2018	2019
Net operating working capital (NOWC) =
Total net operating capital =
Net operating profit after taxes (NOPAT) =
Operating profitability (OP) ratio = NOPAT/Sales =
Capital requirement(CR) ratio = (Total net operating capital/Sales) =
Return on invested capital (ROIC) = NOPAT/Total net operating capital =
Free cash flow (FCF) = NOPAT Net investment in operating capital =
Earnings before interest, taxes, depreciation & amortization (EBITDA) = EBIT + Depreciation & amortization =
Market capitalization (# shares x price per share)

Joshua & White Technologies: December 31 Balance Sheets (Thousands of Dollars) 2019 2018 Assets Cash and cash equivalents Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets $21,000 $20,000 3,759 3,240 52,500 48,000 84,000 56,000 $161,259 $127,240 223,097 200,000 $384.356 $327.249 Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained Earnings Total common equity Total liabilities and equity $33,600 $32,000 12,600 12,000 19,929 6,480 $66,129 $50,480 67,662 58,320 $133,791 $108,800 178,440 178,440 72,125 40,000 $250,565 $218,440 $384.356 $327.240 Joshua & White Technologies December 31 Income Statements (Thousands of Dollars) Sales COGS except excluding depr. and amort. Depreciation and Amortization Other operating expenses EBIT Interest Expense EBT Taxes (25%) Net Income 2019 2018 $420,000 $400,000 300,000 298,000 19,660 18,000 27,600 22,000 $72,740 $62,000 5,740 4,460 $67,000 $57,540 16,750 14,385 $50.250 $43.155 Common dividends Addition to retained earnings $18,125 $32,125 $17,262 $25,893 2019 2018 Other Data Year-end Stock Price # of shares (Thousands) Lease payment (Thousands of Dollars) Sinking fund payment (Thousands of Dollars) $96.00 4,000 $90.00 4,052 $20,000 $5,000 $20,000 $5,000