biz-financial-ratios

asgard-ai-platform ｜ 金融與投資 ｜ 原文 ｜ MIT

用五大類財務比率評估公司的財務健康

---
name: "biz-financial-ratios"
description: "用獲利能力、流動性、槓桿、效率和估值這幾類比率來分析財務健康狀況。當使用者需要評估公司的財務績效、比較不同公司、評估信用度、或準備財務盡職調查時使用，即使他們說的是「這家公司財務健康嗎」、「分析這些財報」或「比較這兩家公司」也一樣。"
metadata:
  category: "WP-15 商學院—財務"
  tags: ["finance", "financial-ratios", "financial-analysis"]
---

# 財務比率分析（Financial Ratio Analysis）

## 概述

財務比率分析把原始財報，轉換成橫跨五個類別、可比較的指標。比率只有放在脈絡中才有意義，要和產業基準、歷史趨勢和同業公司做比較。

## 何時使用

**觸發條件：**
- 使用者手上有財報，需要評估公司的健康狀況
- 使用者在比較不同公司的財務績效
- 使用者在做盡職調查或信用分析
- 使用者問「這家公司財務健康嗎？」或「分析這些數字」

**何時不要用：**
- 估值 → 用 DCF 或可比公司法
- ROE 的深入分析 → 用杜邦分析
- 策略評估 → 用 SWOT

## 框架

```
鐵律：沒有脈絡的比率毫無意義

流動比率 1.5，單獨看沒有意義。1.5 算好嗎？要和下列比較：
1. 產業平均（零售約 1.2、製造業約 1.8）
2. 公司自己的趨勢（去年是 2.0？→ 流動性在惡化）
3. 同業（競爭對手是 2.5？→ 相對偏弱）

絕對不要在沒有至少一個比較基準的情況下回報比率。
```

```
鐵律：每次都要涵蓋全部五個類別

只分析獲利能力，會漏掉一家即將違約的高槓桿公司。
只分析流動性，會漏掉一家獲利公司的成長潛力。
要涵蓋全部五個類別，才是完整的圖像。
```

### 五個類別

**1. 獲利能力（Profitability）**：公司有在賺錢嗎？
| 比率 | 公式 | 衡量什麼 |
|-------|---------|----------|
| 毛利率 | (營收 - COGS) / 營收 | 生產效率 |
| 營業利益率 | EBIT / 營收 | 核心事業的獲利能力 |
| 淨利率 | 淨利 / 營收 | 最終獲利能力 |
| ROE | 淨利 / 權益 | 對股東的報酬 |
| ROA | 淨利 / 總資產 | 資產生產力 |

**2. 流動性（Liquidity）**：付得出短期債務嗎？
| 比率 | 公式 | 健康值 |
|-------|---------|---------|
| 流動比率 | 流動資產 / 流動負債 | > 1.5 |
| 速動比率 | (流動資產 - 存貨) / 流動負債 | > 1.0 |
| 現金比率 | 現金 / 流動負債 | 視情況而定 |

**3. 槓桿（Leverage）**：用了多少負債？
| 比率 | 公式 | 衡量什麼 |
|-------|---------|----------|
| 負債權益比 | 總負債 / 權益 | 資本結構 |
| 利息保障倍數 | EBIT / 利息費用 | 償付債務的能力 |
| 負債資產比 | 總負債 / 總資產 | 資產的融資方式 |

> ⚠️ **「負債」的定義**：這個 skill（和隨附的腳本）在槓桿比率中，把「負債」定義為
> **總負債（Total Liabilities）**，不是「只有長期負債」，也不是「只有附息負債」。
> 教科書裡這兩種替代定義都存在，且會算出差異很大的比率。如果你需要不同的定義，
> 要明確記錄這個選擇並手動計算，不要默默替換。

**4. 效率（Efficiency）**：資產用得好嗎？
| 比率 | 公式 | 衡量什麼 |
|-------|---------|----------|
| 存貨週轉率 | COGS / 平均存貨 | 存貨管理 |
| 應收帳款週轉率 | 營收 / 平均應收帳款 | 收款速度 |
| 資產週轉率 | 營收 / 總資產 | 資產生產力 |
| 現金轉換週期 | DIO + DSO - DPO | 現金週期的速度 |

