Formula Library — công thức CMA Part 1 & Part 2

230 công thức CMA, giải thích bằng tiếng Việt: ý nghĩa từng biến, khi nào dùng, ví dụ số và lỗi thường gặp. Miễn phí, không cần đăng nhập.

Khác

33 công thức

Khác (33)

Price Variance (PV)

\displaystyle \text{PV} = \text{AQ} (\text{Purchased}) \times (\text{AP} - \text{SP})

Usage Variance (UV)

\displaystyle \text{UV} = \text{SP} \times (\text{AQ} (\text{Used}) - \text{SQ} (\text{Allowed}))

Labor Rate Variance (RV)

\displaystyle \text{RV} = \text{AH} \times (\text{AR} - \text{SR})

Labor Efficiency Variance (EV)

\displaystyle \text{EV} = \text{SR} \times (\text{AH} - \text{SH})

Variable Overhead Spending Variance

\displaystyle \text{VOH Spending} = \text{AH} \times (\text{AR} - \text{SR})

Variable Overhead Efficiency Variance

\displaystyle \text{VOH Efficiency} = \text{SR} \times (\text{AH} - \text{SH})

Fixed Overhead Budget (Spending) Variance

\displaystyle \text{FOH Budget Variance} = \text{Actual FOH} - \text{Budgeted FOH}

Fixed Overhead Volume Variance

\displaystyle \text{FOH Volume Variance} = \text{Budgeted FOH} - (\text{SR} \times \text{SH})

Sales Price Variance (SPV)

\displaystyle \text{SPV} = \text{AQ} (\text{Sold}) \times (\text{AP} - \text{SP})

Sales Volume Variance (SVV)

\displaystyle \text{SVV} = (\text{AQ} (\text{Sold}) - \text{BQ}) \times \text{Budgeted CM per unit}

Sales Mix Variance

\displaystyle \text{Sales Mix Variance} = \sum [(\text{Actual Mix} \% - \text{Budgeted Mix} \%) \times \text{Total Actual Units} \times \text{Budgeted CM per unit}]

Sales Quantity (Yield) Variance

\displaystyle \text{Yield Variance} = (\text{Total Actual Units} - \text{Total Budgeted Units}) \times \text{Budgeted Mix} \% \times \text{Budgeted CM per unit}

Contribution Margin (CM)

\displaystyle \text{CM} = \text{Sales} - \text{Variable Costs}

Contribution Margin Ratio (CMR)

\displaystyle \text{CMR} = \text{CM} / \text{Sales}

Break-Even Point in Units (BEP)

\displaystyle \text{BEP} (\text{units}) = \text{Fixed Costs} / \text{CM per unit}

Break-Even Point in Sales $

\displaystyle \text{BEP} (\$) = \text{Fixed Costs} / \text{CMR}

Margin of Safety (MOS)

\displaystyle \text{MOS} = \text{Actual} (\text{or Budgeted}) \text{Sales} - \text{Break-Even Sales}

Target Profit — Units Required

\displaystyle \text{Required Units} = (\text{Fixed Costs} + \text{Target Profit}) / \text{CM per unit}

Return on Investment (ROI)

\displaystyle \text{ROI} = \text{Operating Income} / \text{Average Invested Capital}

Residual Income (RI)

\displaystyle \text{RI} = \text{Operating Income} - (\text{Invested Capital} \times \text{Required Rate of Return})

Economic Value Added (EVA)

\displaystyle \text{EVA} = \text{NOPAT} - (\text{Invested Capital} \times \text{WACC})

Asset Turnover

\displaystyle \text{Asset Turnover} = \text{Sales} / \text{Average Total Assets}

Profit Margin

\displaystyle \text{Profit Margin} = \text{Operating Income} / \text{Sales}

Net Present Value (NPV)

\displaystyle \text{NPV} = \sum [ \text{CF} \dfrac{t}{1 + r} ^{t} ] - \text{Initial Investment}

Internal Rate of Return (IRR)

\displaystyle \text{IRR là r sao cho NPV} = 0

Payback Period (PP)

\displaystyle \text{Payback} = \text{Initial Investment} / \text{Annual Net Cash Inflow}

Profitability Index (PI)

\displaystyle \text{PI} = \text{PV of Future Cash Flows} / \text{Initial Investment}

Weighted Average Cost of Capital (WACC)

\displaystyle \text{WACC} = (\text{E/V}) \times \text{Re} + (\text{D/V}) \times \text{Rd} \times (1 - T)

