Is it time to hedge Carvana Co (NYSE:CVNA) high volatility

CVNA Stock

USD 7.77 1.27 19.54%

Macroaxis Story

Given the investment horizon of 90 days Carvana Co is expected to under-perform the market. In addition to that, the company is 6.57 times more volatile than its market benchmark. It trades about -0.24 of its total potential returns per unit of risk. The DOW is currently generating roughly -0.01 per unit of volatility. As many old-fashioned traders are trying to avoid consumer cyclical space, it makes sense to go over Carvana Co Cl a little further and try to understand its current volatility patterns. We will evaluate if Carvana Co's current volatility will continue into December. The current Carvana risk factors may impact the value of the stock as we estimate Carvana Co as currently undervalued. The real value is approaching 99.17 per share.

Published over two months ago

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The company currently holds 6.75 B in liabilities. Carvana Co Cl has a current ratio of 1.33, which is within standard range for the sector. Debt can assist Carvana Co until it has trouble settling it off, either with new capital or with free cash flow. So, Carvana Co's shareholders could walk away with nothing if the company can't fulfill its legal obligations to repay debt. However, a more frequent occurrence is when companies like Carvana Co Cl sell additional shares at bargain prices, diluting existing shareholders. Debt, in this case, can be an excellent and much better tool for Carvana to invest in growth at high rates of return. When we think about Carvana Co's use of debt, we should always consider it together with cash and equity.

The firm shows a Beta (market volatility) of 3.2744, which signifies a somewhat significant risk relative to the market. Let's try to break down what Carvana's beta means in this case. As the market goes up, the company is expected to outperform it. However, if the market returns are negative, Carvana Co will likely underperform. Even though it is essential to pay attention to Carvana Co Cl historical returns, it is always good to be careful when utilizing equity current trending patterns. Our philosophy towards foreseeing any stock's future performance is to check both, its past performance charts as well as the business as a whole, including all available technical indicators. Carvana Co Cl exposes twenty-seven different technical indicators, which can help you to evaluate its performance. Carvana Co Cl has an expected return of -2.13%. Please be advised to confirm Carvana Co Cl semi variance, rate of daily change, and the relationship between the value at risk and kurtosis to decide if Carvana Co Cl performance from the past will be repeated at some point in the near future.

Is it time to hedge Carvana Co (NYSE:CVNA) high volatility

Volatility is a rate at which the price of Carvana or any other equity instrument increases or decreases for a given set of returns. It is measured by calculating the standard deviation of the annualized returns over a given period of time and shows the range to which the price of Carvana may increase or decrease. In other words, similar to Carvana's beta indicator, it measures the risk of Carvana and helps estimate the fluctuations that may happen in a short period of time. So if prices of Carvana fluctuate rapidly in a short time span, it is termed to have high volatility, and if it swings slowly in a more extended period, it is understood to have low volatility.

Please read more on our technical analysis page.

How important is Carvana's Liquidity

Carvana financial leverage refers to using borrowed capital as a funding source to finance Carvana Co ongoing operations. It is usually used to expand the firm's asset base and generate returns on borrowed capital. Carvana financial leverage is typically calculated by taking the company's all interest-bearing debt and dividing it by total capital. So the higher the debt-to-capital ratio (i.e., financial leverage), the riskier the company. Please check the breakdown between Carvana's total debt and its cash.

What do experts say?

Stock analysis is a method for investors and traders to make buying and selling decisions. By studying and evaluating past and current data, investors and traders attempt to gain an edge in the markets by making informed decisions.

It is good to see analyst projects for Carvana, but it might be worth checking our own buy vs. sell analysis

Carvana Volatility Drivers

Carvana unsystematic risk is unique to Carvana and usually not directly affected by the market or economic environment. An example of unsystematic risk is the possibility of poor earnings or a layoff due to coronavirus. One may mitigate nonsystematic risk by buying different securities in the same industry or by buying in different sectors. For example, if you have a position in Carvana you can also buy Compagnie Financiere Richemont. You can also mitigate this risk by investing in the consumer discretionary sector as well as in companies having nothing to do with it. This type of risk is also called diversifiable risk and can be understood from analyzing Carvana important indicators over time. Here we run a correlation analysis between relevant fundamental ratios over at least ten year period to find a relationship in the way they react to changes in Carvana income statement and balance sheet. Here are more details about Carvana volatility.

