FinSASVersion20090930

FinSAS:FinancialStatementAnalysis
Spreadsheet
by
Dr.DonaldV.Saftner
donald.saftner@utoledo.edu
ToAccompany

FinancialReportingandAnalysis:
UsingFinancialAccountingInformation
12/e
byDr.CharlesGibson

Copyright2010CengageLearning
Allrightsreserved

FinSAS: Financial Statement Analysis Spreadsheet allows users to input the reported data from the
financial statements, notes, and other sources. FinSAS then computes the ratios found in Financial
Reporting and Analysis: Using Financial Accounting Information 12/e. Using this tool, you can spend
more time analyzing the statements and less time crunching the numbers. In addition to the ratios,
both a vertical and horizontal analysis are performed.

Instructions:
This FinSAS file's Input sheet has already been filled in with Nike financial statement data. I
suggest that you print it out and use it as a reference with the Instructions below as an aid in
learning how to enter data into a blank FinSAS file using the company of your choice.
Note the sheet tabs below. The following instructions use the names of those tabs as section headings.
Click on a tab to see that sheet after reading the instructions below.

Input

On the Input sheet, enter values into all appropriate cells (i.e., those with blue font). The figures in
black font are calculated based on your input. By entering the Company Name, Analyst Name(s), and
Most Recent Year Available in the first three input cells, those items will appear on all subsequent
output sheets. They make it easy to identify any printouts you make.

Copyright2009CengageLearning

The next two input cells (Years Available for Income Statement and Balance Sheet) are particularly
important to the functioning of the model. Changing these numbers (while keeping them within the
range one through five) changes the number of columns of data that are available on the Input sheet
and all subsequent output sheets. In a single annual report/10K, there are often three years of income
statements and two years of balance sheets. The annual report/10K you are using may have more
and/or you may want to use multiple years worth of annual report/10Ks to increase the amount of data
available to analyze. The maximum years that FinSAS can accept is five years.

Fill in all remaining input cells for which you can find data. There are many different names for the
same account. You must translate the terminology used by the company to the generic terms used in
FinSAS. When the detail is not needed, FinSAS requests a summary figure. For instance, on the
published income statement there may be several operating expenses (e.g., wages, utilities, rent), but
FinSAS only needs the sum of those, which would be entered as Operating Expenses. Be sure to read
the footnotes to the financial statements and the comparative data section. Those sources include some
of the information you need to complete the Input sheet. Also be sure to match key subtotals (e.g. the
FinSAS total current asset should be same as the figure on the balance sheet even though the detail
lines may be different.)

Be consistent in ignoring a certain number of decimal places. Many financial statements have "in
thousands, except par values," "millions except share and per share amounts," or similar statements.
When entering data into FinSAS, it is usually best to follow the same convention as the financial
statements in choosing the number of decimal places to assume have been removed. An exception is
the second statement above. Only "per share" data should be entered as dollars with no decimal places
removed. Account balances and total share information should consistently have the same number of
decimal places removed. If the share and account balances have a different number of decimal places
removed then ratios such as "book value per share" and "operating cash flow per share" will be
inaccurate.

Copyright2009CengageLearning

Source of Input

This is the place to document where you found the information you entered on the previous sheet.
This can be very useful for you and for anyone who reviews your work. For instance if most of it
came from the company's annual report/10K, then state that at the top. Individual lines of input in
FinSAS might be the sum of a few lines in the published financial statements. Indicate on this sheet
how you determined the FinSAS inputs from the statements. For some of the inputs, you may have
used information from the footnotes or comparative information section. Indicate that information on
this sheet and include page numbers wherever possible. Of course, other sources of information
should be cited.

Vertical Analysis

After you insert your data, you can see the result of the vertical analysis. It compares each amount on
the income statement and balance sheet with a base amount (net sales on the income statement and
total assets on the balance sheet) selected from the same year.

Horizontal Analysis

After you insert your data, you can see the result of the horizontal analysis. It compares each amount
on the income statement and balance sheet with the same amount for the oldest year available.

Ratios avg.

After you insert your data, you can see the result of the ratio analysis. For the Ratio Average, the
average of beginning of year values and end of year values is used when appropriate. Note that if you
only have two years of balance sheet information, then for those ratios that use the average of two
years of balance sheet information, only one year's worth of ratios can be calculated. Since it is
desirable to compare the ratios across time to determine possible trends, a solution to only having one
year's worth of ratios should be sought. Some possible solutions are to find additional years' worth of
data and/or use the Ratio - end. sheet.

Copyright2009CengageLearning

Ratios with a negative cash flow or negative profit measure in the numerator will display #N/A, which
means not available or not applicable. This makes it less likely that invalid conclusions will be made
during your analysis.

You may want to determine how a certain ratio is calculated. You may do this in one of two ways. If
you select the cell in which the ratio appears, then the formula for that cell appears near the top of the
screen. You will then have to determine what accounts the cell refers to by looking at the Input screen.
Alternatively, you can refer to the Documentation screen for the definition.

Ratios end.

