Legacy Housing Corporation (LEGH) · 10+ Years of Financial Ratios

Profitability	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	21.97	29.51	80.21	54.76	44.01	39.37	23.38
Return on Assets (%)	- -	13.57	9.7	11.12	12.21	14.14	16.87	11.54
Return on Capital (%)	- -	16.5	20.94	48.8	37.72	37.37	38.08	22.23
Return on Invested Capital (%)	- -	16.15	11.71	12.51	13.33	15.42	17.8	11.84
Gross Margin (%)	30.05	35.92	33.76	37.91	37.91	42.26	41.59	47.29
EBITDA Margin (%)	17.19	22.33	20.78	23	27.62	30.63	31.11	35.06
Operating Margin (%)	16.67	21.82	20.26	22.4	26.93	29.83	30.36	34.15
Incremental Operating Margin (%)	- -	53.16	14.2	71.2	125.61	54.46	32.1	19.79
Pretax Margin (%)	15.83	20.56	18.93	22.25	27.63	30.7	31.96	36.34
Profit Margin (%)	15.69	20.47	13.29	17.07	21.5	25.25	26.37	28.79
Net Income to Common Margin (%)	15.69	20.47	13.29	17.07	21.5	25.25	26.37	28.79
Effective Tax Rate (%)	0.9	0.47	29.8	23.27	22.18	17.74	17.5	20.77
Dvd Payout Ratio (%)	39.82	67.06	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	7.24	29.51	80.21	54.76	44.01	39.37	23.38

Credit	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	45	59	18	31	36	8	5	26
ST Debt	2	5	- -	29	- -	- -	1	- -
LT Debt	44	54	17	2	36	8	5	25
Total Debt/EBITDA	2.39	2.04	0.52	0.79	0.74	0.13	0.07	0.39
Net Debt/EBITDA	2.34	2.03	0.45	0.75	0.73	0.11	- -	0.35
Total Debt/EBIT	2.47	2.09	0.54	0.82	0.76	0.14	0.07	0.4
Net Debt/EBIT	2.41	2.08	0.46	0.77	0.74	0.12	- -	0.36
EBITDA to Interest Expense	15.27	14.06	13.42	55.35	46.35	68.21	213.21	71.3
EBITDA-CapEx/Interest Expense	13.53	13.37	10.97	49.36	43.65	61.5	203.08	63.01
EBIT to Interest Expense	14.81	13.75	13.08	53.9	45.2	66.42	208.05	69.45
Interest Expense	1	2	3	1	1	1	- -	1
Common Equity/Total Assets	64.22	59.65	9.16	17.76	26.1	37.7	47.17	51.27
Long-Term Debt/Equity (%)	37.85	43.05	9.2	0.9	13.96	2.58	1.22	5.74
Long-Term Debt/Capital (%)	27.16	29.23	44.45	2.46	29.04	5.47	2.21	8.79
Long-Term Debt/Total Assets (%)	24.31	25.68	7.41	0.71	10.68	2.18	1.07	4.95
Total Debt/Equity (%)	39.34	47.3	9.32	13.88	13.96	2.58	1.39	5.85
Total Debt/Capital (%)	28.24	32.11	45.03	37.99	29.04	5.47	2.52	8.96
Total Debt/Total Assets (%)	25.27	28.21	7.51	10.88	10.68	2.18	1.22	5.04
Net Debt to Equity	38.47	46.96	7.95	13.1	13.66	2.25	-0.07	5.25
Net Debt/Capital (%)	27.78	31.95	41.13	36.64	28.6	4.79	-0.13	8.06
EBITDA	19	29	34	39	49	61	80	66
EBITDA-CapEx	17	27	28	35	46	55	76	59
Operating Income (Loss)	18	28	33	38	48	59	78	65

Liquidity	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.07	0.02	0.13	0.03	0.02	0.02	0.27	0.02
Current Ratio	3.2	2.5	3.1	1.02	1.5	2.21	2.58	2.89
Quick Ratio	1.02	0.76	0.89	0.4	0.66	1.1	1.71	1.87
CFO/Avg Current Liab	- -	0.23	0.13	-0.12	-0.04	1.54	-0.04	-0.34
Common Equity/Total Assets	64.22	59.65	9.16	17.76	26.1	37.7	47.17	51.27
Long-Term Debt/Equity (%)	37.85	43.05	9.2	0.9	13.96	2.58	1.22	5.74
Long-Term Debt/Capital (%)	27.16	29.23	44.45	2.46	29.04	5.47	2.21	8.79
Long-Term Debt/Total Assets (%)	24.31	25.68	7.41	0.71	10.68	2.18	1.07	4.95
Total Debt/Equity (%)	39.34	47.3	9.32	13.88	13.96	2.58	1.39	5.85
Total Debt/Capital (%)	28.24	32.11	45.03	37.99	29.04	5.47	2.52	8.96
Total Debt/Total Assets (%)	25.27	28.21	7.51	10.88	10.68	2.18	1.22	5.04
CFO/Total Liabilities	-2.96	5.2	6.16	-6.85	-2.31	105.28	-3.09	-19.34
CFO/CapEx	-0.88	3.06	0.46	-1	-0.65	10.13	-0.44	-1.75
Altman's Z-Score	1.16	1.27	5.09	5.39	4.17	8.37	7.11	6.7

