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Bed Bath and Beyond Inc
(BBBY) February 7, 2011
Figures in Millions except per share values
Company Overview Low Risk
Bed Bath & Beyond Inc., along with its subsidiaries, is a chain of retail stores, 5
operating under the names Bed Bath & Beyond (BBB), Christmas Tree Shops (CTS), 4
Harmon and Harmon Face Values (Harmon) and buybuy BABY. In addition, the
Company is a partner in a joint venture, which operates two stores in the Mexico City 3
Strong Moat High Growth
market under the name Home & More. The Company sells an assortment of 2
domestics merchandise and home furnishings, which include food, giftware, health
1
and beauty care items, and infant and toddler merchandise. As of February 27, 2010,
Bed Bath & Beyond Inc. operated 1,100 stores located in 49 states, the District of 0
Columbia, Puerto Rico and Canada, including 965 BBB stores operating in 49 states,
the District of Columbia, Puerto Rico and Canada; 61 CTS stores operating in 15
states; 45 Harmon stores operating in three states, and 29 buybuy BABY stores Good Financial
Under Valued
operating in 14 states. Health

Valuation Well Managed

Current Price $ 48.32 Margin of Safety 5 Yr Price vs Intrinsic Value
NCAV $ 8.59 -82%
60
Total Net Reprod. Cost $ 18.83 -61%

Earnings Power Value (EPV) $ 36.99 -23%

50
Discounted Cash Flow (DCF) $ 48.19 0%

Ben Graham Formula $ 49.97 3% 40

30
Key Statistics Valuation Ratios
Mkt Cap ($M) $ 12,310.00 P/E(TTM) 17.1
20
52 Wk High $ 50.95 P/S(TTM) 1.5
52 Wk Low $ 26.50 10
% off 52Wk Low 82.3% P/Tang BV(MRQ) 3.2
FCF/EV (TTM) 5.5% 0
Cash Flows P/FCF(TTM) 15.9 6/1/2004 6/1/2006 6/1/2008 6/1/2010
Owner Earnings FCF Earnings Yld (TTM) 12.4%
Historical Price Intrinsic Value Buy Price
5 yr FCF Growth -1.8% Piotroski (TTM) 7
10 yr FCF Growth 14.6% Altman (MRQ) 6.68
Beneish (TTM) NA Balance Sheet
Effectiveness Cash and Equiv $ 1,440.14
CROIC Margins & Profitability Short-Term Investments $ -
Avg 14.7% Gross Accts Rec $ -
FCF/S Gross Margin Inventory $ 2,171.78
Avg 6.2% Operating Total Current Assets $ 3,949.01
ROA Operating Margin Net PP&E $ 1,124.70
Avg 14.8% Net Profit Intangibles $ -
ROE Net Margin Total Assets $ 5,560.14
Avg 22.2%
Financial Strength (MRQ) Total Current Liabilities $ 1,369.98
Efficiency Quick Ratio(MRQ) 1.3 Long-Term Debt $ -
Rec Turnover(TTM) 0.0 Current Ratio(MRQ) 2.9 Total Liabilities $ 1,761.24
Inv Turnover(TTM) 2.4 LTD/Eq(MRQ) 0.0
Asset Turnover(TTM) 1.6 Tot D/Eq(MRQ) 0.0
Bed Bath and Beyond Inc Enter Ticker Refresh Help

(BBBY) Figures in Millions except per share values

2/7/2011
BBBY 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Qtr 2/10 Qtr 5/10 Qtr 8/10 Qtr 11/10 TTM
Income Statement 9 8 7 6 5 4 3 2 1 0 3 2 1 0
Revenue $ 2,396.7 $ 2,928.0 $ 3,665.2 $ 4,478.0 $ 5,147.7 $ 5,809.6 $ 6,617.4 $ 7,048.9 $ 7,208.3 $ 7,828.8 $ 2,244.1 $ 1,923.1 $ 2,136.7 $ 2,193.8 $ 8,497.6
% change from prev year 22.2% 25.2% 22.2% 15.0% 12.9% 13.9% 6.5% 2.3% 8.6% -71.3% -14.3% 11.1% 2.7% 8.5%
Cost of Revenues $ 1,363.5 $ 1,657.8 $ 2,070.8 $ 2,515.5 $ 2,862.2 $ 3,209.5 $ 3,645.5 $ 3,964.4 $ 4,159.5 $ 4,436.4 $ 1,241.4 $ 1,103.0 $ 1,216.9 $ 1,251.9 $ 4,813.2
COGS (%) 56.9% 56.6% 56.5% 56.2% 55.6% 55.2% 55.1% 56.2% 57.7% 56.7% 55.3% 57.4% 57.0% 57.1% 56.6%
Gross Profit $ 1,033.1 $ 1,270.1 $ 1,594.4 $ 1,962.5 $ 2,285.4 $ 2,600.0 $ 2,971.9 $ 3,084.5 $ 3,048.8 $ 3,392.4 $ 1,002.7 $ 820.0 $ 919.8 $ 941.8 $ 3,684.4
Gross Profit (%) 43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 44.7% 42.6% 43.0% 42.9% 43.4%

Operating Expenses
Selling, General & Admin. Expenses $ 713.6 $ 861.5 $ 1,038.5 $ 1,237.3 $ 1,393.9 $ 1,606.6 $ 1,946.0 $ 2,087.2 $ 2,199.3 $ 2,227.4 $ 584.8 $ 549.6 $ 578.0 $ 591.4 $ 2,303.8
SG&A (%) 29.8% 29.4% 28.3% 27.6% 27.1% 27.7% 29.4% 29.6% 30.5% 28.5% 26.1% 28.6% 27.1% 27.0% 27.1%
Research & Development $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
R&D (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA $ 319.5 $ 408.6 $ 555.9 $ 725.2 $ 891.6 $ 993.5 $ 1,025.9 $ 997.3 $ 849.5 $ 1,164.9 $ 417.9 $ 270.4 $ 341.8 $ 350.4 $ 1,380.6
EBITDA (%) 13.3% 14.0% 15.2% 16.2% 17.3% 17.1% 15.5% 14.1% 11.8% 14.9% 18.6% 14.1% 16.0% 16.0% 16.2%
Other Special Charges $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Depreciation & Amortization $ 46.7 $ 62.5 $ 75.8 $ 85.8 $ 99.1 $ 114.3 $ 136.5 $ 159.3 $ 175.6 $ 184.2 $ 47.2 $ 45.0 $ 44.9 $ 45.3 $ 182.4
D&A (%) 1.9% 2.1% 2.1% 1.9% 1.9% 2.0% 2.1% 2.3% 2.4% 2.4% 2.1% 2.3% 2.1% 2.1% 2.1%
Operating Income $ 272.8 $ 346.1 $ 480.1 $ 639.3 $ 792.4 $ 879.2 $ 889.4 $ 838.0 $ 673.9 $ 980.7 $ 370.7 $ 225.4 $ 296.9 $ 305.1 $ 1,198.1
Operating Income (%) 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 16.5% 11.7% 13.9% 13.9% 14.1%

Other Income and Expense

Interest Expense $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Income $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Earnings Before Taxes $ 272.8 $ 346.1 $ 480.1 $ 639.3 $ 792.4 $ 879.2 $ 889.4 $ 838.0 $ 673.9 $ 980.7 $ 370.7 $ 225.4 $ 296.9 $ 305.1 $ 1,198.1
Income Taxes/(Credit) $ 109.9 $ 137.5 $ 189.2 $ 250.1 $ 306.2 $ 342.2 $ 338.6 $ 302.4 $ 258.2 $ 385.2 $ 338.6 $ 302.4 $ 258.2 $ 385.2 $ 385.2
Tax Rate % 40.3% 39.7% 39.4% 39.1% 38.6% 38.9% 38.1% 36.1% 38.3% 39.3% 91.3% 134.2% 87.0% 126.2% 32.1%
Earnings After Taxes $ 162.9 $ 208.6 $ 290.9 $ 389.2 $ 486.2 $ 537.0 $ 550.8 $ 535.6 $ 415.7 $ 595.5 $ 32.1 $ (77.0) $ 38.7 $ (80.1) $ 812.9
Minority Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Income From Continuing
Operations $ 171.9 $ 219.6 $ 302.2 $ 399.5 $ 505.0 $ 572.8 $ 594.2 $ 562.8 $ 425.1 $ 600.0 $ 226.0 $ 137.6 $ 181.8 $ 188.6 $ 733.9
Net Income From Discontinued Operations$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Income From Total Operations $ 171.9 $ 219.6 $ 302.2 $ 399.5 $ 505.0 $ 572.8 $ 594.2 $ 562.8 $ 425.1 $ 600.0 $ 226.0 $ 137.6 $ 181.8 $ 188.6 $ 733.9
Net Income (%) 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 10.1% 7.2% 8.5% 8.6% 8.6%

