Comerica Inc
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Let's analyse Comerica

Let's start. I'm going to help you getting a better view of Comerica Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

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Company's Financial Health
A deep dive into the books. How are the numbers doing? Is Comerica Inc even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
Market Valuation
Finally, you now have an insight of how Comerica Inc is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Comerica Inc. The closing price on 2022-10-03 was $73.02 per share. Is the company over- or underpriced?
Key Performance Indicators
A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.

Summary

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is very efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

1.1. Profitability of Comerica Inc.

1.1. Profitability

An important factor of a company's health is the profitability.

1.1.1. Net Profit Margin

Measures how much net profit Comerica earns for each $1 of revenue.

Above 10% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
A Net Profit Margin of 32.2% means that $0.32 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Comerica Inc:

The MRQ is 31.0%. The company is making a huge profit. +2
The TTM is 32.2%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	31.0%	TTM	32.2%	-1.3%
TTM	32.2%	YOY	41.0%	-8.8%
TTM	32.2%	5Y	31.6%	+0.6%
5Y	31.6%	10Y	26.2%	+5.4%

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	31.0%	28.7%	+2.3%
TTM	32.2%	27.6%	+4.6%
YOY	41.0%	26.9%	+14.1%
5Y	31.6%	23.2%	+8.4%
10Y	26.2%	21.1%	+5.1%

Measures how much net profit Comerica earns for each $1 of revenue.

Revenue is the amount of profit Comerica generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Comerica earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
Can be used to compare companies within the Banks-Regional industry.

You typically want a high profit margin. This means that for each $1 in sales, Comerica makes more profit. This shows the investor how efficiently Comerica is operating in general and compared to other companies in the same industry. Comerica operates in the Banks-Regional industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Comerica. If profit margins remain low (compared to the Banks-Regional industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Comerica is 32.2%. This means that Comerica earned $0.32 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Banks-Regional industry is 28.7%.
What is the trend?
The trend is important because it shows you how Comerica is performing over time. The most recent quarter might be important if Comerica released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Comerica up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Comerica with other companies in the same industry (Banks-Regional).
Net profit margin should rise over the years.
Can be influenced when Comerica sells assets (profit will increase while costs remain the same).
It won’t show what part of Comerica is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Comerica

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Comerica = 261,000
Total revenue MRQ Comerica = 843,000
$261,000 / $843,000 = 0.31 or 31.0%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Comerica is using its assets to generate profit.

Above 5% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
0.3% Return on Assets means that Comerica generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Comerica Inc:

The MRQ is 0.3%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.3%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.3%	TTM	0.3%	+0.0%
TTM	0.3%	YOY	0.3%	-0.1%
TTM	0.3%	5Y	0.3%	-0.1%
5Y	0.3%	10Y	0.3%	+0.1%

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.3%	0.3%	+0.0%
TTM	0.3%	0.3%	0.0%
YOY	0.3%	0.3%	+0.0%
5Y	0.3%	0.3%	+0.0%
10Y	0.3%	0.2%	+0.1%

Shows how efficient Comerica is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

0.3% return on assets means the company generated $0.00 for each $1 in assets.

Higher is better
Above 5% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use return on assets in their analysis

Shows the investor how effectively Comerica is using its resources to generate profit. If the return on assets (0.3%) from Comerica are higher than the Banks-Regional mean (0.3%) that means Comerica is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Comerica is 0.3%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Banks-Regional industry is 0.3%.
What is the trend?
The trend is important because it shows you how Comerica is performing over time. The most recent quarter might be important if Comerica released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Comerica up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Comerica

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Comerica = 261,000
Total assets MRQ (balance sheet) from Comerica = 86,889,000
261,000 / 86,889,000 = 0.00 or 0.3%

ROA is an important ratio as it will tell you how effectively Comerica is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Comerica is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
4.1% Return on Equity means the company generated $0.04 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Comerica Inc:

The MRQ is 4.1%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 3.2%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	4.1%	TTM	3.2%	+0.8%
TTM	3.2%	YOY	3.4%	-0.2%
TTM	3.2%	5Y	3.2%	+0.1%
5Y	3.2%	10Y	2.5%	+0.7%

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	4.1%	2.8%	+1.3%
TTM	3.2%	2.6%	+0.6%
YOY	3.4%	2.5%	+0.9%
5Y	3.2%	2.4%	+0.8%
10Y	2.5%	2.4%	+0.1%

Shows how efficient Comerica is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

3.2% return on equity means Comerica generated $0.03 for each $1 the owners (shareholders) invested.

Higher is better
Above 15%-20% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Banks-Regional industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Comerica is 3.2%. This means that Comerica earned $0.03 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Return on Equity of the Banks-Regional industry is 2.8%.
What is the trend?
The trend is important because it shows you how Comerica is performing over time. The most recent quarter might be important if Comerica released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Comerica up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Comerica

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Comerica = 261,000
Shareholders equity (balance sheet) MRQ Comerica = 6,435,000
261,000 / 6,435,000 = 0.04 or 4.1%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Comerica Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Comerica is operating .

Measures how much profit Comerica makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
An Operating Margin of 41.9% means the company generated $0.42 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Comerica Inc:

The MRQ is 41.9%. The company is operating very efficient. +2
The TTM is 42.9%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	41.9%	TTM	42.9%	-1.0%
TTM	42.9%	YOY	55.1%	-12.2%
TTM	42.9%	5Y	42.4%	+0.5%
5Y	42.4%	10Y	35.9%	+6.5%

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	41.9%	44.9%	-3.0%
TTM	42.9%	44.3%	-1.4%
YOY	55.1%	46.5%	+8.6%
5Y	42.4%	36.5%	+5.9%
10Y	35.9%	31.1%	+4.8%

Measures how efficient Comerica is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Comerica to the Banks-Regional industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Comerica is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Comerica is 42.9%. This means that Comerica earned $0.43 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Banks-Regional industry is 44.9%.
What is the trend?
The trend is important because it shows you how Comerica is performing over time. The most recent quarter might be important if Comerica released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Comerica up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Comerica

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Comerica = 337,000
Total revenue MRQ Comerica = 843,000
$337,000 / $843,000 = 0.42 or 41.9%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Comerica is keeping operating costs low.

Below 1 is considered healthy (always compare to Banks-Regional industry mean).
An Operation Ratio of 0.01 means that the operating costs are $0.01 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Comerica Inc:

The MRQ is 0.009. The company is very efficient in keeping operating costs low. +2
The TTM is 0.516. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.009	TTM	0.516	-0.506
TTM	0.516	YOY	0.594	-0.079
TTM	0.516	5Y	0.670	-0.154
5Y	0.670	10Y	0.742	-0.072

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.009	0.066	-0.057
TTM	0.516	0.195	+0.321
YOY	0.594	0.316	+0.278
5Y	0.670	0.384	+0.286
10Y	0.742	0.390	+0.352

Measures how efficient Comerica is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Comerica to the Banks-Regional industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Comerica is 51.6%. This means that Comerica earned $0.52 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Banks-Regional industry is 0.07.
What is the trend?
The trend is important because it shows you how Comerica is performing over time. The most recent quarter might be important if Comerica released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Comerica up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
You need COGS to calculate operating ratio which is not always shown in the income statement
Does not consider debt

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Comerica

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) / total revenue
( +8,000) \ 843,000 = 0.01

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Comerica Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Comerica is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Banks-Regional industry mean).
A Current Ratio of 0.07 means the company has $0.07 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Comerica Inc:

The MRQ is 0.073. The company is unable to pay all its short-term debts. -2
The TTM is 0.510. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.073	TTM	0.510	-0.437
TTM	0.510	YOY	402.434	-401.924
TTM	0.510	5Y	80.745	-80.235
5Y	80.745	10Y	40.508	+40.237

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.073	0.245	-0.172
TTM	0.510	0.327	+0.183
YOY	402.434	0.349	+402.085
5Y	80.745	0.307	+80.438
10Y	40.508	0.258	+40.250

Measures if Comerica is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Banks-Regional industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Comerica if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Comerica is 51.0%. This means that Comerica earned $0.51 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Current Ratio of the Banks-Regional industry is 0.25.
What is the trend?
The trend is important because it shows you how Comerica is performing over time. The most recent quarter might be important if Comerica released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Comerica up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets / current liabilities

Real life example Comerica

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets / current liabilities
5,710,000 \ 77,778,000) = 0.51

The current ratio measures if Comerica is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Comerica is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Comerica does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Comerica is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Comerica is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy (always compare to Banks-Regional industry mean)
A Quick Ratio of 0.66 means the company can pay off $0.66 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Comerica Inc:

The MRQ is 0.664. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.726. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.664	TTM	0.726	-0.062
TTM	0.726	YOY	1,176.379	-1,175.653
TTM	0.726	5Y	235.754	-235.028
5Y	235.754	10Y	118.130	+117.624

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.664	0.233	+0.431
TTM	0.726	0.151	+0.575
YOY	1,176.379	0.159	+1,176.220
5Y	235.754	0.117	+235.637
10Y	118.130	0.090	+118.040

1.4. Solvency of Comerica Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Comerica assets are financed with debt.

Below 1 (100%) is considered healthy (always compare to Banks-Regional industry mean).
A Debt to Asset Ratio of 0.93 means that Comerica assets are financed with 92.6% credit (debt) and the remaining percentage (100% - 92.6%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Comerica Inc:

The MRQ is 0.926. The company is just able to pay all its debts by selling its assets.
The TTM is 0.920. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.926	TTM	0.920	+0.006
TTM	0.920	YOY	0.908	+0.013
TTM	0.920	5Y	0.903	+0.017
5Y	0.903	10Y	0.897	+0.006

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	0.926	0.910	+0.016
TTM	0.920	0.905	+0.015
YOY	0.908	0.910	-0.002
5Y	0.903	0.907	-0.004
10Y	0.897	0.908	-0.011

1.4.2. Debt to Equity Ratio

Measures if Comerica is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy (always compare to Banks-Regional industry mean).
A Debt to Equity ratio of 1,250.3% means that company has $12.50 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Comerica Inc:

The MRQ is 12.503. The company is unable to pay all its debts with equity. -1
The TTM is 11.568. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	12.503	TTM	11.568	+0.935
TTM	11.568	YOY	9.824	+1.744
TTM	11.568	5Y	9.440	+2.128
5Y	9.440	10Y	8.830	+0.610

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	12.503	10.094	+2.409
TTM	11.568	9.691	+1.877
YOY	9.824	9.130	+0.694
5Y	9.440	9.097	+0.343
10Y	8.830	9.029	-0.199

2. Market Valuation of Comerica Inc

2. Earnings

2.1. Price to Earnings Ratio

Measures how many years it takes to double your invested money in Comerica.

