Return On Sales Research Articles

COVID-19 Provider Relief Fund Payments Were Appropriately Targeted And Did Not Boost Selected Hospitals' Profits.

To help mitigate the COVID-19 pandemic's financial effects on health care providers, Congress allocated $178billion to the Provider Relief Fund (PRF) beginning in 2020. Using monthly data from January 2018 through June 2022 from a nationally representative sample of US hospitals, we used a difference-in-differences approach to examine whether hospitals receiving medium and high PRF support intensity had higher average monthly operating margins (measured separately with and without accounting for PRF payments) than those that received low PRF support intensity. We also assessed the impact of PRF payments by hospitals' prepandemic financial vulnerability status, measured by whether their average operating margins in 2018 and 2019 were above or below the national median. Our findings indicate that PRF distributions to hospitals were appropriately targeted and did not make some hospitals significantly more profitable than others; rather, PRF payments helped offset financial losses associated with the pandemic. The effects of PRF support intensity were concentrated among hospitals that were financially vulnerable before the pandemic and thus in need of support to remain financially viable during the crisis.

A 2K Design for the Low Beta Quadrupoles Q1ApF/Q1BpF for the Interaction Region of the Electron-Ion Collider (EIC)

The forward hadron magnets of the planned electron-ion collider (EIC) at Brookhaven National Laboratory (BNL) present a set of unique challenges. In addition to the typical magnet requirements in terms of aperture, gradient, and field quality, the field leakage from the hadron magnets to the electron apertures must be negligible. Due to the close proximity of the two apertures the shielding solution for the electron beam can affect the field quality of the hadron magnets. <p xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">In this paper, a design for the Q1ApF/Q1BpF low beta quadrupoles based on NbTi Rutherford cable operating at 2K is presented. In this design the electron beam shielding and the required field quality in the hadron magnets are achieved using a set of cutouts in the iron yoke solely without resorting to active shielding. The chosen layout along with the key parameters are presented and their effect on hadron magnets in term of field quality and operational margins are also discussed.

Performance of Cryogen-Free Superconducting Magnet in Isochronous Cyclotron for Proton Therapy

A superconducting azimuthally varying field (AVF) cyclotron, SC230, was developed for proton therapy by Sumitomo Heavy Industries, Ltd. in 2021. This isochronous cyclotron is compact owing to the high magnetic field generated by NbTi superconducting coils. The average magnetic field is 3.9 T at the outer region, and the extraction radius is 0.6 m. Its yoke weight is 65 t. Currently, it is the most compact isochronous cyclotron for this purpose. The coils are cryogen-free and cooled by conduction cooling using four 4 K-GM cryocoolers. The system is highly safe and easy to maintain, which reduces the effects of unstable helium supply. Thus, cryogen-free magnets have various advantages; however, in isochronous cyclotrons, the heat inputs to the coils during beam operation are larger owing to the leakage radio frequency (RF) and beam loss. The magnet is designed to have a sufficient temperature margin for stable operation. The coil temperature during the RF excitation and its dependence on the beam loss were measured to verify the stability of operations. Subsequently, it was confirmed that the coil cools sufficiently at the critical temperature.

Optimization of Half-Flux-Quantum Circuits Composed of π-Shift and Conventional Josephson Junctions

We report optimization of half-flux-quantum (HFQ) circuits composed of SQUIDs containing conventional Josephson junctions and π-shift magnetic Josephson junctions. The SQUID can act as a Josephson junction with an extremely small critical current and be easily switched by a weak driving force with the assistance of the circulating current that is induced due to the π-shift and quantization conditions. It leads to a drastic reduction of both static and dynamic power consumption. However, the parameter margins of the HFQ circuits obtained so far is narrow compared with conventional single-flux-quantum circuits. Since HFQ circuits use many circuit elements and require the two junctions in the SQUID to switch alternately and symmetrically, circuit parameter optimization is much more difficult. In this study, we developed an optimization tool for HFQ circuits, including operation judgment and margin calculation. We improved the critical margin of the HFQ Josephson transmission line to 39%. We also optimized the HFQ splitter, confluence buffer, and D flip-flop. We discuss design guidelines for HFQ circuits based on our systematic exploration of the optimized circuit parameter sets. We suggest that the optimized loop inductances are around 0.5 and 1.5 of Φ <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">0</sub> /2 for data transmission and storage, respectively.