For the Ratios - end. sheet, the end of year values are used instead of the average values. The * marks
indicate the ratios for which the end of year values are used whereas the averages are used on the
previous sheet. Note that the Ratios - avg. sheet is theoretically superior in that averages for balance
sheet information (point in time) is compared to income statement or cash flow statements (period of
time).

Documentation

The Documentation sheet provides you the definitions of the ratios using the row labels of the Input
sheet or other ratio results.

Copyright2009CengageLearning

FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)

Input
Nike,Inc.
DonSaftner
2009
3
4

========================================= =========== =========== =========== =========== ===========

INCOMESTATEMENT
2009
2008
2007
2006.00
2005.00

NetSales
19176
18627
16326
0.00
0.00
Less:CostofGoodsSold
10572
10240
9165
0.00
0.00

GrossProfit
8604
8387
7161
0.00
0.00
OtherOperatingRevenue
Less:OperatingExpenses
OperatingIncome
Less:InterestExpense
(nocapitalizedinterest)
OtherIncome(Expenses)
UnusualorInfreq.Item;
Gain(Loss)
EquityinEarningsofAssoc.;
Profit(Loss)
IncomebeforeTaxes
Less:TaxesRelatedtoOperations
N.I.beforeNoncontr.Inc
Noncontrollingincome(loss)
N.I.beforeNonrecurringItems

Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)

0
0
0
0.00
0.00
6150
5954
5029
0.00
0.00

2455
2434
2132
0.00
0.00

40
41
50
0.00
0.00
138

110

118

0.00

0.00

596

0.00

0.00

0
0
0
0.00
0.00

1957
2503
2200
0.00
0.00
470
620
708
0.00
0.00

1487
1883
1492
0.00
0.00
0
0
0
0.00
0.00

1487
1883
1492
0.00
0.00

0.00

0.00

0.00

0.00

0.00

0.00

0
0
0
0.00
0.00

NetIncome(Loss)
1487
1883
1492
0.00
0.00
========================================= =========== =========== =========== =========== ===========

BALANCESHEET
2009

ASSETS
CurrentAssets:
Cash
2291
MarketableSecurities
1164
GrossReceivables
2958
Less:AllowanceforBadDebts
74
NetTradeReceivables
2884
Inventories
2357
PrepaidExpenses
766
OtherCurrentAssets
272

TotalCurrentAssets
9734
LongTermAssets:

NetTangible(Fixed)Assets(otherthan
1794
constructioninprogress)
ConstructioninProgress
164
IntangibleAssets
661
Investments
0
OtherNonoperatingAssets
897
OtherOperatingAssets
0

TotalLongTermAssets
3516
TotalAssets
13250
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
1032
ShortTermLoans
343
CurrentMaturityofL.t.Debt
32
OtherCurrentLiabilities
1870

TotalCurrentLiabilities
3277
LongTermLiabilities:
LongtermDebt
437
Reserves
0
DeferredLiabilities
842
NoncontrollingInterest
0
RedeemablePreferred
0
OtherLongtermLiabilities
0

TotalLongtermLiabilities
1280
TotalLiabilities
4557
Shareholders'Equity:
PreferredEquity
0
CommonEquityincl.Ret.Ern.
8693

TotalEquity
8693
TotalLiabilitiesandEquity
13250
========================================= ===========

2008
2007
2006
2005.00

2134
1857
954
0.00
642
990
1349
0.00
2837
2533
2421
0.00
42
38
38
0.00
2795
2495
2383
0.00
2438
2122
2077
0.00
602
393
380
0.00
227
220
203
0.00

8839
8077
7346
0.00

1694
1584
1576
0.00
197
94
81
0.00
1192
541
536
0.00
0
0
0
0.00
520
393
330
0.00
0
0
0
0.00

3603
2612
2524
0.00
12443
10688
9870
0.00

1288
1040
952
0.00
178
101
43
0.00
6
31
255
0.00
1850
1412
1362
0.00

3322
2584
2612
0.00
441
410
411
0.00
0
0
0
0.00
855
669
561
0.00
0
0
0
0.00
0
0
0
0.00
0
0
0
0.00

1296
1079
972
0.00
4617
3663
3584
0.00
0
0
0
0.00
7825
7025
6285
0.00

7825
7025
6285
0.00
12443
10688
9870
0.00
=========== =========== =========== ===========

