I. before Noncontr. Inc. + {(1- Tax Rate) * Interest Expense (no capitalized interest)}
Return on Investment ------------------------------------------------------------------------------------------------
Average (Total Liabilities and Equity - Total Current Liabilities)

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N.I. before Nonrecurring Items - Dividends on Redeemable Pref.
Return on Total Equity ----------------------------------------------------------------------------------------
Average (Total Equity)

N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Return on Common Equity ---------------------------------------------------------------------------------------------------------------------------------------------
Average (Common Equity-incl. Ret. Ern.)

Gross Profit
Gross Profit Margin --------------------
Net Sales

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-
INVESTOR ANALYSIS
-
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
Degree of Financial Leverage ------------------------------------------------------------------------------------------------------------------------------------------------------
Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss)

Earnings per Share Dil. Earn. per Sh. before Nonrec. Items

Market Price per Common Share

Price/Earnings Ratio ----------------------------------------------
Dil. Earn. per Sh. before Nonrec. Items

N.I. before Nonrecurring Items - Total Cash Dividends

Percentage of Earnings Retained ---------------------------------------------------------
N.I. before Nonrecurring Items

Dividends per Common Share

Dividend Payout ----------------------------------------------
Dil. Earn. per Sh. before Nonrec. Items

Dividends per Common Share

Dividend Yield ----------------------------------------------
Market Price per Common Share

Common Equity-incl. Ret. Ern.

Book Value per Share ---------------------------------------------
Common Shares Outstanding

Option expense
Materiality of Options ---------------------------------------------------------------
Net income bef. nonrec. items not incl. opt. exp.

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Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
Oper. Cash Flow per Share ---------------------------------------------------------------------------------------------------------------------------------------
Diluted Weighted Average Common Shares

Cash Flow from Operations

Oper. Cash Flow/Cash Dividends ---------------------------------------
Total Cash Dividends

Year-end Market Price Market Price per Common Share

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