学习CMA要知道CMA考试也是需要考公式的，今天我们来看看Financial Ratios这个知识点中的公式，不知道你准备的怎么样呢？小编给你说说哦！

Unless otherwise indicated, end of year data is used for balance sheet items; full year data is used forincome statement and statement of cash flow items.

Liquidity

a(1) Current ratio = current assets / current liabilities

a(2) Quick ratio or acid test ratio = (cash + marketable securities + accounts receivable) /

current liabilities

a(3) Cash ratio = (cash + marketable securities) / current liabilities

a(4) Cash flow ratio = operating cash flow / current liabilities

a(5) Net working capital ratio = net working capital / total assets

Leverage

f(1) Degree of financial leverage = % change in net income / % change in EBIT, or

= EBIT / EBT

f(2) Degree of operating leverage = % change in EBIT / % change in sales, or

= contribution margin / EBIT

h. Financial leverage ratio = assets / equity

i(1) Debt to equity ratio = total debt / equity

i(2) Long-term debt to equity ratio = (total debt – current liabilities) / equity

i(3) Debt to total assets ratio = total debt / total assets

j(1) Fixed charge coverage = earnings before fixed charges and taxes / fixed charges

fixed charges include interest, required principal repayment, and leases

j(2) Interest coverage (times interest earned) = EBIT / interest expense

j(3) Cash flow to fixed charges = (cash from operations + fixed charges + tax payments) / fixed

charges. Note: cash from operations is after-tax.

Activity

l(1) Accounts receivable turnover = credit sales / average gross accounts receivables

l(2) Inventory turnover = cost of goods sold / average inventory

l(3) Accounts payable turnover = credit purchases / average accounts payable

m(1) Days sales in receivables = average accounts receivable / (credit sales / 365), or

= 365 / accounts receivable turnover

m(2) Days sales in inventory = average inventory / (cost of sales / 365), or

= 365 / inventory turnover

m(3) Days purchases in payables = average payables / (purchase / 365), or

= 365 / payables turnover

n(1) Operating cycle = days sales in receivables + days sales in inventory

n(2) Cash cycle = Operating cycle – days purchases in payables

o(1) Total asset turnover = sales / average total assets

o(2) Fixed asset turnover = sales / average net plant, property and equipment

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Profitability

p(1) Gross profit margin percentage = gross profit / sales

p(2) Operating profit margin percentage = operating income / sales

p(3) Net profit margin percentage = net income / sales

p(4) EBITDA margin = EBITDA / sales

q(1) ROA = net income / average total assets

q(2) ROE = net income / average equity

Market

r(1) Market-to-book ratio = current stock price / book value per share

r(2) Price earnings ratio = market price per share / EPS

s. Book value per share = (total stockholders’ equity – preferred equity) /

number of common shares outstanding

u(1) Basic EPS = (net income – preferred dividends) / weighted average common shares

outstanding

(Number of shares outstanding is weighted by the number of months shares are

outstanding)

u(2) Diluted EPS = (net income – preferred dividends) / diluted weighted average common

shares outstanding

(Diluted EPS adjusts common shares by adding shares that may be issued for convertible

securities and options)

v(1) Earnings yield = EPS / current market price per common share

v(2) Dividend yield = annual dividends per share / market price per share

v(3) Dividend payout ratio = common dividend / earnings available to common shareholders

v(4) Shareholder return = (ending stock price – beginning stock price + annual dividends per

share) / beginning stock price