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REVIEW
Air Transportation (Scheduled | Passenger Air and Freight
Air)
5.10.2020
NAICS CODES: 4811
SIC CODES: 4512
Industry Overview
Companies in this industry provide scheduled domestic and international passenger
transportation, as well as mail and freight transportation. Major US companies include American
Airlines, Delta, FedEx, Southwest, and United Airlines; leading companies based outside the US
include Air France-KLM, China Southern Air, Deutsche Lufthansa, Emirates Group, and
International Airlines Group.
Worldwide, the airline industry generates more than $8680 billion in revenue for 2019 according
to International Air Transport Association while the number of air travelers both local and
international in the US with approximately 1.052 billion in 2019, from about 932 million in
2016, according to the US Bureau of Transportation Statistics. Top regions for passenger growth
include the emerging economies of Asia/Pacific. Europe, North America, Latin America, Middle
East, and Africa.
https://www.transtats.bts.gov/Data_Elements.aspx?Data=1
https://www.iata.org/en/iata-repository/publications/economic-reports/airline-industry-economic-
performance---december-2019---report/
The US airline industry includes about 2,200 establishments (single-location companies and
units of multi-location companies) with combined annual revenue of about $190 billion.
Competitive Landscape
Airline demand depends highly on the health of the economy, which affects spending on
business and leisure air travel. Because many costs are fixed, the profitability of individual
companies is determined by efficient operations and on favorable fuel and labor costs. Large
companies enjoy economies of scale in purchasing and the ability to provide more extensive
services. Small airlines can compete by serving local or regional routes.
The high capital requirements of the airline industry severely limit the number of participants.
The US industry is highly concentrated: the four largest companies account for more than 60%
of industry revenue. Major network carriers are feeling increasing competitive pressure from
low-cost providers. No-frills, low-fare carriers have successfully taken market share by targeting
price-conscious consumers. Some traditional providers have responded by implementing basic,
economy fares.
Competitive Advantages:
IT Integration - Airlines have long relied on complex information systems to support their core
operations (flight management, passenger scheduling, baggage tracking), but technology is also
an increasingly important customer-experience component. Passengers have come to expect such
features as mobile applications that manage boarding passes, on-board wireless networking
service, and access to customer service through social media platforms.
Segmented Products - Airlines are increasingly segmenting their offerings to cater to specific
customer groups and maximize profits. Investing in new, larger aircraft can help facilitate the
strategy by giving carriers the ability to offer different service levels. For example, business
passengers are more likely to pay a premium for extra amenities and more spacious seating,
while leisure customers are more likely to seek low-cost options.
Managing Fuel Costs - After labor costs, fuel is the largest operating expense for airlines. Most
airlines engage in financial hedging strategies to protect themselves from fluctuations in fuel
prices. Locking in low fuel rates and guarding against future price spikes is crucial for
maintaining profit margins.
Targeting Emerging Markets - Much of the industry's growth potential lies in regions with
emerging economies. Markets in Asia, the Middle East, Africa, and Latin America have
experienced much higher growth rates than established economies in North America and Europe
in recent years.
Companies to Watch:
American Airlines is the largest airline in the world by most metrics. Maintaining a fleet of
more than 950 aircraft, American operates an average of nearly 6,700 flights per day to nearly
350 destinations.
Qatar Airways has consistently earned top scores from customers for comfortable seating and
impressive entertainment systems. Along with fellow Gulf carriers Emirates (Dubai) and Etihad
Airways (Abu Dhabi), Qatar Airways has grown quickly by offering one-stop long-haul flights.
Southwest ranks among the 10 largest airlines by revenue. The company's focus on low fares,
efficient operations, and customer experience have made it a model for other low-cost carriers.
Products, Operations & Technology
Major services include domestic passenger transportation (about 70% of industry revenue) and
international passenger transportation (20%); mail and freight transportation accounts for most of
the remainder. Other revenue comes from providing maintenance, servicing, training, and
reservations. Some airlines also offer nonscheduled (charter) flights. Some airlines carry only
cargo, using specially equipped planes. Most passenger airlines also provide cargo services.