	Accounts Payable	Total Assets	Current Assets	Cash and Equivalents	Total Debt	Debt Current	Shareholders Equity	Investments Current	Total Liabilities	Current Liabilities	Direct Expenses	Consolidated Income	Cost of Revenue	Gross Profit	Interest Expense	Net Income	Net Income Common Stock	Operating Expenses	Operating Income	Weighted Average Shares	Income Tax Expense	Capital Expenditure	Share Based Compensation	Long Term Debt to Equity	PPandE Turnover	Receivables Turnover	Inventory Turnover	Operating Margin	Return on Investment	Cash Flow Per Share	Revenue to Assets	Total Assets Per Share	Quick Ratio	Asset Turnover	Book Value per Share	Current Ratio	Debt to Equity Ratio	EBITDA Margin	Earnings per Basic Share	Free Cash Flow per Share	Gross Margin	Profit Margin	Price to Book Value	Price to Earnings Ratio	Price to Sales Ratio	Return on Average Assets	Return on Average Equity	Return on Sales	Sales per Share	Net Income Per Employee	Revenue Per Employee	Average Assets	Earnings before Tax	Average Equity	Enterprise Value	Free Cash Flow	Invested Capital	Invested Capital Average	Market Capitalization	Tangible Asset Value	Working Capital
Accounts Payable		0.82	0.76	0.12	0.66	0.58	-0.47	0.74	0.85	0.65	0.87	-0.81	0.7	0.68	0.76	-0.33	-0.67	0.73	-0.79	-0.69	-0.39	-0.78	0.86	0.95	0.04	-0.19	0.87	0.73	0.78	-0.74	0.85	0.77	0.46	0.89	0.75	0.87	0.92	0.76	-0.79	-0.74	0.69	0.73	0.86	-0.7	0.44	0.8	0.62	0.74	0.78	0.82	0.77	0.7	-0.66	0.8	0.73	-0.7	0.69	0.69	0.74	0.68	0.71
Total Assets	0.82		0.98	0.54	0.68	0.62	0.09	0.75	1.0	0.96	1.0	-0.95	0.72	0.69	0.77	-0.74	-0.87	0.76	-0.98	-0.92	-0.4	-0.84	0.89	0.95	-0.2	-0.41	0.97	0.97	0.84	-0.95	0.97	0.98	0.49	0.94	0.91	0.68	0.98	0.98	-0.98	-0.97	0.97	0.98	0.86	-0.7	0.44	0.98	0.91	0.98	0.98	0.99	0.95	0.72	-0.86	0.84	0.74	-0.74	0.71	0.7	0.74	0.71	0.74
Current Assets	0.76	0.98		0.59	0.59	0.52	0.15	0.66	0.98	0.99	0.97	-0.94	0.63	0.6	0.69	-0.74	-0.85	0.68	-0.95	-0.92	-0.28	-0.77	0.82	0.91	-0.34	-0.54	0.97	0.96	0.8	-0.91	0.98	1.0	0.53	0.95	0.87	0.7	0.94	0.96	-0.94	-0.95	0.97	0.97	0.81	-0.63	0.41	0.97	0.91	0.97	0.97	0.97	0.98	0.63	-0.84	0.76	0.65	-0.66	0.61	0.61	0.65	0.61	0.65
