跟讀練習: Financial Analysis Fundamentals | Course Module - 通過影片學習英語口語

選擇練習模式

每種模式都會開啟全屏練習室。

163 句

如果句子過短或過長，請點選 Edit 進行調整。

Welcome to CFI's Highly Applied and Practical Financial Analysis Fundamentals.

Financial analysis is really critical to understanding a company's past performance as well as its future prospects.

The insight you can gain from financial analysis can really help businesses improve their profitability,

their cash flows, and really their enterprise value.

In this course, we'll cover a wide range of concepts.

We'll look at how to undertake a comprehensive financial analysis using a wide range of different types of ratios.

For example, we'll look at ratios to analyze the income statement and profitability.

We'll then look at ratios to analyze operating assets and asset utilization.

We'll also look at ratios that help us better understand a business's capital structure.

The real intent of this analysis is to make recommendations on how a business can improve its operations,

its capital structure, and even how it utilizes its assets.

We'll then explore the importance of trend analysis and benchmarking performance against both a peer group and the industry at large,

as well as the importance of using data visualization tools to make your analysis really come to life.

And finally, we'll look at the DuPont Pyramid of Ratios,

which looks at how we can combine various ratios together to get a more comprehensive view of a business.

Now, in this course, you're going to watch video lectures, followed by interactive exercises, as well as comprehensive financial analysis case studies,

where we together are going to calculate ratios for three different retailers in the same industry

and then benchmark them against each other.

We'll also include assessments along the way so you can test your knowledge.

Let's start by outlining a best practice approach to undertaking financial analysis.

There are four essential steps that can help you gain valuable insight into a business's financial health and performance.

The first step is to gather multiple years of historic financial statements.

These statements typically include the income statement, the balance sheet, and the cash flow statement.

By examining data from multiple years, you can observe patterns and trends, providing a more comprehensive view of a company's financial performance.

Now, once you've collected the financial statements, it's time to calculate financial ratios.

Now, financial ratios are powerful tools that allow you to assess a company's performance and compare it to the industry.

Some commonly used ratios include liquidity ratios, profitability ratios, and solvency ratios.

By calculating these ratios, you can gain insights into the company's liquidity, profitability, efficiency, and overall financial stability.

With the calculated financial ratios in hand, it's then crucial to interpret them effectively.

You want to look for trends and patterns that emerge from the ratios and try to uncover the stories behind the numbers.

For example, a declining profitability ratio may indicate inefficiencies or increased competition,

while a constant growth in liquidity ratio may suggest a strong cash position.

By delving deeper into these ratios, you can better understand the company's financial strengths and weaknesses.

Finally, to gain a broader perspective on a company's performance, it's important to benchmark the calculated ratios against an appropriate peer group or industry.

This comparison allows you to evaluate how the company fares in relation to its competitors or the industry as a whole.

By benchmarking, you can identify areas where the company excels or falls behind, helping you pinpoint opportunities for improvement.

Remember, financial analysis is also an ongoing process that requires continuous monitoring and adjustment.

By following these four steps, getting historic financial statements, calculating financial ratios, interpreting the ratios, and then benchmarking against peers,

you'll be equipped to make informed decisions and uncover valuable insights into a business's financial health.

jumping into the financial ratios themselves,

I want to share with you five really important tips that can enhance the quality and the accuracy of your financial analysis.

First, when conducting financial analysis, I really recommend that you gather a minimum of five years of historic financial performance.

This time frame allows you to observe longer term trends and better assess the company's stability and consistency over time.

A longer history of financial data provides a much more comprehensive understanding of a business's performance,

and it also makes it much easier to identify patterns and make informed decisions.

Next, to ensure accuracy and maintain transparency in your financial analysis,

it's crucial to make your calculations in Excel or a spreadsheet software.

By organizing your calculations in a very systematic manner,

you can then easily trace the numbers back to the financial statements and ensure the accuracy of your ratio calculations.

Transparent, visible calculations also enable you to share your analysis with others and facilitate more robust review processes.

Identifying an appropriate peer group is also a key step in benchmarking your financial analysis.

However, it's important to note that finding two companies that are perfectly similar is going to be really challenging.

Instead, try to aim to select companies that operate in the same industry or share similar business models.

While the peer group might not be a perfect match, it can still provide valuable insights into how the company performs relative to its competitors.

When working with financial ratios, it's also advisable to keep adjustments to a minimum.

