Spreadsheet: 19b411f6-6054-4e2b-98c2-e2e17b818223
Sheet: Ratios

45 Year Financial History
Ratios
For the Fiscal Year | Liquidity |  | Measures of Return on Investment |  |  |  |  |  |  |  |  |  |  |  | Measures of Solvency |  |  |  | Other
 | Current Ratio | Inventory Turnover | Du Pont Formula |  |  |  |  | Total Shareholder Return (TSR) |  | Return on Average Total Capital | Return on Average Net Assets | Trailing P/E Multiple | Dividend Yield | [NAME] to Common 1 Yr. | Total Liab to Assets | Debt to Total Capital | Net Debt to Net Capital | Times Interest Earned | Tax Rate
 |  |  | Return on Sales | Asset | After-tax Return on Avg Assets | Leverage | Return on Average Equity
 |  |  |  |  |  |  |  | 1 Year | 3 Year CAGR
 |  |  |  | Turnover |  |  |  |  |  |  |  | (Dec. 31)
1967 | 6.376883337975076 | 4.5 | 0.03083039531918086 | 2.065183326653877 | 0.06367041836732006 | 1.558748604727958 | 0.09924617579250546 |  |  |  |  | 5.729166666666667 | 0.072 | 0.4125 |  |  |  | 8.34375 | 0.4170212765957447
1968 | 2.18984414762933 | 3.964969777933666 | 0.03364885143714648 | 1.974505786648986 | 0.06643985187673776 | 1.817449817615099 | 0.1207510966757513 |  |  |  |  | 15.625 | 0.0224 | 0.35 |  |  |  | 7.301675977653631 | 0.4831560283687943
1969 | 2.087445909108239 | 4.265579309943976 | 0.02959755273926344 | 1.949488037690154 | 0.05770007501009751 | 1.902114068992248 | 0.1097521244586145 |  |  |  |  | 22.71505376344086 | 0.01675739644970414 | 0.3806451612903226 |  |  |  | 4.942489913544669 | 0.4554093567251463
1970 | 2.757195510614954 | 3.816937624731069 | 0.03174761146496816 | 1.654102224549096 | 0.05251379474832421 | 2.065747996374016 | 0.1084802662833471 |  |  |  |  | 13.01020408163265 | 0.02823529411764706 | 0.3673469387755102 |  |  |  | 3.903114186851211 | 0.4296781883194279
1971 | 3.627496173179545 | 3.984096281442082 | 0.03247664812915069 | 1.667166249447534 | 0.05414397165610342 | 2.27390086205132 | 0.1231180238236958 |  |  |  |  | 14.97844827586207 | 0.02071942446043165 | 0.3103448275862069 |  |  |  | 4.465976331360947 | 0.4865556978233034
1972 | 3.35831681082662 | 4.826439189176183 | 0.04209050655634008 | 1.880062201186005 | 0.07913277040534669 | 2.003246071531982 | 0.1585224114439531 |  |  |  |  | 32.35981308411215 | 0.007220216606498195 | 0.2336448598130841 |  |  |  | 7.909483063328423 | 0.4752770673486786
1973 | 2.640708918999441 | 4.395227559390649 | 0.04494300001216649 | 1.778229839511474 | 0.07991898369879898 | 2.046372338237322 | 0.1635439975412616 |  |  |  |  | 6.857638888888889 | 0.02632911392405063 | 0.1805555555555556 |  |  |  | 5.766625943719973 | 0.4681065514758819
1974 | 3.373477063018656 | 3.83134929582666 | 0.03473119874552351 | 1.624624418995633 | 0.05642515358296799 | 2.256990505432485 | 0.1273510359043285 |  |  |  |  | 4.2 | 0.05523809523809523 | 0.232 |  |  |  | 3.407447973713034 | 0.5028814073400061
1975 | 2.626249750392313 | 3.991355436286191 | 0.0328535828713828 | 1.612328683620015 | 0.0529707740232177 | 2.154434650301444 | 0.1141220710089078 |  |  |  |  | 6.199186991869919 | 0.0419672131147541 | 0.2601626016260163 |  |  |  | 4.382397572078907 | 0.5169732316434874
1976 | 2.675627124631605 | 4.469606845161772 | 0.0450497909798457 | 1.82337245200463 | 0.0821425478412173 | 2.027694032254545 | 0.1665599540518198 |  |  |  |  | 6.407035175879397 | 0.02823529411764706 | 0.1809045226130653 |  |  |  | 8.466346153846153 | 0.5122803789899734
1977 | 2.672315909767641 | 5.251838262305839 | 0.04147118816930138 | 2.142603540824437 | 0.08885631461374162 | 1.990989994680946 | 0.1769120333601819 |  |  |  |  | 6.893004115226337 | 0.02626865671641791 | 0.1810699588477366 |  |  |  | 7.866023579849946 | 0.4921948173587262
1978 | 2.285262249496596 | 5.424452976859694 | 0.04932433560131071 | 2.134038030051471 | 0.1052600079802188 | 1.94911527122459 | 0.2051638890034666 |  |  |  |  | 6.079545454545454 | 0.02639252336448598 | 0.1604545454545454 |  |  |  | 7.33844942935852 | 0.4495219172979014