Cash and Equivalents	0.12	0.54	0.59		0.18	0.18	0.48	0.2	0.51	0.66	0.46	-0.46	0.2	0.18	0.21	-0.43	-0.36	0.23	-0.52	-0.79	-0.06	-0.28	0.29	0.29	-0.58	-0.62	0.47	0.55	0.31	-0.37	0.45	0.57	0.73	0.4	0.55	0.18	0.37	0.55	-0.46	-0.67	0.59	0.64	0.23	-0.17	0.12	0.64	0.81	0.62	0.66	0.61	0.64	0.2	-0.35	0.29	0.18	-0.22	0.19	0.18	0.18	0.2	0.21
Total Debt	0.66	0.68	0.59	0.18		0.99	-0.13	0.99	0.69	0.55	0.7	-0.58	1.0	1.0	0.97	-0.54	-0.71	0.99	-0.76	-0.58	-0.82	-0.95	0.91	0.72	0.44	0.25	0.59	0.68	0.85	-0.76	0.58	0.59	0.14	0.54	0.82	0.31	0.72	0.69	-0.76	-0.72	0.63	0.67	0.85	-0.96	0.27	0.69	0.61	0.69	0.65	0.7	0.5	1.0	-0.71	0.93	0.94	-0.99	1.0	1.0	0.93	1.0	0.97
Debt Current	0.58	0.62	0.52	0.18	0.99		-0.09	0.95	0.63	0.49	0.63	-0.47	0.97	0.97	0.91	-0.52	-0.62	0.95	-0.7	-0.53	-0.83	-0.89	0.87	0.64	0.47	0.3	0.51	0.63	0.8	-0.71	0.5	0.52	0.1	0.46	0.74	0.21	0.64	0.64	-0.71	-0.67	0.58	0.61	0.8	-0.91	0.11	0.63	0.58	0.64	0.59	0.64	0.43	0.97	-0.62	0.87	0.87	-0.97	0.97	0.97	0.85	0.97	0.92
Shareholders Equity	-0.47	0.09	0.15	0.48	-0.13	-0.09		-0.16	0.04	0.31	0.01	-0.06	-0.13	-0.14	-0.15	-0.61	-0.21	-0.12	-0.12	-0.13	0.11	0.1	-0.15	-0.17	-0.33	-0.27	-0.06	0.2	-0.14	-0.19	-0.02	0.16	-0.2	-0.11	0.03	-0.49	-0.1	0.17	-0.12	-0.14	0.29	0.2	-0.19	0.16	-0.08	0.06	0.21	0.18	0.1	0.04	0.07	-0.15	-0.2	-0.13	-0.17	0.1	-0.14	-0.15	-0.17	-0.13	-0.14
Investments Current	0.74	0.75	0.66	0.2	0.99	0.95	-0.16		0.76	0.61	0.77	-0.69	0.99	0.99	0.99	-0.56	-0.79	0.99	-0.81	-0.63	-0.78	-0.97	0.95	0.8	0.37	0.17	0.67	0.74	0.88	-0.81	0.66	0.66	0.2	0.64	0.86	0.41	0.79	0.75	-0.82	-0.77	0.69	0.73	0.92	-0.97	0.38	0.75	0.66	0.75	0.72	0.76	0.58	0.99	-0.79	0.96	0.96	-0.98	0.99	0.99	0.96	0.99	0.98
Total Liabilities	0.85	1.0	0.98	0.51	0.69	0.63	0.04	0.76		0.95	1.0	-0.95	0.73	0.71	0.79	-0.71	-0.86	0.77	-0.98	-0.92	-0.41	-0.85	0.91	0.97	-0.18	-0.4	0.97	0.96	0.85	-0.94	0.97	0.98	0.5	0.95	0.91	0.71	0.99	0.97	-0.98	-0.97	0.96	0.97	0.88	-0.72	0.44	0.98	0.9	0.97	0.98	0.99	0.95	0.73	-0.85	0.85	0.75	-0.75	0.72	0.72	0.75	0.72	0.75
Current Liabilities	0.65	0.96	0.99	0.66	0.55	0.49	0.31	0.61	0.95		0.93	-0.91	0.59	0.56	0.64	-0.8	-0.84	0.63	-0.94	-0.92	-0.26	-0.73	0.77	0.85	-0.38	-0.56	0.93	0.95	0.75	-0.9	0.94	0.99	0.49	0.9	0.85	0.59	0.89	0.95	-0.93	-0.94	0.98	0.97	0.74	-0.58	0.38	0.95	0.92	0.96	0.96	0.94	0.95	0.58	-0.83	0.72	0.6	-0.62	0.57	0.57	0.6	0.57	0.6
