Sabra Health Care REIT, Inc. (SBRA) · 10+ Years of Financial Ratios

Profitability	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 (%)	- -	2.34	3.19	2.88	3.49	2.96	3.41	4.07	1.08	2.3	-1.9	-1.32	0.25
Return on Capital (%)	- -	12.67	12.97	11.76	- -	- -	11.73	13.81	7.91	13.66	- -	- -	11.32
Return on Invested Capital (%)	- -	6.92	8.18	6.91	- -	- -	4.93	4.56	5.24	4.36	- -	- -	3.51
Gross Margin (%)	100	100	100	98.95	98.92	97.81	95.6	92.05	83.61	78.02	75.21	73.97	69.85
EBITDA Margin (%)	82.82	84.39	87.81	84.01	83.55	88.04	83.17	81.17	78.82	72.24	68.43	67.62	62.49
Operating Margin (%)	51.24	55.06	63.12	60.4	57.15	61.76	55.32	49.24	51.38	42.71	37	37.56	34.21
Incremental Operating Margin (%)	- -	72.01	89.44	52.88	46.35	112.58	43.76	37.91	86.27	133.53	154.77	43.34	-58.06
Pretax Margin (%)	15.25	18.91	25.01	25.56	33.23	26.95	39.2	45.26	10.94	23.24	-19.56	-12.22	2.43
Profit Margin (%)	15.25	18.91	25.01	25.58	33.25	26.97	39.04	44.77	10.43	23.12	-19.89	-12.42	2.12
Net Income to Common Margin (%)	15.25	18.91	19.1	20	28.96	23.04	36.52	43.2	10.43	23.12	-19.89	-12.42	2.12
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	0.41	1.07	4.7	0.51	- -	- -	12.7
Dvd Payout Ratio (%)	246.38	250.75	194.9	194.54	144.2	182.03	116.03	117.1	485.86	201.06	-232.15	-357.14	2,016.92
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	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	383	575	691	1,091	1,397	1,211	3,394	3,232	2,402	2,372	2,394	2,704	2,447
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	197	94
LT Debt	383	575	691	1,091	1,397	1,211	3,394	3,232	2,402	2,372	2,394	2,507	2,352
Total Debt/EBITDA	5.5	6.61	5.84	7.08	7	5.28	10.06	6.39	4.61	5.49	6.14	6.4	6.05
Net Debt/EBITDA	4.89	6.41	5.8	6.68	6.96	5.17	8.52	6.29	4.53	5.35	5.86	6.28	5.86
Total Debt/EBIT	8.88	10.13	8.12	9.85	10.24	7.52	15.13	10.53	7.06	9.28	11.36	11.52	11.04
Net Debt/EBIT	7.9	9.83	8.07	9.29	10.18	7.37	12.82	10.37	6.95	9.05	10.83	11.31	10.71
EBITDA to Interest Expense	2.3	2.35	2.93	3.28	3.37	3.54	3.81	3.44	4.12	4.31	3.95	4.01	3.58
EBITDA-CapEx/Interest Expense	-4.44	2.35	2.93	3.28	3.37	3.54	3.81	3.44	4.12	4.31	3.95	4.01	3.58
EBIT to Interest Expense	1.42	1.54	2.1	2.36	2.31	2.48	2.54	2.09	2.69	2.55	2.14	2.23	1.96
Interest Expense	30	37	40	47	59	65	88	147	127	100	99	105	113
Common Equity/Total Assets	-2.46	-5.28	-6.22	-5.34	-5.69	-8.45	-3.06	-4.05	-9.41	-11.93	-18.32	-25.22	-31.86
Long-Term Debt/Equity (%)	117.4	188.38	150.21	115.87	132.57	119.21	98.76	99.3	68.86	69.59	70.85	82.02	83.93
Long-Term Debt/Capital (%)	105.05	109.18	112.08	111.24	111.25	118.78	106.63	108.95	131.2	143.06	183.97	199.88	321.92
Long-Term Debt/Total Assets (%)	51.14	62.77	57.71	52.85	56.2	53.43	48.27	48.49	39.58	39.63	40.13	43.61	43.67
Total Debt/Equity (%)	117.4	188.38	150.21	115.87	132.57	119.21	98.76	99.3	68.86	69.59	70.85	88.46	87.3
Total Debt/Capital (%)	105.05	109.18	112.08	111.24	111.25	118.78	106.63	108.95	131.2	143.06	183.97	215.59	334.85
