Delta Apparel, Inc. (DLA) · 10+ Years of Financial Ratios

Profitability	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	17.42	20.45	-2.65	9.61	- -	-0.96	7.8	7.98	8.61	1.04	6.2	-8.02	14.84	12.59	-22.13
Return on Assets (%)	4.79	6.15	-0.77	2.9	- -	-0.27	2.38	2.68	3.17	0.4	2.28	-2.65	4.75	4.12	-6.79
Return on Capital (%)	9.85	11.92	- -	6.38	- -	- -	5.88	5.99	6.72	0.89	6.14	- -	7.99	7.32	- -
Return on Invested Capital (%)	7.41	9.33	- -	5.21	- -	- -	2.61	5.69	5.4	0.72	5.43	- -	7.46	6.95	- -
Gross Margin (%)	23.75	24.46	17.09	22.32	- -	18.93	19.66	21.99	20.96	20.74	19.72	17.94	23.33	22.45	13
EBITDA Margin (%)	6.35	6.98	0.26	4.47	- -	1.73	4	6.51	6.36	6.93	6.41	1.49	10.64	9.65	-1.23
Operating Margin (%)	4.75	5.45	-1.27	2.83	- -	-0.37	1.87	4.25	3.87	4.4	3.68	-1.86	7.49	6.55	-4.87
Incremental Operating Margin (%)	11.58	11.31	- -	3,354	2.83	- -	-268.05	-40.42	7.94	24.3	-4.16	- -	71.41	-1.93	- -
Pretax Margin (%)	3.92	4.77	-2.11	2.02	- -	-1.65	2.25	2.6	2.9	2.96	1.93	-3.7	5.92	4.96	-10.51
Profit Margin (%)	2.87	3.65	-0.5	1.87	- -	-0.21	1.8	2.11	2.73	0.34	1.91	-2.78	4.65	4.07	-8
Net Income to Common Margin (%)	2.87	3.65	-0.5	1.87	- -	-0.21	1.8	2.11	2.73	0.34	1.91	-2.78	4.65	4.07	-8
Effective Tax Rate (%)	26.82	23.6	- -	7.29	- -	- -	19.86	18.84	5.88	89.48	5.72	- -	22.06	17.91	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	17.42	20.45	-2.65	9.61	- -	-0.96	7.8	7.98	8.61	1.04	6.2	-8.02	14.84	12.59	-22.13

Credit	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	68	87	114	98	135	130	102	116	93	112	135	194	178	222	222
ST Debt	6	3	4	4	4	16	8	9	8	10	13	24	22	26	34
LT Debt	62	84	111	95	131	114	94	107	85	101	122	171	156	196	188
Total Debt/EBITDA	2.53	2.62	90.07	4.48	- -	16.6	5.69	4.18	3.79	4.08	4.88	34.19	3.83	4.75	-43.54
Net Debt/EBITDA	2.5	2.6	89.7	4.46	- -	16.52	5.68	4.17	3.77	3.58	4.17	18.29	2.14	3.11	-28.03
Total Debt/EBIT	3.38	3.35	-18.4	7.07	- -	-78.25	12.15	6.41	6.24	6.42	8.5	-27.45	5.44	7	-10.96
Net Debt/EBIT	3.34	3.32	-18.33	7.03	- -	-77.88	12.11	6.39	6.2	5.64	7.25	-14.68	3.04	4.58	-7.06
EBITDA to Interest Expense	7.68	12.68	0.31	5.48	- -	1.35	2.98	5.24	4.89	4.79	3.66	0.81	6.79	6.05	-0.36
EBITDA-CapEx/Interest Expense	5.7	9.63	-1.3	3.5	- -	-0.18	1.69	2.91	3.47	3.78	2.86	-0.47	5.01	4.44	-0.56
EBIT to Interest Expense	5.75	9.9	-1.51	3.48	- -	-0.29	1.4	3.42	2.97	3.05	2.11	-1.01	4.78	4.11	-1.43
Interest Expense	4	3	4	4	- -	6	6	5	5	6	8	7	7	8	14
Common Equity/Total Assets	30.26	29.94	28.38	32.1	28.62	28.12	33.18	33.88	40.1	37.48	36.25	30.14	33.84	31.83	29.32
Long-Term Debt/Equity (%)	49.6	59.15	79.84	67.18	94.35	82.82	64.96	70.13	54.72	67.54	79.36	119.62	94.95	107.4	125
Long-Term Debt/Capital (%)	43.27	46.61	54.02	47.76	55.66	49.84	44.7	45.84	38.72	42.12	44.92	53.28	48.06	50.51	52.94
Long-Term Debt/Total Assets (%)	24.81	26.93	34.63	30.38	37.25	32.28	28.89	30.93	26.84	29.51	32.31	40.62	35.9	37.47	41.24
Total Debt/Equity (%)	54.15	61.12	82.38	69.68	97.02	94.04	70.74	76.17	59.56	74.48	87.8	136.13	108.46	121.75	147.73
Total Debt/Capital (%)	47.23	48.17	55.73	49.54	57.23	56.59	48.67	49.79	42.15	46.45	49.7	60.63	54.9	57.26	62.56
Total Debt/Total Assets (%)	27.08	27.82	35.73	31.51	38.3	36.66	31.46	33.6	29.22	32.54	35.74	46.22	41.01	42.48	48.74
Net Debt to Equity	53.6	60.66	82.04	69.25	96.42	93.6	70.53	75.91	59.2	65.42	74.88	72.81	60.52	79.7	95.11
Net Debt/Capital (%)	46.98	47.98	55.63	49.39	57.08	56.47	48.59	49.7	42	40.88	42.48	34.18	31.54	37.51	40.3
EBITDA	27	33	1	22	- -	8	18	28	24	27	28	6	46	47	-5
EBITDA-CapEx	20	25	-5	14	- -	-1	10	15	17	22	22	-3	34	34	-8
Operating Income (Loss)	20	26	-6	14	- -	-2	8	18	15	17	16	-7	33	32	-20

