Report to senior management (LOW vs. HD)
Refer to the example of the report to senior management (LOW vs. HD). Using the data provided in the “Ratio” doc, write 1-2 pages REVENUE analysis for Kohl’s management.
1. Only include the Revenue/Gross Margin/Sales portion. Do NOT analyze any SG&A or other elements.
2. Using the data/ratio provided and comparing Kohl’s 2019 performance with its 2018’s. State the reasons.
3. Also, compare kohl’s sale with Macy’s and state the reasons.
4. Include 1-2 paragraphs analysis about how COVID affects Kohls’s sales and revenues. And how it will go in the future.
5. Feel free to do any research related to the topic.
Appendix: Financial Data and Ratios KSS-Kohl’s M-Macy
| Ticker | KSS | KSS | KSS | KSS | KSS | ||||
| Company Name | KOHL’S CORP | KOHL’S CORP | KOHL’S CORP | KOHL’S CORP | KOHL’S CORP | ||||
| Date (year) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||
| Income Statement | Sales (Revenues) | 19,974.00 | 20,229.00 | 19,095.00 | 18,686.00 | 19,204.00 | |||
| Cost of Sales (or Cost of Goods Sold, COGS) | 12,140.00 | 12,199.00 | 12,176.00 | 11,944.00 | 12,265.00 | ||||
| SG&A Expense | 5,818.00 | 5,705.00 | 4,512.00 | 4,581.00 | 4,452.00 | ||||
| Operating Income (EBIT) | 1,099.00 | 1,361.00 | 1,416.00 | 1,223.00 | 1,553.00 | ||||
| Interest Expense | 207 | 256 | 300 | 309 | 327 | ||||
| Pre Tax Income | 901 | 1,042.00 | 1,117.00 | 875 | 1,057.00 | ||||
| Tax Expense | 210 | 241 | 258 | 319 | 384 | ||||
| Net Income | 691 | 801 | 859 | 556 | 673 | ||||
| Diluted Earnings per Share | $4.37 | $4.84 | $5.12 | $3.11 | $3.46 | ||||
| Dividends per Share | $2.68 | $2.44 | $2.20 | $2.00 | $1.80 | ||||
| Balance Sheet | Cash and Cash Equivalents and Short Term Investments | 723 | 934 | 1,308.00 | 1,074.00 | 707 | |||
| Accounts Receivable, net | 0 | 0 | 0 | 0 | 0 | ||||
| Inventory | 3,537.00 | 3,475.00 | 3,542.00 | 3,795.00 | 4,038.00 | ||||
| Total Current Assets | 4,649.00 | 4,835.00 | 5,331.00 | 5,247.00 | 5,076.00 | ||||
| PP&E, net | 9,743.00 | 7,428.00 | 7,773.00 | 8,103.00 | 8,308.00 | ||||
| Intangible Assets, total | 0 | 0 | 0 | 0 | 0 | ||||
| Total Assets | 14,555.00 | 12,469.00 | 13,340.00 | 13,574.00 | 13,606.00 | ||||
| Accounts Payable | 1,206.00 | 1,187.00 | 1,271.00 | 1,507.00 | 1,251.00 | ||||
| Total Current Liabilities | 2,769.00 | 2,730.00 | 2,651.00 | 2,974.00 | 2,714.00 | ||||
| Interest Bearing Debt | 6,124.00 | 3,499.00 | 4,514.00 | 4,611.00 | 4,708.00 | ||||
| Owners’ Equity | 5,450.00 | 5,527.00 | 5,426.00 | 5,177.00 | 5,491.00 | ||||
| Number of Shares Issued and Outstanding | 156 | 163 | 168 | 174 | 186 | ||||