Shares and EPS

Total Basic EPS $ 0.61 $ 0.76 $ 1.03 $ 1.35 $ 1.68 $ 1.95 $ 2.12 $ 2.13 $ 1.66 $ 2.33 $ 0.88 $ 0.53 $ 0.71 $ 0.75 $ 2.87
Fully Diluted EPS $ 0.59 $ 0.74 $ 1.00 $ 1.31 $ 1.65 $ 1.92 $ 2.09 $ 2.10 $ 1.64 $ 2.30 $ 0.86 $ 0.52 $ 0.70 $ 0.74 $ 2.82
Basic Shares Outstanding 281.8 288.9 293.4 295.9 300.6 293.8 280.3 264.2 256.1 257.5 256.9 259.5 256.0 251.4 254.7
Diluted Shares Outstanding 291.4 296.8 302.2 304.9 306.0 298.4 284.3 268.0 259.2 260.9 262.8 264.5 259.7 254.8

Balance Sheet MRQ

Assets
Cash & Equivalents $ 239.3 $ 429.5 $ 515.7 $ 825.0 $ 222.1 $ 247.7 $ 213.4 $ 224.1 $ 668.2 $ 1,096.1 $ 1,096.1 $ 1,084.0 $ 1,040.5 $ 840.3 $ 840.3
Short-Term Investments $ - $ - $ 100.9 $ 41.6 $ 629.3 $ 404.1 $ 774.9 $ - $ 2.0 $ 431.5 $ 431.5 $ 560.2 $ 602.2 $ 599.8 $ 599.8
Net Receivables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
% change from prev year
Inventories $ 606.7 $ 754.0 $ 915.7 $ 1,012.3 $ 1,152.0 $ 1,301.7 $ 1,505.8 $ 1,617.0 $ 1,642.3 $ 1,759.7 $ 1,759.7 $ 1,846.1 $ 1,903.1 $ 2,171.8 $ 2,171.8
% change from prev year 24.3% 21.4% 10.6% 13.8% 13.0% 15.7% 7.4% 1.6% 7.1% 0.0% 4.9% 3.1% 14.1% 14.1%
Other Current Assets $ 39.7 $ 43.2 $ 62.1 $ 90.4 $ 93.5 $ 118.4 $ 204.6 $ 238.6 $ 250.3 $ 276.1 $ 276.1 $ 292.1 $ 306.6 $ 337.1 $ 337.1
Total Current Assets $ 885.7 $ 1,226.7 $ 1,594.4 $ 1,969.3 $ 2,097.0 $ 2,071.9 $ 2,698.6 $ 2,079.7 $ 2,562.8 $ 3,563.3 $ 3,563.3 $ 3,782.4 $ 3,852.4 $ 3,949.0 $ 3,949.0
Fixed Assets $ 302.7 $ 361.7 $ 423.9 $ 516.2 $ 609.6 $ 738.7 $ 929.5 $ 1,121.9 $ 1,148.4 $ 1,119.3 $ 1,119.3 $ 1,103.4 $ 1,105.3 $ 1,124.7 $ 1,124.7
Intangible Assets $ - $ - $ - $ 147.3 $ 147.6 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other Long-Term Assets $ 7.4 $ 59.1 $ 170.5 $ 232.3 $ 345.8 $ 571.5 $ 331.2 $ 642.5 $ 557.6 $ 469.5 $ 469.5 $ 475.3 $ 482.3 $ 486.4 $ 486.4
Total Long-Term Assets $ 310.0 $ 420.8 $ 594.5 $ 895.7 $ 1,103.0 $ 1,310.2 $ 1,260.7 $ 1,764.4 $ 1,706.0 $ 1,588.8 $ 1,588.8 $ 1,578.7 $ 1,587.6 $ 1,611.1 $ 1,611.1

Total Assets $ 1,195.7 $ 1,647.5 $ 2,188.8 $ 2,865.0 $ 3,200.0 $ 3,382.1 $ 3,959.3 $ 3,844.1 $ 4,268.8 $ 5,152.1 $ 5,152.1 $ 5,361.0 $ 5,440.0 $ 5,560.1 $ 5,560.1

Liabilities & Stockholders' Equity

Accounts payable $ 192.4 $ 270.9 $ 363.0 $ 398.7 $ 450.5 $ 534.9 $ 615.2 $ 570.6 $ 514.7 $ 611.2 $ 611.2 $ 678.7 $ 771.8 $ 856.6 $ 856.6
Short-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 172.8 $ 172.8 $ 175.4 $ 179.1 $ 182.6 $ 182.6
Taxes Payable $ 128.8 $ 190.9 $ 246.2 $ 337.0 $ 254.6 $ 249.1 $ 245.3 $ 259.0 $ 247.5 $ 281.7 $ 10.7
Accrued Liabilities $ 128.8 $ 190.9 $ 246.2 $ 337.0 $ 254.6 $ 249.1 $ 245.3 $ 259.0 $ 247.5 $ 281.7 $ 320.0
Other Current Liabilities $ 160.8 $ 240.4 $ 317.2 $ 370.9 $ 423.1 $ 454.6 $ 529.9 $ 443.5 $ 438.2 $ 365.6 $ 365.6 $ 360.6 $ 331.6 $ 330.7 $ 330.7

Total Current Liabilities $ 353.2 $ 511.3 $ 680.2 $ 769.5 $ 873.6 $ 989.5 $ 1,145.1 $ 1,014.1 $ 953.0 $ 1,149.6 $ 1,149.6 $ 1,214.7 $ 1,282.4 $ 1,370.0 $ 1,370.0
Long-Term Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 103.4 $ 103.4 $ 105.8 $ 110.6 $ 114.2 $ 114.2
Other Liabilities $ 25.5 $ 41.9 $ 56.8 $ 104.7 $ 122.6 $ 130.1 $ 165.1 $ 268.2 $ 315.4 $ - $ - $ - $ - $ - $ -
Deferred Income Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 246.3 $ 246.3 $ 257.3 $ 262.2 $ 277.1 $ 277.1
Minority Interest $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Long-Term Liabilities $ 25.5 $ 41.9 $ 56.8 $ 104.7 $ 122.6 $ 130.1 $ 165.1 $ 268.2 $ 315.4 $ 349.7 $ 349.7 $ 363.1 $ 372.8 $ 391.3 $ 391.3

Total Liabilities $ 378.7 $ 553.2 $ 736.9 $ 874.2 $ 996.2 $ 1,119.7 $ 1,310.2 $ 1,282.3 $ 1,268.4 $ 1,499.2 $ 1,499.2 $ 1,577.8 $ 1,655.3 $ 1,761.2 $ 1,761.2
Retained Earnings $ 633.2 $ 852.8 $ 1,154.9 $ 1,554.4 $ 2,059.4 $ 2,632.2 $ 3,153.9 $ 3,729.8 $ 4,154.9 $ 4,755.0 $ 4,755.0 $ 4,892.5 $ 5,074.3 $ 5,262.8 $ 5,262.8
Preferred Equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Equity $ 817.0 $ 1,094.4 $ 1,451.9 $ 1,990.8 $ 2,203.8 $ 2,262.5 $ 2,649.2 $ 2,561.8 $ 3,000.5 $ 3,652.9 $ 3,652.9 $ 3,783.2 $ 3,784.7 $ 3,798.9 $ 3,798.9
Total Liabilities & Equity $ 1,195.7 $ 1,647.5 $ 2,188.8 $ 2,865.0 $ 3,200.0 $ 3,382.1 $ 3,959.3 $ 3,844.1 $ 4,268.8 $ 5,152.1 $ 5,152.1 $ 5,361.0 $ 5,440.0 $ 5,560.1 $ 5,560.1

