January 2006
Beginner
416 pages
8h 7m
English
Content preview from Fire Your Stock Analyst!: Analyzing Stocks on Your Own
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Analyzing Margins
While gross margins can be useful for detecting deterioration in a company’s competitive position, and profit margins are a key ingredient in the target price calculation, I’ve found operating margins the most useful of the three measures for evaluating a company’s profitability trends.
For instance, Table 11-11 shows communications equipment provider Black Box Corporation’s operating margin history, as it appeared in May 2000.
| Period | Q 3/00 | Q 3/99 | FY 3/00 | FY 3/99 | FY 3/98 | FY 3/97 |
|---|---|---|---|---|---|---|
| Operating margin | 15.8% | 20.5% | 16% | 19% | 19% | 19% |
Black Box’s operating margin held at a steady 19 percent through fiscal 1999. However, it dropped to 16 percent in its fiscal year ending March 1999. That amounts ...
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