# Factors Formula

## 1. BM Ratios
### Book to Market
* $Common\,Shareholders'\,Equity\,/\,Market\,Cap$
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## 2. EP Ratios
### PER
* $Price\,per\,Share\,/EPS=Market\,Cap\,/Net\,Income$

### PBR
* $Price\,per\,Share\,/\,BPS=Market\,Cap\,/\,Total \,Equity$

### PSR
* $Price\,per\,Share\,/\,SPS=Market\,Cap\,/\,Sales$

### EV/EBITDA
* $Enterprise\,Value\,/\,EBITDA = (Equity\,Value + Net\, Debt)/EBITDA$

### ROE (Return on Equity)
- $Net\,Income\,/\,Total\,Equity$

### ROA (Return on Asset)
- $Net\,Income\,/\,Total\,Asset$

### Gross Profit Ratio
- $Gross\,Profit\,/\,Sales=(Sales-COGS)/Sales$

where COGS stands for Cost of Goods Sold

### ROTC (Return on Total Capital)
- $NOPAT\,/\,Total\,Capital = EBIT(1-t)\,/\,Total\,Capital$

분자의 경우, EBIT를 써도 무방

### ROIC (Return on Invested Capital)
- $NOPAT\,/\,Invested\,Capital=EBIT(1-t)\,/\,Invested\,Capital$

분자의 경우, EBIT를 써도 무방

### RNOA (Return on Net Operating Asset)
- $Net\,Income/NOA = Net\,Income\,/\,(Operating Asset - IBD)$

where IBD stands for "Interest Bearing Debts (LTD + STD)"