{"id":11413,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11413"},"modified":"2026-09-29T09:01:17","modified_gmt":"2026-09-29T00:01:17","slug":"cfa-l1-fsa-formulas","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-fsa-formulas\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 FSA \u516c\u5f0f\u96c6\u3011Financial Statement Analysis \u306e\u91cd\u8981\u516c\u5f0f40\u672c\uff5c\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<link rel=\"stylesheet\" href=\"https:\/\/cdn.jsdelivr.net\/npm\/katex@0.18.9\/dist\/katex.min.css\">\n<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-x .katex-display+.katex-display{margin-top:.2em!important} @media (max-width:600px){.cfafm-x .katex-display>.katex{font-size:.9em}.cfafm-lg div{flex-wrap:wrap;gap:.1em .8em}.cfafm-lg .s{max-width:100%}} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 1\u300cFinancial Statement Analysis\uff08\u8ca1\u52d9\u8af8\u8868\u5206\u6790\uff09\u300d\u306e\u91cd\u8981\u516c\u5f0f40\u672c\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u516c\u5f0f\u3054\u3068\u306b<strong>\u6570\u5f0f\u30fb\u8a18\u53f7\u306e\u610f\u5473\u30fb\u4f7f\u3044\u3069\u3053\u308d<\/strong>\u3092\u307e\u3068\u3081\u3066\u3044\u307e\u3059\u3002\u6570\u5f0f\u304c\u6a2a\u306b\u9577\u3044\u5834\u5408\u306f\u3001\u6a2a\u306b\u30b9\u30af\u30ed\u30fc\u30eb\u3057\u3066\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\">Level 1 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l1-fsa-f-lm2\">LM2 \u640d\u76ca\u8a08\u7b97\u66f8\u306e\u5206\u6790<\/a><a href=\"#l1-fsa-f-lm3\">LM3 \u8cb8\u501f\u5bfe\u7167\u8868\u306e\u5206\u6790<\/a><a href=\"#l1-fsa-f-lm4\">LM4 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u5206\u6790 I<\/a><a href=\"#l1-fsa-f-lm5\">LM5 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u5206\u6790 II<\/a><a href=\"#l1-fsa-f-lm6\">LM6 \u68da\u5378\u8cc7\u7523\u306e\u5206\u6790<\/a><a href=\"#l1-fsa-f-lm7\">LM7 \u9577\u671f\u8cc7\u7523\u306e\u5206\u6790<\/a><a href=\"#l1-fsa-f-lm9\">LM9 \u6cd5\u4eba\u6240\u5f97\u7a0e\u306e\u5206\u6790<\/a><a href=\"#l1-fsa-f-lm11\">LM11 \u8ca1\u52d9\u5206\u6790\u306e\u624b\u6cd5<\/a><a href=\"#l1-fsa-f-lm12\">LM12 \u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30ea\u30f3\u30b0\u5165\u9580<\/a><\/div>\n<h2>FSA \u306e\u91cd\u8981\u516c\u5f0f\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l1-fsa-f-lm2\">LM2 Analyzing Income Statements\uff08\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm2\/\">LM2 \u640d\u76ca\u8a08\u7b97\u66f8\u306e\u5206\u6790<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">1. \u52a0\u91cd\u5e73\u5747\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/div>\n<div class=\"ne\">Weighted Average Number of Shares Outstanding<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Shares<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">12<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Months<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8444em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Shares<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">12<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Months<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.313em;\"><\/span><span class=\"minner\">\u22ef<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u52a0\u91cd\u5e73\u5747\u767a\u884c\u6e08\u666e\u901a\u682a\u5f0f\u6570\uff08Weighted Average number of Common Shares outstanding\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Shares<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Shares<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\">\u2026<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u306e\u5404\u533a\u9593\uff081, 2, \u2026\uff09\u306b\u304a\u3051\u308b\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Months<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Months<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\">\u2026<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u305d\u306e\u682a\u5f0f\u6570\u304c\u767a\u884c\u3055\u308c\u3066\u3044\u305f\u6708\u6570\uff0812\u306f1\u5e74\u306e\u6708\u6570\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u306e\u5206\u6bcd\u3068\u306a\u308b\u52a0\u91cd\u5e73\u5747\u666e\u901a\u682a\u5f0f\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002\u671f\u4e2d\u306e\u682a\u5f0f\u767a\u884c\u30fb\u8cb7\u623b\u3057\u3092\u6d41\u901a\u671f\u9593\u3067\u52a0\u91cd\u3057\u3001\u682a\u5f0f\u5206\u5272\u30fb\u682a\u5f0f\u914d\u5f53\u306f\u9061\u53ca\u3057\u3066\u53cd\u6620\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">2. \u57fa\u672c\u76841\u682a\u5f53\u305f\u308a\u5229\u76ca(\u57fa\u672cEPS)<\/div>\n<div class=\"ne\">Basic EPS<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Basic\u00a0EPS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Preferred\u00a0dividends<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Basic\u00a0EPS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u57fa\u672c\u76841\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS = Earnings Per Share\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Preferred\u00a0dividends<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u512a\u5148\u682a\u914d\u5f53<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u52a0\u91cd\u5e73\u5747\u767a\u884c\u6e08\u666e\u901a\u682a\u5f0f\u6570\uff08Weighted Average number of Common Shares outstanding\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u666e\u901a\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u5229\u76ca\uff08\u7d14\u5229\u76ca\u2212\u512a\u5148\u914d\u5f53\uff09\u3092\u52a0\u91cd\u5e73\u5747\u666e\u901a\u682a\u5f0f\u6570\u3067\u5272\u308a\u30011\u682a\u5f53\u305f\u308a\u306e\u5229\u76ca\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">3. \u5e0c\u8584\u5316\u5f8cEPS(\u8ee2\u63db\u793e\u50b5\u65b9\u5f0f\u30fb\u8ee2\u63db\u512a\u5148\u682a)<\/div>\n<div class=\"ne\">Diluted EPS \u2014 If-Converted (Convertible Preferred)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Diluted\u00a0EPS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1297em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0shares\u00a0from\u00a0conversion<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Diluted\u00a0EPS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e0c\u8584\u5316\u5f8c1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS = Earnings Per Share\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09\u3002\u512a\u5148\u914d\u5f53\u3092\u63a7\u9664\u3057\u306a\u3044<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u52a0\u91cd\u5e73\u5747\u767a\u884c\u6e08\u666e\u901a\u682a\u5f0f\u6570\uff08Weighted Average number of Common Shares outstanding\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0shares\u00a0from\u00a0conversion<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u512a\u5148\u682a\u306e\u8ee2\u63db\u3067\u767a\u884c\u3055\u308c\u308b\u666e\u901a\u682a\u5f0f\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ee2\u63db\u512a\u5148\u682a\u304c\u8ee2\u63db\u3055\u308c\u305f\u3068\u4eee\u5b9a\u3057\u3066\u5e0c\u8584\u5316\u5f8c1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u3092\u6c42\u3081\u308b\u5f0f\u3002\u512a\u5148\u914d\u5f53\u3092\u63a7\u9664\u305b\u305a\u3001\u8ee2\u63db\u3067\u5897\u3048\u308b\u666e\u901a\u682a\u6570\u3092\u5206\u6bcd\u306b\u52a0\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">4. \u5e0c\u8584\u5316\u5f8cEPS(\u8ee2\u63db\u793e\u50b5\u65b9\u5f0f\u30fb\u8ee2\u63db\u793e\u50b5)<\/div>\n<div class=\"ne\">Diluted EPS \u2014 If-Converted (Convertible