OTHERDATA
2009
2008
2007
2006
2005.00

CapitalizedInterest
0.0
0.0
0.0
0.0
0.00
InterestPortionofRentals
39.7
34.4
28.5
25.2
0.00
LiquidationValueofPref.Stock
0.3
0.3
0.3
0.3
0.00
DividendsonRedeemablePref.
0.0
0.0
0.0
0.0
0.00
DividendsonNonredeemablePref.
0.0
0.0
0.0
0.0
0.00
DividendsperCommonShare
0.980
0.875
0.710
0.590
0.00
TotalCashDividends
466.7
412.9
343.7
290.9
0.00
Dil.Earn.perSh.beforeNonrec.Items
3.030
3.740
2.930
2.640
0.00
MarketPriceperCommonShare
57.050
68.370
56.750
40.160
0.00
TaxRate(01)
0.240
0.248
0.322
0.350
0.00
CommonSharesOutstanding
485.5
491.1
501.7
512.0
0.00
DilutedWeightedAverageCommonShares
490.7
504.1
509.9
527.6
0.00
CashFlowfromOperations
1736.1
1936.3
1878.7
1667.9
0.00
Options:
Optionexpense
128.8
127.0
134.9
0.3
0.00
Netincomebef.nonrec.items
notincl.opt.exp.
1615.5
2010.4
1626.4
1392.3
0.00

FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)

SourceofInput
Nike,Inc.
DonSaftner
2009
3
4

========================================
INCOMESTATEMENT
FromtheNike,Inc.2009andother10K's

NetSales
p.53Revenues
Less:CostofGoodsSold
p.53Costofsales
GrossProfit

=RevenuesCostofsales

OtherOperatingRevenue
Less:OperatingExpenses

Notused
p.53Sellingandadministrativeexpense

OperatingIncome

=GrossProfitOperatingExpenses

Less:InterestExpense
(nocapitalizedinterest)

Exhibit12.1(separatefrom10K)Interestexpense

OtherIncome(Expenses)
UnusualorInfreq.Item;
Gain(Loss)
EquityinEarningsofAssoc.;
Profit(Loss)

p.53Other(income)expenseInterestincome,net+
InterestExpense(above)
p.53Restructuringcharges+Goodwillimpairment+
Intangibleandotherassetimpairment
Notused

IncomebeforeTaxes

=OperatingIncomeInterestexpenseOtherexpenses

Less:TaxesRelatedtoOperations

p.53Incometaxes

N.I.beforeNoncontr.Inc.

=IncomebeforeTaxesTaxesRelatedtoOperations

Noncontrollingincome(loss)

Notused

N.I.beforeNonrecurringItems

Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)

=N.I.beforeNoncontr.Inc.

Notused
Notused
Notused
Notused

NetIncome(Loss)
=N.I.beforeNonrecurringItems
========================================

BALANCESHEET
FromtheNike,Inc.2009andother10K's

ASSETS
CurrentAssets:
Cash
p.54Cashandequivalents
MarketableSecurities
p.54Shortterminvestments
p.54andp.58Accountsreceivable,net+(allowancefor
uncollectibleaccountsreceivableportionrecordedin
GrossReceivables
otherassets)
p.58Allowanceforuncollectibleaccountsreceivable
Less:AllowanceforBadDebts
portionrecordedinotherassets
NetTradeReceivables
=GrossReceivablesAllowanceforBadDepts
Inventories
p.54Inventories
PrepaidExpenses
p.54Prepaidexpensesandothercurrentassets
OtherCurrentAssets
p.54Deferredincometaxes

TotalCurrentAssets
LongTermAssets:
NetTangible(Fixed)Assets(otherthan
constructioninprogress)
ConstructioninProgress
IntangibleAssets
Investments
OtherNonoperatingAssets
OtherOperatingAssets

TotalLongTermAssets
TotalAssets
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
ShortTermLoans
CurrentMaturityofL.t.Debt
OtherCurrentLiabilities

TotalCurrentLiabilities
LongTermLiabilities:
LongtermDebt
Reserves
DeferredLiabilities
NoncontrollingInterest
RedeemablePreferred
OtherLongtermLiabilities

TotalLongtermLiabilities
TotalLiabilities
Shareholders'Equity:
PreferredEquity
CommonEquityincl.Ret.Ern.

=Cash+MarketableSecurities+NetTradeReceivables+
Inventories+PrepaidExpenses+OtherCurrentAssets
p.63Note3
=PPE,netConstructioninprocess
p.63Note3Constructioninprocess
p.54=Identifiableintangibleassets,net+Goodwill
Notused
p.54Deferredincometaxesandotherassets
Notused
=NetTangibleFixedAssets+ConstructionInProgress+
IntangibleAssets+OtherNonoperatingAssets
=TotalCurrentAssets+TotalLongTermAssets

p.54Accountspayable
p.54Notespayable
p.54Currentportionoflongtermdebt
p.54=Accruedliabilities+Incometaxespayable
=AccountsPayable+ShortTermLoans+CurrentMaturity
ofL.t.Debt+OtherCurrentLiabilities
p.54Longtermdebt
Notused
p.54Deferredincometaxesandotherliabilities
Notused
p.54RedeemablePreferredStock
Notused
=LongtermDebt+DeferredLiabilities+Redeeemable
Preferred
=TotalCurrentLiabilities+TotalLongtermLiabilities
Notused
p.54Totalshareholders'equity

TotalEquity
=CommonEquityincl.Ret.Ern.
TotalLiabilitiesandEquity
=TotalLiabilities+TotalEquity
========================================

