Abstract: “Financial statement analysis is used by investors, creditors, security analysts, bank lending officers, managers, auditors, taxing authorities, regulatory agencies, labour unions, customers, and many other parties who rely on financial data for making economic decisions about a company. Growth of companies is therefore essential for the development process. One of the ways how companies attract external financing for development is to list them on the stock market. The stock markets in the Baltic States has not extensively analysed in detail on listed companies's financial statement level. Therefore, the aim of this study is to analyse in the Baltic States stock market listed companies’ financial ratio variables. Research results reveals the portrait of Baltic States listed company based on their financial ratios and discovers which ratios and on what level explain variability in their financial statements. Financial ratio variables indicate strong correlations between debt to equity”

Keywords: companies, stock market, financial ratio, analysis.