| Cash Flow Data | Operating Cash Flow | 1,657.00 | 2,107.00 | 1,691.00 | 2,148.00 | 1,474.00 | |||
| Capital Expenditures | -855 | -578 | -672 | -768 | -690 | ||||
| Total Investing Cash Flow | -837 | -572 | -649 | -756 | -681 | ||||
| Net Change in Interest Bearing Debt | -108 | -1,069.00 | -138 | -116 | -100 | ||||
| Dividends paid | -423 | -400 | -368 | -358 | -349 | ||||
| Share repurchases | -501 | -430 | -320 | -574 | -1,028.00 | ||||
| Total Financing Cash Flow | -1,031.00 | -1,909.00 | -808 | -1,025.00 | -1,493.00 | ||||
| Other | Year End Stock Prices (FYE) | $42.75 | $68.69 | $64.77 | $39.83 | $49.75 | |||
| Ratios | 2019 | 2018 | 2017 | 2016 | 2015 | ||||
| Profitability | 1. Gross Margin Ratio = (Sales – COGS) / Sales, or = 1 – COGS / Sales | 39.22% | 39.70% | 36.2% | 36.1% | 36.1% | |||
| 2. Cost Ratio = COGS / Sales, or = 1 – Gross Margin Ratio | 60.8% | 60.3% | 63.8% | 63.9% | 63.9% | ||||
| 3. SG&A Ratio = SG&A / Sales | 29.1% | 28.2% | 23.6% | 24.5% | 23.2% | ||||
| 4. EBIT Margin Ratio = EBIT / Sales | 5.5% | 6.7% | 7.4% | 6.5% | 8.1% | ||||
| 5. Profit Margin Ratio = Net Income / Sales | 3.5% | 4.0% | 4.5% | 3.0% | 3.5% | ||||
| 6. Effective Tax Rate (ETR) = Tax Expense / Pretax Income | 23.3% | 23.1% | 23.1% | 36.5% | 36.3% | ||||
| 7. NOPAT = EBIT * (1 – ETR) | 842.9 | 1,046.2 | 1,088.9 | 777.1 | 988.8 | ||||
| Efficiency | 8. Asset Turnover = Sales / Assets | 1.4 | 1.6 | 1.4 | 1.4 | 1.4 | |||
| 9. Days Sales in Inventory (DSI) = 365 / (COGS / Inventory) | 106.3 | 104.0 | 106.2 | 116.0 | 120.2 | ||||
| 10. Days Sales Outstanding (DSO) = 365 / (Sales / Accounts Receivable) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||||
| 11. Days Payable Outstanding (DPO) = 365 / (COGS / Accounts Payable) | 36.3 | 35.5 | 38.1 | 46.1 | 37.2 | ||||
| 12. Cash Conversion Cycle = DSI + DSO – DPO | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||||
| Mgt. Effective-ness | 13. Return on Assets = Net Income / Assets | 4.7% | 6.4% | 6.4% | 4.1% | 4.9% | |||
| 14. Return on Equity = Net Income / Owners’ Equity | 12.7% | 14.5% | 15.8% | 10.7% | 12.3% | ||||
| 15. Market Capitalization (Market Cap) = Shares outstanding * Price per share | 6,669.0 | 11,196.5 | 10,881.4 | 6,930.4 | 9,253.5 | ||||
| 16. Return on Invested Capital = NOPAT / (Interest Bearing Debt + Market Cap) | 6.6% | 7.1% | 7.1% | 6.7% | 7.1% | ||||
| Financial Strength | 17. Current Ratio = Current Assets / Current Liabilities | 1.7 | 1.8 | 2.0 | 1.8 | 1.9 | |||
| 18. Quick Ratio = (CashSTI+A/R) / Current Liabilities | 0.26 | 0.34 | 0.49 | 0.36 | 0.26 | ||||
| 19. Debt to Capital Ratio = Debt / (Debt + Owners’ Equity) | 52.9% | 38.8% | 45.4% | 47.1% | 46.2% | ||||
