Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

EMC Corp., adjusted financial ratios

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Activity Ratio
Total Asset Turnover
Reported	0.53	0.53	0.51	0.57	0.58
Adjusted	0.54	0.55	0.53	0.60	0.62
Liquidity Ratio
Current Ratio
Reported	1.17	1.34	1.46	1.18	1.12
Adjusted	2.46	2.75	2.67	2.11	1.65
Solvency Ratios
Debt to Equity
Reported	0.32	0.25	0.32	0.07	0.17
Adjusted	0.26	0.22	0.26	0.09	0.17
Debt to Capital
Reported	0.24	0.20	0.24	0.07	0.15
Adjusted	0.21	0.18	0.21	0.09	0.14
Financial Leverage
Reported	2.20	2.10	2.06	1.70	1.81
Adjusted	1.44	1.40	1.42	1.24	1.32
Profitability Ratios
Net Profit Margin
Reported	8.06%	11.10%	12.44%	12.58%	12.30%
Adjusted	9.37%	13.06%	16.58%	17.59%	17.78%
Return on Equity (ROE)
Reported	9.41%	12.39%	12.95%	12.22%	12.98%
Adjusted	7.20%	10.10%	12.55%	13.07%	14.51%
Return on Assets (ROA)
Reported	4.27%	5.91%	6.30%	7.18%	7.18%
Adjusted	5.02%	7.21%	8.84%	10.57%	11.01%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	EMC Corp. adjusted total asset turnover ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	EMC Corp. adjusted current ratio improved from 2013 to 2014 but then deteriorated significantly from 2014 to 2015.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	EMC Corp. adjusted debt-to-equity ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	EMC Corp. adjusted debt-to-capital ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	EMC Corp. adjusted financial leverage ratio decreased from 2013 to 2014 but then increased from 2014 to 2015 exceeding 2013 level.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	EMC Corp. adjusted net profit margin ratio deteriorated from 2013 to 2014 and from 2014 to 2015.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	EMC Corp. adjusted ROE deteriorated from 2013 to 2014 and from 2014 to 2015.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	EMC Corp. adjusted ROA deteriorated from 2013 to 2014 and from 2014 to 2015.

EMC Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Revenues	24,704)	24,440)	23,222)	21,714)	20,008)
Total assets	46,612)	45,885)	45,849)	38,069)	34,268)
Activity Ratio
Total asset turnover¹	0.53	0.53	0.51	0.57	0.58
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues²	25,341)	25,626)	24,650)	23,091)	21,518)
Adjusted total assets³	47,326)	46,434)	46,237)	38,420)	34,742)
Activity Ratio
Adjusted total asset turnover⁴	0.54	0.55	0.53	0.60	0.62

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Total asset turnover = Revenues ÷ Total assets
= 24,704 ÷ 46,612 = 0.53

² Adjusted revenues. See details »

³ Adjusted total assets. See details »

⁴ 2015 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= 25,341 ÷ 47,326 = 0.54

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	EMC Corp. adjusted total asset turnover ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Current assets	15,063)	15,733)	17,278)	12,209)	11,583)
Current liabilities	12,885)	11,710)	11,799)	10,304)	10,376)
Liquidity Ratio
Current ratio¹	1.17	1.34	1.46	1.18	1.12
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	15,153)	14,735)	16,428)	11,335)	10,911)
Adjusted current liabilities³	6,170)	5,364)	6,148)	5,376)	6,601)
Liquidity Ratio
Adjusted current ratio⁴	2.46	2.75	2.67	2.11	1.65

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Current ratio = Current assets ÷ Current liabilities
= 15,063 ÷ 12,885 = 1.17

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2015 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 15,153 ÷ 6,170 = 2.46

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	EMC Corp. adjusted current ratio improved from 2013 to 2014 but then deteriorated significantly from 2014 to 2015.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Total debt	6,774)	5,495)	7,159)	1,652)	3,305)
Total EMC Corporation’s shareholders’ equity	21,140)	21,896)	22,301)	22,357)	18,959)
Solvency Ratio
Debt to equity¹	0.32	0.25	0.32	0.07	0.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	8,562)	7,199)	8,530)	2,942)	4,450)
Adjusted total shareholders’ equity³	32,964)	33,149)	32,582)	31,080)	26,368)
Solvency Ratio
Adjusted debt to equity⁴	0.26	0.22	0.26	0.09	0.17

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Debt to equity = Total debt ÷ Total EMC Corporation’s shareholders’ equity
= 6,774 ÷ 21,140 = 0.32

² Adjusted total debt. See details »

³ Adjusted total shareholders’ equity. See details »

⁴ 2015 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareholders’ equity
= 8,562 ÷ 32,964 = 0.26