Working Capital	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	48.86	48	71.59	66.65	45.65	51.45	39.7
Days Sales Outstanding	- -	7.47	7.6	5.1	5.48	8	7.09	9.19
Inventory Turnover	- -	2.39	2.63	3.03	4.03	3.3	4.05	3.06
Days Inventory Outstanding	- -	152.4	138.87	120.49	90.57	110.77	90.06	119.45
Accounts Payable Turnover	- -	17.39	24.09	22.54	14.28	17.95	32.21	23.33
Accounts Payable Turnover Days	- -	20.99	15.15	16.2	25.56	20.33	11.33	15.64
Cash Conversion Cycle	- -	138.89	131.32	109.4	70.49	98.44	85.82	113
Inventory to Cash Days	- -	-144.93	-131.26	-115.4	-85.09	-102.77	-82.96	-110.26
Inventories	29	40	42	27	27	42	32	33
Raw Materials	- -	12	13	- -	13	15	17	14
Work In Process	- -	1	1	- -	- -	1	1	1
Finished Goods	- -	34	35	- -	15	26	14	19
Other Inventory	29	-7	-7	27	- -	- -	- -	- -

Enterprise Value	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	274	418	365	631	464	586
- Cash & Cash Equivalents	1	- -	3	2	1	1	3	1
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	45	59	18	31	36	8	5	26
Enterprise Value	44	58	289	447	400	638	458	610
Total Capital	161	183	39	81	125	146	211	285
Total Debt/Capital (%)	28.24	32.11	45.03	37.99	29.04	5.47	2.52	8.96
Total Debt / EV	1.02	1.01	0.06	0.07	0.09	0.01	0.01	0.04
EV/Sales	0.4	0.45	1.78	2.65	2.27	3.23	1.78	3.23
EV/EBITDA	2.34	2.03	8.59	11.52	8.21	10.54	5.73	9.2
EV/EBIT	2.41	2.08	8.81	11.82	8.41	10.83	5.87	9.45
EV/Cash Flow to Firm	- -	9.11	63.08	- -	- -	10.45	- -	- -
EV/Free Cash Flow to Firm	29.71	7.45	26.96	811.07	219.27	9.52	189.42	- -
Diluted Market Cap	- -	- -	230	420	366	633	471	602
Diluted Enterprise Value	44	58	245	449	401	640	474	627
EV per Share	2.22	2.43	12.04	18.4	16.55	26.35	18.8	25.02
TTM Sales	111	129	162	169	177	198	257	189
TTM EBITDA	19	29	34	39	49	61	80	66
TTM Operating Income	18	28	33	38	48	59	78	65
TTM Cash Flow to Firm	-1	6	5	-4	-1	61	-1	-13
TTM Free Cash Flow to Firm	1	8	11	1	2	67	2	-5

