financial ratios are grouped into the following categories:
财务比率分为以下几类：

Liquidity ratios
流动性比率

Leverage ratios
杠杆比率

Efficiency ratios
效率比

Profitability ratios
利润率

Market value ratios
市值比率

Uses and Users of Financial Ratio Analysis
财务比率分析的使用和用户

Analysis of financial ratios serves two main purposes:
财务比率分析有两个主要目的：

1. Track company performance
1. 跟踪公司绩效

Determining individual financial ratios per period and tracking the change in their values over time is done to spot trends that may be developing in a company. For example, an increasing debt-to-asset ratio may indicate that a company is overburdened with debt and may eventually be facing default risk.
确定每个时期的各个财务比率并跟踪其值随时间的变化，是为了发现公司可能正在发展的趋势。例如，不断上升的资产负债率可能表明公司债务负担过重，最终可能面临违约风险。

2. Make comparative judgments regarding company performance
2、对公司业绩进行比较判断

Comparing financial ratios with that of major competitors is done to identify whether a company is performing better or worse than the industry average. For example, comparing the return on assets between companies helps an analyst or investor to determine which company is making the most efficient use of its assets.
将财务比率与主要竞争对手的财务比率进行比较，以确定一家公司的表现是否优于或低于行业平均水平。例如，比较公司之间的资产回报率有助于分析师或投资者确定哪家公司最有效地利用其资产。

Users of financial ratios include parties external and internal to the company:
财务比率的使用者包括公司外部和内部的各方：

External users: Financial analysts, retail investors, creditors, competitors, tax authorities, regulatory authorities, and industry observers
外部用户： 金融分析师、散户投资者、债权人、竞争对手、税务机关、监管机构和行业观察员

Internal users: Management team, employees, and owners
内部用户： 管理团队、员工和所有者

Liquidity Ratios
流动性比率

Liquidity ratios are financial ratios that measure a company’s ability to repay both short- and long-term obligations. Common liquidity ratios include the following:
流动性比率是衡量公司偿还短期和长期债务能力的财务比率。常见的流动性比率包括以下内容：

The current ratio measures a company’s ability to pay off short-term liabilities with current assets:
 流动比率 衡量公司用流动资产偿还短期负债的能力：

Current ratio = Current assets / Current liabilities
流动比率=流动资产/流动负债

The acid-test ratio measures a company’s ability to pay off short-term liabilities with quick assets:
 酸性测试比率 衡量公司用速效资产偿还短期负债的能力：

Acid-test ratio = Current assets – Inventories / Current liabilities
酸性检验比率=流动资产-存货/流动负债

The cash ratio measures a company’s ability to pay off short-term liabilities with cash and cash equivalents:
 现金比率 衡量公司用现金和现金等价物偿还短期负债的能力：

Cash ratio = Cash and Cash equivalents / Current Liabilities
现金比率=现金及现金等价物/流动负债

The operating cash flow ratio is a measure of the number of times a company can pay off current liabilities with the cash generated in a given period:
 经营现金流比率 是衡量公司在特定时期内可以用产生的现金偿还流动负债的次数的指标：

Operating cash flow ratio = Operating cash flow / Current liabilities
经营性现金流量率=经营性现金流量/流动负债

Leverage Financial Ratios
杠杆财务比率

Leverage ratios measure the amount of capital that comes from debt. In other words, leverage financial ratios are used to evaluate a company’s debt levels. Common leverage ratios include the following:
杠杆比率 衡量的是来自债务的资本金额。换句话说，杠杆财务比率用于评估公司的债务水平。常见的杠杆比率包括以下几点：

The debt ratio measures the relative amount of a company’s assets that are provided from debt:
 负债率 衡量公司由债务提供的资产的相对金额：

Debt ratio = Total liabilities / Total assets
负债率=负债总额/总资产

The debt to equity ratio calculates the weight of total debt and financial liabilities against shareholders’ equity:
 债务权益比率 计算总债务和金融负债占股东权益的权重：

Debt to equity ratio = Total liabilities / Shareholder’s equity
负债权益比率=总负债/股东权益

The interest coverage ratio shows how easily a company can pay its interest expenses:
 利息覆盖率 显示了公司支付利息支出的难易程度：

Interest coverage ratio = Operating income / Interest expenses
利息覆盖率=营业收入/利息支出

The debt service coverage ratio reveals how easily a company can pay its debt obligations:
偿债覆盖率揭示了公司偿还债务的难易程度：