Liquidity	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.01	0.01	0.01	0.01	0.01	0.01	- -	- -	0.01	0.01	0.01	0.17	0.09	- -	- -
Current Ratio	3.09	2.93	3.81	3.39	3.32	2.67	2.7	2.83	3.14	2.97	2.74	2.36	2.3	2.35	2.28
Quick Ratio	1.03	0.93	1.25	1.07	0.96	0.76	0.76	0.78	0.7	0.62	0.69	0.81	0.73	0.52	0.42
CFO/Avg Current Liab	0.55	0.04	-0.26	0.46	- -	0.17	0.25	0.03	0.18	0.29	0.11	0.34	0.25	-0.17	0.09
Common Equity/Total Assets	30.26	29.94	28.38	32.1	28.62	28.12	33.18	33.88	40.1	37.48	36.25	30.14	33.84	31.83	29.32
Long-Term Debt/Equity (%)	49.6	59.15	79.84	67.18	94.35	82.82	64.96	70.13	54.72	67.54	79.36	119.62	94.95	107.4	125
Long-Term Debt/Capital (%)	43.27	46.61	54.02	47.76	55.66	49.84	44.7	45.84	38.72	42.12	44.92	53.28	48.06	50.51	52.94
Long-Term Debt/Total Assets (%)	24.81	26.93	34.63	30.38	37.25	32.28	28.89	30.93	26.84	29.51	32.31	40.62	35.9	37.47	41.24
Total Debt/Equity (%)	54.15	61.12	82.38	69.68	97.02	94.04	70.74	76.17	59.56	74.48	87.8	136.13	108.46	121.75	147.73
Total Debt/Capital (%)	47.23	48.17	55.73	49.54	57.23	56.59	48.67	49.79	42.15	46.45	49.7	60.63	54.9	57.26	62.56
Total Debt/Total Assets (%)	27.08	27.82	35.73	31.51	38.3	36.66	31.46	33.6	29.22	32.54	35.74	46.22	41.01	42.48	48.74
CFO/Total Liabilities	25.69	1.7	-10.53	18.83	- -	6.46	12.36	1.14	8.61	10.98	4.21	11.46	9.43	-5.9	3.68
CFO/CapEx	4.63	0.36	-2.88	4.06	- -	1.57	2.87	0.18	1.97	3.68	1.56	3.54	2.1	-1.61	3.98
Altman's Z-Score	3.91	3.58	3.16	3.46	1.2	2.83	3.44	3.26	3.42	3.18	3.14	2.12	2.91	2.44	1.85