Numerical Assessment of the Inhomogeneous Temperature Field and the Quality of Heat Extraction of Nb3Sn Impregnated Magnets for the High Luminosity Upgrade of the LHC

The High Luminosity upgrade of the Large Hadron Collider (HL-LHC) at CERN foresees the installation of Nb <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">3</sub> Sn-based quadrupole magnets at selected interaction points of the accelerator. The precise knowledge of each magnet's thermal characteristics and heat extraction performance in response to power depositions during both nominal and ultimate conditions is essential in determining safe operating margins. A 2D numerical framework has been developed to systematically assess the temperature distribution in the combined magnet structure-superfluid He system of each magnet and enveloping cold mass using open-source software. Here a full cross-section of a magnet cold mass is modelled, under the power density distribution expected at the most exposed longitudinal position during accelerator operation at an instantaneous luminosity of 5.0x10 <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">34</sup> cm <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">-2</sup> s <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">-1</sup> , corresponding to the nominal conditions for HL-LHC. Temperature maps and margins are presented for the inner triplet magnets (MQXF) for both horizontal and vertical beam crossing conditions, along with the validation of the design of cold mass cooling channels for heat extraction.

Determination of the Bit Error Rate Due to Thermal Noise Using JoSIM Superconducting Circuit Simulator and the Monte Carlo Method

Thermal noise requires careful consideration during the design process of RSFQ circuits since it reduces circuit operating margins and can cause switching errors. Bit error rate (BER) provides a useful means of analysing the effect of this noise on a circuit. With tools developed under the IARPA SuperTools project, we present an implementation of the Monte-Carlo technique for determining BER via simulation. The Monte-Carlo method has been considered previously but not widely implemented due to slow simulation times preventing the determination of small BER values. We use JoSIM – an efficient simulator with SPICE syntax that allows for the simulation of superconducting components and noise sources with improved speed over older superconductor simulators. This speed improvement makes the Monte-Carlo method viable. The simulated BER is plotted against bias current with values in the low-BER region interpolated from the simulated values using MATLAB. We show how the results need to be used as a further qualifier of circuit performance for the characterization of a logic cell library.

Determinants of Profitability : Evidence from Construction Companies Listed on Indonesian Securities Market

An asset management role is required to analyze and optimize revenue sources and efficient systems to reduce costs. Construction service companies that tend to have fewer fixed assets than their current assets have constraints in suppressing production prices and must be able to manage them efficiently to maintain their existence in the market. The data shows the growth in the number of construction service companies which continues to increase and the construction price index which continues to decline, requiring efficient asset management to reduce production costs. For this reason, this study aims to determine the effect of Account Receivable Turnover (ARTO) asset management instruments, Fixed Asset Turnover (FATO), Inventory Turnover (IT), and Total Asset Turnover (TATO) on Operating Profit Margin (OPM) in construction service companies in Indonesia. The research sample is 5 large-scale construction companies in Indonesia with vulnerable observation periods from 2017 to 2021. The method used in this research is panel data regression to examine the relationship between research variables. The results of this study indicate that Fixed Asset Turnover (FATO) and Total Assets Turnover (TATO) have an effect on the Operational Profit Margin (OPM) of construction service companies in Indonesia. Meanwhile, Account Receivable Turnover (ARTO) and Inventory Turnover (IT) have no effect on OPM in Indonesian construction service companies. The results of this study have implications for construction service companies that asset management is very important for the company's progress, especially in increasing profits. This research contributes to the ability of construction service companies to manage their assets effectively, because the construction service business actor is the party responsible for implementing infrastructure development in Indonesia.

Blind Separation of the Measured Mixed Cyclostationary Waveforms in Transmission Lines of the PCB

Crosstalk is an undesirable factor that degrades the quality of data transmission in printed circuit boards (PCBs). The signal integrity (SI) in multiconductor transmission lines is controlled by using a large number of multiport tests and measurements, which require a lot of time and expensive laboratory equipment. Proposed signal processing methods based on blind identification allow a reduction in the measurement burden. Contrary to the traditional approach requiring knowledge of sampling time offset, input pseudorandom bit sequence (PRBS), and time delay between received data and transmitted PRBS, the proposed alternative method performs blind separation of measured data for the linear fit pulse response (LFPR) procedure. The waveform identification of the partial pulse responses is evaluated for additively mixed cyclostationary sources of the data, intersymbol interference, and crosstalk. A mixed matrix model of composed random vectors is considered. The proposed estimation procedure is based on preprocessing of measured data using principal component analysis (PCA) and following independent component analysis (ICA). It is shown that the proposed component analysis allows diagnostics of signal integrity using eye-diagram patterns and the channel operating margin (COM).

