Table I

List of accounting ratios used as variable

Ratio classRatio nameNotationFormula
Profitability ratiosReturn on assetsROANet income/average assets
 Return on shareholder equityROSENet income/average stockholder equity
 Profit marginPMNet income/revenue
Liquidity ratiosCurrent ratioCRCurrent assets/current liabilities
 Networking capital ratioWCRCurrent assets – current liabilities/total assets
Management efficiency ratiosTotal assets turnoverTATRevenue/total assets
 Revenue per worker wageR/WRevenue/salary expense
 Revenue per fixed assetR/FARevenue/fixed assets
 Working capital turnoverWCTCurrent assets – current liabilities/revenue
Leverage ratiosDebt ratioDRLong term liabilities/total assets
 Equity ratioERShareholder’s equity/total assets
 Debt equity ratioDERTotal long term debts/shareholder’s capital
 Times interest coverTIIncome before interest and tax/interest expense
Valuation and growthEarnings per shareEPSNet profit/average number of shares
 Customers revenueR/CRevenue/number of subscribers
 Customer growthCGYearly change in customers/customer in base year
Cash flow indicatorCash flow indicatorOC/SOperating cash/sales
TaxEffective tax rateETxRTax/income before tax

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