OTHERDATA
FromtheNike,Inc.2009andother10K's

CapitalizedInterest
p.63Note3
Exhibit12.1(separatefrom10K)Interestcomponentof
InterestPortionofRentals
leases
LiquidationValueofPref.Stock
p.74Note10
DividendsonRedeemablePref.
p.74Note10
DividendsonNonredeemablePref.
Notused
DividendsperCommonShare
p.21Cashdividendsdeclaredpercommonshare
TotalCashDividends
p.55Dividendscommonandpreferred
Dil.Earn.perSh.beforeNonrec.Items
p.77Note12Dilutedearningspercommonshare
MarketPriceperCommonShare
p.21Yearendstockprice
TaxRate(01)
p.72Note9Effectiveincometaxrate
CommonSharesOutstanding
p.54ClassAShares+ClassBShares
p.21Item6Dilutedweightedaveragecommonshares
DilutedWeightedAverageCommonShares
outstanding
CashFlowfromOperations
p.21Item6Cashflowfromoperations
Options:
Optionexpense
p.75Stockoptions
Netincomebef.nonrec.items
notincl.opt.exp.
p.21Netincome+Optionexpense(fromabove)

FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)

VerticalAnalysis
Nike,Inc.
DonSaftner
2009
3
4

========================================= =========== =========== =========== =========== ===========

INCOMESTATEMENT
2009
2008
2007
2006.00
2005.00

NetSales
100.00%
100.00%
100.00%
#DIV/0!
#DIV/0!
Less:CostofGoodsSold
55.13%
54.97%
56.14%
#DIV/0!
#DIV/0!

GrossProfit
44.87%
45.03%
43.86%
#DIV/0!
#DIV/0!
OtherOperatingRevenue
Less:OperatingExpenses
OperatingIncome
Less:InterestExpense
(nocapitalizedinterest)
OtherIncome(Expenses)
UnusualorInfreq.Item;
Gain(Loss)
EquityinEarningsofAssoc.;
Profit(Loss)
IncomebeforeTaxes
Less:TaxesRelatedtoOperations
N.I.beforeNoncontr.Inc
Noncontrollingincome(loss)
N.I.beforeNonrecurringItems

Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)

0.00%
32.07%

12.80%

0.00%
31.96%

13.07%

0.00%
30.80%

13.06%

#DIV/0!
#DIV/0!

#DIV/0!

0.21%

0.22%

0.30%

#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

0.72%

0.59%

0.72%

#DIV/0!

#DIV/0!

3.11%

0.00%

0.00%

#DIV/0!

#DIV/0!

0.00%

10.20%

0.00%

13.44%

0.00%

13.47%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

2.45%

7.75%

3.33%

10.11%

4.34%

9.14%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

0.00%

7.75%

0.00%

10.11%

0.00%

9.14%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

0.00%

0.00%

0.00%

#DIV/0!

#DIV/0!

0.00%

0.00%

0.00%

#DIV/0!

#DIV/0!

0.00%

0.00%

0.00%

#DIV/0!

#DIV/0!

0.00%
0.00%
0.00%
#DIV/0!
#DIV/0!

NetIncome(Loss)
7.75%
10.11%
9.14%
#DIV/0!
#DIV/0!
========================================= =========== =========== =========== =========== ===========

BALANCESHEET

ASSETS
CurrentAssets:
Cash
MarketableSecurities
GrossReceivables
Less:AllowanceforBadDebts
NetTradeReceivables
Inventories
PrepaidExpenses
OtherCurrentAssets
TotalCurrentAssets
LongTermAssets:
NetTangible(Fixed)Assets(otherthan
constructioninprogress)
ConstructioninProgress
IntangibleAssets
Investments
OtherNonoperatingAssets
OtherOperatingAssets
TotalLongTermAssets
TotalAssets
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
ShortTermLoans
CurrentMaturityofL.t.Debt
OtherCurrentLiabilities
TotalCurrentLiabilities
LongTermLiabilities:
LongtermDebt
Reserves
DeferredLiabilities
NoncontrollingInterest
RedeemablePreferred
OtherLongtermLiabilities
TotalLongtermLiabilities
TotalLiabilities
Shareholders'Equity:
PreferredEquity
CommonEquityincl.Ret.Ern.

