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Cost Management Methodology
For the 11th Annual Cost Management Survey, CFO partnered with Stamford, Connecticut-based Archstone Consulting to rank companies according to their ability to manage costs. The survey is based on U.S.-based publicly traded companies that reported at least $1 billion in revenue annually from 2000 to 2003. Companies were eliminated if they were acquired, went bankrupt, or if there was a lack of data. Additionally, we have included change in revenue to highlight how firms manage costs within their revenue environments.
In all, 1,091 companies were surveyed based on data supplied by Compustat and other publicly available sources. The result is a ranking of companies in 53 industries according to their three-year cost management index, which equals COGS plus SG&A costs (before depreciation and amortization) divided by operating revenues.
Return to the article "Controlling the Flow."
| Cost Management Index (CMI) by Industry* | |||||||||||||||
| INDUSTRY | 2000-2003 Average (in %) |
||||||||||||||
| AEROSPACE AND DEFENSE | 88 | ||||||||||||||
| AIRLINES | 96 | ||||||||||||||
| APPAREL AND FOOTWEAR MANUFACTURING | 88 | ||||||||||||||
| AUTO AND TRANSPORTATION MANFACTURING | 88 | ||||||||||||||
| AUTOMOTIVE PARTS | 91 | ||||||||||||||
| BEVERAGES | 84 | ||||||||||||||
| BIOTECH | 71 | ||||||||||||||
| BUILDING MATERIALS | 87 | ||||||||||||||
| BUSINESS SERVICES | 81 | ||||||||||||||
| CHEMICALS | 88 | ||||||||||||||
| COMMERCIAL BANKS | 57 | ||||||||||||||
| COMPUTER SOFTWARE AND SERVICES | 80 | ||||||||||||||
| COMPUTER SYSTEMS AND PERIPHERALS | 92 | ||||||||||||||
| CONSTRUCTION | 90 | ||||||||||||||
| CONSUMER SERVICES | 71 | ||||||||||||||
| CONTAINERS AND PACKAGING | 85 | ||||||||||||||
| CREDIT INSTITUTIONS | 71 | ||||||||||||||
| DISTRIBUTORS | 96 | ||||||||||||||
| DIVERSIFIED MANUFACTURING | 88 | ||||||||||||||
| ELECTRICAL EQUIPMENT AND COMPONENTS | 86 | ||||||||||||||
| ELECTRONICS AND SEMICONDUCTORS | 88 | ||||||||||||||
| ENTERTAINMENT AND GAMING | 78 | ||||||||||||||
| FACTORY EQUIPMENT AND MACHINERY | 89 | ||||||||||||||
| FURNISHING AND APPLIANCE | 90 | ||||||||||||||
| HEALTHCARE SERVICES | 88 | ||||||||||||||
| HOTELS | 79 | ||||||||||||||
| HOUSEHOLD AND FOOD PRODUCTS | 88 | ||||||||||||||
| INSURANCE - HEALTH AND MEDICAL | 92 | ||||||||||||||
| INSURANCE - LIFE | 85 | ||||||||||||||
| INSURANCE - PROPERTY AND CASUALTY | 91 | ||||||||||||||
| INVESTMENT ADVISORS | 83 | ||||||||||||||
| MEDIA | 76 | ||||||||||||||
| MEDICAL DEVICES AND SCIENTIFIC EQUIPMENT | 81 | ||||||||||||||
| METALS AND MINING | 91 | ||||||||||||||
| OIL AND GAS | 94 | ||||||||||||||
| OIL AND GAS - DRILLING | 68 | ||||||||||||||
| PAPER AND PAPER PRODUCTS | 89 | ||||||||||||||
| PHARMACEUTICAL | 70 | ||||||||||||||
| PRINTING AND PUBLISHING | 81 | ||||||||||||||
| PROFESSIONAL SERVICES | 90 | ||||||||||||||
| REAL ESTATE | 55 | ||||||||||||||
| RESTAURANTS | 86 | ||||||||||||||
| RETAIL - APPAREL AND FOOTWEAR | 90 | ||||||||||||||
| RETAIL - AUTO | 96 | ||||||||||||||
| RETAIL - GROCERY AND PHARMACY | 96 | ||||||||||||||
| RETAIL - SPECIALTY | 92 | ||||||||||||||
| RETAILERS - GENERAL | 94 | ||||||||||||||
| SHIPPING AND TRANSPORTATION | 91 | ||||||||||||||
| TELECOMMUNICATION SERVICES | 73 | ||||||||||||||
| TOBACCO | 59 | ||||||||||||||
| UTILITIES - DIVERSIFIED | 72 | ||||||||||||||
| UTILITIES - ELECTRIC | 71 | ||||||||||||||
| UTILITIES - NATURAL | 94 | ||||||||||||||
| Median of 53 Industries | 88 | ||||||||||||||
*CMI = (COGS + SG&A/operating revenue)
Source: Archstone Consulting
Return to the article "Controlling the Flow."