Total Debt/Total Assets (%)	51.14	62.77	57.71	52.85	56.2	53.43	48.27	48.49	39.58	39.63	40.13	47.04	45.42
Net Debt to Equity	104.46	182.79	149.28	109.31	131.86	116.68	83.67	97.76	67.74	67.85	67.54	86.85	84.67
Net Debt/Capital (%)	105.71	109.48	112.16	111.99	111.32	119.27	107.92	109.1	131.88	144.65	191.87	220.32	344.19
EBITDA	70	87	118	154	200	229	337	506	522	432	390	422	405
EBITDA-CapEx	-135	87	118	154	200	229	337	506	522	432	390	422	405
Operating Income (Loss)	43	57	85	111	137	161	224	307	340	256	211	235	222

Liquidity	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	1.06	0.48	0.09	1.94	0.21	0.65	5.06	0.53	0.36	0.4	0.78	0.35	0.18
Current Ratio	2.3	1.83	5.56	13.19	12.69	6.46	8.49	3.59	2.82	2.25	4.57	4.31	2.35
Quick Ratio	1.06	0.81	4.08	9.86	8.74	3.07	7.82	3.49	2.73	2.21	4.54	4.28	2.32
CFO/Avg Current Liab	- -	1.49	1.51	2.18	3.62	4.72	1.88	3.63	3.66	2.78	2.46	2.21	1.61
Common Equity/Total Assets	-2.46	-5.28	-6.22	-5.34	-5.69	-8.45	-3.06	-4.05	-9.41	-11.93	-18.32	-25.22	-31.86
Long-Term Debt/Equity (%)	117.4	188.38	150.21	115.87	132.57	119.21	98.76	99.3	68.86	69.59	70.85	82.02	83.93
Long-Term Debt/Capital (%)	105.05	109.18	112.08	111.24	111.25	118.78	106.63	108.95	131.2	143.06	183.97	199.88	321.92
Long-Term Debt/Total Assets (%)	51.14	62.77	57.71	52.85	56.2	53.43	48.27	48.49	39.58	39.63	40.13	43.61	43.67
Total Debt/Equity (%)	117.4	188.38	150.21	115.87	132.57	119.21	98.76	99.3	68.86	69.59	70.85	88.46	87.3
Total Debt/Capital (%)	105.05	109.18	112.08	111.24	111.25	118.78	106.63	108.95	131.2	143.06	183.97	215.59	334.85
Total Debt/Total Assets (%)	51.14	62.77	57.71	52.85	56.2	53.43	48.27	48.49	39.58	39.63	40.13	47.04	45.42
CFO/Total Liabilities	10.57	9.2	8.42	7.6	8.46	14.14	3.71	10.51	14.43	13.77	13.78	11.73	11.63
CFO/CapEx	0.22	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.98	1.06	1.3	1.4	0.96	1.1	0.82	0.75	1.21	0.97	0.78	0.61	0.66

Working Capital	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	- -	- -	- -	- -	- -	5.26	3.03	3.71	4.17	3.85	3.81	4.37	4.6
Days Sales Outstanding	- -	- -	- -	- -	- -	69.37	120.54	98.38	87.59	94.85	95.73	83.54	79.4
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	0.07	0.08	0.15	0.25	0.5	2.29	- -	1.97	1.14	2.74
Accounts Payable Turnover Days	- -	- -	- -	5,106.6	4,743.65	2,394.32	1,452.66	726.93	159.54	- -	184.81	320.13	132.97
Cash Conversion Cycle	- -	- -	- -	-5,106.6	-4,743.65	-2,324.95	-1,332.13	-628.55	-71.95	94.85	-89.08	-236.59	-53.57
Inventory to Cash Days	- -	- -	- -	- -	- -	69.37	120.54	98.38	87.59	94.85	95.73	83.54	79.4
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	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	442	790	1,016	1,848	1,341	1,562	3,387	2,940	4,322	3,668	3,127	2,800	3,349
- Cash & Cash Equivalents	42	17	4	62	7	26	519	50	39	59	112	49	41
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	4	4	- -	- -	- -	- -	- -
+ Total Debt	383	575	691	1,091	1,397	1,211	3,394	3,232	2,402	2,372	2,394	2,704	2,447
