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Profit Leaders Take It All, Again

The PIA Financial Ratios have been published for decades, and may be the most recognized of the association's publications. There are, of course, problems with all kinds of research gathering efforts, but the positives of the Ratios reports outweigh the negatives from a methodological standpoint.

By Dr. Joe Webb
Published: October 5, 2015


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Dr. Joe Webb is one of the graphic arts industry's best-known consultants, forecasters, and commentators. He is the director of WhatTheyThink's Economics and Research Center.



By Terry Tevis on Oct 05, 2015


Is profit here actual Net Income after Taxes or is it EBITDA, the basis of any merger or sale price multiple? A company with great income and tired iron will not fetch the same value as one with a great equipment/software and superior value chain footprint. Even with a profit % below that of the "tired iron" or "tired valued proposition" printer, TTM and the printer's potential will carry the day for customers and investors.



By Joe Polanco on Oct 09, 2015

Joe, as you mention, there are statistical "challenges" to be found in the studies. It's been my observation over the years that a SIGNIFICANT percentage of the companies in the survey are religious about their participation -- thus you will see the ebb and flow of market cycles reflected in the study. It's not perfect, but it's a great bench-marking tool.

As to Terry's question, the income reported is Net Earnings before Taxes.

Joe Polanco
PIA MidAmerica


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