Debt service coverage ratio = Operating income / Total debt service
偿债覆盖率=营业收入/偿债总额

Efficiency Ratios
效率比

Efficiency ratios, also known as activity financial ratios, are used to measure how well a company is utilizing its assets and resources. Common efficiency ratios include:
效率比率，也称为活动财务比率，用于衡量公司利用其资产和资源的程度。常见的效率比包括：

The asset turnover ratio measures a company’s ability to generate sales from assets:
 资产周转率 衡量公司从资产中产生销售的能力：

Asset turnover ratio = Net sales / Average total assets
资产周转率=销售额净额/平均总资产

The inventory turnover ratio measures how many times a company’s inventory is sold and replaced over a given period:
 存货周转率 衡量的是公司库存在给定时期内被出售和更换的次数：

Inventory turnover ratio = Cost of goods sold / Average inventory
存货周转率=销货成本/平均存货

The accounts receivable turnover ratio measures how many times a company can turn receivables into cash over a given period:
应收账款周转率衡量公司在给定时期内可以将应收账款转化为现金的次数：

Receivables turnover ratio = Net credit sales / Average accounts receivable
应收账款周转率=赊销净额/平均应收账款

The days sales in inventory ratio measures the average number of days that a company holds on to inventory before selling it to customers:
库存比率中的 销售天数衡量的是公司在将库存出售给客户之前保留库存的平均天数： 

Days sales in inventory ratio = 365 days / Inventory turnover ratio
库存比率中的天数销售额 = 365 天 / 库存周转率

Profitability Ratios
获利率

Profitability ratios measure a company’s ability to generate income relative to revenue, balance sheet assets, operating costs, and equity. Common profitability financial ratios include the following:
获利能力比率 衡量公司相对于收入、资产负债表资产、运营成本和权益产生收入的能力。常见的获利能力财务比率包括以下内容：

The gross margin ratio compares the gross profit of a company to its net sales to show how much profit a company makes after paying its cost of goods sold:
 毛利率比率 将公司的毛利润与其净销售额进行比较，以显示公司在支付其销售商品成本后获得了多少利润：

Gross margin ratio = Gross profit / Net sales
毛利率 = 毛利润 / 净销售额

The operating margin ratio, sometimes known as the return on sales ratio, compares the operating income of a company to its net sales to determine operating efficiency:
 营业利润率，有时也称为销售回报率，将公司的营业收入与其净销售额进行比较，以确定运营效率：

Operating margin ratio = Operating income / Net sales
营业利润率=营业收入/净销售额

The return on assets ratio measures how efficiently a company is using its assets to generate profit:
 资产 回报率衡量公司利用其资产产生利润的效率：

Return on assets ratio = Net income / Total assets
资产收益率=净利润/总资产

The return on equity ratio measures how efficiently a company is using its equity to generate profit:
 股本 回报率衡量公司利用其股权产生利润的效率：

Return on equity ratio = Net income / Shareholder’s equity
净资产收益率=净收入/股东权益

Learn more about the different profitability ratios in the following video:
观看以下视频，详细了解不同的获利能力比率：

Market Value Ratios
市值比率

Market value ratios are used to evaluate the share price of a company’s stock. Common market value ratios include the following:
市值比率用于评估公司股票的股价。常见的市场价值比率包括以下内容：

The book value per share ratio calculates the per-share value of a company based on the equity available to shareholders:
每股账面价值比率根据股东可获得的股本计算公司的每股价值：

Book value per share ratio = (Shareholder’s equity – Preferred equity) / Total common shares outstanding
每股账面价值比率=（股东权益-优先股）/流通在外普通股总数

The dividend yield ratio measures the amount of dividends attributed to shareholders relative to the market value per share:
股息收益率衡量的是归属于股东的股息金额相对于每股市场价值的比率：

Dividend yield ratio = Dividend per share / Share price
股息收益率 = 每股股息 / 股价

The earnings per share ratio measures the amount of net income earned for each share outstanding:
每股收益比率衡量的是每股流通股所赚取的净收入金额：

Earnings per share ratio = Net earnings / Total shares outstanding
每股收益率=净收益/流通股总数

The price-earnings ratio compares a company’s share price to its earnings per share:
 市盈率 将公司的股价与其每股收益进行比较：

Price-earnings ratio = Share price / Earnings per share
市盈率=股价/每股收益