Economic Order Quantity (EOQ)

\displaystyle \text{EOQ} = √( (2 \times D \times S) / H )

Days Sales Outstanding (DSO)

\displaystyle \text{DSO} = (\text{Average Accounts Receivable} / \text{Net Credit Sales}) \times 365

Days Inventory Outstanding (DIO)

\displaystyle \text{DIO} = (\text{Average Inventory} / \text{COGS}) \times 365

Days Payables Outstanding (DPO)

\displaystyle \text{DPO} = (\text{Average Accounts Payable} / \text{COGS}) \times 365

Cash Conversion Cycle (CCC)

\displaystyle \text{CCC} = \text{DSO} + \text{DIO} - \text{DPO}

Part 1

86 công thức

External Financial Report (16)

Accounting equation

\displaystyle \text{Assets} = \text{Liabilities} + \text{Owners' equity}

Comprehensive income

\displaystyle \text{Comprehensive income} = \text{Net income} + \text{Other comprehensive income}

Contribution margin

\displaystyle \text{Contribution margin} = \text{Sales revenue} - \text{Variable costs}

Cost model carrying value

\displaystyle \text{Cost model carrying value} = \text{Historical cost} - \text{Accumulated depreciation} - \text{Impairment}

Declining balance depreciation

\displaystyle \text{Declining balance depreciation expense} = 2 \times (1/n) \times (\text{Cost} - \text{Accumulated depreciation})

Impairment loss: Assets held for disposal

\displaystyle \text{Total impairment loss} = \text{FV or PV future net cash flows} - \text{Net carrying value} + \text{Cost of disposal}

Impairment loss: Assets held for use

\displaystyle \text{Impairment loss} = \text{FV or PV future net cash flows} - \text{Net carrying value}

Income tax expense (benefit)

\displaystyle \text{Total income tax expense or benefit} = \text{Current income tax payable or refundable} \pm \text{Change in the deferred income tax asset or liability}

Price index (for dollar-value LIFO)

\displaystyle \text{Price index} = \text{Ending inventory at current year cost} / \text{Ending inventory at base year cost}

Units-of-production depreciation

\displaystyle \text{Units-of-production depreciation} = \text{Rate per unit} \times \text{Number of units produced}; \text{Rate per unit} = (\text{Cost} - \text{Salvage value}) / \text{Estimated units or hours}

Retained earnings

\displaystyle \text{Retained earnings} = \text{Beginning RE} + \text{Net income} - \text{Dividends} \pm \text{Prior period adjustments} \pm \text{Accounting changes reported retrospectively}

Revaluation model carrying value

\displaystyle \text{Revaluation model carrying value} = \text{Fair value at revaluation date} - \text{Subsequent accumulated depreciation} + \text{Subsequent impairment}

Straight-line depreciation

\displaystyle \text{Straight-line depreciation} = (\text{Cost} - \text{Salvage value}) / \text{Estimated useful life}

Sum-of-the-years' digits

\displaystyle \text{Sum-of-the-years' digits} = N \times (N + 1) / 2

Sum-of-the-years' digits depreciation

\displaystyle \text{Sum-of-the-years' digits depreciation} = (\text{Cost} - \text{Salvage value}) \times (\text{Remaining life of asset} / \text{Sum-of-the-years' digits})

Weighted average cost per unit

\displaystyle \text{Weighted average cost per unit} = \text{Cost of goods available for sale during the period} / \text{Number of units available during the period}

Planning, Budgeting and Forecasting (11)

Budgeted production

\displaystyle \text{Budgeted production} = \text{Budgeted sales} + \text{Desired ending inventory} - \text{Beginning inventory}

Cash budget

\displaystyle \text{Ending cash balance} = \text{Beginning cash} + \text{Cash collections from sales} - \text{Cash disbursements for purchases and operating expenses}

Cost of direct materials to be purchased

\displaystyle \text{Cost of DM to be purchased} = \text{Units of DM to be purchased for the period} \times \text{Cost per unit}

Cost of goods manufactured

\displaystyle \text{COGM} = \text{Total manufacturing costs} (\text{DM} + \text{DL} + \text{OH}) + \text{Beginning WIP inventory} - \text{Ending WIP inventory}

Cost of goods sold (manufacturer)

\displaystyle \text{COGS} = \text{Beginning finished goods} + \text{COGM} - \text{Ending finished goods}

Cost of goods sold (retailer)

\displaystyle \text{COGS} = \text{Beginning inventory} + \text{Purchases} - \text{Ending inventory}