| Aerospace and Defense | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| ROCKWELL COLLINS | 61 | 22 | 83 | 83 | 221 | 0 | |||||||||
| GOODRICH | 72 | 16 | 88 | 84 | 591 | 0 | |||||||||
| UNITED TECHNOLOGIES | 70 | 15 | 85 | 85 | -132 | 5 | |||||||||
| ALLIANT TECHSYSTEMS | 76 | 9 | 86 | 85 | 72 | 27 | |||||||||
| HONEYWELL INTERNATIONAL | 75 | 13 | 88 | 86 | 612 | -3 | |||||||||
| Industry Median | 79 | 9 | 88 | 88 | 247 | 5 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Airlines | |||||||||||||||
| COMPANY | 2003 COGS | 2003 SG&A | 2003 CMI1 | '01-'03 CMI Avg. | '00-'03 CMI Change2 | '00-'03 Revenue Growth3 | |||||||||
| EXPRESSJET HOLDINGS | 46 | 35 | 81 | 79 | -169 | 16 | |||||||||
| SOUTHWEST AIRLINES | 47 | 38 | 85 | 85 | 845 | 2 | |||||||||
| US AIRWAYS GROUP | 40 | 45 | 85 | 88 | 732 | -10 | |||||||||
| ALASKA AIR GROUP | 49 | 43 | 92 | 94 | 40 | 4 | |||||||||
| AMERICA WEST | 49 | 39 | 88 | 96 | -585 | -1 | |||||||||
| Industry Median | 49 | 42 | 92 | 96 | 451 | -2 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Apparel & Footwear Manufacturing | |||||||||||||||
| COMPANY | 2003 COGS | 2003 SG&A | 2003 CMI1 | '01-'03 CMI Avg. | '00-'03 CMI Change2 | '00-'03 Revenue Growth3 | |||||||||
| CINTAS | 54 | 26 | 80 | 79 | 70 | 9 | |||||||||
| JONES APPAREL | 61 | 24 | 85 | 84 | 233 | 2 | |||||||||
| POLO RALPH LAUREN | 50 | 36 | 86 | 84 | 265 | 6 | |||||||||
| TOMMY HILFIGER | 54 | 31 | 85 | 85 | 125 | 0 | |||||||||
| TIMBERLAND | 52 | 33 | 85 | 85 | 331 | 7 | |||||||||
| Industry Median | 60 | 28 | 88 | 88 | 25 | 2 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Auto and Transportation Manufacturing | |||||||||||||||
| COMPANY | 2003 COGS | 2003 SG&A | 2003 CMI1 | '01-'03 CMI Avg. | '00-'03 CMI Change2 | '00-'03 Revenue Growth3 | |||||||||
| HARLEY-DAVIDSON | 58 | 14 | 72 | 75 | -553 | 17 | |||||||||
| PACCAR | 84 | 0 | 84 | 86 | -203 | 1 | |||||||||
| FORD MOTOR COMPANY | 86 | 0 | 86 | 87 | 694 | -1 | |||||||||
| GENERAL MOTORS | 75 | 11 | 87 | 88 | 204 | 0 | |||||||||
| OSHKOSH TRUCK | 84 | 8 | 92 | 92 | 117 | 13 | |||||||||
| Industry Median | 84 | 9 | 87 | 88 | 204 | 1 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Automotive Parts | |||||||||||||||
| COMPANY | 2003 COGS | 2003 SG&A | 2003 CMI1 | '01-'03 CMI Avg. | '00-'03 CMI Change2 | '00-'03 Revenue Growth3 | |||||||||
| ITT INDUSTRIES | 87 | 0 | 87 | 86 | 5 | 5 | |||||||||
| BORGWARNER | 77 | 10 | 87 | 87 | 222 | 5 | |||||||||
| AMERICAN AXLE | 81 | 5 | 86 | 87 | -228 | 6 | |||||||||
| EATON | 68 | 19 | 87 | 87 | 133 | -1 | |||||||||
| TRW AUTOMOTIVE HOLDINGS | 85 | 5 | 90 | 89 | -44 | 1 | |||||||||
| Industry Median | 82 | 8 | 91 | 91 | 158 | 1 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Beverages | |||||||||||||||
| COMPANY | 2003 COGS | 2003 SG&A | 2003 CMI1 | '01-'03 CMI Avg. | '00-'03 CMI Change2 | '00-'03 Revenue Growth3 | |||||||||
| COCA-COLA | 34 | 36 | 70 | 69 | -303 | 1 | |||||||||
| ANHEUSER-BUSCH | 54 | 18 | 71 | 72 | -192 | 5 | |||||||||
| PEPSICO | 42 | 35 | 77 | 78 | -233 | 10 | |||||||||
| BROWN-FORMAN | 39 | 40 | 78 | 79 | 121 | 5 | |||||||||
| CONSTELLATION BRANDS | 69 | 13 | 82 | 84 | -519 | 14 | |||||||||