The Efffect of Financial Ratio on Profitability with NOM and GWM as Moderating Factors of Banking Financial Ratios ( Study at NTB Syariah Bank)

Profitability ratio is the main ratio in measuring the achievement of banking performance.Profitability ratio is influenced by several other ratios such as CAR, FDR, BOPO and NPF. Thisstudy examines and analyzes the effect of Capital Adequacy Ratio (CAR), Financing to DepositRatio (FDR), Operating Expenses to Operating Income (BOPO) and Non Performing Financing(NPF) on the profitability of PT Bank NTB Syariah with NOM (Net Operating Margin) andMinimum Reserve Requirement (GWM) as moderating. This research is a quantitative study thatwants to reveal the effect of financial ratios on profitability. The data used is the publication reportdata of PT Bank NTB Syariah for the period 2019 to 2021. The data analysis technique in thisstudy used Partial Least Square (PLS). The results showed that CAR, BOPO, NPF had nosignificant and negative effect on ROA as indicated by the P value of 0.212, 0.505 and 0.360respectively, while FDR had a significant and positive effect on ROA as indicated by a P value of0.000. For moderator variables, namely GWM and NOM, both have no significant effect inmoderating the FDR and BOPO variables, indicated by the P value of 0.988 and 0.589,respectively.

Longitudinal study of lean tools in Spanish manufacturing firms

PurposeLean management is a suitable methodology for companies that want to improve their productive performance and competitiveness. This study aims to research levels of implementation and internalisation of Lean production tools in Spanish manufacturing companies, and explores differences in behaviour between SMEs and large companies based on data gathered over three time periods. The correlation between Lean adoption and company performance is also analysed.Design/methodology/approachCompany survey data for the years 2012, 2015 and 2018 collected from 354 respondents were used to conduct a longitudinal study on the level of lean tool adoption and internalisation in manufacturing companies.FindingsOver the years, the use of Lean tools has increased, whereas levels of internalisation have remained stable. Lean tool use in SMEs and large companies show significant differences in 2012 and 2015, but this is no longer the case 2018. Results also show that higher Lean tool use helps increase return on sales (ROS), and higher levels of internalisation of tools helps reduce the number of products rejected.Originality/valueTo date, there are no known studies on the use and internalisation of Lean tools or their correlations with business performance indicators in Spanish manufacturing companies.

Changes in US Hospital Financial Performance During the COVID-19 Public Health Emergency

The COVID-19 public health emergency (PHE) caused substantial changes in hospital operations. The net effect of these changes on hospital financial performance is unclear. To evaluate changes in hospital financial performance before and during the COVID-19 PHE. This longitudinal within-hospital cohort analysis from 2017 to 2021 used national RAND hospital data merged with American Community Survey data. A total of 4223 short-term acute care or critical access hospitals in the US with financial data spanning 2017 to 2021 were evaluated. Financial performance during the first 2 years of the PHE. The main outcome was PHE financial distress calculated based on net operating income (operating revenue minus operating expenses). Within-hospital changes in net operating income over time were evaluated with and without COVID-19 relief funding. From henceforth, 2020/2021 means the weighted average financial performance for both calendar year 2020 and 2021. Hospitals were characterized as having new financial distress if (1) their average 2020/2021 net operating income was negative and (2) the average 2020/2021 net operating income was less than that hospital's pre-2020 net operating income. Predictors of new financial distress were evaluated using logistic regression and predictors of COVID-19 relief using 2-part models. In this sample of 4423 hospitals, 3529 (80.0%) received PHE funds during 2020/2021. A total of 846 (19.1%) were located in a census tract with more than 20% Hispanic residents. Of the total number of hospitals, 720 (16.3%) of hospitals had PHE financial distress, whereas 2047 (46.3%) had PHE financial distress after excluding COVID-19 relief funding from net operating income. The majority of hospitals (n = 3337; 74.8%) had a positive net operating income across 2020/2021, with 785 (17.8%) hospitals moving from a negative pre-2020 to a positive 2020/2021 net operating income. In adjusted analyses, hospitals treating a higher proportion of Hispanic populations were more likely to have PHE distress (adjusted odds ratio, 1.3; 95% CI, 1.1-1.6; P = .02). Median (IQR) operating margins from 2020/2021 were at an all-time high of 6.5% (0.2%-13.3%) compared with pre-2020 operating margins of 2.8% (-2.8% to 9.3%). In this cohort study of US hospitals, the large majority had positive financial performance during 2020/2021, partly due to COVID-19 relief funds. However, hospitals serving Hispanic populations had substantially worsened financial performance during 2020/2021, even after accounting for COVID-19 relief. That COVID-19 relief funding aided in operating margins reaching all-time highs indicates funding amounts may have been larger than was necessary for many hospitals. With COVID-19 relief funding ending yet COVID-19 related continuing to affect hospital expenses, ongoing monitoring of hospital financial performance is vital to ensure patients retain access to care.