Direct materials usage

\displaystyle \text{Direct materials usage} = \text{Beginning inventory at cost} + \text{Purchases at cost} - \text{Ending inventory at cost}

Regression equation (multiple regression)

\displaystyle y = a + b_{1} x_{1} + b_{2} x_{2} + ... + b_{i} x_{i}

Regression equation (simple regression)

\displaystyle y = a + \text{B x}

Total wages (direct labor budget)

\displaystyle \text{Total wages} = \text{Budgeted production} (\text{units}) \times \text{Hours per unit} \times \text{Hourly wage rate}

Units of direct materials to be purchased

\displaystyle \text{Units of DM to be purchased} = \text{Units needed for production} + \text{Desired ending inventory} - \text{Beginning inventory}

Performance Management (34)

Asset turnover

\displaystyle \text{Asset turnover} = \text{Sales} / \text{Assets}

Contribution margin

\displaystyle \text{Contribution margin} = \text{Sales revenue} - \text{Variable costs}

Direct labor efficiency variance

\displaystyle \text{DL efficiency variance} = \text{Standard rate} \times (\text{Actual hours worked} - \text{Standard hours allowed}) = \text{SR} \times (\text{AH} - \text{SH})

Direct labor mix variance

\displaystyle \text{DL mix variance} = \text{Sum of total hours worked} \times (\text{WASRA mix} - \text{WASRS mix})

Direct labor rate variance

\displaystyle \text{DL rate variance} = \text{Actual hours worked} \times (\text{Actual rate} - \text{Standard rate}) = \text{AH} \times (\text{AR} - \text{SR})

Direct labor yield variance

\displaystyle \text{DL yield variance} = \text{WASRS mix} \times (\text{Sum of total hours worked} - \text{Sum of total hours allowed})

Direct materials mix variance

\displaystyle \text{DM mix variance} = \text{Sum of total quantities of materials used} \times (\text{WASPA mix} - \text{WASPS mix})

Direct materials price variance

\displaystyle \text{DM price variance} = \text{Actual quantity purchased} \times (\text{Actual price} - \text{Standard price}) = \text{AQ}(\text{purchased}) \times (\text{AP} - \text{SP})

Direct materials quantity usage variance

\displaystyle \text{DM quantity usage variance} = \text{Standard price} \times (\text{Actual quantity used} - \text{Standard quantity allowed}) = \text{SP} \times (\text{AQ}(\text{used}) - \text{SQ}(\text{allowed}))

Direct materials yield variance

\displaystyle \text{DM yield variance} = \text{WASPS mix} \times (\text{Sum of total quantities of materials used} - \text{Sum of total quantities of materials allowed})

DuPont ROE

\displaystyle \text{DuPont ROE} = \text{Net profit margin} \times \text{Asset turnover} \times \text{Financial leverage} = (\text{Net income} / \text{Sales}) \times (\text{Sales} / \text{Assets}) \times (\text{Assets} / \text{Equity})

EBIT margin

\displaystyle \text{EBIT margin} = \text{EBIT} / \text{Sales}

Extended DuPont ROE

\displaystyle \text{Extended DuPont ROE} = \text{Tax burden} \times \text{Interest burden} \times \text{EBIT margin} \times \text{Asset turnover} \times \text{Financial leverage}

Financial leverage

\displaystyle \text{Financial leverage} = \text{Assets} / \text{Equity}

Flexible budget overhead variance (three-way)

\displaystyle \text{Flexible budget OH variance} = \text{Total OH spending variance} + \text{Variable OH efficiency variance}

Interest burden

\displaystyle \text{Interest burden} = \text{Pretax income} / \text{EBIT}

Net profit margin

\displaystyle \text{Net profit margin} = \text{Net income} / \text{Sales}

Overapplied or underapplied overhead (one-way)

\displaystyle \text{Overapplied or underapplied OH} = \text{Total actual OH} - \text{Total OH applied}

Overapplied or underapplied overhead (two-way)

\displaystyle \text{Overapplied or underapplied OH} = \text{Flexible budget OH variance} + \text{Production volume variance}

Residual income

\displaystyle \text{Residual income} = \text{Net income} - \text{Required return}; \text{Required return} = \text{Net book value} (\text{Equity}) \times \text{Hurdle rate}

Return on equity (ROE)

\displaystyle \text{ROE} = \text{Net income} / \text{Equity}

Return on investment (ROI)

