쉐도잉 연습: Financial ratio analysis - 영상으로 영어 말하기 배우기
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How does financial ratio analysis work?
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Let's discuss 10 of the most popular financial ratios that can help you find the story behind the numbers.
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What do you need to get started on a financial ratio analysis?
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You need an income statement, the overview of how much profit a company made during a year.
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You also need a balance sheet, an overview of what a company owns and what a company owes at a specific point in time.
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We will start off with financial ratios that only focus on the income statement, then look at financial ratios that only focus on the balance sheet,
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and end with powerful financial ratios that combine information from the income statement and the balance sheet.
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Performing a financial ratio analysis has a scientific element to it finding data and putting it into formulas,
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as well as an artistic element assigning meaning to the outcome of the calculations, and seeing the big picture.
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Part 1 Financial ratios that only focus on the income statement or profit and loss statement .
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Let's compare the income statements of two fictitious companies, which unlike real life companies have nice round numbers in their financial statements.
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The first step in financial ratio analysis of the income statement is to make everything relative.
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Relative to sales, that is.
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Each of the cost line items and profit subtotals is expressed as a percentage of revenue.
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Let's see what the financial ratios tell us.
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Company A has a gross profit margin of 50%,
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company B of 30%, so the gross profit margin is 20 percentage points higher for company A.
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Company A makes far more margin than Company B on the products or services it sells.
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Company A has an operating margin of 21%, while Company B has an operating margin of 14%.
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So the 20 percentage points difference on the gross profit level has shrunk to 7 percentage points on the operating margin level.
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Net income as a percentage of sales, often called return on sales, is 16 % for company A and 8 % for company B.
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What do we zoom in on for further analysis?
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Let's investigate the difference between gross profit and operating margin.
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This is mainly driven by selling general and administrative expenses.
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20 % of revenue in company A, 10 % of revenue in company B.
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The non -manufacturing costs for functional departments like sales,
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marketing, finance, HR, sourcing, legal and IT are far higher for company A than for company B.
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This could be related to the industry each company is in, the company's strategy, or the level of efficiency that it has achieved.
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Could company A be overspending in SG &A, or is company B underspending?
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Hard to say just from these numbers, but worth investigating.
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On the research and development line, company A is spending more than company B.
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This is usually seen as a good thing,
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as today's research and development expenses hopefully lead to high -margin innovative products and services to sell in the future.
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Part 2.
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Financial ratios that only focus on the balance sheet.
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The first question that I always ask myself is, how is the company doing on liquidity?
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Is it likely to be able to pay its bills in the short term?
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Let's look at the current assets, cash plus items that are likely to convert to cash within a year,
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versus the current liabilities items that need to be paid with cash within a year.
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A useful financial ratio in this area is the current ratio.
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Simply divide the current assets by the current liabilities.
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For company A, 400 divided by 200 is 2.
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For every dollar of current liabilities, there are 2 dollars of current assets, a safe position, from the perspective of business continuity.
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For company B, 200 divided by 400 is 0 .5.
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For every dollar of current liabilities, there is only 50 cents of current assets, a more risky position .
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While on the topic of current assets and current liabilities, let's calculate the amount of working capital utilized by the companies.
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Accounts receivable plus inventories minus accounts payable.
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For company A, this is 150 plus 200 minus 200, in total 150.
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For company B, this is 50 plus 100 minus 300, in total negative 150.
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Company B seems to be getting paid by customers before they have to pay suppliers, and holds a low level of stock.
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The next financial ratio is all about the company's financing strategy.
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Does it primarily borrow money to finance operations, or rely on capital provided by the shareholders?
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The debt -to -equity ratio can help you put that in perspective.
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For company A, 100 in borrowings, 700 in equity, so a debt to equity ratio of 1 to 7.
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You could call this a conservative and robust way of financing,
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with a big buffer of equity that helps defend the business continuity of the company in case of future losses.
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For company B, 400 in borrowings, 100 in equity, so a debt to equity ratio of 4 to 1.
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For every dollar of shareholder capital , there are $4 borrowed, which is possibly more fragile.
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A related financial ratio is equity as percentage of the balance sheet total.
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70 % for company A, 12 .5 % for company B.