1979 | 2.347473226238286 | 6.400888905214055 | 0.03205758345174591 | 2.099833692036784 | 0.06731559381725691 | 2.059869620852603 | 0.1386613467138208 |  |  |  |  | 6.544117647058823 | 0.03955056179775281 | 0.2588235294117647 |  |  |  | 4.148402429363613 | 0.4228801476138556
1980 | 2.05356299284131 | 6.757522967744301 | 0.03662835850851244 | 2.043884016355067 | 0.07486411650087171 | 2.012987712385449 | 0.1507005466148475 |  |  |  |  | 5.946601941747573 | 0.04163265306122449 | 0.2475728155339806 |  |  |  | 5.238979118329467 | 0.4256294471811713
1981 | 1.978572534448057 | 6.79009456956225 | 0.04552223174331144 | 2.243482941583574 | 0.1021283503789335 | 2.013695448328071 | 0.2056553943033129 |  |  |  |  | 7.046178343949045 | 0.02711864406779661 | 0.1910828025477707 |  |  |  | 7.984417344173442 | 0.4202638471238723
1982 | 2.105236416753994 | 6.432740069222191 | 0.03321246594922115 | 2.142210483669908 | 0.07114809274495137 | 2.109595345320667 | 0.1500936852831925 |  |  |  |  | 10.08858267716535 | 0.02653658536585366 | 0.2677165354330709 |  |  |  | 5.373576309794989 | 0.40546875
1983 | 2.451516002852635 | 6.302038274638882 | 0.04398996774539764 | 2.108253592078076 | 0.09274200751463328 | 2.0911213353173 | 0.193934790594007 |  |  |  |  | 10.92896174863388 | 0.01875 | 0.2049180327868853 |  |  |  | 6.726938863685461 | 0.4124858543945681
1984 | 2.542011059090997 | 5.847981160351102 | 0.04889422454480186 | 1.955762112590465 | 0.09562547188921423 | 2.130354401949774 | 0.203716144977712 |  |  |  |  | 8.820093457943925 | 0.0233112582781457 | 0.205607476635514 |  |  |  | 6.969337470341303 | 0.3649177520944169
1985 | 2.461162112154853 | 5.583218727356077 | 0.05010639830765087 | 1.902363349608095 | 0.09532057572134008 | 1.929428267018235 | 0.1839142132252056 |  |  |  |  | 13.57843137254902 | 0.01001503759398496 | 0.2042944785276074 |  |  |  | 7.500237454487889 | 0.41566411767571
1986 | 2.837616560147281 | 5.905940849134377 | 0.05903333868318519 | 1.889519962705527 | 0.1115446719070348 | 1.844214916599484 | 0.205712347798149 |  |  |  |  | 12.68472906403941 | 0.01553398058252427 | 0.1970443349753695 |  |  |  | 10.109683484801 | 0.4052942997695139
1987 | 2.669483050412842 | 5.806080413207558 | 0.05771164968540381 | 1.769763993305239 | 0.1021359996074733 | 1.868900730536848 | 0.190882044280518 |  |  |  |  | 9.909909909909908 | 0.02545454545454546 | 0.2522522522522522 |  |  |  | 10.88484100030874 | 0.4148577318299653
1988 | 2.428554806806613 | 6.009068272196826 | 0.04658424588441418 | 1.879413928254014 | 0.08755108055237773 | 1.894520036049502 | 0.1658672762842635 |  |  |  |  | 10.94470046082949 | 0.02694736842105263 | 0.2949308755760369 |  |  |  | 9.149103747963062 | 0.3712881186468922
1989 | 2.59720596061735 | 5.872816888728845 | 0.04629206639256891 | 1.896156791656747 | 0.0877770160900946 | 1.98445898640944 | 0.1741898883801942 |  |  |  |  | 11.62790697674419 | 0.02466666666666667 | 0.2868217054263566 |  |  |  | 6.946268656716418 | 0.393574297188755
1990 | 2.676258655454304 | 5.678077738515902 | 0.04014241831890534 | 1.749517270196105 | 0.07022985411636139 | 2.130190529823883 | 0.1496029701495859 |  |  |  |  | 11.27136752136752 | 0.03184834123222749 | 0.358974358974359 |  |  |  | 5.669083717864206 | 0.3828468132582017
1991 | 2.909505290766031 | 5.160172765709287 | 0.03641187046203476 | 1.624094385112637 | 0.05913631436883933 | 2.097384574452175 | 0.1240315935471581 |  |  |  |  | 17.37385321100917 | 0.0227062706270627 | 0.3944954128440367 |  |  |  | 6.194546194546194 | 0.3830830188088265
1992 | 2.868291243307054 | 5.678077738515902 | 0.05337099290380234 | 1.754674002256144 | 0.09364869372289909 | 1.760634661725775 | 0.1648811361938772 |  |  |  |  | 20.85889570552147 | 0.01352941176470588 | 0.2822085889570553 |  |  |  | 18.22575077666552 | 0.3740355518146656
1993 | 2.620938628158845 | 6.36262706210004 | 0.05626514704919107 | 1.932616044624734 | 0.1087389259404366 | 1.679403764367236 | 0.1826165615576194 |  |  |  |  | 23.92344497607656 | 0.0108 | 0.2583732057416268 |  |  |  | 14.82352941176471 | 0.3907801418439716