Debt)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Diluted\u00a0EPS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1963em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Conversion\u00a0shares<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Int<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Pref\u00a0div<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Diluted\u00a0EPS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e0c\u8584\u5316\u5f8c1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS = Earnings Per Share\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Int<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ee2\u63db\u793e\u50b5\u306e\u652f\u6255\u5229\u606f\uff08Interest\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Pref\u00a0div<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u512a\u5148\u682a\u914d\u5f53\uff08Preferred dividends\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WACS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u52a0\u91cd\u5e73\u5747\u767a\u884c\u6e08\u666e\u901a\u682a\u5f0f\u6570\uff08Weighted Average number of Common Shares outstanding\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Conversion\u00a0shares<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ee2\u63db\u793e\u50b5\u306e\u8ee2\u63db\u3067\u767a\u884c\u3055\u308c\u308b\u666e\u901a\u682a\u5f0f\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ee2\u63db\u793e\u50b5\u304c\u8ee2\u63db\u3055\u308c\u305f\u3068\u4eee\u5b9a\u3057\u3066\u5e0c\u8584\u5316\u5f8c1\u682a\u5f53\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u3092\u6c42\u3081\u308b\u5f0f\u3002\u7a0e\u5f15\u5f8c\u306e\u652f\u6255\u5229\u606f\u3092\u5206\u5b50\u306b\u623b\u3057\u3001\u8ee2\u63db\u3067\u5897\u3048\u308b\u682a\u6570\u3092\u5206\u6bcd\u306b\u52a0\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">5. \u5e0c\u8584\u5316\u5f8cEPS(\u81ea\u5df1\u682a\u5f0f\u65b9\u5f0f\u30fb\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3)<\/div>\n<div class=\"ne\">Diluted EPS \u2014 Treasury Stock Method (Options\/Warrants)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Incremental\u00a0shares<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">X<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Incremental\u00a0shares<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30aa\u30d7\u30b7\u30e7\u30f3\u884c\u4f7f\u3067\u5897\u3048\u308b\u6b63\u5473\u306e\u682a\u5f0f\u6570\uff08\u5e0c\u8584\u5316\u5f8cEPS\u306e\u5206\u6bcd\u306b\u52a0\u3048\u308b\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u884c\u4f7f\u3055\u308c\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30ef\u30e9\u30f3\u30c8\u306e\u6570\uff08\u767a\u884c\u3055\u308c\u308b\u682a\u5f0f\u6570\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">X<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u884c\u4f7f\u4fa1\u683c<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u306e\u5e73\u5747\u5e02\u5834\u682a\u4fa1<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u81ea\u5df1\u682a\u5f0f\u6cd5\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30ef\u30e9\u30f3\u30c8\u306e\u884c\u4f7f\u306b\u3088\u308a\u5897\u3048\u308b\u6b63\u5473\u306e\u682a\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002\u884c\u4f7f\u4ee3\u91d1\u3067\u5e73\u5747\u5e02\u5834\u4fa1\u683c\u306b\u3088\u308a\u81ea\u5df1\u682a\u5f0f\u3092\u8cb7\u3044\u623b\u3059\u3068\u4eee\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">6. \u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/div>\n<div class=\"ne\">Gross Profit Margin<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Gross\u00a0profit\u00a0margin<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Gross\u00a0profit<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Gross\u00a0profit\u00a0margin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Gross\u00a0profit<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u7dcf\u5229\u76ca\uff08\u58f2\u4e0a\u9ad8\u2212\u58f2\u4e0a\u539f\u4fa1\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u4e0a\u7dcf\u5229\u76ca\u3092\u58f2\u4e0a\u9ad8\u3067\u5272\u308a\u3001\u58f2\u4e0a\u306b\u5bfe\u3059\u308b\u7c97\u5229\u306e\u5272\u5408\u3092\u6c42\u3081\u308b\u5f0f\u3002\u4fa1\u683c\u8a2d\u5b9a\u529b\u3084\u88fd\u9020\u30fb\u4ed5\u5165\u30b3\u30b9\u30c8\u306e\u6c34\u6e96\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">7. \u55b6\u696d\u5229\u76ca\u7387<\/div>\n<div class=\"ne\">Operating Profit Margin<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Operating\u00a0profit\u00a0margin<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Operating\u00a0income<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Operating\u00a0profit\u00a0margin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u55b6\u696d\u5229\u76ca\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Operating\u00a0income<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u55b6\u696d\u5229\u76ca\uff08\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca EBIT = Earnings Before Interest and Taxes \u3067\u4ee3\u7528\u3059\u308b\u3053\u3068\u3082\u3042\u308b\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u55b6\u696d\u5229\u76ca\u3092\u58f2\u4e0a\u9ad8\u3067\u5272\u308b\u5f0f\u3002\u58f2\u4e0a\u539f\u4fa1\u306b\u52a0\u3048\u8ca9\u58f2\u8cbb\u30fb\u4e00\u822c\u7ba1\u7406\u8cbb\u306a\u3069\u306e\u55b6\u696d\u8cbb\u7528\u3092\u5dee\u3057\u5f15\u3044\u305f\u5f8c\u306e\u672c\u696d\u306e\u53ce\u76ca\u6027\u3092\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">8. \u7d14\u5229\u76ca\u7387<\/div>\n<div class=\"ne\">Net Profit Margin<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0profit\u00a0margin<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0profit\u00a0margin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d14\u5229\u76ca\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7d14\u5229\u76ca\u3092\u58f2\u4e0a\u9ad8\u3067\u5272\u308a\u3001\u58f2\u4e0a1\u5358\u4f4d\u5f53\u305f\u308a\u306e\u6700\u7d42\u5229\u76ca\u3092\u6c42\u3081\u308b\u5f0f\u3002\u3059\u3079\u3066\u306e\u8cbb\u7528\u30fb\u7a0e\u91d1\u3092\u63a7\u9664\u3057\u305f\u5f8c\u306e\u53ce\u76ca\u6027\u3092\u8868\u3057\u3001\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u306e\u8981\u7d20\u306b\u3082\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">9. \u5b9a\u984d\u6cd5\u6e1b\u4fa1\u511f\u5374<\/div>\n<div class=\"ne\">Straight-Line Depreciation<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Depreciation<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Useful\u00a0life<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Cost<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Salvage\u00a0value<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Depreciation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6bce\u671f\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cost<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u53d6\u5f97\u539f\u4fa1<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Salvage\u00a0value<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6b8b\u5b58\u4fa1\u984d\uff08\u8010\u7528\u5e74\u6570\u7d42\u4e86\u6642\u306e\u898b\u7a4d\u58f2\u5374\u4fa1\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Useful\u00a0life<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8010\u7528\u5e74\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u53d6\u5f97\u539f\u4fa1\u304b\u3089\u6b8b\u5b58\u4fa1\u984d\u3092\u5dee\u3057\u5f15\u304d\u3001\u8010\u7528\u5e74\u6570\u3067\u5747\u7b49\u306b\u5272\u3063\u3066\u6bce\u671f\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm3\">LM3 Analyzing Balance Sheets\uff08\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm3\/\">LM3 \u8cb8\u501f\u5bfe\u7167\u8868\u306e\u5206\u6790<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">10. \u6d41\u52d5\u6bd4\u7387<\/div>\n<div class=\"ne\">Current Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0ratio<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Current\u00a0liabilities<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Current\u00a0assets<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0ratio<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6d41\u52d5\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6d41\u52d5\u8cc7\u7523<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0liabilities<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6d41\u52d5\u8ca0\u50b5<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6d41\u52d5\u8cc7\u7523\u3092\u6d41\u52d5\u8ca0\u50b5\u3067\u5272\u308a\u3001\u77ed\u671f\u306e\u50b5\u52d9\u3092\u652f\u6255\u3046\u80fd\u529b\u3092\u6e2c\u308b\u5f0f\u3002\u6d41\u52d5\u6027\u6bd4\u7387\u306e\u3046\u3061\u6700\u3082\u57fa\u672c\u7684\u306a\u6307\u6a19\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">11. \u5f53\u5ea7\u6bd4\u7387(\u30af\u30a4\u30c3\u30af\u6bd4\u7387)<\/div>\n<div class=\"ne\">Quick Ratio (Acid-Test)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Quick\u00a0ratio<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Current\u00a0liabilities<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Cash<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0investments<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Quick\u00a0ratio<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u5ea7\u6bd4\u7387\uff08\u30af\u30a4\u30c3\u30af\u30fb\u30ec\u30b7\u30aa\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0investments<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u77ed\u671f\u6709\u4fa1\u8a3c\u5238\uff08ST = Short-Term\u3002\u5e02\u5834\u6027\u306e\u3042\u308b\u77ed\u671f\u6295\u8cc7\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u50b5\u6a29\uff08\u58f2\u639b\u91d1\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0liabilities<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6d41\u52d5\u8ca0\u50b5<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u68da\u5378\u8cc7\u7523\u306a\u3069\u3092\u9664\u3044\u305f\u73fe\u91d1\u30fb\u77ed\u671f\u6709\u4fa1\u8a3c\u5238\u30fb\u58f2\u4e0a\u50b5\u6a29\u3092\u6d41\u52d5\u8ca0\u50b5\u3067\u5272\u308b\u5f0f\u3002\u6d41\u52d5\u6bd4\u7387\u3088\u308a\u53b3\u5bc6\u306b\u77ed\u671f\u306e\u652f\u6255\u80fd\u529b\u3092\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">12. \u73fe\u91d1\u6bd4\u7387<\/div>\n<div class=\"ne\">Cash Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0ratio<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Current\u00a0liabilities<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Cash<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0investments<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0ratio<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u73fe\u91d1\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0investments<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u77ed\u671f\u6709\u4fa1\u8a3c\u5238\uff08ST = Short-Term\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Current\u00a0liabilities<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6d41\u52d5\u8ca0\u50b5<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u73fe\u91d1\u3068\u77ed\u671f\u6709\u4fa1\u8a3c\u5238\u3060\u3051\u3092\u6d41\u52d5\u8ca0\u50b5\u3067\u5272\u308b\u5f0f\u3002\u58f2\u639b\u91d1\u3084\u5728\u5eab\u306b\u983c\u3089\u306a\u3044\u3001\u3088\u308a\u4fdd\u5b88\u7684\u306a\u77ed\u671f\u306e\u652f\u6255\u80fd\u529b\u3092\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">13. \u8ca0\u50b5\u6bd4\u7387(\u5bfe\u8cc7\u7523\u30fb\u5bfe\u8cc7\u672c\u30fb\u5bfe\u81ea\u5df1\u8cc7\u672c)<\/div>\n<div class=\"ne\">Debt Ratios (Debt-to-Assets \/ Capital \/ Equity)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1297em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">A<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8ca0\u50b5\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff1a\u77ed\u671f\u501f\u5165\uff0b\u9577\u671f\u501f\u5165\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\">A<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u81ea\u5df1\u8cc7\u672c\uff08\u682a\u4e3b\u8cc7\u672c\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ca0\u50b5\u3092\u7dcf\u8cc7\u7523\u30fb\u7dcf\u8cc7\u672c\uff08\u8ca0\u50b5\uff0b\u81ea\u5df1\u8cc7\u672c\uff09\u30fb\u81ea\u5df1\u8cc7\u672c\u306e\u305d\u308c\u305e\u308c\u3067\u5272\u308b\u5f0f\u3002\u8ca0\u50b5\u3078\u306e\u4f9d\u5b58\u5ea6\u3068\u9577\u671f\u306e\u652f\u6255\u80fd\u529b\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">14. \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u6bd4\u7387<\/div>\n<div class=\"ne\">Financial Leverage Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Financial\u00a0leverage<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0equity<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0assets<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Financial\u00a0leverage<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u7dcf\u8cc7\u7523<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u81ea\u5df1\u8cc7\u672c<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5e73\u5747\u7dcf\u8cc7\u7523\u3092\u5e73\u5747\u81ea\u5df1\u8cc7\u672c\u3067\u5272\u308a\u3001\u81ea\u5df1\u8cc7\u672c1\u5358\u4f4d\u304c\u3069\u308c\u3060\u3051\u306e\u8cc7\u7523\u3092\u652f\u3048\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u5f0f\u3002\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u8981\u7d20\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm4\">LM4 Analyzing Statements of Cash Flows I\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u5206\u6790 I\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm4\/\">LM4 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u5206\u6790 I<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">15. \u9867\u5ba2\u304b\u3089\u306e\u73fe\u91d1\u56de\u53ce\u984d(\u76f4\u63a5\u6cd5)<\/div>\n<div class=\"ne\">Cash Received from Customers (Direct Method)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0from\u00a0customers<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">AR<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0from\u00a0customers<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u9867\u5ba2\u304b\u3089\u306e\u73fe\u91d1\u56de\u53ce\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">AR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u639b\u91d1\uff08AR = Accounts Receivable\uff09\u306e\u5897\u52a0\u984d\u3002\u0394\u306f\u671f\u4e2d\u306e\u5897\u6e1b\u3001\u6e1b\u5c11\u306a\u3089\u7b26\u53f7\u304c\u9006<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u76f4\u63a5\u6cd5\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u55b6\u696dCF\uff09\u3067\u3001\u58f2\u4e0a\u9ad8\u3092\u58f2\u639b\u91d1\u306e\u5897\u6e1b\u3067\u8abf\u6574\u3057\u3066\u9867\u5ba2\u304b\u3089\u306e\u73fe\u91d1\u56de\u53ce\u984d\u3092\u6c42\u3081\u308b\u5f0f\u3002\u524d\u53d7\u53ce\u76ca\u304c\u3042\u308c\u3070\u305d\u306e\u5897\u6e1b\u3082\u52a0\u5473\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">16. \u4ed5\u5165\u5148\u3078\u306e\u73fe\u91d1\u652f\u6255\u984d(\u76f4\u63a5\u6cd5)<\/div>\n<div class=\"ne\">Cash Paid to Suppliers (Direct