# Financial Metrics Reference

## Profitability Metrics

| Metric | Formula | Interpretation |
|--------|---------|----------------|
| 毛利率 | (营收-营业成本)/营收 × 100% | >50% = high margin business |
| 净利率 | 净利润/营收 × 100% | Negative = still unprofitable |
| ROE(摊薄) | 归母净利润/归母股东权益 × 100% | >15% = excellent |
| ROA | 净利润/总资产 × 100% | >5% = good asset efficiency |
| ROIC | EBIT×(1-税率)/(股东权益+有息负债) × 100% | >WACC = value creation |
| EBITDA Margin | EBITDA/营收 × 100% | Proxy for operating cash generation |

## Growth Metrics

| Metric | Formula |
|--------|---------|
| Revenue CAGR | (End/Start)^(1/years) - 1 |
| YoY Growth | (Current-Prior)/Prior × 100% |
| Revenue per Employee | 营收/员工人数 |

## Balance Sheet Metrics

| Metric | Formula | Threshold |
|--------|---------|-----------|
| 资产负债率 | 总负债/总资产 × 100% | <60% = healthy |
| 流动比率 | 流动资产/流动负债 | >1.5 = safe |
| 速动比率 | (流动资产-存货)/流动负债 | >1.0 = adequate |

## Cash Flow Metrics

| Metric | Formula |
|--------|---------|
| Free Cash Flow | 经营活动现金流 - 资本开支 |
| Cash Conversion | 销售收到现金/营业收入 × 100% |
| CapEx Ratio | 资本开支/营收 × 100% |

## Valuation Metrics

| Metric | Formula |
|--------|---------|
| P/E (TTM) | 股价/过去12个月EPS |
| P/B (MRQ) | 股价/最近季度BPS |
| P/S (TTM) | 市值/过去12个月营收 |
| EV/EBITDA | 企业价值/EBITDA |

## Industry-Specific (Biotech/Pharma)

- R&D Intensity = 研发支出/营收 (biotech typically 20-80%)
- Cash Runway = 现金余额/季度烧钱速率
- Revenue per Drug = 营收/已上市药物数