Cash Flows Statement TTM

Cash Flows From Operating Activities
Net Income $ 171.9 $ 219.6 $ 302.2 $ 399.5 $ 505.0 $ 572.8 $ 594.2 $ 562.8 $ 425.1 $ 600.0 $ 226.0 $ 137.6 $ 181.8 $ 188.6 $ 733.9
Depreciation & Amortization $ 46.7 $ 62.5 $ 75.8 $ 85.8 $ 99.1 $ 114.3 $ 136.5 $ 159.3 $ 175.6 $ 184.2 $ 47.2 $ 45.0 $ 44.9 $ 45.3 $ 182.4
Deferred Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (17.3)
Other $ (16.7) $ 54.1 $ 54.6 $ 66.2 $ 8.2 $ (0.8) $ (29.9) $ (109.9) $ 5.6 $ 144.0 $ 62.4
Net Cash From Operating Activities $ 197.9 $ 338.0 $ 419.3 $ 548.4 $ 616.4 $ 660.4 $ 613.6 $ 614.5 $ 584.0 $ 905.4 $ 513.3 $ 172.3 $ 231.8 $ 44.0 $ 961.4

Cash Flows From Investing Activities

Capital Expenditures $ (140.4) $ (121.6) $ (135.3) $ (113.0) $ (190.7) $ (220.4) $ (317.5) $ (358.2) $ (215.9) $ (153.7) $ (45.1) $ (39.0) $ (44.5) $ (58.6) $ (187.2)
Acquisitions $ - $ - $ (24.1) $ (175.5) $ - $ - $ - $ (85.9) $ - $ - $ - $ - $ - $ - $ -
Sale of Assets $ - $ (51.9) $ (222.1) $ (179.5) $ (172.3) $ 152.8 $ (80.2) $ 459.9 $ 102.8 $ (335.0) $ (414.5)
Net Cash From Investing Activities $ (140.4) $ (173.5) $ (357.4) $ (292.5) $ (363.0) $ (67.6) $ (397.7) $ 101.7 $ (113.1) $ (488.7) $ (293.4) $ (168.5) $ (83.9) $ (55.9) $ (601.8)

Cash Flows From Financing Activities

Issuance of Capital Stock $ 37.8 $ 25.8 $ 24.2 $ 74.6 $ 31.1 $ 35.0 $ 43.4 $ 22.7 $ 17.7 $ 99.7 $ 46.5 $ 68.4 $ 1.7 $ 21.0 $ 137.6
Repurchase of Capital Stock $ - $ - $ - $ - $ (350.2) $ (598.2) $ (301.0) $ (734.2) $ (48.1) $ (94.9) $ (28.2) $ (85.2) $ (193.1) $ (210.7) $ (517.3)
Net Issuance of Stock $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Issuance of Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Repayment of Debt $ - $ - $ - $ (21.2) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Net Issuance of Debt $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Dividends Paid $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cash from Financing $ 37.8 $ 25.8 $ 24.2 $ 53.4 $ (325.7) $ (567.3) $ (250.3) $ (705.5) $ (26.8) $ 11.2 $ 21.6 $ (15.9) $ (191.4) $ (188.2) $ (373.9)
Cash at Beginning of the Period $ 144.0 $ 239.3 $ 429.5 $ 515.7 $ 294.5 $ 222.1 $ 247.7 $ 213.4 $ 224.1 $ 668.2 $ 854.6 $ 1,096.1 $ 1,084.0 $ 1,040.5 $ 1,040.5
Cash at End of the Period $ 239.3 $ 429.5 $ 515.7 $ 825.0 $ 222.1 $ 247.7 $ 213.4 $ 224.1 $ 668.2 $ 1,096.1 $ 1,096.1 $ 1,084.0 $ 1,040.5 $ 840.3 $ 840.3
Change in Cash $ 95.3 $ 190.2 $ 86.2 $ 309.3 $ (72.4) $ 25.6 $ (34.3) $ 10.7 $ 444.1 $ 427.9 $ 241.5 $ (12.1) $ (43.5) $ (200.2) $ (200.2)

Free Cash Flow

Cash from Operations $ 197.9 $ 338.0 $ 419.3 $ 548.4 $ 616.4 $ 660.4 $ 613.6 $ 614.5 $ 584.0 $ 905.4 $ 513.3 $ 172.3 $ 231.8 $ 44.0 $ 961.4
Cap Ex $ (140.4) $ (121.6) $ (135.3) $ (113.0) $ (190.7) $ (220.4) $ (317.5) $ (358.2) $ (215.9) $ (153.7) $ (45.1) $ (39.0) $ (44.5) $ (58.6) $ (187.2)
Free Cash Flow $ 57.5 $ 216.3 $ 284.1 $ 435.4 $ 425.7 $ 440.0 $ 296.1 $ 256.3 $ 368.1 $ 751.7 $ 468.3 $ 133.3 $ 187.3 $ (14.6) $ 774.1
Owner Earnings FCF $ 78.2 $ 160.5 $ 242.7 $ 372.3 $ 413.4 $ 466.7 $ 413.2 $ 363.9 $ 384.9 $ 630.6 $ 228.2 $ 143.5 $ 182.1 $ 175.3 $ 729.1
User Defined
Bed Bath and Beyond Inc Enter Ticker Refresh Help

(BBBY)
2/7/2011
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Income Statement
Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Revenues 56.9% 56.6% 56.5% 56.2% 55.6% 55.2% 55.1% 56.2% 57.7% 56.7% 56.6%

Gross Profit 43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 43.4%

Operating Expenses
Selling, General & Admin. Expenses 29.8% 29.4% 28.3% 27.6% 27.1% 27.7% 29.4% 29.6% 30.5% 28.5% 27.1%
Research & Development 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA 13.3% 14.0% 15.2% 16.2% 17.3% 17.1% 15.5% 14.1% 11.8% 14.9% 16.2%
Other Special Charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation & Amortization 1.9% 2.1% 2.1% 1.9% 1.9% 2.0% 2.1% 2.3% 2.4% 2.4% 2.1%

Operating Income 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 14.1%

Other Income and Expense

Interest Expense 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Earnings Before Taxes 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 14.1%
Income Taxes/(Credit) 4.6% 4.7% 5.2% 5.6% 5.9% 5.9% 5.1% 4.3% 3.6% 4.9% 4.5%
Earnings After Taxes 6.8% 7.1% 7.9% 8.7% 9.4% 9.2% 8.3% 7.6% 5.8% 7.6% 9.6%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income From Continuing
Operations 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%
Net Income From Discontinued
Operations 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income From Total Operations 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%

Balance Sheet MRQ

Assets
Cash & Equivalents 20.0% 26.1% 23.6% 28.8% 6.9% 7.3% 5.4% 5.8% 15.7% 21.3% 15.1%
Short-Term Investments 0.0% 0.0% 4.6% 1.5% 19.7% 11.9% 19.6% 0.0% 0.0% 8.4% 10.8%
Net Receivables 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories 50.7% 45.8% 41.8% 35.3% 36.0% 38.5% 38.0% 42.1% 38.5% 34.2% 39.1%
Other Current Assets 3.3% 2.6% 2.8% 3.2% 2.9% 3.5% 5.2% 6.2% 5.9% 5.4% 6.1%
Total Current Assets 74.1% 74.5% 72.8% 68.7% 65.5% 61.3% 68.2% 54.1% 60.0% 69.2% 71.0%
Fixed Assets 25.3% 22.0% 19.4% 18.0% 19.1% 21.8% 23.5% 29.2% 26.9% 21.7% 20.2%
Intangible Assets 0.0% 0.0% 0.0% 5.1% 4.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Long-Term Assets 0.6% 3.6% 7.8% 8.1% 10.8% 16.9% 8.4% 16.7% 13.1% 9.1% 8.7%
Total Long-Term Assets 25.9% 25.5% 27.2% 31.3% 34.5% 38.7% 31.8% 45.9% 40.0% 30.8% 29.0%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Stockholders' Equity