Method)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0to\u00a0suppliers<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">Inv<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">AP<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0to\u00a0suppliers<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4ed5\u5165\u5148\u3078\u306e\u73fe\u91d1\u652f\u6255\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u539f\u4fa1\uff08Cost of Goods Sold\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">Inv<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u68da\u5378\u8cc7\u7523\uff08Inventory\uff09\u306e\u5897\u52a0\u984d\u3002\u0394\u306f\u671f\u4e2d\u306e\u5897\u6e1b<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">AP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cb7\u639b\u91d1\uff08AP = Accounts Payable\uff09\u306e\u5897\u52a0\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u76f4\u63a5\u6cd5\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u55b6\u696dCF\uff09\u3067\u3001\u58f2\u4e0a\u539f\u4fa1\u3092\u68da\u5378\u8cc7\u7523\u3068\u8cb7\u639b\u91d1\u306e\u5897\u6e1b\u3067\u8abf\u6574\u3057\u3001\u4ed5\u5165\u5148\u3078\u306e\u73fe\u91d1\u652f\u6255\u984d\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm5\">LM5 Analyzing Statements of Cash Flows II\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u5206\u6790 II\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm5\/\">LM5 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u5206\u6790 II<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">17. \u4f01\u696d\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(FCFF)<\/div>\n<div class=\"ne\">Free Cash Flow to the Firm (FCFF)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.7em;vertical-align:-1.1em;\"><\/span><span class=\"mord\"><span class=\"mtable\"><span class=\"col-align-r\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6em;\"><span style=\"top:-3.76em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FCFF<\/span><\/span><\/span><\/span><span style=\"top:-2.26em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"col-align-l\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.6em;\"><span style=\"top:-3.76em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NCC<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Int<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FCInv<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WCInv<\/span><\/span><\/span><\/span><span style=\"top:-2.26em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CFO<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Int<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FCInv<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.1em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FCFF<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4f01\u696d\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08Free Cash Flow to the Firm\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NCC<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u975e\u73fe\u91d1\u8cbb\u7528\uff08Non-Cash Charges\uff09\uff1a\u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Int<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u652f\u6255\u5229\u606f\uff08Interest\uff09\u3002Int(1\u2212t)\u306f\u7a0e\u5f15\u5f8c\u652f\u6255\u5229\u606f<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FCInv<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u56fa\u5b9a\u8cc7\u672c\u6295\u8cc7\uff08Fixed Capital Investment\uff09\uff1a\u8a2d\u5099\u6295\u8cc7\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">WCInv<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u904b\u8ee2\u8cc7\u672c\u6295\u8cc7\uff08Working Capital Investment\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CFO<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08Cash Flow from Operations\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u306e\u53cc\u65b9\u304c\u5229\u7528\u3067\u304d\u308b\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3001\u7d14\u5229\u76ca\u307e\u305f\u306f\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u55b6\u696dCF\uff09\u304b\u3089\u6c42\u3081\u308b\u5f0f\u3002\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u8a55\u4fa1\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">18. \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6bd4\u7387<\/div>\n<div class=\"ne\">Cash Flow Performance Ratios<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CF\u00a0to\u00a0revenue<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Net\u00a0revenue<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CFO<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0ROA<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Avg.\u00a0assets<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CFO<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CF\u00a0to\u00a0revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6bd4\u7387\uff08CF = Cash Flow\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CFO<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08Cash Flow from Operations\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08\u7d14\u984d\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash\u00a0ROA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d9\u30fc\u30b9\u306e\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff08ROA = Return on Assets\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Avg.\u00a0assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u7dcf\u8cc7\u7523<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u55b6\u696dCF\uff09\u3092\u58f2\u4e0a\u9ad8\u3084\u5e73\u5747\u7dcf\u8cc7\u7523\u3067\u5272\u308a\u3001\u58f2\u4e0a\u3084\u8cc7\u7523\u304b\u3089\u73fe\u91d1\u3092\u751f\u307f\u51fa\u3059\u529b\u3092\u6e2c\u308b\u5f0f\u3002\u5229\u76ca\u30d9\u30fc\u30b9\u306e\u6bd4\u7387\u3092\u88dc\u3046\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u696d\u7e3e\u6307\u6a19\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm6\">LM6 Analysis of Inventories\uff08\u68da\u5378\u8cc7\u7523\u306e\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm6\/\">LM6 \u68da\u5378\u8cc7\u7523\u306e\u5206\u6790<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">19. \u58f2\u4e0a\u539f\u4fa1\u306e\u6052\u7b49\u5f0f(\u68da\u5378\u8a08\u7b97)<\/div>\n<div class=\"ne\">Cost of Goods Sold Identity<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Beg.\u00a0inventory<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Purchases<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">End.\u00a0inventory<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u539f\u4fa1\uff08Cost of Goods Sold\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Beg.\u00a0inventory<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u9996\u68da\u5378\u8cc7\u7523\uff08Beg. = Beginning\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Purchases<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u4ed5\u5165\u9ad8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">End.