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FINANCIAL ANALYSIS MODEL


Note: Enter data in Blue-coded cells; Black cells are computer generated
ANALYST'S NAME
NAME OF COMPANY
FIRST CALENDAR YEAR OF
DATA
NUMBER OF YEARS OF DATA

INCOME STATEMENT
Sales Revenue
Less: Cost of Goods Sold
Gross Profits
Less: Operating Expenses:
Selling Expense
Depreciation Expense
Total Operating Expenses
Operating Profits
Less: Interest Expense
Non Operating Income/
Expense
Net Profits Before Taxes
Less: Taxes
Net Profit After Taxes
Less: Pref. Stock Divds.
Earnings Available for Common
Stockholders

BALANCE SHEET
Current Assets:
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Other Current Assets
Total Current Assets
Gross Fixed Assets (at cost):
Gross Plant, Property &Equipment
Total Gross Fixed Assets
Less: Accumulated Depreciation
Net Fixed Assets
Other Assets
Total Assets
Current Liabilities:
Accounts Payable
Accruals
Taxes Payable
Other Current Liabilities
Total Current Liabilities
L / T Debt (Inc. Financial Leases)
Total Liabilities
Preferred Stock
Common Stock
Paid-In Capital In Excess of Par
Retained Earnings

Professor Dee Malone


Apple Inc.

2006
5

2006
$19,315
$13,507
$5,808

2007
$24,006
$15,555
$8,451

2008
$32,479
$20,898
$11,581

2009
2010
$42,905
$65,225
$24,999
$38,609
$17,906 $26,616
=IF($B$8>4,F13-F14," ")

$3,145
$210
$3,355
$2,453
$0

$3,745
$297
$4,042
$4,409
$0

$4,870
$436
$5,306
$6,275
$0

$5,482
$7,299
$684
$932
$6,166 $8,231
=IF($B$8>4,SUM(F17:F20)," ")
$11,740 $18,385
=IF($B$8>4,F15-F21," ")
$0
$0

$365
$2,818
$829
$1,989
$0

$599
$5,008
$1,512
$3,496
$0

$620
$6,895
$2,061
$4,834
$0

$326
$155
$12,066 $18,540
=IF($B$8>4,F22-F23," ")
$3,831
$4,527
$8,235 $14,013
=IF($B$8>4,F24-F25," ")
$0
$0

$1,989

$3,496

$4,834

$10,110
$2,845
$270
$208
$1,076
$14,509

$15,386
$4,029
$346
$417
$1,778
$21,956

$24,490
$4,704
$509
$475
$4,512
$34,690

$23,464
$25,620
$5,057
$9,924
$455
$1,051
$309
$157
$2,270
$4,926
$31,555 $41,678
=IF($B$8>4,SUM(F33:F36)," ")

$2,075
$2,075
$794
$1,281
$1,415
$17,205

$2,841
$2,841
$1,009
$1,832
$1,559
$25,347

$3,747
$3,747
$1,292
$2,455
$2,427
$39,572

$4,667
$7,234
$4,667 $7,234
=IF($B$8>4,SUM(F39:F43)," ")
$1,713
$2,466
$2,954
$4,768 =IF($B$8>4,F44-F45," ")
$12,992
$28,737
$47,501
$75,183 =IF($B$8>4,F37+F46," ")

2006
$3,390
$2,011
$0
$1,070
$6,471
$750
$7,221
$0
$4,355
$0
$5,629

2007
$4,970
$2,374
$0
$1,955
$9,299
$1,516
$10,815
$0
$5,368
$0
$9,164

2008
$5,520
$3,038
$0
$5,534
$14,092
$4,450
$18,542
$0
$7,177
$0
$13,853

2009
2010
=IF($B$8>4,F37+F46," ")
$5,601
$12,015
$3,197
$4,850
$430
$210
$2,278
$3,647
$11,506 $20,722
=IF($B$8>4,SUM(F51:F55)," ")
$4,355
$6,670
$15,861 $27,392
=IF($B$8>4,F56+F57," ")
$0
$0
$8,210
$10,668
$0
$0
$23,430
$37,123

$8,235

$14,013 IF($B$8>4,F26-F27," ")

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112

A
Total Stockholders' Equity
Total Liabs. & Stockhldrs' Equity
Reconciliation TA & TL/SE
Number of Common Shares
End-of-Year Stock Price

B
$9,984
$17,205
$0
855
$76.98

C
$14,532
$25,347
$0
872
$153.47

D
$21,030
$39,572
$0
888
$113.66

2.24
2.00

2.36
2.09

2.46
2.07

2.74 2.01
2.48

50.03
53.03
15.08
1.12

44.96
60.42
13.10
0.95

41.06
52.14
13.23
0.82

54.94
42.43
14.52 13.68
0.90 0.87

36.74 =IF($B$8>4,F14/F36," ")


54.77 =IF($B$8>4,F35/(F13/360)," ")
=IF($B$8>4,F13/F46," ")
=IF($B$8>4,F13/F48," ")

Debt Ratio
Debt-to-Equity
Times Interest Earned

0.42
0.08
#DIV/0!