Adjusting ratios introduces additional complexity and increases the likelihood of errors creeping into your analysis.

If adjustments are necessary, document them clearly and make sure to review and validate them regularly.

Minimizing adjustments allows for a more accurate assessment of a company's financial performance relative to others.

Finally, in academic settings, when calculating financial ratios that involve balance sheet items,

it's common practice to see balance sheet averages.

For example, the average of the current year, which is called the closing balance, and the prior year, which is called the opening balance.

However, in practice, virtually all analysts use current year closing balances rather than average balances.

We are going to break our ratios into two large categories and four subcategories.

First, we have performance ratios.

Performance ratios speak to how a company is doing, what returns and profitability is it delivering to stakeholders,

and how efficiently it's making use of its assets.

Financial leverage ratios, in contrast, look at both solvency and liquidity.

Solvency ratios focus on a company's long-term financial health and its ability to meet long-term obligations,

while liquidity ratios assess the company's short-term cash position and its ability to handle immediate financial needs and obligations.

Both solvency and liquidity are important considerations when evaluating a company's financial well-being.

We are going to start our financial analysis journey by focusing on return and profitability ratios.

Before diving into our return and profitability ratios, let's do a quick recap of the three financial statements.

First is the income statement, also referred to as the statement of profit and loss or P&L, which shows what a business has earned as revenues, what it's paid out in expenses,

and the resultant profit or loss for a given period.

The balance sheet, also known as the statement of financial position, shows what a business owns, its assets, what it owes,

its liabilities, and what it's worth, its equity, at a particular point in time.

The statement of cash flows shows how a business has generated or used cash for operating, investing, or financing activities.

We're starting with return ratios, and for return ratios, we're going to need both the income statement and the balance sheet,

while for the profitability ratios that we'll do next, we only are going to need the income statement.

So let's get started.

Return ratios are essential in evaluating investment returns.

Two widely used ratios are return on assets, sometimes referred to simply as ROE, and return on equity, sometimes referred to as simply ROE.

Now for each of these ratios, we compare the bottom line profit from the income statement.

That's known as net income, net earnings, or net profit.

Yes, they're all synonyms for the same thing.

And we compare that to either total assets and the return on assets ratio, or to total shareholders equity and the return on equity ratio.

Another important ratio, though less common, is return on invested capital, or ROIC.

With ROIC, we aim to assess the returns not only to equity investors, but to all capital providers, including debt holders.

In this case, we calculate a profit figure called net operating profit after tax, commonly referred to as simply NOPAT.

Now, NOPAT is derived by taking EBIT, or earnings before interest in tax, which is also sometimes referred to as operating profit from the income statement

and then multiplying it by one minus the tax rate.

Now let's discuss a fundamental principle

that should always be at the forefront of your mind

when conducting financial analysis and that is comparing apples to apples and oranges to oranges.

This principle emphasizes the importance of ensuring that the metrics being compared are of the same nature and relevance.

So let's revisit the return on equity ratio.

Since the profit that belongs to shareholders is net income, we divide shareholder profit or net income by equity to calculate return on equity.

This ratio specifically focuses on the returns generated for equity investors.

Now let's return to ROIC.

100

Here we need to incorporate a profit metric that encompasses both shareholders and debt holders.

101

Hence, we calculate a profit figure that excludes interest expenses representing the returns to debt holders.

102

Okay, let's now calculate some of these ratios in Excel.

103

Before we do that, I want to explain the layout of this Excel workbook.

104

There's been a lot of intention behind the layout of the workbook so that it's easy to follow, easy to check for errors, and so on.

105

So let's look at each sheet.

106

This is the completed workbook for one of our companies called Big Retailer.

107

We're going to work through a blank copy and calculate the ratios.

108

So it's really important to have a cover page that explains what the model does.

109

And there are hyperlinks to the various pages in the workbook.

110

Our financial statements are on the second tab.

111

And we've intentionally kept them all on one sheet.

112

And I'll just flag we go to income statement.

113

Then we go to the cash flow statement.

114

And then we can go down to the balance sheet.

115

And then finally, we'll need this.

116

There are some extra calculations that come from those three financial statements.

117

One is how do we calculate our net operating profit after tax?

118

And how do we calculate invested capital?

119

As well as how do we calculate something called net assets?

120

Next, we have our ratio calculations.

121

And this is really critical to make your template easy to follow and check for errors.