The basic operations of airlines include acquiring and maintaining airplanes and airport facilities,
acquiring passengers and/or freight, managing staff, and operating flights. The flight equipment
(airplanes) that an airline uses is crucial to efficient operations. The cost, capacity, and fuel
efficiency of airplanes vary substantially. Airbus and Boeing are the dominant manufacturers of
commercial jets. Manufacturers of smaller aircraft for regional airlines, with seating capacities of
20 to 150, include Bombardier and Embraer. The largest passenger aircrafts have more than 500
seats, and are used for long flights with a "stage length" of more than 9,000 miles. Large cargo
aircraft can hold over 100 tons, with a range of more than 4,000 miles. Major carriers mainly
operate planes that hold about 100 to some 350 passengers. A large plane like the Boeing 747-
400 that flies 3,500 statute miles (5,630 km) and carries 126,000 pounds (56,700 kg) of fuel will
consume an average of five gallons (19 liters) per mile. Larger planes require a larger crew. The
operating cost of an airplane is often expressed in cents per seat mile, with typical values
between 10 and 20 cents. A large market exists for used aircraft, which can have a useful life of
20 years or more. Airlines lease terminals; ticket counters; gates (sometimes called "slots");
cargo facilities; and maintenance facilities from airports, which are usually owned by local
government authorities. In some cases, airlines can sublease their facilities to other airlines.
About 500 airports have scheduled airline service in the US. In addition to paying for airport
facilities, airlines pay landing fees for each flight, which are based on the number of landing and
the weight of the aircraft. Landing fees at major airports are much higher. Landing and other
rental fees are typically 5% or more of total expenses for large airlines. Routine aircraft
maintenance is done at local airports, but the big carriers typically have one or several large
central maintenance facilities for major overhauls. Many smaller airlines contract maintenance
out to the major carriers. Because of the large number of flight departures, scheduling staff and
equipment is a major logistics challenge for airlines. Carriers measure in terms of departures,
rather than flights, because a single flight may have several stops.
Airlines measure their performance using a number of metrics. Revenue passenger-miles (RPM)
measures the number of paying passengers and the distance flown. Available seat-miles (ASM)
measures the number of seats and the distance flown. Load factor, which measures how much of
a carrier's capacity is used, is calculated by dividing RPM by ASM.
Technology
Airlines use technology to increase operational efficiency and enhance customers' flying
experience. Mobile apps and boarding passes now allow passengers to check in to flights with
their smartphones. The use of Wi-Fi is becoming more common on airlines, and some further
enable customers' use of electronic devices by providing power outlets and services such as
laptop battery lending. Other technology perks offered by some airlines include noise-canceling
headphones, larger video screens, and enhanced entertainment content and video games.
New Distribution Capability (NDC), a data transmission system supported by the airline
industry, seeks to standardize communication between airlines, travel agents, and other third-
party service providers. Still under development, NDC promises to enable additional services
and sales by facilitating richer content delivery and greater service personalization.
Most ticket sales occur via computerized reservation systems (CRS) operated by airlines and
travel agencies. Companies operating large reservation systems serving multiple airlines are
known as global distribution systems (GDS). GDS operators such as Amadeus, Sabre, and
Travelport (which operates the Worldspan and Galileo platforms)receive fees from airlines for
tickets bought through their system. Many of the reservations handled through GDS originate
with internet travel sites like Expedia, Travelocity, and Orbitz. Airlines also operate their own
reservation sites.
Major airlines use broadcast, print, and online advertising. Marketing alliances -- for example,
with other airlines, travel organizations, and destination sites -- and code-sharing agreements
have become common ways for airlines to effectively expand the number of markets they serve
and passengers they can reach. Code-sharing allows a ticketing airline to use the operating
airline's flight code to book flights on that airline's planes.
Pricing systems vary considerably among airlines. Complicated computerized pricing schemes
that attempt to maximize the revenue for a particular flight by offering different prices at
different times, depending on how quickly a flight is filling. Many airlines run loyalty programs
in the form of mileage or point accumulation systems (frequent flier programs) that entitle
passengers to free tickets or upgraded service.
Airline companies may buy or lease aircraft, depending on the prices and leasing terms of the
aircraft manufacturers and leasing companies. Airlines often have a mix of owned and leased
aircraft. The decision of whether to buy or lease depends largely on the prices and leasing terms
offered by airplane manufacturers and big airplane leasing companies. Boeing and Airbus offer
their own lease financing. The industry is capital-intensive: average annual revenue per worker
in the US is about $390,000.
Airlines' high fixed costs and substantial debt levels challenge their ability to maintain adequate
working capital. On average, the working capital turnover ratio for the industry in the US is
about 9%. The cost of maintaining aircraft accounts for about 5-10% of total airline expenses.
