Materion Corporation (MTRN) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 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 (%)	-3.77	13.45	8.31	4.06	3.21	6.39	4.63	3.58	1.54	2.73	6.44	1.75	7.81	8.5	8.62
Return on Assets (%)	-2.05	6.84	5.3	3.11	2.54	5.47	4.27	3.47	1.49	2.64	6.29	1.58	5.44	5.21	5.54
Return on Capital (%)	- -	11.46	7.44	3.88	3.2	6.29	4.77	- -	1.6	- -	6.38	- -	6.18	6.83	7.67
Return on Invested Capital (%)	- -	11.31	9.02	5.5	4.64	6.67	5.47	- -	2.54	- -	11.21	- -	7.26	7.88	9.26
Gross Margin (%)	12.78	17.1	14.1	15.61	16.11	18.27	18.61	19.04	18.68	20.81	22.16	16.38	18.78	19.57	20.96
EBITDA Margin (%)	1.83	8.56	6.71	5.85	6.08	7.7	7.19	8.04	7.36	8.69	10.77	5.93	8.1	9.91	12.14
Operating Margin (%)	-2.63	5.84	3.85	2.94	2.51	3.91	3.5	3.33	3.61	5.75	7.31	2.33	5.18	6.87	8.44
Incremental Operating Margin (%)	- -	16.16	-7.69	8.45	7.57	-36.86	8.08	6.31	5.19	41.34	-76.76	646.83	15.2	17.2	-21.58
Pretax Margin (%)	-2.91	5.45	3.55	2.64	2.11	4.86	4.18	2.61	3.19	1.37	5.53	0.7	5.12	5.87	6.48
Profit Margin (%)	-1.73	3.56	2.62	1.94	1.73	3.74	3.14	2.66	1	1.74	4.5	1.31	4.8	4.89	5.75
Net Income to Common Margin (%)	-1.73	3.56	2.62	1.94	1.73	3.74	3.14	2.66	1	1.74	4.5	1.31	4.8	4.89	5.75
Effective Tax Rate (%)	- -	34.58	26.33	26.69	17.74	23.12	24.9	- -	68.54	- -	18.53	- -	6.27	16.6	11.25
Dvd Payout Ratio (%)	- -	- -	- -	18.71	32.14	16.29	22.18	29.12	69.1	39.86	16.59	59.87	13.38	11.82	11.1
Sustainable Growth Rate (%)	-3.77	13.45	8.31	3.3	2.18	5.35	3.61	2.54	0.47	1.64	5.37	0.7	6.77	7.5	7.66

Credit	2009 Y	2010 Y	2011 Y	2012 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	64	86	81	94	65	24	13	4	20	18	38	116	523	505	494
ST Debt	56	48	41	49	36	1	9	1	1	1	1	2	15	21	39
LT Debt	8	38	40	45	29	24	4	4	19	17	37	114	508	484	455
Total Debt/EBITDA	4.92	0.77	0.79	1.27	0.91	0.28	0.18	0.06	0.23	0.17	0.29	1.66	4.27	2.9	2.44
Net Debt/EBITDA	3.98	0.63	0.68	1.05	0.59	0.13	-0.15	-0.35	-0.46	-0.65	-0.96	0.18	3.56	2.41	2.04
Total Debt/EBIT	-3.42	1.13	1.38	2.52	2.21	0.55	0.37	0.13	0.48	0.26	0.43	4.22	6.69	4.18	3.51
Net Debt/EBIT	-2.77	0.92	1.18	2.09	1.43	0.25	-0.31	-0.84	-0.93	-0.98	-1.42	0.46	5.56	3.47	2.94
EBITDA to Interest Expense	10.09	41.82	36.43	23.74	23.38	31.14	30.07	43.58	38.44	42.47	80.89	18	24.97	7.95	6.45
EBITDA-CapEx/Interest Expense	-24.53	21.68	26.21	9.49	12.63	20.17	8.81	22.88	25.12	28.61	64.09	0.65	3.97	4.4	2.63
