Network-1 Technologies, Inc. (NTIP) · 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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-64.06	146.98	32.67	8.91	3.31	5.82	13.8	52.79	7.19	13.11	-3.11	-3.22	24.62	-3.79	-2.64
Return on Capital (%)	- -	-42.84	- -	-8.85	-3.42	-5.49	- -	-110.62	-42.51	-91.49	- -	- -	-123.42	- -	- -
Return on Invested Capital (%)	- -	163.92	- -	9.21	3.32	8.18	- -	57.72	7.44	12.51	- -	- -	27.01	- -	- -
Gross Margin (%)	90.63	70.96	71.53	70.09	70.58	71.48	66.76	60.37	69.79	63.49	70.96	62.46	66.29	- -	66.4
EBITDA Margin (%)	-316.89	58.35	34.36	38.42	31.6	42.84	33.7	51.34	37.81	42.78	-63.94	-47.24	55.18	- -	-73.2
Operating Margin (%)	-318	58.33	34.24	38.32	19.02	29.43	23.71	50.09	36.56	41.47	-77.51	-54.8	54.36	- -	-85.93
Incremental Operating Margin (%)	- -	67.8	65.28	61.54	265.49	48.88	7.14	59.09	54.66	55.76	- -	- -	69.56	65.19	- -
Pretax Margin (%)	-317.88	58.45	21.37	38.77	19.47	22.01	24.06	49.41	37.86	45.3	-38.43	-42.61	54.79	- -	6.07
Profit Margin (%)	-317.88	58.23	114.8	30.19	12.67	14.35	24.79	35.68	25.12	34.86	-59.01	-38.81	39.64	- -	-56.02
Net Income to Common Margin (%)	-317.88	58.23	114.8	30.19	12.67	14.35	24.79	35.68	25.12	34.86	-59.01	-38.81	39.64	- -	-56.02
Effective Tax Rate (%)	- -	0.38	- -	22.12	34.91	34.81	- -	27.79	33.65	23.05	- -	- -	22.59	- -	- -
Dvd Payout Ratio (%)	-0.04	13.48	- -	- -	- -	- -	- -	- -	58.55	31.72	-203.37	-144.59	16.88	-105.46	-162.73
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.02	- -	- -	-0.05	-0.01
Net Debt/EBITDA	1.18	-1.11	-8.13	-6.58	-7.48	-3.35	-3.69	-1.52	-6.97	-2.51	11.63	12.26	-2.24	3.79	8.87
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.02	- -	- -	-0.04	-0.01
Net Debt/EBIT	1.17	-1.11	-8.16	-6.6	-12.42	-4.87	-5.25	-1.56	-7.21	-2.59	9.6	10.57	-2.27	3.45	7.56
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-1,608.22	-159.94	-104.11	-97.47	-95.96	-116.7	-107.05	-16.43	-17.42	-11.39	-22.51	-33.11	-9.55	-20.38	-32.05
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.17	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.81	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.16	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.08	- -	- -	0.31	0.05
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.33	- -	- -	-1.49	-0.14
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	0.3	0.04
Net Debt to Equity	-110.9	-103.16	-75.41	-75.86	-61.48	-65.56	-71.83	-96.3	-79.67	-40.83	-42.21	-51.88	-73.97	-24.4	-33.33
Net Debt/Capital (%)	5.37	36.86	40.52	43.07	38.47	34.18	38.79	84.33	81.29	77.59	64.64	60.07	87.79	53.6	50.25
EBITDA	-3	19	3	3	3	5	6	33	6	9	-2	-2	20	-4	-2
EBITDA-CapEx	-3	19	3	3	-6	5	5	33	4	9	-2	-2	20	-5	-2
Operating Income (Loss)	-3	19	3	3	2	4	4	33	6	9	-2	-2	20	-4	-2

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	5.17	9.84	12.26	27.31	25.48	8.48	12.81	11	18.79	26.68	30.79	22.08	14.51	30.18	55.25
Current Ratio	5.49	10.5	12.79	28.52	26.91	9.15	13.84	11.88	19.06	26.95	31.08	22.14	14.55	30.51	55.5
Quick Ratio	5.37	10.45	12.7	28.25	26.55	9.04	13.72	11.61	18.99	26.9	31.01	22.08	14.51	30.18	55.25
CFO/Avg Current Liab	-3.17	14.51	1.01	2.09	3.43	3.87	2.89	9.32	1.78	3.27	-0.33	-0.28	6.35	-1.9	0.27
Common Equity/Total Assets	-1,608.22	-159.94	-104.11	-97.47	-95.96	-116.7	-107.05	-16.43	-17.42	-11.39	-22.51	-33.11	-9.55	-20.38	-32.05
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.17	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.81	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.16	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.08	- -	- -	0.31	0.05
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.33	- -	- -	-1.49	-0.14
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	0.3	0.04
CFO/Total Liabilities	-249.74	921.38	113.63	324	356.68	260.61	333.12	632.93	235.05	392.67	-38.56	-24.75	418.25	-190.07	20.88
CFO/CapEx	-730.5	- -	- -	- -	0.31	30.01	37.55	356.02	2.96	36.79	-2.63	-4.93	96.53	-5.19	- -
Altman's Z-Score	1.22	13.82	10.15	21.25	31.86	14.34	17.23	13.72	12.95	17.79	20.96	25.32	11.19	11.49	19.13