Labor costs are about 20-40% of total expenses, and fuel costs typically range from 20-40%.
Revenue for airlines is subject to fluctuation throughout the year but is typically higher in the
second and third quarters of the year than in the first and fourth.
The working capital turnover ratio, also known as working capital to sales, is
a measure of how efficiently a company uses its capital to generate sales.
Companies should be compared to others in their industry.
Financial industry data provided by MicroBilt Corporation collected from 32
different data sources and represents financial performance of over 4.5
million privately held businesses and detailed industry financial benchmarks
of companies in over 900 industries (SIC and NAICS). More data available
at www.microbilt.com.
Regulation
The US Department of Transportation regulates airline operations, approves routes and flights,
and has jurisdiction over international pricing, computer reservation systems, code-sharing
agreements, and consumer matters. The FAA regulates aircraft maintenance and operations,
including training and licensing pilots and mechanics, and operates the US air traffic control
system.
International Insights
Worldwide, the airline industry generates more than $800 billion in revenue annually. Major
companies based outside the US include Air France-KLM, China Southern Air, Deutsche
Lufthansa, Emirates Group, and International Airlines Group. The number of air travelers is
expected to grow to some 4.5 billion by 2019, up from about 3 billion in 2012, according to the
International Air Transport Association (IATA). Based on freight ton kilometers (FTK), the air
cargo market is expected to grow by 4.9% on average over IATA's 2018-2022 forecast period,
largely supported by trade to, from, and within Asia.
Even with the recent slowdown in China's economic growth, the country remains the fastest-
growing market in terms of number of new passengers. China is expected to overtake the US as
the world's largest passenger market (defined by traffic to, from, and within) in the mid-2020s.
Based on number of new passengers, other leading growth markets include the US, India,
Indonesia, and Thailand. Based on rate of expansion, the fastest-growing passenger markets are
in Asia/Pacific, Africa, and the Middle East.
An initiative launched by the European Commission, Single European Sky (SES) seeks to
address the massive inefficiencies resulting from Europe's highly fragmented system of air traffic
management. Such inefficiencies cost the industry billions of dollars, fueling efforts to create a
single, unified air space for all EU countries. Several country blocks have already been formed
as part of SES, eliminating many of the redundancies in aviation bureaucracy and air traffic
control that increase flight delays and harmful airplane emissions.
Airline demand in a given country or an entire region can be affected by political and social
unrest. Fear of violent protests, government crackdowns, or acts of terrorism can discourage
travel, and governments may issue travel advisories for certain locations. In addition to curtailing
air traffic, airlines may pay a price for increased security measures during periods of unrest.
Regional Highlights
In the US, delays at major regional hubs, such as Atlanta, Chicago, Houston, and New York, can
create traffic bottlenecks. Airlines are impacted by local and regional economic circumstances
that affect travel volume.
Based on number of establishments, top metro areas for airlines include New York, Miami, Los
Angeles, Chicago, and San Francisco.
Human Resources
Average hourly wages for the US air transportation industry are significantly higher than the
national average. The industry injury rate is more than double the national average.
Most airline employees belong to unions that represent their specialized functions, including
pilots, flight attendants, mechanics, and ground crew. Pilots and mechanics require special
certification by the FAA.
Challenge: Boeing 737 Groundings - The grounding of Boeing's 737 MAX 8 and MAX 9
aircraft has resulted in flight cancellations and rerouting worldwide. The Federal Aviation
Administration issued an emergency grounding of the narrow-body passenger aircraft in March
2019 after two deadly crashes involving MAX 8 jets; a Lion Air flight resulted in more than 180
deaths after it crashed into the Java Sea in October 2018, and the crash of an Ethiopian Airlines
flight killed more than 150 passengers and crewmembers in March 2019. Boeing announced
efforts to develop flight control software enhancements for the 737 MAX in the wake of the
Ethiopian Airlines crash. Although 737 MAX series aircraft make up a relatively small
percentage of the worldwide airline fleet (387 were in service as of March 2019), the grounding
order has had a significant impact on some airlines. Southwest Airlines took 34 of the aircraft out
of service and was forced to cancel approximately 2,800 flights in March alone due to the
grounding.
Industry Impact - Airlines may be forced to acquire new aircraft to maintain capacity and avoid
cancellations. Norwegian Air, which was forced to ground 18 737 MAX planes, has called for
Boeing to compensate it for flight cancellations and rerouting expenses, according to Bloomberg.