\displaystyle \text{ROI} = \text{Income} / \text{Investment capital} = \text{Profit margin} \times \text{Investment turnover}

Sales mix variance

\displaystyle \text{Sales mix variance} = (\text{Actual sales mix ratio} - \text{Budgeted sales mix ratio}) \times \text{Total units of all products sold} \times \text{Budgeted contribution margin per unit}

Sales price variance

\displaystyle \text{Sales price variance} = \text{Actual quantity sold} \times (\text{Actual price} - \text{Standard price}) = \text{AQ}(\text{sold}) \times (\text{AP} - \text{SP})

Sales volume variance

\displaystyle \text{Sales volume variance} = \text{Standard price} \times (\text{Actual quantity} - \text{Standard quantity}) = \text{SP} \times (\text{AQ} - \text{SQ})

Standard direct labor

\displaystyle \text{Standard DL} = \text{Standard rate per labor hour} \times \text{Standard hours per unit of production}

Standard direct materials

\displaystyle \text{Standard DM} = \text{Standard price per unit} \times \text{Standard quantity of one unit of production}

Standard overhead

\displaystyle \text{Standard OH} = \text{Standard} (\text{predetermined}) \text{application rate} \times \text{Standard cost driver per unit}

Tax burden

\displaystyle \text{Tax burden} = \text{Net income} / \text{Pretax income}

Total OH spending variance (four-way)

\displaystyle \text{Total OH spending variance} = \text{Variable OH spending variance} + \text{Fixed OH spending variance}

WASPA mix (Weighted avg std price for actual mix)

\displaystyle \text{WASPA mix} = \sum (\text{Actual quantity} \times \text{Standard price}) / \sum (\text{Actual quantities})

WASPS mix (Weighted avg std price for standard mix)

\displaystyle \text{WASPS mix} = \sum (\text{Standard quantity} \times \text{Standard price}) / \sum (\text{Standard quantities})

WASRA mix (Weighted avg std rate for actual mix)

\displaystyle \text{WASRA mix} = \sum (\text{Actual hours} \times \text{Standard rate}) / \sum (\text{Actual hours})

WASRS mix (Weighted avg std rate for standard mix)

\displaystyle \text{WASRS mix} = \sum (\text{Standard hours} \times \text{Standard rate}) / \sum (\text{Standard hours})

Cost Management (25)

Absorption costing equation

\displaystyle \text{Net income} = \text{Revenue} - \text{COGS} - \text{Operating expenses} (\text{fixed and variable})

Conversion cost

\displaystyle \text{Conversion cost} = \text{Direct labor cost} + \text{Overhead costs}

Departmental overhead application rate

\displaystyle \text{Departmental OH application rate} = \text{Budgeted department overhead costs} / \text{Budgeted department cost driver}

Equivalent cost per unit (FIFO)

\displaystyle \text{Equivalent cost per unit} (\text{FIFO}) = \text{Current costs only} / \text{Equivalent units}

Equivalent cost per unit (weighted average)

\displaystyle \text{Equivalent cost per unit} (\text{WA}) = (\text{Beginning costs} + \text{Current costs}) / \text{Equivalent units}

Equivalent units (FIFO)

\displaystyle \text{Equivalent units} (\text{FIFO}) = (\text{Beginning WIP} \times \% \text{to be completed}) + (\text{Units completed} - \text{Beginning WIP}) + (\text{Ending WIP} \times \% \text{completed})

Equivalent units (weighted average)

\displaystyle \text{Equivalent units} (\text{WA}) = \text{Units completed} + (\text{Ending WIP} \times \% \text{completed})

Finished goods inventory

\displaystyle \text{Ending FG} = \text{Beginning FG} + \text{Inventory transferred from WIP} - \text{COGS}

Fixed overhead application rate

\displaystyle \text{Fixed OH application rate} = \text{Budgeted fixed overhead} / \text{Budgeted fixed overhead cost driver}

High-low method: Total cost

\displaystyle \text{Total cost} = \text{Fixed cost} + (\text{Variable cost per unit} \times \text{Number of units})

High-low method: Variable cost per unit

\displaystyle \text{Variable cost per unit} = \dfrac {\text{High cost} - \text{Low cost} }{\text{High volume} - \text{Low volume} }

Maximum throughput contribution margin

\displaystyle \text{Maximum throughput CM} = \text{Unit throughput CM} \times \text{Maximum number of units set by the constraint activity}

Net realizable value (for joint costing)