\u00a0inventory<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u672b\u68da\u5378\u8cc7\u7523\uff08End. = Ending\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u9996\u68da\u5378\u8cc7\u7523\u30fb\u5f53\u671f\u4ed5\u5165\u30fb\u671f\u672b\u68da\u5378\u8cc7\u7523\u3068\u58f2\u4e0a\u539f\u4fa1\u306e\u95a2\u4fc2\u3092\u8868\u3059\u5f0f\u3002\u3044\u305a\u308c\u304b1\u3064\u304c\u4e0d\u660e\u306a\u3068\u304d\u306b\u6b8b\u308a\u304b\u3089\u9006\u7b97\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">20. \u68da\u5378\u8cc7\u7523\u56de\u8ee2\u7387<\/div>\n<div class=\"ne\">Inventory Turnover<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Inventory\u00a0turnover<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0inventory<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Inventory\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u68da\u5378\u8cc7\u7523\u56de\u8ee2\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u539f\u4fa1\uff08Cost of Goods Sold\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0inventory<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e73\u5747\u68da\u5378\u8cc7\u7523\uff08\u671f\u9996\u30fb\u671f\u672b\u306e\u5e73\u5747\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u4e0a\u539f\u4fa1\u3092\u5e73\u5747\u68da\u5378\u8cc7\u7523\u3067\u5272\u308a\u3001\u5728\u5eab\u304c\u4e00\u5b9a\u671f\u9593\u306b\u4f55\u56de\u5165\u308c\u66ff\u308f\u308b\u304b\u3092\u6c42\u3081\u308b\u5f0f\u3002\u5728\u5eab\u7ba1\u7406\u306e\u52b9\u7387\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">21. \u5728\u5eab\u65e5\u6570(DOH)<\/div>\n<div class=\"ne\">Days of Inventory on Hand (DOH)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DOH<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Inventory\u00a0turnover<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0days<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DOH<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5728\u5eab\u65e5\u6570\uff08Days of Inventory on Hand\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0days<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u9593\u306e\u65e5\u6570\uff08\u901a\u5e38\u306f365\u65e5\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Inventory\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u68da\u5378\u8cc7\u7523\u56de\u8ee2\u7387<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u9593\u306e\u65e5\u6570\u3092\u68da\u5378\u8cc7\u7523\u56de\u8ee2\u7387\u3067\u5272\u308a\u3001\u5728\u5eab\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u5e73\u5747\u65e5\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u30fb\u30b5\u30a4\u30af\u30eb\u306e\u69cb\u6210\u8981\u7d20\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm7\">LM7 Analysis of Long-Term Assets\uff08\u9577\u671f\u8cc7\u7523\u306e\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm7\/\">LM7 \u9577\u671f\u8cc7\u7523\u306e\u5206\u6790<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">22. \u56fa\u5b9a\u8cc7\u7523\u306e\u5e74\u9f62\u6bd4\u7387(\u5e73\u5747\u5e74\u9f62\u30fb\u6b8b\u5b58\u5e74\u6570\u30fb\u7dcf\u8010\u7528\u5e74\u6570)<\/div>\n<div class=\"ne\">Asset Age Ratios (PP&amp;E)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Age<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Dep.\u00a0exp.<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Accum.\u00a0dep.<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Remaining<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Dep.\u00a0exp.<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Net\u00a0PPE<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Dep.\u00a0exp.<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Gross\u00a0PPE<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Age<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u5e73\u5747\u5e74\u9f62\uff08\u5e74\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Accum.\u00a0dep.<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6e1b\u4fa1\u511f\u5374\u7d2f\u8a08\u984d\uff08Accumulated depreciation\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Dep.\u00a0exp.<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u9593\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\uff08Depreciation expense\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Remaining<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e73\u5747\u6b8b\u5b58\u8010\u7528\u5e74\u6570\uff08\u5e74\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0PPE<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u7d14\u984d\uff08PPE = Property, Plant and Equipment\u3002\u53d6\u5f97\u539f\u4fa1\u2212\u7d2f\u8a08\u984d\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e73\u5747\u7dcf\u8010\u7528\u5e74\u6570\uff08\u5e74\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Gross\u00a0PPE<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u53d6\u5f97\u539f\u4fa1\u30d9\u30fc\u30b9\u306e\u7dcf\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u57fa\u6e96\u306b\u3001\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u5e73\u5747\u5e74\u9f62\u30fb\u5e73\u5747\u6b8b\u5b58\u8010\u7528\u5e74\u6570\u30fb\u5e73\u5747\u7dcf\u8010\u7528\u5e74\u6570\u3092\u63a8\u8a08\u3059\u308b\u5f0f\u3002\u8a2d\u5099\u306e\u53e4\u3055\u3084\u5c06\u6765\u306e\u66f4\u65b0\u6295\u8cc7\u306e\u5fc5\u8981\u6027\u3092\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm9\">LM9 Analysis of Income Taxes\uff08\u6cd5\u4eba\u6240\u5f97\u7a0e\u306e\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm9\/\">LM9 \u6cd5\u4eba\u6240\u5f97\u7a0e\u306e\u5206\u6790<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">23. \u7e70\u5ef6\u7a0e\u91d1(\u4e00\u6642\u5dee\u7570\u00d7\u7a0e\u7387)<\/div>\n<div class=\"ne\">Deferred Tax (Temporary Difference \u00d7 Tax Rate)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Deferred\u00a0tax<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\">\u2223<\/span><span class=\"mord text\"><span class=\"mord\">Carrying\u00a0amount<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Tax\u00a0base<\/span><\/span><span class=\"mord\">\u2223<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Deferred\u00a0tax<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7e70\u5ef6\u7a0e\u91d1\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u6b8b\u9ad8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Carrying\u00a0amount<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4f1a\u8a08\u4e0a\u306e\u5e33\u7c3f\u4fa1\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Tax\u00a0base<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u52d9\u57fa\u6e96\u984d\uff08\u7a0e\u52d9\u4e0a\u306e\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u91d1\u984d\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u7387<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u5e33\u7c3f\u4fa1\u984d\u3068\u7a0e\u52d9\u57fa\u6e96\u984d\u306e\u5dee\uff08\u4e00\u6642\u5dee\u7570\uff09\u306b\u7a0e\u7387\u3092\u639b\u3051\u3001\u7e70\u5ef6\u7a0e\u91d1\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u6b8b\u9ad8\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">24. \u6cd5\u4eba\u7a0e\u7b49(\u7a0e\u91d1\u8cbb\u7528)<\/div>\n<div class=\"ne\">Income Tax Expense<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Tax\u00a0expense<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Taxes\u00a0payable<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">DTL<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">DTA<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Tax\u00a0expense<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u6cd5\u4eba\u7a0e\u7b49\uff08\u7a0e\u91d1\u8cbb\u7528\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Taxes\u00a0payable<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u306e\u7d0d\u4ed8\u7a0e\u984d\uff08\u8ab2\u7a0e\u6240\u5f97\u00d7\u7a0e\u7387\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">DTL<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7e70\u5ef6\u7a0e\u91d1\u8ca0\u50b5\uff08Deferred Tax Liability\uff09\u306e\u5897\u52a0\u984d\u3002\u0394\u306f\u671f\u4e2d\u306e\u5897\u6e1b<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord\">\u0394<\/span><span class=\"mord text\"><span class=\"mord\">DTA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7e70\u5ef6\u7a0e\u91d1\u8cc7\u7523\uff08Deferred Tax