0.43
0.10
#DIV/0!

0.47
0.21
#DIV/0!

0.33 0.36
0.14 0.14
#DIV/0! #DIV/0!

=IF($B$8>4,F58/F48," ")
=IF($B$8>4,F57/F63," ")
=IF($B$8>4,F22/F23," ")

Gross Profit Margin


Operating Profit Margin
Net Profit Margin

30.07%
12.70%
10.30%

35.20%
18.37%
14.56%

35.66%
19.32%
14.88%

41.73%
40.81% =IF($B$8>4,F15/F13," ")
27.36% 28.19%
=IF($B$8>4,F22/F13," ")
19.19% 21.48%
=IF($B$8>4,F26/F13," ")

Return on Total Assets (ROA)


Return on Equity (ROE)

11.56%
19.92%

13.79%
24.06%

12.22%
22.99%

17.34% 18.64%
26.03% 29.32%

=IF($B$8>4,F26/F48," ")
=IF($B$8>4,F26/F63," ")

Earnings Per Share

$2.33

$4.01

$5.44

$9.15 $15.30

=IF($B$8>4,F28/F66," ")

Price/Earnings Ratio

33.10

38.29

20.89

20.25 18.55

=IF(AND(F67>0,F89>0),F67/F89," ")

10.30%
112.26%
11.56%
11.56%
172.33%
19.92%

14.56%
94.71%
13.79%
13.79%
174.42%
24.06%

14.88%
82.08%
12.22%
12.22%
188.17%
22.99%

19.19%
90.32%
17.34%
17.34%
150.13%
26.03%

2006

2007
$3,496
$215
($1,184)
($76)
($209)
($846)
$1,580
$363
$0
$885
$4,224

2008
$4,834
$283
($675)
($163)
($58)
($3,602)
$550
$664
$0
$3,579
$5,412

2009
$8,235
$421
($353)
$54
$166
($8,323)
$81
$159
$430
($3,256)
($2,386)

2010
$14,013
$753
($4,867)
($596)
$152
($18,401)
$6,414
$1,653
($220)
$1,369
$270

($766)
($766)

($906)
($906)

($920)
($920)

($2,567)
($2,567)

RATIO ANALYSIS
Current Ratio
Quick Ratio
Inventory Turnover
Average Collection Period
Fixed Asset Turnover
Total Asset Turnover

DUPONT ANALYSIS
Net Profit AT/Sales
Sales/Total Assets
ROA
Net Profit AT/Total Assets
Total Assets/Stockhldrs. Equity
ROE

STATEMENT OF CASH FLOWS


CASH FLOW FROM OPERATING
ACTIVITIES
Net Profit After Taxes
Depreciation
Decrease in Accts. Receiv.
Decrease in Inventories
Decrease in Prepaid Expenses
Decrease in Other Assets
Increase in Accounts Pay.
Increase in Accruals
Increase in Taxes Payable
Increase in Other Cur. Lia.
Cash Flow from Oper. Act.

CASH FLOW FROM


INVESTMENT ACTIVITIES
114 Increase in Gross Fixed Assets
115 Cash Flow from Investments
116

E
F
$31,640 $47,791
$47,501 $75,183
$0
$0
900
916
$185.35
$283.75

G
H
=IF($B$8>4,SUM(F59:F62)," ")
=IF($B$8>4,F58+F63," ")
=IF($B$8>4,F64-F48," ")

=IF($B$8>4,F37/F56," ")
1.72 =IF($B$8>4,(F37-F36)/F56," ")

21.48%
86.75%
18.64%
18.64%
157.32%
29.32%

113

=IF($B$8>4,F26/F13," ")
=IF($B$8>4,F13/F48," ")
=IF($B$8>4,F94*F95," ")
=IF($B$8>4,F26/F48," ")
=IF($B$8>4,F48/F63," ")
=IF($B$8>4,F97*F98," ")

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118
119
120
121
122

A
CASH FLOW FROM FINANCING
ACTIVITIES
Increase in Notes Payable
Increase in Long-Term Debt
Changes in Stockholders' Equity
Preferred Dividends Paid
Common Dividends paid/
Additional paid in capital
Cash Flow from Financing Activities

123
124
125 Net Incr. in Cash / Mark. Securities

$0
$766
$1,013
$0

$0
$2,934
$1,809
$0

$0
($95)
$1,033
$0

$0
$2,315
$2,458
$0

$39
$1,818

($145)
$4,598

$1,342
$2,280

($320)
$4,453

$5,276

$9,104

($1,026)

$2,156