Analysis of an Abnormal Secondary Voltage Accident of Capacitive Voltage Transformer

Capacitive Voltage Transformer (CVT) is an important measurement and protection equipment in power system, which has the characteristics of high electrical strength, large insulation margin and reliable operation. During the operation of CVT, its upper and lower capacitors, compensation reactors, lightning rods and other components often have faults. The faults of CVT can be found in time by judging the secondary voltage value. In this paper, an abnormal secondary voltage fault of CVT is introduced. Combined with test and disassembly analysis, it is determined that the fault is caused by breakdown of capacitor unit. Through fault simulation, this paper studies the typical CVT faults and the change law of secondary voltage, and puts forward the threshold of the secondary voltage abnormal alarm of CVT, providing important reference for CVT online monitoring.

ANALISIS PERBANDINGAN RASIO PROFITABILITAS SEBELUM DAN SELAMA PANDEMI COVID - 19 PADA PERUSAHAAN UMUM DAMRI

This study was conducted to compare profitability ratios using Return On Assets (ROA), Return On Equity (ROE), Net Profit Margin (NPM), and Operating Profit Margin (OPM) methods in Perum Darmri before and during the covid-19 pandemic. The data used were secondary data obtained from the official website of Perum Damri using Perum Damri's financial reports for 2018-2021. The analysis technique used was quantitative comparison. The results showed that there was no difference in the profitability ratios of the Return On Assets (ROA), Return On Equity (ROE) and Net Profit Margin (NPM) methods at the beginning of the pandemic covid-19 and during the pandemic covid-19 only the Operating Profit Margin (OPM) there was a difference at the beginning of the pandemic covid-19 from another method. At the beginning of the pandemic covid-19, Perum Damri experienced an increase in Return On Assets (ROA), Return On Equity (ROE), and Net Profit Margin (NPM) methods but experienced a decrease in the Operating Profit Margin (OPM) method. During the pandemi covid-19 or during the pandemic covid-19, Perum Damri experienced a decrease in each ratio method used, both Return On Assets (ROA), Return On Equity (ROE) and Net Profit Margin (NPM) and Operating Profit Margin (OPM).

Analisis Determinan Financing to Deposit Ratio Pada Bank Umum Syariah di Indonesia Periode 2017-2022

This study aims to determine the magnitude of the influence of the variables Third Party Funds (DPK), Capital Adequacy Ratio (CAR), Return on Assets (ROA), Net Operating Margin (NOM), and Inflation on Financing to Deposit Ratio (FDR) at at Sharia Commercial Banks in Indonesia 2017-2022 period. The population used is Sharia Commercial Banks in Indonesia. The data used is secondary data derived from the annual report for the 2017-2022 period which is available on each BUS website. The research method used is quantitative research with panel data regression analysis. The result of this study conclude that DPK has a negative no significant effect on FDR, CAR has a significant positive effect on FDR, ROA has a negative no significant effect on FDR, NOM has a positive no significant effect on FDR, and Inflation has a negative no significant effect on FDR. Car has a dominant effect on FDR.

Does audit committee matter? Evidence from Tanzanian listed firms.

