Description
(Apple, Catepillar, Consolidated Edison,Northern Trust, Macy’s)Overview For the final project, you will submit an investment analysis report for a hypothetical company, based on provided constraints and research of market and industry trends. You will need to utilize the topics covered throughout the course in order to demonstrate mastery of the knowledge and skill required of a corporate investment manager. Through research and calculations, you will be analyzing the company’s place in the financial market, constructing a portfolio, and compiling your findings in an executive summary to justify your investment strategies and decisions, along with evaluating the investment performances. As a corporate investment manager, it is your responsibility to construct an investment portfolio that will generate the maximum rate of return within a given risk class. In order to be successful in this, you need to synthesize your knowledge of your company’s industry and its place in the wider financial markets and of the modern portfolio theory, along with utilizing both qualitative and quantitative skills. This project addresses the following course outcomes: Evaluate financial market conditions in order to assess impact on companies and their portfolios
Calculate rates of return for shareholders utilizing the dividend discount model and market multiples
Determine appropriate balance between risk and return when constructing company portfolios
Justify how securities in a portfolio reflect stakeholders’ investment objectives and meet professional standards
Analyze industry trends in relation to company valuation on an absolute and relative basis for informing investment decisions Implement portfolio management strategies that meet the investment objectives of a corporation Prompt You are
investment parameters for the company along with your own financial database research, prepare an investment analysis report for the company. Your analysis report should include compiled data spreadsheets, a complete portfolio, and a justification of your investment strategies in an executive summary. a new investment manager of XYZ Tech Company. The CEO has asked you to produce an investment analysis report. Using the provided information and Specifically, the following critical elements must be addressed: I. Company and Market Analysis: In this section, you will analyze the company and its position in the financial markets. A. Financial Markets Analyze the five-year performance of the domestic economy relative to the financial markets. Explain specific market performance data based on compiled asset valuation model inputs supported by database research of five-year sector and industry performance and current trends. Evaluate the impact of the five-year and current macroeconomic data on asset prices. B. Company Valuation Analyze the company’s financial items and key ratios in order to demonstrate a comparison to peers and industry. Determine the intrinsic value of assets by inputting data into the various asset valuation models, and explain how each model was applied.C. Industry Trends Compile historic industry microeconomic data from database research for relative comparisons and inputs into asset valuation models. Analyze quantitative data across sectors and industries to measure absolute and relative performance. D. Stakeholders Identify five key stakeholders and their needs in relation to the company’s portfolio. Identify the common stockholders’ primary objective and their required return on equity. Portfolio: With your company and market analysis in mind, construct a complete portfolio that includes the following: Assets Explain the inclusion of specific asset classes for the portfolio, considering the portfolio’s risk/return trade-offs and the company’s investment objectives. Apply the asset allocation weightings across asset classes, sectors, and industries. Securities Analyze the company’s historical revenue and earnings growth in order to demonstrate a comparison to that of peers in the industry. Determine the intrinsic value of assets utilizing the asset valuation models. Rates of Return Analyze the assets’ historical risk and rates of return, utilizing a comparison of the assets’ rates of return to similar securities or benchmarks for support. Calculate required rates of return, utilizing various asset valuation models (e.g. stock valuation models, bond valuation models, real estate valuation models, etc.). Compare the risk/return trade-off on the investments. Executive Summary: Justify your investment strategies in a summary, utilizing your company and market analysis and portfolio for support. Include the following in your justification: Describe how making these investments will position the company within its industry in the market. Support with examples. Explain the benefits of the investments to stakeholders.Assess investment performance utilizing specific performance measurements. Assess investment performance based on risk/return metrics, citing specific examples. Explain how the strategies implemented in the portfolio meet the company’s investment objectives. Guidelines for Submission: Your final submission should be 7–11 pages in length. The Investment Analysis Report should include a spreadsheet of your compiled data, a complete portfolio, and a 2- to 3-page executive summary. The total page length includes the executive summary but does not include title, reference pages, or the spreadsheet. It should be written in 12-point Times New Roman font, double-spaced, following the most recent APA standards for formatting and referencing.
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Running head: MARKET ANALYSIS
1
Market Analysis
Jessica Coleman
FIN 640
February 9, 2020
MARKET ANALYSIS
2
Market Analysis
Both products and services from Apple Inc possess virtuous quality but despite this the
company experiences high competition in all it entangles of trade. The vigorous competition is
contributed by the fact that the corporation operates in a free market that has no entry barriers.
The market structure where the company carries out its ventures is also categorized by swift
technological enhancements. These enhancements are ought to greatly intensify the aptitudes and
usage of media devices and mobile communication, digital electronic gadgets, and personal
computers. In the last decade, some of Apple’s competitors who retail similar products have
initiated price cut on their products and lowered product margins to attract a bigger market share.
Product quality, relative price, product specifications and performance, design innovation,
product price, company reputation, dependability, distribution, support and service are the core
competitive aspects employed by the company.
The relentless US currency value strength in the exchange markets is expected to assert
momentous burden on the company’s net revenues. Principally, in the view of currency
drawbacks experience in key markets such as China, Japan, and Brazil as a result of the recent
Yen deflation. In the US market, the demand has slightly diminished and the organization is
likely to face continued weakening and further languish especially in the resource industries
category. In both China and Brazil, the vital markets have experienced constant weakening.
Over the years, notable fluctuations in production and energy prices have been witnessed.
Furthermore, overdue costs cut by gas and oil producers are approximately ranging about $400
billion in capital spending (as of 2015). The companies attest high competition from producers of
oil and other several forms of energy e.g., micro-turbines, fuel cells, and solar are alternatives for
the utilities’ provision clients.
MARKET ANALYSIS
3
ii. Analysis of quantitative data across sectors and industries
Performance of each industry
A
B
C
D
E
Debt & Coverage Ratios
Debt/Assets
0.5
0.52
0.36
0.09 0.62
Debt/Equity
0.47
2.39
0.93
0.65
0.07
2.05
0.75
2.49
1.21
Current Assets/Current Liability
EBITDA/Interest
24.46
–
12.04
Debt/EBITDA
0.28
9.73
3.29
6.07
0.78
Cash Flow Ops/Total Debt
0.22
0.12
44.04
0.18
0.34
Where;
A- Computer software/hardware industry
B- Heavy equipment industry
C- Energy industry
D- Financial services industry
E- Retail industry
Analysis
Taking a close consideration to the debt/assets proportion, the finance services venture seems
to operating extremely well. As per the measure, retail industry obtains the second position with
MARKET ANALYSIS
4
a 62% debt/asset ratio. In regards to liquidity, the heavy equipment venture tops with a 0.75
working capital ratio. In the view of the best positioned company in terms of debt payment
(denoted by Debt/EBITDA) the financial sector wins while the computer software/hardware
comes the last.
I.
Portfolio construction
A. Assets
I. Explain the inclusion of specific asset classes for the portfolio, considering the portfolio’s
risk/return trade- offs and the company’s investment objectives.
Mutual funds, equities, and bonds constitute to the superlative asset amalgamation that
the company will consider investing in. the assets are to be selected in the five different
companies in our case. The corporation’s aims on the investment comprise of: risk level as well
as the respective return expectancy.
The table below illustrates risk/return trade-off of three assets (equity, bonds and mutual funds).
Asset
Risk level
Returns
Equity
High
High
Bonds
Medium
Medium
Mutual funds
Low
Low
ii. Asset weightings
Emanating from the company’s risk/return insight, the company will probably capitalize
sixty percent of its cash on bonds, twenty percent on equity and twenty percent on mutual funds.