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Based on the debt to equity ratio, and equity as percentage of total, you could say that company A has low leverage,
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while company B has a high leverage.
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Part 3, financial ratios that combine information from the income statement and the balance sheet.
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This is where you might see new storylines and connections, on top of what you discovered in analyzing the income statement individually,
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and the balance sheet individually.
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Let's start with a big picture financial ratio called return on equity, which is net income divided by equity.
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For company A, 160 divided by 700, which is 22 .9%.
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For company B, 80 divided by 100, which is 80%.
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On the return on equity metric, company B far outperforms company A.
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What is driving that?
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While company A has higher profit margins, as we saw in the income statement analysis, analysis, Company B has a much higher financial leverage,
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as we saw in the balance sheet analysis.
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There is a third component to the return on equity calculation, the financial ratio called asset turnover.
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Asset turnover looks at how much revenue is generated by the company with the assets it has.
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For Company A, asset turnover is 1.
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1 .000 in assets on the balance sheet generates 1 .000 in revenue in the income statement.
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For company B, asset turnover is 1 .25.
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Let's dig a little deeper into two key subsets of this asset turnover ratio.
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The first one is receivables turnover, the number of times per year that the business collects its average accounts receivable,
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the ratio between revenue in the income statement and accounts receivable on the balance sheet.
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6 .67 for company A, 20 for company B.
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Receivables turnover might be a bit abstract for a lot of people, so let's turn it into a more tangible related metric called days sales outstanding.
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How many days does a company need to wait before a customer pays?
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55 days for company A, and just 18 days for company B.
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The second subset of the asset turnover ratio is inventory turnover, the number of times per year that the business turns it inventory,
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the ratio between revenue in the income statement and inventory on the balance sheet.
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Five inventory turns for company A, ten inventory turns for company B.
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So what do financial ratios tell us?
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Can we say, based on calculating these financial ratios, that company A is in better financial shape, or company B is in better financial shape?
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Not necessarily.
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Financial ratios do provide us with clear information about the financial footprint of a company,
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and deepen your understanding of the strategic and operational story behind the financial numbers.
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In this video on financial ratio analysis, we covered 10 financial ratios.
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On the income statement, gross profit percentage, operating margin percentage, return on sales percentage.
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On the balance sheet, current ratio, debt to equity, equity as percentage of total.
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When linking the P &L and the balance sheet, return on equity, asset turnover, receivables turnover, inventory turnover.
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Financial ratio analysis is as much an art as it is a science.
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Want to learn more about business, finance and accounting? then subscribe to the Finance Storyteller YouTube channel.
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Thank you!
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이 레슨의 어휘와 말하기 포인트
이 말하기 레슨은 영상 “Financial ratio analysis”을(를) 바탕으로 합니다. 가장 자주 반복되는 단어는 다음과 같습니다: ratio, financial, equity, statement, income. 이 영상에는 섀도잉할 문장 71개와 단어 1355개가 있습니다. 말하는 구간의 길이는 10:08입니다. 화자는 분당 약 134단어의 일정한 속도로 말해서 섀도잉하기에 편한 속도입니다. 영어에서 가장 많이 쓰이는 3,000단어에 속하는 단어가 77%뿐이라 어휘가 어려운 편입니다.
이 영상의 핵심 어휘
영상에 나오는 익혀 둘 만한 단어 15개를 발음, 뜻과 함께 정리했습니다.
| 단어 | 발음 | 뜻 |
|---|---|---|
| ratio 명사 | /ˈɹeɪ.ʃoʊ/ | 비, 비율 |
| asset 명사 | /ˈæsɛt/ | 자산 |
| sheet 명사 | /ʃit/ | 장, 시트 |
| turnover 명사 | /ˈtɝnoʊvɚ/ | 영업 이익 |
| margin 명사 | /ˈmɑɹ.d͡ʒɪn/ | 여백, 마진 |
| inventory 명사 | /ˈɪn.vən.tɹi/ | 재고 |
| divide 동사 | /dɪˈvaɪd/ | 나누다, 가르다 |
| percentage 명사 | /pə(ɹ)ˈsɛntɪd͡ʒ/ | 백분율, 백분비 |
| versus | /ˈvɝsəs/ | 대 |
| minus | /ˈmaɪ.nəs/ | 빼기 |
| relative 명사 | /ˈɹɛl.ə.tɪv/ | 친척 |
| element 명사 | /ˈɛləmənt/ | 요소 |
| investigate 동사 | /ɪnˈvɛs.tə.ɡeɪt/ | 조사하다 |
| expense 명사 | /ɪkˈspɛns/ | 비용 |
| combine 동사 | /kəmˈbaɪn/ | 조합하다, 결합하다 |
따라 말해 볼 만한 문장
영상에 나오는 짧고 완결된 문장으로, 일상 대화에서 그대로 쓸 수 있습니다:
- What do you need to get started on a financial ratio analysis?