Above 15 is considered overpriced but is hard to determine (always use industry average).
A PE ratio of 10.70 means the investor is paying $10.70 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Comerica Inc:

The EOD is 10.650. Good. +1
The MRQ is 10.702. Good. +1
The TTM is 10.877. Good. +1

Trends

Current period		Compared to		+/-
EOD	10.650	MRQ	10.702	-0.053
MRQ	10.702	TTM	10.877	-0.174
TTM	10.877	YOY	12.100	-1.223
TTM	10.877	5Y	12.181	-1.304
5Y	12.181	10Y	14.198	-2.017

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
EOD	10.650	9.287	+1.363
MRQ	10.702	9.440	+1.262
TTM	10.877	9.860	+1.017
YOY	12.100	9.980	+2.120
5Y	12.181	11.493	+0.688
10Y	14.198	11.575	+2.623

Compares the company's stock price to its earnings.

Indicates if the company’s shares are under or overvalued. A very high PE ratio means that the price of the stock is much higher than the reported earnings.

How to use PE ratio

A PE ratio of 15 means the investor is paying $15 for every $1 in earnings

Above 15 is considered overpriced but is hard to determine (always use industry average)
Can be very different between industries
Can be used to compare companies

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

Things to be aware of

Only compare with other companies in the same industry
Some industries might have very high or very low PE ratios in general
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio

How to calculate PE ratio

PE ratio = market value per share / earnings per share (The market value per share is simply the current stock price. )

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) / end of period outstanding shares
Net profit = revenue - expenses
Outstanding shares can be found in the balance sheet

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Comerica.

Lower is better
A PEG ratio of 1 means the investor is paying a fair price for the stock

Let's take a look of the Price Earnings to Growth Ratio trends of Comerica Inc:

The MRQ is -0.979. Very Bad. -2
The TTM is -0.030. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	-0.979	TTM	-0.030	-0.950
TTM	-0.030	YOY	0.077	-0.107
TTM	-0.030	5Y	0.184	-0.214
5Y	0.184	10Y	0.972	-0.787

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
MRQ	-0.979	0.065	-1.044
TTM	-0.030	0.100	-0.130
YOY	0.077	0.006	+0.071
5Y	0.184	0.067	+0.117
10Y	0.972	0.094	+0.878

PEG Ratio	Meaning
0.5	You can buy the stock cheap
1	You pay a fair price
2.5	The stock is overpriced

2. Books

2.3. Price to Book Ratio

Measures if the stock price of Comerica is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Banks-Regional industry mean).
A PB ratio of 1.51 means the investor is paying $1.51 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Comerica Inc:

The EOD is 1.503. Good. +1
The MRQ is 1.510. Good. +1
The TTM is 1.517. Good. +1

Trends

Current period		Compared to		+/-
EOD	1.503	MRQ	1.510	-0.007
MRQ	1.510	TTM	1.517	-0.007
TTM	1.517	YOY	1.034	+0.483
TTM	1.517	5Y	1.422	+0.095
5Y	1.422	10Y	1.285	+0.137

Compared to industry (Banks-Regional)

Period	Company	Industry (mean)	+/-
EOD	1.503	0.962	+0.541
MRQ	1.510	0.975	+0.535
TTM	1.517	1.025	+0.492
YOY	1.034	0.792	+0.242
5Y	1.422	0.935	+0.487
10Y	1.285	0.833	+0.452

Measures if the stock price of Comerica is to cheap or to expensive compared to its [abbr name=book value&text=What the company is worth when you subtract total liabilities from total assets).

The book value of a company is what remains when you subtract total liabilities from total assets. This can also become negative which means the company has more debts than assets.

The price to book ratio shows the investor if the stock is under or overvalued. A high price to book ratio means that the investor is paying more for a share than the company has in total assets.

How to use PB ratio

A PB ratio of 3 means the investor is paying $3 for each $1 in book value.

Lower is better
At or below 1 is considered healthy
Can be very different between industries
Can be used to compare companies

Why do investors use PB ratio in their analysis

Helps investors to determine if the current stock price is under or overvalued. A low PB ratio means the company’s stock is trading for less than the leftover of total assets - total liabilities. PB ratios can also turn negative which means the company might be in serious financial trouble. In other words, the company has more liabilities than assets.

Things to be aware of

Only compare with other companies in the same industry
Negative PB ratio means that the company might be in serious financial trouble
A higher PB ratio than 1 also means that you are last in line (shareholders get paid last when a company defaults) when the company goes bankrupt for whatever reason.

How to calculate price to book ratio

Calculate the book value: total assets - total liabilities
Calculate book value per share: book value / total outstanding shares
Price to book ratio = share price / book value per share

Real life example

You need the following data to determine Price to book ratio:

Balance sheet
Current stock price
Key performance indicators

1. Calculate the book value: total assets - total liabilities:

Book value = $68,513,000 - $30,855,000 = $37,658,000

2. Calculate book value per share:

Book value per share = $37,658,000 / total outstanding shares (can be found in the latest balance sheet):

Book value per share = $37,658,000 / 3,465,000 = $10.868

3. Price to book ratio = share price / $10.868:

MRQ (most recent quarter) PB ratio = $673.420 / $10.868 = $61,96

The price to book ratio is another way to determine if a stock is under or overvalued. The PB ratio is used to compare the current stock price to its book value. In other words, the PB ratio is used to compare all the assets minus liabilities in relation to the stock price.

If the PB ratio is greater than 1 that means the stock is trading for a higher price than the intrinsic value of the company. Meaning, you pay more than what the company is worth. Although future growth is hard to measure. A higher PB ratio than 1 also means that you are last in line (shareholders get paid last when a company defaults) when the company goes bankrupt for whatever reason.

Book value is limited for companies that offer services because there are not many tangible assets on the balance sheet compared to large manufacturing companies. It also does not take brand names, patents and other things in consideration.

2.4. Latest News of Comerica Inc

Does Comerica Inc still have the same value as the quarterly reports suggest? Recent changes may be an indication that the value of the company is changing. Read the news from Comerica Inc to keep up to date. Note: the news is often already included in the price.

Date	Title	Read
2022-09-27 00:00	Comerica Incorporated (CMA) Dips More Than Broader Markets: What You Should Know	Read
2022-09-13 17:51	Comerica (NYSE:CMA) Has Announced A Dividend Of $0.68	Read
2022-09-13 00:00	Comerica Incorporated (CMA) Gains But Lags Market: What You Should Know	Read

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Comerica Inc.

3.1. Institutions holding Comerica Inc

Institutions are holding 83.934% of the shares of Comerica Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-03-31	Vanguard Group Inc	12.132	0.034	15871102	366188	2.3618
2022-03-31	State Street Corporation	5.9196	0.0349	7744030	-622216	-7.4372
2022-03-31	Bank of New York Mellon Corp	3.6372	0.0834	4758239	1780121	59.7734
2022-03-31	Amvescap Plc.	3.223	0.0973	4216317	-603280	-12.5172
2022-03-31	FMR Inc	2.8432	0.0269	3719467	-1053135	-22.0663
2022-06-30	King Luther Capital Management Corp	2.0887	1.1219	2732419	-160845	-5.5593
2022-06-30	Geode Capital Management, LLC	1.9456	0.0273	2545224	34425	1.3711
2022-03-31	Charles Schwab Investment Management Inc	1.9056	0.0677	2492892	129042	5.459
2022-03-31	Dimensional Fund Advisors, Inc.	1.5234	0.0555	1992962	79871	4.175
2022-03-31	Neuberger Berman Group LLC	1.3014	0.1306	1702552	122515	7.7539
2022-06-30	AllianceBernstein L.P.	1.2535	0.055	1639847	170586	11.6103
2022-03-31	Massachusetts Financial Services Company	1.1786	0.0413	1541861	27990	1.8489
2022-03-31	Parametric Portfolio Associates LLC	1.1342	0.0706	1483729	-37882	-2.4896
2022-03-31	Citadel Advisors Llc	1.128	0.0276	1475699	-795919	-35.0375
2022-06-30	Victory Capital Management Inc.	1.0435	0.1141	1365063	-374653	-21.5353
2022-06-30	Balyasny Asset Management LLC	0.9557	0.2986	1250262	1024311	453.3332
2022-03-31	Millennium Management LLC	0.9454	0.0593	1236773	273794	28.432
2022-03-31	Northern Trust Corp	0.9221	0.0192	1206309	-120285	-9.0672
2022-03-31	Manufacturers Life Insurance Co	0.7868	0.0785	1029242	93955	10.0456
2022-03-31	Goldman Sachs Group Inc	0.6724	0.0167	879620	91537	11.6151
Total		46.5399	2.4604	60883609

3.2. Funds holding Comerica Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2022-07-31	Vanguard Total Stock Mkt Idx Inv	2.9493	0.0246	3858225	888	0.023
2022-07-31	Vanguard Small Cap Index	2.531	0.2119	3311024	5438	0.1645
2022-07-31	Vanguard 500 Index Investor	2.2304	0.0291	2917752	22045	0.7613
2022-07-29	iShares Select Dividend ETF	1.9	0.8827	2485539	694	0.0279
2022-07-31	Vanguard Small Cap Value Index Inv	1.6747	0.364	2190902	9422	0.4319
2022-07-29	Schwab US Dividend Equity ETF™	1.2551	0.3473	1641982	2055	0.1253
2022-06-30	Invesco Diversified Dividend A	1.1613	0.9538	1519244	0	0
2022-06-30	Invesco - Diversified Dividend	1.1613	0.9538	1519244	0	0
2022-07-31	SPDR® S&P 500 ETF Trust	1.0854	0.0295	1419940	5236	0.3701
2022-06-30	Fidelity® 500 Index	1.0611	0.03	1388083	10230	0.7425
2022-07-29	SPDR® Portfolio S&P 500 High Div ETF	1.023	1.0953	1338283	-2051	-0.153
2022-06-30	MFS Mid Cap Value Equity	0.9746	0.6412	1274980	31585	2.5402
2022-06-30	MFS Mid Cap Value A	0.9746	0.6412	1274980	0	0
2022-07-29	iShares Core S&P 500 ETF	0.9004	0.0299	1177898	240	0.0204
2022-07-31	Financial Select Sector SPDR® ETF	0.8181	0.2745	1070203	5760	0.5411
2022-06-30	UWS BNY Mellon Global Higher Inc B	0.7964	1.8964	1041851	58029	5.8983
2022-07-31	Vanguard Institutional Index I	0.7372	0.0292	964463	-3753	-0.3876
2022-07-31	Invesco S&P 500® Equal Weight ETF	0.6205	0.1986	811677	444	0.0547
2022-06-30	Fidelity® Mid-Cap Stock	0.6141	0.8715	803396	0	0
Total		24.4685	9.5045	32009666

3.3. Insider Transactions

Insiders are holding 0.603% of the shares of Comerica Inc.

