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Nimo. · 2023年06月25日

operating margin是怎么计算的呀

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NO.PZ2019120301000055

问题如下：

Question

The following data is available on two companies that operate in the same industry:


Which of the following statements is most appropriate? Better margin performance will be reported by:

选项：

A.Company Y at the gross margin level and Company X at the operating margin level. B.Company Y at both the gross margin and operating margin levels. C.Company X at the gross margin level and Company Y at the operating margin level.

解释：

Solution

C is correct. Common size statements offer a convenient way to compare companies of different magnitudes. Company X reports better (higher) gross margin performance. Company Y reports better (higher) operating margin performance.


A is incorrect. On a common-size basis, Company Y has a lower gross margin, as discussed above. Company X has a lower operating margin as calculated above.

B is incorrect. On a common-size basis, Company Y has a lower gross margin.

老师，能麻烦列一下变化后的表格里的每一项的具体计算公式吗？

比如第一行是 5.7/11.2=50.895和7.7/14.5=53.1%

可以列一下接下来几行的具体计算过程吗

我没有掌握operating margin是怎么算出来的，就是19%和20%是怎么得到的呀？

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lynn_品职助教 · 2023年06月26日

嗨，努力学习的PZer你好：


老师，能麻烦列一下变化后的表格里的每一项的具体计算公式吗？

比如第一行是 5.7/11.2=50.895和7.7/14.5=53.1%

可以列一下接下来几行的具体计算过程吗

我没有掌握operating margin是怎么算出来的，就是19%和20%是怎么得到的呀？


1、COGS同学已经算了，R&D、管理费用和COGS一样，将本公司的sales作为分母，而I/S表中的其他科目都是分子，计算出来的


举个栗子，R&D公司X：1.5/11.2=13%


2、gross margin和operating profit margin要复杂一点，涉及公式，而且要小心区分


gross margin 毛利润 = sales -COGS，是指收入扣除直接相关的生产成本后的利润


本题X公司gross margin = (11.2-5.7)/11.2 = 49%，Y公司 gross margin = (14.5-7.7)/14.5 = 47%


3、operating margin 经营利润 = sales - COGS - SG&A（包含selling & marketing，administrative,R&D costs),是收入扣除直接相关的生产成本再减去经营过程中必要的开支后的收入，不需要考虑利息费用，利息收入，和税费


因此operating profit margin = EBIT/sales


所以本题以X公司为例，就是operating profit margin = （11.2-5.7-1.9-1.5）/11.2 = 18.75% = 19% 公司Y也是一样计算的




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Amy_ywh · 2023年11月07日

如果是EBIT的话，需要用sales+interest expense么？还是说这里sales没有具体说明是before or after interest expense所以不需要管？

lynn_品职助教 · 2023年11月08日

嗨，爱思考的PZer你好：


如果是EBIT的话，需要用sales+interest expense么？还是说这里sales没有具体说明是before or after interest expense所以不需要管？


是的。

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