biz-financial-ratios

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Financial Ratio Analysis

财务比率分析

Overview

概述

Financial ratio analysis transforms raw financial statements into comparable metrics across five categories. Ratios are meaningful only in context — compare against industry benchmarks, historical trends, and peer companies.

财务比率分析将原始财务报表转化为可对比的五大类指标。比率只有结合上下文才有意义——需与行业基准、历史趋势和同行企业进行对比。

When to Use

适用场景

Trigger conditions:

User has financial statements and needs to assess company health
User comparing financial performance across companies
User performing due diligence or credit analysis
User asks "is this company financially healthy?" or "analyze these numbers"

When NOT to use:

For valuation → use DCF or comparables
For ROE deep-dive → use DuPont Analysis
For strategic assessment → use SWOT

触发条件：

用户拥有财务报表，需要评估企业财务健康状况
用户需要对比多家企业的财务表现
用户正在开展尽职调查或信用分析
用户提问‘这家公司财务状况健康吗？’或‘分析这些数据’

不适用场景：

估值分析→使用DCF或可比公司法
ROE深度分析→使用杜邦分析
战略评估→使用SWOT分析

Framework

分析框架

IRON LAW: Ratios Without Context Are Meaningless

A current ratio of 1.5 means nothing alone. Is 1.5 good? Compare to:
1. Industry average (retail ~1.2, manufacturing ~1.8)
2. Company's own trend (was it 2.0 last year? → declining liquidity)
3. Peers (competitor has 2.5? → relatively weak)

NEVER report a ratio without at least one comparison point.

IRON LAW: All Five Categories, Every Time

Analyzing only profitability misses a leveraged company about to default.
Analyzing only liquidity misses a profitable company's growth potential.
Cover all five categories for a complete picture.

IRON LAW: Ratios Without Context Are Meaningless

A current ratio of 1.5 means nothing alone. Is 1.5 good? Compare to:
1. Industry average (retail ~1.2, manufacturing ~1.8)
2. Company's own trend (was it 2.0 last year? → declining liquidity)
3. Peers (competitor has 2.5? → relatively weak)

NEVER report a ratio without at least one comparison point.

IRON LAW: All Five Categories, Every Time

Analyzing only profitability misses a leveraged company about to default.
Analyzing only liquidity misses a profitable company's growth potential.
Cover all five categories for a complete picture.

The Five Categories

五大比率类别

1. Profitability — Is the company making money?

Ratio	Formula	Measures
Gross Margin	(Revenue - COGS) / Revenue	Production efficiency
Operating Margin	EBIT / Revenue	Core business profitability
Net Margin	Net Income / Revenue	Bottom-line profitability
ROE	Net Income / Equity	Return to shareholders
ROA	Net Income / Total Assets	Asset productivity

2. Liquidity — Can it pay short-term obligations?

Ratio	Formula	Healthy
Current Ratio	Current Assets / Current Liabilities	> 1.5
Quick Ratio	(Current Assets - Inventory) / Current Liabilities	> 1.0
Cash Ratio	Cash / Current Liabilities	Context-dependent

3. Leverage — How much debt is used?

Ratio	Formula	Measures
Debt-to-Equity	Total Liabilities / Equity	Capital structure
Interest Coverage	EBIT / Interest Expense	Ability to service debt
Debt-to-Assets	Total Liabilities / Total Assets	Asset financing

⚠️ "Debt" definition: This skill (and the bundled script) defines "Debt" in the leverage ratios as Total Liabilities — not "long-term debt only" or "interest-bearing debt only". Both alternative definitions exist in textbooks and produce materially different ratios. If you need a different definition, document the choice explicitly and compute it manually; do not silently substitute.

4. Efficiency — How well are assets used?

Ratio	Formula	Measures
Inventory Turnover	COGS / Avg Inventory	Inventory management
Receivables Turnover	Revenue / Avg Receivables	Collection speed
Asset Turnover	Revenue / Total Assets	Asset productivity
Cash Conversion Cycle	DIO + DSO - DPO	Cash cycle speed

5. Valuation — Is the stock fairly priced?

Ratio	Formula	Measures
P/E	Price / EPS	Price vs earnings
EV/EBITDA	Enterprise Value / EBITDA	Price vs cash generation
P/B	Price / Book Value per Share	Price vs net assets
Dividend Yield	Dividend per Share / Price	Income return