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	EMC Corp. adjusted debt-to-equity ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Total debt	6,774)	5,495)	7,159)	1,652)	3,305)
Total capital	27,914)	27,391)	29,460)	24,010)	22,264)
Solvency Ratio
Debt to capital¹	0.24	0.20	0.24	0.07	0.15
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	8,562)	7,199)	8,530)	2,942)	4,450)
Adjusted total capital³	41,526)	40,348)	41,112)	34,023)	30,818)
Solvency Ratio
Adjusted debt to capital⁴	0.21	0.18	0.21	0.09	0.14

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,774 ÷ 27,914 = 0.24

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2015 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 8,562 ÷ 41,526 = 0.21

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	EMC Corp. adjusted debt-to-capital ratio improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015 not reaching 2013 level.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Total assets	46,612)	45,885)	45,849)	38,069)	34,268)
Total EMC Corporation’s shareholders’ equity	21,140)	21,896)	22,301)	22,357)	18,959)
Solvency Ratio
Financial leverage¹	2.20	2.10	2.06	1.70	1.81
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	47,326)	46,434)	46,237)	38,420)	34,742)
Adjusted total shareholders’ equity³	32,964)	33,149)	32,582)	31,080)	26,368)
Solvency Ratio
Adjusted financial leverage⁴	1.44	1.40	1.42	1.24	1.32

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Financial leverage = Total assets ÷ Total EMC Corporation’s shareholders’ equity
= 46,612 ÷ 21,140 = 2.20

² Adjusted total assets. See details »

³ Adjusted total shareholders’ equity. See details »

⁴ 2015 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareholders’ equity
= 47,326 ÷ 32,964 = 1.44

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	EMC Corp. adjusted financial leverage ratio decreased from 2013 to 2014 but then increased from 2014 to 2015 exceeding 2013 level.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Net income attributable to EMC Corporation	1,990)	2,714)	2,889)	2,733)	2,461)
Revenues	24,704)	24,440)	23,222)	21,714)	20,008)
Profitability Ratio
Net profit margin¹	8.06%	11.10%	12.44%	12.58%	12.30%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	2,375)	3,347)	4,088)	4,061)	3,827)
Adjusted revenues³	25,341)	25,626)	24,650)	23,091)	21,518)
Profitability Ratio
Adjusted net profit margin⁴	9.37%	13.06%	16.58%	17.59%	17.78%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
Net profit margin = 100 × Net income attributable to EMC Corporation ÷ Revenues
= 100 × 1,990 ÷ 24,704 = 8.06%

² Adjusted net income. See details »

³ Adjusted revenues. See details »

⁴ 2015 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × 2,375 ÷ 25,341 = 9.37%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	EMC Corp. adjusted net profit margin ratio deteriorated from 2013 to 2014 and from 2014 to 2015.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Net income attributable to EMC Corporation	1,990)	2,714)	2,889)	2,733)	2,461)
Total EMC Corporation’s shareholders’ equity	21,140)	21,896)	22,301)	22,357)	18,959)
Profitability Ratio
ROE¹	9.41%	12.39%	12.95%	12.22%	12.98%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	2,375)	3,347)	4,088)	4,061)	3,827)
Adjusted total shareholders’ equity³	32,964)	33,149)	32,582)	31,080)	26,368)
Profitability Ratio
Adjusted ROE⁴	7.20%	10.10%	12.55%	13.07%	14.51%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
ROE = 100 × Net income attributable to EMC Corporation ÷ Total EMC Corporation’s shareholders’ equity
= 100 × 1,990 ÷ 21,140 = 9.41%

² Adjusted net income. See details »

³ Adjusted total shareholders’ equity. See details »

⁴ 2015 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total shareholders’ equity
= 100 × 2,375 ÷ 32,964 = 7.20%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	EMC Corp. adjusted ROE deteriorated from 2013 to 2014 and from 2014 to 2015.

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Reported
Selected Financial Data (US$ in millions)
Net income attributable to EMC Corporation	1,990)	2,714)	2,889)	2,733)	2,461)
Total assets	46,612)	45,885)	45,849)	38,069)	34,268)
Profitability Ratio
ROA¹	4.27%	5.91%	6.30%	7.18%	7.18%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	2,375)	3,347)	4,088)	4,061)	3,827)
Adjusted total assets³	47,326)	46,434)	46,237)	38,420)	34,742)
Profitability Ratio
Adjusted ROA⁴	5.02%	7.21%	8.84%	10.57%	11.01%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

¹ 2015 Calculation
ROA = 100 × Net income attributable to EMC Corporation ÷ Total assets
= 100 × 1,990 ÷ 46,612 = 4.27%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2015 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,375 ÷ 47,326 = 5.02%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	EMC Corp. adjusted ROA deteriorated from 2013 to 2014 and from 2014 to 2015.

EMC Corp. (NYSE:EMC)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

EMC Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)