| 20. Interest Coverage Ratio = EBIT / Gross Interest Expense | 5.3 | 5.3 | 4.7 | 4.0 | 4.7 | ||||
| 21. Effective Interest Rate (after tax) = Gross Interest Expense / Debt * (1 – ETR) | 2.6% | 5.6% | 5.1% | 4.3% | 4.4% | ||||
| Valuation | 22. Market-to-Book Ratio = Market cap / Owners’ Equity | 1.2 | 2.0 | 2.0 | 1.3 | 1.7 | |||
| 23. Free Cash Flow to Equity (FCFE) = Operating Cash Flow – Capex + Δ Debt | 694.0 | 460.0 | 881.0 | 1264.0 | 684.0 | ||||
| 24. % FCFE Returned = (Dividends paid + Shares repurchased) / FCFE | 133.1% | 180.4% | 78.1% | 73.7% | 201.3% | ||||
| 25. Dividend Payout Ratio = Dividends paid / Net Income | 61.2% | 49.9% | 42.8% | 64.4% | 51.9% | ||||
| 26. Dividend Yield = Dividends per share / Price per share | 6.3% | 3.6% | 3.4% | 5.0% | 3.6% | ||||
| 27. Total Return to Shareholders=(ΔStock Price+Dividends per share)/Begin. Price | -33.9% | 9.8% | 68.1% | -15.9% | . | ||||
| 28. Cost of Equity, using 3.5% Rf and 6% Risk Premium=Rf+Beta*Risk Premium | 13.7% | ||||||||
| 29. WACC = (Debt * Cost of Debt + Equity * Cost of Equity) / (Debt + Equity) | 8.4% | ||||||||
| Beta | From www.finance.yahoo.com. (Scroll down to find beta.) | 1.70 | |||||||
*As of 4/18/20
| Common Size | 2019 | 2018 | 2017 | 2016 | 2015 | |
| Income Statement | Sales (Revenues) | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Cost of Sales (or Cost of Goods Sold, COGS) | 60.8% | 60.3% | 63.8% | 63.9% | 63.9% | |
| SG&A Expense | 29.1% | 28.2% | 23.6% | 24.5% | 23.2% | |
| Operating Income (EBIT) | 5.5% | 6.7% | 7.4% | 6.5% | 8.1% | |
| Interest Expense | 1.0% | 1.3% | 1.6% | 1.7% | 1.7% | |
| Pre Tax Income | 4.5% | 5.2% | 5.8% | 4.7% | 5.5% | |
| Tax Expense | 1.1% | 1.2% | 1.4% | 1.7% | 2.0% | |
| Net Income | 3.5% | 4.0% | 4.5% | 3.0% | 3.5% | |
| Balance Sheet | Cash and Cash Equivalents and Short Term Investments | 5.0% | 7.5% | 9.8% | 7.9% | 5.2% |
| Accounts Receivable, net | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Inventory | 24.3% | 27.9% | 26.6% | 28.0% | 29.7% | |
| Total Current Assets | 31.9% | 38.8% | 40.0% | 38.7% | 37.3% | |
| PP&E, net | 66.9% | 59.6% | 58.3% | 59.7% | 61.1% | |
| Intangible Assets, total | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Total Assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Accounts Payable | 8.3% | 9.5% | 9.5% | 11.1% | 9.2% | |
| Total Current Liabilities | 19.0% | 21.9% | 19.9% | 21.9% | 19.9% | |
| Interest Bearing Debt | 42.1% | 28.1% | 33.8% | 34.0% | 34.6% | |
| Owners’ Equity | 37.4% | 44.3% | 40.7% | 38.1% | 40.4% |
| YOY | 2019 | 2018 | 2017 | 2016 | |
| Income Statement | Sales (Revenues) | -1.3% | 5.9% | 2.2% | -2.7% |
| Cost of Sales (or Cost of Goods Sold, COGS) | -0.5% | 0.2% | 1.9% | -2.6% | |