MARKET ANALYSIS
5
On the funds invested in equities, twenty percent will be invested in computer hardware/software
sector, twenty percent in the energy sector, twenty percent in the financial services sector and
forty percent in the retail sector.
B. Securities
I. Analyze the company’s historical revenue and earnings growth in order to demonstrate a
comparison to that of peers in the industry.
Revenue growth,
APPLE
CAT
ED
NTRS
M
14.78%
-8.52
-1.37%
5.65%
0.48
12.18%
-41.31%
2.74%
11.41%
-13.2%
5-year
Earnings growth,
5-year average
According to the table, Apple records the highest progress on revenues derivate on a fiveyears average. Caterpillar experiences a downhill growth of its revenues. Apple had also
recorded the highest increment level in earnings as Caterpillar records a deteriorating growth in
earnings.
ii. Determine the intrinsic value of assets utilizing the asset valuation models.
C. Rates of Return
MARKET ANALYSIS
6
I. Analyze the assets’ historical risk and rates of return, utilizing a comparison of the assets’ rates
of return to similar securities or benchmarks for support.
ii. Calculate required rates of return, utilizing various asset valuation models (e.g., stock
valuation models, bond valuation models, real estate valuation models, etc.).
MARKET ANALYSIS
7
References
Bocca, R. (2016, March 2). 3 trends transforming the energy sector | World Economic Forum.
Retrieved May 14, 2017, from https://www.weforum.org/agenda/2016/03/3-trendstransforming-the-energy-sector/
CSIMarket. (n.d.). Consolidated Edison Inc Comparisons to its Competitors, Market share and
Competitiveness by Segment. Retrieved May 14, 2017, from
http://csimarket.com/stocks/compet_glance.php?code=ED&image.x=14&image.y=6&i
mage=go
Running head: PORTFOLIO ANALYSIS
Portfolio Analysis
1
PORTFOLIO ANALYSIS
2
Apple Inc.
Apple Inc. is an international company that specializes in designing, production and
marketing of personal computers, mobile communication and media gadgets, and handy digital
music players. The corporation was started by Steve Wozniak and Steve Jobs and was merged on
the third of January, 1977. The corporate headquarters are based in Cupertino which in
California, US. Apple amasses its revenues through vending numerous sorts of associated
software, applications, digital content (third party), networking solutions, services, and
accessories. In the previous five years, the corporation has evidenced constant advancement in
both returns and revenue.
Caterpillar
Caterpillar is an American based company that develops and assembles mining and
construction equipment, industrial gas turbines, diesel and natural gas engines, and diesel-electric
engines. The company specializes its business operations into three categories: resource
industries, construction industries, and the energy and transportation industries. Additionally, the
corporation has a financial products category which offers related financial services. In the last
five years, the corporation has faced a decrease in its revenue and income.
Consolidated Edison
Consolidated Edison Inc is a US-based corporation and was consolidated back in third
September 1993. The entity operates its business activities using its subsidiaries. The company
subsidiary consists of Con Edison Transmission Inc., Con Edison Clean Energy Businesses Inc.,
Consolidated Edison Company of New York Inc., Orange and Rockland Utilities Inc, and
O&R’s. The critical business endeavours are harmonized electric, steam, and gas delivery
PORTFOLIO ANALYSIS
3
dealings. In the past five years, the company has evidenced a slight upsurge in both its revenue
and net returns.
Northern Trust
Northern Trust is monetary holding corporation and was incorporated back in 1971. The
business entity specializes in offering asset servicing, fund administration, banking solutions,
fiduciary, and management of assets for its tangible market share. Northern Trust corporation has
also exhibited a negligible development in its net returns and revenues for the previous five
years.
Macy’s
Macy’s incorporation is a sort of retail which integrates the different methods of shopping
to customers. The business entity runs websites, stores, and mobile applications and an
assortment of products, for example, Macy’s Blue Mercury and Bloomingdale’s. Macy’s
corporation has also indulged in retailing numerous merchandise (such as Apparel and
accessories), cosmetics, home furnishings, and other consumer commodities. In the previous five
years, Macy’s Inc has experienced a decrease in net income and revenue.
PORTFOLIO ANALYSIS
4
B. Company Valuation
Key Ratios
The profit margin on sales
In 2016 fiscal year (ended 30th September), Apple recorded 21.19% profit margin, and
this implies that after deducting the incurred expenses from the revenue (distributable to
shareholders), the company remained with 21.19% of sales.
Debt-Assets ratio
At the end of the 2016 fiscal year, Apple Inc. had 0.6 debt-assets turnovers. The event
denotes that the organization financed over 60% of its assets using debts. Contingent to the
industry’s average of 0.5, funding 60% of assets by debt is highly influenced.
Current ratio
Current ratio conveys an entity’s current debt in the form of current assets. In our case,
Apple’s current ratio of 1.35 implies that the company has 1.35 times more current assets than
current liabilities. The 1.35 rate is decent as the company will be able to achieve the maturing
obligations.
Total assets turnover
In the 2016 fiscal year, Apple had overall assets turnover of 0.7 times. This confirms that
for every single dollar of an asset invested, the company achieve the transition of 0.7 to sales.
Reliant on the industry average the recorded asset turnover is low.
PORTFOLIO ANALYSIS
5
C. Stakeholders
Stakeholders
Needs
XYZ Tech Company
To invest extra cash and cash equivalents
Apple
Upsurge its value
Bank
Intensify its profits
Government
Generate revenues through tax
The Financial Industry Regulatory Authority,
Controlling the stock market
Inc.
Apple company’s principal stockholders are; Tim Cook, Craig Federighi, Albert Gore Jr.,
Bruce Sewell and several institution stockholders. Their prime objective is to achieve returns for
their speculation in the company.
The required rate of return (cost of equity)
Cost of equity is based on the Capital Asset Pricing Model (CAPM). CAPM gives the cost of
equity of a company (ri) formula as follows;
ri= rf + βi * (RMkt-rf)
Where;
RMkt-rf is the Market Risk Premium.