| Industry Median | 52 | 34 | 83 | 84 | -156 | 8 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Biotech | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| AMGEN | 12 | 43 | 55 | 53 | 354 | 32 | |||||||||
| GENZYME | 23 | 50 | 73 | 69 | 1157 | 32 | |||||||||
| GENENTECH | 13 | 57 | 70 | 71 | -578 | 26 | |||||||||
| ALLERGAN | 16 | 56 | 72 | 73 | -517 | 3 | |||||||||
| CHIRON | 30 | 48 | 78 | 77 | 28 | 23 | |||||||||
| Industry Median | 16 | 50 | 72 | 71 | 28 | 26 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Building Materials | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| PLUM CREEK TIMBER | 73 | 6 | 80 | 74 | 2379 | 77 | |||||||||
| RAYONIER | 72 | 5 | 77 | 74 | 813 | -4 | |||||||||
| OWENS-ILLINOIS | 73 | 7 | 80 | 78 | 479 | 3 | |||||||||
| VULCAN MATERIALS | 70 | 8 | 79 | 79 | -50 | 2 | |||||||||
| MARTIN MARIETTA MATERIALS | 74 | 7 | 81 | 81 | 378 | 4 | |||||||||
| Industry Median | 73 | 10 | 86 | 87 | 168 | 4 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Business Services | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| MOODYS | 28 | 16 | 44 | 45 | -515 | 27 | |||||||||
| EQUIFAX | 44 | 22 | 66 | 63 | -321 | -15 | |||||||||
| IMS HEALTH | 40 | 25 | 66 | 64 | -206 | -1 | |||||||||
| ALLIED WASTE INDUSTRIES | 61 | 9 | 70 | 68 | 525 | -3 | |||||||||
| PITNEY BOWES | 42 | 30 | 72 | 71 | 593 | 6 | |||||||||
| Industry Median | 60 | 19 | 80 | 81 | -12 | -1 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Chemicals | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| PRAXAIR | 59 | 15 | 74 | 74 | -19 | 4 | |||||||||
| 3M | 46 | 28 | 74 | 75 | -188 | 3 | |||||||||
| AIR PRODUCTS & CHEMICALS | 63 | 15 | 78 | 76 | 450 | 5 | |||||||||
| MONSANTO | 44 | 33 | 77 | 77 | 157 | -4 | |||||||||
| INTERNATIONAL FLAVORS & FRAGRANCES | 54 | 25 | 78 | 78 | 20 | 9 | |||||||||
| Industry Median | 71 | 16 | 89 | 88 | 359 | 1 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Commercial Banks | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| GOLDEN WEST FINANCIAL | NA | NA | 29 | 28 | -381 | -1 | |||||||||
| NORTH FORK BANCORPORATION | NA | NA | 35 | 34 | -9 | 3 | |||||||||
| GREENPOINT FINANCIAL | NA | NA | 39 | 38 | -1655 | 5 | |||||||||
| ASTORIA FINL | NA | NA | 41 | 38 | 254 | -9 | |||||||||
| WESTCORP | NA | NA | 34 | 38 | -1583 | 21 | |||||||||
| Industry Median | NA | NA | 57% | 57% | -28 | 0% | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Computer Software — Services | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| MICROSOFT | 14 | 38 | 52 | 51 | 338 | 12 | |||||||||
| ORACLE | 21 | 39 | 59 | 60 | -291 | -2 | |||||||||
| GTECH HOLDINGS | 46 | 16 | 61 | 64 | -668 | 4 | |||||||||
| EBAY | 14 | 48 | 62 | 65 | -2050 | 71 | |||||||||
| VERITAS SOFTWARE | 9 | 57 | 66 | 69 | -378 | 13 | |||||||||
| Industry Median | 34 | 38 | 80 | 80 | -248 | 11 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Computer Systems and Peripherals | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| CISCO SYSTEMS | 24 | 42 | 65 | 76 | -562 | 0 | |||||||||
| NETWORK APPLIANCE | 35 | 46 | 81 | 85 | -141 | 5 | |||||||||
| LEXMARK INTERNATIONAL | 64 | 20 | 84 | 86 | -121 | 8 | |||||||||
| SYMBOL TECHNOLOGIES | 52 | 37 | 88 | 89 | 606 | 2 | |||||||||
| IMATION | 68 | 19 | 88 | 89 | -439 | -2 | |||||||||
