Warrior Met Coal, Inc. (HCC) · 10+ Years of Financial Ratios

Profitability	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	234.67	55.71	-6.51	25.3	67.7	33.31
Return on Assets (%)	- -	- -	46.89	58.35	22.03	-2.61	10.56	36.73	21.83
Return on Capital (%)	- -	- -	- -	- -	33.82	- -	17.82	50.88	29.22
Return on Invested Capital (%)	- -	- -	- -	- -	27.08	- -	18.69	44.93	24.9
Gross Margin (%)	-38.16	- -	40.44	40.2	33.15	0.73	31.59	50.95	35.88
EBITDA Margin (%)	-28.28	- -	43.77	44.6	37.9	11.62	41.58	54.77	40.38
Operating Margin (%)	-50.98	- -	37.32	37.54	30.23	-3.47	28.23	48.14	32.79
Incremental Operating Margin (%)	- -	-50.98	37.32	38.81	122.12	- -	117.97	79.17	462.57
Pretax Margin (%)	-64.5	- -	35.62	34.18	28.95	-7.14	18.88	45.04	32.89
Profit Margin (%)	-57.02	- -	38.92	50.56	23.79	-4.57	14.24	36.88	28.55
Net Income to Common Margin (%)	-57.02	- -	38.92	50.56	23.79	-4.57	14.24	36.88	28.55
Effective Tax Rate (%)	- -	- -	- -	- -	17.82	- -	24.55	18.11	13.2
Dvd Payout Ratio (%)	- -	- -	175.13	51.76	79.68	-29.07	6.93	12.42	12.76
Sustainable Growth Rate (%)	- -	- -	- -	113.21	11.32	-8.41	23.55	59.29	29.06

Credit	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	7	346	469	375	418	392	336	173
ST Debt	- -	3	3	1	10	14	24	24	11
LT Debt	- -	4	343	468	365	404	368	312	162
Total Debt/EBITDA	- -	- -	0.68	0.76	0.78	4.6	0.89	0.35	0.26
Net Debt/EBITDA	0.52	- -	0.61	0.43	0.3	1.85	-0.13	-0.55	-0.86
Total Debt/EBIT	- -	- -	0.79	0.91	0.98	-15.42	1.31	0.4	0.32
Net Debt/EBIT	0.29	- -	0.71	0.51	0.38	-6.19	-0.19	-0.63	-1.06
EBITDA to Interest Expense	-3.02	- -	73.66	16.47	16.39	2.82	12.07	30.3	37.7
EBITDA-CapEx/Interest Expense	-4.29	- -	60.32	13.75	12.73	0.11	10.48	23.66	10.32
EBIT to Interest Expense	-5.44	- -	62.8	13.86	13.07	-0.84	8.19	26.63	30.61
Interest Expense	51	- -	7	37	29	32	36	31	18
Common Equity/Total Assets	- -	-5.19	8.36	36.62	42.57	37.74	45.52	60.56	69.82
Long-Term Debt/Equity (%)	- -	0.49	83.03	65.71	47.64	55.71	42.23	21.53	8.63
Long-Term Debt/Capital (%)	- -	-8.75	79.95	47.79	38.51	42.78	34.79	19.93	8.89
Long-Term Debt/Total Assets (%)	- -	0.39	34.53	33.56	27.13	28.98	25.15	15.36	6.86
Total Debt/Equity (%)	- -	0.87	83.75	65.81	48.96	57.69	44.94	23.19	9.24
Total Debt/Capital (%)	- -	-15.44	80.64	47.87	39.58	44.3	37.03	21.47	9.52
Total Debt/Total Assets (%)	- -	0.69	34.82	33.62	27.89	30.01	26.76	16.55	7.35
Net Debt to Equity	9.72	-19.05	75.16	36.96	19.05	23.16	-6.43	-36.4	-31.22
Net Debt/Capital (%)	100	74.49	78.9	34.02	19.35	22.93	-8.46	-71.75	-54.15
EBITDA	-154	- -	512	615	481	91	440	952	677
EBITDA-CapEx	-219	- -	419	513	373	3	383	744	185
Operating Income (Loss)	-278	- -	436	517	383	-27	299	837	550

Liquidity	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	1.24	2.59	0.49	1.79	1.61	1.29	3.31	5.47	5.06
Current Ratio	3.01	4.5	2.48	3.77	3.44	2.74	5.14	7.66	7.24
Quick Ratio	1.68	3.7	1.71	3.09	2.5	1.81	4.38	6.49	5.81
CFO/Avg Current Liab	- -	- -	5.03	4.81	4.21	0.75	2.4	6.12	4.66
Common Equity/Total Assets	- -	-5.19	8.36	36.62	42.57	37.74	45.52	60.56	69.82
Long-Term Debt/Equity (%)	- -	0.49	83.03	65.71	47.64	55.71	42.23	21.53	8.63
Long-Term Debt/Capital (%)	- -	-8.75	79.95	47.79	38.51	42.78	34.79	19.93	8.89
Long-Term Debt/Total Assets (%)	- -	0.39	34.53	33.56	27.13	28.98	25.15	15.36	6.86
Total Debt/Equity (%)	- -	0.87	83.75	65.81	48.96	57.69	44.94	23.19	9.24
Total Debt/Capital (%)	- -	-15.44	80.64	47.87	39.58	44.3	37.03	21.47	9.52
Total Debt/Total Assets (%)	- -	0.69	34.82	33.62	27.89	30.01	26.76	16.55	7.35
CFO/Total Liabilities	-8.12	- -	74.88	81.97	92.07	16.84	59.36	145.01	145.27
CFO/CapEx	-2.03	- -	4.69	5.5	4.97	1.29	6.07	4.03	1.43
Altman's Z-Score	-0.27	0.21	4.33	4.12	3.85	2.26	3.77	5.49	6.9