1.14.2019
Challenge: Adapting to ‘Brexit' Changes - The UK's impending departure from the European
Union has airline operators scrambling to avoid travel disruptions and continue existing flight
operations within and from Britain after March 2019. Irish airline Ryanair has obtained an UK
air operators certificate (AOC), allowing it to operate flights between UK and the rest of Europe.
UK operator easyJet also has negotiated a European AOC for an Austrian subsidiary, so that it
can continue flights in the 27 countries remaining in the EU. In preparation for a no-deal exit,
International Airlines Group (IAG), which encompasses British Airways, Aer Lingus, Iberia,
Level, and Vueling, must convince the European Commission that in line with EU conditions, it
is majority EU-owned in order to maintain valid operating licensure. An IAG spokesperson told
Air Transport World the company is confident it will continue to comply with EU and UK
ownership and control rules post-Brexit.
Industry Impact - The political upheaval of Brexit is forcing airline carriers into extensive
legislative and administrative adaptations to avoid losing valuable routes.
10.8.2018
Opportunity: Improving Food Options for Economy Fliers - Airlines see an opportunity to
generate more revenue by improving meals available for purchase by economy-class customers.
American Airlines recently partnered with restaurant chain Zoës Kitchen to produce new options
that will be available for purchase by main cabin customers. Emphasizing light and healthy
choices, American will make items including Zoës's signature Mediterranean turkey sandwich
and chicken wraps available starting in December 2018 and continue adding new items
throughout 2019. American is one of several airlines attempting to address customers' demand
for healthier options and better compete with improving dining options in airports. Other carriers
that have revised their in-flight food include Alaska Air, Delta Air Lines, and United
Continental, according to The Wall Street Journal.
Industry Impact - Efforts by leading airlines to improve their meal options will force
competitors to improve their own food selections or find other ways to market their value to
economy-class passengers.
7.9.2018
Challenge: Airlines Assessing Personal Data Use - With access to travelers' personal data
increasing, airlines are struggling to find a balance between offering personalized service and
respecting privacy, according to The Wall Street Journal. New handheld devices and apps
provide flight attendants with unprecedented levels of passenger information, from birthdays and
addresses to travel patterns and purchase histories. Although passengers are unlikely to object to
some uses of that data -- providing a traveler with information about a tight flight connection, for
example -- airlines are less sure that personalized services such as offering a favorite drink order
won't feel intrusive. Some in the industry also worry that tasking flight attendants with tracking
personal information and tailoring services makes their job too complex.
Industry Impact - Airlines will likely expand their use of customer data to provide personalized
services, but they risk a backlash if customers find the practice invasive. Public concern about
personal data security and privacy has heightened amid controversies involving companies such
as Facebook and Equifax.
Industry Indicators
US corporate profits, an indicator of business demand for airline traffic, fell 0.8% in the third
quarter of 2019 compared to the same period in 2018.
The spot price of crude oil, which affects airline fuel costs, rose 15.0% in the week ending
December 13, 2019, compared to the same week in 2018.
Industry Forecast
US personal consumption expenditures for US airlines are forecast to grow at an annual
compounded rate of 3% between 2019 and 2023. Data Published: August 2019
First Research forecasts are based on INFORUM forecasts that are licensed from the
Interindustry Economic Research Fund, Inc. (IERF) in College Park, MD. INFORUM's
"interindustry-macro" approach to modeling the economy captures the links between industries
and the aggregate economy. Forecast FAQs
Industry Drivers
Changes in the economic environment that may positively or negatively affect industry growth.
Critical Issues
Health and Safety in the Aviation Industry Amidst Pandemic – Notwithstanding the battle of
the different industries, the World Health Organization (WHO) advised countries, their
respective national governments including all companies, especially the Air Transportation
(Freight and Passenger) to take the utmost responsibility in the surveillance, response and
guidance in the travel operations and management related to the recognition of the cases and
symptoms of the novel coronavirus (COVID-19).
https://apps.who.int/iris/bitstream/handle/10665/331488/WHO-2019-nCoV-Aviation-2020.1-
eng.pdf
Business Challenges
Risk of Job Losses in the Aviation Industry – IATA provides that there are 25 million jobs at
risk as the demand for travelling has been gravely affected in the on-and-off surge of the
coronavirus pandemic.
https://www.iata.org/en/pressroom/pr/2020-04-07-02/
Managing Passengers' Personal Data - Increased access to customer data creates opportunities
for airlines to provide personalized services, but they risk a backlash if customers find the
practice invasive. New handheld devices and apps provide flight attendants with unprecedented
levels of passenger information, from birthdays and addresses to travel patterns and purchase
histories. Such information can be used to provide information about a tight flight connection or
offer a favorite drink order. In addition to privacy concerns, some in the industry worry that
tasking flight attendants with tracking personal information and tailoring services makes their job
too complex.