Enterprise Value	783	1,349	1,703	2,878	2,731	2,747	6,267	6,126	6,685	5,981	5,409	5,454	5,754
Total Capital	365	527	617	981	1,256	1,019	3,184	2,967	1,831	1,658	1,302	1,254	731
Total Debt/Capital (%)	105.05	109.18	112.08	111.24	111.25	118.78	106.63	108.95	131.2	143.06	183.97	215.59	334.85
Total Debt / EV	0.49	0.43	0.41	0.38	0.51	0.44	0.54	0.53	0.36	0.4	0.44	0.5	0.43
EV/Sales	9.3	13.07	12.63	15.68	11.43	10.54	15.45	9.83	10.1	9.99	9.5	8.73	8.89
EV/EBITDA	11.23	15.49	14.39	18.66	13.68	11.98	18.58	12.11	12.82	13.83	13.88	12.91	14.22
EV/EBIT	18.14	23.74	20.02	25.96	20	17.07	27.93	19.96	19.66	23.39	25.67	23.24	25.98
EV/Cash Flow to Firm	10.44	14.46	16.6	21.75	15.1	11.32	28.29	12.15	13.56	13.15	11.84	12.9	14.41
EV/Free Cash Flow to Firm	2.8	14.46	16.6	21.75	15.1	11.32	28.29	12.15	13.56	13.15	11.84	12.9	14.41
Diluted Market Cap	361	795	997	1,468	1,285	1,567	2,011	2,947	3,962	3,610	2,973	2,799	3,371
Diluted Enterprise Value	703	1,353	1,684	2,497	2,675	2,752	4,891	6,133	6,325	5,924	5,255	5,454	5,776
EV per Share	21.23	36.35	43.9	48.74	41.89	42.07	35.16	34.36	32.58	28.41	23.48	23.61	24.88
TTM Sales	84	103	135	184	239	261	406	623	662	599	570	625	648
TTM EBITDA	70	87	118	154	200	229	337	506	522	432	390	422	405
TTM Operating Income	43	57	85	111	137	161	224	307	340	256	211	235	222
TTM Cash Flow to Firm	75	93	103	132	181	243	222	504	493	455	457	423	399
TTM Free Cash Flow to Firm	280	93	103	132	181	243	222	504	493	455	457	423	399

Multiples	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	28.09	40.46	38.16	39.52	18.51	26.01	13.55	10.92	57.13	25.95	- -	- -	243.37
Price/Earnings Average	34.18	33.53	38.3	35.31	24.14	23.62	16.8	13.25	55.75	23.21	-32.14	-40.62	213.34
Price/Earnings High	44.29	42.34	46.1	38.81	30.42	28.1	20.32	15.57	65.54	33.06	-35.9	-48.69	243.04
Price/Earnings Low	20.28	22.89	31.66	30.62	16.52	16.49	13.28	10.57	43.59	8.82	-24.16	-34.64	170.6
Price/Book Value	-23.99	-16.34	-13.63	-16.76	-9.48	-8.15	-15.72	-10.9	-7.57	-5.14	-2.86	-1.93	-1.95
Price/Book Value Average	-29.19	-13.54	-13.68	-14.98	-12.36	-7.4	-19.5	-13.22	-7.38	-4.59	-3.5	-2.17	-1.71
Price/Book Value High	-37.83	-17.1	-16.47	-16.46	-15.58	-8.81	-23.58	-15.54	-8.68	-6.54	-3.91	-2.61	-1.95
Price/Book Value Low	-17.32	-9.24	-11.31	-12.99	-8.46	-5.17	-15.41	-10.55	-5.77	-1.75	-2.63	-1.85	-1.37
Price/Tangible Book Value	1.35	2.59	2.21	1.96	1.27	1.58	1.04	0.94	1.28	1.1	0.94	0.93	1.21
Price/Tangible Book Value Average	1.65	2.14	2.22	1.75	1.66	1.43	1.28	1.14	1.25	0.99	1.15	1.05	1.06
Price/Tangible Book Value High	2.13	2.71	2.67	1.93	2.09	1.71	1.55	1.34	1.46	1.4	1.29	1.25	1.21
Price/Tangible Book Value Low	0.98	1.46	1.83	1.52	1.14	1	1.02	0.91	0.97	0.37	0.87	0.89	0.85
Price/Sales	4.28	7.65	7.29	7.91	5.36	5.99	4.95	4.72	5.96	6	5.22	4.48	5.17
Price/Sales Average	5.21	6.34	7.32	7.06	6.99	5.44	6.14	5.72	5.81	5.37	6.39	5.04	4.53
Price/Sales High	6.75	8.01	8.81	7.76	8.81	6.48	7.42	6.73	6.83	7.65	7.14	6.05	5.16