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	13.52	45.29	7.05	11.33	10.09	11.93	11.89	29.48	9.53	43.39	7.72	25.67	- -	- -	- -
Days Sales Outstanding	27	8.06	51.78	32.21	36.17	30.59	30.69	12.38	38.32	8.41	47.29	14.22	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.37	47.74	16.33	12.63	12.82	14.81	23.09	166.41	23.95	51.91	3.61	3.25	23.01	- -	2.77
Accounts Payable Turnover Days	984.54	7.65	22.36	28.9	28.47	24.65	15.81	2.19	15.24	7.03	100.98	112.39	15.87	- -	131.97
Cash Conversion Cycle	-957.54	0.41	29.42	3.31	7.7	5.94	14.88	10.19	23.08	1.38	-53.68	-98.18	-15.87	- -	-131.97
Inventory to Cash Days	27	8.06	51.78	32.21	36.17	30.59	30.69	12.38	38.32	8.41	47.29	14.22	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	25	39	30	29	41	53	48	77	55	55	53	84	68	53	49
- Cash & Cash Equivalents	3	21	21	22	19	18	21	51	43	24	23	26	44	13	17
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	22	18	8	6	21	34	26	25	1	- -	5	39	8	4	4
Total Capital	-53	-37	-30	-29	-30	-34	-33	-9	-10	-7	-12	-17	-6	-12	-17
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.33	- -	- -	-1.49	-0.14
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	- -	- -	0.04	0.01
EV/Sales	26.63	0.53	1.13	0.74	2.67	2.8	1.56	0.39	0.04	- -	1.59	8.92	0.22	- -	1.45
EV/EBITDA	- -	0.91	3.28	1.92	8.44	6.53	4.64	0.75	0.11	- -	- -	- -	0.4	- -	- -
EV/EBIT	- -	0.91	3.29	1.93	14.02	9.5	6.6	0.77	0.11	- -	- -	- -	0.41	- -	- -
EV/Cash Flow to Firm	- -	0.88	4.23	2.4	7.85	5.97	4.6	0.84	0.1	- -	- -	- -	0.41	- -	11.43
EV/Free Cash Flow to Firm	- -	0.88	4.23	2.4	1.84	5.78	4.48	0.84	0.08	- -	- -	- -	0.4	- -	11.43
Diluted Market Cap	25	43	36	32	44	59	50	81	61	59	53	84	70	52	50
Diluted Enterprise Value	22	22	16	10	25	41	30	30	17	35	30	58	25	39	33
EV per Share	0.89	0.68	0.33	0.25	0.83	1.42	1.12	1.06	0.03	- -	0.2	1.63	0.33	0.18	0.16
TTM Sales	1	33	7	9	8	12	17	65	16	22	3	4	36	- -	3
TTM EBITDA	-3	19	3	3	3	5	6	33	6	9	-2	-2	20	-4	-2
TTM Operating Income	-3	19	3	3	2	4	4	33	6	9	-2	-2	20	-4	-2
TTM Cash Flow to Firm	-1	20	2	3	3	6	6	30	7	8	-1	-1	19	-5	- -
TTM Free Cash Flow to Firm	-1	20	2	3	12	6	6	30	9	8	- -	- -	20	-4	- -