ri is the cost of the company’s equity
βi is the company’s beta
rf is the risk-free rate
PORTFOLIO ANALYSIS
6
Input data
Elements
Input data
Risk-free rate
2%
Company’s beta
1.28
Market premium
6%
Required rate of return = 2% + 1.28 (6%)
= 9.68%
PORTFOLIO ANALYSIS
7
References
Reuters.com. (n.d.). Company Profile: Caterpillar Inc (CAT.N). Retrieved May 10, 2017, from
http://www.reuters.com/finance/stocks/companyProfile?symbol=CAT.N
Reuters.com. (n.d.). Company Profile: Macy’s Inc. (AAPL). Retrieved May 10, 2017, from
http://www.reuters.com/finance/stocks/companyProfile?symbol=AAPL.O
Reuters.com. (n.d.). Company Profile: Apple Inc. (M.N). Retrieved May 10, 2017, from
http://www.reuters.com/finance/stocks/companyProfile?symbol=M.N
Reuters.com. (n.d.). Company Profile: Northern (NTRS.O). Retrieved May 10, 2017, from
http://www.reuters.com/finance/stocks/companyProfile?symbol=NTRS.O
Reuters.com. (n.d.). Company Profile: Consolidated (ED.N). Retrieved May 10, 2017, from
http://www.reuters.com/finance/stocks/companyProfile?symbol=ED.N
Sec.gov. (2016). Form 10-K: Apple Inc. Retrieved from
https://www.sec.gov/Archives/edgar/data/320193/000119312515356351/d17062d10k.ht
m#toc17062_13
Apple (AAPL) Stock
2016
2017
2018
2019
2020
2021
Revenues
Cost of Goods Sold
Selling, General & Administrative Expenses
Research and development
Operating Income
Net Interest Expenditure
Pre-Tax Income
Taxes
Net Income
215639 224265 233235 242565 252267 262358
131376 156985 163265 169795 176587 183650
14194 38125 39650 41236 41624 43289
10045
0
0
0
0
0
60024 29154 30321 31533,4 34056 35418
-1348
0
0
0
0
0
61372 29154 30321 31533,4 34056 35418
15685 8746,3 9096,2 9460,02 10217 10625
45687 20408 21224 22073,4 23839 24793
Earnings Per Share
8,3067 3,7106
Shares Outstanding
5500
5500
3,859 4,01334
5500
5500
Apple (AAPL) Bond
Firm
Debt & Coverage Ratios
Debt/Assets
Debt/Equity
Current Assets/Current Liability
EBITDA/Interest
Debt/EBITDA
Cash Flow Ops/Total Debt
0,6013
0,68
1,35
43,15
0,32
0,27
Ind Avg
0,5
0,47
24,46
0,28
0,22
4,3344 4,5078
5500
5500
Growth Profitability and Financial Ratios for Apple Inc
Financials
Revenue USD Mil
Gross Margin %
Operating Income USD Mil
Operating Margin %
Net Income USD Mil
Earnings Per Share USD
Dividends USD
Payout Ratio % *
Shares Mil
Book Value Per Share * USD
Operating Cash Flow USD Mil
Cap Spending USD Mil
Free Cash Flow USD Mil
Free Cash Flow Per Share * USD
Working Capital USD Mil
Key Ratios -> Profitability
Margins % of Sales
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin
Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage
2007-09 2008-09 2009-09 2010-09 2011-09
24.578 37.491 42.905 65.225 108.249
33,2
35,2
40,1
39,4
40,5
4.407
8.327 11.740 18.385 33.790
17,9
22,2
27,4
28,2
31,2
3.495
6.119
8.235 14.013 25.922
0,56
0,97
1,3
2,16
3,95
6.225
2,2
5.470
-986
4.484
0,63
12.657
6.315
3,39
9.596
-1.199
8.397
1,33
20.598
6.349
5,02
10.159
-1.213
8.946
1,41
20.049
6.473
7,45
18.595
-2.121
16.474
2,54
20.956
6.557
11,78
37.529
-7.452
30.077
4,59
17.018
2007-09 2008-09 2009-09 2010-09 2011-09
100
100
100
100
100
66,83
64,8
59,86
60,62
59,52
33,17
35,2
40,14
39,38
40,48
12,06
10,03
9,67
8,46
7,02
3,18
2,96
3,11
2,73
2,24
17,93
2,44
20,37
22,21
1,65
23,86
27,36
0,76
28,12
28,19
0,24
28,42
31,22
0,38
31,6
2007-09 2008-09 2009-09 2010-09 2011-09
30,19
29,89
31,75
24,42
24,22
14,56
14,88
19,19
21,48
23,95
1,13
1
0,99
1,06
1,13
16,43
14,89
18,92
22,84
27,07
1,74
1,88
1,5
1,57
1,52
28,52
27,19
31,27
35,28
41,67
24,84
27,19
30,22
34,69
41,04
Key Ratios -> Growth
2007-09 2008-09 2009-09 2010-09 2011-09
Revenue %
Year over Year
3-Year Average
5-Year Average
24,29
42,6
33,12
35,3
32,6
39,23
32,1
30,48
38,97
52,02
39,54
36,17
65,96
49,37
41,16
10-Year Average
Operating Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Net Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
EPS %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Key Ratios -> Cash Flow
Cash Flow Ratios
Operating Cash Flow Growth % YOY
Free Cash Flow Growth % YOY
Cap Ex as a % of Sales
Free Cash Flow/Sales %
Free Cash Flow/Net Income
Key Ratios -> Financial Health
Balance Sheet Items (in %)
Cash & Short-Term Investments
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net PP&E
Intangibles
Other Long-Term Assets
Total Assets
Accounts Payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Short-Term Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Liabilities
Total Stockholders’ Equity
Total Liabilities & Equity
12,99
18,52
21,47
23,37
35,05
79,74
138,25
203,93
42,32
56,09
56,6
60,96
61,96
42,78
83,79
75,28
68,97
37,44
87,09
68,52
104,78
41,73
75,77
133,11
121,89
38,27
53,56
133,93
31,65
70,36
60,57
97,22
29,92
70,16
58,85
60,03
33,39
84,99
75,03
67,11
73,13
122,87
112,83
36,39
50,9
124,02
26,15
69,4
58,74
91,24
25,97
66,85
56,8
57,56
30,11
82,71
72,85
64,9
2007-09 2008-09 2009-09 2010-09 2011-09
146,4
75,43
5,87
83,04 101,82
186,88
87,27
6,54
84,15
82,57
4,01
3,2
2,83
3,25
6,88
18,24
22,4
20,85
25,26
27,79
1,28
1,37
1,09
1,18
1,16
2007-09 2008-09 2009-09 2010-09 2011-09
60,7
61,89
49,4
34,08
22,3
15,9
11,89
10,65
13,2
10,07
1,37
1,29
0,96
1,4
0,67
8,66
12,6
5,43
6,76
5,62
86,62
87,66
66,43
55,44
38,66
7,23
6,2
6,22
6,34
6,68
1,66
1,24
1,18
1,44
3,81
4,49
4,89
26,17
36,78
50,85
100
100
100
100
100
19,61
13,95
11,79
15,98
12,57
4,97
12,11
36,69
9,4
12,26
35,61
0,91
7,2
4,32
24,22
0,28
6,45
4,85
27,56
0,98
6,97
3,52
24,04
5,98
42,67
57,33
100
11,25
46,86
53,14
100
9,17
33,39
66,61
100
8,87
36,43
63,57
100
10,13
34,16
65,84
100
Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity
Key Ratios -> Efficiency Ratios
Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover
2007-09 2008-09 2009-09 2010-09 2011-09
2,36
2,46
2,74
2,01
1,61
2,09
2,07
2,48
1,72
1,35
1,74
1,88
1,5
1,57
1,52
2007-09 2008-09 2009-09 2010-09 2011-09
21,96
22,81
24,6
24,82
18,34
7,09
7,31
6,85
6,95
5,17
96,25
89,74
79,02
81,3
75,48
-67,19 -59,61 -47,58 -49,53 -51,96
16,62
16
14,84
14,71
19,9
51,47
49,9
53,28
52,51
70,53
15,42
15,15
15,86
16,89
17,26
1,13
1
0,99
1,06
1,13
2012-09 2013-09 2014-09 2015-09 2016-09 TTM