Accounts payable 16.1% 16.4% 16.6% 13.9% 14.1% 15.8% 15.5% 14.8% 12.1% 11.9% 15.4%
Short-Term Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.4% 3.3%
Taxes Payable 10.8% 11.6% 11.2% 11.8% 8.0% 7.4% 6.2% 6.7% 5.8% 5.5% 0.2%
Accrued Liabilities 10.8% 11.6% 11.2% 11.8% 8.0% 7.4% 6.2% 6.7% 5.8% 5.5% 5.8%
Other Current Liabilities 13.4% 14.6% 14.5% 12.9% 13.2% 13.4% 13.4% 11.5% 10.3% 7.1% 5.9%

Total Current Liabilities 29.5% 31.0% 31.1% 26.9% 27.3% 29.3% 28.9% 26.4% 22.3% 22.3% 24.6%
Long-Term Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 2.1%
Other Liabilities 2.1% 2.5% 2.6% 3.7% 3.8% 3.8% 4.2% 7.0% 7.4% 0.0% 0.0%
Deferred Income Taxes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.8% 5.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Long-Term Liabilities 2.1% 2.5% 2.6% 3.7% 3.8% 3.8% 4.2% 7.0% 7.4% 6.8% 7.0%

Total Liabilities 31.7% 33.6% 33.7% 30.5% 31.1% 33.1% 33.1% 33.4% 29.7% 29.1% 31.7%
Retained Earnings 53.0% 51.8% 52.8% 54.3% 64.4% 77.8% 79.7% 97.0% 97.3% 92.3% 94.7%
Preferred Equity 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Equity 68.3% 66.4% 66.3% 69.5% 68.9% 66.9% 66.9% 66.6% 70.3% 70.9% 68.3%

Total Liabilities & Equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cash Flows Statement TTM

Cash Flows From Operating Activities
Net Income 86.9% 65.0% 72.1% 72.8% 81.9% 86.7% 96.8% 91.6% 72.8% 66.3% 76.3%
Depreciation & Amortization 23.6% 18.5% 18.1% 15.6% 16.1% 17.3% 22.2% 25.9% 30.1% 20.3% 19.0%
Deferred Taxes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -1.8%
Other -8.4% 16.0% 13.0% 12.1% 1.3% -0.1% -4.9% -17.9% 1.0% 15.9% 6.5%

Net Cash From Operating Activities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cash Flows From Investing Activities

Capital Expenditures 100.0% 70.1% 37.8% 38.6% 52.5% 326.2% 79.8% -352.2% 190.9% 31.4% 31.1%
Acquisitions 0.0% 0.0% 6.7% 60.0% 0.0% 0.0% 0.0% -84.5% 0.0% 0.0% 0.0%
Sale of Assets 0.0% 29.9% 62.2% 61.4% 47.5% -226.1% 20.2% 452.2% -90.9% 68.6% 68.9%

Net Cash From Investing Activities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cash Flows From Financing Activities

Issuance of Capital Stock 100.0% 100.0% 100.0% 139.7% -9.5% -6.2% -17.3% -3.2% -66.0% 892.3% -36.8%
Repurchase of Capital Stock 0.0% 0.0% 0.0% 0.0% 107.5% 105.5% 120.3% 104.1% 179.6% -848.8% 138.4%
Net Issuance of Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Issuance of Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Repayment of Debt 0.0% 0.0% 0.0% -39.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Issuance of Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividends Paid 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Cash from Financing 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Bed Bath and Beyond Inc Enter Ticker Refresh Help
(BBBY) Color Coding
2/7/2011
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Financial Statistics & Ratios
Profitability Ratios
P/E 45.66 45.55 40.56 30.96 24.73 19.41 19.14 14.40 18.21 20.21
P/S 3.28 3.42 3.34 2.76 2.43 1.91 1.72 1.15 1.07 1.55
P/BV 9.61 9.14 8.44 6.21 5.67 4.91 4.29 3.16 2.58 3.32
P/Tang BV 9.61 9.14 8.44 6.71 6.07 4.91 4.29 3.16 2.58 3.32
P/CF 58.23 47.48 40.75 29.10 25.44 20.51 21.74 15.88 15.51 16.70
P/FCF 48.91 41.21 32.92 29.92 26.75 26.90 31.25 21.05 12.27 16.63
ROE 21.0% 20.1% 20.8% 20.1% 22.9% 25.3% 22.4% 22.0% 14.2% 16.4%
ROA 14.4% 13.3% 13.8% 13.9% 15.8% 16.9% 15.0% 14.6% 10.0% 11.6%

Solvency
Quick Ratio 0.79 0.92 1.00 1.24 1.08 0.78 1.04 0.46 0.97 1.57
Current Ratio 2.51 2.40 2.34 2.56 2.40 2.09 2.36 2.05 2.69 3.10
Total Debt/Equity Ratio 0.46 0.51 0.51 0.44 0.45 0.49 0.49 0.50 0.42 0.41
Long Term Debt/Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03
Short Term Debt/Equity Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05

Efficiency Ratios
Asset Turnover 2.00 1.78 1.67 1.56 1.61 1.72 1.67 1.83 1.69 1.52
Cash % of Revenue 10.0% 14.7% 14.1% 18.4% 4.3% 4.3% 3.2% 3.2% 9.3% 14.0%
Receivables % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A % of Revenue 29.8% 29.4% 28.3% 27.6% 27.1% 27.7% 29.4% 29.6% 30.5% 28.5%
R&D % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Liquidity Ratios
Receivables Turnover 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover 2.25 2.44 2.48 2.61 2.64 2.62 2.60 2.54 2.55 2.61
Average Age of Inventory (Days) 162.41 149.79 147.15 139.88 138.00 139.52 140.55 143.76 143.00 139.95
Intangibles % of Book Value 0.0% 0.0% 0.0% 7.4% 6.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventory % of Revenue 25.3% 25.8% 25.0% 22.6% 22.4% 22.4% 22.8% 22.9% 22.8% 22.5%

Capital Structure Ratios

LT-Debt as % of Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.2%
ST-Debt as % of Invested Capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.0%
LT-Debt as % of Total Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.9%
ST-Debt as % of Total Debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 11.5%
Total Debt % of Total Assets 31.7% 33.6% 33.7% 30.5% 31.1% 33.1% 33.1% 33.4% 29.7% 29.1%
Working Capital % of Price 6.8% 7.2% 7.5% 9.7% 9.8% 9.7% 13.7% 13.2% 20.8% 19.9%
Bed Bath and Beyond Inc Shares Out. M.O.S Growth Discount % Terminal % Select FCF Adjust 2010 FCF
(BBBY) #VALUE! 254.73 10.0% 9.0%
Select input with 50% 3% Owner Earnings $650.0
each list or enter 10.0%
2/7/2011 Help your own value
Enter Ticker Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
Refresh CLEAR
$48.32 $48.19 $24.10 0% $50.95 $26.50

Fiscal Year Trend 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Cash Flow Data
Cash from Operations $197.9 $338.0 $419.3 $548.4 $616.4 $660.4 $613.6 $614.5 $584.0 $905.4 $961.4
Capex $140.4 $121.6 $135.3 $113.0 $190.7 $220.4 $317.5 $358.2 $215.9 $153.7 $187.2
Cash Flow $134.8 $210.7 $300.8 $425.0 $490.9 $542.0 $523.2 $510.3 $499.2 $725.9 $933.4
Owner Earnings FCF $78.2 $160.5 $242.7 $372.3 $413.4 $466.7 $413.2 $363.9 $384.9 $650.0 $729.1
YOY% Change 105.3% 51.2% 53.4% 11.0% 12.9% -11.5% -11.9% 5.8% 68.9% 12.2%

Margins
Gross Margin 43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 43.4%
Operating Margin 11.4% 11.8% 13.1% 14.3% 15.4% 15.1% 13.4% 11.9% 9.3% 12.5% 14.1%
Net Margin 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%

EPS & Tax

Diluted EPS $0.59 $0.74 $1.00 $1.31 $1.65 $1.92 $2.09 $2.10 $1.64 $2.30 $2.82
Tax Rate 40.3% 39.7% 39.4% 39.1% 38.6% 38.9% 38.1% 36.1% 38.3% 39.3% 32.1%