| Industry Median | 68% | 22% | 91% | 92% | -48 | 1% | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Construction | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| WCI COMMUNITIES INC | 75 | 10 | 86 | 82 | 655 | 18 | |||||||||
| TOLL BROTHERS INC | 71 | 10 | 82 | 82 | -253 | 15 | |||||||||
| NVR INC | 73 | 7 | 80 | 82 | -671 | 17 | |||||||||
| WALTER INDUSTRIES INC | 70 | 14 | 84 | 83 | 92 | -13 | |||||||||
| CENTEX CORP | 68 | 18 | 86 | 86 | -356 | 16 | |||||||||
| Industry Median | 79 | 10 | 89 | 90 | -45 | 14 | |||||||||
All values are % of operating revenue
Except for '01-'03 CMI change, which is expressed in basis points
11. CMI=(COGS + SG&A) / revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI '00-'03, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting
Data Source: Compustat, and other sources.
Return to the article "Controlling the Flow."
| Consumer Services | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| DOLLAR THRIFTY AUTOMOTIVE GROUP | 43 | 15 | 58 | 55 | 908 | 4 | |||||||||
| HERTZ | 47 | 10 | 57 | 56 | 586 | 1 | |||||||||
| CENDANT | 48 | 17 | 65 | 60 | 529 | 57 | |||||||||
| PAYCHEX | 19 | 43 | 62 | 60 | 396 | 14 | |||||||||
| RENT-A-CENTER | 58 | 3 | 61 | 62 | -74 | 12 | |||||||||
| Industry Median | 58% | 15% | 70% | 71% | 396 | 12% | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Containers — Packaging | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| PACTIV | 70 | 10 | 80 | 79 | -189 | 0 | |||||||||
| SEALED AIR | 64 | 16 | 80 | 79 | 135 | 5 | |||||||||
| GRAPHIC PACKAGING | 74 | 9 | 83 | 80 | 871 | 14 | |||||||||
| APTARGROUP | 66 | 15 | 81 | 80 | 199 | 8 | |||||||||
| PACKAGING CORPORATION OF AMERICA | 74 | 10 | 84 | 81 | 910 | -3 | |||||||||
| Industry Median | 76 | 10 | 87 | 85 | 346 | 5 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Credit Institutions | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| WFS FINANCIAL | NA | NA | 41 | 44 | -889 | 32 | |||||||||
| COUNTRYWIDE FINANCIAL | NA | NA | 52 | 60 | -1965 | 57 | |||||||||
| SLM | NA | NA | 48 | 64 | -3539 | 0 | |||||||||
| CAPITAL ONE FINL | NA | NA | 71 | 79 | 521 | 21 | |||||||||
| FANNIE MAE | NA | NA | 81 | 85 | -572 | 7 | |||||||||
| Industry Median | NA | NA | 62 | 71 | -730 | 14 | |||||||||
All values are % of operating revenue except for 2000-2003 CMI change, which is expressed in basis points.
1CMI = (COGS + SG&A) / operating revenue.
For banking, CMI = (noninterest expense) / (net interest expense income + noninterest income).
2 Nominal change in CMI 2000-2003, expressed in basis points.
3 Compound annual growth in revenue.
Analysis performed by Archstone Consulting, based on data from Compustat and other sources.
Return to the article "Controlling the Flow."
| Distributors | |||||||||||||||
| Company | 2003 COGS | 2003 SG&A | 2003 CMI1 | 2001-2003 Average CMI | 2000-2003 CMI Change2 |
2000-2003 Revenue Growth3 |
|||||||||
| GRAINGER | 63 | 27 | 90 | 90 | -133 | -2 | |||||||||
| SCP POOL | 72 | 20 | 92 | 92 | -61 | 20 | |||||||||
| HANDLEMAN | 79 | 14 | 94 | 93 | 106 | 1 | |||||||||
| SYSCO | 79 | 15 | 94 | 94 | -73 | 11 | |||||||||
| WATSCO | 75 | 20 | 95 | 95 | -40 | -2 | |||||||||
| Industry Median | 80 | 15 | 96 | 96 | 68 | -1 | |||||||||
All values are % of operatin