Use of ratios in investing for relative comps and intrinsic value

Do intelligent investors create their own ratios in their analysis for what they see is most pertinent? For example, I don't see the value of asset-based multiples like ROA without removing the presence of cash on the balance sheet. Or do investors just use the industry-standard multiples.

Any anecdotes of times you analyzed companies through unique ratios that were not the standard?

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