Aim: The primary role of audit committees is to provide oversight in the financial reporting, audit process, internal controls and in compliance with regulations and laws. The objective of this paper is to investigate the impact of board audit committees attributes on firm performance. Design/Research methods: Using a sample of firms publicly traded on the Dar es Salaam Stock Exchange (DSE) during 1998–2018; this paper estimated fixed effects regressions to tests the hypotheses developed. Conclusions/findings: The results show that audit committee attributes are positively linked with firm financial performance. Specifically, the findings reveal that audit committee attributes as measured by audit committee meetings, existence of audit committees, audit committee size and audit committee independence have positive impact on corporate performance as measured by return on sales (ROS) and profitability. These findings confirmed that firms having audit committees performed better than those without audit committees. Originality/value of the article: There is scarce research which examines the link between audit committees and firm performance in developing countries. To date, there is no study that has investigated the relationship between audit committee characteristics and firm performance in Tanzania. This paper provides new evidence on the relationship between audit committee attributes and firm performance in Tanzanian environment. Implications of the research: Overall, the findings recommend existence of large independent audit committees which conducts their meetings regularly as it is ideally enhances firm financial performance. Keywords: Audit committee attributes, corporate governance, firm performance, Tanzania JEL: G3, N27

The financial burden associated with endovascular repair of thoracoabdominal and pararenal aortic aneurysms using physician-modified fenestrated-branched endografts

Objective/BackgroundEndovascular thoracoabdominal and pararenal aortic aneurysm repair is more complex and requires more devices than infrarenal aneurysm repair. It is unclear if current reimbursement covers the cost of delivering this more advanced form of vascular care. The objective of this study was to evaluate the economics of fenestrated-branched (FB-EVAR) physician-modified endograft (PMEG) repairs. MethodsWe obtained technical and professional cost and revenue data for four consecutive fiscal years (July 1, 2017, to June 30, 2021) at our quaternary referral institution. Inclusion criteria were patients who underwent PMEG FB-EVAR in a uniform fashion by a single surgeon for thoracoabdominal/pararenal aortic aneurysms. Patients in industry-sponsored clinical trials or receiving Cook Zenith Fenestrated grafts were excluded. Financial data were analyzed for the index operation. Technical costs were divided into direct costs that included devices and billable supplies and indirect costs including overhead. Results62 patients (79% male, mean age: 74 years, 66% thoracoabdominal aneurysms) met inclusion criteria. The mean aneurysm size was 6.0 cm, the mean total operating time was 219 minutes, and the median hospital length of stay was 2 days. PMEGs were created with a mean number of 3.7 fenestrations, using a mean of 8.6 implantable devices per case. The average technical cost per case was $71,198, and the average technical reimbursement was $57,642, providing a net negative technical margin of $13,556 per case. Of this cohort, 31 patients (50%) were insured by Medicare remunerated under diagnosis-related group code 268/269. Their respective average technical reimbursement was $41,293, with a mean negative margin of $22,989 per case, with similar findings for professional costs. The primary driver of technical cost was implantable devices, accounting for 77% of total technical cost per case over the study period. The total operating margin, including technical and professional cost and revenue, for the cohort during the study period was negative $1,560,422. ConclusionsPMEG FB-EVAR for pararenal/thoracoabdominal aortic aneurysms produces a substantially negative operating margin for the index operation driven largely by device costs. Device cost alone already exceeds total technical revenue and presents an opportunity for cost reduction. In addition, increased reimbursement for FB-EVAR, especially among Medicare beneficiaries, will be important to facilitate patient access to such innovative technology.

Profitability Analysis of Small-Scale Cage Aquaculture Farms in the Volta Lake of Ghana

In Ghana, aquaculture offers acceptable opportunities for generating income. Cage aquaculture has a lot of potential for growth in Lake Volta. In this region, cage aquaculture farmers perform aquaculture in a variety of ways that fall into three major groups: commercial, medium scale, and small scale. In this study, the profitability and production economics of small-scale aquaculture operations in Lake Volta were examined. The average total revenue accrued and the average total costs of production were Gh₵395231.25 and Gh₵267970.15, respectively. The overall gross margin and net return for all the farms were Gh₵130294.02 and Gh₵127,261.10 per cycle, respectively. The overall assessment of the profitability performance indicators such as the benefit-cost ratio (BCR), the return on investment (ROI), the net present value (NPV), the operating expense ratio (OE), the operating profit margin (OPM), and the gross margin ratio (GMR) were 1.47, 47.49%, Gh₵407625.47, 0.77%, 32.20%, and 33.00%, respectively. These indicators showed that small-scale cage fish farming in the study area is profitable. The sensitivity analysis further demonstrated that small-scale cage fish production was robustly profitable. In light of this, the study suggests that stakeholders educate small-scale cage aquaculture farmers on the profitability of the business and make a concerted effort to teach and equip farmers with best management practises (BMPs), water quality management, feeds, and feeding management.

