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Abbott Laboratories (ABT)


Qualidade de Relatórios Financeiros: Acréscimos Agregados

Alto nível de dificuldade

Earnings can be decomposed into cash and accrual components. The accrual component (aggregate accruals) has been found to have less persistence than the cash component, and therefore (1) earnings with higher accrual component are less persistent than earnings with smaller accrual component, all else equal; and (2) the cash component of earnings should receive a higher weighting evaluating company performance.


Rácio de Acréscimos Baseados no Balanço

Abbott Laboratories, balance sheet computation of aggregate accruals

USD $ in millions, translated from US$

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31 de dez de 2018 31 de dez de 2017 31 de dez de 2016 31 de dez de 2015 31 de dez de 2014
Operating Assets
Total assets 67,173  76,250  52,666  41,247  41,275 
Less: Cash and cash equivalents 3,844  9,407  18,620  5,001  4,063 
Less: Investments, primarily bank time deposits and U.S. treasury bills 242  203  155  1,124  397 
Operating assets 63,087  66,640  33,891  35,122  36,815 
Operating Liabilities
Total liabilities 36,451  45,152  31,949  19,921  19,636 
Less: Short-term borrowings 200  206  1,322  3,127  4,382 
Less: Current portion of long-term debt 508  55 
Less: Long-term debt, excluding current portion 19,359  27,210  20,681  5,871  3,408 
Operating liabilities 16,885  17,228  9,943  10,920  11,791 
Net operating assets1 46,202  49,412  23,948  24,202  25,024 
Balance-sheet-based aggregate accruals2 (3,210) 25,464  (254) (822)
Ratio
Rácio de acréscimos baseados no balanço3 -6.71% 69.42% -1.06% -3.34%
Benchmarks
Rácio de Acréscimos Baseados no Balanço, Competitors
AbbVie Inc. -31.42% -7.02% 25.20% 105.82%
Allergan PLC -11.32% 1.78% -21.00% 92.17%
Amgen Inc. -9.88% -33.04% -6.85% -4.19%
Biogen Inc. 3.85% 7.67% 9.75% 26.50%
Bristol-Myers Squibb Co. -3.17% -24.97% -0.82% 9.08%
Eli Lilly & Co. -10.27% -5.99% 1.26% -2.72%
Gilead Sciences Inc. -41.29% -16.94% 23.56% 38.29%
Johnson & Johnson -8.03% 31.51% 5.55% -5.16%
Merck & Co. Inc. -15.70% -0.65% -12.97% 6.02%
Pfizer Inc. -9.34% 12.36% 4.12% 11.13%
Regeneron Pharmaceuticals Inc. 20.14% 33.15% 26.37% 34.77%
Rácio de Acréscimos Baseados no Balanço, Sector
Farmacêuticas e biotecnologia -11.90% 8.66% -1.73% 27.81%
Rácio de Acréscimos Baseados no Balanço, Industry
Cuidados de saúde -3.30% 8.40% 0.93% 34.56%

Fonte: Abbott Laboratories (ABT) | Aggregate Accruals (www.stock-analysis-on.net)

2018 Calculations

1 Net operating assets = Operating assets – Operating liabilities
= 63,08716,885 = 46,202

2 Balance-sheet-based aggregate accruals = Net operating assets 2018 – Net operating assets 2017
= 46,20249,412 = -3,210

3 Rácio de acréscimos baseados no balanço = 100 × Balance-sheet-based aggregate accruals ÷ Avg. net operating assets
= 100 × -3,210 ÷ [(46,202 + 49,412) ÷ 2] = -6.71%

Ratio Descrição A empresa
Rácio de acréscimos baseados no balanço Ratio is found by dividing balance-sheet-based aggregate accruals by average net operating assets. Using rácio de acréscimos baseados no balanço, Abbott Laboratories improved earnings quality from 2017 to 2018.

Rácio de Acréscimos Baseados na Demonstração do Fluxo de Caixa

Abbott Laboratories, cash flow statement computation of aggregate accruals

USD $ in millions, translated from US$

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31 de dez de 2018 31 de dez de 2017 31 de dez de 2016 31 de dez de 2015 31 de dez de 2014
Net earnings 2,368  477  1,400  4,423  2,284 
Less: Net cash from operating activities 6,300  5,570  3,203  2,966  3,675 
Less: Net cash (used in) from investing activities (1,356) (9,618) (248) 406  (202)
Cash-flow-statement-based aggregate accruals (2,576) 4,525  (1,555) 1,051  (1,189)
Ratio
Rácio de acréscimos baseados na demonstração do fluxo de caixa1 -5.39% 12.34% -6.46% 4.27%
Benchmarks
Rácio de Acréscimos Baseados na Demonstração do Fluxo de Caixa, Competitors
AbbVie Inc. -23.85% -12.92% 16.02% 59.26%
Allergan PLC -15.00% -9.44% -10.08% 45.11%
Amgen Inc. -95.70% -22.85% 22.06% 11.81%
Biogen Inc. 1.91% 6.65% 12.70% 39.81%
Bristol-Myers Squibb Co. -1.14% -28.29% 0.76% 8.10%
Eli Lilly & Co. -25.54% -11.43% 5.63% -2.13%
Gilead Sciences Inc. -73.15% 28.23% 29.15% 45.78%
Johnson & Johnson -5.08% -7.40% 4.68% 7.15%
Merck & Co. Inc. -19.26% -13.29% -5.97% -5.73%
Pfizer Inc. -10.12% 10.69% -1.06% -5.98%
Regeneron Pharmaceuticals Inc. 28.32% 19.22% 13.64% 8.37%
Rácio de Acréscimos Baseados na Demonstração do Fluxo de Caixa, Sector
Farmacêuticas e biotecnologia -17.38% -2.46% 1.99% 15.48%
Rácio de Acréscimos Baseados na Demonstração do Fluxo de Caixa, Industry
Cuidados de saúde -8.92% -0.28% 3.09% 17.83%

Fonte: Abbott Laboratories (ABT) | Aggregate Accruals (www.stock-analysis-on.net)

2018 Calculations

1 Rácio de acréscimos baseados na demonstração do fluxo de caixa = 100 × Cash-flow-statement-based aggregate accruals ÷ Avg. net operating assets
= 100 × -2,576 ÷ [(46,202 + 49,412) ÷ 2] = -5.39%

Ratio Descrição A empresa
Rácio de acréscimos baseados na demonstração do fluxo de caixa Ratio is found by dividing cash-flow-statement-based aggregate accruals by average net operating assets. Using rácio de acréscimos baseados na demonstração do fluxo de caixa, Abbott Laboratories improved earnings quality from 2017 to 2018.