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Questo esame si sostiene in inglese: le lezioni e le domande sono in inglese. L'interfaccia resta in italiano.
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Key formulas
Gross profit margin
% of revenue remaining after cost of goods sold.
Net profit margin
Bottom-line profitability as a % of revenue.
Return on equity
Profit generated per unit of shareholder investment.
Debt-to-equity ratio
Higher D/E = more financial leverage and risk.
Interest coverage ratio
How many times over operating profit covers the interest bill.
Asset turnover
How efficiently assets generate sales — higher is better.
Current ratio
Above 1 means short-term assets cover short-term debts.
Quick ratio (acid-test)
Stricter than the current ratio — excludes inventory, the least liquid current asset.
DuPont ROE decomposition
Decomposes ROE into profitability, efficiency, and leverage.
Part 1 of 1
Profitability ratios measure how effectively the company converts sales or capital into profit.
Gross profit margin = (Gross Profit ÷ Revenue) × 100 How much revenue remains after direct production costs. High margins signal strong pricing power or low COGS.
Net profit margin = (Net Income ÷ Revenue) × 100 The bottom-line percentage. A company with 40% gross margin but 5% net margin has heavy overhead or financing costs eating into operating profit.
Return on equity (ROE) = Net Income ÷ Shareholders' Equity The return earned on every euro of owners' capital. The most watched profitability ratio for shareholders — it answers: "How hard is our invested capital working?"
When comparing two companies, always ask whether a higher ratio comes from better operations or higher debt (which boosts ROE artificially by shrinking equity).
Worked example
Two firms each earn €100,000 net income. Firm A has €500,000 equity (ROE = 20%); Firm B has €250,000 equity (ROE = 40%). But Firm B is heavily leveraged — its higher ROE is partly a consequence of more financial risk, not just better operations.
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