Working Capital	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	7.33	6.98	6.53	6.6	- -	6.59	6.83	6.76	6.97	8.37	8.01	6.25	6.77	6.94	7.12
Days Sales Outstanding	49.78	52.28	55.9	55.32	- -	55.41	53.45	53.97	52.4	43.58	45.55	58.38	53.94	52.57	51.28
Inventory Turnover	2.67	2.6	2.53	2.37	- -	2.24	2.32	2.12	1.8	1.79	1.96	1.93	2.18	1.83	1.57
Days Inventory Outstanding	136.74	140.21	144.15	153.82	- -	162.73	157.08	171.98	203.15	203.52	186.46	189.48	167.43	199.11	232.79
Accounts Payable Turnover	9.17	8.92	6.9	5.75	0.09	5.57	4.57	5.54	5.41	4.84	5.09	4.54	6.83	5.65	3.76
Accounts Payable Turnover Days	39.81	40.9	52.92	63.5	3,915.42	65.53	79.89	65.84	67.44	75.38	71.74	80.38	53.41	64.63	97.13
Cash Conversion Cycle	146.72	151.58	147.13	145.65	- -	152.6	130.64	160.11	188.11	171.73	160.27	167.48	167.96	187.06	186.94
Inventory to Cash Days	-86.96	-87.93	-88.25	-98.51	- -	-107.32	-103.63	-118.01	-150.75	-159.94	-140.9	-131.1	-113.49	-146.54	-181.5
Inventories	117	159	162	160	165	162	148	164	175	175	179	146	162	249	212
Raw Materials	11	21	12	12	12	10	11	11	9	10	12	14	17	23	20
Work In Process	21	35	19	16	15	16	19	18	19	18	18	14	21	24	18
Finished Goods	85	104	131	131	138	137	118	135	147	147	149	118	124	202	174
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	125	145	120	112	- -	72	135	120	158	123	163	97	197	100	46
- Cash & Cash Equivalents	1	1	- -	1	1	1	- -	- -	1	- -	1	16	9	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	-1	-1
+ Total Debt	68	87	114	98	135	130	102	116	93	112	135	194	178	222	222
Enterprise Value	193	231	234	210	134	201	237	235	251	234	297	275	365	322	267
Total Capital	144	180	205	198	235	230	210	233	220	241	272	320	324	389	355
Total Debt/Capital (%)	47.23	48.17	55.73	49.54	57.23	56.59	48.67	49.79	42.15	46.45	49.7	60.63	54.9	57.26	62.56
Total Debt / EV	0.35	0.38	0.49	0.47	1.01	0.65	0.43	0.49	0.37	0.48	0.45	0.71	0.49	0.69	0.83
EV/Sales	0.45	0.49	0.48	0.43	- -	0.44	0.53	0.55	0.65	0.59	0.69	0.72	0.84	0.66	0.64
EV/EBITDA	7.15	6.96	184.29	9.57	- -	25.67	13.17	8.5	10.24	8.56	10.75	48.33	7.86	6.87	- -
EV/EBIT	9.56	8.91	- -	15.08	- -	- -	28.11	13.02	16.84	13.47	18.7	- -	11.16	10.12	- -
EV/Cash Flow to Firm	5.54	47.21	- -	5.85	- -	13.66	8.72	36.26	13.44	10.73	17.96	7.38	11.85	- -	12.12
EV/Free Cash Flow to Firm	4.61	17.96	- -	4.79	- -	8.51	6.78	12.51	9.74	8.49	13.15	5.95	8.5	- -	10.75
Diluted Market Cap	129	150	121	120	- -	72	140	126	171	132	166	98	200	102	46
Diluted Enterprise Value	196	236	235	218	134	201	241	241	263	244	301	275	368	324	267
EV per Share	22.64	27.41	27.8	26.47	- -	25.52	30.34	30.92	34.34	33.92	42.94	39.85	52.33	46.51	38.16
TTM Sales	424	475	490	491	- -	453	449	425	385	395	432	381	437	485	415
TTM EBITDA	27	33	1	22	- -	8	18	28	24	27	28	6	46	47	-5
TTM Operating Income	20	26	-6	14	- -	-2	8	18	15	17	16	-7	33	32	-20
TTM Cash Flow to Firm	35	5	-18	36	- -	15	27	6	19	22	17	37	31	-14	22
TTM Free Cash Flow to Firm	42	13	-11	44	- -	24	35	19	26	28	23	46	43	-1	25