Asset\uff09\u306e\u5897\u52a0\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u6cd5\u4eba\u7a0e\u7b49\u8cbb\u7528\u3092\u3001\u5f53\u671f\u306e\u672a\u6255\u6cd5\u4eba\u7a0e\u3068\u7e70\u5ef6\u7a0e\u91d1\u8ca0\u50b5\u30fb\u8cc7\u7523\u306e\u5897\u6e1b\u304b\u3089\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">25. \u5b9f\u52b9\u7a0e\u7387<\/div>\n<div class=\"ne\">Effective Tax Rate<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Effective\u00a0tax\u00a0rate<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Pretax\u00a0income<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Income\u00a0tax\u00a0expense<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Effective\u00a0tax\u00a0rate<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b9f\u52b9\u7a0e\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Income\u00a0tax\u00a0expense<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6cd5\u4eba\u7a0e\u7b49\uff08\u7a0e\u91d1\u8cbb\u7528\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Pretax\u00a0income<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u524d\u5229\u76ca\uff08EBT = Earnings Before Taxes\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6cd5\u4eba\u7a0e\u7b49\u8cbb\u7528\u3092\u7a0e\u5f15\u524d\u5229\u76ca\u3067\u5272\u308a\u3001\u5229\u76ca\u306b\u5bfe\u3059\u308b\u5b9f\u969b\u306e\u7a0e\u8ca0\u62c5\u306e\u5272\u5408\u3092\u6c42\u3081\u308b\u5f0f\u3002\u6cd5\u5b9a\u7a0e\u7387\u3068\u306e\u5dee\u304b\u3089\u6c38\u4e45\u5dee\u7570\u306a\u3069\u306e\u5f71\u97ff\u3092\u8aad\u307f\u53d6\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm11\">LM11 Financial Analysis Techniques\uff08\u8ca1\u52d9\u5206\u6790\u306e\u624b\u6cd5\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm11\/\">LM11 \u8ca1\u52d9\u5206\u6790\u306e\u624b\u6cd5<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">26. \u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u7387<\/div>\n<div class=\"ne\">Receivables Turnover<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables\u00a0turnover<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0receivables<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08\u4fe1\u7528\u58f2\u4e0a\u304c\u7406\u60f3\u3060\u304c\u901a\u5e38\u306f\u7dcf\u58f2\u4e0a\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0receivables<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e73\u5747\u58f2\u4e0a\u50b5\u6a29\uff08\u58f2\u639b\u91d1\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u4e0a\u9ad8\u3092\u5e73\u5747\u58f2\u4e0a\u50b5\u6a29\u3067\u5272\u308a\u3001\u58f2\u639b\u91d1\u304c\u4e00\u5b9a\u671f\u9593\u306b\u4f55\u56de\u56de\u53ce\u3055\u308c\u308b\u304b\u3092\u6c42\u3081\u308b\u5f0f\u3002\u4e0e\u4fe1\u30fb\u56de\u53ce\u306e\u52b9\u7387\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">27. \u58f2\u4e0a\u50b5\u6a29\u56de\u53ce\u65e5\u6570(DSO)<\/div>\n<div class=\"ne\">Days of Sales Outstanding (DSO)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DSO<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Receivables\u00a0turnover<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0days<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DSO<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u50b5\u6a29\u56de\u53ce\u65e5\u6570\uff08Days of Sales Outstanding\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0days<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u9593\u306e\u65e5\u6570\uff08\u901a\u5e38\u306f365\u65e5\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u7387<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u9593\u306e\u65e5\u6570\u3092\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u7387\u3067\u5272\u308a\u3001\u58f2\u4e0a\u304b\u3089\u4ee3\u91d1\u56de\u53ce\u307e\u3067\u306e\u5e73\u5747\u65e5\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u30fb\u30b5\u30a4\u30af\u30eb\u306e\u69cb\u6210\u8981\u7d20\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">28. \u4ed5\u5165\u50b5\u52d9\u56de\u8ee2\u7387\u30fb\u4ed5\u5165\u50b5\u52d9\u652f\u6255\u65e5\u6570<\/div>\n<div class=\"ne\">Payables Turnover &amp; Number of Days of Payables<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Days\u00a0of\u00a0payables<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3074em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0payables<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0days<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Days\u00a0of\u00a0payables<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4ed5\u5165\u50b5\u52d9\u652f\u6255\u65e5\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0days<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u9593\u306e\u65e5\u6570\uff08\u901a\u5e38\u306f365\u65e5\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">COGS<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u539f\u4fa1\uff08Cost of Goods Sold\u3002\u4ed5\u5165\u9ad8\u3092\u4f7f\u3046\u3053\u3068\u3082\u3042\u308b\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0payables<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e73\u5747\u4ed5\u5165\u50b5\u52d9\uff08\u8cb7\u639b\u91d1\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u4ed5\u5165\u50b5\u52d9\u56de\u8ee2\u7387\uff08\u58f2\u4e0a\u539f\u4fa1\u00f7\u5e73\u5747\u4ed5\u5165\u50b5\u52d9\uff09\u304b\u3089\u3001\u4ed5\u5165\u50b5\u52d9\u306e\u652f\u6255\u3044\u307e\u3067\u306e\u5e73\u5747\u65e5\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002\u4ed5\u5165\u5148\u3078\u306e\u652f\u6255\u6761\u4ef6\u306e\u6d3b\u7528\u5ea6\u5408\u3044\u3092\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">29. \u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u30fb\u30b5\u30a4\u30af\u30eb(\u6b63\u5473\u55b6\u696d\u30b5\u30a4\u30af\u30eb)<\/div>\n<div class=\"ne\">Cash Conversion Cycle (Net Operating Cycle)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CCC<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DOH<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DSO<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Days\u00a0of\u00a0payables<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CCC<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u30fb\u30b5\u30a4\u30af\u30eb\uff08Cash Conversion Cycle\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DOH<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5728\u5eab\u65e5\u6570\uff08Days of Inventory on Hand\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DSO<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u50b5\u6a29\u56de\u53ce\u65e5\u6570\uff08Days of Sales Outstanding\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Days\u00a0of\u00a0payables<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4ed5\u5165\u50b5\u52d9\u652f\u6255\u65e5\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5728\u5eab\u65e5\u6570\u3068\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u65e5\u6570\u306e\u548c\u304b\u3089\u4ed5\u5165\u50b5\u52d9\u56de\u8ee2\u65e5\u6570\u3092\u5f15\u304d\u3001\u904b\u8ee2\u8cc7\u672c\u306b\u73fe\u91d1\u304c\u62d8\u675f\u3055\u308c\u308b\u671f\u9593\u3092\u6c42\u3081\u308b\u5f0f\u3002\u77ed\u3044\u307b\u3069\u8cc7\u91d1\u52b9\u7387\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">30. \u5b88\u5099\u7684\u671f\u9593\u6bd4\u7387(\u30c7\u30d5\u30a7\u30f3\u30b7\u30d6\u30fb\u30a4\u30f3\u30bf\u30fc\u30d0\u30eb)<\/div>\n<div class=\"ne\">Defensive Interval Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DIR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Daily\u00a0cash\u00a0expenditures<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Cash<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0investments<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DIR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b88\u5099\u7684\u671f\u9593\u6bd4\u7387\uff08Defensive