Programmed’s total revenue has been stable in the past four years. However, the amount of tax the firm has to pay has substantially increased in the over the last four year because tax expense is based on the amount of revenue that is pre-tax profit. Programmed is a profitable company with a good return on equity ratio of 25.8% in 2014, which means that Programmed is able to generate $0.25 profit for every dollar of shareholder equity. In terms of return on asset ratio, the company has not been able to achieve its target as it loses around 20 cents for investing each dollar of its asset. Liquidity is an indicator of the ability of a company to satisfy its current liabilities. The current and quick ratios are the main liquidity ratios. Programmed current ratio is below its standards. After analyzing the current ratio of the company, it shows that the company is doing positively as its ratio has been decreasing, therefore, this mean that its current assets are increasing in comparison to its liabilities. These ratios show that Programmed has been able to manage its shareholders capital and profitability adequately. For the quick ratio, Programmed is slightly below the world average of 2:1 but its ratio has increased from 1:18:1 to 1:38:1in 2013 which is a good sign. Programmed’s cash flow and quick ratio indicate that its current assets and net operating cash flow are enough to its short term liabilities when the need arises. Asset efficiency is an indicator of how much revenue a company can generate from its assets. Programmed is the market leader, however in recent periods its asset turnover ratio is below the average level, this means that the company isn’t very efficient in converting its inventory to sales as well as with its collection of receivables for its debtors. In conclusion, Programmed’s profitability and asset efficiency are average but they have been increasing in comparison to its industry standards. The l