Efficiency & Profitability

CROIC 9.3% 14.1% 16.1% 17.8% 17.8% 19.5% 14.7% 12.9% 11.6% 16.2% 17.4%
FCF/Sales 3.3% 5.5% 6.6% 8.3% 8.0% 8.0% 6.2% 5.2% 5.3% 8.1% 8.6%
Inventory Turnover 2.2 2.4 2.5 2.6 2.6 2.6 2.6 2.5 2.6 2.6 2.2
Return On Assets (ROA) 14.4% 13.3% 13.8% 13.9% 15.8% 16.9% 15.0% 14.6% 10.0% 11.6% 13.2%
Retun On Equity (ROE) 21.0% 20.1% 20.8% 20.1% 22.9% 25.3% 22.4% 22.0% 14.2% 16.4% 19.3%

Debt Related
Debt to Equity 46.4% 50.5% 50.8% 43.9% 45.2% 49.5% 49.5% 50.1% 42.3% 41.0% 46.4%
Capitalization Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.8% 2.9%
FCF to Total Debt 20.6% 29.0% 32.9% 42.6% 41.5% 41.7% 31.5% 28.4% 30.3% 42.1% 41.4%
FCF to Short Term Debt 364.9% 399.2%
FCF to Long Term Debt 609.9% 638.5%

5 Year Multi-Year Performance

2005-2009 2006-2010 2005-2008 2006-2009 2007-2010 2005-2007 2006-2008 2007-2009 2008-2010 Median
Tang Shareholder Equity 9.9% 12.7% 7.6% 9.9% 11.3% 13.5% 6.4% 6.4% 19.4% 9.9%
Owner Earnings FCF -1.8% 7.8% -4.2% -6.2% 15.1% 0.0% -11.7% -3.5% 31.6% -1.8%
CROIC 14.7% 14.7% 16.2% 13.8% 13.8% 17.8% 14.7% 12.9% 12.9% 14.7%
FCF/Sales 6.2% 6.2% 7.1% 5.8% 5.8% 8.0% 6.2% 5.3% 5.3% 6.2%
ROA 15.0% 14.6% 15.4% 14.8% 13.1% 15.8% 15.0% 14.6% 11.6% 14.8%
ROE 22.4% 22.0% 22.7% 22.2% 19.2% 22.9% 22.4% 22.0% 16.4% 22.2%
Gross Margin 44.4% 43.8% 44.6% 44.3% 43.5% 44.8% 44.8% 43.8% 43.3% 44.3%
Operating Margin 13.4% 12.5% 14.3% 12.7% 12.2% 15.1% 13.4% 11.9% 11.9% 12.7%
Net Margin 9.0% 8.0% 9.4% 8.5% 7.8% 9.8% 9.0% 8.0% 7.7% 8.5%
Revenue Growth 8.8% 7.7% 11.0% 7.5% 5.8% 13.4% 10.2% 4.4% 5.4% 7.7%
Earnings Growth -0.2% 4.6% 8.4% -5.1% 3.2% 12.5% 4.6% -11.4% 4.7% 4.6%
Cash from Ops Growth -1.3% 8.2% -0.1% -4.0% 13.8% -0.2% -3.5% -2.4% 21.4% -0.2%

10 Year Multi-Year Performance

2001-2008 2002-2009 2003-2010 2001-2006 2002-2007 2003-2008 2004-2009 2005-2010 2001-2010 Median
Tang Shareholder Equity 17.7% 15.5% 14.1% 22.6% 19.3% 12.0% 10.2% 12.2% 34.9% 15.5%
Owner Earnings FCF 24.6% 13.3% 14.6% 43.0% 20.8% 8.4% 0.7% 8.8% 51.8% 14.6%
CROIC 15.4% 15.4% 16.2% 16.9% 16.9% 16.9% 16.2% 15.5% 14.7% 16.2%
FCF/Sales 6.4% 6.4% 7.3% 7.3% 7.3% 7.3% 7.1% 7.1% 6.4% 7.1%
ROA 14.5% 14.3% 14.3% 14.2% 14.5% 14.8% 14.8% 14.8% 14.2% 14.5%
ROE 21.5% 21.4% 21.4% 20.9% 21.6% 22.2% 22.2% 22.2% 20.9% 21.5%
Gross Margin 43.8% 43.8% 43.8% 43.7% 44.1% 44.1% 44.1% 44.1% 43.6% 43.8%
Operating Margin 13.3% 13.3% 13.3% 13.7% 13.9% 13.9% 13.9% 13.0% 12.8% 13.3%
Net Margin 8.6% 8.6% 8.6% 8.6% 9.0% 9.0% 9.0% 8.5% 8.1% 8.6%
Revenue Growth 16.7% 13.7% 11.5% 19.4% 17.7% 14.0% 10.0% 8.7% 26.7% 14.0%
Earnings Growth 19.9% 12.0% 12.6% 26.6% 23.1% 16.0% 4.6% 6.9% 31.3% 16.0%
Cash from Ops Growth 17.6% 8.1% 11.6% 27.3% 12.7% 7.9% 1.3% 8.0% 35.5% 11.6%

Projection of future Free Cash Flow

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Yearly Growth Input Field
10% $715.00 $786.50 $865.15 $917.53 $1,000.11 $1,090.12 $1,188.23 $1,212.05 $1,310.22 $1,416.35
Terminal Growth 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
3% $ 1,458.84 $ 1,502.60 $ 1,547.68 $ 1,594.11 $ 1,641.94 $ 1,691.19 $ 1,741.93 $ 1,794.19 $ 1,848.01 $ 1,903.45

Calculation Sensitivity Matrix: Growth vs Discount Rate

Total Cash $ 1,440.14 Discount Rates
$
MAX(0,Current Liabilities-Current Assets - 7% 8% 9% 10% 11%
Excess Cash $ 1,440.14 6% $ 45.96 $ 42.60 $ 39.65 $ 37.04 $ 34.72
Adding some Intangibles $ - 8% $ 50.92 $ 47.07 $ 43.68 $ 40.68 $ 38.02
Present Value $ 12,276.06 Growth Rates 10% $ 56.50 $ 52.08 $ 48.19 $ 44.76 $ 41.72
Shares Outstanding 254.73 12% $ 62.78 $ 57.71 $ 53.26 $ 49.33 $ 45.86
Per Share Value $ 48.19 14% $ 69.83 $ 64.03 $ 58.93 $ 54.45 $ 50.48
Margin of Safety 50%
Purchase Price $ 24.10 Sensitivity Matrix: Margin of Safety %
Current Price $ 48.32 Discount Rates
Actual M.O.S 0% 7% 8% 9% 10% 11%
6% -5.1% -13.4% -21.9% -30.5% -39.2%
Variable Fields 8% 5.1% -2.7% -10.6% -18.8% -27.1%
Intangibles% add to DCF 0% Growth Rates 10% 14.5% 7.2% -0.3% -8.0% -15.8%
Decay Rate (Yr4E-Yr7E) 10% 12% 23.0% 16.3% 9.3% 2.1% -5.4%
Extra Decay (Yr8E-Yr10E) 10% 14% 30.8% 24.5% 18.0% 11.3% 4.3%
Bed Bath and Beyond Inc Shares Out. M.O.S Growth Projection EPS Corp Bond
#VALUE!
(BBBY) 254.73 66%
9.2% Linear $2.46 4.77
10.0% Regression
2/7/2011 Help
Enter Ticker
Refresh CLEAR Current Price Intrinsic $ Buy Under Actual M.O.S 52 Wk High 52 Wk Low
$48.32 $49.97 $16.99 3% $50.95 $26.50

2005-2009 2006-2010 2005-2008 2006-2009 2007-2010 2005-2007 2006-2008 2007-2009 2008-2010 Median
5 Yr EPS Growth -0.2% 4.6% 8.4% -5.1% 3.2% 12.5% 4.6% -11.4% 4.7% 4.6%

2001-2008 2002-2009 2003-2010 2001-2006 2002-2007 2003-2008 2004-2009 2005-2010 Median

10 Yr EPS Growth 19.9% 12.0% 12.6% 26.6% 23.1% 16.0% 4.6% 6.9% 16.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Diltued EPS $ 0.59 $ 0.74 $ 1.00 $ 1.31 $ 1.65 $ 1.92 $ 2.09 $ 2.10 $ 1.64 $ 2.30 $ 2.82
2011E 2012E
Forecast Method $ 2.35 $ 2.58
Linear Regression Method $ 2.46 $ 2.73

