Profitability and liquidity ratios · 盈利能力和流动性比率
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| profitability/ˌprɒfɪtəˈbɪlɪti/ | 盈利能力 | yíng lì néng lì |
| liquidity/lɪˈkwɪdɪti/ | 流动性 | liú dòng xìng |
| gross profit margin/ɡrəʊs ˈprɒfɪt ˈmɑːdʒɪn/ | 毛利率 | máo lì lǜ |
| ROCE/ˌɑː əʊ siː ˈiː/ | 已动用资本回报率 | yǐ dòng yòng zī běn huí bào lǜ |
| capital employed/ˈkæpɪtl emˈplɔɪd/ | 所用资本 | suǒ yòng zī běn |
| operating margin/ˈɒpəreɪtɪŋ ˈmɑːdʒɪn/ | 营业利润率 | yíng yè lì rùn lǜ |
| current ratio/ˈkʌrənt ˈreɪʃɪəʊ/ | 流动比率 | liú dòng bǐ lǜ |
| acid-test ratio/ˈæsɪd test ˈreɪʃɪəʊ/ | 速动比率 | sù dòng bǐ lǜ |
Reading between the lines
- Raw profit figures don't tell you if a business is doing well relative to its size. Ratios do.
- Two families matter most: profitability 盈利能力 and liquidity 流动性.
读懂言外之意
- 原始的利润数字不告诉你一个企业是否相对于它的规模做得好。比率(ratios)告诉你。
- 两个家族最重要:盈利能力(profitability)和流动性(liquidity)。
Accounts ratio diagnosis · 账户比率诊断
Classify ratios by the question they answer about a business. · 根据比率回答的企业问题对其进行分类。
Gross profit is 90 and revenue is 300. What is the gross profit margin (%)? · 毛利润为90，收入为300。毛利率是多少(%)？
90 ÷ 300 × 100 = 30%.
Operating profit is 40 and capital employed is 200. What is ROCE (%)? · 营业利润为40，投入资本为200。ROCE是多少(%)？
40 ÷ 200 × 100 = 20%.
Profitability ratios
- Gross profit margin 毛利率 = gross profit ÷ revenue × 100.
- Operating (net) profit margin = operating profit ÷ revenue × 100.
- ROCE 已动用资本回报率 = operating profit ÷ capital employed 所用资本 × 100 — the key return measure.
Worked example. Operating profit 30, revenue 200 → operating margin 营业利润率 = 30 ÷ 200 × 100 = 15%. With capital employed of 150, ROCE = 30 ÷ 150 × 100 = 20%.
An income statement falls from revenue down to net profit
盈利能力比率
- 毛利率(gross profit margin)= 毛利 ÷ 收入 × 100。
- 营业(净)利润率(operating / net profit margin)= 营业利润 ÷ 收入 × 100。
- ROCE(已动用资本回报率)= 营业利润 ÷ 所用资本 × 100——关键的回报测量。
例题。 营业利润 30,收入 200 → 营业利润率 = 30 ÷ 200 × 100 = 15%。在所用资本 150 下,ROCE = 30 ÷ 150 × 100 = 20%。
一张损益表从收入向下到净利润
Current assets are 120 and current liabilities are 60. What is the current ratio? · 流动资产为120，流动负债为60。流动比率是多少？
120 ÷ 60 = 2 (i.e. 2:1).
The liquidity ratio that excludes inventory is the ______-test ratio. · 排除存货的流动性比率是______测试比率。
Acid-test = (current assets − inventory) ÷ current liabilities. · 酸性测试 = (流动资产 − 存货) ÷ 流动负债。
Liquidity ratios
- Current ratio 流动比率 = current assets ÷ current liabilities (around 1.5–2 is healthy).
- Acid-test ratio 速动比率 = (current assets − inventory) ÷ current liabilities — a stricter test.
流动性比率
- 流动比率(current ratio)= 流动资产 ÷ 流动负债(大约 1.5–2 是健康的)。
- 速动比率(acid-test ratio)=(流动资产 − 存货)÷ 流动负债——一个更严格的测试。
A profitable business can still have poor liquidity if its cash is tied up in stock and debtors. · 盈利的企业仍可能因现金被库存和应收账款占用而导致流动性差。
Profit and cash are different — check liquidity separately. · 利润和现金是不同的——需单独检查流动性。
What the ratios reveal
- Profitability ratios show how well the firm turns sales and capital into profit.
- Liquidity ratios show whether it can pay its short-term debts.
High profit doesn't guarantee good liquidity. A firm can be very profitable yet unable to pay this month's bills if its cash is tied up in stock or unpaid invoices. Check both ratio types.
比率揭示什么
- 盈利能力比率显示企业多么好地把销售和资本转化为利润。
- 流动性比率显示它是否能支付它的短期债务。
高利润不保证好的流动性。 一个企业能非常盈利,却无法支付这个月的账单,如果它的现金被困在库存或未付的发票里。检查两种比率类型。
You've got it
- profitability: gross margin, operating margin, and ROCE (operating profit ÷ capital employed)
- liquidity: current ratio and the stricter acid-test (excludes inventory)
- profitability and liquidity are different — a profitable firm can still run short of cash
你掌握了
- 盈利能力:毛利率、营业利润率,以及 ROCE(营业利润 ÷ 所用资本)
- 流动性:流动比率和更严格的速动比率(排除存货)
- 盈利能力和流动性是不同的——一个盈利的企业仍能现金短缺