Financial managerial accounting for MBAs sixth edition Financia&l Managerial AforcMcBAos Sixth Edition Peter D. Easton Robert F. Halsey Mary Lea McAnally Module 4 Analyzing and Interpreting Financial Statements © Cambridge Business Publishers, 2021 Learning Objective Compute and interpret return on equity (ROE). © Cambridge Business Publishers, 2021 ▪ The most common analysis metric used by managers and investors alike ▪ ROE relates net income to the average total stockholders’ equity. ▪ ROE measures return from the perspective of the company’s stockholders. © Cambridge Business Publishers, 2021 ROE for the S&P 500 firms has ranged from 13.5% to 15.6% from 2014 to 2018. © Cambridge Business Publishers, 2021 ▪ 500 of the largest U.S. publicly traded companies ▪ Accounts for about 75% of the U.S. stock market capitalization ▪ U.S. based companies are selected for inclusion based on market cap, industry, long-term profitability, and trading volume. ▪ In 2019, Boston Scientific was #97 on the S&P 500 list. © Cambridge Business Publishers, 2021 Learning Objective Apply DuPont disaggregation of ROE into return on assets (ROA) and financial leverage. ..............................................continued......................................................
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