Vertal Analysis Vertical Analysis

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Vertical Analysis
Feb 2,2013
Jan 28, 2012

Dollars in million
Percent
Dollars in million
Percent
Current Assets
4132
55.3%
4309
58.1%
Total Assets
7470
100%
7422
100%
Current Liabilities
2344
31.4%
2128
28.7%
Total Liabilities
4576
61.3%
4667
62.9%
Retained Earnings
13259
177.5%
12364
166.6%
Total SE
2894
38.7%
2755
37.1%
Net Sales
15651
100%
14549
100%
Gross Profit
6171
39.4%
5274
36.2%
Operating Income
1942
12.4%
1438
9.9%
Net Income (Loss)
1135
7.3%
833
5.7%
The URL for GAP is: http://investors.gapinc.com/phoenix.zhtml?c=111302&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTg4MjA4NzYmRFNFUT0wJlNFUT0wJlNRREVTQz1TRUNUSU9OX0VOVElSRSZzdWJzaWQ9NTc%3d#s3D5B139E97612EBC577096C0A6742109 Horizontal Analysis
Dollars in million
Dollars in million
Increase (Decrease)

2013
2012
Dollars
Percent
Current Assets
4132
4309
(177)
(4.1%)
Total Assets
7470
7422
48
0.6%
Current Liabilities
2344
2128
216
10.2%
Total Liabilities
4576
4667
(100)
(2.1%)
Retained Earnings
13259
12364
895
7.2%
Total SE
2894
2755
139
5.0%
Net Sales
15651
14549
1102
7.6%
Gross Profit
6171
5274
897
17.0%
Operating Income
1942
1438
504
35.0%
Net Income (Loss)
1135
833
302
36.3%

Ratio Name
Calculation
Ratio
Cash to Cash Operating Cycle
Calculations on attached scrap paper
71.5 days
Debt to Equity Ratio
4575/2894
1.6 to 1
Times Interest Earned
(1135+87+726)/87
22.4 to 1
Debt Service Coverage
(1936+83+582)/(83+19+400)
5.2 timew
Cash Flow from Operations to Capital Expenditures Ratio
(1936-240)/0
0%
Return on Assets Ratio
1135+{87*(1-.254)}/{(7470+7422)/2}
16.1%
Return on Common Stockholders' Equity Ratio
1135-0/{(55+13259+55+12364)/2
8.8%
Asset Turnover Ratio
15651/{(7470+7422)/2}
2.1 times
Price/Earnings Ratio
32.33/1.0
32.33 to 1
Dividend Payout Ratio
0.5/1.0
50%

Analysis:
Even though current liabilities’ percentage increases, total liabilities decrease lightly from

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