Working Capital	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	12.73	10.76	10.66	8.57	10.31	12.69	13.41
Days Sales Outstanding	- -	- -	28.67	33.92	34.23	42.61	35.4	28.76	27.22
Inventory Turnover	- -	- -	14.86	14.85	10.97	7.17	8.13	7.98	6.36
Days Inventory Outstanding	- -	- -	24.56	24.59	33.28	50.88	44.92	45.72	57.37
Accounts Payable Turnover	- -	-1.23	41.69	26.8	22.22	15.12	14.32	26.01	29.36
Accounts Payable Turnover Days	- -	-297.53	8.75	13.62	16.43	24.14	25.49	14.03	12.43
Cash Conversion Cycle	- -	- -	44.47	44.89	51.08	69.35	54.83	60.44	72.16
Inventory to Cash Days	- -	- -	4.11	9.34	0.95	-8.26	-9.52	-16.96	-30.16
Inventories	52	39	54	57	98	119	60	154	184
Raw Materials	27	21	22	24	29	32	35	44	54
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	24	19	32	33	69	86	24	110	130
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	1,348	1,254	1,051	1,087	1,303	1,765	3,197
- Cash & Cash Equivalents	80	150	35	206	193	212	396	829	738
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	7	346	469	375	418	392	336	173
Enterprise Value	-80	-161	1,640	1,500	1,217	1,285	1,290	1,263	2,623
Total Capital	- -	-43	429	980	947	944	1,058	1,564	1,819
Total Debt/Capital (%)	- -	-15.44	80.64	47.87	39.58	44.3	37.03	21.47	9.52
Total Debt / EV	- -	-0.04	0.21	0.31	0.31	0.33	0.3	0.27	0.07
EV/Sales	- -	- -	1.4	1.09	0.96	1.64	1.22	0.73	1.56
EV/EBITDA	- -	- -	3.21	2.44	2.53	14.12	2.93	1.33	3.87
EV/EBIT	- -	- -	3.76	2.9	3.18	- -	4.32	1.51	4.77
EV/Cash Flow to Firm	- -	- -	3.71	2.44	2.19	9.64	3.4	1.46	3.66
EV/Free Cash Flow to Firm	- -	- -	3.07	2.09	1.83	5.82	2.95	1.17	2.17
Diluted Market Cap	- -	- -	1,335	1,286	1,059	1,086	1,303	1,767	3,199
Diluted Enterprise Value	-80	-143	1,646	1,549	1,241	1,293	1,299	1,273	2,634
EV per Share	- -	- -	30.79	29.06	23.84	25.1	25.09	24.44	50.43
TTM Sales	545	- -	1,169	1,378	1,268	783	1,059	1,739	1,677
TTM EBITDA	-154	- -	512	615	481	91	440	952	677
TTM Operating Income	-278	- -	436	517	383	-27	299	837	550
TTM Cash Flow to Firm	-87	- -	442	615	557	133	379	868	717
TTM Free Cash Flow to Firm	-22	- -	535	716	664	221	437	1,076	1,208