Multiples	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	10.71	14.54	9.62	12.65	6.84	10.75
Price/Earnings Average	- -	- -	11.01	11.61	8.6	9.07	6.75	9.53
Price/Earnings High	- -	- -	11.27	14.28	10.24	12.88	9.63	10.86
Price/Earnings Low	- -	- -	10.45	7.63	5.48	6.84	4.45	8.07
Price/Book Value	- -	- -	12.71	8.3	4.13	4.56	2.25	2.25
Price/Book Value Average	- -	- -	13.07	6.63	3.69	3.27	2.22	2
Price/Book Value High	- -	- -	13.37	8.16	4.4	4.65	3.17	2.28
Price/Book Value Low	- -	- -	12.4	4.36	2.35	2.47	1.47	1.69
Price/Tangible Book Value	- -	- -	1.45	1.88	1.41	2.04	1.21	1.34
Price/Tangible Book Value Average	- -	- -	1.49	1.5	1.26	1.46	1.2	1.19
Price/Tangible Book Value High	- -	- -	1.52	1.85	1.5	2.08	1.71	1.35
Price/Tangible Book Value Low	- -	- -	1.41	0.99	0.8	1.1	0.79	1.01
Price/Sales	- -	- -	1.42	2.48	2.07	3.19	1.8	3.09
Price/Sales Average	- -	- -	1.46	1.98	1.85	2.29	1.78	2.74
Price/Sales High	- -	- -	1.5	2.44	2.2	3.25	2.54	3.13
Price/Sales Low	- -	- -	1.39	1.3	1.18	1.73	1.17	2.32
Price/Cash Flow	- -	- -	81.72	-100.01	-198.9	10.46	-274.26	-43.24
Price/Cash Flow Average	- -	- -	84.01	-79.85	-177.68	7.5	-270.63	-38.33
Price/Cash Flow High	- -	- -	85.94	-98.26	-211.68	10.65	-386.04	-43.69
Price/Cash Flow Low	- -	- -	79.71	-52.5	-113.22	5.66	-178.47	-32.48
Price/Free Cash Flow	- -	- -	25.73	32,332.03	363.18	9.55	223.37	-103.33
Price/Free Cash Flow Average	- -	- -	26.45	25,814.53	324.44	6.85	220.41	-91.61
Price/Free Cash Flow High	- -	- -	27.06	31,768.1	386.52	9.72	314.41	-104.41
Price/Free Cash Flow Low	- -	- -	25.1	16,974.32	206.74	5.17	145.35	-77.63
EV/Sales	0.4	0.45	1.78	2.65	2.27	3.23	1.78	3.23
EV/Sales Average	0.4	0.45	1.83	2.15	2.05	2.33	1.79	2.88
EV/Sales High	0.4	0.45	1.87	2.61	2.4	3.29	2.55	3.26
EV/Sales Low	0.4	0.45	1.74	1.47	1.38	1.76	1.18	2.46
EV/EBITDA	2.34	2.03	8.59	11.52	8.21	10.54	5.73	9.2
EV/EBITDA Average	2.34	2.03	8.82	9.35	7.41	7.59	5.76	8.2
EV/EBITDA High	2.34	2.03	9.01	11.33	8.69	10.73	8.2	9.3
EV/EBITDA Low	2.34	2.03	8.39	6.4	4.98	5.76	3.81	7.01
EV/EBIT	2.41	2.08	8.81	11.82	8.41	10.83	5.87	9.45
EV/EBIT Average	2.41	2.08	9.04	9.6	7.6	7.79	5.9	8.42
EV/EBIT High	2.41	2.08	9.24	11.63	8.91	11.02	8.4	9.54
EV/EBIT Low	2.41	2.08	8.6	6.57	5.11	5.91	3.9	7.2
Last Price	- -	- -	11.41	17.2	15.09	26.06	19.04	24
High Price	- -	- -	12	16.9	16.06	26.53	26.8	24.25
Low Price	- -	- -	11.13	9.03	8.59	14.1	12.39	18.03
Enterprise Value	44	58	289	447	400	638	458	610
Enterprise Value Average	44	58	297	363	362	459	460	544
Enterprise Value High	44	58	303	440	424	649	656	616
Enterprise Value Low	44	58	282	249	243	348	304	465

Per Share Data Items	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	20	24	24	24	24	24	24	24
Diluted Weighted Avg Shares	20	24	20	24	24	24	25	25
Basic Weighted Avg Shares	20	24	20	24	24	24	24	24
Revenue per Share	5.53	5.36	8.01	6.93	7.29	8.16	10.55	7.76
EBITDA per Share	0.95	1.2	1.67	1.59	2.01	2.5	3.28	2.72
Operating Income per Share	0.92	1.17	1.62	1.55	1.96	2.43	3.2	2.65
Basic EPS, GAAP	0.87	1.1	1.07	1.18	1.57	2.06	2.78	2.23
Basic EPS from Cont Ops	0.87	1.1	1.07	1.18	1.57	2.06	2.78	2.23
Diluted EPS, GAAP	0.87	1.1	1.07	1.18	1.57	2.05	2.74	2.17
Diluted EPS from Cont Ops	0.87	1.1	1.07	1.18	1.57	2.05	2.74	2.17
Dividend per Share	0.35	0.74	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.1	0.18	0.14	-0.17	-0.08	2.49	-0.07	-0.56
Free Cash Flow per Basic Share	-0.2	0.12	-0.16	-0.34	-0.19	2.25	-0.23	-0.87
Cash & Equivalents per Share	0.05	0.02	0.11	0.07	0.03	0.04	0.46	0.03
Book Value per Share	5.78	5.18	0.9	2.07	3.65	5.71	8.45	10.65
Tangible Book Value per Share	5.78	5.18	7.89	9.14	10.71	12.78	15.68	17.9

Legacy Housing Corporation

LEGH US

22.95