156.508 170.910 182.795 233.715 215.639
220.457
43,9
37,6
38,6
40,1
39,1
38,4
55.241 48.999 52.503 71.230 60.024
59.322
35,3
28,7
28,7
30,5
27,8
26,9
41.733 37.037 39.510 53.394 45.687
45.730
6,31
5,68
6,45
9,22
8,31
8,58
0,38
1,63
1,81
1,98
2,18
2,28
27,4
28,5
22,3
24,8
26,6
6.617
6.522
6.123
5.793
5.500
5.364
16,99
19,6
20,62
22,53
23,71
25,72
50.856 53.666 59.713 81.266 65.824
66.339
-9.402 -9.076 -9.813 -11.488 -13.548
-13.378
41.454 44.590 49.900 69.778 52.276
52.961
6,31
6,46
7,73
11,82
8,97
19.111 29.628
5.083
8.768 27.863
2012-09 2013-09 2014-09 2015-09 2016-09 TTM
100
100
100
100
100
100
56,13
62,38
61,41
59,94
60,92
61,59
43,87
37,62
38,59
40,06
39,08
38,41
6,42
6,34
6,56
6,13
6,58
6,62
2,16
2,62
3,3
3,45
4,66
4,89
35,3
0,33
35,63
28,67
0,68
29,35
28,72
0,54
29,26
30,48
0,55
31,03
27,84
0,63
28,46
26,91
1
27,91
2012-09 2013-09 2014-09 2015-09 2016-09 TTM
25,16
26,15
26,13
26,37
25,56
25,67
26,67
21,67
21,61
22,85
21,19
20,74
1,07
0,89
0,83
0,89
0,7
0,69
28,54
19,34
18,01
20,45
14,93
14,29
1,49
1,68
2,08
2,43
2,51
2,5
42,84
30,64
33,61
46,25
36,9
34,57
42,01
26,08
26,2
31,32
21,95
19,75
369,79 140,28
99,93
43,15
33,14
2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr
44,58
53,94
45,49
9,2
37,86
39,39
6,95
19,08
33,63
27,86
14,3
29,08
-7,73
8,06
14,78
4,63
39,17
39,31
36,27
32,58
27,29
63,48
67,57
65,8
124,48
-11,3
38,65
50,84
7,15
15,82
34,93
66,23
35,67
8,84
31,11
45,72
-15,73
7
12,18
37,68
60,99
71,77
64,2
90,88
-11,25
38,26
50,27
87,49
6,68
15,08
36,84
64,28
35,14
8,56
30,67
44,61
-14,43
7,25
12
36,81
59,5
69,41
62,22
85,81
-9,97
37,92
49,29
82,88
13,58
17,71
37,82
62,35
42,95
13,49
33,62
45,1
-9,87
13,53
16,01
38,31
0,79
10,53
2012-09 2013-09 2014-09 2015-09 2016-09 TTM
35,51
5,53
11,27
36,09
-19
37,83
7,57
11,91
39,84 -25,08
6,01
5,31
5,37
4,92
6,28
6,07
26,49
26,09
27,3
29,86
24,24
24,02
0,99
1,2
1,26
1,31
1,14
1,16
2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr
16,54
19,59
10,82
14,32
20,88
20,06
10,62
9,97
11,74
10,45
9,11
6,16
0,45
0,85
0,91
0,81
0,66
0,87
5,14
4,99
6,09
5,19
2,57
3,4
32,75
35,4
29,56
30,77
33,22
30,49
8,78
8,02
8,9
7,74
8,4
8,12
3,04
2,78
3,78
3,1
2,68
2,42
55,43
53,8
57,77
58,39
55,7
58,97
100
100
100
100
100
100
12,03
10,81
13,02
12,22
11,59
8,54
2,72
3,79
3,61
4,18
0,87
0,58
0,52
4,76
2,52
3,32
8,67
6,85
6,9
4,23
7,19
7,78
3,08
2,51
2,3
21,89
21,09
27,37
27,75
24,56
21,92
8,19
12,5
18,41
23,45
25,27
10,97
11,03
12,02
12,76
12,12
12,73
32,86
40,31
51,89
58,91
60,13
59,92
67,14
59,69
48,11
41,09
39,87
40,08
100
100
100
100
100
100
2012-09 2013-09 2014-09 2015-09 2016-09 Latest Qtr
1,5
1,68
1,08
1,11
1,35
1,39
1,24
1,4
0,82
0,89
1,22
1,2
1,49
1,68
2,08
2,43
2,51
2,5
0,14
0,26
0,45
0,59
0,63
2012-09 2013-09 2014-09 2015-09 2016-09 TTM
19,01
25,66
30,51
26,79
27,59
19,71
3,26
4,37
6,3
5,81
6,22
6,98
74,38
74,54
85,45
85,57 101,11
72,14
-52,13
-44,5 -48,64 -52,97 -67,29
-45,46
19,2
14,22
11,96
13,62
13,23
18,52
112,12
83,45
57,94
62,82
58,64
52,31
13,48
10,67
9,82
10,85
8,71
8,75
1,07
0,89
0,83
0,89
0,7
0,69
APPLE INC (AAPL) CashFlowFlag INCOME STATEMENT
Fiscal year ends in September. USD in millions except per share data.
Revenue
Cost of revenue
Gross profit
Operating expenses
Research and development
Sales, General and administrative
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before taxes
Provision for income taxes
Net income from continuing operations
Net income
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA
2012-09 2013-09 2014-09
156508 170910 182795
87846 106606 112258
68662 64304 70537
3381
10040
13421
55241
522
55763
14030
41733
41733
41733
4475
10830
15305
48999
136
1292
50155
13118
37037
37037
37037
6041
11993
18034
52503
384
1364
53483
13973
39510
39510
39510
6,38
6,31
5,72
5,68
6,49
6,45
6544
6617
58518
6477
6522
57048
6086
6123
61813
2015-09 2016-09 TTM
233715 215639 218118
140089 131376 134102
93626 84263 84016
8067
14329
22396
71230
733
2018
72515
19121
53394
53394
53394
10045
14194
24239
60024
1456
2804
61372
15685
45687
45687
45687
10512
14292
24804
59212
1705
3472
60979
15762
45217
45217
45217
9,28
9,22
8,35
8,31
8,43
8,39
5753
5793
84505
5471
5500
73333
5406
5434
73222
APPLE INC (AAPL) CashFlowFlag BALANCE SHEET
Fiscal year ends in September. USD in millions except per share data.
Assets
Current assets
Cash
Cash and cash equivalents
Short-term investments
Total cash
Receivables
Inventories
Deferred income taxes
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Equity and other investments
Goodwill
Intangible assets
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders’ equity
Liabilities
Current liabilities
Short-term debt
Accounts payable
Taxes payable
Accrued liabilities
Deferred revenues
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Deferred taxes liabilities
Deferred revenues
Other long-term liabilities
Total non-current liabilities
Total liabilities
Stockholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Total stockholders’ equity
2012-09 2013-09 2014-09
10746
18383
29129
10930
791
2583
14220
57653
14259
26287
40546
13102
1764
3453
14421
73286
13844
11233
25077
17460
2111
4318
19565
68531
21887 28519 39015
-6435 -11922 -18391
15452 16597 20624
92122 106215 130162
1135
1577
4616
4224
4179
4142
5478
5146
3764
118411 133714 163308
176064 207000 231839
6308
30196
1209
7689
9548
8498
63448
21175
1535
8387
5953
1492
38542
22367
1200
5217
7435
7439
43658
2648
16664
19312
57854
16960 28987
16489 20259
2625
3031
3719
4567
39793 56844
83451 120292
23313
16422 19764
101289 104256 87152
499
-471
1082
118210 123549 111547
Total liabilities and stockholders’ equity
176064 207000 231839
2015-09 2016-09
21120 20484
20481 46671
41601 67155
16849 15754
2349
2132
5546
23033 21828
89378 106869
49257 61245
-26786 -34235
22471 27010
164065 170430
5116
5414
3893
3206
5556
8757
201101 214817
290479 321686
10999
35490
11605
37294
25181
8940
22027
8080
80610
79006
53463 75427
24062 26019
3624
2930
9365 10055
90514 114431
171124 193437
27416
31251
92284 96364
-345
634
119355 128249
290479 321686
APPLE INC (AAPL) Statement of CASH FLOW
Fiscal year ends in September. USD in millions except per share data.