EBIT to Interest Expense	-14.49	28.54	20.91	11.92	9.66	15.81	14.64	18.07	18.85	28.09	54.85	7.07	15.97	5.51	4.49
Interest Expense	1	3	3	3	3	3	2	2	2	2	2	4	5	22	31
Common Equity/Total Assets	51.77	50.09	76.97	76.03	82.15	89.1	95.46	98.56	96.02	97.84	97.35	84.1	60.08	62.5	66.02
Long-Term Debt/Equity (%)	2.44	9.97	9.97	10.81	6.32	5.14	0.89	0.73	3.82	3.12	5.69	17.36	70.49	60.48	51.42
Long-Term Debt/Capital (%)	2.15	8.43	5.99	6.29	4.16	3.36	0.59	0.49	2.43	2.16	4.03	11.32	34.11	30.97	27.46
Long-Term Debt/Total Assets (%)	1.34	5.21	5.24	5.51	3.76	3.1	0.58	0.49	2.39	2.16	4.09	10.76	31.59	28.59	25.82
Total Debt/Equity (%)	18.96	22.41	20.05	22.73	13.99	5.29	2.75	0.88	3.98	3.27	5.83	17.66	72.62	63.11	55.79
Total Debt/Capital (%)	16.68	18.95	12.05	13.21	9.21	3.45	1.84	0.59	2.52	2.26	4.13	11.51	35.14	32.32	29.79
Total Debt/Total Assets (%)	10.36	11.71	10.54	11.57	8.33	3.18	1.79	0.59	2.49	2.26	4.19	10.94	32.55	29.84	28.01
Net Debt to Equity	15.36	18.22	17.03	18.86	9.08	2.42	-2.27	-5.49	-7.73	-12.23	-19.03	1.92	60.42	52.36	46.65
Net Debt/Capital (%)	13.95	15.97	10.42	11.21	6.17	1.61	-1.57	-3.86	-5.19	-9.27	-15.61	1.29	29.52	27.04	25.11
EBITDA	13	111	102	74	71	87	74	78	84	105	128	70	122	174	202
EBITDA-CapEx	-32	58	74	30	38	56	22	41	55	71	101	3	19	96	82
Operating Income (Loss)	-19	76	59	37	29	44	36	32	41	69	87	27	78	121	140

Liquidity	2009 Y	2010 Y	2011 Y	2012 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	0.09	0.11	0.09	0.11	0.18	0.13	0.25	0.35	0.33	0.51	1.02	0.2	0.07	0.05	0.05
Current Ratio	2.01	2.41	2.66	2.69	3.06	3.72	3.59	3.82	3.23	3.14	4.39	3.66	3.07	2.89	2.78
Quick Ratio	0.77	1.08	0.96	0.96	1.05	1.21	1.26	1.46	1.3	1.44	2.28	1.52	1.12	0.96	0.81
CFO/Avg Current Liab	0.34	0.22	0.4	0.27	0.55	0.52	0.91	0.73	0.62	0.57	0.76	0.81	0.54	0.52	0.58
Common Equity/Total Assets	51.77	50.09	76.97	76.03	82.15	89.1	95.46	98.56	96.02	97.84	97.35	84.1	60.08	62.5	66.02
Long-Term Debt/Equity (%)	2.44	9.97	9.97	10.81	6.32	5.14	0.89	0.73	3.82	3.12	5.69	17.36	70.49	60.48	51.42
Long-Term Debt/Capital (%)	2.15	8.43	5.99	6.29	4.16	3.36	0.59	0.49	2.43	2.16	4.03	11.32	34.11	30.97	27.46
Long-Term Debt/Total Assets (%)	1.34	5.21	5.24	5.51	3.76	3.1	0.58	0.49	2.39	2.16	4.09	10.76	31.59	28.59	25.82
Total Debt/Equity (%)	18.96	22.41	20.05	22.73	13.99	5.29	2.75	0.88	3.98	3.27	5.83	17.66	72.62	63.11	55.79
Total Debt/Capital (%)	16.68	18.95	12.05	13.21	9.21	3.45	1.84	0.59	2.52	2.26	4.13	11.51	35.14	32.32	29.79