| SG&A Expense | 2.0% | 26.4% | -1.5% | 2.9% | |
| Operating Income (EBIT) | -19.3% | -3.9% | 15.8% | -21.2% | |
| Interest Expense | -19.1% | -14.7% | -2.9% | -5.5% | |
| Pre Tax Income | -13.5% | -6.7% | 27.7% | -17.2% | |
| Tax Expense | -12.9% | -6.6% | -19.1% | -16.9% | |
| Net Income | -13.7% | -6.8% | 54.5% | -17.4% | |
| Diluted Earnings per Share | -9.7% | -5.5% | 64.6% | -10.1% | |
| Dividends per Share | 9.8% | 10.9% | 10.0% | 11.1% | |
| Balance Sheet | Cash and Cash Equivalents and Short Term Investments | -22.6% | -28.6% | 21.8% | 51.9% |
| Accounts Receivable, net | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Inventory | 1.8% | -1.9% | -6.7% | -6.0% | |
| Total Current Assets | -3.8% | -9.3% | 1.6% | 3.4% | |
| PP&E, net | 31.2% | -4.4% | -4.1% | -2.5% | |
| Intangible Assets, total | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Total Assets | 16.7% | -6.5% | -1.7% | -0.2% | |
| Accounts Payable | 1.6% | -6.6% | -15.7% | 20.5% | |
| Total Current Liabilities | 1.4% | 3.0% | -10.9% | 9.6% | |
| Interest Bearing Debt | 75.0% | -22.5% | -2.1% | -2.1% | |
| Owners’ Equity | -1.4% | 1.9% | 4.8% | -5.7% | |
| Number of Shares Issued and Outstanding | -4.3% | -3.0% | -3.4% | -6.5% | |
| Cash Flow Data | Operating Cash Flow | -21.4% | 24.6% | -21.3% | 45.7% |
| Capital Expenditures | 47.9% | -14.0% | -12.5% | 11.3% | |
| Total Investing Cash Flow | 46.3% | -11.9% | -14.2% | 11.0% | |
| Dividends paid | 5.8% | 8.7% | 2.8% | 2.6% | |
| Share repurchases | 16.5% | 34.4% | -44.3% | -44.2% | |
| Total Financing Cash Flow | -46.0% | 136.3% | -21.2% | -31.3% | |
| Other | Year End Stock Prices (FYE) | -37.8% | 6.1% | 62.6% | -19.9% |
| Ticker | M | M | M | M | M | |||
| Company Name | MACY’S INC | MACY’S INC | MACY’S INC | MACY’S INC | MACY’S INC | |||
| Date (year) | 2019 | 2018 | 2017 | 2016 | 2015 | |||
| Income Statement | Sales (Revenues) | 25,331.00 | 25,739.00 | 24,837.00 | 25,778.00 | 27,079.00 | ||
| Cost of Sales (or Cost of Goods Sold, COGS) | 14,190.00 | 14,253.00 | 14,161.00 | 15,621.00 | 16,496.00 | |||
| SG&A Expense | 9,229.00 | 9,039.00 | 8,302.00 | 7,784.00 | 7,483.00 | |||
| Operating Income (EBIT) | 931 | 1,485.00 | 1,383.00 | 1,315.00 | 2,039.00 | |||
| Interest Expense | 214 | 271 | 332 | 377 | 380 | |||
| Pre Tax Income | 728 | 1,420.00 | 1,507.00 | 952 | 1,678.00 | |||
| Tax Expense | 164 | 322 | -29 | 341 | 608 | |||
| Net Income | 564 | 1,108.00 | 1,547.00 | 619 | 1,072.00 | |||
| Diluted Earnings per Share | $1.81 | $3.56 | $5.04 | $1.99 | $3.22 | |||
| Dividends per Share | $1.51 | $1.51 | $1.51 | $1.49 | $1.39 | |||