Date	Owner	Type	Amount	Price	Post Transaction Amount
2022-08-11	Peter L Sefzik	SELL	7287	83.78	32007
2022-03-03	Wendy Bridges	SELL	1100	93.78
2022-02-01	Christine M Moore	SELL	2750	93.9
2021-11-24	Melinda A Chausse	SELL	3429	90.98
2021-11-12	Mauricio A Ortiz	SELL	567	88.48
2021-10-28	John D Buchanan	SELL	5688	85.11
2021-10-25	Jay K Oberg	SELL	5200	88.66
2021-10-22	James Harry Weber	SELL	2454	88.5
2021-10-22	Ximena G Humrichouse	SELL	728	88.4
2021-05-04	Mauricio A. Ortiz	SELL	800	73.42
2021-05-03	Jay K. Oberg	SELL	4000	74.61
2021-04-29	James Harry Weber	SELL	3800	75
2021-02-23	Christine M. Moore	SELL	3000	68.67
2021-02-04	Cassandra M. Mckinney	SELL	4643	62.23
2020-11-24	Jay K Oberg	SELL	1500	53.69
2020-02-04	James Harry Weber	SELL	6500	63.54
2019-11-08	Peter William Guilfoile	SELL	6959	71.45
2019-10-28	Reginald M. Turner, Jr.	SELL	2495	66.66
2019-10-15	Hardy Matthew	BUY	2938	2.86
2019-05-20	Christine M. Moore	SELL	3200	73.49

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Comerica Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Per Share	-	-	48.586	54.762	-11%	57.226	-15%	51.211	-5%	45.926	+6%
Book Value Per Share Growth	-	-	-4.351	-2.214	-49%	0.374	-1264%	0.198	-2299%	0.311	-1497%
Current Ratio	-	-	0.073	0.510	-86%	402.434	-100%	80.745	-100%	40.508	-100%
Debt To Asset Ratio	-	-	0.926	0.920	+1%	0.908	+2%	0.903	+3%	0.897	+3%
Debt To Equity Ratio	-	-	12.503	11.568	+8%	9.824	+27%	9.440	+32%	8.830	+42%
Dividend Per Share	-	-	0.710	0.714	-1%	0.703	+1%	0.590	+20%	0.391	+82%
Eps	-	-	1.925	1.714	+12%	1.924	+0%	1.593	+21%	1.173	+64%
Eps Growth	-	-	-10.927	70.904	-115%	-2.415	-78%	33.277	-133%	21.117	-152%
Gains Per Share	-	-	-3.642	-1.500	-59%	1.076	-438%	0.788	-562%	0.702	-619%
Gross Profit Margin	-	-	0.969	0.963	+1%	0.965	+0%	0.971	0%	0.964	+1%
Net Profit Margin	-	-	0.310	0.322	-4%	0.410	-25%	0.316	-2%	0.262	+18%
Operating Margin	-	-	0.419	0.429	-2%	0.551	-24%	0.424	-1%	0.359	+17%
Operating Ratio	-	-	0.009	0.516	-98%	0.594	-98%	0.670	-99%	0.742	-99%
Pb Ratio	1.503	0%	1.510	1.517	0%	1.034	+46%	1.422	+6%	1.285	+18%
Pe Ratio	10.650	0%	10.702	10.877	-2%	12.100	-12%	12.181	-12%	14.198	-25%
Peg Ratio	-	-	-0.979	-0.030	-97%	0.077	-1366%	0.184	-631%	0.972	-201%
Price Per Share	73.020	0%	73.380	82.828	-11%	59.298	+24%	71.423	+3%	59.169	+24%
Quick Ratio	-	-	0.664	0.726	-9%	1176.379	-100%	235.754	-100%	118.130	-99%
Return On Assets	-	-	0.003	0.003	+17%	0.003	-6%	0.003	-3%	0.003	+17%
Return On Equity	-	-	0.041	0.032	+25%	0.034	+18%	0.032	+27%	0.025	+60%
	EOD	+3 -0	MRQ	TTM	+9 -11	YOY	+7 -13	5Y	+6 -14	10Y	+11 -9

4.2. Fundamental Score

Let's check the fundamental score of Comerica Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	10.650
Price to Book Ratio (EOD)	Between	0-1	1.503
Net Profit Margin (MRQ)	Greater than	0	0.310
Operating Margin (MRQ)	Greater than	0	0.419
Quick Ratio (MRQ)	Greater than	1	0.664
Current Ratio (MRQ)	Greater than	1	0.073
Debt to Asset Ratio (MRQ)	Less than	1	0.926
Debt to Equity Ratio (MRQ)	Less than	1	12.503
Return on Equity (MRQ)	Greater than	0.15	0.041
Return on Assets (MRQ)	Greater than	0.05	0.003
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of Comerica Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	36.838
Ma 20	Greater than	Ma 50	77.933
Ma 50	Greater than	Ma 100	79.773
Ma 100	Greater than	Ma 200	78.218
Open	Greater than	Close	72.110
Total			1/5 (20.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2021-06-30		2021-09-30		2021-12-31		2022-03-31		2022-06-30
Long-term Assets Other		5,804,000	70,000	5,874,000	-271,000	5,603,000	1,568,000	7,171,000	-25,823,000	-18,652,000
Long-term Assets		17,123,000	1,004,000	18,127,000	145,000	18,272,000	1,809,000	20,081,000	-20,145,000	-64,000

Latest Balance Sheet

Balance Sheet of 2022-06-30. Currency in USD. All numbers in thousands.

Summary

Total Assets	86,889,000
Total Liabilities	80,454,000
Total Stockholder Equity	6,435,000

	As reported
Total Liabilities	80,454,000
Total Stockholder Equity	+ 6,435,000
Total Assets	= 86,889,000

Assets

Total Assets	86,889,000
Total Current Assets	5,710,000
Long-term Assets	5,710,000

Total Current Assets

Total Current Assets (as reported)	5,710,000
Cash And Cash Equivalents	7,533,000
Short-term Investments	18,189,000
Net Receivables	7,707,000
Other Current Assets	-27,719,000
Total Current Assets (calculated)	5,710,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	-64,000
Property Plant Equipment	422,000
Long Term Investments	20,989,000
Long-term Assets Other	-18,652,000
Long-term Assets (calculated)	2,759,000
+/-	2,823,000

Liabilities & Shareholders' Equity

Total Current Liabilities	77,778,000
Long-term Liabilities	2,630,000
Total Stockholder Equity	6,435,000

Total Current Liabilities

Total Current Liabilities (as reported)	77,778,000
Accounts payable	75,765,000
Other Current Liabilities	42,000
Total Current Liabilities (calculated)	75,807,000
+/-	1,971,000

Long-term Liabilities

Long-term Liabilities (as reported)	2,630,000
Long term Debt Total	2,630,000
Other Liabilities	46,000
Long-term Liabilities (calculated)	2,676,000
+/-	46,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	6,435,000
Common Stock	1,141,000
Retained Earnings	10,752,000
Accumulated Other Comprehensive Income	-1,954,000
Capital Surplus	2,204,000
Treasury Stock	-6,102,000
Total Stockholder Equity (calculated)	6,041,000
+/-	394,000

Other

Capital Stock	1,535,000
Cash and Short Term Investments	25,722,000
Common Stock Shares Outstanding	132,446
Common Stock Total Equity	1,141,000
Liabilities and Stockholders Equity	86,889,000
Net Debt	-4,903,000
Net Invested Capital	8,671,000
Net Tangible Assets	5,396,000
Preferred Stock Total Equity	394,000
Short Long Term Debt Total	2,630,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

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2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

2001-03-31

2000-12-31

2000-09-30

2000-06-30

2000-03-31

1999-12-31

1999-09-30

1999-06-30

1999-03-31

1998-12-31

1998-09-30

1998-06-30

1998-03-31

1997-12-31

1997-09-30

1997-06-30

1997-03-31

1996-12-31

1996-09-30

1996-06-30

1996-03-31

1995-12-31

1995-09-30

1995-06-30

1995-03-31

1994-12-31

1994-09-30

1994-06-30

1994-03-31

1993-12-31

1993-09-30

1993-06-30

1993-03-31

1992-12-31

1992-09-30

1992-06-30

1992-03-31

1991-12-31

1991-09-30

1991-06-30

1991-03-31

1990-12-31

1990-09-30

1990-06-30

1990-03-31

1989-12-31

1989-03-31

1988-03-31

1987-03-31

1986-03-31

> Total Assets

0
0
0
0
12,149,500
11,961,100
12,214,200
13,300,900
13,300,400
13,604,200
13,948,600
14,342,400
14,450,800
14,162,500
26,754,700
26,664,200
26,586,800
26,426,700
27,404,000
28,469,900
30,294,900
32,169,200
31,609,000
31,803,600
33,429,900
34,108,900
35,451,500
35,348,500
35,469,900
35,023,500
35,386,100
34,341,700
34,206,100
34,867,700
35,854,300
35,904,900
36,292,400
36,492,400
35,050,000
34,376,200
36,600,800
36,447,500
36,950,500
37,285,000
38,653,300
39,660,314
41,065,478
40,885,390
41,985,185
41,985,185
49,288,260
49,733,368
50,731,973
50,731,973
50,602,000
52,566,000
53,301,000
55,805,000
58,727,000
54,795,000
52,592,000
54,468,000
54,543,000
52,959,000
51,766,000
53,510,000
54,689,000
54,349,000
53,013,000
56,441,000
57,080,000
58,474,000
58,001,000
57,527,000
58,570,000
60,022,000
62,331,000
67,017,000
66,003,000
65,153,000
67,548,000
67,370,000
63,630,000
59,590,000
59,249,000
57,106,000
55,885,000
55,004,000
53,667,000
55,017,000
54,141,000
60,888,000
61,008,000
62,593,000
62,650,000
63,314,000
65,359,000
64,885,000
62,947,000
64,670,000
65,227,000
65,681,000
65,325,000
68,887,000
69,190,000
69,336,000
69,945,000
71,012,000
71,877,000
69,007,000
71,280,000
74,124,000
72,978,000
72,976,000
71,447,000
72,017,000
71,567,000
72,335,000
71,987,000
71,448,000
70,818,000
70,690,000
72,537,000
72,848,000
73,402,000
76,337,000
84,397,000
83,631,000
88,129,000
86,291,000
88,355,000
94,529,000
94,616,000
89,165,000
86,889,000