Industry Widely Regulated - The FAA, DOT, and TSA impose various fees on the industry,
and can interfere with airline operations. To expand operations, airlines need to get route
permission from DOT and gates from local airports.
Airlines Depend on Skilled Employees - Airlines can't fly without FAA-certified pilots and
mechanics whose training takes years. The unions that represent these employees at most airlines
have an exceptionally important voice in labor issues.
Business Trends
Consolidation - The US airline industry has experienced substantial consolidation after a string
of blockbuster mergers and acquisitions: Delta Air and Northwest (2008), United Airlines and
Continental Airlines (2010), Southwest Airlines and AirTran (2010), American Airlines and US
Airways (2013), and Alaska Air and Virgin America (2016). Such combinations are designed to
improve the efficiency and financial stability of major carriers. However, reduced competition
has raised concerns among some consumer advocates about higher fares and reduced flights and
services.
Code-Sharing, Marketing Alliances - Airlines that serve a limited number of airports can
expand their network through code-sharing agreements with airlines that serve other airports.
With code-sharing, connecting flights can be booked on the other airline's planes. Marketing
alliances typically include code-sharing as well as frequent-flier programs and common use of
airport lounges. Revenue from code-shared tickets is split between the partners. Because of
potential antitrust problems, code-sharing and marketing alliances have to be approved by the US
Department of Justice.
Industry Opportunities
New Distribution Capability - A system called New Distribution Capability (NDC) promises to
create a common communication link between airlines, travel agents, and other third-party
service providers. Based on extensible markup language (XML), a computer language that
facilitates the interchange of data over the internet, NDC seeks to eliminate current restrictions
on the services and options that airlines can share with resellers and other intermediaries. NDC
should enable additional services and sales by facilitating richer content delivery and greater
service personalization, making it easier for consumers to compare flights, baggage options, seat
choices, and other ancillary services. Travel technology integrator Sabre released its first NDC-
enabled services with United Airlines in early 2019.
Emerging Market Growth - Air traffic in emerging economies is growing rapidly and
providing new revenue opportunities for airlines. Markets in Asia, the Middle East, Africa, and
Latin America have experienced much higher growth rates than established economies in North
America and Europe in recent years. Due to air service agreements and government regulations
that limit foreign airlines from carrying passengers beyond international gateway cities, carriers
typically form international joint ventures and alliances to facilitate the exchange of passengers
between route networks.
Ancillary Fees - Airlines are generating an increasing amount of revenue from ancillary fees,
including baggage fees, onboard food and beverage sales, premium seat assignments, and
commissions earned on the sales of hotel accommodations, car rentals, and other travel services.
Globally, airlines generated more than $90 billion in ancillary fees in 2018, more than triple the
amount generated in 2010, according to estimates by consulting firm IdeaWorks. Carriers
continue to find new products and services, such as extra leg room and better food options, for
which they can charge fees.
Fuel-Efficient Aircraft - Because of high fuel costs, newer planes and engines are designed to
be as efficient as possible. Airlines are eager to upgrade to more fuel-efficient planes, and
aircraft companies are competing to manufacture the most fuel-efficient models. Both the Airbus
A320neo (introduced in 2016) and the Boeing 737MAX (introduced in 2017) were designed to
offer significant fuel savings over their predecessors.
Frequent Flier Sales to Businesses - Some airlines sell frequent flier miles or points, as if they
were a product, to companies unrelated to the loyalty program. This practice is a way to further
commercialize the frequent flier asset beyond the traditional airline, hotel, and credit card
partners. Businesses that buy the miles or points use them in their own incentive programs for
customers or employees.
How does the company protect itself against rising fuel prices?
Aircraft fuel can account for 20% to 40% of industry operating costs.
What plans does the company have to deploy or extend New Distribution Capability (NDC)
standards?
