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=== Financial ratios as a managerial tool === | === Financial ratios as a managerial tool === | ||
'''Ratios''' or '''indicators''' aim to provide concise information about a company or its business. They are used in different ways as a [[Controllinginstrumente|managerial tool]], in planning and control, or performance measurement, and in communication to different stakeholders, among others. This results in a broad variety of indicators, financial and non-financial, raw (absolute) values or actual ratios (see the [[Kennzahlenarten|overview here]]). Given their availability, high standardization, and external auditing, ratios based on financial statements ('''financial ratios''') are very common. | '''Ratios''' or '''indicators''' aim to provide concise information about a company or its business. They are used in different ways as a [[Controllinginstrumente|managerial tool]], in planning and control, or performance measurement, and in communication to different stakeholders, among others. This results in a broad variety of indicators, financial and non-financial, raw (absolute) values or actual ratios (see the [[Kennzahlenarten|overview here]]). Given their availability, high standardization, and external auditing, ratios based on financial statements ('''financial ratios''') are very common. Compared to market-data based [[Wertpapierrendite|security returns]], they offer a different approach with additional information for investors. | ||
Financial analysts often use rules of dumb („Golden rules“) for „good“ financial ratios. But since large differences between industries or strategies can be observed, usually the rules of dumb are not applied to all companies in the same way. Sometimes, extreme financial ratios are even the core of the competitive advantage of a company. However, a comparison of financial ratios to industry averages, other benchmarks, or a look at financial ratio time series can call attention to trends and outliers which require an in-depth analysis and explanation by management. | Financial analysts often use rules of dumb („Golden rules“) for „good“ financial ratios. But since large differences between industries or strategies can be observed, usually the rules of dumb are not applied to all companies in the same way. Sometimes, extreme financial ratios are even the core of the competitive advantage of a company. However, a comparison of financial ratios to industry averages, other benchmarks, or a look at financial ratio time series can call attention to trends and outliers which require an in-depth analysis and explanation by management. | ||
The following overview shows important '''financial ratios:''' | The following overview shows important '''financial ratios:''' | ||
=== Short-term Liquidity Ratios === | === Short-term Liquidity Ratios === | ||