Graham Value Calculation $2.30 $2.46 $2.71

Normal Earnings $ 2.46 $2.09 $2.10
$1.92
Growth Rate 10.00% $1.65 $1.64
Corp Bond Rate 4.77 $1.31
Per Share Value $ 49.97 $1.00
$0.59 $0.74
MOS 66%
Purchase Price $ 16.99
Current Price $48.32
Actual Discount 3% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
Bed Bath and Beyond Inc Shares Out. Source Normalized Income Discount Rate R&D Years SG&A %
#VALUE!
(BBBY) 254.73
MSN
$890.06
9% 3 25%
2/7/2011
Figures in Millions except per share values
Refresh CLEAR Help Current Price EPV Net Reproduction Value EPV MOS NCAV 52 Wk High 52 Wk Low
Enter Ticker
$48.32 $36.99 $18.83 -30.6% $7.27 $50.95 $26.50
Asset Valuation Section EPV Valuation Section
Data: Asset Valuation Values for Normalized Income
Shares Outstanding 254.7 2010 Owner Earnings FCF $ 650.0
Balance Sheet Assets $ 5,560.1 Normalized Income $ 890.1
Adjusted Assets $ 5,560.1 Avg Adj. Income 5 yrs $ 882.6
Total Liabilities $ 1,761.2 TTM Adjusted Income $ 1,119.1
Total Equity $ 3,798.9
Average SGA % 29.1% Data: EPV
Marketing/Brand Value $ 2,280.3 Cost of Capital 9.0%
R&D Value $ - Normalized Adjusted Income $ 890.1
Cash Needed for Business $ 85.0 Average Maintenance Capex $ 164.0
Interest Bearing Debt $ - Interest Bearing Debt $ -
Non Interest Bearing Debt $ 1,761.2 1% of sales $ 85.0
Excess Cash $ 1,283.6 Cash & Equiv $ 1,440.1
Cash - Debt $ 1,355.2
Calculation: Asset Valuation Shares 254.73
Total Per Share
Tangible BV $ 3,799 $ 14.91 Calculation: EPV
Adjusted BV $ 3,799 $ 14.91 Cost of Capital Rates EPV Per Share + Cash - Debt Per Share
NCAV $ 1,851 $ 7.27 5% $ 14,521.3 $ 57.01 $ 15,876.4 $ 62.33
Reprod. Cost of Assets $ 7,840 $ 30.78 7% $ 10,372.3 $ 40.72 $ 11,727.5 $ 46.04
Reprod. Cost of Assets BV $ 6,079 $ 23.87 9% $ 8,067.4 $ 31.67 $ 9,422.5 $ 36.99
Total Net Reprod. Cost $ 4,796 $ 18.83 11% $ 6,600.6 $ 25.91 $ 7,955.7 $ 31.23
13% $ 5,585.1 $ 21.93 $ 6,940.3 $ 27.25

Quarterly numbers based on: Error Statement Source Date: 4-Jan-11

Adjustments: Reproduction
Assets Book Value Fixed BV Multiplier Asset Value
Adjustments: Reproduction
Cash & Equivalents $ 1,440.1 $ 1,440.1 Liabilities & Equity Book Value Fixed BV Multiplier Liability Value
Marketable Securities $ - $ - Accounts Payable $ 856.7 $ 856.7
Accounts Receivable - Gross Error Error Accrued Expenses $ 502.6 $ 502.6
Other Receivable $ - $ - Accrued Liabilities $ - $ -

Receivables $ - $ - Notes Payable/Short Term Debt $ - $ -

Current Port. of LT Debt/Capital
Inventories: Raw Materials $ - Leases $ - $ -
Inventories: Work in Progress $ - Other Current Liabilities $ 10.7 $ 10.7
Inventories: Purchased Components $ - Total Current Liabilities $ 1,370.0 $ 1,370.0
Inventories: Finished Goods $ - Long-Term Debt $ - $ -
Inventories: Other $ 2,171.8 Capital Lease Obligations $ - $ -
Inventories -- Total $ 2,171.8 $ 2,171.8 Deferred Income Taxes $ - $ -
Prepaid Expenses $ - $ - Minority Interest $ - $ -
Current Defered Income Taxes $ - $ - Total Other Liabilities $ 391.3 $ 391.3
Other Current Assets $ 337.1 $ 337.1 Total Liabilities $ 1,761.2 $ 1,761.2
Total Current Assets $ 3,949.0 $ 3,949.0 Common Stock Equity $ 3,798.9 $ 3,798.9
Goodwill, Net $ - $ - Retained Earnings $ 5,262.8 $ 5,262.8
Intangibles, Net $ - $ - Total Capitalization $ 3,913.1 $ 3,913.1
Intangibles $ - $ - Total Equity $ 3,798.9 $ 3,798.9
Property/Plant/Equipment - Net $ 1,124.7 $ 1,124.7 Total Liabilities & Equity $ 5,560.2 $ 5,560.2
Long Term Investments $ 134.7 $ 134.7
Note Receivable - Long Term $ - $ -
Other Long Term Assets, Total $ 351.8 $ 351.8
Total Assets $ 5,560.1 $ 5,560.1
Bed Bath and Beyond Inc
(BBBY)
2/7/2011 Current Price NNWC NNWC % NCAV NCAV % Data
$48.32 $3.00 -1509.4% $8.59 -462.6% MSN
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Numbers as of 2010/11 (go to SEC for accurate numbers)

BV
Figures in Millions except per share values BV CLEAR Multiplier Net Net Value
Cash & Equivalents $ 1,440.14 100% $ 1,440.14
Marketable Securities $ -
Accounts Receivable Error 75%
Other Receivable $ -
Receivables $ - $ -
Inventories: Raw Materials $ - 50%
Inventories: Work in Progress $ -
Inventories: Purchased Components $ -
Inventories: Finished Goods $ -
Inventories: Other $ -
Inventories -- Total $ 2,171.78 $ 1,085.89
Current Assets - Total $ 3,949.02 $ 3,949.02
Total Liabilities $ 1,761.24 $ 1,761.24
Shares Outstanding 254.73 254.73

Total ($m) Per Share

Total Current Assets $ 3,949.02 $ 15.50
Market Cap & Share Price $ 12,310.00 $ 48.32
Net Net Working Capital $ 764.79 $ 3.00
Discount to NNWC -1509%
Net Current Asset Value $ 2,187.78 $ 8.59
Discount to NCAV -463%
Bed Bath and Beyond Inc
(BBBY)
2/7/2011
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Piotroski Score
A discrete score between 0-9 which reflects nine criteria used to determine the strength of a firm's financial position. The Piotroski score is used to determine the best value stocks, nine being the
best. The score was named after Chicago Accounting Professor, Joseph Piotroski who devised the scale according to specific criteria found in the financial statements. For every criteria (below) that
is met the company is given one point, if it is not met, then no points are awarded. The points are then added up to determine the best value stocks.

Profitability
* Positive return on assets in the current year (1 point)
* Positive operating cash flow in the current year (1 point)
* Higher return on assets (ROA) in the current period compared to the ROA in the previous year (1 point)
* Cash flow from operations are greater than ROA (1 point)

Leverage, Liquidity and Source of Funds

* Lower ratio of long term debt to in the current period compared value in the previous year (1 point)
* Higher current ratio this year compared to the previous year (1 point)
* No new shares were issued in the last year (1 point)

Operating Efficiency
* A higher gross margin compared to the previous year (1 point)
* A higher asset turnover ratio compared to the previous year (1 point)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
Piotroski F Scores 6 4 5 6 6 7 6 5 5 6 7
Piotroski 1: Net Income 1 1 1 1 1 1 1 1 1 1 1
Piotroski 2: Operating Cash Flow 1 1 1 1 1 1 1 1 1 1 1
Piotroski 3: Return on Assets 1 0 1 1 1 1 0 0 0 1 1
Piotroski 4: Quality of Earnings 1 1 1 1 1 1 1 1 1 1 1
Piotroski 5: LT Debt vs Assets 0 0 0 0 0 0 0 0 0 0 0
Piotroski 6: Current Ratio 1 0 0 1 0 0 1 0 1 1 0
Piotroski 7: Shares Outstanding 1 0 0 0 0 1 1 1 1 0 1
Piotroski 8: Gross Margin 0 1 1 1 1 1 1 0 0 1 1
Piotroski 9: Asset Turnover 0 0 0 0 1 1 0 1 0 0 1

Altman Z Score
The Z-score formula may be used to predict the probability that a firm will go into bankruptcy within two years.

Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate
income and balance sheet values to measure the financial health of a company.

The main problem with the Altman Z formula is that the formula is not suited for many industries. Industries that operate with high leverage, such as radio and utilities will show a higher risk of
bankruptcy.

Also, industries with negative working capital, such as many retail and restaurant companies will also exhibit the same high level of bankruptcy.

(Wikipedia http://en.wikipedia.org/wiki/Z-Score_Financial_Analysis_Tool)

Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5

There is also a revised Altman Z score which is adjusted for non manufacturing corporations. The revised formula is:

Z = 6.56*X1 + 3.26*X2 + 6.72*X3 + 1.05*X4

X1 = Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = EBITDA/Total Assets
X4 = Market Value of Equity/Total Liabilities
X5 = Net Sales/Total Assets

Annual MRQ MRQ Edit

2001/02 2002/02 2003/02 2004/02 2005/02 2006/02 2007/02 2008/02 2009/02 2010/02 2010/11
Working Capital $ 533 $ 715 $ 914 $ 1,200 $ 1,223 $ 1,082 $ 1,554 $ 1,066 $ 1,610 $ 2,414 $ 2,579
Total Assets $ 1,196 $ 1,648 $ 2,189 $ 2,865 $ 3,200 $ 3,382 $ 3,959 $ 3,844 $ 4,269 $ 5,152 $ 5,560
Total Liabilities $ 379 $ 553 $ 737 $ 874 $ 996 $ 1,120 $ 1,310 $ 1,282 $ 1,268 $ 1,499 $ 1,761
Retained Earnings $ 633 $ 853 $ 1,155 $ 1,554 $ 2,059 $ 2,632 $ 3,154 $ 3,730 $ 4,155 $ 4,755 $ 5,263
EBITDA $ 320 $ 409 $ 556 $ 725 $ 892 $ 994 $ 1,026 $ 997 $ 850 $ 1,165 $ 350
Market Value of Equity $ 7,756 $ 9,823 $ 11,941 $ 12,180 $ 11,999 $ 10,470 $ 11,084 $ 7,827 $ 7,755 $ 12,310 $ 12,310
Net Sales $ 2,397 $ 2,928 $ 3,665 $ 4,478 $ 5,148 $ 5,810 $ 6,617 $ 7,049 $ 7,208 $ 7,829 $ 2,194

Normal Altman Z Score 16.45 14.49 13.47 12.02 11.11 9.77 9.19 8.04 7.83 9.05 6.68
Revised Altman Z Score 27.95 24.85 23.18 20.85 19.13 16.43 15.79 13.13 13.40 16.22 13.89

Altman Z Score Revised Altman Z Score

X1 0.47 0.46 Annual MRQ Annual MRQ
X2 0.92 0.95
X3 0.23 0.06
X4 8.21 6.99 9.05 6.68 16.22 13.89
X5 1.52 0.39
Original Altman Z Score
When Z is 3.0 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could
cause unexpected reversals.
When Z is 2.7 to 3.0, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.
When Z is 1.8 to 2.7, the company is likely to be bankrupt within 2 years. This is the lower portion of the grey area and a dramatic turnaround of the company is needed.

When Z is below 1.8, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can
survive.

Revised Altman Z Score

When Z is 2.6 or more, the firm is most likely safe based on the financial data. However, be careful to double check as fraud, economic downturns and other factors could cause unexpected
reversals.

When Z is 1.1 to 2.6, the company is probably safe from bankruptcy, but this is in the grey area and caution should be taken.

When Z is below 1.1, the company is highly likely to be bankrupt. If a company is generating lower than 1.8, serious studies must be performed to ensure the company can survive.

The Beneish Model - M Score Variables

DSRI = Days' Sales in Receivables Index. Measured as the ratio of days' sales in receivables in year t to year t-1. A large increase in DSR could be indicative of revenue inflation.
GMI = Gross Margin Index. Measured as the ratio of gross margin in year t-1 to gross margin in year t. Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is
more likely to manipulate earnings.
AQI = Asset Quality Index. Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.AQI is the ratio of asset quality in year t to year t-1.
SGI = Sales Growth Index. Ratio of sales in year t to sales in year t-1. Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure
to manipulate in order to keep up appearances.
DEPI = Depreciation Index. Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t. DEPI greater than 1 indicates that assets are being depreciated at a slower
rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
SGAI = Sales, General and Administrative expenses Index. The ratio of SGA expenses in year t relative to year t -1.
LVGI = Leverage Index. The ratio of total debt to total assets in year t relative to yeat t-1. An LVGI >1 indicates an increase in leverage
TATA - Total Accruals to Total Assets. Total accruals calculated as the change in working capital accounts other than cash less depreciation.

The Beneish M Score Formula

The eight variables are then weighted together according to the following:

M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI - 0.172*SGAI + 4.679*TATA - 0.327*LVGI

A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator. In his out of sample tests, Beneish found that he could correctly identify 76% of manipulators, whilst only
incorrectly identifying 17.5% of non-manipulators.

The 5 Variable Version of the Beneish Model

The five variable version excludes SGAI, DEPI and LEVI which were not significant in the original Beneish model.

M = -6.065 + 0.823*DSRI + 0.906*GMI + 0.593*AQI + 0.717*SGI + 0.107*DEPI

A score greater than -2.22 indicates a strong likelihood of a firm being a manipulator.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
M Score - 5 Variable NA NA NA NA NA NA NA NA NA NA NA
M Score - 8 Variable NA NA NA NA NA NA NA NA NA NA NA
DSRI 0.00
GMI 0.99 1.00 0.99 0.99 0.99 1.00 1.03 1.03 0.98 1.00 0.00
AQI 5.83 2.17 1.70 1.16 1.10 0.50 2.00 0.78 0.70 0.96 0.00
SGI 1.22 1.25 1.22 1.15 1.13 1.14 1.07 1.02 1.09 1.09 0.00
DEPI 0.91 0.97 1.06 1.02 1.04 1.05 1.03 0.94 0.94 1.01 0.00
SGAI 0.99 0.96 0.98 0.98 1.02 1.06 1.01 1.03 0.93 0.95 0.00
TATA -0.07 -0.05 -0.05 -0.03 -0.03 0.00 -0.01 -0.04 -0.06 -0.04 0.00
LVGI 1.05 1.00 0.86 1.02 1.07 0.99 0.91 0.85 1.09 1.10 0.00
Bed Bath and Beyond Inc
(BBBY)
2/7/2011

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P/E(TTM)
BBBY KIRK WSM PIR TGT WMT