\displaystyle \text{Net realizable value} = \text{Final selling price} - \text{Identifiable costs incurred after split-off}

Overhead application rate (single)

\displaystyle \text{Overhead application rate} = \text{Total budgeted overhead costs} / \text{Total budgeted cost driver}

Predetermined overhead rate

\displaystyle \text{Predetermined overhead rate} = \text{Total budgeted overhead} / \text{Budgeted volume}

Prime costs

\displaystyle \text{Prime costs} = \text{Direct materials cost} + \text{Direct labor costs}

Raw materials inventory

\displaystyle \text{Ending RM} = \text{Beginning RM} + \text{Purchases} - \text{Raw materials used}

Throughput costing: Operating Income

\displaystyle \text{Operating income} = \text{Throughput contribution} - \text{Operating costs}

Total throughput contribution margin

\displaystyle \text{Total throughput CM} = \text{Sales revenue} - \text{Direct materials cost}

Units completed

\displaystyle \text{Units completed} = \text{BWIP} + \text{Units started} - \text{EWIP}

Units started and completed

\displaystyle \text{Units started and completed} = \text{Units completed} - \text{BWIP} = \text{Units started} - \text{EWIP}

Unit throughput contribution margin

\displaystyle \text{Unit throughput CM} = \text{Unit selling price} - \text{Materials Cost}

Variable (direct) costing equation

\displaystyle \text{Net income} = \text{Revenue} - \text{Variable costs} - \text{Fixed costs}

Variable overhead application rate

\displaystyle \text{Variable OH application rate} = \text{Budgeted variable overhead} / \text{Budgeted variable overhead cost driver}

Work-in-process inventory

\displaystyle \text{Ending WIP} = \text{Beginning WIP} + \text{Raw materials used} + \text{DL and OH used} - \text{Inventory transferred to FG}

Part 2

111 công thức

Financial Statement Analysis (46)

Accounts payable turnover

\displaystyle \text{Accounts payable turnover} = \text{Credit purchases} / \text{Average accounts payable}

Accounts receivable turnover

\displaystyle \text{Accounts receivable turnover} = \text{Credit sales} / \text{Average accounts receivable}

Annual growth rate

\displaystyle \text{Annual growth rate} = (\text{Current year amount} - \text{Prior year amount}) / \text{Prior year amount} \times 100

Basic earnings per share

\displaystyle \text{Basic EPS} = (\text{Net income} - \text{Preferred dividends}) / \text{Weighted average common shares outstanding}

Book value per share

\displaystyle \text{Book value per share} = (\text{Total stockholders' equity} - \text{Preferred equity}) / \text{Number of common shares outstanding}

Cash cycle

\displaystyle \text{Cash cycle} = \text{Operating cycle} - \text{Days purchases in accounts payable} = \text{Days in inventory} + \text{Days sales in AR} - \text{Days of payables outstanding}

Cash flow ratio

\displaystyle \text{Cash flow ratio} = \text{Cash flow from operating activities} / \text{Current liabilities}

Cash flow to fixed-charges ratio

\displaystyle \text{Cash flow to fixed-charges ratio} = (\text{Cash flow from operations} + \text{Fixed charges} + \text{Tax payments}) / \text{Fixed charges}

Cash ratio

\displaystyle \text{Cash ratio} = (\text{Cash} + \text{Marketable securities}) / \text{Current liabilities}

Common base-year statements

\displaystyle \text{Common base-year statements} = \text{Current year line item amount} / \text{Base year line item amount} \times 100

Common-size balance sheet

\displaystyle \text{Common-size balance sheet} = \text{Balance sheet line item} / \text{Total assets} \times 100

Common-size income statement

\displaystyle \text{Common-size income statement} = \text{Income statement line item} / \text{Net sales revenue} \times 100

Current ratio

\displaystyle \text{Current ratio} = \text{Current assets} / \text{Current liabilities}

Days purchases in accounts payables

\displaystyle \text{Days purchases in AP} = \text{Average AP} / (\text{Purchases} / 365) = 365 / \text{Payables turnover}

Days sales in accounts receivable

\displaystyle \text{Days sales outstanding in AR} = \text{Average AR} / (\text{Credit sales} / 365) = 365 / \text{AR turnover}

Days sales in inventory

\displaystyle \text{Days sales in inventory} = \text{Average inventory} / (\text{COGS} / 365) = 365 / \text{Inventory turnover}

Debt-to-equity ratio

\displaystyle \text{Debt-to-equity ratio} = \text{Total liabilities} / \text{Total equity}