Interval Ratio\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cash<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u73fe\u91d1\u53ca\u3073\u73fe\u91d1\u540c\u7b49\u7269<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ST\u00a0investments<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u77ed\u671f\u6709\u4fa1\u8a3c\u5238\uff08ST = Short-Term\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Receivables<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u50b5\u6a29\uff08\u58f2\u639b\u91d1\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Daily\u00a0cash\u00a0expenditures<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">1\u65e5\u5f53\u305f\u308a\u306e\u73fe\u91d1\u652f\u51fa\uff08\u671f\u9593\u8cbb\u7528\u304b\u3089\u6e1b\u4fa1\u511f\u5374\u8cbb\u7b49\u306e\u975e\u73fe\u91d1\u8cbb\u7528\u3092\u9664\u304d\u65e5\u6570\u3067\u5272\u308b\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5f53\u5ea7\u8cc7\u7523\u30921\u65e5\u5f53\u305f\u308a\u306e\u73fe\u91d1\u652f\u51fa\u3067\u5272\u308a\u3001\u65b0\u305f\u306a\u73fe\u91d1\u306e\u6d41\u5165\u304c\u306a\u304f\u3066\u3082\u652f\u6255\u3044\u3092\u7d9a\u3051\u3089\u308c\u308b\u65e5\u6570\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">31. \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<\/div>\n<div class=\"ne\">Total Asset Turnover<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0asset\u00a0turnover<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0assets<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0asset\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u7dcf\u8cc7\u7523<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u4e0a\u9ad8\u3092\u5e73\u5747\u7dcf\u8cc7\u7523\u3067\u5272\u308a\u3001\u8cc7\u7523\u5168\u4f53\u304c\u58f2\u4e0a\u3092\u751f\u307f\u51fa\u3059\u52b9\u7387\u3092\u6e2c\u308b\u5f0f\u3002\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u306e\u52b9\u7387\u6027\u306e\u8981\u7d20\u306b\u3082\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">32. \u56fa\u5b9a\u8cc7\u7523\u56de\u8ee2\u7387<\/div>\n<div class=\"ne\">Fixed Asset Turnover<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Fixed\u00a0asset\u00a0turnover<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0net\u00a0fixed\u00a0assets<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Fixed\u00a0asset\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u56fa\u5b9a\u8cc7\u7523\u56de\u8ee2\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0net\u00a0fixed\u00a0assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u7d14\u56fa\u5b9a\u8cc7\u7523\uff08\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u7d14\u984d\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u4e0a\u9ad8\u3092\u5e73\u5747\u6b63\u5473\u56fa\u5b9a\u8cc7\u7523\u3067\u5272\u308a\u3001\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u304c\u58f2\u4e0a\u3092\u751f\u307f\u51fa\u3059\u52b9\u7387\u3092\u6e2c\u308b\u5f0f\u3002\u8cc7\u7523\u306e\u65b0\u65e7\u3084\u6e1b\u4fa1\u511f\u5374\u306e\u9032\u307f\u5177\u5408\u306b\u3082\u5f71\u97ff\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">33. \u904b\u8ee2\u8cc7\u672c\u56de\u8ee2\u7387<\/div>\n<div class=\"ne\">Working Capital Turnover<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Working\u00a0capital\u00a0turnover<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0working\u00a0capital<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Working\u00a0capital\u00a0turnover<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u904b\u8ee2\u8cc7\u672c\u56de\u8ee2\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0working\u00a0capital<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u904b\u8ee2\u8cc7\u672c\uff08\u6d41\u52d5\u8cc7\u7523\u2212\u6d41\u52d5\u8ca0\u50b5\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u4e0a\u9ad8\u3092\u5e73\u5747\u904b\u8ee2\u8cc7\u672c\u3067\u5272\u308a\u3001\u904b\u8ee2\u8cc7\u672c\u304c\u58f2\u4e0a\u3092\u751f\u307f\u51fa\u3059\u52b9\u7387\u3092\u6e2c\u308b\u5f0f\u3002\u904b\u8ee2\u8cc7\u672c\u304c\u3054\u304f\u5c0f\u3055\u3044\u304b\u8ca0\u306e\u5834\u5408\u306f\u610f\u5473\u3092\u6301\u3061\u306b\u304f\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">34. \u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa<\/div>\n<div class=\"ne\">Interest Coverage Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Interest\u00a0coverage<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Interest\u00a0payments<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Interest\u00a0coverage<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff08Earnings Before Interest and Taxes\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Interest\u00a0payments<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u652f\u6255\u5229\u606f<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>EBIT\u3092\u652f\u6255\u5229\u606f\u3067\u5272\u308a\u3001\u55b6\u696d\u4e0a\u306e\u5229\u76ca\u3067\u5229\u606f\u3092\u4f55\u500d\u307e\u304b\u306a\u3048\u308b\u304b\u3092\u6e2c\u308b\u5f0f\u3002\u9577\u671f\u306e\u652f\u6255\u80fd\u529b\u3092\u8a55\u4fa1\u3059\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">35. \u56fa\u5b9a\u8cbb\u7528\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa<\/div>\n<div class=\"ne\">Fixed Charge Coverage Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FCC<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Interest\u00a0payments<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lease\u00a0payments<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lease\u00a0payments<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FCC<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u56fa\u5b9a\u8cbb\u7528\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa\uff08Fixed Charge Coverage\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff08Earnings Before Interest and Taxes\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lease\u00a0payments<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30fc\u30b9\u6599<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Interest\u00a0payments<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u652f\u6255\u5229\u606f<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>EBIT\u306b\u30ea\u30fc\u30b9\u6599\u3092\u52a0\u3048\u3001\u652f\u6255\u5229\u606f\u3068\u30ea\u30fc\u30b9\u6599\u306e\u5408\u8a08\u3067\u5272\u308b\u5f0f\u3002\u5229\u606f\u3068\u30ea\u30fc\u30b9\u6599\u3068\u3044\u3046\u56fa\u5b9a\u7684\u306a\u652f\u6255\u3044\u3092\u307e\u304b\u306a\u3046\u80fd\u529b\u3092\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">36. \u7dcf\u8cc7\u7523\u5229\u76ca\u7387(ROA)<\/div>\n<div class=\"ne\">Return on Assets (ROA)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROA<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0assets<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff08Return on Assets\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0total\u00a0assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u7dcf\u8cc7\u7523<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7d14\u5229\u76ca\u3092\u5e73\u5747\u7dcf\u8cc7\u7523\u3067\u5272\u308a\u3001\u8cc7\u7523\u5168\u4f53\u304b\u3089\u5229\u76ca\u3092\u751f\u307f\u51fa\u3059\u529b\u3092\u6e2c\u308b\u5f0f\u3002\u5206\u5b50\u306b\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff08EBIT\uff09\u3092\u7528\u3044\u308b\u55b6\u696dROA\u306a\u3069\u306e\u5909\u5f62\u3082\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">37. \u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387(ROE)<\/div>\n<div