122

We could have hidden all these calculations.

123

So here's our return on equity.

124

And we could have, I'm going to just do this right now.

125

We could have just done this and put the formulas right in the cell.

126

So like in cell 08, we just would link those to the financial statements.

127

That's okay, but it's hard to follow and it's harder to find errors.

128

So instead, it's really important to show your calculations and break things down into steps.

129

Whoops.

130

Let me go a bit more.

131

So here we have the net income number.

132

We can make sure they're matching along the way, and it allows us to follow through to the calculation.

133

If we want to make it look pretty later, again, we can always hide rows or columns as I was just doing.

134

Two of the output sheets are something called a three-step DuPont pyramid and a five-step DuPont pyramid.

135

And I'm just going to zoom in.

136

You want to be thinking about the layout.

137

This is where a learner or reader may go immediately.

138

So let me just zoom in and I'll zoom in a bit more.

139

and you can see we have it color-coded so

140

that we can look for trends and we'll explain more as we go through the course what this DuPont pyramid is about,

141

but it's an output sheet that is driven by our racial calculation sheet.

142

So you always want to have your input separated from your processing calculations, which is our ratio calculation sheet, from your outputs.

143

In this case, we have two output sheets, one called a three-step DuPont pyramid and one of five-step.

144

We have been using CFI's best practice modeling guidelines throughout this workbook.

145

So just another thing to note, if you're new to CFI.

146

Blue is for inputs and black is for where you're linking it to another cell.

147

So our inputs are in blue and anything in black means that it's linked to another cell.

148

Okay, next thing I just want to flag is we're going to look at three retailers.

149

These three retailers, big retailer, mid retailer, and small retailer are actually based on real companies.

150

Big retailer is based on a general merchandiser who sells clothes

151

and household goods as well as groceries for a very large retailer that operates in 30 plus countries.

152

Our mid retailer is in the same space general merchandising with groceries

153

but only operates in about 10 different countries

154

and our small retailer does the same thing as the other two but only operates in one country.

155

I'm going to demo first always by going to big retailer.

156

Then I'm going to give you the option to have a second go at mid retailer.

157

And then we will test your knowledge with small retailer.

158

Now, if you already figured it out with big retailer,

159

please feel free to skip the mid retailer activity and go right to the small retailer.

160

You'll see what I mean as we do this first section.

161

Okay, let's get started.

162

Continue learning.

163

Join CFI today.

下載應用

流利口語所需的一切

AI 發音評分逐句打分

音標練習掌握每個音

詞彙學習建立你的詞庫

詞彙遊戲邊玩邊學

掃碼

Download on theApp Store Get it onGoogle Play

同頻道

What are Capital Markets? | Intro to Capital Markets (Part 1)

Daily ConversationUniversity Students

Financial Analysis Fundamentals: How to Analyze Financial Statements Like a Pro Part 7 | CFI Course

Business EnglishUniversity StudentsWorking Adults

Financial Analysis Fundamentals: How to Analyze Financial Statements Like a Pro Part 1 | CFI Course

Business EnglishUniversity StudentsWorking Adults

FOR YOU

本課的詞彙與口語要點

這段影片共有 163 個句子、2302 個單詞可供跟讀。講話部分時長為 16:08。說話人語速平穩，每分鐘約 143 個詞，很適合跟讀。只有 78% 的單詞屬於英語最常用的 3,000 詞，詞彙難度較高。