1. 盈利能力——企业是否盈利？

Ratio	Formula	Measures
Gross Margin	(Revenue - COGS) / Revenue	生产运营效率
Operating Margin	EBIT / Revenue	核心业务盈利能力
Net Margin	Net Income / Revenue	最终盈利能力
ROE	Net Income / Equity	股东回报率
ROA	Net Income / Total Assets	资产回报率

2. 流动性——企业能否偿还短期债务？

Ratio	Formula	Healthy
Current Ratio	Current Assets / Current Liabilities	> 1.5
Quick Ratio	(Current Assets - Inventory) / Current Liabilities	> 1.0
Cash Ratio	Cash / Current Liabilities	需结合上下文判断

3. 杠杆率——企业债务水平如何？

Ratio	Formula	Measures
Debt-to-Equity	Total Liabilities / Equity	资本结构
Interest Coverage	EBIT / Interest Expense	债务偿付能力
Debt-to-Assets	Total Liabilities / Total Assets	资产融资结构

⚠️ 「债务」定义：本技能（及配套脚本）在杠杆比率中定义的「债务」为总负债——而非「仅长期债务」或「仅带息债务」。教材中存在这两种替代定义，会导致比率结果出现显著差异。若你需要其他定义，请明确记录选择并手动计算；切勿擅自替换。

4. 运营效率——企业资产使用效率如何？

Ratio	Formula	Measures
Inventory Turnover	COGS / Avg Inventory	存货管理效率
Receivables Turnover	Revenue / Avg Receivables	账款回收速度
Asset Turnover	Revenue / Total Assets	资产使用效率
Cash Conversion Cycle	DIO + DSO - DPO	现金周转速度

5. 估值——股票定价是否合理？

Ratio	Formula	Measures
P/E	Price / EPS	股价与盈利的关系
EV/EBITDA	Enterprise Value / EBITDA	股价与现金流创造能力的关系
P/B	Price / Book Value per Share	股价与净资产的关系
Dividend Yield	Dividend per Share / Price	收益回报率

Analysis Process

分析流程

Calculate all relevant ratios from financial statements
Compare against industry benchmarks and 3-year trend
Identify red flags (declining trends, outliers vs peers)
Synthesize a financial health verdict across all five categories
Recommend actions based on weak areas

计算：从财务报表中计算所有相关比率
对比：与行业基准及3年历史趋势对比
识别：标记预警信号（趋势下滑、与同行偏离较大的指标）
综合：结合五大类指标给出财务健康状况结论
建议：针对薄弱环节提出行动建议

Output Format

输出格式

⚠️ Decimal vs percent: The bundled script returns all profitability ratios (
gross_margin
,
operating_margin
,
net_margin
,
roa
,
roe
) as decimals —
0.35
means 35%, NOT
35.0
. Liquidity and leverage ratios are already unitless multiples (e.g.
current_ratio: 2.125
). Render percentages only in the human-facing markdown report, never in JSON outputs.

markdown

undefined

⚠️ 小数与百分比：配套脚本返回的所有盈利能力比率（
gross_margin
、
operating_margin
、
net_margin
、
roa
、
roe
）均为小数——
0.35
代表35%，而非
35.0
。流动性和杠杆比率本身为无量纲倍数（例如
current_ratio: 2.125
）。仅在面向人类的markdown报告中显示百分比，JSON输出中绝对不要使用百分比。

markdown

undefined

Financial Ratio Analysis: {Company}

财务比率分析：{Company}

Summary Dashboard

摘要仪表盘

Category	Status	Key Metric
Profitability	🟢/🟡/🔴	{headline ratio}
Liquidity	🟢/🟡/🔴	{headline ratio}
Leverage	🟢/🟡/🔴	{headline ratio}
Efficiency	🟢/🟡/🔴	{headline ratio}
Valuation	🟢/🟡/🔴	{headline ratio}

类别	状态	核心指标
盈利能力	🟢/🟡/🔴	{核心比率}
流动性	🟢/🟡/🔴	{核心比率}
杠杆率	🟢/🟡/🔴	{核心比率}
运营效率	🟢/🟡/🔴	{核心比率}
估值	🟢/🟡/🔴	{核心比率}