Multiples	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	10.29	8.41	- -	12.68	- -	- -	16.8	13.58	15.55	95.12	19.8	- -	9.69	5.1	- -
Price/Earnings Average	8.33	6.96	-56.82	13.2	- -	-124.16	11.77	15.59	13.7	102.94	18	-12.05	9	9.49	-2.34
Price/Earnings High	11.91	8.77	-66.32	15.47	- -	-154.07	17.51	21.18	16.3	114.96	20.6	-20.24	11.62	11.2	-3.42
Price/Earnings Low	4.66	5.98	-46.65	11.34	- -	-69.55	8.35	10.34	10.68	87.8	13.54	-5.42	4.84	4.93	-1.38
Price/Book Value	1.65	1.55	1.32	1.12	- -	0.72	1.25	1.03	1.24	0.95	1.19	0.77	1.34	0.6	0.35
Price/Book Value Average	1.34	1.28	1.52	1.17	- -	1.19	0.88	1.18	1.09	1.03	1.08	1	1.25	1.12	0.58
Price/Book Value High	1.91	1.62	1.78	1.37	- -	1.48	1.3	1.6	1.3	1.15	1.24	1.68	1.61	1.32	0.85
Price/Book Value Low	0.75	1.1	1.25	1	- -	0.67	0.62	0.78	0.85	0.88	0.81	0.45	0.67	0.58	0.35
Price/Tangible Book Value	1.25	1.23	1.04	0.95	- -	0.92	1.57	1.27	1.32	1.27	1.73	1.15	1.97	0.83	0.46
Price/Tangible Book Value Average	1.01	1.02	1.2	0.99	- -	1.52	1.1	1.46	1.16	1.38	1.57	1.5	1.83	1.54	0.78
Price/Tangible Book Value High	1.45	1.28	1.4	1.16	- -	1.89	1.64	1.98	1.39	1.54	1.8	2.51	2.36	1.82	1.14
Price/Tangible Book Value Low	0.57	0.87	0.99	0.85	- -	0.85	0.78	0.97	0.91	1.18	1.18	0.67	0.98	0.8	0.46
Price/Sales	0.3	0.31	0.25	0.24	- -	0.16	0.3	0.29	0.42	0.32	0.38	0.26	0.45	0.21	0.11
Price/Sales Average	0.24	0.25	0.28	0.25	- -	0.26	0.21	0.33	0.37	0.35	0.34	0.33	0.42	0.39	0.19
Price/Sales High	0.34	0.32	0.33	0.29	- -	0.33	0.32	0.45	0.44	0.39	0.39	0.56	0.54	0.46	0.27
Price/Sales Low	0.13	0.22	0.23	0.21	- -	0.15	0.15	0.22	0.29	0.3	0.26	0.15	0.22	0.2	0.11
Price/Cash Flow	3.89	50.45	-6.32	3.62	- -	5.15	6.1	55.35	11.72	5.99	17.31	3.07	7.72	-5.01	4.11
Price/Cash Flow Average	3.15	41.75	-7.28	3.77	- -	8.53	4.27	63.5	10.33	6.48	15.74	4.01	7.17	-9.31	6.94
Price/Cash Flow High	4.5	52.59	-8.49	4.42	- -	10.59	6.35	86.29	12.29	7.24	18.01	6.73	9.26	-10.99	10.12
Price/Cash Flow Low	1.76	35.85	-5.97	3.24	- -	4.78	3.03	42.14	8.06	5.53	11.84	1.8	3.85	-4.84	4.1
Price/Free Cash Flow	3.28	13.84	-9.67	2.99	- -	3.14	4.64	8.66	8.14	4.89	10.74	2.4	5.32	-13.42	3.28
Price/Free Cash Flow Average	2.65	11.46	-11.14	3.12	- -	5.21	3.25	9.94	7.17	5.29	9.77	3.13	4.95	-24.95	5.55
Price/Free Cash Flow High	3.8	14.43	-13	3.65	- -	6.47	4.84	13.51	8.53	5.91	11.17	5.25	6.39	-29.45	8.09
Price/Free Cash Flow Low	1.48	9.84	-9.15	2.68	- -	2.92	2.3	6.6	5.59	4.51	7.35	1.41	2.66	-12.96	3.28
EV/Sales	0.45	0.49	0.48	0.43	- -	0.44	0.53	0.55	0.65	0.59	0.69	0.72	0.84	0.66	0.64
EV/Sales Average	0.4	0.43	0.52	0.44	- -	0.55	0.44	0.59	0.6	0.62	0.65	0.8	0.8	0.84	0.72
EV/Sales High	0.5	0.5	0.56	0.48	- -	0.61	0.54	0.71	0.67	0.66	0.7	1.02	0.93	0.91	0.81
EV/Sales Low	0.29	0.4	0.46	0.4	- -	0.43	0.38	0.49	0.52	0.57	0.57	0.62	0.61	0.66	0.64
EV/EBITDA	7.15	6.96	184.29	9.57	- -	25.67	13.17	8.5	10.24	8.56	10.75	48.33	7.86	6.87	- -
EV/EBITDA Average	6.27	6.21	198.69	9.78	- -	31.69	10.93	9.13	9.46	8.92	10.21	53.54	7.55	8.71	-58.67
EV/EBITDA High	7.89	7.14	216.91	10.69	- -	35.35	13.49	10.92	10.55	9.49	10.98	68.71	8.7	9.43	-65.69
EV/EBITDA Low	4.61	5.7	179.19	9.03	- -	25.02	9.4	7.46	8.21	8.21	8.88	41.26	5.73	6.8	-52.4
EV/EBIT	9.56	8.91	- -	15.08	- -	- -	28.11	13.02	16.84	13.47	18.7	- -	11.16	10.12	- -
EV/EBIT Average	8.38	7.95	-40.59	15.42	- -	-149.43	23.32	14	15.58	14.05	17.77	-42.99	10.73	12.83	-14.77
EV/EBIT High	10.54	9.15	-44.32	16.86	- -	-166.67	28.79	16.73	17.36	14.94	19.11	-55.17	12.36	13.89	-16.54
EV/EBIT Low	6.16	7.29	-36.61	14.24	- -	-117.96	20.06	11.44	13.51	12.92	15.46	-33.13	8.14	10.01	-13.19
Last Price	14.73	17.18	14.27	14.14	16.32	9.1	17.27	15.76	21.7	17.79	23.55	14.12	28.24	14.48	6.59
High Price	17.05	17.91	19.19	17.25	17.29	18.72	18	24.57	22.75	21.5	24.5	30.93	33.87	31.79	16.25
Low Price	6.67	12.21	13.5	12.65	12.91	8.45	8.58	12	14.91	16.42	16.11	8.29	14.1	13.99	6.58
Enterprise Value	193	231	234	210	134	201	237	235	251	234	297	275	365	322	267
Enterprise Value Average	169	206	253	214	134	248	196	253	232	244	282	304	351	408	299
Enterprise Value High	213	237	276	234	134	277	242	302	258	260	304	390	404	441	335
Enterprise Value Low	124	189	228	198	134	196	169	207	201	225	246	234	266	318	267