2009

2008

2007

2006

2005.00

17.29%
8.79%
22.32%
0.56%
21.77%
17.79%
5.78%
2.06%

73.47%

17.15%
5.16%
22.80%
0.34%
22.47%
19.60%
4.84%
1.83%

71.04%

17.37%
9.27%
23.70%
0.36%
23.34%
19.85%
3.68%
2.06%

75.56%

9.67%
13.67%
24.53%
0.39%
24.14%
21.04%
3.85%
2.06%

74.43%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

13.54%
1.24%
4.99%
0.00%
6.77%
0.00%

26.53%
100.00%

13.62%
1.58%
9.58%
0.00%
4.18%
0.00%

28.96%
100.00%

14.82%
0.88%
5.06%
0.00%
3.68%
0.00%

24.44%
100.00%

15.97%
0.82%
5.43%
0.00%
3.34%
0.00%

25.57%
100.00%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

7.79%
2.59%
0.24%
14.12%

24.73%

10.35%
1.43%
0.05%
14.87%

26.69%

9.73%
0.94%
0.29%
13.21%

24.18%

9.65%
0.44%
2.59%
13.79%

26.47%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

3.30%
0.00%
6.35%
0.00%
0.00%
0.00%

9.66%
34.39%

3.55%
0.00%
6.87%
0.00%
0.00%
0.00%

10.41%
37.11%

3.84%
0.00%
6.26%
0.00%
0.00%
0.00%

10.09%
34.27%

4.16%
0.00%
5.68%
0.00%
0.00%
0.00%

9.85%
36.32%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00%
0.00%
0.00%
0.00%
#DIV/0!
65.61%
62.89%
65.73%
63.68%
#DIV/0!

TotalEquity
65.61%
62.89%
65.73%
63.68%
#DIV/0!
TotalLiabilitiesandEquity
100.00%
100.00%
100.00%
100.00%
#DIV/0!
========================================= =========== =========== =========== =========== ===========

FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)

HorizontalAnalysis
Nike,Inc.
DonSaftner
2009
3
4

========================================= =========== =========== =========== =========== ===========

INCOMESTATEMENT
2009
2008
2007
2006.00
2005.00

NetSales
117.46%
114.09%
100.00%
0.00
0.00
Less:CostofGoodsSold
115.34%
111.72%
100.00%
0.00
0.00

GrossProfit
120.16%
117.13%
100.00%
0.00
0.00
OtherOperatingRevenue
Less:OperatingExpenses
OperatingIncome

#N/A
122.29%

115.15%

#N/A
118.39%

114.16%

#N/A
100.00%

100.00%

#N/A
0.00

0.00

#N/A
0.00

0.00

81.09%

81.89%

100.00%

0.00

0.00

117.40%

93.29%

100.00%

0.00

0.00

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

88.94%

#N/A

113.77%

#N/A

100.00%

#N/A

0.00

#N/A

0.00

66.32%

99.68%

87.45%

126.28%

100.00%

100.00%

0.00

0.00

0.00

0.00

#N/A

99.68%

#N/A

126.28%

#N/A

100.00%

#N/A

0.00

#N/A

0.00

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

Less:InterestExpense
(nocapitalizedinterest)
OtherIncome(Expenses)
UnusualorInfreq.Item;
Gain(Loss)
EquityinEarningsofAssoc.;
Profit(Loss)
IncomebeforeTaxes
Less:TaxesRelatedtoOperations
N.I.beforeNoncontr.Inc
Noncontrollingincome(loss)
N.I.beforeNonrecurringItems

Oper.ofDiscontinuedSegment;
Income(Loss)
DisposalofDiscont.Segment;
Gain(Loss)
ExtraordinaryItem;
Gain(Loss)
Cum.EffectofAcctChange;
Gain(Loss)

#N/A
#N/A
#N/A
#N/A
#N/A

NetIncome(Loss)
99.68%
126.28%
100.00%
0.00
0.00
========================================= =========== =========== =========== =========== ===========

BALANCESHEET

ASSETS
CurrentAssets:
Cash
MarketableSecurities
GrossReceivables
Less:AllowanceforBadDebts
NetTradeReceivables
Inventories
PrepaidExpenses
OtherCurrentAssets
TotalCurrentAssets
LongTermAssets:

NetTangible(Fixed)Assets(otherthan
constructioninprogress)
ConstructioninProgress
IntangibleAssets
Investments
OtherNonoperatingAssets
OtherOperatingAssets
TotalLongTermAssets
TotalAssets
LIABILITIESANDEQUITY
CurrentLiabilities:
AccountsPayable
ShortTermLoans
CurrentMaturityofL.t.Debt
OtherCurrentLiabilities
TotalCurrentLiabilities
LongTermLiabilities:
LongtermDebt
Reserves
DeferredLiabilities
NoncontrollingInterest
RedeemablePreferred
OtherLongtermLiabilities
TotalLongtermLiabilities
TotalLiabilities
Shareholders'Equity:
PreferredEquity
CommonEquityincl.Ret.Ern.