Sorted Data BBBY WSM PIR KIRK TGT WMT

Stock Price $ 48.32 $ 34.81 $ 9.93 $ 14.02 $ 54.80 $ 56.07
Mkt Cap ($M) $ 12,310.00 $ 3,660.00 $ 1,160.00 $ 278.99 $ 38,800.00 $ 199,720.00
EV $ 10,850.00 $ 3,010.00 $ 908.11 $ 215.18 $ 53,460.00 $ 245,170.00
52 Wk High $ 50.95 $ 36.82 $ 11.20 $ 25.38 $ 60.97 $ 57.90
52 Wk Low $ 26.50 $ 18.84 $ 4.82 $ 10.62 $ 48.23 $ 47.77
% off 52Wk Low 82.3% 84.8% 106.0% 32.0% 13.6% 17.4%
Multiples
P/E(TTM) 17.1 21.5 14.8 8.2 14.3 14.0
P/S(TTM) 1.5 1.1 0.8 0.7 0.6 0.5
P/Tang BV(MRQ) 3.2 3.0 3.3 2.6 2.6 4.1
P/CF 13.4 11.3 11.8 5.8 7.8 8.6
P/FCF(TTM) 15.9 14.9 8.9 12.7 11.8 22.0
EV/EBITDA(TTM) 7.9 6.7 7.0 3.4 7.5 7.4
Dividends
Div Yld 0.0% 1.7% 0.0% 0.0% 1.8% 2.2%
Div Yld - 5yr avg 0.0% 1.4% 2.1% 0.0% 0.0% 0.0%
Div 5yr Grth 0.0% 0.0% 0.0% 0.0% 16.7% 16.0%
Payout Ratio(TTM) 0.0% 34.7% 0.0% 0.0% 21.6% 29.0%
Growth Rates
Sales(MRQ) v 1yr ago 11.1% 11.8% 8.2% 0.4% 2.2% 2.6%
Sales(TTM) v 1yr ago 1.5% 1.1% 0.8% 0.7% 0.6% 0.5%
Sales 5yr Grth 8.8% -0.2% -6.7% 0.6% 6.9% 7.5%
EPS(MRQ) v 1yr ago 27.1% 397.3% -52.0% -59.5% 28.6% 16.0%
EPS(TTM) v 1yr ago 42.0% 17092.3% 246.1% 21.0% 32.7% 16.9%
EPS 5yr Grth 7.0% -14.8% 4.1% 38.3% 9.8% 8.6%
Balance Sheet
Quick Ratio(MRQ) 1.3 1.1 1.1 1.6 0.8 0.3
Current Ratio(MRQ) 2.9 2.2 2.5 2.8 1.6 0.9
LTD/Eq(MRQ) 0.0 0.6 2.7 0.0 105.4 67.0
Tot D/Eq(MRQ) 0.0 0.7 7.4 0.0 111.1 86.7
Margins
Gross %(TTM) 41.2% 38.8% 38.6% 42.1% 30.8% 24.7%
Gross % 5yr 41.5% 37.9% 30.8% 33.2% 30.7% 24.0%
Op %(TTM) 14.1% 8.2% 5.3% 12.0% 6.5% 5.9%
Op % 5yr avg 12.4% 6.6% -5.7% 1.5% 6.7% 5.8%
Net %(TTM) 8.6% 5.2% 5.7% 8.2% 4.2% 3.7%
Net % 5yr avg 8.0% 4.1% -5.2% 0.9% 4.2% 3.6%
Returns
ROA(TTM) 14.0% 8.9% 11.8% 21.1% 6.2% 8.7%
ROA 5yr avg 14.0% 7.3% -8.9% 2.6% 6.4% 8.7%
ROE(TTM) 20.4% 15.1% 24.9% 40.4% 18.9% 22.6%
ROE 5yr avg 20.6% 12.8% -21.3% 5.9% 17.5% 21.1%
Efficiency
Rec Turnover(TTM) 0.0 80.8 56.9 154.6 10.3 102.1
Inv Turnover(TTM) 2.4 3.7 2.5 4.4 4.9 7.9
Asset Turnover(TTM) 1.6 1.7 2.1 2.6 1.5 2.3
Bed Bath and Beyond Inc
(BBBY)
2/7/2011
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Figures in Millions except per share values

Free Cash Flow Owner Earnings

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
$57.5 $216.3 $284.1 $435.4 $425.7 $440.0 $296.1 $256.3 $368.1 $751.7 $774.1 $78.2 $160.5 $242.7 $372.3 $413.4 $466.7 $413.2 $363.9 $384.9 $630.6 $729.1
% Change 275.9% 31.3% 53.3% -2.2% 3.4% -32.7% -13.4% 43.6% 104.2% 3.0% % Change 105.3% 51.2% 53.4% 11.0% 12.9% -11.5% -11.9% 5.8% 63.8% 15.6%

Stock Price Diluted EPS

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
$26.9 $33.7 $40.6 $40.6 $40.8 $37.3 $40.0 $30.2 $29.9 $46.5 $48.3 $0.59 $0.74 $1.00 $1.31 $1.65 $1.92 $2.09 $2.10 $1.64 $2.30 $0.86
% Change 25.1% 20.3% 0.0% 0.6% -8.7% 7.4% -24.4% -1.2% 55.7% 4.0% % Change 25.4% 35.1% 31.0% 26.0% 16.4% 8.9% 0.5% -21.9% 40.2% -62.6%

FCF / Sales Price / FCF

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
3.3% 5.5% 6.6% 8.3% 8.0% 8.0% 6.2% 5.2% 5.3% 8.1% 8.6% 134.8 45.4 42.0 28.0 28.2 23.8 37.4 30.5 21.1 16.3 15.9
% Change 68.1% 20.8% 25.5% -3.4% 0.0% -22.3% -17.3% 3.4% 50.9% 6.5% % Change -66.3% -7.4% -33.5% 0.8% -15.6% 57.3% -18.4% -31.0% -22.8% -2.2%

Cash Return on Invested Capital (CROIC) FCF Yield

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
9.3% 14.1% 16.1% 17.8% 17.8% 19.5% 14.7% 12.9% 11.6% 16.2% 17.4% 0.7% 2.2% 2.4% 3.6% 3.5% 4.2% 2.7% 3.3% 4.7% 6.2% 6.3%
% Change 52.2% 13.9% 10.4% 0.0% 9.8% -24.7% -12.4% -9.7% 39.9% 7.1% % Change 196.8% 8.0% 50.3% -0.8% 18.5% -36.4% 22.6% 44.9% 29.6% 2.2%

Magic Formula Investing -- Earnings Yield Magic Formula Investing -- Return on Capital

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
4.3% 4.3% 4.9% 6.4% 8.0% 10.1% 10.2% 13.1% 12.0% 10.6% 12.4% 58.9% 51.6% 53.4% 52.4% 61.0% 71.4% 53.5% 74.1% 46.7% 44.0% 53.8%
% Change 2.3% 12.9% 30.6% 24.8% 26.5% 0.4% 29.1% -8.6% -11.4% 16.4% % Change -12.4% 3.5% -1.8% 16.4% 17.1% -25.1% 38.5% -37.0% -5.8% 22.3%
Gross Margin Net Profit Margin

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
43.1% 43.4% 43.5% 43.8% 44.4% 44.8% 44.9% 43.8% 42.3% 43.3% 43.4% 7.2% 7.5% 8.2% 8.9% 9.8% 9.9% 9.0% 8.0% 5.9% 7.7% 8.6%
% Change 0.6% 0.3% 0.7% 1.3% 0.8% 0.3% -2.6% -3.3% 2.4% 0.1% % Change 4.6% 9.9% 8.2% 10.0% 0.5% -8.9% -11.1% -26.1% 30.0% 12.7%

Piotroski F score Original Altman Z Score

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
6.0 4.0 5.0 6.0 6.0 7.0 6.0 5.0 5.0 6.0 7.0 16.4 14.5 13.5 12.0 11.1 9.8 9.2 8.0 7.8 9.0 6.7
% Change -33.3% 25.0% 20.0% 0.0% 16.7% -14.3% -16.7% 0.0% 20.0% 16.7% % Change -11.9% -7.0% -10.8% -7.5% -12.1% -6.0% -12.5% -2.7% 15.6% -26.2%

Beneish M Score - 8 Variable Version Tax Rate

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
NA NA NA NA NA NA NA NA NA NA 40.3% 39.7% 39.4% 39.1% 38.6% 38.9% 38.1% 36.1% 38.3% 39.3% 32.1%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! % Change -1.4% -0.8% -0.7% -1.2% 0.7% -2.2% -5.2% 6.2% 2.5% -18.1%

Debt to Equity FCF to Total Debt

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
46.4% 50.5% 50.8% 43.9% 45.2% 49.5% 49.5% 50.1% 42.3% 41.0% 46.4% 20.6% 29.0% 32.9% 42.6% 41.5% 41.7% 31.5% 28.4% 30.3% 42.1% 41.4%
% Change 9.1% 0.4% -13.5% 2.9% 9.5% -0.1% 1.2% -15.5% -2.9% 13.0% % Change 40.6% 13.5% 29.3% -2.6% 0.5% -24.3% -10.0% 6.9% 38.6% -1.6%

FCF to Short Term Debt FCF to Long Term Debt

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM
364.9% 399.2% 609.9% 638.5%
% Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 9.4% % Change #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 4.7%