**5. 估值（Valuation）**：股價合理嗎？
| 比率 | 公式 | 衡量什麼 |
|-------|---------|----------|
| P/E | 股價 / EPS | 股價相對盈餘 |
| EV/EBITDA | 企業價值 / EBITDA | 股價相對現金創造力 |
| P/B | 股價 / 每股淨值 | 股價相對淨資產 |
| 殖利率 | 每股股利 / 股價 | 收益報酬 |

### 分析流程

1. **計算**財報中所有相關的比率
2. **比較**產業基準和 3 年趨勢
3. **辨識**警訊（惡化的趨勢、與同業相比的離群值）
4. **綜合**出橫跨全部五個類別的財務健康結論
5. **建議**針對弱項的行動

## 輸出格式

> ⚠️ **小數 vs 百分比**：隨附的腳本回傳所有獲利能力比率
> （`gross_margin`、`operating_margin`、`net_margin`、`roa`、`roe`）都是**小數**，
> `0.35` 代表 35%，不是 `35.0`。流動性和槓桿比率本身就是沒有單位的倍數
> （例如 `current_ratio: 2.125`）。只在給人看的 markdown 報告裡呈現百分比，
> JSON 輸出絕對不要用百分比。

```markdown
# 財務比率分析：{公司}

## 摘要儀表板
| 類別 | 狀態 | 關鍵指標 |
|----------|--------|-----------|
| 獲利能力 | 🟢/🟡/🔴 | {代表性比率} |
| 流動性 | 🟢/🟡/🔴 | {代表性比率} |
| 槓桿 | 🟢/🟡/🔴 | {代表性比率} |
| 效率 | 🟢/🟡/🔴 | {代表性比率} |
| 估值 | 🟢/🟡/🔴 | {代表性比率} |

## 詳細比率
{每個類別一張表，包含比率、數值、產業平均、趨勢}

## 警訊
- {附上資料的具體疑慮}

## 整體評估
{綜合的財務健康結論}
```

## 範例

### 正確的應用
**情境：** 台灣一家電子製造商的比率分析

| 比率 | 公司 | 產業 | 趨勢 | 警示 |
|-------|---------|----------|-------|------|
| 毛利率 | 18% | 22% | ↓ 從 21% | 🔴 低於同業，且在下滑 |
| 流動比率 | 1.8 | 1.5 | → 穩定 | 🟢 足夠 |
| D/E | 1.2 | 0.8 | ↑ 從 0.9 | 🟡 槓桿上升 |
| 存貨週轉率 | 4.2x | 6.0x | ↓ 從 5.1x | 🔴 存貨周轉慢 |

綜合：獲利能力減弱 + 存貨堆積 + 槓桿上升 = 前方可能有營運資金危機 ✓

### 錯誤的應用
- 單獨回報「毛利率 18%」這個事實 → 沒有比較。18% 是好還是壞？違反鐵律：沒有脈絡的比率。
- 只分析獲利能力比率，漏掉 4.5x 的 D/E → 公司的利潤率看起來很健康，實際上卻是危險的過度槓桿。違反鐵律：全部五個類別。

## 常見陷阱

- **產業影響極大**：5% 的淨利率對軟體業很糟（預期 20-30%），但對生鮮零售業很出色（預期 2-3%）。一定要在產業內做基準比較。
- **一次性項目**：重組費用、資產出售或法律和解，會扭曲該期間的比率。要使用調整後的數字，或註明這個扭曲。
- **季節性事業**：不同季末的比率，說的是不同的故事。要用過去 12 個月，或比較去年同一季。
- **表外項目**：營業租賃（IFRS 16 之前）、特殊目的實體和或有負債，可能不會出現在標準比率中。要檢查附註。
- **成長型公司看起來「不健康」**：高成長的公司，往往就是設計成獲利能力低、槓桿高、現金流為負。脈絡很重要。