2009

2008

2007

2006

2005.00

240.11%
86.30%
122.16%
192.45%
121.02%
113.50%
201.42%
133.99%

132.51%

223.63%
47.61%
117.17%
108.59%
117.31%
117.42%
158.46%
111.76%

120.33%

194.58%
73.42%
104.61%
99.48%
104.69%
102.18%
103.45%
108.07%

109.94%

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

100.00%

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00

113.80%
201.23%
123.23%
#N/A
272.15%
#N/A

139.31%
134.25%

107.49%
241.65%
222.25%
#N/A
157.89%
#N/A

142.79%
126.07%

100.48%
115.97%
100.82%
#N/A
119.17%
#N/A

103.50%
108.30%

100.00%
100.00%
100.00%
#N/A
100.00%
#N/A

100.00%
100.00%

0.00
0.00
0.00
#N/A
0.00
#N/A

0.00
0.00

108.37%
790.09%
12.53%
137.36%

125.44%

135.22%
409.45%
2.47%
135.87%

127.14%

109.25%
232.26%
11.95%
103.74%

98.91%

100.00%
100.00%
100.00%
100.00%

100.00%

0.00
0.00
0.00
0.00

0.00

106.45%
#N/A
150.09%
#N/A
100.00%
#N/A

131.64%
127.12%

107.40%
#N/A
152.32%
#N/A
100.00%
#N/A

133.32%
128.82%

99.81%
#N/A
119.20%
#N/A
100.00%
#N/A

111.00%
102.19%

100.00%
#N/A
100.00%
#N/A
100.00%
#N/A

100.00%
100.00%

0.00
#N/A
0.00
#N/A
0.00
#N/A

0.00
0.00

#N/A
#N/A
#N/A
#N/A
#N/A
138.31%
124.50%
111.78%
100.00%
0.00

TotalEquity
138.31%
124.50%
111.78%
100.00%
0.00
TotalLiabilitiesandEquity
134.25%
126.07%
108.30%
100.00%
0.00
========================================= =========== =========== =========== =========== ===========

FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)

Ratiosaverage
Nike,Inc.
DonSaftner
2009
3
4

LIQUIDITY
2009
2008
2007
2006
2005.00

Days'SalesinReceivables
56.30
55.59
56.63
#DIV/0!
#DIV/0!
AccountsReceivableTurnover
6.62
6.94
6.59
0.00
#DIV/0!
A/RTurnoverinDays
55.15
52.61
55.38
#DIV/0!
#N/A
Days'SalesinInventory
InventoryTurnover
InventoryTurnoverinDays

81.38
4.41
82.78

86.92
4.49
81.28

84.50
4.37
83.60

#DIV/0!
0.00
#DIV/0!

#DIV/0!
#DIV/0!
#N/A

OperatingCycle
WorkingCapital
CurrentRatio

137.93
133.89
138.98
#DIV/0!
6,457 5,518 5,493 4,734
2.97 2.66 3.13 2.81

#N/A
0.00
#DIV/0!

AcidTest
CashRatio
SalestoWorkingCapital

1.93 1.68 2.07 1.79

1.05 0.84 1.10 0.88
3.20
3.38
3.19
0.00

#DIV/0!
#DIV/0!
#DIV/0!

CashFlow/Cur.Mat.ofDebt&NP

4.63 10.52 14.31 5.58

#DIV/0!

LONGTERMDEBTPAYINGABILITY
2009
2008
2007
2006
2005.00

TimesInterestEarned
49.55
62.50
45.26
#DIV/0!
#DIV/0!
FixedChargeCoverage
25.46
34.33
29.13
1.00
#DIV/0!
DebtRatio
34.39%
37.11%
34.27%
36.32%
#DIV/0!
Debt/Equity
DebttoTangibleNetWorth
CashFlow/TotalDebt

52.42%
56.73%
38.10%

59.01%
69.61%
41.93%

52.14%
56.49%
51.29%

57.03%
62.35%
46.53%

#DIV/0!
#DIV/0!
#DIV/0!


PROFITABILITY
2009
2008
2007
2006
2005.00

NetProfitMargin
7.75%
10.11%
9.14%
#DIV/0!
#DIV/0!
TotalAssetTurnover
1.49
1.61
1.59
0.00
#DIV/0!
ReturnonAssets
11.57%
16.28%
14.51%
0.00
#DIV/0!
OperatingIncomeMargin
OperatingAssetTurnover
ReturnonOperatingAssets

12.80%
1.74
22.25%

13.07%
1.84
24.10%

13.06%
1.76
22.94%

#DIV/0!
0.00
0.00

#DIV/0!
#DIV/0!
#DIV/0!

SalestoFixedAssets
ReturnonInvestment
ReturnonTotalEquity

10.99
15.89%
18.00%

11.36
22.22%
25.36%

10.33
19.86%
22.41%

0.00
0.00
#N/A

#DIV/0!
#DIV/0!
#DIV/0!

ReturnonCommonEquity
GrossProfitMargin

18.00%
44.87%

25.36%
45.03%

22.41%
43.86%

#N/A
#DIV/0!

#DIV/0!
#DIV/0!

INVESTORANALYSIS
2009
2008
2007
2006
2005.00

DegreeofFinancialLeverage
1.02
1.02
1.02
#DIV/0!
#DIV/0!
EarningsperShare
3.03
3.74
2.93
2.64
0.00
Price/EarningsRatio
18.83
18.28
19.37
15.21
#DIV/0!
PercentageofEarningsRetained
DividendPayout
DividendYield
BookValueperShare
MaterialityofOptions
Oper.CashFlowperShare

68.61%
32.34%
1.72%

78.08%
23.40%
1.28%

76.96%
24.23%
1.25%

#N/A
0.22
1.47%

#DIV/0!
#DIV/0!
#DIV/0!