影片中的重點詞彙

影片中 15 個不太常見的單詞，附發音和釋義：

ratio /ˈɹeɪ.ʃoʊ/ (名詞) — 比, 比例. A number representing a comparison between two named things.
retailer /ˈɹiteɪlɚ/ (名詞) — 零售商. A retail sales company or salesman.
calculate /ˈkælkjʊleɪt/ (動詞) — 計算 /計算, 算. To determine the value of something or the solution to something by a mathematical process.
sheet /ʃit/ (名詞) — 篇, 張 /張. A thin bed cloth used as a covering for a mattress or as a layer over the sleeper.
calculation /ˌkælkjuˈleɪʃn̩/ (名詞) — 計算 /計算. The act or process of calculating.
equity /ˈɛk.wɪ.ti/ (名詞) — 公平, 公平性. Fairness, impartiality, or justice as determined in light of "natural law" or "natural right".
comprehensive /ˌkɑm.pɹəˈhɛn.sɪv/ (形容詞) — 全面的, 綜合的 /綜合的. Broadly or completely covering; including a large proportion of something.
insight /ˈɪnsaɪ̯t/ (名詞) — 見地 /見地. A sight or view of the interior of anything; a deep inspection or view; introspection; frequently used with into.
peer /pɪɹ/ (名詞) — 同輩 /同輩, 同齡人 /同齡人. Somebody who is, or something that is, at a level or of a value equal (to that of something else).
pyramid /ˈpɪɹ.ə.mɪd/ (名詞) — 金字塔. An ancient massive construction with a square or rectangular base and four triangular sides meeting in an apex, such as those built as tombs in Egypt or as…
compare /kəmˈpɛɚ/ (動詞) — 比, 比較 /比較. To assess the similarities and differences between two or more things [“to compare X with Y”]. Having made the comparison of X with Y, one might have found it…
output /ˈaʊtpʊt/ (名詞) — 輸出 /輸出. Production; quantity produced, created, or completed.
adjustment /əˈd͡ʒʌst.mənt/ (名詞) — 調整 /調整. The action of adjusting something.
shareholder /ˈʃɛəˌhəʊl.də(ɹ)/ (名詞) — 股東 /股東. One who owns shares of stock in a corporation.
input /ˈɪnpʊt/ (名詞) — 輸入 /輸入. The act or process of putting in; infusion.

影片中出現的短語動詞

look at (動詞) — 觀察 /觀察, 看. To observe or watch.
zoom in /ˌzuːm ˈɪn/ (動詞) — 放大. To increase the focal length of a zoom lens in order to obtain a magnified image, or a close-up.
look for (動詞) — 找, 找尋 /找尋. To seek.
come from (動詞) — 來自 /來自. To have as one's origin, birthplace or nationality.
fall behind (動詞) — 遲到 /遲到. To be late (for a regular event)
go through (動詞) — 通過 /通過. To travel from one end of something to the other.

需要注意的發音

說話人用了 30 次縮略和弱讀形式，例如 we'll, I'm, we're。請按聽到的簡短形式來說。

“sh” 和 “zh” 音: ratio /ˈɹeɪ.ʃoʊ/, sheet /ʃit/, calculation /ˌkælkjuˈleɪʃn̩/, benchmark /ˈbɛn(t)ʃmɑːk/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/
長單詞——注意重音位置: comprehensive /ˌkɑm.pɹəˈhɛn.sɪv/, accuracy /ˈæk.jɚ.ə.si/, stability /stəˈbɪlɪti/, competitor /kəmˈpɛt.ɪ.tɚ/, efficiency /ɪˈfɪʃ.ən.si/

如何用這段影片練習

先完整聽一遍影片，不要開口，記下不認識的單詞。
用正常速度逐句跟讀，每句重複到你的節奏與說話人一致為止。
錄下自己的聲音並與原聲對比，特別注意 ratio, retailer, calculate 這類單詞。

影片中的語法

說話人最常用的結構，並附上影片中的原話：

結構	影片中的用法
被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的	be equipped · is called · is derived
現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事	you've collected · has earned · has generated
定語從句 who / which + 從句 — 補充說明人或事物	year, which is · tax, which is · calculations, which is

什麼是跟讀法？

跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。

影子跟讀法: 閱讀完整分步指南 →

跟讀練習: Financial Analysis Fundamentals | Course Module - 通過影片學習英語口語

選擇練習模式

下載應用

同頻道

What are Capital Markets? | Intro to Capital Markets (Part 1)

Financial Analysis Fundamentals: How to Analyze Financial Statements Like a Pro Part 7 | CFI Course

Financial Analysis Fundamentals: How to Analyze Financial Statements Like a Pro Part 1 | CFI Course

推薦影片

Analyzing Statements of Cash Flows 1 (2025 CFA® Level I Exam – FSA – Learning Module 4)

What is an Organization? - the Nature of Organizations

HRM: Compensation and Benefits (Chapter 7)

Everything Valuable from an MBA in 25 minutes

Intercompany Loans Explained for Accountants | English for Finance Professionals

0925.2 financial statements and ratios

DuPont analysis explained

Introduction To Software Development LifeCycle | What Is Software Development? | Simplilearn

Can You Understand Investing?

Financial Assets versus Real Assets | Essentials of Investments | CFA exam | CPA Exam BAR