What should I consider when interpreting the ratios obtained in my financial analysis?

Although reference values for ratios are sometimes provided, these do not always need to be taken literally. There are conditioning factors, such as the general economic situation and that of our company, which can justify results that, at first glance, do not fit within these values. In general, these conditioning factors should be considered, along with other references such as temporal evolution, values obtained by companies of similar size and sector, etc. These latter data can be accessed on the Bank of Spain’s website.