17.91 15.93 14.00 12.28

7.97%
6.32%
8.29%
0.02%
3.54
3.84
3.68
3.16

#DIV/0!
#DIV/0!
#DIV/0!

Oper.CashFlow/CashDividends
3.72
4.69
5.47
5.73
#DIV/0!
YearendMarketPrice
57.05
68.37
56.75
40.16
0.00
========================================= =========== =========== =========== =========== ===========

FinSASVersion20090930
Company:
Analyst:
MostRecentYearAvailable:
YearsAvailablefor:
IncomeStatement(15)
BalanceSheet(15)

Ratiosending
Nike,Inc.
DonSaftner
2009
3
4

*EOYvaluesinsteadofaverages

LIQUIDITY
2009
2008
2007
2006
2005.00

Days'SalesinReceivables
56.30
55.59
56.63
#DIV/0!
#DIV/0!
*AccountsReceivableTurnover
6.48
6.57
6.45
0.00
#DIV/0!
*A/RTurnoverinDays
56.30
55.59
56.63
#DIV/0!
#DIV/0!
Days'SalesinInventory
*InventoryTurnover
*InventoryTurnoverinDays

#DIV/0!
0.00
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

*OperatingCycle
WorkingCapital
CurrentRatio

137.68
142.51
141.13
#DIV/0!
6,457 5,518 5,493 4,734
2.97 2.66 3.13 2.81

#DIV/0!
0.00
#DIV/0!

AcidTest
CashRatio
*SalestoWorkingCapital

1.93 1.68 2.07 1.79

1.05 0.84 1.10 0.88
2.97
3.38
2.97
0.00

#DIV/0!
#DIV/0!
#DIV/0!

CashFlow/Cur.Mat.ofDebt&NP

4.63 10.52 14.31 5.58

#DIV/0!

LONGTERMDEBTPAYINGABILITY

TimesInterestEarned
FixedChargeCoverage
DebtRatio

2009

49.55
25.46
34.39%

2008

62.50
34.33
37.11%

52.42%
56.73%
38.10%

59.01%
69.61%
41.93%

Debt/Equity
DebttoTangibleNetWorth
CashFlow/TotalDebt

81.38
4.49
81.38

86.92
4.20
86.92

84.50
4.32
84.50

2007
2006
2005.00

45.26
#DIV/0!
#DIV/0!
29.13
1.00
#DIV/0!
34.27%
36.32%
#DIV/0!
52.14%
56.49%
51.29%

57.03%
62.35%
46.53%

#DIV/0!
#DIV/0!
#DIV/0!


PROFITABILITY
2009
2008
2007
2006
2005.00

NetProfitMargin
7.75%
10.11%
9.14%
#DIV/0!
#DIV/0!
*TotalAssetTurnover
1.45
1.50
1.53
0.00
#DIV/0!
*ReturnonAssets
11.22%
15.14%
13.95%
0.00
#DIV/0!
OperatingIncomeMargin
*OperatingAssetTurnover
*ReturnonOperatingAssets

12.80%
1.66
21.29%

13.07%
1.77
23.10%

13.06%
1.69
22.07%

#DIV/0!
0.00
0.00

#DIV/0!
#DIV/0!
#DIV/0!

*SalestoFixedAssets
*ReturnonInvestment
*ReturnonTotalEquity

10.69
15.21%
17.10%

10.99
20.98%
24.07%

10.31
18.82%
21.23%

0.00
0.00
#N/A

#DIV/0!
#DIV/0!
#DIV/0!

*ReturnonCommonEquity
GrossProfitMargin

17.10%
44.87%

24.07%
45.03%

21.23%
43.86%

#N/A
#DIV/0!

#DIV/0!
#DIV/0!

2009

1.02
3.03
18.83

2008

1.02
3.74
18.28

68.61%
32.34%
1.72%

78.08%
23.40%
1.28%

INVESTORANALYSIS

DegreeofFinancialLeverage
EarningsperShare
Price/EarningsRatio
PercentageofEarningsRetained
DividendPayout
DividendYield
BookValueperShare
MaterialityofOptions
Oper.CashFlowperShare

2007
2006
2005.00

1.02
#DIV/0!
#DIV/0!
2.93
2.64
0.00
19.37
15.21
#DIV/0!
76.96%
24.23%
1.25%

#N/A
0.22
1.47%

#DIV/0!
#DIV/0!
#DIV/0!

17.91 15.93 14.00 12.28

7.97%
6.32%
8.29%
0.02%
3.54 3.84 3.68 3.16

#DIV/0!
#DIV/0!
#DIV/0!