- Let’s see what the financial ratios tell us.
- What do we zoom in on for further analysis?
이 영상의 문법
화자가 가장 많이 쓰는 문형을 영상 속 실제 표현과 함께 정리했습니다.
| 문형 | 영상 속 표현 |
|---|---|
| 수동태 be + 과거분사 — 누가 하는지보다 무슨 일이 일어나는지에 초점 | is expressed · is mainly driven · is usually seen |
| 현재완료 have/has + 과거분사 — 과거의 일이 지금도 관련이 있을 때 | has shrunk · has achieved |
| 관계절 who / which + 절 — 사람이나 사물에 대한 추가 정보 | borrowed, which is · equity, which is |
주의할 발음
- “sh”와 “zh” 소리: ratio /ˈɹeɪ.ʃoʊ/, sheet /ʃit/, calculation /ˌkælkjuˈleɪʃn̩/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, efficiency /ɪˈfɪʃ.ən.si/
- 긴 단어 — 강세 위치에 주의: liability /laɪəˈbɪlɪti/, investigate /ɪnˈvɛs.tə.ɡeɪt/, individually /ˌɪndɪˈvɪd͡ʒ(u)əli/, continuity /ˌkɑn.tɪˈn(j)u.ə.ti/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/
한국어 화자가 어려워하는 소리:
- /f/ — ㅍ(/p/)으로 바꾸지 말고 윗니를 아랫입술에 대기: defend /dɪˈfɪnd/, formula /ˈfɔː.mjʊ.lə/, efficiency /ɪˈfɪʃ.ən.si/, functional /ˈfʌŋkt͡ʃənəl/, fragile /ˈfɹæd͡ʒəl/
- /v/ — ㅂ(/b/)과 구별하기: turnover /ˈtɝnoʊvɚ/, inventory /ˈɪn.vən.tɹi/, divide /dɪˈvaɪd/, versus /ˈvɝsəs/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/
- /z/ — ㅈ이 아니라 성대를 울리는 /s/: analyze /ˈæn.əˌlaɪz/, zoom /zuːm/
이 영상으로 연습하는 방법
- 먼저 말하지 않고 영상을 끝까지 듣고 모르는 단어를 적어 둡니다.
- 보통 속도로 한 문장씩 섀도잉하고, 화자의 리듬과 맞을 때까지 반복합니다.
- 자신의 목소리를 녹음해 원본과 비교하고, ratio, asset, sheet 같은 단어에 특히 주의합니다.
쉐도잉이란? 영어 실력을 빠르게 키우는 과학적 방법
쉐도잉(Shadowing)은 원래 전문 통역사 훈련을 위해 개발된 언어 학습 기법으로, 다언어 학자인 Dr. Alexander Arguelles에 의해 대중화된 방법입니다. 핵심 원리는 간단하지만 매우 강력합니다: 원어민의 영어를 들으면서 1~2초의 짧은 지연으로 즉시 소리 내어 따라 말하는 것——마치 '그림자(shadow)'처럼 화자를 따라가는 것입니다. 문법 공부나 수동적인 청취와 달리, 쉐도잉은 뇌와 입 근육이 동시에 실시간으로 영어를 처리하고 재현하도록 훈련합니다. 연구에 따르면 이 방법은 발음 정확도, 억양, 리듬, 연음, 청취력, 말하기 유창성을 크게 향상시킵니다. IELTS 스피킹 준비와 자연스러운 영어 소통을 원하는 분들에게 특히 효과적입니다.