Cash Flows From Operating Activities
Net income
Depreciation & amortization
Deferred income taxes
Stock based compensation
Accounts receivable
Inventory
Accounts payable
Other working capital
Other non-cash items
Net cash provided by operating activities
Cash Flows From Investing Activities
Investments in property, plant, and equipment
Acquisitions, net
Purchases of investments
Sales/Maturities of investments
Purchases of intangibles
Other investing activities
Net cash used for investing activities
Cash Flows From Financing Activities
Debt issued
Debt repayment
Common stock issued
Common stock repurchased
Dividend paid
Other financing activities
Net cash provided by (used for) financing activities
Net change in cash
Cash at beginning of period
Cash at end of period
Free Cash Flow
Operating cash flow
Capital expenditure
Free cash flow
2012-09 2013-09 2014-09
41733
3277
4405
1740
-5551
-15
4467
800
37037
6757
1141
2253
-2172
-973
2340
7283
39510
7946
2347
2863
-4232
-76
5938
5417
50856
53666
59713
-8295
-8165
-9571
-350
-496
-3765
-151232 -148489 -217128
112805 124447 208111
-1107
-911
-242
-48
-160
16
-48227 -33774 -22579
16896
18266
-2488
125
-1698
931
9815
10746
530
-22860
-10564
-381
-16379
3513
10746
14259
730
-45000
-11126
-419
-37549
-415
14259
13844
50856
-9402
41454
53666
-9076
44590
59713
-9813
49900
665
2015-09 2016-09 TTM
53394
11257
1382
3586
611
-238
5400
5874
45687
10505
4938
4210
1095
217
1791
-2619
81266
65824
45217
10538
4798
4388
-1104
-261
5103
-2878
-384
65417
-11247 -12734 -12456
-343
-297
-228
-166402 -143816 -150126
121985 111794 118709
-241
-814
-506
-26
-110
-42
-56274 -45977 -44649
543
-35253
-11561
28555
-17716
7276
13844
21120
-2500
495
-29722
-12150
23394
-20483
-636
21120
20484
494
-33710
-12311
24441
-21086
-318
16689
16371
81266
-11488
69778
65824
-13548
52276
65417
-12962
52455
Caterpillar (CAT) Stock
Revenues
Cost of Goods Sold
Selling, General & Administrative Expenses
Research and development
Operating Income
Net Interest Expenditure
Pre-Tax Income
Taxes
Net Income
Earnings Per Share
Shares Outstanding
2016
2017
2018
2019
2020
2021
38537
28309
4686
5044
498
359
139
192
-67
40078
28055
6813,3
0
5210,2
0
5210,2
1563,1
3647,1
41682
29177
7085,9
0
5418,6
0
5418,6
1625,6
3793
43349
30344
7369,3
0
5635,4
0
5635,4
1690,6
3944,7
45083
31558
7438,7
0
6086,2
0
6086,2
1825,9
4260,3
46886
32820
7736,2
0
6329,6
0
6329,6
1898,9
4430,7
-0,1147 6,2451 6,4949 6,7547 7,2951 7,5869
584
584
584
584
Caterpillar (CAT) Bond
Firm
Debt & Coverage Ratios
Debt/Assets
Debt/Equity
Current Assets/Current Liability
EBITDA/Interest
Debt/EBITDA
Cash Flow Ops/Total Debt
0,49
2,8
1,22
3,88
8,61
0,15
Ind Avg
0,52
2,39
2,05
9,73
0,12
584
584
CATERPILLAR INC (CAT) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.
Revenue
Cost of revenue
Gross profit
Operating expenses
Research and development
Sales, General and administrative
Other operating expenses
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before taxes
Provision for income taxes
Other income
Net income from continuing operations
Other
Net income
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA
2012-12 2013-12 2014-12
65875 55656 55184
47055 40727 39767
18820 14929 15417
2466
5919
1862
10247
8573
467
130
8236
2528
14
5722
-41
5681
5681
2046
5547
1708
9301
5628
465
-35
5128
1319
-6
3803
-14
3789
3789
2135
5697
2257
10089
5328
484
239
5083
1380
8
3711
-16
3695
3695
8,71
8,48
5,87
5,75
5,99
5,88
653
670
12313
645
659
9407
617
629
9354
2015-12 2016-12 TTM
47011 38537 38537
33742 28309 28309
13269 10228 10228
2165
5199
2649
10013
3256
507
106
2855
742
2113
-11
2102
2102
1951
4686
3093
9730
498
505
146
139
192
-6
-59
-8
-67
-67
1951
4686
3093
9730
498
505
146
139
192
-6
-59
-8
-67
-67
3,54
3,5
-0,11 -0,11
-0,11 -0,11
594
601
6995
584
584
4274
584
584
4274
CATERPILLAR INC (CAT) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.
Assets
Current assets
Cash
Cash and cash equivalents
Total cash
Receivables
Inventories
Deferred income taxes
Prepaid expenses
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Equity and other investments
Goodwill
Intangible assets
Deferred income taxes
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders’ equity
Liabilities
Current liabilities
Short-term debt
Accounts payable
Accrued liabilities
Deferred revenues
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Capital leases
Pensions and other benefits
Minority interest
Other long-term liabilities
Total non-current liabilities
Total liabilities
Stockholders’ equity
Common stock
Retained earnings
Treasury stock
Accumulated other comprehensive income
Total stockholders’ equity
2012-12 2013-12 2014-12
5490
5490
18952
15547
1547
988
42524
6081
6081
17176
12625
1553
900
38335
7341
7341
16764
12205
1739
818
38867
29932
-13471
16461
272
6942
4016
2011
17130
46832
89356
31316
-14241
17075
272
6956
3596
594
18068
46561
84896
31572
-14995
16577
257
6694
3076
1404
17806
45814
84681
12391
6753
5578
2978
2055
29755
11031
6560
5115
2360
2231
27297
11501
6515
5986
1697
2178
27877
27752
26719
27784
11085
50
3182
42069
71824
6973
67
3029
36788
64085
8963
80
3231
40058
67935
4481
29558
-10074
-6433
17532
4709
31854
-11854
-3898
20811
5016
33887
-15726
-6431
16746
Total liabilities and stockholders’ equity
89356
84896
84681
2015-12 2016-12
6460
6460
15686
9700
1526
1046
34418
7168
7168
14503
8614
31977
-15887
16090
246
6615
2821
1654
16653
44079
78497
31940
-16618
15322
12846
5023
5110
1146
2178
26303
13965
4614
4299
1167
2087
26132
25170
77
8843
76
3219
37385
63688
22750
68
9357
76
3184
35435
61567
5238
34208
-17640
-6997
14809
5277
27377
-17478
-2039
13137
1682
31967
6020
2349
2790
16256
42737
74704
78497
74704
CATERPILLAR INC (CAT) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.