class=\"ne\">Return on Equity (ROE)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROE<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0shareholders\u2019\u00a0equity<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROE<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08Return on Equity\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0shareholders\u2019\u00a0equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u81ea\u5df1\u8cc7\u672c\uff08\u682a\u4e3b\u8cc7\u672c\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7d14\u5229\u76ca\u3092\u5e73\u5747\u81ea\u5df1\u8cc7\u672c\u3067\u5272\u308a\u3001\u682a\u4e3b\u304c\u62e0\u51fa\u30fb\u7559\u4fdd\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\u3092\u6e2c\u308b\u5f0f\u3002\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u3067\u8981\u7d20\u306b\u5206\u89e3\u3057\u3066\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">38. \u30c7\u30e5\u30dd\u30f3\u5206\u89e3(3\u8981\u7d20)<\/div>\n<div class=\"ne\">DuPont \u2014 Three-Way Decomposition of ROE<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROE<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Equity<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROE<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08Return on Equity\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09\u30fb\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523\u30fb\u81ea\u5df1\u8cc7\u672c\uff08\u671f\u4e2d\u5e73\u5747\u3092\u4f7f\u3046\u3053\u3068\u304c\u591a\u3044\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d14\u5229\u76ca\u7387\uff08\u53ce\u76ca\u6027\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u52b9\u7387\u6027\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u30bd\u30eb\u30d9\u30f3\u30b7\u30fc\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>ROE\u3092\u7d14\u5229\u76ca\u7387\u30fb\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u7a4d\u306b\u5206\u89e3\u3059\u308b\u5f0f\u3002ROE\u306e\u6c34\u6e96\u3084\u5909\u5316\u304c\u53ce\u76ca\u6027\u30fb\u52b9\u7387\u6027\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u3069\u3053\u304b\u3089\u6765\u308b\u304b\u3092\u5206\u6790\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">39. \u30c7\u30e5\u30dd\u30f3\u5206\u89e3(5\u8981\u7d20)<\/div>\n<div class=\"ne\">DuPont \u2014 Five-Way Decomposition of ROE<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROE<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBT<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBT<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Equity<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROE<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08Return on Equity\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u671f\u7d14\u5229\u76ca\uff08Net Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u524d\u5229\u76ca\uff08Earnings Before Taxes\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff08Earnings Before Interest and Taxes\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u58f2\u4e0a\u9ad8\uff08Revenue\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523\u30fb\u81ea\u5df1\u8cc7\u672c\uff08\u671f\u4e2d\u5e73\u5747\u3092\u4f7f\u3046\u3053\u3068\u304c\u591a\u3044\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NI<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">EBT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u8ca0\u62c5\uff08=1\u2212\u5b9f\u52b9\u7a0e\u7387\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBT<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u91d1\u5229\u8ca0\u62c5<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">EBIT\u30de\u30fc\u30b8\u30f3\uff08\u55b6\u696d\u53ce\u76ca\u6027\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Rev<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Assets<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>ROE\u3092\u7a0e\u8ca0\u62c5\u30fb\u91d1\u5229\u8ca0\u62c5\u30fbEBIT\u30de\u30fc\u30b8\u30f3\u30fb\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306e5\u8981\u7d20\u306b\u5206\u89e3\u3059\u308b\u5f0f\u3002\u7a0e\u30fb\u91d1\u5229\u30fb\u55b6\u696d\u30fb\u52b9\u7387\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u5bc4\u4e0e\u3092\u5207\u308a\u5206\u3051\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-fsa-f-lm12\">LM12 Introduction to Financial Statement Modeling\uff08\u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30ea\u30f3\u30b0\u5165\u9580\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm12\/\">LM12 \u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30ea\u30f3\u30b0\u5165\u9580<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">40. \u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387(ROIC)<\/div>\n<div class=\"ne\">Return on Invested Capital (ROIC)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROIC<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.363em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Average\u00a0(debt\u00a0+\u00a0equity)<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROIC<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08Return on Invested Capital\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBIT<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff08Earnings Before Interest and Taxes\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b9f\u52b9\u7a0e\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Average\u00a0(debt\u00a0+\u00a0equity)<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u4e2d\u5e73\u5747\u306e\u6295\u4e0b\u8cc7\u672c\uff08\u77ed\u671f\u30fb\u9577\u671f\u306e\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u81ea\u5df1\u8cc7\u672c\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7a0e\u5f15\u5f8c\u306e\u55b6\u696d\u5229\u76ca\u3092\u6295\u4e0b\u8cc7\u672c\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u81ea\u5df1\u8cc7\u672c\uff09\u3067\u5272\u308a\u3001\u4e8b\u696d\u306b\u6295\u3058\u305f\u8cc7\u672c\u5168\u4f53\u306e\u53ce\u76ca\u6027\u3092\u6e2c\u308b\u5f0f\u3002\u7af6\u4e89\u512a\u4f4d\u306e\u6301\u7d9a\u6027\u306e\u8a55\u4fa1\u306b\u3082\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-fsa-glossary\/\">CFA\u00ae\ufe0e Level 1 FSA \u7528\u8a9e\u96c6\uff08\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level1-formulas\/\">CFA\u00ae\ufe0e Level 1 \u516c\u5f0f\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-fsa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Financial Statement Analysis\uff09<\/a><\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u3001\u7528\u8a9e\u3084\u516c\u5f0f\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\" target=\"_blank\" rel=\"noopener\">Level 1 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Financial Statement Analysis\uff08\u8ca1\u52d9\u8af8\u8868\u5206\u6790\uff09\u306e\u91cd\u8981\u516c\u5f0f40\u672c\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u6570\u5f0f\u30fb\u8a18\u53f7\u306e\u610f\u5473\u30fb\u4f7f\u3044\u3069\u3053\u308d\u3068\u3042\u308f\u305b\u3066\u6574\u7406\u3057\u305f\u516c\u5f0f\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[102],"tags":[],"class_list":["post-11413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-formulas"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=11413"}],"version-history":[{"count":5,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11413\/revisions"}],"predecessor-version":[{"id":11923,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11413\/revisions\/11923"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11603"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}