86,889,000

89,165,000

94,616,000

94,529,000

88,355,000

86,291,000

88,129,000

83,631,000

84,397,000

76,337,000

73,402,000

72,848,000

72,537,000

70,690,000

70,818,000

71,448,000

71,987,000

72,335,000

71,567,000

72,017,000

71,447,000

72,976,000

72,978,000

74,124,000

71,280,000

69,007,000

71,877,000

71,012,000

69,945,000

69,336,000

69,190,000

68,887,000

65,325,000

65,681,000

65,227,000

64,670,000

62,947,000

64,885,000

65,359,000

63,314,000

62,650,000

62,593,000

61,008,000

60,888,000

54,141,000

55,017,000

53,667,000

55,004,000

55,885,000

57,106,000

59,249,000

59,590,000

63,630,000

67,370,000

67,548,000

65,153,000

66,003,000

67,017,000

62,331,000

60,022,000

58,570,000

57,527,000

58,001,000

58,474,000

57,080,000

56,441,000

53,013,000

54,349,000

54,689,000

53,510,000

51,766,000

52,959,000

54,543,000

54,468,000

52,592,000

54,795,000

58,727,000

55,805,000

53,301,000

52,566,000

50,602,000

50,731,973

49,733,368

49,288,260

41,985,185

40,885,390

41,065,478

39,660,314

38,653,300

37,285,000

36,950,500

36,447,500

36,600,800

34,376,200

35,050,000

36,492,400

36,292,400

35,904,900

35,854,300

34,867,700

34,206,100

34,341,700

35,386,100

35,023,500

35,469,900

35,348,500

35,451,500

34,108,900

33,429,900

31,803,600

31,609,000

32,169,200

30,294,900

28,469,900

27,404,000

26,426,700

26,586,800

26,664,200

26,754,700

14,162,500

14,450,800

14,342,400

13,948,600

13,604,200

13,300,400

13,300,900

12,214,200

11,961,100

12,149,500

> Total Current Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,413,000
10,810,000
9,643,000
11,851,000
11,003,000
14,930,000
13,660,000
14,021,000
14,081,000
14,507,000
14,831,000
15,883,000
13,556,000
16,576,000
15,758,000
15,107,000
13,428,000
17,255,000
14,187,000
14,176,000
14,232,000
15,949,000
16,666,000
13,609,000
14,822,000
18,829,000
18,005,000
19,149,000
16,575,000
17,202,000
16,800,000
18,807,000
17,575,000
17,701,000
16,606,000
15,693,000
15,919,000
16,546,000
18,371,000
18,034,000
5,550,000
16,078,000
5,550,000
69,415,000
71,232,000
76,402,000
76,344,000
11,331,000
5,710,000

5,710,000

11,331,000

76,344,000

76,402,000

71,232,000

69,415,000

5,550,000

16,078,000

5,550,000

18,034,000

18,371,000

16,546,000

15,919,000

15,693,000

16,606,000

17,701,000

17,575,000

18,807,000

16,800,000

17,202,000

16,575,000

19,149,000

18,005,000

18,829,000

14,822,000

13,609,000

16,666,000

15,949,000

14,232,000

14,176,000

14,187,000

17,255,000

13,428,000

15,107,000

15,758,000

16,576,000

13,556,000

15,883,000

14,831,000

14,507,000

14,081,000

14,021,000

13,660,000

14,930,000

11,003,000

11,851,000

9,643,000

10,810,000

11,413,000

Cash And Cash Equivalents

0
0
0
0
1,341,400
979,700
1,088,500
1,341,800
1,333,900
1,178,500
1,413,900
1,838,500
1,487,800
1,248,800
2,459,300
2,441,400
2,798,800
2,651,500
2,166,700
2,313,000
2,627,200
2,378,500
1,952,300
1,686,300
2,201,200
1,809,100
1,787,200
1,575,900
2,052,000
1,233,400
1,906,000
1,842,700
1,929,100
1,770,700
1,957,900
1,889,400
1,927,100
1,886,800
2,222,500
1,364,100
1,773,100
1,489,200
1,535,700
1,485,700
1,202,000
1,444,127
1,743,552
1,519,051
1,496,705
1,496,705
1,763,867
2,160,124
1,925,262
1,925,262
1,748,000
2,171,000
1,902,000
2,264,000
4,556,000
1,955,000
1,527,000
1,661,000
1,865,000
1,560,000
1,139,000
1,835,000
1,687,000
1,795,000
1,609,000
1,685,000
1,664,000
1,456,000
1,434,000
1,334,000
1,372,000
1,271,000
1,440,000
1,929,000
1,698,000
1,404,000
3,221,000
3,510,000
4,490,000
3,018,000
5,617,000
4,629,000
4,225,000
3,894,000
2,083,000
4,445,000
3,466,000
5,198,000
3,556,000
3,950,000
4,141,000
3,938,000
4,434,000
5,597,000
3,894,000
7,088,000
6,451,000
5,620,000
3,894,000
7,787,000
6,071,000
5,962,000
5,965,000
7,200,000
6,147,000
3,002,000
4,110,000
8,040,000
7,218,000
8,319,000
5,631,000
6,204,000
5,845,000
6,836,000
5,660,000
5,839,000
4,561,000
3,481,000
3,581,000
4,117,000
5,818,000
4,855,000
13,311,000
11,141,000
15,767,000
14,871,000
16,501,000
23,589,000
22,679,000
13,550,000
7,533,000

7,533,000

13,550,000

22,679,000

23,589,000

16,501,000

14,871,000

15,767,000

11,141,000

13,311,000

4,855,000

5,818,000

4,117,000

3,581,000

3,481,000

4,561,000

5,839,000

5,660,000

6,836,000

5,845,000

6,204,000

5,631,000

8,319,000

7,218,000

8,040,000

4,110,000

3,002,000

6,147,000

7,200,000

5,965,000

5,962,000

6,071,000

7,787,000

3,894,000

5,620,000

6,451,000

7,088,000

3,894,000

5,597,000

4,434,000

3,938,000

4,141,000

3,950,000

3,556,000

5,198,000

3,466,000

4,445,000

2,083,000

3,894,000

4,225,000

4,629,000

5,617,000

3,018,000

4,490,000

3,510,000

3,221,000

1,404,000

1,698,000

1,929,000

1,440,000

1,271,000

1,372,000

1,334,000

1,434,000

1,456,000

1,664,000

1,685,000

1,609,000

1,795,000

1,687,000

1,835,000

1,139,000

1,560,000

1,865,000

1,661,000

1,527,000

1,955,000

4,556,000

2,264,000

1,902,000

2,171,000

1,748,000

1,925,262

2,160,124

1,763,867

1,496,705

1,519,051

1,743,552

1,444,127

1,202,000

1,485,700

1,535,700

1,489,200

1,773,100

1,364,100

2,222,500

1,886,800

1,927,100

1,889,400

1,957,900

1,770,700

1,929,100

1,842,700

1,906,000

1,233,400

2,052,000

1,575,900

1,787,200

1,809,100

2,201,200

1,686,300

1,952,300

2,378,500

2,627,200

2,313,000

2,166,700

2,651,500

2,798,800

2,441,400

2,459,300

1,248,800

1,487,800

1,838,500

1,413,900

1,178,500

1,333,900

1,341,800

1,088,500

979,700

1,341,400

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
165,364
0
0
0
1,078,799
0
0
0
2,446,000
0
0
0
4,013,000
0
0
0
3,230,000
0
0
0
1,159,000
0
0
0
2,632,000
0
0
0
36,000
0
0
0
158,000
248,000
129,000
142,000
138,000
165,000
134,000
115,000
141,000
154,000
124,000
137,000
149,000
180,000
170,000
146,000
10,422,000
10,401,000
9,750,000
9,594,000
9,419,000
9,592,000
9,643,000
9,580,000
8,215,000
8,315,000
8,386,000
8,856,000
10,632,000
10,701,000
10,812,000
10,881,000
10,879,000
10,922,000
11,034,000
11,090,000
11,034,000
12,104,000
12,049,000
11,998,000
12,179,000
12,348,000
12,478,000
12,575,000
12,553,000
13,179,000
12,912,000
15,250,000
15,200,000
15,771,000
16,020,000
17,033,000
17,183,000
18,991,000
18,189,000

18,189,000

18,991,000

17,183,000

17,033,000

16,020,000

15,771,000

15,200,000

15,250,000

12,912,000

13,179,000

12,553,000

12,575,000

12,478,000

12,348,000

12,179,000

11,998,000

12,049,000

12,104,000

11,034,000

11,090,000

11,034,000

10,922,000

10,879,000

10,881,000

10,812,000

10,701,000

10,632,000

8,856,000

8,386,000

8,315,000

8,215,000

9,580,000

9,643,000

9,592,000

9,419,000

9,594,000

9,750,000

10,401,000

10,422,000

146,000

170,000

180,000

149,000

137,000

124,000

154,000

141,000

115,000

134,000

165,000

138,000

142,000

129,000

248,000

158,000

36,000

2,632,000

1,159,000

3,230,000

4,013,000

2,446,000

1,078,799

165,364

Net Receivables

0
0
0
0
112,100
107,700
106,000
109,400
108,300
120,900
113,400
108,800
92,900
86,900
614,100
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,753,000
3,879,000
3,822,000
4,000,000
3,904,000
4,749,000
3,744,000
3,829,000
4,353,000
3,819,000
3,822,000
3,837,000
3,891,000
3,991,000
3,935,000
3,880,000
4,438,000
4,186,000
3,978,000
4,232,000
4,117,000
4,203,000
4,356,000
4,433,000
4,440,000
4,144,000
4,165,000
4,415,000
4,495,000
4,385,000
4,696,000
4,793,000
4,111,000
4,732,000
4,864,000
4,850,000
4,842,000
5,307,000
5,285,000
5,393,000
5,954,000
5,316,000
5,744,000
5,796,000
5,602,000
5,669,000
7,707,000

7,707,000

5,669,000

5,602,000

5,796,000

5,744,000

5,316,000

5,954,000

5,393,000

5,285,000

5,307,000

4,842,000

4,850,000

4,864,000

4,732,000

4,111,000

4,793,000

4,696,000

4,385,000

4,495,000

4,415,000

4,165,000

4,144,000

4,440,000

4,433,000

4,356,000

4,203,000

4,117,000

4,232,000

3,978,000

4,186,000

4,438,000

3,880,000

3,935,000

3,991,000

3,891,000

3,837,000

3,822,000

3,819,000

4,353,000

3,829,000

3,744,000

4,749,000

3,904,000

4,000,000

3,822,000

3,879,000

3,753,000

614,100

86,900

92,900

108,800

113,400

120,900

108,300

109,400

106,000

107,700

112,100

Other Current Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,000
0
0
100,000
0
31,000
0
0
0
0
0
3,696,000
0
0
0
3,516,000
0
0
0
3,889,000
3,471,000
3,477,000
3,735,000
4,154,000
3,708,000
3,946,000
4,026,000
3,846,000
3,724,000
3,743,000
3,679,000
4,377,000
4,132,000
4,061,000
-15,706,000
-30,777,000
33,457,000
32,967,000
29,984,000
30,880,000
-29,025,000
-27,719,000