Cash Flows From Operating Activities
Net income
Depreciation & amortization
Investment/asset impairment charges
Inventory
Accounts payable
Accrued liabilities
Other working capital
Other non-cash items
Net cash provided by operating activities
Cash Flows From Investing Activities
Investments in property, plant, and equipment
Property, plant, and equipment reductions
Acquisitions, net
Purchases of investments
Sales/Maturities of investments
Other investing activities
Net cash used for investing activities
Cash Flows From Financing Activities
Debt issued
Debt repayment
Common stock issued
Common stock repurchased
Dividend paid
Other financing activities
Net cash provided by (used for) financing activities
Effect of exchange rate changes
Net change in cash
Cash at beginning of period
Cash at end of period
Free Cash Flow
Operating cash flow
Capital expenditure
Free cash flow
2012-12 2013-12 2014-12
5722
2813
580
-1149
-1868
183
-849
-191
5241
3803
3087
3711
3163
2658
134
-108
135
482
10191
101
222
891
-584
553
8057
-1726
1117
581
-12412
9433
-3183
-6190
-1924
844
170
-402
449
-4183
-5046
-1840
904
169
-825
810
-2845
-3627
16015
-11099
52
-1617
198
3549
-167
2433
3057
5490
9328
-10870
128
-2000
-1111
14
-4511
-43
591
5490
6081
10649
-9248
239
-4238
-1620
1222
-2996
-174
1260
6081
7341
5241
-5076
165
10191
-4446
5745
8057
-3379
4678
2015-12 2016-12 TTM
2113
3046
2274
-1165
-588
487
508
6675
-59
3034
595
1109
-200
-909
628
1410
5608
-59
3034
595
1109
-200
-909
628
1410
5608
-1873
760
178
-885
351
-2048
-3517
-1819 -1819
899 899
-191 -191
-391 -391
694 694
-952 -952
-1760 -1760
5132
-8292
33
-2025
-1757
3039
-3870
-169
-881
7341
6460
5115 5115
-6565 -6565
-23
-23
6675
-3261
3414
5608 5608
-2928 -2928
2680 2680
-1799
160
-3112
-28
708
6460
7168
-1799
160
-3112
-28
708
6460
7168
Consolidated Edison (ED) Stock
2016
2017
2018
2019
Revenues
Cost of Goods Sold
Selling, General & Administrative Expenses
Research and development
Operating Income
Net Interest Expenditure
Pre-Tax Income
Taxes
Net Income
12075
3088
5196
1216
2575
632
1943
698
1245
12558
8790,6
2134,9
0
1632,5
0
1632,5
489,76
1142,8
13060
9142,2
2220,3
0
1697,8
0
1697,8
509,35
1188,5
13583 14126 14691
9507,9 9888,2 10284
2309,1 2330,8
2424
0
0
0
1765,8
1907 1983,3
0
0
0
1765,8
1907 1983,3
529,73
572,1 594,99
1236 1334,9 1388,3
Earnings Per Share
4,1225
Shares Outstanding
302
2020
3,784 3,9354 4,0928 4,4202
302
302
302
302
Consolidated Edison (ED) Bond
Firm
Debt & Coverage Ratios
Debt/Assets
Debt/Equity
Current Assets/Current Liability
EBITDA/Interest
Debt/EBITDA
Cash Flow Ops/Total Debt
0,33
1,11
0,89
5,51
4,1
0,22
Ind Avg
0,36
0,93
0,75
3,29
44,04
2021
4,597
302
CONSOLIDATED EDISON INC (ED) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.
Revenue
Cost of revenue
Gross profit
Operating expenses
Operation and maintenance
Depreciation and amortization
Other operating expenses
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before income taxes
Provision for income taxes
Net income from continuing operations
Net income
Preferred dividend
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA
2012-12 2013-12 2014-12
12188 12354 12919
3887
4054
4513
8301
8300
8406
3182
955
1825
5962
2339
604
6
1741
600
1141
1141
3
1138
3137
1024
1895
6056
2244
719
13
1538
476
1062
1062
3294
1071
1832
6197
2209
592
43
1660
568
1092
1092
1062
1092
3,88
3,86
3,62
3,61
3,73
3,71
293
294
3300
293
294
3281
293
294
3323
2015-12 2016-12 TTM
12554 12075 12075
3716
3088 3088
8838
8987 8987
3344
1130
1937
6411
2427
656
27
1798
605
1193
1193
3269
1216
1927
6412
2575
702
70
1943
698
1245
1245
3269
1216
1927
6412
2575
702
70
1943
698
1245
1245
1193
1245
1245
4,07
4,05
4,15
4,12
4,15
4,12
293
294
3584
300
302
3861
300
302
3861
CONSOLIDATED EDISON INC (ED) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.
Assets
Current assets
Cash
Cash and cash equivalents
Total cash
Receivables
Inventories
Prepaid expenses
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
Accumulated Depreciation
Net property, plant and equipment
Equity and other investments
Goodwill
Intangible assets
Regulatory assets
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders’ equity
Liabilities
Current liabilities
Short-term debt
Accounts payable
Taxes payable
Accrued liabilities
Deferred revenues
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Capital leases
Deferred taxes liabilities
Pensions and other benefits
Regulatory liabilities
Minority interest
Other long-term liabilities
Total non-current liabilities
Total liabilities
stockholders’ equity
Common stock
Additional paid-in capital
2012-12 2013-12 2014-12
394
394
1966
330
159
602
3451
1001
1001
2005
363
136
386
3891
699
699
2058
372
163
562
3854
33580
-6641
26939
467
429
2
9705
216
37758
41209
35598
-7162
28436
461
429
4
7201
225
36756
40647
37532
-7705
29827
816
429
3
9156
223
40454
44308
1245
1215
162
247
304
772
3945
1936
1017
476
341
321
639
4730
1360
1019
72
227
344
759
3781
10062
2
8372
4678
1202
10489
1
8466
1727
1728
11631
1079
25395
29340
1261
23672
28402
9076
3914
1993
9
1328
27951
31732
32
4991
32
4995
32
4991
Retained earnings
Treasury stock
Accumulated other comprehensive income
Total stockholders’ equity
Total liabilities and stockholders’ equity
7997
-1037
-114
11869
41209
8338
-1034
-86
12245
40647
8691
-1032
-106
12576
44308
2015-12 2016-12
944
944
1882
350
177
483
3836
776
776
1827
339
159
305
3406
40348
-8139
32209
884
429
2
8096
186
41806
45642
43897
-8681
35216
1921
428
124
7024
136
44849
48255
2268
1008
62
233
354
795
4720
1093
1147
64
251
352
936
3843
12006
14735
9537
2911
1977
9
1430
27870
32590
10205
1847
1905
8
1414
30114
33957
32
5030
33
5854
9123
-1038
-95
13052
45642
9559
-1038
-110
14298
48255
CONSOLIDATED EDISON INC (ED) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.
