跟读练习: Financial ratio analysis - 通过视频学习英语口语
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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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本课的词汇与口语要点
这节口语课以视频“Financial ratio analysis”为素材。 视频中反复出现的词有：ratio, financial, equity, statement, income。 这段视频共有 71 个句子、1355 个单词可供跟读。 讲话部分时长为 10:08。 说话人语速平稳，每分钟约 134 个词，很适合跟读。 只有 77% 的单词属于英语最常用的 3,000 词，词汇难度较高。
视频中的重点词汇
视频中 15 个值得学习的单词，附发音和释义：
| 单词 | 发音 | 释义 |
|---|---|---|
| ratio 名词 | /ˈɹeɪ.ʃoʊ/ | 比, 比例 |
| equity 名词 | /ˈɛk.wɪ.ti/ | 公平, 公平性 |
| asset 名词 | /ˈæsɛt/ | 資產 /资产 |
| sheet 名词 | /ʃit/ | 篇, 張 /张 |
| turnover 名词 | /ˈtɝnoʊvɚ/ | 零售額 /零售额, 營業額 /营业额 |
| margin 名词 | /ˈmɑɹ.d͡ʒɪn/ | 邊界 /边界 |
| inventory 名词 | /ˈɪn.vən.tɹi/ | 庫存 /库存, 儲存 /储存 |
| divide 动词 | /dɪˈvaɪd/ | 分, 分裂 |
| gross 形容词 | /ɡɹoʊs/ | 粗, 总 |
| liability 名词 | /laɪəˈbɪlɪti/ | 負債 /负债, 債務 /债务 |
| percentage 名词 | /pə(ɹ)ˈsɛntɪd͡ʒ/ | 百分率, 百分比 |
| versus | /ˈvɝsəs/ | 對 /对 |
| minus | /ˈmaɪ.nəs/ | 減 /减 |
| leverage 名词 | /ˈlɛv.(ə.)ɹɪd͡ʒ/ | 槓桿 /杠杆 |
| relative 名词 | /ˈɹɛl.ə.tɪv/ | 親戚 /亲戚 |
值得反复跟读的句子
视频中简短而完整的句子，可以直接用在日常对话里：
- 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?
视频中的语法
说话人最常用的结构，并附上视频中的原话：
| 结构 | 视频中的用法 |
|---|---|
| 被动语态 be + 过去分词 — 强调发生了什么，而不是谁做的 | is expressed · is mainly driven · is usually seen |
| 现在完成时 have/has + 过去分词 — 过去发生但与现在仍有关联的事 | has shrunk · has achieved |
| 定语从句 who / which + 从句 — 补充说明人或事物 | borrowed, which is · equity, which is |
需要注意的发音
- “sh” 和 “zh” 音: ratio /ˈɹeɪ.ʃoʊ/, sheet /ʃit/, calculation /ˌkælkjuˈleɪʃn̩/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, efficiency /ɪˈfɪʃ.ən.si/
- 长单词——注意重音位置: liability /laɪəˈbɪlɪti/, investigate /ɪnˈvɛs.tə.ɡeɪt/, individually /ˌɪndɪˈvɪd͡ʒ(u)əli/, continuity /ˌkɑn.tɪˈn(j)u.ə.ti/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/
中文母语者容易读错的音：
- /v/ — 不要读成 /w/，上齿轻触下唇: turnover /ˈtɝnoʊvɚ/, inventory /ˈɪn.vən.tɹi/, divide /dɪˈvaɪd/, versus /ˈvɝsəs/, leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/
- 词尾辅音 — 要读清楚，后面不要加元音: asset /ˈæsɛt/, sheet /ʃit/, divide /dɪˈvaɪd/, gross /ɡɹoʊs/, percentage /pə(ɹ)ˈsɛntɪd͡ʒ/
- /r/ 和 /l/ 的区别: leverage /ˈlɛv.(ə.)ɹɪd͡ʒ/, relative /ˈɹɛl.ə.tɪv/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/, primarily /ˈpɹaɪ.mə.ɹə.li/
如何用这段视频练习
- 先完整听一遍视频，不要开口，记下不认识的单词。
- 用正常速度逐句跟读，每句重复到你的节奏与说话人一致为止。
- 录下自己的声音并与原声对比，特别注意 ratio, equity, asset 这类单词。
什么是跟读法？
跟读法 (Shadowing) 是一种有科学依据的语言学习技巧，最初开发用于专业口译员的培训，并由多语言者Alexander Arguelles博士普及。这个方法简单而强大：您在听英语母语原声的同时立即大声重复——就像是一个延迟1-2秒紧跟说话者的影子。与被动听力或语法练习不同，跟读法强迫您的大脑和口腔肌肉同时处理并模仿真实的讲话模式。研究表明它能显着提高发音准确性，语调，节奏，连读，听力理解和口语流利度——使其成为雅思口语备考和真实英语交流最有效的方法之一。