A system called New Distribution Capability (NDC) promises to create a common
communication link between airlines, travel agents, and other third-party service providers.
What international destinations represent the greatest revenue opportunity for the
company?
Air traffic in emerging economies is growing rapidly and providing new revenue opportunities
for airlines.
What percentage of the airlines tickets are sold through its website?
Internet sites allow customers to easily compare airline schedules and fares, buy tickets, reserve
flights, and, in some cases, choose seats and generate their own boarding passes.
What type of code-sharing or marketing alliances does the company have with other
airlines?
Through code-sharing, airlines can offer a larger number of destinations to customers by booking
connecting flights on a partner's airplanes.
What challenges has the company faced in maintaining FAA operating or airworthiness
certificates?
The FAA has jurisdiction over air safety matters.
Financial Analysis
What percentage of the company's planes is owned versus leased?
Airlines often have a mix of owned and leased aircraft.
For leased planes, how long until the leases expire?
Airplane leases are usually for three or more years.
How does the company protect itself against rising fuel prices?
Fuel prices can be volatile. Many airlines use financial hedging strategies to protect against price
increases.
How many other airlines serve the same major routes the company flies?
Many markets are served by only a few airlines.
Executive Insight
Chief Executive Officer - CEO
Selecting Aircraft Mix
Planned operations and market position drive aircraft buying strategies. Southwest Airlines,
which has a point-to-point route structure and strives to be the low-fare, no-frills provider,
historically has contained costs by operating only Boeing 737s. Similarly, JetBlue Airways
operates mostly Airbus 320s. Standardizing on a single aircraft gives management better
leverage with the supplier, helps control maintenance and repair costs, and simplifies flight
operations and training.
Establishing Routes
The airline selects cities and airports to reach a specific customer segment, targets underserved
cities or secondary airports, or takes market share from high-priced incumbents. In selecting
airports, management also considers level of demand, cost of labor and maintenance, and direct
versus hub-spoke route structure.
Human Resources - HR
Dealing with Union Employee Issues
The industry is labor-intensive and most airline employees are members of unions that represent
various job functions, such as pilots, flight attendants, mechanics, and ground crew. Unions that
represent FAA-certified pilots and mechanics have a significant voice in labor issues, due to
these employees' importance to airlines. Wages and benefits are top issues for employees and
airline management, and a large expense for airlines. To minimize labor issues, HR departments
are generally positioned to act as an intermediary between airline operations management and
the unions about compliance with union contract terms.
VP Sales/Marketing - Sales
Expanding Marketing Alliances
Management uses alliances with domestic or international airlines, travel organizations, and
destination sites as an economical way to reach a greater customer base. Marketing alliances
include frequent flier programs, joint travel packages, shared use of airport lounges, code-
sharing, and full destination travel packages, including hotel, local transportation, and
entertainment. Marketing teams must assure that programs don't violate antitrust laws; some
submit theirs to the Department of Justice for review.
What main technology challenges face the airline's online passenger reservation service?
The airline must implement and maintain a user-friendly, non-intimidating system that the
traveling public will use, and tie it to other internal systems.
Human Resources - HR
What key labor issues face the airline?
Wages and benefits are top issues for employees and airline management, and often represent an
airline's largest single expense.
VP Sales/Marketing - Sales
What marketing partnership strategies might help the airline expand its customer base?
Marketing alliances include frequent flier partner programs and travel packages, including hotel,
local transportation, and entertainment.
Financial Information
COMPANY BENCHMARK TRENDS
The quick ratio, also known as the acid test ratio, measures a company's
ability to meet short-term obligations with liquid assets. The higher the ratio,
the better; a number below 1 signals financial distress. Use the quick ratio to
determine if companies in an industry are typically able to pay off their
current liabilities.
Financial industry data provided by MicroBilt Corporation collected from 32
different data sources and represents financial performance of over 4.5
million privately held businesses and detailed industry financial benchmarks
of companies in over 900 industries (SIC and NAICS). More data available
at www.microbilt.com.
The ratio of current liabilities to net worth, also called current liabilities to
equity, indicates the amount due creditors within a year as a percentage of
stockholders' equity in a company. A high ratio (above 80 percent) can
indicate trouble.
Financial industry data provided by MicroBilt Corporation collected from 32
different data sources and represents financial performance of over 4.5
million privately held businesses and detailed industry financial benchmarks
of companies in over 900 industries (SIC and NAICS). More data available
at www.microbilt.com.
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