Total Debt/Total Assets (%)	10.36	11.71	10.54	11.57	8.33	3.18	1.79	0.59	2.49	2.26	4.19	10.94	32.55	29.84	28.01
CFO/Total Liabilities	14.76	8.84	15.52	9.66	24.13	19.87	35.09	27.58	22.9	30.99	39.27	25.12	10.17	13	16.45
CFO/CapEx	0.93	0.58	1.98	0.86	2.33	1.97	1.75	1.84	2.33	2.23	3.74	1.5	0.88	1.49	1.2
Altman's Z-Score	3.27	5.04	4.74	4.07	4.5	4.9	4.66	5.25	5.42	5.86	6.36	4.9	4.14	4.28	4.8

Working Capital	2009 Y	2010 Y	2011 Y	2012 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	8.32	11.66	11.87	10.42	9.74	9.98	9.76	9.79	10.14	9.49	8.31	7.32	7.95	8.19	8.16
Days Sales Outstanding	43.86	31.3	30.74	35.01	37.46	36.57	37.38	37.29	36.01	38.46	43.92	49.83	45.94	44.56	44.71
Inventory Turnover	4.35	7.59	7.68	5.46	4.46	3.96	3.76	3.8	4.4	4.4	4.09	4.04	4.01	3.6	3.04
Days Inventory Outstanding	83.92	48.1	47.54	66.81	81.83	92.18	97.15	95.98	82.96	83.04	89.22	90.36	91.02	101.27	119.9
Accounts Payable Turnover	18.49	31.57	36.95	26.77	25.51	25.29	23.89	24.02	23.19	19.27	20.34	20.2	18.85	15.2	11.43
Accounts Payable Turnover Days	19.74	11.56	9.88	13.63	14.31	14.43	15.28	15.19	15.74	18.94	17.94	18.07	19.36	24.02	31.94
Cash Conversion Cycle	108.04	67.84	68.4	88.19	104.98	114.32	119.26	118.08	103.23	102.57	115.2	122.12	117.6	121.81	132.67
Inventory to Cash Days	-40.06	-16.8	-16.81	-31.8	-44.37	-55.62	-59.77	-58.69	-46.95	-44.58	-45.3	-40.53	-45.08	-56.71	-75.19
Inventories	130	154	187	206	233	232	212	201	220	215	236	251	361	423	442
Raw Materials	39	43	43	43	39	43	37	36	43	33	36	43	94	114	118
Work In Process	120	159	179	203	153	200	180	169	188	196	175	156	222	249	269
Finished Goods	39	33	58	51	41	44	38	38	34	31	26	52	46	60	55
Other Inventory	- -	- -	- -	- -	78	- -	- -	- -	- -	- -	49	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 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	379	781	491	515	630	725	573	813	984	910	1,206	1,287	1,873	1,796	2,694
- Cash & Cash Equivalents	12	16	12	16	23	13	24	31	42	71	125	26	14	13	13
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	64	86	81	94	65	24	13	4	20	18	38	116	523	505	494
Enterprise Value	432	851	560	593	672	736	562	786	962	858	1,119	1,377	2,381	2,288	3,175
Total Capital	386	455	676	714	704	704	722	735	779	801	912	1,005	1,489	1,562	1,658
Total Debt/Capital (%)	16.68	18.95	12.05	13.21	9.21	3.45	1.84	0.59	2.52	2.26	4.13	11.51	35.14	32.32	29.79