Debt-to-total-assets ratio

\displaystyle \text{Debt-to-total-assets ratio} = \text{Total debt} / \text{Total assets}

Degree of financial leverage (DFL)

\displaystyle \text{DFL} = \% \text{change in net income} / \% \text{change in EBIT} = \text{EBIT} / (\text{EBIT} - \text{Interest})

Degree of operating leverage (DOL)

\displaystyle \text{DOL} = \% \text{change in EBIT} / \% \text{change in sales} = \text{Contribution margin} / \text{EBIT}

Diluted earnings per share

\displaystyle \text{Diluted EPS} = (\text{Net income} - \text{Preferred dividends}) / \text{Diluted weighted average common shares outstanding}

Dividend payout ratio

\displaystyle \text{Dividend payout ratio} = \text{Common dividend} / \text{Earnings available to common shareholders}

Dividend yield

\displaystyle \text{Dividend yield} = \text{Annual dividends per share} / \text{Current market price per share}

Earnings yield

\displaystyle \text{Earnings yield} = \text{Basic EPS} / \text{Current market price per common share}

EBITDA margin percentage

\displaystyle \text{EBITDA margin} \% = \text{EBITDA} / \text{Net sales}

Economic profit

\displaystyle \text{Economic profit} = \text{Revenue} - \text{Explicit costs} - \text{Implicit costs}

Financial leverage ratio

\displaystyle \text{Financial leverage ratio} = \text{Total assets} / \text{Total equity}

Fixed asset turnover

\displaystyle \text{Fixed asset turnover} = \text{Sales} / \text{Average property}, \text{plant}, \text{and equipment} (\text{Net})

Fixed-charge coverage ratio

\displaystyle \text{Fixed-charge coverage ratio} = \text{Earnings before fixed charges and taxes} / \text{Fixed charges}

Gross margin

\displaystyle \text{Gross margin} = \text{Gross profit} / \text{Net sales}

Inventory turnover

\displaystyle \text{Inventory turnover} = \text{COGS} / \text{Average inventory}

Long-term debt-to-equity ratio

\displaystyle \text{Long-term debt-to-equity ratio} = (\text{Total debt} - \text{Current liabilities}) / \text{Total equity}

Market-to-book ratio

\displaystyle \text{Market-to-book ratio} = \text{Current stock price} / \text{Book value per share}

Net profit margin percentage

\displaystyle \text{Net profit margin} \% = \text{Net income} / \text{Net sales}

Net working capital ratio

\displaystyle \text{Net working capital ratio} = \text{Net working capital} / \text{Total assets}

Operating cycle

\displaystyle \text{Operating cycle} = \text{Days sales in AR} + \text{Days sales in inventory}

Operating profit margin percentage

\displaystyle \text{Operating profit margin} \% = \text{Operating income} / \text{Net sales}

Percentage change (line item)

\displaystyle \% \text{change} = (\text{Current year} - \text{Prior year}) / \text{Prior year} \times 100

Price-earnings ratio

\displaystyle \text{P/E ratio} = \text{Market price per share} / \text{Earnings per share}

Quick ratio

\displaystyle \text{Quick ratio} = (\text{Cash} + \text{Short-term marketable securities} + \text{Receivables}) / \text{Current liabilities}

Return on assets (ROA)

\displaystyle \text{ROA} = \text{Net income} / \text{Average total assets} = \text{Net profit margin} \times \text{Total asset turnover}

Return on equity (ROE)

\displaystyle \text{ROE} = \text{Net income} / \text{Average equity} = \text{ROA} \times \text{Financial leverage}

Shareholder return

\displaystyle \text{Shareholder return} = (\text{Ending stock price} - \text{Beginning stock price} + \text{Annual dividends per share}) / \text{Beginning stock price}

Sustainable growth rate

\displaystyle \text{Sustainable growth rate} = (1 - \text{Dividend payout ratio}) \times \text{ROE} = \text{Retention ratio} \times \text{ROE}

Times interest earned ratio

\displaystyle \text{Times interest earned} = \text{EBIT} / \text{Interest expense}

Total asset turnover

\displaystyle \text{Total asset turnover} = \text{Sales} / \text{Average total assets}

Corporate Finance (36)

Accounting profit

\displaystyle \text{Accounting profit} = \text{Revenue} - \text{Explicit costs}

Annual cost (APR) of quick payment discount

\displaystyle \text{APR of quick payment discount} = (360 / (\text{Pay period} - \text{Discount period})) \times (\text{Discount} / (100 - \text{Discount} \%))