| Balance Sheet | Cash and Cash Equivalents and Short Term Investments | 722 | 1,199.00 | 1,492.00 | 1,334.00 | 1,146.00 | ||
| Accounts Receivable, net | 0 | 0 | 0 | 0 | 0 | |||
| Inventory | 5,188.00 | 5,263.00 | 5,178.00 | 5,399.00 | 5,506.00 | |||
| Total Current Assets | 6,810.00 | 7,445.00 | 7,444.00 | 7,626.00 | 7,652.00 | |||
| PP&E, net | 9,301.00 | 6,637.00 | 6,672.00 | 7,017.00 | 7,616.00 | |||
| Intangible Assets, total | 4,989.00 | 5,056.00 | 5,086.00 | 4,395.00 | 4,411.00 | |||
| Total Assets | 21,172.00 | 19,194.00 | 19,381.00 | 19,851.00 | 20,576.00 | |||
| Accounts Payable | 2,659.00 | 2,638.00 | 2,325.00 | 2,177.00 | 2,340.00 | |||
| Total Current Liabilities | 5,750.00 | 5,232.00 | 5,075.00 | 5,647.00 | 5,728.00 | |||
| Interest Bearing Debt | 7,411.00 | 4,751.00 | 5,883.00 | 6,871.00 | 7,637.00 | |||
| Owners’ Equity | 6,377.00 | 6,436.00 | 5,673.00 | 4,323.00 | 4,250.00 | |||
| Number of Shares Issued and Outstanding | 309 | 307.5 | 304.8 | 304.1 | 310.3 | |||
| Cash Flow Data | Operating Cash Flow | 1,608.00 | 1,735.00 | 1,944.00 | 1,801.00 | 1,984.00 | ||
| Capital Expenditures | -902 | -657 | -487 | -596 | -777 | |||
| Total Investing Cash Flow | -1,002.00 | -456 | -373 | -187 | -1,092.00 | |||
| Net Change in Interest Bearing Debt | -597 | -1,149.00 | -954 | -749 | 347 | |||
| Dividends paid | -466 | -463 | -461 | -459 | -456 | |||
| Share repurchases | -1 | 0 | -1 | -316 | -2,001.00 | |||
| Total Financing Cash Flow | -1,123.00 | -1,544.00 | -1,413.00 | -1,426.00 | -2,029.00 | |||
| Other | Year End Stock Prices (FYE) | $15.95 | $26.30 | $25.95 | $29.54 | $40.41 | ||
| Ratios | 2019 | 2018 | 2017 | 2016 | 2015 | |||
| Profitability | 1. Gross Margin Ratio = (Sales – COGS) / Sales, or = 1 – COGS / Sales | 43.98% | 44.62% | 43.0% | 39.4% | 39.1% | ||
| 2. Cost Ratio = COGS / Sales, or = 1 – Gross Margin Ratio | 56.0% | 55.4% | 57.0% | 60.6% | 60.9% | |||
| 3. SG&A Ratio = SG&A / Sales | 36.4% | 35.1% | 33.4% | 30.2% | 27.6% | |||
| 4. EBIT Margin Ratio = EBIT / Sales | 3.7% | 5.8% | 5.6% | 5.1% | 7.5% | |||
| 5. Profit Margin Ratio = Net Income / Sales | 2.2% | 4.3% | 6.2% | 2.4% | 4.0% | |||
| 6. Effective Tax Rate (ETR) = Tax Expense / Pretax Income | 22.5% | 22.7% | -1.9% | 35.8% | 36.2% | |||
| 7. NOPAT = EBIT * (1 – ETR) | 721.3 | 1,148.3 | 1,409.6 | 844.0 | 1,300.2 | |||
| Efficiency | 8. Asset Turnover = Sales / Assets | 1.2 | 1.3 | 1.3 | 1.3 | 1.3 | ||
| 9. Days Sales in Inventory (DSI) = 365 / (COGS / Inventory) | 133.4 | 134.8 | 133.5 | 126.2 | 121.8 | |||
| 10. Days Sales Outstanding (DSO) = 365 / (Sales / Accounts Receivable) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |||