-27,719,000

-29,025,000

30,880,000

29,984,000

32,967,000

33,457,000

-30,777,000

-15,706,000

4,061,000

4,132,000

4,377,000

3,679,000

3,743,000

3,724,000

3,846,000

4,026,000

3,946,000

3,708,000

4,154,000

3,735,000

3,477,000

3,471,000

3,889,000

3,516,000

3,696,000

31,000

100,000

10,000

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
44,472,000
44,194,000
44,024,000
43,166,000
43,138,000
45,958,000
47,348,000
48,572,000
48,569,000
48,807,000
50,528,000
49,002,000
49,391,000
48,094,000
49,469,000
50,574,000
51,897,000
51,632,000
55,003,000
55,160,000
55,713,000
55,063,000
55,211,000
55,398,000
56,458,000
55,295,000
54,973,000
53,827,000
54,872,000
54,815,000
54,767,000
53,528,000
54,412,000
53,747,000
54,212,000
54,997,000
56,618,000
56,302,000
55,031,000
58,303,000
70,590,000
67,553,000
57,162,000
16,876,000
17,123,000
18,127,000
18,272,000
20,081,000
-64,000

-64,000

20,081,000

18,272,000

18,127,000

17,123,000

16,876,000

57,162,000

67,553,000

70,590,000

58,303,000

55,031,000

56,302,000

56,618,000

54,997,000

54,212,000

53,747,000

54,412,000

53,528,000

54,767,000

54,815,000

54,872,000

53,827,000

54,973,000

55,295,000

56,458,000

55,398,000

55,211,000

55,063,000

55,713,000

55,160,000

55,003,000

51,632,000

51,897,000

50,574,000

49,469,000

48,094,000

49,391,000

49,002,000

50,528,000

48,807,000

48,569,000

48,572,000

47,348,000

45,958,000

43,138,000

43,166,000

44,024,000

44,194,000

44,472,000

Property Plant Equipment

0
0
0
0
150,900
152,500
156,300
160,700
165,200
171,700
175,100
174,200
178,300
178,000
346,100
339,300
365,700
366,500
382,200
384,700
399,100
414,500
421,200
440,300
437,800
460,100
460,200
456,500
455,000
464,700
462,500
425,800
407,700
398,000
388,800
384,200
380,200
362,900
361,000
361,200
352,700
347,500
345,300
336,400
330,700
318,101
317,601
312,992
306,753
360,145
356,328
349,640
352,814
353,000
354,000
356,000
371,000
369,000
371,000
368,000
374,000
378,000
389,000
399,000
415,000
463,000
481,000
499,000
510,000
516,000
522,000
540,000
568,000
596,000
616,000
635,000
650,000
670,000
674,000
668,000
683,000
676,000
667,000
657,000
644,000
637,000
634,000
639,000
630,000
637,000
641,000
685,000
675,000
670,000
667,000
625,000
622,000
618,000
604,000
604,000
594,000
583,000
562,000
524,000
532,000
531,000
541,000
541,000
550,000
541,000
544,000
528,000
501,000
488,000
484,000
467,000
466,000
468,000
467,000
472,000
475,000
474,000
470,000
467,000
457,000
454,000
450,000
456,000
459,000
456,000
454,000
447,000
454,000
444,000
422,000

422,000

444,000

454,000

447,000

454,000

456,000

459,000

456,000

450,000

454,000

457,000

467,000

470,000

474,000

475,000

472,000

467,000

468,000

466,000

467,000

484,000

488,000

501,000

528,000

544,000

541,000

550,000

541,000

531,000

532,000

524,000

562,000

583,000

594,000

604,000

618,000

622,000

625,000

667,000

670,000

675,000

685,000

641,000

637,000

630,000

639,000

634,000

637,000

644,000

657,000

667,000

676,000

683,000

668,000

674,000

670,000

650,000

635,000

616,000

596,000

568,000

540,000

522,000

516,000

510,000

499,000

481,000

463,000

415,000

399,000

389,000

378,000

374,000

368,000

371,000

369,000

371,000

356,000

354,000

353,000

352,814

349,640

356,328

360,145

306,753

312,992

317,601

318,101

330,700

336,400

345,300

347,500

352,700

361,200

361,000

362,900

380,200

384,200

388,800

398,000

407,700

425,800

462,500

464,700

455,000

456,500

460,200

460,100

437,800

440,300

421,200

414,500

399,100

384,700

382,200

366,500

365,700

339,300

346,100

178,000

178,300

174,200

175,100

171,700

165,200

160,700

156,300

152,500

150,900

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
386,318
378,870
372,811
364,806
356,925
349,099
341,294
333,499
333,000
333,000
248,000
248,000
247,000
247,000
247,000
247,000
247,000
247,000
247,000
247,000
247,000
247,000
247,000
213,000
213,000
213,000
213,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
635,000
0
0
635,000
635,000
635,000
635,000
635,000
635,000
635,000
0

635,000

150,000

213,000

247,000

248,000

333,000

333,499

341,294

349,099

356,925

364,806

372,811

378,870

386,318

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
39,635,000
39,323,000
39,335,000
38,327,000
38,387,000
40,458,000
41,953,000
42,308,000
43,325,000
43,547,000
45,428,000
44,450,000
44,846,000
43,547,000
44,872,000
45,895,000
47,291,000
47,116,000
49,934,000
50,342,000
51,075,000
50,183,000
50,431,000
50,560,000
51,458,000
50,242,000
49,940,000
49,103,000
50,133,000
49,841,000
49,727,000
48,542,000
49,115,000
48,346,000
49,492,000
49,655,000
51,144,000
50,839,000
49,732,000
52,542,000
52,439,000
51,391,000
51,343,000
49,805,000
16,020,000
17,033,000
17,183,000
18,991,000
20,989,000

20,989,000

18,991,000

17,183,000

17,033,000

16,020,000

49,805,000

51,343,000

51,391,000

52,439,000

52,542,000

49,732,000

50,839,000

51,144,000

49,655,000

49,492,000

48,346,000

49,115,000

48,542,000

49,727,000

49,841,000

50,133,000

49,103,000

49,940,000

50,242,000

51,458,000

50,560,000

50,431,000

50,183,000

51,075,000

50,342,000

49,934,000

47,116,000

47,291,000

45,895,000

44,872,000

43,547,000

44,846,000

44,450,000

45,428,000

43,547,000

43,325,000

42,308,000

41,953,000

40,458,000

38,387,000

38,327,000

39,335,000

39,323,000

39,635,000

Intangible Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
402,594
393,932
386,584
377,560
373,786
364,664
356,289
348,080
347,000
348,000
263,000
263,000
262,000
264,000
266,000
266,000
267,000
267,000
268,000
268,000
267,000
267,000
267,000
213,000
231,000
230,000
229,000
150,000
164,000
163,000
163,000
162,000
162,000
162,000
162,000
161,000
160,000
159,000
158,000
157,000
157,000
156,000
156,000
6,000
5,000
4,000
35,000
32,000
30,000
28,000
25,000
657,000
656,000
655,000
653,000
651,000
651,000
650,000
650,000
648,000
650,000
650,000
649,000
645,000
648,000
647,000
646,000
643,000
645,000
644,000
643,000
643,000
642,000
7,000
6,000
6,000
5,000
4,000
4,000
4,000
0
0
2,000
1,000
14,000
14,000
12,000
0
11,000
0

11,000

12,000

14,000

1,000

2,000

4,000

5,000

6,000

7,000

642,000

643,000

644,000

645,000

643,000

646,000

647,000

648,000

645,000

649,000

650,000

648,000

650,000

651,000

653,000

655,000

656,000

657,000

25,000

28,000

30,000

32,000

35,000

4,000

5,000

6,000

156,000

157,000

158,000

159,000

160,000

161,000

162,000

163,000

164,000

150,000

229,000

230,000

231,000

213,000

267,000

268,000

267,000

266,000

264,000

262,000

263,000

348,000

347,000

348,080

356,289

364,664

373,786

377,560

386,584

393,932

402,594

Earning Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14,766,000
15,030,000
15,463,000
17,398,000
17,186,000
25,175,000
25,403,000
29,936,000
29,578,000
31,513,000
39,572,000
38,626,000
0
0

38,626,000

39,572,000

31,513,000

29,578,000

29,936,000

25,403,000

25,175,000

17,186,000

17,398,000

15,463,000

15,030,000

14,766,000

Other Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,356,422
4,362,061
4,366,530
4,489,076
5,624,336
6,432,570
6,905,311
6,823,746
7,018,000
7,208,000
7,347,000
7,082,000
7,208,000
7,958,000
7,809,000
7,149,000
7,449,000
6,949,000
6,932,000
6,785,000
6,276,000
6,670,000
6,819,000
6,980,000
6,927,000
6,578,000
6,701,000
6,411,000
6,636,000
7,092,000
8,884,000
10,000,000
12,604,000
12,449,000
12,217,000
13,641,000
15,285,000
12,051,000
13,188,000
11,671,000
11,893,000
11,298,000
10,928,000
11,484,000
11,534,000
11,577,000
14,460,000
14,696,000
15,588,000
14,450,000
15,141,000
14,717,000
14,180,000
13,543,000
13,412,000
13,297,000
13,569,000
13,565,000
13,449,000
14,573,000
14,363,000
14,307,000
14,939,000
16,697,000
16,786,000
16,953,000
16,988,000
16,880,000
16,556,000
16,610,000
16,840,000
16,786,000
16,482,000
49,115,000
48,346,000
49,577,000
49,655,000
51,144,000
50,839,000
49,817,000
52,542,000
52,439,000
78,081,000
88,129,000
103,167,000
105,478,000
112,656,000
112,888,000
109,246,000
81,115,000