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	- -	1.9	3.59	11.18	39.79	31.21	11.73	3.26	13.44	7.12	- -	- -	4.8	- -	- -
Price/Earnings Average	-7.68	1.57	4.35	12.39	39.1	27.03	12.43	2.51	22.96	8.34	-32.03	-34.21	5.42	-24.69	-36.24
Price/Earnings High	-11.23	2.22	4.98	13.72	47.6	32.07	14.88	3.31	28.1	9.56	-35.46	-48.33	6.42	-29.5	-39.52
Price/Earnings Low	-4.59	0.95	3.46	10.88	28.71	21.24	9.79	1.87	13.44	6.88	-27.43	-25.99	4.46	-21.82	-34.13
Price/Book Value	-0.46	-1.06	-0.97	-1	-1.35	-1.56	-1.46	-8.15	-5.49	-7.99	-4.29	-4.96	-10.92	-4.44	-2.94
Price/Book Value Average	-0.37	-0.88	-1.18	-1.1	-1.32	-1.35	-1.55	-6.28	-9.39	-9.35	-4.64	-3.46	-12.33	-4.87	-3.12
Price/Book Value High	-0.54	-1.24	-1.35	-1.22	-1.61	-1.61	-1.86	-8.28	-11.49	-10.72	-5.14	-4.89	-14.61	-5.82	-3.4
Price/Book Value Low	-0.22	-0.53	-0.94	-0.97	-0.97	-1.06	-1.22	-4.67	-5.49	-7.71	-3.97	-2.63	-10.15	-4.3	-2.94
Price/Tangible Book Value	9.05	1.89	1.08	1	1.59	2.28	1.78	1.49	1.05	0.98	1.03	1.77	1.15	0.98	1
Price/Tangible Book Value Average	7.28	1.56	1.31	1.11	1.56	1.97	1.89	1.15	1.79	1.14	1.11	1.23	1.3	1.08	1.06
Price/Tangible Book Value High	10.65	2.2	1.5	1.23	1.9	2.34	2.26	1.52	2.2	1.31	1.23	1.74	1.54	1.28	1.15
Price/Tangible Book Value Low	4.35	0.94	1.04	0.97	1.15	1.55	1.49	0.86	1.05	0.94	0.95	0.94	1.07	0.95	1
Price/Sales	30.36	1.11	4.12	3.37	5.04	4.48	2.91	1.16	3.38	2.48	17.45	19.03	1.9	- -	19.12
Price/Sales Average	24.42	0.91	5	3.74	4.95	3.88	3.08	0.9	5.77	2.91	18.9	13.28	2.15	- -	20.3
Price/Sales High	35.71	1.29	5.72	4.14	6.03	4.6	3.69	1.18	7.06	3.33	20.92	18.76	2.55	- -	22.14
Price/Sales Low	14.58	0.55	3.98	3.29	3.64	3.05	2.43	0.67	3.38	2.4	16.19	10.09	1.77	- -	19.12
Price/Cash Flow	-16.85	1.83	15.49	10.98	14.84	9.57	8.55	2.53	8.2	6.78	-87.59	-166.6	3.52	-9.64	150.22
Price/Cash Flow Average	-13.55	1.51	18.8	12.17	14.58	8.28	9.06	1.95	14.01	7.94	-94.86	-116.22	3.97	-10.57	159.53
Price/Cash Flow High	-19.82	2.14	21.52	13.48	17.75	9.83	10.85	2.57	17.15	9.1	-105.03	-164.21	4.7	-12.62	173.94
Price/Cash Flow Low	-8.09	0.92	14.96	10.69	10.71	6.51	7.13	1.45	8.2	6.55	-81.25	-88.31	3.27	-9.34	150.22
Price/Free Cash Flow	-16.87	2.15	18.55	12.14	3.79	9.9	8.68	2.7	6.7	7.05	-141.32	-208.97	3.54	-11.95	150.22
Price/Free Cash Flow Average	-13.57	1.77	22.53	13.46	3.72	8.58	9.2	2.08	11.44	8.24	-153.04	-145.78	3.99	-13.09	159.53
Price/Free Cash Flow High	-19.85	2.51	25.79	14.91	4.53	10.18	11.01	2.74	14.01	9.46	-169.45	-205.98	4.73	-15.64	173.94
Price/Free Cash Flow Low	-8.11	1.07	17.93	11.82	2.74	6.74	7.24	1.54	6.7	6.8	-131.09	-110.77	3.29	-11.57	150.22
EV/Sales	26.63	0.53	1.13	0.74	2.67	2.8	1.56	0.39	0.04	- -	1.59	8.92	0.22	- -	1.45
EV/Sales Average	20.69	0.33	2.06	1.16	2.64	2.3	1.8	0.13	3.06	1.83	11.52	7.54	0.88	- -	13.61
EV/Sales High	31.99	0.73	2.76	1.56	3.73	3	2.4	0.42	4.34	2.25	13.55	13.04	1.27	- -	15.43
EV/Sales Low	10.86	- -	1.07	0.71	1.31	1.5	1.15	- -	0.7	1.32	8.8	4.34	0.51	- -	12.44
EV/EBITDA	- -	0.91	3.28	1.92	8.44	6.53	4.64	0.75	0.11	- -	- -	- -	0.4	- -	- -
EV/EBITDA Average	-6.53	0.56	5.98	3.03	8.37	5.38	5.34	0.25	8.09	4.27	-18.01	-15.95	1.6	-12.49	-18.6
EV/EBITDA High	-10.09	1.25	8.03	4.06	11.82	7.01	7.12	0.82	11.47	5.27	-21.19	-27.61	2.31	-15.65	-21.08
EV/EBITDA Low	-3.43	-0.1	3.1	1.86	4.16	3.51	3.42	-0.2	1.85	3.08	-13.76	-9.18	0.92	-10.6	-16.99
EV/EBIT	- -	0.91	3.29	1.93	14.02	9.5	6.6	0.77	0.11	- -	- -	- -	0.41	- -	- -
EV/EBIT Average	-6.51	0.56	6.01	3.03	13.9	7.83	7.59	0.26	8.37	4.41	-14.86	-13.75	1.62	-11.34	-15.84
EV/EBIT High	-10.06	1.25	8.05	4.07	19.62	10.2	10.12	0.84	11.86	5.43	-17.48	-23.8	2.34	-14.21	-17.95
EV/EBIT Low	-3.41	-0.1	3.11	1.86	6.91	5.11	4.86	-0.21	1.91	3.18	-11.35	-7.91	0.94	-9.62	-14.48
Last Price	1.02	1.5	1.18	1.14	1.58	2.19	2.05	3.25	2.3	2.31	2.21	3.49	2.84	2.2	2.09
High Price	1.2	1.75	1.64	1.4	1.89	2.25	2.6	3.3	4.81	3.1	2.65	3.44	3.8	2.88	2.42
Low Price	0.49	0.75	1.14	1.11	1.14	1.49	1.71	1.86	2.3	2.23	2.05	1.85	2.64	2.13	2.09
Enterprise Value	22	18	8	6	21	34	26	25	1	- -	5	39	8	4	4
Enterprise Value Average	17	11	15	10	21	28	30	8	50	40	35	33	32	44	35
Enterprise Value High	26	24	20	14	30	37	40	27	71	50	41	57	46	55	40
Enterprise Value Low	9	-2	8	6	11	19	19	-7	11	29	27	19	18	38	32

