Contenu du cours
Module 1 — Understanding financial statements
What financial analysis is for, the balance sheet and the income statement.
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Module 2 — Reading the key figures
Revenue and margins, intermediate performance measures, profit.
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Module 3 — The essential ratios
Measuring profitability, liquidity and debt.
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Module 4 — Analysing and deciding
Interpreting ratios, managing cash and working capital, keeping common sense.
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Introduction to Financial Analysis

Intermediate performance measures break the income statement into steps so you can see how the final result is built. Nothing to fear: they are simply logical stages.

The key stages

  • Gross margin: what the trading activity generates.
  • Value added: the wealth created by the company, before paying employees and the state.
  • EBITDA: the profitability of the core business, before depreciation and financing. A closely watched indicator.
  • Operating profit: EBITDA once depreciation is taken into account.

Each stage isolates one source of performance. If the bottom line disappoints, these measures show at which level the problem appears.

Key takeaway: think of these measures as steps on a staircase. EBITDA is the most scrutinised: it captures the pure profitability of the activity.

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