81,115,000

109,246,000

112,888,000

112,656,000

105,478,000

103,167,000

88,129,000

78,081,000

52,439,000

52,542,000

49,817,000

50,839,000

51,144,000

49,655,000

49,577,000

48,346,000

49,115,000

16,482,000

16,786,000

16,840,000

16,610,000

16,556,000

16,880,000

16,988,000

16,953,000

16,786,000

16,697,000

14,939,000

14,307,000

14,363,000

14,573,000

13,449,000

13,565,000

13,569,000

13,297,000

13,412,000

13,543,000

14,180,000

14,717,000

15,141,000

14,450,000

15,588,000

14,696,000

14,460,000

11,577,000

11,534,000

11,484,000

10,928,000

11,298,000

11,893,000

11,671,000

13,188,000

12,051,000

15,285,000

13,641,000

12,217,000

12,449,000

12,604,000

10,000,000

8,884,000

7,092,000

6,636,000

6,411,000

6,701,000

6,578,000

6,927,000

6,980,000

6,819,000

6,670,000

6,276,000

6,785,000

6,932,000

6,949,000

7,449,000

7,149,000

7,809,000

7,958,000

7,208,000

7,082,000

7,347,000

7,208,000

7,018,000

6,823,746

6,905,311

6,432,570

5,624,336

4,489,076

4,366,530

4,362,061

4,356,422

> Total Liabilities

0
0
0
0
11,444,700
11,235,300
11,467,500
12,531,300
12,509,200
12,738,700
12,947,800
13,336,500
13,398,700
12,021,900
24,853,600
24,706,200
24,557,400
24,365,100
25,246,600
26,260,600
28,113,200
29,851,300
29,262,700
29,417,900
31,038,100
31,596,200
32,966,800
32,795,500
32,862,200
32,312,100
32,519,900
31,742,800
31,590,500
32,298,300
33,186,100
33,160,500
33,530,600
33,665,500
32,223,200
31,436,200
33,554,200
33,288,700
33,703,300
33,921,600
35,178,700
36,094,976
37,371,194
37,039,700
37,977,919
37,977,919
44,537,395
44,935,588
45,924,509
45,924,509
45,687,000
47,696,000
48,354,000
50,802,000
53,641,000
49,702,000
47,482,000
49,375,000
49,609,000
47,923,000
46,661,000
48,480,000
49,572,000
49,258,000
47,945,000
51,347,000
51,891,000
53,266,000
52,848,000
52,407,000
53,552,000
54,945,000
57,214,000
61,760,000
60,921,000
60,053,000
60,396,000
60,187,000
56,537,000
52,555,000
52,220,000
51,438,000
50,093,000
49,147,000
47,874,000
49,140,000
48,103,000
53,937,000
54,140,000
55,608,000
55,622,000
56,230,000
58,417,000
57,897,000
56,036,000
57,701,000
58,074,000
58,398,000
57,956,000
61,454,000
61,788,000
61,836,000
62,422,000
63,390,000
64,317,000
61,363,000
63,586,000
66,397,000
65,182,000
65,046,000
63,462,000
63,983,000
63,604,000
64,335,000
63,908,000
63,662,000
63,311,000
63,281,000
65,214,000
65,648,000
66,075,000
68,935,000
76,595,000
75,757,000
80,079,000
78,139,000
80,424,000
86,726,000
86,719,000
82,129,000
80,454,000

80,454,000

82,129,000

86,719,000

86,726,000

80,424,000

78,139,000

80,079,000

75,757,000

76,595,000

68,935,000

66,075,000

65,648,000

65,214,000

63,281,000

63,311,000

63,662,000

63,908,000

64,335,000

63,604,000

63,983,000

63,462,000

65,046,000

65,182,000

66,397,000

63,586,000

61,363,000

64,317,000

63,390,000

62,422,000

61,836,000

61,788,000

61,454,000

57,956,000

58,398,000

58,074,000

57,701,000

56,036,000

57,897,000

58,417,000

56,230,000

55,622,000

55,608,000

54,140,000

53,937,000

48,103,000

49,140,000

47,874,000

49,147,000

50,093,000

51,438,000

52,220,000

52,555,000

56,537,000

60,187,000

60,396,000

60,053,000

60,921,000

61,760,000

57,214,000

54,945,000

53,552,000

52,407,000

52,848,000

53,266,000

51,891,000

51,347,000

47,945,000

49,258,000

49,572,000

48,480,000

46,661,000

47,923,000

49,609,000

49,375,000

47,482,000

49,702,000

53,641,000

50,802,000

48,354,000

47,696,000

45,687,000

45,924,509

44,935,588

44,537,395

37,977,919

37,039,700

37,371,194

36,094,976

35,178,700

33,921,600

33,703,300

33,288,700

33,554,200

31,436,200

32,223,200

33,665,500

33,530,600

33,160,500

33,186,100

32,298,300

31,590,500

31,742,800

32,519,900

32,312,100

32,862,200

32,795,500

32,966,800

31,596,200

31,038,100

29,417,900

29,262,700

29,851,300

28,113,200

26,260,600

25,246,600

24,365,100

24,557,400

24,706,200

24,853,600

12,021,900

13,398,700

13,336,500

12,947,800

12,738,700

12,509,200

12,531,300

11,467,500

11,235,300

11,444,700

> Total Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
27,966,000
26,558,000
25,816,000
26,940,000
27,723,000
28,556,000
27,847,000
28,218,000
27,566,000
27,475,000
27,251,000
27,349,000
26,806,000
27,115,000
26,546,000
26,245,000
26,928,000
26,561,000
25,803,000
28,272,000
26,557,000
26,472,000
25,566,000
26,599,000
28,195,000
29,156,000
36,163,000
36,775,000
36,775,000
39,230,000
39,385,000
40,422,000
40,422,000
39,768,000
42,209,000
43,138,000
45,734,000
48,241,000
44,884,000
42,681,000
44,778,000
45,012,000
43,522,000
42,375,000
44,197,000
45,263,000
45,192,000
43,984,000
47,285,000
45,804,000
46,511,000
46,899,000
45,268,000
44,813,000
46,039,000
48,393,000
50,960,000
48,063,000
44,677,000
45,343,000
45,575,000
42,966,000
41,303,000
41,160,000
41,523,000
41,052,000
41,908,000
41,736,000
43,024,000
42,897,000
48,928,000
49,196,000
50,689,000
50,880,000
51,490,000
53,407,000
53,198,000
52,435,000
54,136,000
54,531,000
54,864,000
55,336,000
58,785,000
59,109,000
59,150,000
59,581,000
60,290,000
61,259,000
58,254,000
60,465,000
63,307,000
62,822,000
62,693,000
61,119,000
62,146,000
61,782,000
62,541,000
62,125,000
61,044,000
60,648,000
60,233,000
62,456,000
62,137,000
62,606,000
65,301,000
73,624,000
10,000
72,869,000
73,807,000
77,375,000
83,859,000
83,893,000
77,608,000
77,778,000

77,778,000

77,608,000

83,893,000

83,859,000

77,375,000

73,807,000

72,869,000

10,000

73,624,000

65,301,000

62,606,000

62,137,000

62,456,000

60,233,000

60,648,000

61,044,000

62,125,000

62,541,000

61,782,000

62,146,000

61,119,000

62,693,000

62,822,000

63,307,000

60,465,000

58,254,000

61,259,000

60,290,000

59,581,000

59,150,000

59,109,000

58,785,000

55,336,000

54,864,000

54,531,000

54,136,000

52,435,000

53,198,000

53,407,000

51,490,000

50,880,000

50,689,000

49,196,000

48,928,000

42,897,000

43,024,000

41,736,000

41,908,000

41,052,000

41,523,000

41,160,000

41,303,000

42,966,000

45,575,000

45,343,000

44,677,000

48,063,000

50,960,000

48,393,000

46,039,000

44,813,000

45,268,000

46,899,000

46,511,000

45,804,000

47,285,000

43,984,000

45,192,000

45,263,000

44,197,000

42,375,000

43,522,000

45,012,000

44,778,000

42,681,000

44,884,000

48,241,000

45,734,000

43,138,000

42,209,000

39,768,000

40,422,000

39,385,000

39,230,000

36,775,000

36,163,000

29,156,000

28,195,000

26,599,000

25,566,000

26,472,000

26,557,000

28,272,000

25,803,000

26,561,000

26,928,000

26,245,000

26,546,000

27,115,000

26,806,000

27,349,000

27,251,000

27,475,000

27,566,000

28,218,000

27,847,000

28,556,000

27,723,000

26,940,000

25,816,000

26,558,000

27,966,000

Short-term Debt

0
0
0
0
276,700
144,900
466,500
565,900
366,400
430,200
832,800
817,300
1,526,400
222,600
2,734,000
3,281,300
1,567,600
921,800
2,725,900
0
4,950,500
4,152,100
5,023,800
3,528,500
1,611,200
2,101,000
5,870,100
4,665,600
1,467,600
1,830,000
3,790,100
4,362,000
3,093,700
2,663,000
3,534,600
3,465,500
2,600,000
914,100
2,542,200
1,182,100
471,200
389,600
912,300
2,212,000
1,435,600
879,555
1,826,838
1,130,201
2,077,518
2,077,518
1,427,333
1,347,418
1,986,263
1,986,263
755,000
689,000
540,000
545,000
362,000
296,000
262,000
251,000
210,000
225,000
193,000
408,000
108,000
241,000
302,000
1,901,000
442,000
225,000
635,000
329,000
297,000
2,813,000
2,807,000
2,434,000
4,075,000
3,625,000
1,749,000
2,207,000
490,000
425,000
462,000
489,000
200,000
179,000
130,000
61,000
67,000
164,000
70,000
82,000
83,000
63,000
110,000
58,000
131,000
226,000
253,000
1,160,000
176,000
202,000
116,000
80,000
56,000
109,000
23,000
514,000
12,000
12,000
25,000
41,000
541,000
509,000
10,000
48,000
58,000
84,000
44,000
935,000
1,733,000
51,000
71,000
2,263,000
752,000
10,000
0
0
0
0
0
0
0

10,000

752,000

2,263,000

71,000

51,000

1,733,000

935,000

44,000

84,000

58,000

48,000

10,000

509,000

541,000

41,000

25,000

12,000

514,000

23,000

109,000

56,000

80,000

116,000

202,000

176,000

1,160,000

253,000

226,000

131,000

58,000

110,000

63,000

83,000

82,000

70,000

164,000

67,000

61,000

130,000

179,000

200,000

489,000

462,000

425,000

490,000

2,207,000

1,749,000

3,625,000

4,075,000

2,434,000

2,807,000

2,813,000

297,000

329,000

635,000

225,000

442,000

1,901,000

302,000

241,000

108,000

408,000

193,000

225,000

210,000

251,000

262,000

296,000

362,000

545,000

540,000

689,000

755,000

1,986,263

1,347,418

1,427,333

2,077,518

1,130,201

1,826,838

879,555

1,435,600

2,212,000

912,300

389,600

471,200

1,182,100

2,542,200

914,100

2,600,000

3,465,500

3,534,600

2,663,000

3,093,700

4,362,000

3,790,100

1,830,000

1,467,600

4,665,600

5,870,100

2,101,000

1,611,200

3,528,500

5,023,800

4,152,100

4,950,500

2,725,900

921,800

1,567,600

3,281,300

2,734,000

222,600

1,526,400

817,300

832,800

430,200

366,400

565,900

466,500

144,900

276,700

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
604,000
0
0
0
659,000
0
12,000
12,000
511,000
41,000
541,000
5,240,000
4,734,000
5,767,000
5,789,000
6,502,000
348,000
935,000
1,733,000
51,000
71,000
2,263,000
752,000
10,000
0
0
0
0
0
0
0