## 腳本

| 腳本 | 說明 | 用法 |
|--------|-------------|-------|
| `scripts/financial_ratios.py` | 計算標準的流動性、槓桿、獲利能力和效率比率 | `python scripts/financial_ratios.py --help` |

執行 `python scripts/financial_ratios.py --verify` 可以跑內建的健全性測試。

## 參考資料

- 各產業的基準範圍，見 `references/industry-benchmarks.md`
- ROE 的杜邦深入分析，見 biz-dupont skill

---
name: "biz-financial-ratios"
description: "Analyze financial health using ratio categories: profitability, liquidity, leverage, efficiency, and valuation. Use this skill when the user needs to assess a company's financial performance, compare companies, evaluate creditworthiness, or prepare financial due diligence — even if they say 'is this company financially healthy', 'analyze these financial statements', or 'compare these two companies'."
metadata:
  category: "WP-15 商學院—財務"
  tags: ["finance", "financial-ratios", "financial-analysis"]
---

# Financial Ratio Analysis

## Overview

Financial ratio analysis transforms raw financial statements into comparable metrics across five categories. Ratios are meaningful only in context — compare against industry benchmarks, historical trends, and peer companies.

## When to Use

**Trigger conditions:**
- User has financial statements and needs to assess company health
- User comparing financial performance across companies
- User performing due diligence or credit analysis
- User asks "is this company financially healthy?" or "analyze these numbers"

**When NOT to use:**
- For valuation → use DCF or comparables
- For ROE deep-dive → use DuPont Analysis
- For strategic assessment → use SWOT

## Framework

```
IRON LAW: Ratios Without Context Are Meaningless

A current ratio of 1.5 means nothing alone. Is 1.5 good? Compare to:
1. Industry average (retail ~1.2, manufacturing ~1.8)
2. Company's own trend (was it 2.0 last year? → declining liquidity)
3. Peers (competitor has 2.5? → relatively weak)

NEVER report a ratio without at least one comparison point.
```

```
IRON LAW: All Five Categories, Every Time

Analyzing only profitability misses a leveraged company about to default.
Analyzing only liquidity misses a profitable company's growth potential.
Cover all five categories for a complete picture.
```

### The Five Categories

**1. Profitability** — Is the company making money?
| Ratio | Formula | Measures |
|-------|---------|----------|
| Gross Margin | (Revenue - COGS) / Revenue | Production efficiency |
| Operating Margin | EBIT / Revenue | Core business profitability |
| Net Margin | Net Income / Revenue | Bottom-line profitability |
| ROE | Net Income / Equity | Return to shareholders |
| ROA | Net Income / Total Assets | Asset productivity |

**2. Liquidity** — Can it pay short-term obligations?
| Ratio | Formula | Healthy |
|-------|---------|---------|
| Current Ratio | Current Assets / Current Liabilities | > 1.5 |
| Quick Ratio | (Current Assets - Inventory) / Current Liabilities | > 1.0 |
| Cash Ratio | Cash / Current Liabilities | Context-dependent |

**3. Leverage** — How much debt is used?
| Ratio | Formula | Measures |
|-------|---------|----------|
| Debt-to-Equity | Total Liabilities / Equity | Capital structure |
| Interest Coverage | EBIT / Interest Expense | Ability to service debt |
| Debt-to-Assets | Total Liabilities / Total Assets | Asset financing |

> ⚠️ **"Debt" definition**: This skill (and the bundled script) defines "Debt" in the
> leverage ratios as **Total Liabilities** — not "long-term debt only" or "interest-bearing
> debt only". Both alternative definitions exist in textbooks and produce materially
> different ratios. If you need a different definition, document the choice explicitly
> and compute it manually; do not silently substitute.