Cash Flows From Operating Activities
Net income
Depreciation & amortization
Amortization of debt discount/premium and issuance costs
Deferred income taxes
Accounts receivable
Inventory
Prepaid expenses
Accounts payable
Accrued liabilities
Interest payable
Income taxes payable
Other working capital
Other non-cash items
Net cash provided by operating activities
Cash Flows From Investing Activities
Investments in property, plant, and equipment
Purchases of investments
Sales/Maturities of investments
Other investing activities
Net cash used for investing activities
Cash Flows From Financing Activities
Debt issued
Debt repayment
Common stock issued
Redemption of preferred stock
Cash dividends paid
Other financing activities
Net cash provided by (used for) financing activities
Net change in cash
Cash at beginning of period
Cash at end of period
Free Cash Flow
Operating cash flow
Capital expenditure
Free cash flow
Supplemental schedule of cash flow data
Cash paid for income taxes
Cash paid for interest
2012-12 2013-12 2014-12
1141
955
42
584
-99
26
-14
111
-7
-7
-26
-19
-88
2599
1062
1024
10
40
-29
-33
23
-118
96
96
314
149
-82
2552
1092
1071
102
518
44
-10
-27
-9
-113
-113
-404
634
46
2831
-2069
-337
30
-147
-2523
-2538
-175
93
-39
-2659
-2419
-283
108
-165
-2759
939
-305
1831
-709
1850
-480
-239
-712
-13
-330
-254
648
394
-721
-14
387
280
394
674
-739
-678
-47
25
674
699
2599
-2069
530
2552
-2538
14
2831
-2419
412
46
571
69
574
633
561
2015-12 2016-12 TTM
1193
1130
-52
653
96
22
-14
-79
4
4
-10
255
75
3277
1245 1245
1216 1216
-210 -210
783 783
-69
-69
13
13
20
20
29
29
14
14
14
14
2
2
380 380
22
22
3459 3459
-3054
-299
-3680 -3680
-1478 -1478
-304
-3657
182 182
-4976 -4976
1147
-500
2590 2590
-735 -735
702 702
-733
715
629
249
699
948
-763 -763
-449 -449
1345 1345
-172 -172
944 944
772 772
3277
-3054
223
3459 3459
-3680 -3680
-221 -221
-36
597
-180
664
-180
664
Northern Trust (NTRS) Stock
2016
Revenues
Cost of Goods Sold
Selling, General & Administrative Expenses
Research and development
Operating Income
Net Interest Expenditure
Pre-Tax Income
Taxes
Net Income
Earnings Per Share
Shares Outstanding
4962
1877
-1877
0
4962
0
4962
485
1032
2017
2018
2019
2020
5160,5
3612,3
877,28
0
670,86
0
670,86
201,26
469,6
5366,9
3756,8
912,37
0
697,7
0
697,7
209,31
488,39
5581,6
3907,1
948,87
0
725,6
0
725,6
217,68
507,92
5804,8
6037
4063,4 4225,9
957,8 996,11
0
0
783,65
815
0
0
783,65
815
235,1
244,5
548,56
570,5
4,5066 2,0507 2,1327
229
229
229
2,218 2,3954 2,4913
229
Northern Trust (NTRS) Bond
Firm
Debt & Coverage Ratios
Debt/Assets
Debt/Equity
Current Assets/Current Liability
EBITDA/Interest
Debt/EBITDA
Cash Flow Ops/Total Debt
0,07
0,92
0,18
Ind Avg
0,09
0,65
2,49
6,07
0,18
2021
229
229
NORTHERN TRUST CORP (NTRS) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.
Revenue
Operating expenses
Compensation and benefits
Advertising and promotion
Depreciation and amortization
Other expenses
Total operating expenses
Operating income
Nonoperating income
Interest expense
Other income (expense)
Total nonoperating income, net
Income before taxes
Provision for income taxes
Other income (expense)
Net income
Preferred dividend
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
2012-12 2013-12 2014-12
3896
3923
4331
1526
1507
-1526
-1507
1726
88
20
-1833
3896
3923
4331
297
297
177
177
181
181
3896
305
-2904
687
3923
351
-2844
728
687
728
4331
378
-3141
812
10
802
2,82
2,81
3,07
3,07
3,34
3,32
240
241
237
237
236
242
2015-12 2016-12 TTM
4703
4962 4962
1769
93
11
-1873
1877 1877
84
84
9
9
-1970 -1970
4703
4962 4962
154
154
182
182
182
182
4703
491
-3238
974
23
950
4962
485
-3445
1032
23
1009
4962
485
-3445
1032
23
1009
4,03
3,99
4,35
4,32
4,35
4,32
232
234
228
229
228
229
NORTHERN TRUST CORP (NTRS) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data.
Assets
Cash and cash equivalents
Federal funds sold
Receivables
Investments
Loans
Property and equipment
Goodwill
Other assets
Total assets
Liabilities and stockholders’ equity
Liabilities
Deposits
Short-term borrowing
Long-term debt
Other liabilities
Total liabilities
Stockholders’ equity
Preferred stock
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive income
Total stockholders’ equity
Total liabilities and stockholders’ equity
2012-12 2013-12 2014-12
30176 35289 17979
61
530 18449
2049
1355
1569
31034 30713 33734
29207 29107 31373
470
455
444
538
502
533
3930
4707
5865
97464 102659 109946
81408
4472
4057
89937
85717 90757
1598
3034
5074
5208
5666
95557 101498
409
1013
6703
-314
-283
7527
97464
388
7102
409
1051
7625
-705
-320
7102
8449
102659 109946
2015-12 2016-12
36986 10133
1614 28648
2157
1044
37567 44501
32987 33661
447
467
526
519
4464
4954
116750 123927
96869 101652
7201
8214
3974
4290
108044 114156
388
882
409
409
1072
1036
8243
8908
-1034
-1094
-373
-370
8706
9770
116750 123927
117987
5940
123927
NORTHERN TRUST CORP (NTRS) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.
Cash Flows From Operating Activities
Net income
Provision for credit losses
Depreciation & amortization
Amortization of debt discount/premium and issuance costs
Deferred tax (benefit) expense
Investments (gains) losses
Receivable
Accrued liabilities
Interest payable
Income taxes payable
Other operating activities
Net cash provided by operating activities
Cash Flows From Investing Activities
Change in deposits with banks
Change in federal funds sold and securities purchased under resale agreements
Sales/maturity of investments
Purchases of investments
Property, and equipments, net
Acquisitions and dispositions
Other investing activities
Net cash used for investing activities
Cash Flows From Financing Activities
Change in deposits
Change in federal funds purchased
Debt issued
Debt repayment
Preferred stock issued
Repurchases of treasury stock
Dividend paid
Other financing activities
Net cash provided by (used for) financing activities
Effect of exchange rate changes
Net change in cash
Cash at beginning of period
Cash at end of period
Free Cash Flow
Operating cash flow
Capital expenditure
Free cash flow
Supplemental schedule of cash flow data
Cash paid for income taxes
Cash paid for interest
2012-12 2013-12
687
25
289
-12
80
2
-42
-10
-10
18
-214
814
731
20
318
45
67
2
-206
-11
-11
-32
-83
839
3722
60
23404
-23345
-73
-6074
-469
14310
-13884
-92
-2141
1628
525
-5683
-1270
-534
500
-924
2939
402
750
-804
-162
-354
-329
-3073
68
-563
4315
3753
-310
-221
1632
4388
-135
-590
3753
3162
814
-312
502
839
-385
454
188
307
263
232
2014-12 2015-12 2016-12 TTM
812
6
336
35
-36
4
21
-4
-4
55
-287
936
974
-43
352
53
-146
0
-16
-8
-8
207
470
1834
1032
-26
373
101
-176
3
-129
0
0
-129
460
1510
1032
-26
373
101
-176
3
-129
0
0
-129
460
1510
3297
-533
16384
-19807
-82
843
-550
15204
-19566
-98
-7472
-8212
-2734
-6901
8488
-64
8106
-920
6737
-220
6737
-220
-640
388
-481
-303
-314
7074
91
-112
3162
3051
-231
-497
-348
2425
8534
-74
3394
3051
6445
-7
494
-411
-356
1300
7537
59
-1086
6418
5332
-7
494
-411
-356
1300
7537
59
-1086
6418
5332
936
-410
526
1834
-434
1401
1510
-473
1037
1510
-473
1037
279
186
390
162
754
182
754
182
-2218 -2218
-373
-373
15344 15344
-23315 -23315
-111
-111
-17
-17
498
498
-10192 -10192
Macy’s (M) Stock
2016
2017
2018
Revenues
Cost of Goods Sold
Selling, General & Administrative Expenses
Research and development
Operating Income
Net Interest Expenditure
Pre-Tax Income
Taxes
Net Income
27079
16496
8256
288
2039
361
1678
608
1070
28162
19714
4787,6
0
3661,1
0
3661,1
1098,3
2562,8
29289
20502
4979,1
0
3807,5
0
3807,5
1142,3
2665,3
Earnings Per Share
3,2132
Shares Outstanding
333
2019
333
333
Macy’s (M) Bond
Firm
Debt & Coverage Ratios
Debt/Assets
Debt/Equity
Current Assets/Current Liability
EBITDA/Interest
Debt/EBITDA
Cash Flow Ops/Total Debt
32,47
158,94
1,35
4,46
2,51
Ind Avg
2021
30460,2 31679 32946
21322,1 22175 23062
5178,23
5227
5436
0
0
0
3959,82 4276,6 4447,7
0
0
0
3959,82 4276,6 4447,7
1187,95
1283 1334,3
2771,88 2993,6 3113,4
7,696 8,0038 8,32396
333
2020
8,9899 9,3495
333
333
MACY’S INC (M) CashFlowFlag INCOME STATEMENT
Fiscal year ends in January. USD in millions except per share data.