10,000

752,000

2,263,000

71,000

51,000

1,733,000

935,000

348,000

6,502,000

5,789,000

5,767,000

4,734,000

5,240,000

541,000

41,000

511,000

12,000

659,000

604,000

Accounts payable

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
23,308,545
25,313,009
25,519,938
27,168,012
36,785,918
37,045,653
37,133,749
37,570,379
37,461,000
38,182,000
40,649,000
41,775,000
44,373,000
47,058,000
43,696,000
41,463,000
43,523,000
43,911,000
42,235,000
40,936,000
42,706,000
44,053,000
43,670,000
42,431,000
44,096,000
44,126,000
44,930,000
44,927,000
43,670,000
43,207,000
41,920,000
44,278,000
46,819,000
42,322,000
39,545,000
41,955,000
41,894,000
40,991,000
39,614,000
39,665,000
39,966,000
39,780,000
40,631,000
40,471,000
41,873,000
41,758,000
47,452,000
47,755,000
49,306,000
49,388,000
49,977,000
52,202,000
52,117,000
51,255,000
52,909,000
53,292,000
53,750,000
54,170,000
57,581,000
57,486,000
57,570,000
58,260,000
58,768,000
59,853,000
56,351,000
56,374,000
59,261,000
58,985,000
58,863,000
56,781,000
57,819,000
57,903,000
57,635,000
57,210,000
56,006,000
55,561,000
54,091,000
55,537,000
56,809,000
57,295,000
57,366,000
67,720,000
68,459,000
72,869,000
73,807,000
76,066,000
82,284,000
82,339,000
77,608,000
75,765,000

75,765,000

77,608,000

82,339,000

82,284,000

76,066,000

73,807,000

72,869,000

68,459,000

67,720,000

57,366,000

57,295,000

56,809,000

55,537,000

54,091,000

55,561,000

56,006,000

57,210,000

57,635,000

57,903,000

57,819,000

56,781,000

58,863,000

58,985,000

59,261,000

56,374,000

56,351,000

59,853,000

58,768,000

58,260,000

57,570,000

57,486,000

57,581,000

54,170,000

53,750,000

53,292,000

52,909,000

51,255,000

52,117,000

52,202,000

49,977,000

49,388,000

49,306,000

47,755,000

47,452,000

41,758,000

41,873,000

40,471,000

40,631,000

39,780,000

39,966,000

39,665,000

39,614,000

40,991,000

41,894,000

41,955,000

39,545,000

42,322,000

46,819,000

44,278,000

41,920,000

43,207,000

43,670,000

44,927,000

44,930,000

44,126,000

44,096,000

42,431,000

43,670,000

44,053,000

42,706,000

40,936,000

42,235,000

43,911,000

43,523,000

41,463,000

43,696,000

47,058,000

44,373,000

41,775,000

40,649,000

38,182,000

37,461,000

37,570,379

37,133,749

37,045,653

36,785,918

27,168,012

25,519,938

25,313,009

23,308,545

Other Current Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
39,780,000
40,631,000
40,471,000
41,873,000
41,758,000
47,452,000
47,755,000
49,306,000
49,388,000
49,977,000
52,202,000
52,117,000
51,255,000
52,909,000
53,292,000
53,750,000
54,170,000
57,581,000
57,486,000
57,570,000
58,260,000
58,768,000
59,853,000
56,351,000
56,374,000
59,261,000
58,985,000
58,863,000
56,781,000
57,819,000
57,903,000
57,635,000
57,210,000
56,006,000
55,561,000
54,091,000
55,537,000
56,809,000
57,295,000
57,366,000
67,720,000
68,459,000
72,869,000
73,807,000
37,000
38,000
82,339,000
77,608,000
42,000

42,000

77,608,000

82,339,000

38,000

37,000

73,807,000

72,869,000

68,459,000

67,720,000

57,366,000

57,295,000

56,809,000

55,537,000

54,091,000

55,561,000

56,006,000

57,210,000

57,635,000

57,903,000

57,819,000

56,781,000

58,863,000

58,985,000

59,261,000

56,374,000

56,351,000

59,853,000

58,768,000

58,260,000

57,570,000

57,486,000

57,581,000

54,170,000

53,750,000

53,292,000

52,909,000

51,255,000

52,117,000

52,202,000

49,977,000

49,388,000

49,306,000

47,755,000

47,452,000

41,758,000

41,873,000

40,471,000

40,631,000

39,780,000

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,885,000
2,705,000
3,602,000
4,098,000
3,873,000
4,411,000
4,949,000
4,644,000
4,746,000
5,045,000
4,492,000
4,242,000
5,492,000
6,071,000
6,615,000
7,286,000
6,737,000
5,662,000
5,633,000
5,282,000
6,732,000
7,231,000
8,356,000
8,580,000
7,900,000
8,215,000
7,814,000
0
8,259,000
5,307,000
5,551,000
0
5,503,000
5,921,000
5,487,000
5,216,000
5,068,000
5,400,000
4,818,000
4,801,000
4,597,000
4,597,000
4,401,000
4,286,000
4,283,000
4,309,000
4,066,000
3,961,000
4,062,000
6,087,000
6,755,000
5,949,000
7,148,000
8,748,000
8,906,000
8,821,000
10,800,000
12,858,000
15,376,000
15,053,000
14,612,000
13,571,000
11,252,000
11,060,000
9,915,000
9,041,000
7,239,000
6,138,000
6,116,000
5,206,000
5,009,000
4,944,000
4,919,000
4,742,000
4,740,000
4,720,000
4,699,000
3,601,000
3,565,000
3,543,000
3,534,000
2,620,000
2,669,000
2,675,000
2,686,000
2,841,000
3,100,000
3,058,000
3,109,000
3,121,000
3,090,000
2,360,000
2,353,000
2,343,000
1,837,000
1,822,000
1,794,000
1,783,000
2,618,000
2,663,000
3,048,000
2,758,000
3,511,000
3,469,000
3,634,000
2,971,000
5,754,000
5,728,000
2,852,000
2,854,000
2,837,000
2,796,000
2,682,000
2,630,000

2,630,000

2,682,000

2,796,000

2,837,000

2,854,000

2,852,000

5,728,000

5,754,000

2,971,000

3,634,000

3,469,000

3,511,000

2,758,000

3,048,000

2,663,000

2,618,000

1,783,000

1,794,000

1,822,000

1,837,000

2,343,000

2,353,000

2,360,000

3,090,000

3,121,000

3,109,000

3,058,000

3,100,000

2,841,000

2,686,000

2,675,000

2,669,000

2,620,000

3,534,000

3,543,000

3,565,000

3,601,000

4,699,000

4,720,000

4,740,000

4,742,000

4,919,000

4,944,000

5,009,000

5,206,000

6,116,000

6,138,000

7,239,000

9,041,000

9,915,000

11,060,000

11,252,000

13,571,000

14,612,000

15,053,000

15,376,000

12,858,000

10,800,000

8,821,000

8,906,000

8,748,000

7,148,000

5,949,000

6,755,000

6,087,000

4,062,000

3,961,000

4,066,000

4,309,000

4,283,000

4,286,000

4,401,000

4,597,000

4,801,000

4,818,000

5,400,000

5,068,000

5,216,000

5,487,000

5,921,000

5,503,000

5,551,000

5,307,000

8,259,000

7,814,000

8,215,000

7,900,000

8,580,000

8,356,000

7,231,000

6,732,000

5,282,000

5,633,000

5,662,000

6,737,000

7,286,000

6,615,000

6,071,000

5,492,000

4,242,000

4,492,000

5,045,000

4,746,000

4,644,000

4,949,000

4,411,000

3,873,000

4,098,000

3,602,000

2,705,000

1,885,000

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,041,000
7,239,000
6,138,000
6,116,000
5,206,000
5,009,000
4,944,000
4,919,000
4,742,000
4,740,000
4,720,000
4,699,000
3,601,000
3,565,000
3,543,000
3,534,000
2,620,000
2,669,000
2,679,000
2,686,000
2,841,000
3,100,000
3,058,000
3,109,000
5,921,000
5,890,000
5,160,000
5,153,000
5,143,000
4,637,000
4,622,000
5,594,000
5,583,000
6,418,000
6,463,000
6,848,000
6,558,000
7,311,000
7,269,000
7,434,000
6,521,000
5,754,000
5,728,000
2,852,000
2,854,000
2,837,000
2,796,000
2,682,000
2,630,000

2,630,000

2,682,000

2,796,000

2,837,000

2,854,000

2,852,000

5,728,000

5,754,000

6,521,000

7,434,000

7,269,000

7,311,000

6,558,000

6,848,000

6,463,000

6,418,000

5,583,000

5,594,000

4,622,000

4,637,000

5,143,000

5,153,000

5,160,000

5,890,000

5,921,000

3,109,000

3,058,000

3,100,000

2,841,000

2,686,000

2,679,000

2,669,000

2,620,000

3,534,000

3,543,000

3,565,000

3,601,000

4,699,000

4,720,000

4,740,000

4,742,000

4,919,000

4,944,000

5,009,000

5,206,000

6,116,000

6,138,000

7,239,000

9,041,000

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
541,386
492,341
583,792
643,728
846,691
757,566
903,712
865,356
910,000
812,000
871,000
823,000
816,000
821,000
892,000
956,000
1,004,000
891,000
1,062,000
1,246,000
1,083,000
1,102,000
1,281,000
1,251,000
1,288,000
1,236,000
1,356,000
1,337,000
1,260,000
1,300,000
1,306,000
1,308,000
1,707,000
1,666,000
1,507,000
1,639,000
1,474,000
1,485,000
1,264,000
1,033,000
1,068,000
1,072,000
1,098,000
1,135,000
1,090,000
1,072,000
1,312,000
1,371,000
1,301,000
1,409,000
1,450,000
1,385,000
1,023,000
1,049,000
1,001,000
986,000
954,000
990,000
1,002,000
1,507,000
1,500,000
1,265,000
1,413,000
1,383,000
1,389,000
1,279,000
1,234,000
1,012,000
989,000
997,000
1,018,000
1,069,000
1,058,000
194,000
208,000
413,000
209,000
204,000
202,000
426,000
229,000
232,000
231,000
44,000
203,000
195,000
30,000
30,000
200,000
46,000

