S&P 500 Income Statement & Ratios

Corporate Finance Briefing: S&P 500

Income Statement & Ratios

Yardeni Research, Inc.

August 12, 2019

Dr. Ed Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

S&P 500 Cost of Goods Sold S&P 500 Gross Profit S&P 500 Selling, General & Administrative S&P 500 Interest Expense S&P 500 EBITDA S&P 500 OIADP S&P 500 Depreciation & Amortization S&P 500 Pretax Profit S&P 500 Income Tax S&P 500 Cash Flow S&P 500 Capital Expenditures S&P 500 Leverage Ratios S&P 500 Liquidity Ratios S&P 500 Asset Management Ratios

3 4 5 6-9 10 11 12 13 14 15 16-17 18 19 20

August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



S&P 500 Cost of Goods Sold

Figure 1.

900

S&P 500 COST OF GOODS SOLD (ratio scale, dollars per share)

800

700

Cost of Goods Sold (786.4)

600

500

400

900

2017

800

700

600

500

400



300

300

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Figure 2.

70

70

S&P 500 COST OF GOODS SOLD MARGIN

(percent of sales)

69

69

(63.9)

68

68

67

67

66

66

65

65

64

2017

64

63

63



62

62

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Page 3 / August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



S&P 500 Gross Profit

Figure 3.

500

S&P 500 GROSS PROFIT (SALES - COST OF GOODS SOLD) 450 (ratio scale, dollars per share)

400 Gross Profit (445.1)

350

300

250

200

500

2017

450

400

350

300

250

200



150

150

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Figure 4.

38

S&P 500 GROSS PROFIT MARGIN (percent of sales)

37

36

(36.1)

38

37

2017

36

35

35

34

34

33

33

32

32



31

31

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Page 4 / August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



S&P 500 Selling, General & Administrative

Figure 5.

265

S&P 500 SELLING, GENERAL & ADMINISTRATIVE EXPENSES (SG&A) 240 (ratio scale, dollars per share)

265 240 2017

215

215

SG&A (234.0)

190

190

165

165

140

140

115

115



90

90

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Figure 6.

19.5

S&P 500 SG&A RATIO (percent of sales)

19.0

(19.0)

19.5

2017

19.0

18.5

18.5

18.0

18.0



17.5

17.5

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Page 5 / August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



S&P 500 Interest Expense

Figure 7.

60

60

S&P 500 INTEREST EXPENSE

(dollars per share)

50

Interest Expense (25.02)

50

40

40

30

30

2017

20

20



10

10

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's.

Figure 8.

6

S&P 500 INTEREST EXPENSE MARGIN (percent of sales)

5

6

(2.0) 5

4

4

3

3

2

2017

2



1

1

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Page 6 / August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



S&P 500 Interest Expense

Figure 9.

30

30

S&P 500 INTEREST EXPENSE MARGIN

(percent of EBITDA)

(9.6)

25

25

20

20

15

15

10

2017

10



5

5

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's.

Figure 10.

250

S&P 500 INTEREST EXPENSE MARGIN (percent of net income)

200

250

(22.2) 200

150

150

100

100

50

50

2017



0

0

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Page 7 / August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



S&P 500 Interest Expense

Figure 11.

100

100

S&P 500 INTEREST EXPENSE MARGIN

(percent of pretax income)

(16.3)

80

80

60

60

40

40

20

20

2017



0

0

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Figure 12.

50

50

S&P 500 INTEREST EXPENSE MARGIN

(percent of pretax income without interest expense)

(14.0)

40

40

30

30

20

20

2017



10

10

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Source: Haver Analytics and Standard & Poor's Corporation.

Page 8 / August 12, 2019 / S&P 500 Income Statement & Ratios

Yardeni Research, Inc.



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