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	24	26	25	25	26	24	23	24	24	24	24	24	24	24	24
Diluted Weighted Avg Shares	24	29	31	28	28	27	24	25	26	25	24	24	25	24	24
Basic Weighted Avg Shares	24	24	26	26	26	25	24	23	24	24	24	24	24	24	24
Revenue per Share	0.03	1.35	0.29	0.34	0.31	0.49	0.7	2.79	0.68	0.93	0.13	0.18	1.49	- -	0.11
EBITDA per Share	-0.11	0.79	0.1	0.13	0.1	0.21	0.24	1.43	0.26	0.4	-0.08	-0.09	0.82	-0.15	-0.08
Operating Income per Share	-0.11	0.79	0.1	0.13	0.06	0.14	0.17	1.4	0.25	0.39	-0.1	-0.1	0.81	-0.16	-0.09
Basic EPS, GAAP	-0.11	0.79	0.33	0.1	0.04	0.07	0.17	1	0.17	0.32	-0.07	-0.07	0.59	-0.1	-0.06
Basic EPS from Cont Ops	-0.11	0.79	0.33	0.1	0.04	0.07	0.17	1	0.17	0.32	-0.07	-0.07	0.59	-0.1	-0.06
Diluted EPS, GAAP	-0.11	0.67	0.27	0.09	0.04	0.07	0.17	0.93	0.16	0.3	-0.07	-0.07	0.58	-0.1	-0.06
Diluted EPS from Cont Ops	-0.11	0.67	0.27	0.09	0.04	0.07	0.17	0.93	0.16	0.3	-0.07	-0.07	0.58	-0.1	-0.06
Dividend per Share	4.14	0.11	- -	- -	- -	- -	- -	- -	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Cash Flow per Share	-0.06	0.82	0.08	0.1	0.11	0.23	0.24	1.28	0.28	0.34	-0.03	-0.02	0.81	-0.23	0.01
Free Cash Flow per Basic Share	-0.06	0.82	0.08	0.1	-0.24	0.22	0.23	1.28	0.19	0.33	-0.03	-0.03	0.8	-0.27	0.01
Cash & Equivalents per Share	0.13	0.82	0.85	0.89	0.75	0.77	0.93	2.19	2.27	2.32	2.01	1.86	2.51	2.03	1.93
Book Value per Share	-2.21	-1.41	-1.21	-1.14	-1.17	-1.4	-1.4	-0.4	-0.42	-0.29	-0.52	-0.7	-0.26	-0.5	-0.71
Tangible Book Value per Share	0.11	0.79	1.09	1.14	0.99	0.96	1.15	2.17	2.19	2.37	2.15	1.97	2.47	2.24	2.1

Network-1 Technologies, Inc.

NTIP US

1.62