Direct Expenses	0.87	1.0	0.97	0.46	0.7	0.63	0.01	0.77	1.0	0.93		-0.95	0.74	0.72	0.8	-0.71	-0.87	0.78	-0.98	-0.89	-0.42	-0.85	0.92	0.98	-0.15	-0.37	0.97	0.96	0.86	-0.95	0.97	0.97	0.47	0.95	0.91	0.72	0.99	0.97	-0.98	-0.95	0.96	0.96	0.89	-0.73	0.45	0.97	0.87	0.97	0.97	0.98	0.94	0.74	-0.86	0.86	0.76	-0.76	0.73	0.73	0.76	0.73	0.76
Consolidated Income	-0.81	-0.95	-0.94	-0.46	-0.58	-0.47	-0.06	-0.69	-0.95	-0.91	-0.95		-0.63	-0.6	-0.74	0.69	0.92	-0.69	0.92	0.85	0.29	0.78	-0.81	-0.92	0.24	0.45	-0.94	-0.92	-0.76	0.89	-0.94	-0.94	-0.46	-0.93	-0.89	-0.71	-0.94	-0.92	0.92	0.89	-0.92	-0.92	-0.84	0.66	-0.67	-0.92	-0.82	-0.92	-0.92	-0.92	-0.92	-0.63	0.92	-0.79	-0.73	0.63	-0.62	-0.62	-0.74	-0.61	-0.68
Cost of Revenue	0.7	0.72	0.63	0.2	1.0	0.97	-0.13	0.99	0.73	0.59	0.74	-0.63		1.0	0.98	-0.56	-0.75	1.0	-0.79	-0.61	-0.81	-0.97	0.93	0.76	0.4	0.21	0.63	0.72	0.87	-0.79	0.62	0.63	0.17	0.59	0.85	0.35	0.76	0.73	-0.8	-0.75	0.67	0.71	0.88	-0.97	0.33	0.73	0.65	0.73	0.69	0.74	0.54	1.0	-0.75	0.96	0.96	-0.99	1.0	1.0	0.95	1.0	0.99
Gross Profit	0.68	0.69	0.6	0.18	1.0	0.97	-0.14	0.99	0.71	0.56	0.72	-0.6	1.0		0.98	-0.54	-0.73	0.99	-0.77	-0.59	-0.81	-0.96	0.91	0.74	0.43	0.24	0.6	0.69	0.85	-0.77	0.59	0.6	0.15	0.56	0.83	0.33	0.73	0.7	-0.77	-0.72	0.64	0.68	0.86	-0.97	0.32	0.7	0.62	0.7	0.66	0.71	0.51	1.0	-0.73	0.95	0.96	-0.98	1.0	1.0	0.95	1.0	0.98
Interest Expense	0.76	0.77	0.69	0.21	0.97	0.91	-0.15	0.99	0.79	0.64	0.8	-0.74	0.98	0.98		-0.57	-0.83	0.99	-0.83	-0.65	-0.75	-0.98	0.94	0.82	0.34	0.13	0.7	0.76	0.88	-0.83	0.69	0.69	0.21	0.67	0.9	0.44	0.81	0.77	-0.84	-0.78	0.72	0.75	0.92	-0.98	0.48	0.77	0.68	0.77	0.74	0.78	0.61	0.99	-0.83	0.98	0.99	-0.96	0.98	0.98	0.98	0.98	0.99
Net Income	-0.33	-0.74	-0.74	-0.43	-0.54	-0.52	-0.61	-0.56	-0.71	-0.8	-0.71	0.69	-0.56	-0.54	-0.57		0.81	-0.59	0.8	0.59	0.41	0.62	-0.63	-0.6	0.05	0.19	-0.6	-0.84	-0.61	0.86	-0.64	-0.75	0.04	-0.56	-0.66	-0.1	-0.65	-0.82	0.82	0.73	-0.86	-0.8	-0.58	0.51	-0.27	-0.68	-0.67	-0.8	-0.69	-0.68	-0.6	-0.55	0.81	-0.6	-0.54	0.58	-0.55	-0.54	-0.54	-0.55	-0.56