Detailed Ratios

详细比率

{Tables per category with ratio, value, industry avg, trend}

{按类别划分的比率表格，包含比率、数值、行业平均值、趋势}

Red Flags

预警信号

{specific concern with data}

{具体数据隐患}

Overall Assessment

整体评估

{Synthesized financial health verdict}

undefined

{综合财务健康状况结论}

undefined

Examples

示例

Correct Application

正确应用

Scenario: Ratio analysis for a Taiwanese electronics manufacturer

Ratio	Company	Industry	Trend	Flag
Gross Margin	18%	22%	↓ from 21%	🔴 Below peers, declining
Current Ratio	1.8	1.5	→ stable	🟢 Adequate
D/E	1.2	0.8	↑ from 0.9	🟡 Rising leverage
Inventory Turnover	4.2x	6.0x	↓ from 5.1x	🔴 Slow inventory

Synthesis: Profitability weakening + inventory building up + leverage rising = potential working capital crisis ahead ✓

场景： 某台湾电子制造商的比率分析

比率	企业数据	行业数据	趋势	预警
毛利率	18%	22%	↓ 从21%降至当前	🔴 低于同行且持续下滑
流动比率	1.8	1.5	→ 稳定	🟢 充足
负债权益比	1.2	0.8	↑ 从0.9升至当前	🟡 杠杆水平上升
存货周转率	4.2次	6.0次	↓ 从5.1次降至当前	🔴 存货周转缓慢

综合结论：盈利能力减弱 + 存货积压 + 杠杆水平上升 = 未来可能出现营运资金危机 ✓

Incorrect Application

错误应用

Reported "Gross Margin 18%" as standalone fact → No comparison. Is 18% good or bad? Violates Iron Law: ratios without context.
Only analyzed profitability ratios, missed D/E of 4.5x → Company appeared healthy by margins but was dangerously overleveraged. Violates Iron Law: all five categories.

仅单独报告「毛利率18%」→ 无对比维度。18%是好是坏？违反铁律：无上下文的比率毫无意义。
仅分析盈利能力比率，忽略了4.5倍的负债权益比→ 从利润率看企业看似健康，但实际杠杆水平过高，存在风险。违反铁律：必须覆盖所有五大类指标。

Gotchas

注意事项

Industry matters enormously: A 5% net margin is terrible for software (expect 20-30%) but excellent for grocery retail (expect 2-3%). Always benchmark within industry.
One-time items: Restructuring charges, asset sales, or legal settlements distort ratios for that period. Use adjusted figures or note the distortion.
Seasonal businesses: Ratios at different quarter-ends tell different stories. Use trailing 12-month or compare same quarter YoY.
Off-balance-sheet items: Operating leases (pre-IFRS 16), special purpose vehicles, and contingent liabilities may not appear in standard ratios. Check footnotes.
Growth companies look "unhealthy": High-growth companies often have low profitability, high leverage, and negative cash flow by design. Context matters.

行业差异极大：5%的净利润率对软件行业来说很差（预期20-30%），但对杂货零售业来说已是优秀水平（预期2-3%）。务必在同行业内进行基准对比。
一次性项目：重组费用、资产出售或法律和解会扭曲该期间的比率。请使用调整后的数据，或注明该扭曲情况。
季节性企业：不同季度末的比率反映的情况不同。请使用过去12个月的数据，或同比对比同一季度的数据。
表外项目：经营租赁（IFRS 16之前）、特殊目的实体和或有负债可能未体现在标准比率中。请查阅附注。
成长型企业看似「不健康」：高成长企业通常刻意保持低盈利、高杠杆和负现金流。上下文至关重要。

Scripts

脚本

Script	Description	Usage
`scripts/financial_ratios.py`	Compute standard liquidity, leverage, profitability, and efficiency ratios	`python scripts/financial_ratios.py --help`

Run

python scripts/financial_ratios.py --verify

to execute built-in sanity tests.

脚本	描述	使用方法
`scripts/financial_ratios.py`	计算标准流动性、杠杆率、盈利能力和运营效率比率	`python scripts/financial_ratios.py --help`

运行

python scripts/financial_ratios.py --verify

执行内置的完整性测试。

References

参考资料

For industry-specific benchmark ranges, see
```
references/industry-benchmarks.md
```
For DuPont deep-dive on ROE, see the biz-dupont skill

行业特定基准范围，请查阅
```
references/industry-benchmarks.md
```
关于ROE的杜邦深度分析，请查阅biz-dupont技能