Total Debt / EV	0.15	0.1	0.15	0.16	0.1	0.03	0.02	0.01	0.02	0.02	0.03	0.08	0.22	0.22	0.16
EV/Sales	0.6	0.65	0.37	0.47	0.58	0.65	0.55	0.81	0.84	0.71	0.94	1.17	1.58	1.3	1.91
EV/EBITDA	32.92	7.64	5.47	7.97	9.47	8.49	7.62	10.08	11.47	8.18	8.76	19.72	19.46	13.14	15.71
EV/EBIT	- -	11.19	9.52	15.88	22.92	16.71	15.67	24.31	23.37	12.36	12.92	50.21	30.43	18.97	22.6
EV/Cash Flow to Firm	10.18	25.97	9.51	14.5	8.57	11.8	6.05	11.23	14.05	10.79	11.13	12.71	25.11	17.05	18.43
EV/Free Cash Flow to Firm	4.94	9.85	6.39	6.93	6.05	7.92	3.88	7.34	9.86	7.54	8.81	7.84	12.04	10.8	10.87
Diluted Market Cap	379	792	502	521	632	743	584	824	999	927	1,221	1,304	1,895	1,815	2,729
Diluted Enterprise Value	431	862	571	599	674	754	573	797	977	875	1,134	1,394	2,403	2,307	3,209
EV per Share	21.33	41.9	27.58	29.02	32.17	36.16	28.08	39.39	47.85	42.38	54.85	67.73	116.46	111.39	153.76
TTM Sales	715	1,302	1,527	1,273	1,167	1,127	1,025	969	1,139	1,208	1,185	1,176	1,511	1,757	1,665
TTM EBITDA	13	111	102	74	71	87	74	78	84	105	128	70	122	174	202
TTM Operating Income	-19	76	59	37	29	44	36	32	41	69	87	27	78	121	140
TTM Cash Flow to Firm	42	33	59	41	78	62	93	70	68	80	101	108	95	134	172
TTM Free Cash Flow to Firm	87	86	88	86	111	93	145	107	98	114	127	176	198	212	292

Multiples	2009 Y	2010 Y	2011 Y	2012 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	- -	16.8	12.31	20.85	30.7	17.29	17.89	31.64	85.61	43.2	22.55	83.28	25.81	20.86	28.11
Price/Earnings Average	-29.05	11.33	16.83	19.87	29.47	16.14	21.32	22.09	68.91	52.59	22.55	70.57	21.04	19.67	23.02
Price/Earnings High	-43.34	17.26	21.7	26.28	33.3	19.15	25.22	31.34	88.76	61.61	26.49	83.04	26.15	22.9	28.11
Price/Earnings Low	-17.32	6.92	10.02	15.76	25.44	12.4	16.43	16.75	55.62	41.5	16.23	35.21	17.64	16.08	18.36
Price/Book Value	1.18	2.12	0.83	0.83	0.99	1.07	0.81	1.11	1.3	1.16	1.38	1.45	1.94	1.7	2.31
Price/Book Value Average	1.12	1.43	1.13	0.79	0.95	1	0.96	0.78	1.04	1.42	1.38	1.23	1.58	1.6	1.9
Price/Book Value High	1.67	2.18	1.46	1.05	1.07	1.18	1.14	1.1	1.34	1.66	1.62	1.44	1.97	1.86	2.31
Price/Book Value Low	0.67	0.87	0.67	0.63	0.82	0.77	0.74	0.59	0.84	1.12	0.99	0.61	1.33	1.31	1.51
Price/Tangible Book Value	1.62	2.85	1.71	1.73	1.79	2.05	1.5	2.05	2.5	1.99	2.15	2.82	7.64	5.33	6.26
Price/Tangible Book Value Average	1.54	1.92	2.34	1.65	1.72	1.91	1.78	1.43	2.01	2.43	2.15	2.39	6.23	5.02	5.12
Price/Tangible Book Value High	2.29	2.92	3.01	2.18	1.94	2.27	2.11	2.03	2.59	2.84	2.53	2.81	7.74	5.85	6.25