| 11. Days Payable Outstanding (DPO) = 365 / (COGS / Accounts Payable) | 68.4 | 67.6 | 59.9 | 50.9 | 51.8 | |||
| 12. Cash Conversion Cycle = DSI + DSO – DPO | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |||
| Mgt. Effective-ness | 13. Return on Assets = Net Income / Assets | 2.7% | 5.8% | 8.0% | 3.1% | 5.2% | ||
| 14. Return on Equity = Net Income / Owners’ Equity | 8.8% | 17.2% | 27.3% | 14.3% | 25.2% | |||
| 15. Market Capitalization (Market Cap) = Shares outstanding * Price per share | 4,928.6 | 8,087.3 | 7,909.6 | 8,983.1 | 12,539.2 | |||
| 16. Return on Invested Capital = NOPAT / (Interest Bearing Debt + Market Cap) | 5.8% | 8.9% | 10.2% | 5.3% | 6.4% | |||
| Financial Strength | 17. Current Ratio = Current Assets / Current Liabilities | 1.2 | 1.4 | 1.5 | 1.4 | 1.3 | ||
| 18. Quick Ratio = (CashSTI+A/R) / Current Liabilities | 0.13 | 0.23 | 0.29 | 0.24 | 0.20 | |||
| 19. Debt to Capital Ratio = Debt / (Debt + Owners’ Equity) | 53.7% | 42.5% | 50.9% | 61.4% | 64.2% | |||
| 20. Interest Coverage Ratio = EBIT / Gross Interest Expense | 4.4 | 5.5 | 4.2 | 3.5 | 5.4 | |||
| 21. Effective Interest Rate (after tax) = Gross Interest Expense / Debt * (1 – ETR) | 2.2% | 4.4% | 5.8% | 3.5% | 3.2% | |||
| Valuation | 22. Market-to-Book Ratio = Market cap / Owners’ Equity | 0.8 | 1.3 | 1.4 | 2.1 | 3.0 | ||
| 23. Free Cash Flow to Equity (FCFE) = Operating Cash Flow – Capex + Δ Debt | 109.0 | -71.0 | 503.0 | 456.0 | 1554.0 | |||
| 24. % FCFE Returned = (Dividends paid + Shares repurchased) / FCFE | 428.4% | -652.1% | 91.8% | 170.0% | 158.1% | |||
| 25. Dividend Payout Ratio = Dividends paid / Net Income | 82.6% | 41.8% | 29.8% | 74.2% | 42.5% | |||
| 26. Dividend Yield = Dividends per share / Price per share | 9.5% | 5.7% | 5.8% | 5.1% | 3.4% | |||
| 27. Total Return to Shareholders=(ΔStock Price+Dividends per share)/Begin. Price | -33.6% | 7.2% | -7.0% | -23.2% | . | |||
| 28. Cost of Equity, using 3.5% Rf and 6% Risk Premium=Rf+Beta*Risk Premium | 12.7% | |||||||
| 29. WACC = (Debt * Cost of Debt + Equity * Cost of Equity) / (Debt + Equity) | 6.4% | |||||||
| Beta | From www.finance.yahoo.com. (Scroll down to find beta.) | 1.53 | ||||||
*As of 4/18/20
| Common Size | 2019 | 2018 | 2017 | 2016 | 2015 | |
| Income Statement | Sales (Revenues) | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Cost of Sales (or Cost of Goods Sold, COGS) | 56.0% | 55.4% | 57.0% | 60.6% | 60.9% | |
| SG&A Expense | 36.4% | 35.1% | 33.4% | 30.2% | 27.6% | |
| Operating Income (EBIT) | 3.7% | 5.8% | 5.6% | 5.1% | 7.5% | |
| Interest Expense | 0.8% | 1.1% | 1.3% | 1.5% | 1.4% | |
| Pre Tax Income | 2.9% | 5.5% | 6.1% | 3.7% | 6.2% | |
| Tax Expense | 0.6% | 1.3% | -0.1% | 1.3% | 2.2% | |