Revenue
Cost of revenue
Gross profit
Operating expenses
Sales, General and administrative
Other operating expenses
Total operating expenses
Operating income
Interest Expense
Other income (expense)
Income before income taxes
Provision for income taxes
Minority interest
Other income
Net income from continuing operations
Other
Net income
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA
2013-01 2014-01 2015-01
27686 27931 28105
16538 16725 16863
11148 11206 11242
8482
5
8487
2661
437
-122
2102
767
8440
88
8528
2678
390
2
2290
804
8355
87
8442
2800
395
-15
2390
864
1335
1486
1526
1335
1335
1486
1486
1526
1526
3,29
3,24
3,93
3,86
4,3
4,22
406
412
3588
378
385
3700
355
362
3821
2016-01 2017-01 TTM
27079 25778 25778
16496 15621 15621
10583 10157 10157
8256
288
8544
2039
363
2
1678
608
-2
-2
1070
2
1072
1072
8265
577
8842
1315
384
21
952
341
-8
-8
611
8
619
619
8265
577
8842
1315
384
21
952
341
-8
-8
611
8
619
619
3,26
3,22
2,01
1,99
2,01
1,99
328
333
3102
308
311
2394
308
311
2394
MACY’S INC (M) CashFlowFlag BALANCE SHEET
Fiscal year ends in January. USD in millions except per share data.
Assets
Current assets
Cash
Cash and cash equivalents
Total cash
Receivables
Inventories
Prepaid expenses
Total current assets
Non-current assets
Property, plant and equipment
Land
Fixtures and equipment
Other properties
Property and equipment, at cost
Accumulated Depreciation
Property, plant and equipment, net
Goodwill
Intangible assets
Other long-term assets
Total non-current assets
Total assets
Liabilities and stockholders’ equity
Liabilities
Current liabilities
Short-term debt
Capital leases
Accounts payable
Deferred income taxes
Taxes payable
Accrued liabilities
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Capital leases
Deferred taxes liabilities
Minority interest
Other long-term liabilities
Total non-current liabilities
Total liabilities
Stockholders’ equity
Common stock
Additional paid-in capital
Retained earnings
2013-01 2014-01 2015-01
1836
1836
371
5308
361
7876
2273
2273
438
5557
420
8688
2246
2246
424
5516
493
8679
1736
4909
7498
14143
-5947
8196
3743
561
615
13115
20991
1696
4811
7489
13996
-6066
7930
3743
527
746
12946
21634
1664
4828
6902
13394
-5594
7800
3743
496
743
12782
21461
124
463
76
2204
407
550
542
1248
5075
2437
400
519
520
1387
5726
2526
362
483
2089
6806
6728
7265
1238
1273
1081
1821
9865
14940
1658
9659
15385
2201
10547
16083
4
3872
5108
4
2522
6235
4
1048
7340
5536
Treasury stock
Accumulated other comprehensive income
Total stockholders’ equity
Total liabilities and stockholders’ equity
-2002
-931
6051
20991
-1847
-665
6249
21634
-1942
-1072
5378
21461
2016-01 2017-01
1109
1109
558
5506
479
7652
1297
1297
522
5399
408
7626
1629
4910
6396
12935
-5319
7616
3897
514
897
12924
20576
1541
4541
5791
11873
-4856
7017
3897
498
813
12225
19851
636
6
2340
300
9
1423
411
625
1710
5728
352
3563
5647
6966
29
1477
3
2123
10598
16326
6535
27
1443
-1
1877
9881
15528
3
621
6334
3
617
6088
-1665
-1043
4250
20576
-1489
-896
4323
19851
MACY’S INC (M) Statement of CASH FLOW
Fiscal year ends in January. USD in millions except per share data.
Cash Flows From Operating Activities
Net income
Depreciation & amortization
Amortization of debt discount/premium and issuance costs
Investment/asset impairment charges
Stock based compensation
Inventory
Prepaid expenses
Accounts payable
Income taxes payable
Other working capital
Other non-cash items
Net cash provided by operating activities
Cash Flows From Investing Activities
Investments in property, plant, and equipment
Property, plant, and equipment reductions
Acquisitions, net
Other investing charges
Net cash used for investing activities
Cash Flows From Financing Activities
Short-term borrowing
Long-term debt issued
Long-term debt repayment
Common stock issued
Repurchases of treasury stock
Cash dividends paid
Other financing activities
Net cash provided by (used for) financing activities
Net change in cash
Cash at beginning of period
Cash at end of period
Free Cash Flow
Operating cash flow
Capital expenditure
Free cash flow
Supplemental schedule of cash flow data
Cash paid for income taxes
Cash paid for interest
2013-01 2014-01 2015-01
1335
1049
-16
5
61
-191
75
23
-16
-64
1486
1020
-8
88
62
-249
-2
101
-135
186
1526
1036
-5
87
73
40
-3
-17
-36
8
2261
2549
2709
-698
66
-607
132
-770
172
-231
-863
-313
-788
-372
-970
-88
1000
-1803
234
-1397
-324
-11
-2389
-991
2827
1836
24
400
-124
315
-1571
-359
-9
-1324
437
1836
2273
1044
-870
258
-1901
-421
124
-1766
-27
2273
2246
2261
-942
1319
2549
-863
1686
2709
-1068
1641
738
585
835
388
834
413
2016-01 2017-01 TTM
1070
1061
-14
288
65
-60
-78
-69
-279
1984
-777
204
-212
-307
-1092
611 611
1058 1058
-14
-14
479 479
61
61
107 107
-8
-8
-132 -132
125 125
-375 -375
-111 -111
1801 1801
-596
673
-596
673
-264
-187
-264
-187
499
-152
163
-2001
-456
-82
-2029
-1137
2246
1109
2
2
-751 -751
36
36
-316 -316
-459 -459
62
62
-1426 -1426
188 188
1109 1109
1297 1297
1984
-1113
871
1801 1801
-912 -912
889 889
635
383
352
396
352
396
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Apple Company
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