Net Income Common Stock	-0.67	-0.87	-0.85	-0.36	-0.71	-0.62	-0.21	-0.79	-0.86	-0.84	-0.87	0.92	-0.75	-0.73	-0.83	0.81		-0.79	0.88	0.72	0.42	0.86	-0.81	-0.83	0.05	0.24	-0.81	-0.89	-0.75	0.91	-0.82	-0.86	-0.2	-0.79	-0.89	-0.47	-0.85	-0.89	0.9	0.83	-0.89	-0.86	-0.84	0.79	-0.67	-0.82	-0.73	-0.87	-0.82	-0.83	-0.77	-0.75	1.0	-0.85	-0.84	0.75	-0.74	-0.74	-0.84	-0.74	-0.8
Operating Expenses	0.73	0.76	0.68	0.23	0.99	0.95	-0.12	0.99	0.77	0.63	0.78	-0.69	1.0	0.99	0.99	-0.59	-0.79		-0.83	-0.65	-0.79	-0.98	0.95	0.8	0.36	0.16	0.68	0.76	0.89	-0.82	0.67	0.68	0.2	0.64	0.88	0.39	0.79	0.77	-0.83	-0.79	0.71	0.74	0.9	-0.97	0.38	0.76	0.68	0.77	0.73	0.78	0.59	1.0	-0.79	0.97	0.97	-0.98	1.0	1.0	0.96	1.0	0.99
Operating Income	-0.79	-0.98	-0.95	-0.52	-0.76	-0.7	-0.12	-0.81	-0.98	-0.94	-0.98	0.92	-0.79	-0.77	-0.83	0.8	0.88	-0.83		0.9	0.54	0.87	-0.93	-0.93	0.06	0.28	-0.92	-0.98	-0.89	0.97	-0.92	-0.95	-0.41	-0.88	-0.93	-0.58	-0.96	-0.99	1.0	0.98	-0.97	-0.98	-0.88	0.75	-0.42	-0.97	-0.91	-0.99	-0.97	-0.98	-0.89	-0.79	0.87	-0.88	-0.79	0.79	-0.78	-0.78	-0.79	-0.78	-0.8
Weighted Average Shares	-0.69	-0.92	-0.92	-0.79	-0.58	-0.53	-0.13	-0.63	-0.92	-0.92	-0.89	0.85	-0.61	-0.59	-0.65	0.59	0.72	-0.65	0.9		0.33	0.72	-0.77	-0.81	0.36	0.54	-0.89	-0.88	-0.75	0.78	-0.87	-0.91	-0.75	-0.85	-0.89	-0.63	-0.85	-0.89	0.86	0.97	-0.89	-0.94	-0.73	0.59	-0.36	-0.97	-0.99	-0.93	-0.98	-0.96	-0.95	-0.61	0.71	-0.73	-0.62	0.62	-0.6	-0.59	-0.62	-0.6	-0.63
Income Tax Expense	-0.39	-0.4	-0.28	-0.06	-0.82	-0.83	0.11	-0.78	-0.41	-0.26	-0.42	0.29	-0.81	-0.81	-0.75	0.41	0.42	-0.79	0.54	0.33		0.65	-0.69	-0.43	-0.74	-0.61	-0.25	-0.44	-0.74	0.56	-0.23	-0.28	0.07	-0.19	-0.58	0.06	-0.43	-0.44	0.54	0.5	-0.37	-0.42	-0.6	0.68	-0.16	-0.44	-0.42	-0.44	-0.38	-0.44	-0.15	-0.8	0.42	-0.71	-0.73	0.72	-0.81	-0.81	-0.71	-0.81	-0.77
Capital Expenditure	-0.78	-0.84	-0.77	-0.28	-0.95	-0.89	0.1	-0.97	-0.85	-0.73	-0.85	0.78	-0.97	-0.96	-0.98	0.62	0.86	-0.98	0.87	0.72	0.65		-0.95	-0.86	-0.19	0.02	-0.78	-0.82	-0.88	0.86	-0.77	-0.77	-0.29	-0.75	-0.92	-0.52	-0.86	-0.83	0.88	0.83	-0.79	-0.81	-0.93	0.98	-0.45	-0.83	-0.73	-0.83	-0.8	-0.84	-0.7	-0.97	0.86	-0.98	-0.97	0.97	-0.96	-0.96	-0.96	-0.96	-0.98
