Howmet Aerospace Inc. (HWM) · 10+ Years of Financial Ratios

Profitability	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	-7.65	- -	- -	- -	139.49	38.57	28.1	37.89	42.75
Return on Assets (%)	- -	-1.77	-3.33	-0.38	3.43	2.59	1.8	2.38	4.58	7.4
Return on Capital (%)	- -	-8.02	-15.88	-2.22	14.43	10.29	- -	8.08	11.54	15.88
Return on Invested Capital (%)	- -	-6.41	-15.65	-1.71	5.72	6.03	- -	7.87	9.61	12.03
Gross Margin (%)	17.49	18.6	21.77	21.13	24.55	26.54	26.26	27.67	27.55	28.12
EBITDA Margin (%)	17.83	17.3	18.08	14.78	22.46	23.57	21.6	22.12	22.04	22.41
Operating Margin (%)	6.89	6.98	8.95	10.52	13.96	16.02	15.17	16.69	17.36	18.31
Incremental Operating Margin (%)	- -	-2.33	-1,273.68	45.05	6.76	59.69	18.43	-11.15	22.14	23.85
Pretax Margin (%)	0.9	1.47	3.34	3.63	6.31	2.96	3.25	6.52	10.7	14.68
Profit Margin (%)	2.14	-2.59	-7.59	-0.57	9.47	6.62	4.96	5.19	8.28	11.52
Net Income to Common Margin (%)	1.97	-3.15	-8.15	-0.98	9.44	6.59	4.92	5.15	8.25	11.49
Effective Tax Rate (%)	153.98	185.25	356.52	115.74	27.8	40	- -	20.37	22.61	21.54
Dvd Payout Ratio (%)	-80.92	-154	-14.89	-85.83	38.11	44.35	4.31	6.64	8.99	9.31
Sustainable Growth Rate (%)	- -	-19.43	- -	- -	- -	77.62	36.91	26.23	34.48	38.77

Credit	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	8,827	8,084	6,844	6,330	5,940	5,213	4,346	4,277	3,835
ST Debt	- -	41	40	38	434	1,034	414	38	32	238
LT Debt	- -	8,786	8,044	6,806	5,896	4,906	4,799	4,308	4,245	3,597
Total Debt/EBITDA	- -	4.11	3.61	3.57	4.16	3.55	4.59	3.95	3.43	2.58
Net Debt/EBITDA	- -	3.48	2.78	2.45	2.66	2.61	3.05	3.19	2.7	2.08
Total Debt/EBIT	- -	10.18	7.29	5.02	6.69	5.22	6.53	5.24	4.35	3.15
Net Debt/EBIT	- -	8.61	5.61	3.44	4.28	3.84	4.34	4.23	3.43	2.55
EBITDA to Interest Expense	5.06	4.54	4.49	3.86	4.04	4.95	3.58	4.25	5.45	6.83
EBITDA-CapEx/Interest Expense	2.3	2.04	2.24	2.66	2	3.05	2.74	3.48	4.61	5.82
EBIT to Interest Expense	1.95	1.83	2.22	2.75	2.51	3.36	2.52	3.2	4.29	5.58
Interest Expense	442	473	499	496	377	338	317	259	229	218
Common Equity/Total Assets	- -	28.03	-2.94	-4.1	0.67	3.11	6.96	10.03	14.04	20.43
Long-Term Debt/Equity (%)	- -	62.18	156.47	138.22	105.57	106.54	134.16	122.81	117.88	89.1
Long-Term Debt/Capital (%)	- -	41.45	106.14	110.74	90.4	74.84	79.13	79.4	73.54	59.75
Long-Term Debt/Total Assets (%)	- -	24.09	40.14	36.36	31.54	27.94	41.94	42.16	41.39	34.49
Total Debt/Equity (%)	- -	62.47	157.25	138.99	113.34	128.99	145.74	123.89	118.77	95
Total Debt/Capital (%)	- -	41.65	106.66	111.36	97.06	90.62	85.95	80.1	74.1	63.7
Total Debt/Total Assets (%)	- -	24.2	40.34	36.56	33.86	33.82	45.56	42.53	41.71	36.78
Net Debt to Equity	- -	52.83	121.01	95.33	72.57	94.74	96.87	100.11	93.61	76.69
Net Debt/Capital (%)	- -	37.64	108.83	117.47	95.48	87.65	77.78	74.63	67.68	57.23
EBITDA	2,236	2,147	2,241	1,915	1,522	1,673	1,136	1,100	1,248	1,488
EBITDA-CapEx	1,017	967	1,116	1,319	754	1,032	869	901	1,055	1,269
Operating Income (Loss)	864	867	1,109	1,364	946	1,137	798	830	983	1,216

