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## Adjusted Ratios

Difficulty: Advanced

### Adjusted Ratios (Summary)

**Costco Wholesale Corp., adjusted ratios**

Ratio | Description | The company |
---|---|---|

Adjusted total asset turnover |
An activity ratio calculated as total revenue divided by adjusted total assets. | Costco Wholesale Corp.'s adjusted total asset turnover improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |

Adjusted current ratio |
A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Costco Wholesale Corp.'s adjusted current ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017. |

Adjusted debt-to-equity ratio |
A solvency ratio calculated as adjusted total debt divided by adjusted total equity. | Costco Wholesale Corp.'s adjusted debt-to-equity ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |

Adjusted debt-to-capital ratio |
A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. | Costco Wholesale Corp.'s adjusted debt-to-capital ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |

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. |
Costco Wholesale Corp.'s adjusted financial leverage declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level. |

Adjusted net profit margin |
An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. | Costco Wholesale Corp.'s adjusted net profit margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |

Adjusted ROE |
A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. | Costco Wholesale Corp.'s adjusted ROE improved from 2015 to 2016 and from 2016 to 2017. |

Adjusted ROA |
A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. | Costco Wholesale Corp.'s adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |

### Adjusted Total Asset Turnover

*2017 Calculations*

^{1} Total asset turnover = Net sales ÷ Total assets

= ÷ =

^{2} Adjusted total assets. See Details »

^{3} Adjusted total asset turnover = Net sales ÷ Adjusted total assets

= ÷ =

Ratio | Description | The company |
---|---|---|

Adjusted total asset turnover |
An activity ratio calculated as total revenue divided by adjusted total assets. | Costco Wholesale Corp.'s adjusted total asset turnover improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |

### Adjusted Current Ratio

*2017 Calculations*

^{1} Current ratio = Current assets ÷ Current liabilities

= ÷ =

^{2} Adjusted current assets. See Details »

^{3} Adjusted current ratio = Adjusted current assets ÷ Current liabilities

= ÷ =

Ratio | Description | The company |
---|---|---|

Adjusted current ratio |
A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Costco Wholesale Corp.'s adjusted current ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017. |

### Adjusted Debt to Equity

*2017 Calculations*

^{1} Debt to equity = Total debt ÷ Total Costco stockholders' equity

= ÷ =

^{2} Adjusted total debt. See Details »

^{3} Adjusted total equity. See Details »

^{4} Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity

= ÷ =

Ratio | Description | The company |
---|---|---|

Adjusted debt-to-equity ratio |
A solvency ratio calculated as adjusted total debt divided by adjusted total equity. | Costco Wholesale Corp.'s adjusted debt-to-equity ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |

### Adjusted Debt to Capital

*2017 Calculations*

^{1} Debt to capital = Total debt ÷ Total capital

= ÷ =

^{2} Adjusted total debt. See Details »

^{3} Adjusted total capital. See Details »

^{4} Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital

= ÷ =

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. | Costco Wholesale Corp.'s adjusted debt-to-capital ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |

### Adjusted Financial Leverage

*2017 Calculations*

^{1} Financial leverage = Total assets ÷ Total Costco stockholders' equity

= ÷ =

^{2} Adjusted total assets. See Details »

^{3} Adjusted total equity. See Details »

^{4} Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity

= ÷ =

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. |
Costco Wholesale Corp.'s adjusted financial leverage declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level. |

### Adjusted Net Profit Margin

*2017 Calculations*

^{1} Net profit margin = 100 × Net income attributable to Costco ÷ Net sales

= 100 × ÷ = %

^{2} Adjusted comprehensive income. See Details »

^{3} Adjusted net profit margin = 100 × Adjusted comprehensive income ÷ Net sales

= 100 × ÷ = %

Ratio | Description | The company |
---|---|---|

Adjusted net profit margin |
An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. | Costco Wholesale Corp.'s adjusted net profit margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |

### Adjusted Return on Equity (ROE)

*2017 Calculations*

^{1} ROE = 100 × Net income attributable to Costco ÷ Total Costco stockholders' equity

= 100 × ÷ = %

^{2} Adjusted comprehensive income. See Details »

^{3} Adjusted total equity. See Details »

^{4} Adjusted ROE = 100 × Adjusted comprehensive income ÷ Adjusted total equity

= 100 × ÷ = %

Ratio | Description | The company |
---|---|---|

Adjusted ROE |
A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. | Costco Wholesale Corp.'s adjusted ROE improved from 2015 to 2016 and from 2016 to 2017. |

### Adjusted Return on Assets (ROA)

*2017 Calculations*

^{1} ROA = 100 × Net income attributable to Costco ÷ Total assets

= 100 × ÷ = %

^{2} Adjusted comprehensive income. See Details »

^{3} Adjusted total assets. See Details »

^{4} Adjusted ROA = 100 × Adjusted comprehensive income ÷ Adjusted total assets

= 100 × ÷ = %

Ratio | Description | The company |
---|---|---|

Adjusted ROA |
A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. | Costco Wholesale Corp.'s adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |