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Financial Analysis of McDonald's
INTRODUCTION
This research presents a fi |
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This research presents a financial analysis of McDonald's Corporation. The analysis is based upon the (1) assessment of common size statements for fiscal years 1989, and 1988, and (2) ratio analysis (a) comparison for fiscal years 1989, and 1988, and (b) comparison of financial ratios for McDonald's with those for the industry. ASSESSMENT OF COMMON SIZE STATEMENTS Common size statements are presented for (1) balance sheet, which may be found in Exhibit A, beginning on the fol lowing page (2) income, which may be found in Exhibit B, begin ning on page 5, and (3) cash flow, which may be found in Exhi bit C, page 7. All common size statements include data for fiscal years 1989, and 1988. With respect to the common size balance sheets, most changes from 1988 to 1989 were relatively insignificant. The important changes were as follows: 1. Property increased by 1.3 percent (as a proportion of total assets). This change was positive. 2. Accounts payable decreased by 1.1 percent (as a proportion of total liabilities and equity). This change was positive. Common Size Balance Sheet Comparison McDonald's Corporation Fiscal 1988, 1989 =============================================================== Item 1989 1988 Change Cash, and equivalents 1.5% 2.2% 0.7%
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0.5% + 0.2% Total current 11.1% 12.3% 1.2%
Long term debt 42.5% 38.1% + 4.4%
Security deposits 1.0% 1.1% 0.1%
Deferred income taxes 6.7% 6.7% nc Total liabilities 61.3% 58.2% + 3.1%
Equity:
Preferred stock 2.2% 0.0% + 2.2%
ESOP note guarantee 2.2% 0.0% 2.2%
Common stock 0.5% 0.6% 0.1%
Additional paid in capital 1.7% 1.8% 0.1%
Retained earnings 49.6% 48.2% + 1.4%
Equity adjustment (foreign currency translation) 0.3% 0.1% 0.4%
Treasury stock 12.8% 8.9% 3.9%
Category: Business - F
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Revenues Sales company owned, Equity Preferred, Current Cash, Corporation Fiscal, Profitability Return, STATEMENTS Common, , CONCLUSION McDonald's, McDonald's Corporation, ANALYSIS Financial, , Liquidity Current, total, total, common size, 1988 1989, 1989 1988, total liabilities, ====== ======, proportion total, liabilities equity, 01%, total liabilities equity, mcdonald's corporation fiscal, corporation fiscal 1988,
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 = 6 (250 words per page)
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