10

20 1.2 .


.
%10
.
.

Profitability Ratios

-
Gross Profit Margin
.


-
Net Profit Margin

 .
.

.


- ) (
Return On Equity ROE
.

= ) * 0.5 +
(



.
= 20,500 =( 21,000 + 20,000) *0.5
= 4,000
= % 19.5 =20,500 / 4,000

.


.

-
Return On Assets
)
( .


.
.


.


Efficiency Ratios or Asset Management Ratios or Activity
Ratios

-
Inventory Turnover
) (
) ( .

= ) 365
( /

 -
Receivables Turnover
)
( . =
) 365 ( /
.


-
Total Assets Turnover

) ( .



Liquidity Ratios or Financial Strength Ratios

-
Current Ratio
.

.

 .


-
Quick ratio
)
( .



) (
Financial Leverage ratios or debt ratios

-
Debt Ratio
.
.
- ) (
Debt to equity Ratio
.

 -
Dividend Yield

.
.


-
Payout Ratio
.


Market Value Ratios

 - ) (
Price to Earnings Ratio P/E
)
( .

-
Market to Book Value

= /

.

2005
2004

1,500,000
1,410,000

780,000
685,000

820,000
725,000

546,000
420,000

1,820,000
1,500,000

3,300,000
2,700,000

1,550,000
1,330,000

1,910,000
1,400,000

1,390,000
1,300,000

380,000
260,000
112
31,500,000
390,000

350,000
310,000
127
31,500,000
455,000

1,345,350

365,000

285,000

3,000,000

17.3

14.4

44.1

2005
Gross Profit Margin

54.7%
Net Profit Margin

36.4%
Return On Equity

40.6%
((ROE

Return On Assets
18.2%
((ROA
Inventory Turnover

12.14
Accounts Receivable
5.26
Turnover

0.5 Total Assets Turnover

Current Ratio

1.17

Quick Ratio
Debt Ratio

0.95

0.58

Debt to Equity Ratio
137.4%

Dividend Yield
11.4%
Payout Ratio

83.3%
Price to Earning Ratio 7.3

Market to Book value
2.9

:
. -
1995
Intermediate Financial Management, Eugene Brigham et al.,
Dryden Press, 1999
Corporate Finance, Stephen Ross et al., McGraw-Hill, 2002

E. Brigham et al., Intermediate Financial Management,

.Sixth Edition, The Dryden Press, 1999
Ross et al., Corporate Finance, Sixth Edition, McGraw-Hill,
.2002