Oper.CashFlow/CashDividends
3.72 4.69 5.47 5.73
#DIV/0!
YearendMarketPrice
57.05
68.37
56.75
40.16
0.00
========================================= =========== =========== =========== =========== ===========

FinSAS Version 20090930

LIQUIDITY
Days' Sales in Receivables

Accounts Receivable Turnover

A/R Turnover in Days

Days' Sales in Inventory

Inventory Turnover

Inventory Turnover in Days

Documentation

Gross Receivables
--------------------------Net Sales / 365
Net Sales
---------------------------------------Average (Gross Receivables)
365
-------------------------------------------Accounts Receivable Turnover
Ending Inventory
----------------------------------Cost of Goods Sold / 365
Cost of Goods Sold
--------------------------------Average (Inventories)
365
-------------------------------------Inventory Turnover

Operating Cycle

A/R Turnover in Days + Inventory Turnover in Days

Working Capital

Total Current Assets - Total Current Liabilities

Current Ratio

Acid Test

Cash Ratio

Sales to Working Capital

Cash Flow/Cur. Mat. of Debt & NP

Total Current Assets

---------------------------------Total Current Liabilities
Cash + Marketable Securities + Net Trade Receivables
--------------------------------------------------------------------------------Total Current Liabilities
Cash + Marketable Securities
--------------------------------------------Total Current Liabilities
Net Sales
-----------------------------------Average (Working Capital)
Cash Flow from Operations
--------------------------------------------------------------------Short Term Loans + Current Maturity of L.t. Debt

Copyright2009CengageLearning

LONG-TERM DEBT-PAYING ABILITY

Times Interest Earned

Fixed Charge Coverage

Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
-------------------------------------------------------------------------------------------------------------------------------------------------------Interest Expense (no capitalized interest) + Capitalized Interest
Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss) + Interest Portion of Rentals
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Interest Expense (no capitalized interest) + Capitalized Interest + Interest Portion of Rentals

Debt Ratio

Total Liabilities
-------------------------------Total Assets

Debt/Equity

Total Liabilities
-----------------------Total Equity

Debt to Tangible Net Worth

Cash Flow/Total Debt

Total Liabilities
----------------------------------------------Total Equity - Intangible Assets
Cash Flow from Operations
---------------------------------------Total Liabilities

Copyright2009CengageLearning

PROFITABILITY
Net Profit Margin

N.I. before Noncontr. Inc. Equity in Earnings of Assoc.; Profit (Loss)

--------------------------------------------------------------------------------------Net Sales

Total Asset Turnover

Net Sales
--------------------------------Average (Total Assets)

Return on Assets

N.I. before Noncontr. Inc.

----------------------------Average (Total Assets)

Operating Income Margin

Operating Income
------------------------Net Sales

Operating Asset Turnover

Net Sales
-------------------------------------------------------------------------------------------------------------------------------------------------------------Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)

Return on Operating Assets

Operating Income
-------------------------------------------------------------------------------------------------------------------------------------------------------------Average (Total Assets - Construction in Progress - Intangible Assets - Investments - Other Nonoperating Assets)

Sales to Fixed Assets

Net Sales
------------------------------------------------------------------------------------------------------Average (Net Tangible (Fixed) Assets (other than construction in progress))

Return on Investment

N.I. before Noncontr. Inc. + {(1- Tax Rate) * Interest Expense (no capitalized interest)}
-----------------------------------------------------------------------------------------------Average (Total Liabilities and Equity - Total Current Liabilities)

Return on Total Equity

N.I. before Nonrecurring Items - Dividends on Redeemable Pref.

---------------------------------------------------------------------------------------Average (Total Equity)

Return on Common Equity

Gross Profit Margin

N.I. before Nonrecurring Items - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
--------------------------------------------------------------------------------------------------------------------------------------------Average (Common Equity-incl. Ret. Ern.)
Gross Profit
-------------------Net Sales

Copyright2009CengageLearning

INVESTOR ANALYSIS
Degree of Financial Leverage

Income before Taxes + Interest Expense (no capitalized interest) - Equity in Earnings of Assoc.; Profit (Loss)
-----------------------------------------------------------------------------------------------------------------------------------------------------Income before Taxes - Equity in Earnings of Assoc.; Profit (Loss)

Earnings per Share

Dil. Earn. per Sh. before Nonrec. Items

Price/Earnings Ratio

Market Price per Common Share

---------------------------------------------Dil. Earn. per Sh. before Nonrec. Items

Percentage of Earnings Retained

Dividend Payout

N.I. before Nonrecurring Items - Total Cash Dividends

--------------------------------------------------------N.I. before Nonrecurring Items
Dividends per Common Share
---------------------------------------------Dil. Earn. per Sh. before Nonrec. Items

Dividend Yield

Dividends per Common Share

---------------------------------------------Market Price per Common Share

Book Value per Share

Common Equity-incl. Ret. Ern.

--------------------------------------------Common Shares Outstanding

Materiality of Options

Option expense
--------------------------------------------------------------Net income bef. nonrec. items not incl. opt. exp.

Oper. Cash Flow per Share

Oper. Cash Flow/Cash Dividends

Year-end Market Price

Cash Flow from Operations - Dividends on Redeemable Pref. - Dividends on Nonredeemable Pref.
--------------------------------------------------------------------------------------------------------------------------------------Diluted Weighted Average Common Shares
Cash Flow from Operations
--------------------------------------Total Cash Dividends

Market Price per Common Share

Copyright2009CengageLearning