Liquidity	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	0.26	0.68	0.76	0.65	0.38	0.97	0.57	0.53	0.34
Current Ratio	- -	1.53	2.14	2.26	1.87	1.42	2.21	2.18	2.12	1.86
Quick Ratio	- -	0.52	1.21	1.25	1.07	0.61	1.18	0.91	0.9	0.73
CFO/Avg Current Liab	- -	0.61	0.02	-0.01	0.07	0.12	- -	0.31	0.54	0.55
Common Equity/Total Assets	- -	28.03	-2.94	-4.1	0.67	3.11	6.96	10.03	14.04	20.43
Long-Term Debt/Equity (%)	- -	62.18	156.47	138.22	105.57	106.54	134.16	122.81	117.88	89.1
Long-Term Debt/Capital (%)	- -	41.45	106.14	110.74	90.4	74.84	79.13	79.4	73.54	59.75
Long-Term Debt/Total Assets (%)	- -	24.09	40.14	36.36	31.54	27.94	41.94	42.16	41.39	34.49
Total Debt/Equity (%)	- -	62.47	157.25	138.99	113.34	128.99	145.74	123.89	118.77	95
Total Debt/Capital (%)	- -	41.65	106.66	111.36	97.06	90.62	85.95	80.1	74.1	63.7
Total Debt/Total Assets (%)	- -	24.2	40.34	36.56	33.86	33.82	45.56	42.53	41.71	36.78
CFO/Total Liabilities	- -	7.08	0.64	-0.28	1.66	3.56	0.11	6.69	11.02	14.1
CFO/CapEx	1.37	1.34	0.08	-0.07	0.28	0.72	0.03	2.26	3.8	4.11
Altman's Z-Score	- -	1.03	1.58	1.96	1.27	1.49	2.54	3.04	3.61	4.62

Working Capital	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	25.86	12.82	12.9	6.51	8.71	11.55	14.31	12.97	11.24
Days Sales Outstanding	- -	14.11	28.48	28.29	56.06	41.91	31.61	25.51	28.13	32.46
Inventory Turnover	- -	8.85	4.27	4.32	2.06	2.54	2.51	2.49	2.73	2.83
Days Inventory Outstanding	- -	41.25	85.4	84.51	177.43	143.47	145.65	146.67	133.93	129.01
Accounts Payable Turnover	- -	16.41	5.94	5.83	2.58	2.79	4.77	5.27	5.09	5.07
Accounts Payable Turnover Days	- -	22.25	61.44	62.59	141.27	130.9	76.47	69.2	71.73	71.98
Cash Conversion Cycle	- -	33.12	52.43	50.21	92.22	54.48	100.8	102.98	90.33	89.49
Inventory to Cash Days	- -	-27.14	-56.92	-56.22	-121.37	-101.56	-114.04	-121.16	-105.79	-96.55
Inventories	- -	2,284	2,253	2,480	2,492	1,607	1,488	1,402	1,609	1,765
Raw Materials	- -	497	484	462	453	342	331	293	371	423
Work In Process	- -	1,115	1,144	1,349	1,371	741	629	631	748	891
Finished Goods	- -	672	625	669	668	524	528	478	490	451
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	6,310	10,192	6,215	10,237	12,321	13,347	16,144	22,217
- Cash & Cash Equivalents	- -	1,362	1,863	2,150	2,277	1,577	1,610	720	791	610
+ Preferred Equity and Hybrid Capital	- -	58	58	55	55	55	55	55	55	55
+ Minority/Non Controlling Interest	- -	2,085	26	14	12	14	- -	- -	- -	- -
+ Total Debt	- -	8,827	8,084	6,844	6,330	5,940	5,213	4,346	4,277	3,835
Enterprise Value	- -	9,608	12,615	14,955	10,335	14,669	15,979	17,028	19,685	25,497
Total Capital	- -	21,195	7,579	6,146	6,522	6,555	6,065	5,426	5,772	6,020
Total Debt/Capital (%)	- -	41.65	106.66	111.36	97.06	90.62	85.95	80.1	74.1	63.7
Total Debt / EV	- -	0.92	0.64	0.46	0.61	0.4	0.33	0.26	0.22	0.15
EV/Sales	- -	0.77	1.02	1.15	1.52	2.07	3.04	3.42	3.48	3.84
EV/EBITDA	- -	4.48	5.63	7.81	6.79	8.77	14.07	15.48	15.77	17.14
EV/EBIT	- -	11.08	11.38	10.96	10.92	12.9	20.02	20.52	20.03	20.97
EV/Cash Flow to Firm	- -	8.15	- -	- -	21.13	22.1	39.93	25.99	21.63	23.78
EV/Free Cash Flow to Firm	- -	4.07	- -	31.23	8.22	11.24	23.95	19.93	17.84	19.75
Diluted Market Cap	- -	- -	6,303	9,548	6,469	10,950	12,494	13,768	16,491	22,547
Diluted Enterprise Value	- -	9,608	12,608	14,311	10,589	15,382	16,152	17,449	20,032	25,827
EV per Share	- -	21.91	28.77	31.06	21.39	33.89	36.91	40.38	47.76	62.2
TTM Sales	12,542	12,413	12,394	12,960	6,778	7,098	5,259	4,972	5,663	6,640
TTM EBITDA	2,236	2,147	2,241	1,915	1,522	1,673	1,136	1,100	1,248	1,488
TTM Operating Income	864	867	1,109	1,364	946	1,137	798	830	983	1,216
TTM Cash Flow to Firm	1,435	1,179	-1,185	-117	489	664	400	655	910	1,072
TTM Free Cash Flow to Firm	2,654	2,359	-60	479	1,257	1,305	667	854	1,103	1,291