Annual percentage rate

\displaystyle \text{APR} = \text{Effective periodic interest rate} \times \text{Number of periods in a year}

Annual return

\displaystyle \text{Annual return} = (\text{Ending value} - \text{Beginning value} + \text{Income}) / \text{Beginning value}

Capital asset pricing model (CAPM)

\displaystyle R_{\text{ce}} = R_{f} + \beta \times (R_{m} - R_{f})

Capital return

\displaystyle \text{Capital return} = (\text{Ending value} - \text{Beginning value}) / \text{Beginning value}

Constant (Gordon) growth dividend discount model

\displaystyle P_{t} = D_\dfrac{t+1}{R - G}

Conversion premium

\displaystyle \text{Conversion premium} = \text{Convertible bond current price} - \text{Convertible bond conversion value}

Conversion ratio

\displaystyle \text{Conversion ratio} = \text{Par value} / \text{Conversion price}

Conversion value

\displaystyle \text{Conversion value} = \text{Current stock price} \times \text{Number of shares issued if bond is converted}

Cost of preferred stock

\displaystyle \text{Cost of preferred stock} = \text{Preferred stock dividends} / \text{Net proceeds of preferred stock}

Cost of retained earnings

\displaystyle \text{Cost of retained earnings} = D_{1} / P_{0} + g

Currency appreciation or depreciation rate

\displaystyle \text{Appreciation or depreciation rate} = (\text{End-of-period exchange rate} - \text{Beginning-of-period exchange rate}) / \text{Beginning-of-period exchange rate}

Effective annual interest rate

\displaystyle \text{Effective annual interest rate} = (1 + (i / p))^{p} - 1

Effective interest rate

\displaystyle \text{Effective interest rate} = \text{Interest paid} / \text{Net proceeds received}

Expected return for a portfolio

\displaystyle R_{p} = W_{1} R_{1} + W_{2} R_{2} + ... + W_{n} R_{n}

Forward price-earnings ratio

\displaystyle \text{Forward P/E ratio} = P_{0} / E_{1}

Free cash flow (FCF)

\displaystyle \text{FCF} = \text{EBIT} \times (1 - \text{Tax rate}) + \text{Noncash expenses} - \text{Increases in working capital} - \text{Capital expenditures}

Gordon growth model (using free cash flows)

\displaystyle \text{PV of cash flows} (\text{constantly growing}) = \text{FCF}_{1} / (R - G)

Income return

\displaystyle \text{Income return} = \text{Income} / \text{Beginning value}

Net working capital

\displaystyle \text{Net working capital} = \text{Current assets} - \text{Current liabilities}

Nominal interest rate

\displaystyle \text{Nominal interest rate} = \text{Real interest rate} + \text{Inflation rate}

Present value of a perpetuity

\displaystyle P = D / R

Present value of an annuity

\displaystyle \text{Annuity PV} = C \times (1 - 1 / (1 + r)^{t}) / r

Price-to-book ratio

\displaystyle \text{P/B ratio} = P_{0} / B_{0}

Price-to-sales ratio

\displaystyle \text{P/S ratio} = P_{0} / S_{1}

Ratio of exchange

\displaystyle \text{Ratio of exchange} = \text{Offer price per share} / \text{Market price of the acquiring entity}

Real interest rate

\displaystyle \text{Real interest rate} = \text{Nominal interest rate} - \text{Inflation rate}

Reorder point

\displaystyle \text{Reorder point} = \text{Safety stock} + (\text{Lead time} \times \text{Sales during lead time})

Total return

\displaystyle \text{Total return} = \text{Capital return} + \text{Income return} = (\text{Ending value} - \text{Beginning value} + \text{Income}) / \text{Beginning value}

Trailing price-earnings ratio

\displaystyle \text{Trailing P/E ratio} = P_{0} / E_{0}

Two-stage dividend discount model

\displaystyle \text{Stock value} = \sum [D_{0} (1 + g_{s})^{T} / (1 + r)^{T}] + [D_\dfrac{n+1} {r - g_{L}}] / (1 + r)^{n}

Value of equity with price-to-book ratio

\displaystyle P_{0} = (P_{0} / B_{0}) \times B_{0}

Value of equity with price-to-sales ratio

\displaystyle P_{0} = (P_{0} / S_{1}) \times S_{1}

Weighted average cost of capital (WACC)