Price/Tangible Book Value Low	0.92	1.17	1.39	1.31	1.48	1.47	1.37	1.09	1.62	1.91	1.55	1.19	5.22	4.11	4.08
Price/Sales	0.53	0.6	0.32	0.4	0.53	0.65	0.56	0.84	0.86	0.75	1.02	1.09	1.24	1.02	1.62
Price/Sales Average	0.5	0.4	0.44	0.38	0.51	0.6	0.67	0.59	0.69	0.92	1.02	0.93	1.01	0.96	1.32
Price/Sales High	0.75	0.62	0.57	0.51	0.58	0.72	0.79	0.83	0.89	1.07	1.19	1.09	1.25	1.12	1.62
Price/Sales Low	0.3	0.25	0.26	0.31	0.44	0.46	0.52	0.44	0.56	0.72	0.73	0.46	0.85	0.79	1.05
Price/Cash Flow	9.09	25.12	8.66	13.32	8.17	12.09	6.32	11.94	14.46	11.9	12.14	12.74	20.73	15.47	18.63
Price/Cash Flow Average	8.62	16.94	11.84	12.69	7.84	11.28	7.53	8.34	11.64	14.49	12.13	10.8	16.9	14.58	15.26
Price/Cash Flow High	12.86	25.81	15.27	16.79	8.87	13.38	8.91	11.83	14.99	16.98	14.26	12.71	21	16.98	18.63
Price/Cash Flow Low	5.14	10.36	7.05	10.07	6.77	8.67	5.81	6.32	9.39	11.44	8.74	5.39	14.17	11.93	12.16
Price/Free Cash Flow	4.37	9.35	5.86	6.25	5.82	8.17	4.08	7.83	10.32	8.38	9.71	7.75	9.81	9.38	10.32
Price/Free Cash Flow Average	4.14	6.3	8.01	5.96	5.59	7.63	4.86	5.47	8.3	10.2	9.71	6.57	8	8.84	8.46
Price/Free Cash Flow High	6.18	9.6	10.33	7.88	6.31	9.05	5.75	7.76	10.7	11.95	11.41	7.73	9.94	10.3	10.32
Price/Free Cash Flow Low	2.47	3.85	4.77	4.73	4.82	5.86	3.75	4.15	6.7	8.05	6.99	3.28	6.71	7.23	6.74
EV/Sales	0.6	0.65	0.37	0.47	0.58	0.65	0.55	0.81	0.84	0.71	0.94	1.17	1.58	1.3	1.91
EV/Sales Average	0.58	0.46	0.48	0.45	0.55	0.61	0.65	0.56	0.68	0.87	0.94	1	1.35	1.24	1.61
EV/Sales High	0.82	0.67	0.61	0.57	0.62	0.72	0.78	0.8	0.88	1.03	1.12	1.17	1.59	1.4	1.91
EV/Sales Low	0.37	0.3	0.31	0.37	0.48	0.47	0.5	0.42	0.54	0.68	0.66	0.54	1.18	1.07	1.34
EV/EBITDA	32.92	7.64	5.47	7.97	9.47	8.49	7.62	10.08	11.47	8.18	8.76	19.72	19.46	13.14	15.71
EV/EBITDA Average	31.41	5.36	7.22	7.65	9.11	7.93	9.11	6.93	9.18	10.06	8.76	16.91	16.63	12.56	13.29
EV/EBITDA High	44.91	7.83	9.12	9.77	10.22	9.38	10.81	9.98	11.9	11.87	10.41	19.67	19.66	14.15	15.7
EV/EBITDA Low	20.34	3.52	4.57	6.28	7.95	6.12	6.99	5.17	7.36	7.83	6.11	9.08	14.62	10.78	11.08
EV/EBIT	- -	11.19	9.52	15.88	22.92	16.71	15.67	24.31	23.37	12.36	12.92	50.21	30.43	18.97	22.6
EV/EBIT Average	-21.87	7.85	12.59	15.23	22.06	15.61	18.72	16.72	18.71	15.21	12.92	43.05	26.01	18.12	19.13
EV/EBIT High	-31.27	11.47	15.89	19.46	24.74	18.48	22.21	24.08	24.25	17.95	15.36	50.08	30.76	20.42	22.59