| Net Income | 2.2% | 4.3% | 6.2% | 2.4% | 4.0% | |
| Balance Sheet | Cash and Cash Equivalents and Short Term Investments | 3.4% | 6.2% | 7.7% | 6.7% | 5.6% |
| Accounts Receivable, net | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Inventory | 24.5% | 27.4% | 26.7% | 27.2% | 26.8% | |
| Total Current Assets | 32.2% | 38.8% | 38.4% | 38.4% | 37.2% | |
| PP&E, net | 43.9% | 34.6% | 34.4% | 35.3% | 37.0% | |
| Intangible Assets, total | 23.6% | 26.3% | 26.2% | 22.1% | 21.4% | |
| Total Assets | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Accounts Payable | 12.6% | 13.7% | 12.0% | 11.0% | 11.4% | |
| Total Current Liabilities | 27.2% | 27.3% | 26.2% | 28.4% | 27.8% | |
| Interest Bearing Debt | 35.0% | 24.8% | 30.4% | 34.6% | 37.1% | |
| Owners’ Equity | 30.1% | 33.5% | 29.3% | 21.8% | 20.7% |
| YOY | 2019 | 2018 | 2017 | 2016 | |
| Income Statement | Sales (Revenues) | -1.6% | 3.6% | -3.7% | -4.8% |
| Cost of Sales (or Cost of Goods Sold, COGS) | -0.4% | 0.6% | -9.3% | -5.3% | |
| SG&A Expense | 2.1% | 8.9% | 6.7% | 4.0% | |
| Operating Income (EBIT) | -37.3% | 7.4% | 5.2% | -35.5% | |
| Interest Expense | -21.0% | -18.4% | -11.9% | -0.8% | |
| Pre Tax Income | -48.7% | -5.8% | 58.3% | -43.3% | |
| Tax Expense | -49.1% | -1210.3% | -108.5% | -43.9% | |
| Net Income | -49.1% | -28.4% | 149.9% | -42.3% | |
| Diluted Earnings per Share | -49.2% | -29.4% | 153.3% | -38.2% | |
| Dividends per Share | 0.0% | 0.0% | 1.1% | 7.2% | |
| Balance Sheet | Cash and Cash Equivalents and Short Term Investments | -39.8% | -19.6% | 11.8% | 16.4% |
| Accounts Receivable, net | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Inventory | -1.4% | 1.6% | -4.1% | -1.9% | |
| Total Current Assets | -8.5% | 0.0% | -2.4% | -0.3% | |
| PP&E, net | 40.1% | -0.5% | -4.9% | -7.9% | |
| Intangible Assets, total | -1.3% | -0.6% | 15.7% | -0.4% | |
| Total Assets | 10.3% | -1.0% | -2.4% | -3.5% | |
| Accounts Payable | 0.8% | 13.5% | 6.8% | -7.0% | |
| Total Current Liabilities | 9.9% | 3.1% | -10.1% | -1.4% | |
| Interest Bearing Debt | 56.0% | -19.2% | -14.4% | -10.0% | |
| Owners’ Equity | -0.9% | 13.4% | 31.2% | 1.7% | |
| Number of Shares Issued and Outstanding | 0.5% | 0.9% | 0.2% | -2.0% | |
| Cash Flow Data | Operating Cash Flow | -7.3% | -10.8% | 7.9% | -9.2% |
| Capital Expenditures | 37.3% | 34.9% | -18.3% | -23.3% | |
| Total Investing Cash Flow | 119.7% | 22.3% | 99.5% | -82.9% | |
| Dividends paid | 0.6% | 0.4% | 0.4% | 0.7% | |
| Share repurchases | #DIV/0! | -100.0% | -99.7% | -84.2% | |
| Total Financing Cash Flow | -27.3% | 9.3% | -0.9% | -29.7% | |
| Other | Year End Stock Prices (FYE) | -39.4% | 1.3% | -12.2% | -26.9% |