\displaystyle \text{WACC} = (\text{E/V}) \times R_{e} + (\text{P/V}) \times R_{p} + (\text{D/V}) \times R_{d} \times (1 - T)

Weighted average interest rate

\displaystyle \text{Weighted average interest rate} = \text{Effective annual interest payments} / \text{Debt outstanding}

Decision Analysis (27)

After-tax benefit (revenue)

\displaystyle \text{After-tax benefit} = \text{Pretax benefit} \times (1 - \text{Tax rate})

After-tax cost

\displaystyle \text{After-tax cost} = \text{Pretax cost} \times (1 - \text{Tax rate})

After-tax income

\displaystyle \text{After-tax income} = \text{Pretax income} \times (1 - \text{Tax rate})

Average fixed cost

\displaystyle \text{Average fixed cost} = \text{Total fixed costs} / \text{Quantity produced}

Average total cost

\displaystyle \text{Average total cost} = \text{Total costs} / \text{Quantity produced}

Average variable cost

\displaystyle \text{Average variable cost} = \text{Total variable costs} / \text{Quantity produced}

Breakeven point (in dollars)

\displaystyle \text{Breakeven point in dollars} = \text{Unit price} \times \text{Breakeven point} (\text{in units})

Breakeven point (in units)

\displaystyle \text{Breakeven point in units} = \text{Total fixed costs} / \text{Contribution margin per unit}

Contribution margin

\displaystyle \text{Contribution margin} = \text{Sales revenue} - \text{All variable costs} = \text{CM per unit} \times \text{Number of units sold}

Contribution margin per unit

\displaystyle \text{CM per unit} = \text{Selling price per unit} - \text{Variable cost per unit}

Contribution margin ratio

\displaystyle \text{CM ratio} = \text{Total contribution margin} / \text{Total revenues} = \text{CM per unit} / \text{Selling price per unit}

Life-cycle cost per unit

\displaystyle \text{Life-cycle cost per unit} = \text{Total life-cycle costs} / \text{Total number of units expected over the life of the product}

Marginal cost

\displaystyle \text{Marginal cost} = \text{Change in total cost} / \text{Change in quantity produced}

Marginal revenue

\displaystyle \text{Marginal revenue} = \text{Change in total revenues} / \text{Change in quantity sold}

Margin of safety

\displaystyle \text{Margin of safety} (\text{in dollars}) = \text{Total sales} - \text{Breakeven sales}

Margin of safety ratio

\displaystyle \text{Margin of safety ratio} = \text{Margin of safety in dollars} / \text{Total sales}

Markup price: Percentage of cost

\displaystyle \text{Price} = \text{Product cost} \times (1 + \text{Markup percentage})

Markup price: Percentage of selling price

\displaystyle \text{Price} = \text{Product cost} / (1 - \text{Markup percentage})

Operating income (contribution approach)

\displaystyle \text{Operating income} = \text{Contribution margin} - \text{All fixed costs}

Percentage change in price

\displaystyle \% \text{change in price} = (\text{New price} - \text{Old price}) / ((\text{New price} + \text{Old price}) / 2)

Percentage change in quantity demanded

\displaystyle \% \text{change in quantity demanded} = (\text{New quantity} - \text{Old quantity}) / ((\text{New quantity} + \text{Old quantity}) / 2)

Pretax profit

\displaystyle \text{Pretax profit} = \text{After-tax income} / (1 - \text{Tax rate})

Price elasticity of demand

\displaystyle E_{p} = \% \text{change in quantity demanded} / \% \text{change in price}

Sales dollars needed to obtain a desired profit

\displaystyle \text{Sales dollars} = (\text{Fixed costs} + \text{Pretax profit}) / \text{Contribution margin ratio}

Sales units needed to obtain a desired profit

\displaystyle \text{Sales} (\text{units}) = (\text{Fixed costs} + \text{Pretax profit}) / \text{CM per unit}

Selling price based on assumed volume

\displaystyle \text{Sales price per unit} = (\text{Fixed costs} + \text{Variable cost} + \text{Pretax profit}) / \text{Number of units sold}

Target cost per unit

\displaystyle \text{Target cost per unit} = \text{Target price} - \text{Target operating income per unit}

Investment Decisions (2)

Net present value

\displaystyle \text{NPV} = [(\text{After-tax cash flows} + \text{Depreciation benefit}) \times \text{PV factor}] - \text{Initial cash outflow}

Payback period

\displaystyle \text{Payback period} = \text{Net initial investment} / \text{Average incremental cash flow}

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