Korea has experienced remarkable economic growth since 1960. The economic growth has been led by manufacturing sector with strong support of government. Many manufacturing companies, however, are now facing challenge for their sustainable growth. Manufacturing companies should make strategies and government prepares new policies to improve competitiveness of manufacturing companies. Understanding the history of manufacturing companies is essential to make future strategies and policies. This paper analyzes the financial characteristics of manufacturing companies for last 53 years in Korea, based on the longitudinal analysis of financial ratios from 1960 to 2013. Especially, we investigate domestic or global economic situations and managerial or economic policies which affect financial ratios in each period. The results are as follows. First, we analyze the trend of financing stability with debt ratio. The government implemented the export promotion policy to light industrial sector in the middle of 1960s. Manufacturing companies in light industrial sector had limited financial resources, so government promoted companies to finance debt in the period of the first and second economic development plan. It led to the increase of debt ratio to more than 200% and debt ratio reached 400% at financial crisis in 1997. After financial crisis, the debt ratio had been dramatically decreasing to under 100% in 2013, due to the restructuring by the government policy and the high profitability of companies. Second, we analyze the trend of liquidity with current ratio. Current ratio has been stable and increasing recently. The pattern of current ratio was symmetric in general to the debt ratio in each period, which means economic or political influence factor of debt ratio are similar with current ratio. Third, we analyze the trend of growth with sales growth rate. Sales growth rates are all positive during 53 years. Average of sales growth were about 38% in 1960s and 1970s, 12~19% in 1980s and 1990s and lower than 10% after 2000. The higher growth rates have been caused by the government economic plan promoting light industrial sector in 1960s and heavy and chemical industrial sector in 1970s. The decreased growth rates suggest the stabilization of the industries in 1980s and 1990s. The lower growth rates in recent years raised challenge to our manufacturing companies. Forth, we analyze the trend of profitability with the ratio of operating income to sales (operating margin) and the ratio of Earnings Before Tax (EBT) to sales. Operating margin has been stable in whole period, while EBT shows more fluctuations than operating margin. Both had been decreased until financial crisis in 1997. Losses in EBT were reported in two years around financial crisis. EBTs were often higher than operating margin in 2000s, which means that non- operating gains and losses have a big effect to the profitability of manufacturing companies. Fifth, we analyze the relation among ratios. The trend of debt ratio was symmetric to the current ratio, which means high portion of current debt in total debt. The decrease of debt ratio and lower borrowing rate have brought EBTs higher than operating margin in several years of 2000s, which means that the profitability of manufacturing companies depends on non-operating gains and losses. In addition, we analyze the comprehensive characteristics of manufacturing firms in each period. We divide 53 years into 6 periods: 1960s, 1970s, 1980s, 1990s, 2000s, 2010s, and compare the financial characteristics of manufacturing firms in each period. Our research contributes to understanding the financial characteristics and provides useful suggestions for managers and policy makers to make strategies and policies for strengthening competitiveness of manufacturing companies.