Share Based Compensation	0.86	0.89	0.82	0.29	0.91	0.87	-0.15	0.95	0.91	0.77	0.92	-0.81	0.93	0.91	0.94	-0.63	-0.81	0.95	-0.93	-0.77	-0.69	-0.95		0.93	0.2	-0.02	0.84	0.87	0.93	-0.91	0.83	0.82	0.33	0.81	0.9	0.58	0.93	0.88	-0.93	-0.89	0.83	0.86	0.97	-0.88	0.36	0.88	0.78	0.87	0.86	0.9	0.76	0.93	-0.81	0.95	0.9	-0.92	0.92	0.92	0.89	0.92	0.91
Long Term Debt to Equity	0.95	0.95	0.91	0.29	0.72	0.64	-0.17	0.8	0.97	0.85	0.98	-0.92	0.76	0.74	0.82	-0.6	-0.83	0.8	-0.93	-0.81	-0.43	-0.86	0.93		-0.04	-0.27	0.96	0.9	0.86	-0.91	0.95	0.92	0.42	0.95	0.86	0.78	1.0	0.91	-0.94	-0.89	0.88	0.89	0.92	-0.75	0.46	0.92	0.78	0.9	0.91	0.93	0.88	0.76	-0.82	0.87	0.78	-0.77	0.75	0.75	0.78	0.74	0.77
PPandE Turnover	0.04	-0.2	-0.34	-0.58	0.44	0.47	-0.33	0.37	-0.18	-0.38	-0.15	0.24	0.4	0.43	0.34	0.05	0.05	0.36	0.06	0.36	-0.74	-0.19	0.2	-0.04		0.97	-0.31	-0.16	0.23	-0.04	-0.31	-0.32	-0.58	-0.32	-0.02	-0.37	-0.09	-0.16	0.03	0.16	-0.24	-0.22	0.15	-0.31	-0.04	-0.22	-0.29	-0.2	-0.27	-0.2	-0.46	0.41	0.04	0.24	0.34	-0.31	0.42	0.42	0.33	0.41	0.37
Receivables Turnover	-0.19	-0.41	-0.54	-0.62	0.25	0.3	-0.27	0.17	-0.4	-0.56	-0.37	0.45	0.21	0.24	0.13	0.19	0.24	0.16	0.28	0.54	-0.61	0.02	-0.02	-0.27	0.97		-0.52	-0.37	0.01	0.17	-0.53	-0.53	-0.65	-0.54	-0.22	-0.55	-0.32	-0.37	0.25	0.36	-0.43	-0.43	-0.07	-0.12	-0.14	-0.42	-0.46	-0.4	-0.47	-0.41	-0.65	0.21	0.23	0.03	0.14	-0.12	0.22	0.23	0.13	0.22	0.17
Inventory Turnover	0.87	0.97	0.97	0.47	0.59	0.51	-0.06	0.67	0.97	0.93	0.97	-0.94	0.63	0.6	0.7	-0.6	-0.81	0.68	-0.92	-0.89	-0.25	-0.78	0.84	0.96	-0.31	-0.52		0.91	0.8	-0.86	1.0	0.97	0.57	0.99	0.85	0.84	0.97	0.93	-0.91	-0.91	0.91	0.93	0.84	-0.64	0.44	0.95	0.85	0.93	0.95	0.96	0.98	0.63	-0.79	0.77	0.67	-0.66	0.62	0.61	0.67	0.61	0.65
Operating Margin	0.73	0.97	0.96	0.55	0.68	0.63	0.2	0.74	0.96	0.95	0.96	-0.92	0.72	0.69	0.76	-0.84	-0.89	0.76	-0.98	-0.88	-0.44	-0.82	0.87	0.9	-0.16	-0.37	0.91		0.84	-0.95	0.92	0.96	0.41	0.88	0.89	0.57	0.93	1.0	-0.98	-0.96	0.99	0.99	0.83	-0.69	0.4	0.95	0.9	0.99	0.95	0.95	0.9	0.71	-0.88	0.82	0.72	-0.73	0.7	0.7	0.72	0.7	0.73
Return on Investment	0.78	0.84	0.8	0.31	0.85	0.8	-0.14	0.88	0.85	0.75	0.86	-0.76	0.87	0.85	0.88	-0.61	-0.75	0.89	-0.89	-0.75	-0.74	-0.88	0.93	0.86	0.23	0.01	0.8	0.84		-0.87	0.8	0.8	0.33	0.77	0.87	0.53	0.86	0.85	-0.89	-0.86	0.79	0.83	0.9	-0.81	0.36	0.85	0.78	0.84	0.82	0.86	0.72	0.87	-0.74	0.9	0.85	-0.84	0.86	0.86	0.84	0.86	0.86
