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Analysis of Goodwill and Intangible Assets
Adjustments to Financial Statements: Removal of Goodwill
McDonald’s Corp., adjustments to financial statements
US$ in thousands
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
McDonald’s Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Goodwill (Summary)
McDonald’s Corp., adjusted financial ratios
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | McDonald’s Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | McDonald’s Corp.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | McDonald’s Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020. |
McDonald’s Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
2020 Calculations
1 Net profit margin = 100 × Net income ÷ Revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | McDonald’s Corp.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
2020 Calculations
1 Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | McDonald’s Corp.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
2020 Calculations
1 Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity (deficit)
= ÷ =
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
2020 Calculations
1 ROE = 100 × Net income ÷ Shareholders’ equity (deficit)
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity (deficit)
= 100 × ÷ =
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01).
2020 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | McDonald’s Corp.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020. |