Multiples	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	9.71	22.54	47.8	53.16	34.89	29.27
Price/Earnings Average	- -	- -	-6.56	-69.63	12.58	17.46	30.59	52.62	31.14	24.78
Price/Earnings High	- -	- -	-7.15	-81.32	17.56	23.07	47.43	59.61	34.85	29.2
Price/Earnings Low	- -	- -	-5.76	-52.24	9.34	12.48	15.43	39.64	27.29	20.75
Price/Book Value	- -	- -	-10.71	-13.29	49.72	18.75	15.46	13.02	11.21	10.43
Price/Book Value Average	- -	- -	-11.26	-12.31	64.45	14.52	9.89	12.89	10.01	8.83
Price/Book Value High	- -	- -	-12.28	-14.37	89.97	19.19	15.34	14.6	11.2	10.41
Price/Book Value Low	- -	- -	-9.89	-9.23	47.82	10.39	4.99	9.71	8.77	7.4
Price/Tangible Book Value	- -	- -	-5.99	-15.61	55.99	-88.25	-10.7	-11.48	-16.34	-39.82
Price/Tangible Book Value Average	- -	- -	-6.3	-14.46	72.58	-68.35	-6.85	-11.36	-14.58	-33.71
Price/Tangible Book Value High	- -	- -	-6.87	-16.88	101.31	-90.34	-10.62	-12.87	-16.32	-39.72
Price/Tangible Book Value Low	- -	- -	-5.53	-10.84	53.86	-48.88	-3.46	-8.56	-12.78	-28.23
Price/Sales	- -	- -	0.51	0.74	0.92	1.49	2.35	2.74	2.88	3.36
Price/Sales Average	- -	- -	0.53	0.68	1.19	1.15	1.51	2.71	2.57	2.85
Price/Sales High	- -	- -	0.58	0.8	1.66	1.52	2.34	3.07	2.87	3.35
Price/Sales Low	- -	- -	0.47	0.51	0.88	0.82	0.76	2.04	2.25	2.38
Price/Cash Flow	- -	- -	66.35	-244.81	28.62	22.88	1,375.57	30.31	22.23	24.78
Price/Cash Flow Average	- -	- -	69.75	-226.76	37.1	17.72	880.35	30	19.84	20.99
Price/Cash Flow High	- -	- -	76.03	-264.82	51.79	23.42	1,364.93	33.99	22.2	24.72
Price/Cash Flow Low	- -	- -	61.27	-170.11	27.53	12.67	444.18	22.6	17.39	17.57
Price/Free Cash Flow	- -	- -	5.17	17.14	6.57	9.94	45.27	21.25	17.81	20.13
Price/Free Cash Flow Average	- -	- -	5.43	15.88	8.51	7.7	28.97	21.03	15.89	17.05
Price/Free Cash Flow High	- -	- -	5.92	18.54	11.88	10.17	44.92	23.82	17.79	20.08
Price/Free Cash Flow Low	- -	- -	4.77	11.91	6.32	5.5	14.62	15.84	13.93	14.27
EV/Sales	- -	0.77	1.02	1.15	1.52	2.07	3.04	3.42	3.48	3.84
EV/Sales Average	- -	0.77	1.04	1.1	1.8	1.74	2.19	3.4	3.17	3.33
EV/Sales High	- -	0.77	1.09	1.22	2.27	2.1	3.02	3.75	3.47	3.83
EV/Sales Low	- -	0.77	0.98	0.91	1.49	1.42	1.45	2.74	2.86	2.87
EV/EBITDA	- -	4.48	5.63	7.81	6.79	8.77	14.07	15.48	15.77	17.14
EV/EBITDA Average	- -	4.48	5.77	7.42	8	7.39	10.16	15.36	14.38	14.85
EV/EBITDA High	- -	4.48	6.04	8.24	10.1	8.91	13.98	16.95	15.76	17.1
EV/EBITDA Low	- -	4.48	5.41	6.19	6.63	6.04	6.72	12.39	12.96	12.79
EV/EBIT	- -	11.08	11.38	10.96	10.92	12.9	20.02	20.52	20.03	20.97
EV/EBIT Average	- -	11.08	11.67	10.41	12.87	10.87	14.46	20.35	18.26	18.17
EV/EBIT High	- -	11.08	12.21	11.57	16.24	13.11	19.9	22.47	20	20.92
EV/EBIT Low	- -	11.08	10.94	8.68	10.67	8.89	9.57	16.43	16.45	15.65
Last Price	- -	- -	14.39	21.17	12.86	23.65	28.46	31.65	39.17	54.2
High Price	- -	- -	16.49	22.9	23.27	24.21	28.24	35.49	39.12	54.07
Low Price	- -	- -	13.29	14.71	12.37	13.1	9.19	23.6	30.64	38.43
Enterprise Value	- -	9,608	12,615	14,955	10,335	14,669	15,979	17,028	19,685	25,497
Enterprise Value Average	- -	9,608	12,939	14,203	12,176	12,361	11,543	16,893	17,950	22,092
Enterprise Value High	- -	9,608	13,536	15,787	15,366	14,911	15,883	18,647	19,665	25,444
Enterprise Value Low	- -	9,608	12,133	11,845	10,098	10,102	7,636	13,633	16,169	19,033

Per Share Data Items	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	439	439	439	481	483	433	433	422	412	410
Diluted Weighted Avg Shares	439	439	438	451	503	463	439	435	421	416
Basic Weighted Avg Shares	439	439	438	451	483	446	435	430	416	412
Revenue per Share	28.6	28.31	28.3	28.74	14.03	15.91	12.09	11.56	13.61	16.12
EBITDA per Share	5.1	4.9	5.12	4.25	3.15	3.75	2.61	2.56	3	3.61
Operating Income per Share	1.97	1.98	2.53	3.02	1.96	2.55	1.83	1.93	2.36	2.95
Basic EPS, GAAP	0.56	-0.89	-2.31	-0.28	1.33	1.05	0.6	0.6	1.12	1.85
Basic EPS from Cont Ops	-0.14	-0.36	-2.42	-0.16	0.64	0.28	0.49	0.6	1.13	1.86
Diluted EPS, GAAP	0.56	-0.89	-2.31	-0.28	1.27	1.01	0.59	0.59	1.11	1.83
Diluted EPS from Cont Ops	-0.14	-0.36	-2.42	-0.16	0.61	0.27	0.48	0.59	1.11	1.84
Dividend per Share	0.37	0.51	0.52	0.36	0.25	0.13	0.03	0.04	0.11	0.18
Cash Flow per Share	3.82	3.61	0.22	-0.09	0.45	1.03	0.02	1.04	1.76	2.19
Free Cash Flow per Basic Share	1.04	0.92	-2.35	-1.41	-1.14	-0.4	-0.59	0.58	1.3	1.66
Cash & Equivalents per Share	- -	3.11	4.25	4.47	4.71	3.64	3.72	1.71	1.92	1.49
Book Value per Share	- -	23.32	-1.34	-1.59	0.26	1.26	1.84	2.43	3.49	5.2
Tangible Book Value per Share	- -	17.6	-2.4	-1.36	0.23	-0.27	-2.66	-2.76	-2.4	-1.36

Howmet Aerospace Inc.

HWM US

80.00

80.00