Financial Ratio Analysis: Profitability, Liquidity & DuPont Breakdown

Conduct a comprehensive financial ratio analysis for `{{company}}`.

Financial statements: `{{financial_statements}}`
Peer benchmarks: `{{benchmarks}}`
Periods: `{{periods}}`

1. Profitability ratios:
   - Gross margin: Gross Profit / Revenue
   - EBITDA margin: EBITDA / Revenue
   - Operating margin: EBIT / Revenue
   - Net margin: Net Income / Revenue
   - Return on equity (ROE): Net Income / Average Equity
   - Return on assets (ROA): Net Income / Average Total Assets
   - Return on invested capital (ROIC): NOPAT / (Equity + Net Debt)

2. Liquidity ratios:
   - Current ratio: Current Assets / Current Liabilities (target > 1.5)
   - Quick ratio: (Cash + Receivables) / Current Liabilities (target > 1.0)
   - Cash ratio: Cash / Current Liabilities

3. Leverage ratios:
   - Net debt / EBITDA (target < 3x for investment grade)
   - Interest coverage: EBITDA / Interest Expense (target > 3x)
   - Debt / Equity ratio
   - Debt / Total Capital

4. Efficiency ratios:
   - Days Sales Outstanding (DSO): Receivables / (Revenue / 365)
   - Days Inventory Outstanding (DIO): Inventory / (COGS / 365)
   - Days Payable Outstanding (DPO): Payables / (COGS / 365)
   - Cash Conversion Cycle: DSO + DIO - DPO

5. Per ratio: provide:
   - Value for each historical period
   - Trend: improving or deteriorating?
   - Peer median comparison: above or below benchmark?
   - Commentary: what is driving the trend?

6. DuPont decomposition of ROE:
   ROE = Net Margin x Asset Turnover x Financial Leverage
   Which component is driving ROE? Is the source of returns healthy (operating efficiency) or concerning (excessive leverage)?

Return: ratio table across periods, peer benchmark comparison, trend assessment, DuPont decomposition, and key findings.