THE EFFECT OF FINANCIAL RATIOS ON PROFITABILITY OF INDONESIAN ISLAMIC BANKING BEFORE AND DURING THE COVID-19 PANDEMIC (2018-2021)

This study aims to analyze the effect of financial ratios on profitability (NOM), and look at differences in profitability (NOM) in Islamic Banking before and during the Covid-19 pandemic (2018-2021). The sampling technique used purposive sampling. The selected sample is 10 Islamic Commercial Banks in Indonesia for the period from 2018 to 2021. Financial ratios are measured by ROE, NPF, FDR, and BOPO and profitability is measured by NOM. The data analysis method used is multiple linear regression and non-parametric test (Wilcoxon test). The results showed that ROE and BOPO had a positive effect on NOM, while NPF and FDR had a negative effect on NOM, then there is no difference in net operating margin (NOM) before and during the covid-19 pandemic.

PENGARUH PERPUTARAN KAS TERHADAP PROFITABILITAS PADA PABRIK ROTIBEGAWAN BAKERY KOTA SIBOLGA

The purpose of this study was to determine and analyze the effect of cash turnover on profitability at the Bengawan Bakery bakery, Sibolga City. The population in this study are all financial reports. The sample in this study is financial report data for the last 5 years, namely 2017 to 2021 in quarters. The research results revealed that the highest increase in cash turnover was in the 4th quarter of 2020 of 7.38 times. And the lowest was in the fourth quarter of 2018 at 2.99 times. It can be analyzed that the Profitability of Bengawan Bakery in Sibolga City shows that the Operating Profit Margin data has fluctuated between 46.9% to 52.9%. R square is also called the coefficient of determination, it can be seen that R square (r2) is 0.339 or 33.9%, which means that the effect of cash turnover on profitability is 33.9%. It is known that the tcount value is greater than ttable 3.041 &gt; 2.101, then Ho is rejected and Haha accepted. This means that the proposed research hypothesis can be accepted

Modeling of the corporate capital structure

The capital structure is determined by the ratio of the company’s own and borrowed funds. It has a direct impact on the financial stability of the company, profit and return on equity. Thus a reasonable calculation of the value of the specified ratio is an urgent problem for any large enterprise. The correct ratio of borrowed and own capital in the structure of the aggregate corporate capital will allow to provide the specified return from the use of own capital in changing market conditions. The methodology of optimizing the structure of capital proposed by the authors is based on a formula for increasing return on equity (ROE) as a function of three variables — return on sales (ROS), resource productivity (Y) and equity multiplier M. The interpretation of the DuPont model as a model with lagged variables is original, which allows to predict the change in the equity multiplier at the expense of possible increase in other variables: resource productivity and return on sales, provided that the return on equity will reach the target level. There have been obtained formulas which allow modeling the structure of capital that guarantees a given profitability. The heuristic principle based on the three-factor model of DuPont ROE = ROS×Y×M, was that keeping the return on equity at the same level (as compared with the reference period) should entail compensation for the multidirectional dynamics of return on sales, resource productivity and equity multiplier. The paper considers three variants of the dependence of changes in the ratio of equity and borrowed capital of the company: when resource productivity is unchanged (ΔY = 0), when return on sales is unchanged (ΔROS = 0) and when both indicators change simultaneously (ΔY ≠ 0 and ΔROS ≠ 0). The methodology presented by the authors also allows to calculate the structure of capital which would provide a given level of return on equity ROE based on the forecast of return on assets ROS and return on sales Y with reference to the values of ROS and Y calculated in the reference period. We present the testing of this algorithm (in all three variants) on the basis of the reporting data of one of the metallurgical companies of Russia for the period 2017—2019.