Cash Flow Per Share	-0.74	-0.95	-0.91	-0.37	-0.76	-0.71	-0.19	-0.81	-0.94	-0.9	-0.95	0.89	-0.79	-0.77	-0.83	0.86	0.91	-0.82	0.97	0.78	0.56	0.86	-0.91	-0.91	-0.04	0.17	-0.86	-0.95	-0.87		-0.88	-0.91	-0.19	-0.83	-0.87	-0.48	-0.93	-0.95	0.99	0.91	-0.95	-0.93	-0.87	0.75	-0.41	-0.89	-0.8	-0.93	-0.89	-0.9	-0.81	-0.79	0.9	-0.86	-0.79	0.8	-0.78	-0.78	-0.79	-0.78	-0.8
Revenue to Assets	0.85	0.97	0.98	0.45	0.58	0.5	-0.02	0.66	0.97	0.94	0.97	-0.94	0.62	0.59	0.69	-0.64	-0.82	0.67	-0.92	-0.87	-0.23	-0.77	0.83	0.95	-0.31	-0.53	1.0	0.92	0.8	-0.88		0.98	0.52	0.99	0.83	0.81	0.97	0.93	-0.92	-0.9	0.92	0.93	0.84	-0.63	0.43	0.94	0.84	0.93	0.94	0.95	0.97	0.62	-0.81	0.76	0.66	-0.66	0.61	0.6	0.66	0.6	0.64
Total Assets Per Share	0.77	0.98	1.0	0.57	0.59	0.52	0.16	0.66	0.98	0.99	0.97	-0.94	0.63	0.6	0.69	-0.75	-0.86	0.68	-0.95	-0.91	-0.28	-0.77	0.82	0.92	-0.32	-0.53	0.97	0.96	0.8	-0.91	0.98		0.5	0.96	0.86	0.7	0.94	0.96	-0.95	-0.94	0.97	0.97	0.81	-0.63	0.41	0.96	0.9	0.97	0.97	0.96	0.97	0.63	-0.84	0.77	0.65	-0.67	0.62	0.61	0.66	0.62	0.65
Quick Ratio	0.46	0.49	0.53	0.73	0.14	0.1	-0.2	0.2	0.5	0.49	0.47	-0.46	0.17	0.15	0.21	0.04	-0.2	0.2	-0.41	-0.75	0.07	-0.29	0.33	0.42	-0.58	-0.65	0.57	0.41	0.33	-0.19	0.52	0.5		0.54	0.5	0.65	0.44	0.43	-0.35	-0.56	0.41	0.51	0.31	-0.19	0.19	0.61	0.68	0.5	0.62	0.59	0.68	0.18	-0.19	0.3	0.2	-0.19	0.16	0.16	0.2	0.16	0.19
Asset Turnover	0.89	0.94	0.95	0.4	0.54	0.46	-0.11	0.64	0.95	0.9	0.95	-0.93	0.59	0.56	0.67	-0.56	-0.79	0.64	-0.88	-0.85	-0.19	-0.75	0.81	0.95	-0.32	-0.54	0.99	0.88	0.77	-0.83	0.99	0.96	0.54		0.8	0.87	0.96	0.89	-0.88	-0.86	0.88	0.89	0.83	-0.62	0.44	0.91	0.79	0.89	0.91	0.92	0.96	0.59	-0.77	0.74	0.64	-0.63	0.58	0.58	0.64	0.57	0.62
Book Value per Share	0.75	0.91	0.87	0.55	0.82	0.74	0.03	0.86	0.91	0.85	0.91	-0.89	0.85	0.83	0.9	-0.66	-0.89	0.88	-0.93	-0.89	-0.58	-0.92	0.9	0.86	-0.02	-0.22	0.85	0.89	0.87	-0.87	0.83	0.86	0.5	0.8		0.55	0.89	0.9	-0.92	-0.94	0.88	0.91	0.86	-0.86	0.59	0.93	0.9	0.92	0.92	0.93	0.83	0.86	-0.88	0.95	0.9	-0.83	0.84	0.84	0.9	0.84	0.89
Current Ratio	0.87	0.68	0.7	0.18	0.31	0.21	-0.49	0.41	0.71	0.59	0.72	-0.71	0.35	0.33	0.44	-0.1	-0.47	0.39	-0.58