46,000

200,000

30,000

195,000

203,000

44,000

231,000

232,000

229,000

426,000

202,000

204,000

209,000

413,000

208,000

194,000

1,058,000

1,069,000

1,018,000

997,000

989,000

1,012,000

1,234,000

1,279,000

1,389,000

1,383,000

1,413,000

1,265,000

1,500,000

1,507,000

1,002,000

990,000

954,000

986,000

1,001,000

1,049,000

1,023,000

1,385,000

1,450,000

1,409,000

1,301,000

1,371,000

1,312,000

1,072,000

1,090,000

1,135,000

1,098,000

1,072,000

1,068,000

1,033,000

1,264,000

1,485,000

1,474,000

1,639,000

1,507,000

1,666,000

1,707,000

1,308,000

1,306,000

1,300,000

1,260,000

1,337,000

1,356,000

1,236,000

1,288,000

1,251,000

1,281,000

1,102,000

1,083,000

1,246,000

1,062,000

891,000

1,004,000

956,000

892,000

821,000

816,000

823,000

871,000

812,000

910,000

865,356

903,712

757,566

846,691

643,728

583,792

492,341

541,386

> Total Stockholder Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,565,338
3,694,284
3,845,690
4,007,266
4,668,514
4,750,865
4,797,780
4,807,464
4,789,000
4,892,000
4,870,000
4,947,000
5,003,000
5,086,000
5,093,000
5,110,000
5,093,000
4,934,000
5,036,000
5,105,000
5,030,000
5,117,000
5,091,000
5,068,000
5,094,000
5,189,000
5,208,000
5,153,000
5,120,000
5,018,000
5,077,000
5,117,000
5,257,000
5,082,000
5,100,000
7,152,000
7,183,000
7,093,000
7,035,000
7,029,000
5,668,000
5,792,000
5,857,000
5,793,000
5,877,000
6,038,000
6,951,000
6,868,000
6,985,000
7,028,000
7,084,000
6,942,000
6,988,000
6,911,000
6,969,000
7,153,000
7,283,000
7,369,000
7,433,000
7,402,000
7,500,000
7,523,000
7,622,000
7,560,000
7,644,000
7,694,000
7,727,000
7,796,000
7,930,000
7,985,000
8,034,000
7,963,000
8,000,000
8,079,000
7,786,000
7,507,000
7,409,000
7,323,000
7,200,000
7,327,000
7,402,000
7,802,000
7,874,000
8,050,000
8,152,000
7,931,000
7,803,000
7,897,000
7,036,000
6,435,000

6,435,000

7,036,000

7,897,000

7,803,000

7,931,000

8,152,000

8,050,000

7,874,000

7,802,000

7,402,000

7,327,000

7,200,000

7,323,000

7,409,000

7,507,000

7,786,000

8,079,000

8,000,000

7,963,000

8,034,000

7,985,000

7,930,000

7,796,000

7,727,000

7,694,000

7,644,000

7,560,000

7,622,000

7,523,000

7,500,000

7,402,000

7,433,000

7,369,000

7,283,000

7,153,000

6,969,000

6,911,000

6,988,000

6,942,000

7,084,000

7,028,000

6,985,000

6,868,000

6,951,000

6,038,000

5,877,000

5,793,000

5,857,000

5,792,000

5,668,000

7,029,000

7,035,000

7,093,000

7,183,000

7,152,000

5,100,000

5,082,000

5,257,000

5,117,000

5,077,000

5,018,000

5,120,000

5,153,000

5,208,000

5,189,000

5,094,000

5,068,000

5,091,000

5,117,000

5,030,000

5,105,000

5,036,000

4,934,000

5,093,000

5,110,000

5,093,000

5,086,000

5,003,000

4,947,000

4,870,000

4,892,000

4,789,000

4,807,464

4,797,780

4,750,865

4,668,514

4,007,266

3,845,690

3,694,284

3,565,338

Common Stock

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
786,166
786,166
786,166
786,166
891,688
893,746
893,746
893,746
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
894,000
1,019,000
1,019,000
1,019,000
1,019,000
1,019,000
1,019,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000
1,141,000

1,141,000

1,019,000

894,000

893,746

891,688

786,166

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,124,000
5,171,000
5,247,000
5,317,000
5,395,000
5,471,000
5,546,000
5,630,000
5,744,000
5,831,000
5,931,000
6,020,000
6,127,000
6,239,000
6,321,000
6,414,000
6,520,000
6,631,000
6,744,000
6,841,000
6,908,000
7,007,000
7,084,000
7,097,000
7,157,000
7,262,000
7,331,000
7,431,000
7,580,000
7,746,000
7,887,000
8,110,000
8,374,000
8,587,000
8,781,000
8,979,000
9,176,000
9,369,000
9,538,000
9,389,000
9,404,000
9,511,000
9,623,000
9,975,000
10,202,000
10,366,000
0
10,585,000
10,752,000

10,752,000

10,585,000

10,366,000

10,202,000

9,975,000

9,623,000

9,511,000

9,404,000

9,389,000

9,538,000

9,369,000

9,176,000

8,979,000

8,781,000

8,587,000

8,374,000

8,110,000

7,887,000

7,746,000

7,580,000

7,431,000

7,331,000

7,262,000

7,157,000

7,097,000

7,084,000

7,007,000

6,908,000

6,841,000

6,744,000

6,631,000

6,520,000

6,414,000

6,321,000

6,239,000

6,127,000

6,020,000

5,931,000

5,831,000

5,744,000

5,630,000

5,546,000

5,471,000

5,395,000

5,317,000

5,247,000

5,171,000

5,124,000

Accumulated Other Comprehensive Income

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-154,000
-99,000
-158,000
-170,000
-198,000
-226,000
-128,000
-324,000
-284,000
-308,000
-238,000
-177,000
-67,000
-207,000
-129,000
-309,000
-238,000
-342,000
-361,000
-336,000
-303,000
-240,000
-238,000
-389,000
-382,000
-308,000
-230,000
-356,000
-326,000
-301,000
-253,000
-413,000
-410,000
-538,000
-541,000
-391,000
-325,000
-304,000
-317,000
-412,000
-370,000
-396,000
-345,000
-429,000
-328,000
-295,000
-292,000
-383,000
-379,000
-361,000
-359,000
-451,000
-553,000
-589,000
-611,000
-609,000
-513,000
-382,000
-336,000
-235,000
174,000
158,000
116,000
168,000
-105,000
-120,000
-207,000
-212,000
-1,173,000
-1,954,000

-1,954,000

-1,173,000

-212,000

-207,000

-120,000

-105,000

168,000

116,000

158,000

174,000

-235,000

-336,000

-382,000

-513,000

-609,000

-611,000

-589,000

-553,000

-451,000

-359,000

-361,000

-379,000

-383,000

-292,000

-295,000

-328,000

-429,000

-345,000

-396,000

-370,000

-412,000

-317,000

-304,000

-325,000

-391,000

-541,000

-538,000

-410,000

-413,000

-253,000

-301,000

-326,000

-356,000

-230,000

-308,000

-382,000

-389,000

-238,000

-240,000

-303,000

-336,000

-361,000

-342,000

-238,000

-309,000

-129,000

-207,000

-67,000

-177,000

-238,000

-308,000

-284,000

-324,000

-128,000

-226,000

-198,000

-170,000

-158,000

-99,000

-154,000

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,467,000
1,473,000
1,481,000
1,464,000
1,472,000
2,162,000
2,170,000
2,154,000
2,144,000
2,153,000
2,162,000
2,157,000
2,160,000
2,171,000
2,179,000
2,182,000
2,175,000
2,183,000
2,188,000
2,188,000
2,158,000
2,165,000
2,173,000
2,158,000
2,165,000
2,174,000
2,135,000
2,106,000
2,110,000
2,112,000
2,122,000
2,134,000
2,144,000
2,144,000
2,148,000
2,159,000
2,168,000
2,172,000
2,174,000
2,168,000
2,173,000
2,179,000
2,185,000
2,183,000
2,163,000
2,170,000
2,175,000
2,194,000
2,204,000

2,204,000

2,194,000

2,175,000

2,170,000

2,163,000

2,183,000

2,185,000

2,179,000

2,173,000

2,168,000

2,174,000

2,172,000

2,168,000

2,159,000

2,148,000

2,144,000

2,134,000

2,122,000

2,112,000

2,110,000

2,106,000

2,135,000

2,174,000

2,165,000

2,158,000

2,173,000

2,165,000

2,158,000

2,188,000

2,183,000

2,175,000

2,182,000

2,179,000

2,171,000

2,160,000

2,157,000

2,162,000

2,153,000

2,144,000

2,154,000

2,170,000

2,162,000

1,472,000

1,464,000

1,481,000

1,473,000

1,467,000

Comerica Inc Buy, Hold or Sell?

Let's analyse Comerica

Summary

Financial Health

1.1. Profitability of Comerica Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Banks-Regional)

1.1.2. Return on Assets

Trends

Compared to industry (Banks-Regional)

1.1.3. Return on Equity

Trends

Compared to industry (Banks-Regional)

1.2. Operating Efficiency of Comerica Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Banks-Regional)

1.2.2. Operating Ratio

Trends

Compared to industry (Banks-Regional)

1.3. Liquidity of Comerica Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Banks-Regional)

1.3.2. Quick Ratio

Trends

Compared to industry (Banks-Regional)

1.4. Solvency of Comerica Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Banks-Regional)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Banks-Regional)

2. Market Valuation of Comerica Inc

2. Earnings

2.1. Price to Earnings Ratio

Trends

Compared to industry (Banks-Regional)

2.2. Price Earnings to Growth Ratio

Trends

Compared to industry (Banks-Regional)

2. Books

2.3. Price to Book Ratio

Trends

Compared to industry (Banks-Regional)

2.4. Latest News of Comerica Inc

3. Holders & Insider Transactions

3.1. Institutions holding Comerica Inc

3.2. Funds holding Comerica Inc

3.3. Insider Transactions

4. Summary

4.1. Key Performance Indicators

4.2. Fundamental Score

Penke's Stock Scanner

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4.3. Technical Score

Penke's Symbol Scanner

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Reversals in quarterly reports

Latest Balance Sheet

Summary

Assets

Total Current Assets

Long-term Assets

Comerica Inc
Buy, Hold or Sell?