**4. Efficiency** — How well are assets used?
| Ratio | Formula | Measures |
|-------|---------|----------|
| Inventory Turnover | COGS / Avg Inventory | Inventory management |
| Receivables Turnover | Revenue / Avg Receivables | Collection speed |
| Asset Turnover | Revenue / Total Assets | Asset productivity |
| Cash Conversion Cycle | DIO + DSO - DPO | Cash cycle speed |

**5. Valuation** — Is the stock fairly priced?
| Ratio | Formula | Measures |
|-------|---------|----------|
| P/E | Price / EPS | Price vs earnings |
| EV/EBITDA | Enterprise Value / EBITDA | Price vs cash generation |
| P/B | Price / Book Value per Share | Price vs net assets |
| Dividend Yield | Dividend per Share / Price | Income return |

### Analysis Process

1. **Calculate** all relevant ratios from financial statements
2. **Compare** against industry benchmarks and 3-year trend
3. **Identify** red flags (declining trends, outliers vs peers)
4. **Synthesize** a financial health verdict across all five categories
5. **Recommend** actions based on weak areas

## Output Format

> ⚠️ **Decimal vs percent**: The bundled script returns all profitability ratios
> (`gross_margin`, `operating_margin`, `net_margin`, `roa`, `roe`) as **decimals** —
> `0.35` means 35%, NOT `35.0`. Liquidity and leverage ratios are already unitless
> multiples (e.g. `current_ratio: 2.125`). Render percentages only in the human-facing
> markdown report, never in JSON outputs.

```markdown
# Financial Ratio Analysis: {Company}

## Summary Dashboard
| Category | Status | Key Metric |
|----------|--------|-----------|
| Profitability | 🟢/🟡/🔴 | {headline ratio} |
| Liquidity | 🟢/🟡/🔴 | {headline ratio} |
| Leverage | 🟢/🟡/🔴 | {headline ratio} |
| Efficiency | 🟢/🟡/🔴 | {headline ratio} |
| Valuation | 🟢/🟡/🔴 | {headline ratio} |

## Detailed Ratios
{Tables per category with ratio, value, industry avg, trend}

## Red Flags
- {specific concern with data}

## Overall Assessment
{Synthesized financial health verdict}
```

## Examples

### Correct Application
**Scenario:** Ratio analysis for a Taiwanese electronics manufacturer

| Ratio | Company | Industry | Trend | Flag |
|-------|---------|----------|-------|------|
| Gross Margin | 18% | 22% | ↓ from 21% | 🔴 Below peers, declining |
| Current Ratio | 1.8 | 1.5 | → stable | 🟢 Adequate |
| D/E | 1.2 | 0.8 | ↑ from 0.9 | 🟡 Rising leverage |
| Inventory Turnover | 4.2x | 6.0x | ↓ from 5.1x | 🔴 Slow inventory |

Synthesis: Profitability weakening + inventory building up + leverage rising = potential working capital crisis ahead ✓

### Incorrect Application
- Reported "Gross Margin 18%" as standalone fact → No comparison. Is 18% good or bad? Violates Iron Law: ratios without context.
- Only analyzed profitability ratios, missed D/E of 4.5x → Company appeared healthy by margins but was dangerously overleveraged. Violates Iron Law: all five categories.

## Gotchas

- **Industry matters enormously**: A 5% net margin is terrible for software (expect 20-30%) but excellent for grocery retail (expect 2-3%). Always benchmark within industry.
- **One-time items**: Restructuring charges, asset sales, or legal settlements distort ratios for that period. Use adjusted figures or note the distortion.
- **Seasonal businesses**: Ratios at different quarter-ends tell different stories. Use trailing 12-month or compare same quarter YoY.
- **Off-balance-sheet items**: Operating leases (pre-IFRS 16), special purpose vehicles, and contingent liabilities may not appear in standard ratios. Check footnotes.
- **Growth companies look "unhealthy"**: High-growth companies often have low profitability, high leverage, and negative cash flow by design. Context matters.

## Scripts

| Script | Description | Usage |
|--------|-------------|-------|
| `scripts/financial_ratios.py` | Compute standard liquidity, leverage, profitability, and efficiency ratios | `python scripts/financial_ratios.py --help` |

Run `python scripts/financial_ratios.py --verify` to execute built-in sanity tests.

## References

- For industry-specific benchmark ranges, see `references/industry-benchmarks.md`
- For DuPont deep-dive on ROE, see the biz-dupont skill