EV/EBIT Low	-14.16	5.16	7.97	12.51	19.24	12.05	14.36	12.48	15	11.84	9.02	23.12	22.86	15.56	15.94
Last Price	18.75	38.45	24.17	25.19	30.16	35.61	28.63	40.75	48.95	44.98	59.13	63.31	91.58	87.45	130.49
High Price	26.52	39.5	42.6	31.75	32.72	39.43	40.36	40.37	50.75	64.15	69.46	63.13	92.81	96	130.45
Low Price	10.6	15.85	19.67	19.04	25	25.53	26.29	21.58	31.8	43.21	42.56	26.77	62.61	67.42	85.2
Enterprise Value	432	851	560	593	672	736	562	786	962	858	1,119	1,377	2,381	2,288	3,175
Enterprise Value Average	412	597	740	569	647	688	671	540	770	1,056	1,119	1,181	2,036	2,186	2,687
Enterprise Value High	589	873	934	727	726	814	796	778	998	1,246	1,330	1,373	2,406	2,464	3,174
Enterprise Value Low	267	392	469	467	564	531	515	403	617	822	781	634	1,789	1,877	2,239

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 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	20	20	20	20	21	20	20	20	20	20	20	20	20	21	21
Diluted Weighted Avg Shares	20	21	21	21	21	21	20	20	20	21	21	21	21	21	21
Basic Weighted Avg Shares	20	20	20	20	21	20	20	20	20	20	20	20	20	21	21
Revenue per Share	35.42	64.21	74.97	62.35	56.72	55.08	51.02	48.5	56.9	59.76	58.21	57.84	73.97	85.67	80.76
EBITDA per Share	0.65	5.5	5.03	3.64	3.45	4.24	3.67	3.9	4.19	5.19	6.27	3.43	5.99	8.49	9.8
Operating Income per Share	-0.93	3.75	2.89	1.83	1.43	2.15	1.78	1.62	2.06	3.43	4.25	1.35	3.83	5.88	6.81
Basic EPS, GAAP	-0.61	2.29	1.96	1.21	0.98	2.06	1.6	1.29	0.57	1.04	2.62	0.76	3.55	4.19	4.64
Basic EPS from Cont Ops	-0.61	2.29	1.96	1.21	0.98	2.06	1.6	1.29	0.57	1.04	2.62	0.76	3.55	4.19	4.64
Diluted EPS, GAAP	-0.61	2.25	1.93	1.19	0.97	2.02	1.58	1.27	0.56	1.02	2.59	0.75	3.5	4.14	4.58
Diluted EPS from Cont Ops	-0.61	2.25	1.93	1.19	0.97	2.02	1.58	1.27	0.56	1.02	2.59	0.75	3.5	4.14	4.58
Dividend per Share	- -	- -	- -	0.23	0.32	0.34	0.35	0.38	0.4	0.42	0.43	0.46	0.47	0.5	0.52
Cash Flow per Share	2.06	1.53	2.79	1.89	3.69	2.95	4.53	3.41	3.39	3.78	4.87	4.97	4.42	5.65	7
Free Cash Flow per Basic Share	-0.17	-1.12	1.38	-0.3	2.1	1.45	1.94	1.56	1.93	2.08	3.57	1.66	-0.62	1.87	1.19
Cash & Equivalents per Share	0.61	0.79	0.6	0.79	1.09	0.65	1.21	1.58	2.08	3.49	6.13	1.27	0.71	0.64	0.64
Book Value per Share	15.91	18.13	29.26	30.31	30.59	33.35	35.43	36.63	37.78	38.69	42.87	43.77	47.23	51.48	56.37
Tangible Book Value per Share	11.56	13.51	14.13	14.55	16.87	17.37	19.14	19.85	19.62	22.56	27.46	22.43	11.99	16.42	20.86

Materion Corporation

MTRN US

106.86

106.86