Financial analysis is an essential skill in today's highly competitive business world, where success is ultimately measured in cash flow terms. Even though computer spreadsheets have reduced the drudgery of financial calculations, it is critical that you understand and be comfortable with the meaning, context and limitations of the key financial techniques and measures you apply to solving business problems of any kind. Techniques of Financial Analysis continues to serve as the clearest, most concise and most practical guide to the key concepts, measures and issues of applied managerial finance. Emphasizing the linkage of management's investment, operating and financing decisions to business results, Helfert gives you the tools for understanding the nature of funds flows, analyzing financial reports, developing financial projections, evaluating capital investment decisions, assessing financing choices and deriving the value of the business or a security.