1994 | 2.338772005152426 | 6.151958674128282 | 0.0621064528281578 | 1.838065090513404 | 0.1141557028390543 | 1.77226507713885 | 0.2023141654978962 |  |  |  |  | 12.58992805755396 | 0.01771428571428571 | 0.223021582733813 |  |  |  | 20.33673469387755 | 0.3910290237467018
1995 | 2.521604938271605 | 5.892541799736992 | 0.06550769679017142 | 1.761440424257976 | 0.1153879052262424 | 1.720150077245641 | 0.1984845140881336 |  |  |  |  | 15.25157232704403 | 0.0156701030927835 | 0.2389937106918239 |  |  |  | 20.19130434782609 | 0.3887630267331219
1996 | 2.606898907103825 | 5.614564290067031 | 0.06868867082961642 | 1.682723799126637 | 0.1155840611353712 | 1.749761222540592 | 0.2022445081184336 |  |  |  |  | 18.71621621621621 | 0.01328519855595668 | 0.2486486486486486 |  |  |  | 10.21 | 0.3868982989504162
1997 | 2.535838926174497 | 5.343011811023621 | 0.07160043998350063 | 1.523460410557185 | 0.1090804356933389 | 1.805682946432793 | 0.196964682520921 |  |  |  |  | 19.38657407407407 | 0.0128955223880597 | 0.25 |  |  |  | 11.4811320754717 | 0.375037503750375
1998 | 2.832835077229696 | 5.435936480313248 | 0.07358177070970805 | 1.452257842123406 | 0.1068597035504998 | 1.777845870997395 | 0.1899800827332618 |  |  |  |  | 17.74193548387097 | 0.01431818181818182 | 0.2540322580645161 |  |  |  | 12.8089552238806 | 0.3731041456016178
1999 | 2.911239860950174 | 5.052564102564102 | 0.07687218840963218 | 1.370991147874039 | 0.105391089827311 | 1.788128446318521 | 0.1884528057087253 |  |  |  |  | 14.7848275862069 | 0.01679261125104954 | 0.2482758620689655 |  |  |  | 12.59398496240602 | 0.3720276696930393
2000 | 2.948594208980277 | 4.991390106449593 | 0.0617589972639899 | 1.346717684664683 | 0.08317193380257296 | 1.846133720930232 | 0.153546511627907 |  |  |  |  | 14.33939393939394 | 0.02218934911242603 | 0.3181818181818182 |  |  |  | 7.729903536977492 | 0.3690874343048256
2001
2002
2003
2004
2005
2006
Reflects only Continuing Operations (based on normalized data)
2005 |  | n/a |  | n/a | n/a | n/a | n/a |  |  | n/a | n/a
2006
2007 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.306 | 0.28
2008 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.322 | 0.284
2009 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.312 | 0.237
2010
2011
Current ratio = current assets / current liabilities |  |  |  |  |  |  |  |  | Return on average net assets = EBIT / average net assets (I.e. total capital - cash + current debt maturities)
Inventory turnover = cost of goods sold (net sales - gross profit) / average inventory |  |  |  |  |  |  |  |  | P/E multiple = market price per share on Dec. 31 / trailing 12 month earnings per share
Return on sales = net earnings / net sales |  |  |  |  |  |  |  |  | Dividend yield = dividend per share / market price per share on Dec. 31
Asset turnover = net sales / average total assets |  |  |  |  |  |  |  |  | Payout ratio to common = dividend per share / average earnings per share
Return on assets = return on sales x asset turnover |  |  |  |  |  |  |  |  | Total liab to assets = total liab / total assets; liab = CL + LT Debt + Other Liab + Def Tax
Leverage = average total assets / average shareholders equity |  |  |  |  |  |  |  |  | Debt to total capital = total debt (long term debt + current debt) / total capital (long term debt + current debt + other liabilities & deferred taxes + shareholders equity)
Return on equity = return on assets x leverage
Total shareholder return = (dividends + change in stock price) / beginning stock price |  |  |  |  |  |  |  |  | Net Debt to Net Capital = (total debt - cash) / (total capital - cash)
Return on average total capital = (net earnings + after tax interest expense) / average total capital (i.e. long term debt + other liabilities & deferred taxes + shareholders equity) |  |  |  |  |  |  |  |  | (Debt to Capital measures for 2005-2009 are actual reported amounts)
 |  |  |  |  |  |  |  |  | Times interest earned = income before interest expense & taxes / net interest expense