Multiples	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	2.93	1.84	3.5	- -	8.63	2.75	6.67
Price/Earnings Average	- -	- -	2.55	2.02	4.2	-23.42	7.06	2.67	4.55
Price/Earnings High	- -	- -	3.35	2.4	5.41	-32.91	9.22	3.29	6.7
Price/Earnings Low	- -	- -	1.8	1.6	3.05	-14.28	5.38	2.03	3.49
Price/Book Value	- -	- -	16.23	2.46	1.84	2.07	1.95	1.44	1.94
Price/Book Value Average	- -	- -	14.09	2.69	2.2	1.59	1.6	1.39	1.33
Price/Book Value High	- -	- -	18.53	3.19	2.83	2.24	2.09	1.72	1.95
Price/Book Value Low	- -	- -	9.94	2.14	1.6	0.97	1.22	1.06	1.01
Price/Tangible Book Value	- -	- -	3.26	1.76	1.37	1.5	1.49	1.22	1.71
Price/Tangible Book Value Average	- -	- -	2.83	1.93	1.64	1.16	1.22	1.18	1.16
Price/Tangible Book Value High	- -	- -	3.73	2.29	2.12	1.62	1.6	1.46	1.71
Price/Tangible Book Value Low	- -	- -	2	1.53	1.2	0.7	0.93	0.9	0.89
Price/Sales	- -	- -	1.14	0.93	0.83	1.39	1.23	1.01	1.91
Price/Sales Average	- -	- -	0.99	1.02	1	1.07	1.01	0.98	1.3
Price/Sales High	- -	- -	1.3	1.21	1.29	1.5	1.31	1.21	1.91
Price/Sales Low	- -	- -	0.7	0.81	0.73	0.65	0.77	0.75	1
Price/Cash Flow	- -	- -	3.07	2.29	1.98	9.65	3.7	2.1	4.56
Price/Cash Flow Average	- -	- -	2.67	2.51	2.38	7.44	3.03	2.03	3.11
Price/Cash Flow High	- -	- -	3.51	2.98	3.06	10.45	3.96	2.51	4.57
Price/Cash Flow Low	- -	- -	1.88	2	1.73	4.53	2.31	1.54	2.38
Price/Free Cash Flow	- -	- -	2.53	1.95	1.65	5.43	3.18	1.68	2.68
Price/Free Cash Flow Average	- -	- -	2.2	2.13	1.98	4.19	2.6	1.63	1.83
Price/Free Cash Flow High	- -	- -	2.89	2.53	2.55	5.88	3.4	2.01	2.69
Price/Free Cash Flow Low	- -	- -	1.55	1.69	1.44	2.55	1.98	1.24	1.4
EV/Sales	- -	- -	1.4	1.09	0.96	1.64	1.22	0.73	1.56
EV/Sales Average	- -	- -	1.27	1.19	1.14	1.33	1	0.7	0.96
EV/Sales High	- -	- -	1.58	1.38	1.42	1.77	1.31	0.93	1.58
EV/Sales Low	- -	- -	0.97	0.98	0.87	0.92	0.76	0.46	0.66
EV/EBITDA	- -	- -	3.21	2.44	2.53	14.12	2.93	1.33	3.87
EV/EBITDA Average	0.52	- -	2.89	2.66	3	11.48	2.41	1.28	2.39
EV/EBITDA High	0.52	- -	3.61	3.08	3.75	15.21	3.15	1.7	3.91
EV/EBITDA Low	0.52	- -	2.22	2.21	2.28	7.89	1.84	0.85	1.63
EV/EBIT	- -	- -	3.76	2.9	3.18	- -	4.32	1.51	4.77
EV/EBIT Average	0.29	- -	3.39	3.16	3.76	-38.48	3.55	1.46	2.94
EV/EBIT High	0.29	- -	4.24	3.66	4.7	-50.99	4.64	1.93	4.81
EV/EBIT Low	0.29	- -	2.6	2.62	2.86	-26.43	2.7	0.96	2.01
Last Price	- -	- -	25.29	24.3	20.57	21.23	25.33	34.17	61.46
High Price	- -	- -	28.88	31.61	31.75	23	27.06	40.9	61.71
Low Price	- -	- -	15.49	21.17	17.94	9.98	15.79	25.17	32.11
Enterprise Value	-80	-161	1,640	1,500	1,217	1,285	1,290	1,263	2,623
Enterprise Value Average	-80	-143	1,480	1,636	1,440	1,044	1,062	1,219	1,617
Enterprise Value High	-80	-143	1,849	1,895	1,803	1,384	1,388	1,619	2,645
Enterprise Value Low	-80	-143	1,136	1,356	1,098	717	808	806	1,105

Per Share Data Items	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	53	54	53	52	51	51	51	52	52
Diluted Weighted Avg Shares	53	53	53	53	51	51	51	52	52
Basic Weighted Avg Shares	53	- -	53	53	51	51	51	52	52
Revenue per Share	10.34	- -	22.14	26.09	24.69	15.3	20.61	33.68	32.26
EBITDA per Share	-2.92	- -	9.69	11.64	9.36	1.78	8.57	18.45	13.03
Operating Income per Share	-5.27	- -	8.26	9.8	7.46	-0.53	5.82	16.21	10.58
Basic EPS, GAAP	-5.9	- -	8.62	13.19	5.87	-0.7	2.94	12.42	9.21
Basic EPS from Cont Ops	-5.9	- -	8.62	13.19	5.87	-0.7	2.94	12.42	9.21
Diluted EPS, GAAP	-5.9	- -	8.62	13.17	5.86	-0.7	2.93	12.4	9.2
Diluted EPS from Cont Ops	-5.9	- -	8.62	13.17	5.86	-0.7	2.93	12.4	9.2
Dividend per Share	- -	- -	15.09	6.83	4.68	0.2	0.2	1.54	1.18
Cash Flow per Share	-2.5	- -	8.23	10.59	10.37	2.2	6.84	16.31	13.49
Free Cash Flow per Basic Share	-3.74	- -	6.48	8.67	8.28	0.49	5.72	12.27	4.03
Cash & Equivalents per Share	1.51	3.13	0.99	4.32	4.07	4.31	7.86	16.23	14.36
Book Value per Share	- -	-0.92	1.56	9.9	11.2	10.28	12.96	23.78	31.64
Tangible Book Value per Share	-15.58	14.07	7.75	13.8	14.99	14.17	16.95	28.02	36.03

Warrior Met Coal, Inc.

HCC US

65.26

65.26