Per Share Data Items	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	9	8	8	8	- -	8	8	8	7	7	7	7	7	7	7
Diluted Weighted Avg Shares	9	9	8	8	- -	8	8	8	8	7	7	7	7	7	7
Basic Weighted Avg Shares	9	8	8	8	- -	8	8	8	8	7	7	7	7	7	7
Revenue per Share	49.85	56	57.96	59.57	- -	57.32	57.04	55.04	51.13	55.32	62.31	55.05	62.74	69.73	59.43
EBITDA per Share	3.17	3.91	0.15	2.66	- -	0.99	2.28	3.59	3.25	3.83	3.99	0.82	6.68	6.73	-0.73
Operating Income per Share	2.37	3.05	-0.74	1.69	- -	-0.21	1.07	2.34	1.98	2.43	2.29	-1.02	4.7	4.57	-2.9
Basic EPS, GAAP	1.43	2.04	-0.29	1.12	- -	-0.12	1.03	1.16	1.4	0.19	1.19	-1.53	2.92	2.84	-4.75
Basic EPS from Cont Ops	1.43	2.04	-0.29	1.12	- -	-0.12	1.03	1.16	1.4	0.17	1.14	-1.56	2.9	2.84	-4.76
Diluted EPS, GAAP	1.4	1.98	-0.29	1.08	- -	-0.12	1	1.12	1.33	0.18	1.17	-1.53	2.86	2.8	-4.75
Diluted EPS from Cont Ops	1.4	1.98	-0.29	1.08	- -	-0.12	1	1.12	1.33	0.17	1.11	-1.56	2.84	2.8	-4.76
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	3.79	0.34	-2.26	3.91	- -	1.77	2.83	0.28	1.85	2.97	1.36	4.59	3.66	-2.89	1.6
Free Cash Flow per Basic Share	2.97	-0.6	-3.04	2.94	- -	0.64	1.85	-1.31	0.91	2.16	0.49	3.3	1.91	-4.69	1.2
Cash & Equivalents per Share	0.08	0.08	0.06	0.08	- -	0.08	0.04	0.05	0.08	0.07	0.09	2.39	1.34	0.04	0.03
Book Value per Share	8.93	11.09	10.79	12.64	- -	12.66	13.83	15.34	17.46	18.64	19.8	18.38	21.07	24.1	19.07
Tangible Book Value per Share	11.77	13.98	13.69	14.9	- -	9.9	10.98	12.4	16.41	13.95	13.64	12.31	14.34	17.47	14.26

Delta Apparel, Inc.

DLA US

1.04

1.04