Price/Sales Low	3.09	4.33	6.05	6.12	4.78	3.8	4.85	4.56	4.55	2.04	4.8	4.3	3.62
Price/Cash Flow	8.07	14.03	15.82	17	10.57	8.84	15.03	8.2	10.58	10.12	8.34	8.87	11.14
Price/Cash Flow Average	9.82	11.63	15.88	15.19	13.79	8.02	18.65	9.95	10.33	9.05	10.21	9.98	9.76
Price/Cash Flow High	12.72	14.69	19.11	16.7	17.38	9.54	22.55	11.7	12.14	12.9	11.41	11.97	11.12
Price/Cash Flow Low	5.83	7.94	13.13	13.17	9.44	5.6	14.74	7.94	8.08	3.44	7.68	8.51	7.81
Price/Free Cash Flow	1.45	14.13	16.06	17.2	10.61	8.87	15.07	8.22	10.64	10.17	8.34	8.87	11.21
Price/Free Cash Flow Average	1.76	11.71	16.12	15.37	13.84	8.05	18.69	9.97	10.38	9.1	10.21	9.98	9.83
Price/Free Cash Flow High	2.29	14.79	19.4	16.89	17.44	9.58	22.6	11.72	12.2	12.96	11.41	11.97	11.2
Price/Free Cash Flow Low	1.05	7.99	13.32	13.32	9.47	5.62	14.77	7.96	8.12	3.46	7.68	8.51	7.86
EV/Sales	9.3	13.07	12.63	15.68	11.43	10.54	15.45	9.83	10.1	9.99	9.5	8.73	8.89
EV/Sales Average	10.44	11.76	12.66	14.61	13.14	9.99	17.46	10.83	9.94	9.34	10.73	9.29	8.25
EV/Sales High	12.32	13.43	14.2	15.5	15.04	11.02	19.62	11.84	11.06	11.67	11.52	10.3	8.88
EV/Sales Low	7.84	9.75	11.35	13.41	10.83	8.35	15.29	9.68	8.55	5.95	9.06	8.55	7.34
EV/EBITDA	11.23	15.49	14.39	18.66	13.68	11.98	18.58	12.11	12.82	13.83	13.88	12.91	14.22
EV/EBITDA Average	12.6	13.93	14.42	17.39	15.73	11.35	20.99	13.35	12.62	12.94	15.68	13.75	13.2
EV/EBITDA High	14.88	15.91	16.17	18.45	18.01	12.52	23.6	14.58	14.04	16.16	16.83	15.23	14.21
EV/EBITDA Low	9.47	11.55	12.93	15.96	12.96	9.48	18.38	11.92	10.85	8.23	13.24	12.65	11.75
EV/EBIT	18.14	23.74	20.02	25.96	20	17.07	27.93	19.96	19.66	23.39	25.67	23.24	25.98
EV/EBIT Average	20.36	21.36	20.06	24.18	22.99	16.18	31.56	22	19.35	21.88	29	24.74	24.11
EV/EBIT High	24.05	24.39	22.5	25.66	26.33	17.85	35.48	24.04	21.53	27.32	31.12	27.41	25.95
EV/EBIT Low	15.3	17.7	17.98	22.21	18.95	13.52	27.64	19.65	16.65	13.92	24.48	22.77	21.46
Last Price	11.98	21.3	26.19	31.3	20.57	23.92	19	16.49	21.06	17.42	13.57	12.12	14.48
High Price	18.89	22.29	31.64	30.74	33.81	25.84	28.5	23.52	24.16	22.19	18.56	16.36	14.46
Low Price	8.65	12.05	21.73	24.25	18.36	15.16	18.63	15.96	16.07	5.92	12.49	11.64	10.15
Enterprise Value	783	1,349	1,703	2,878	2,731	2,747	6,267	6,126	6,685	5,981	5,409	5,454	5,754
Enterprise Value Average	879	1,213	1,707	2,681	3,139	2,603	7,081	6,754	6,580	5,594	6,111	5,807	5,341
Enterprise Value High	1,038	1,385	1,914	2,845	3,594	2,872	7,961	7,380	7,321	6,986	6,559	6,434	5,749
Enterprise Value Low	660	1,005	1,530	2,461	2,587	2,175	6,201	6,032	5,661	3,560	5,160	5,343	4,753

Per Share Data Items	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	37	37	39	59	65	65	178	178	205	211	230	231	231
Diluted Weighted Avg Shares	30	37	38	47	62	66	106	179	188	207	219	231	233
Basic Weighted Avg Shares	30	37	38	46	62	65	106	178	187	206	219	231	231
Revenue per Share	2.8	2.78	3.59	3.96	3.84	3.99	3.84	3.5	3.54	2.9	2.6	2.71	2.8
EBITDA per Share	2.32	2.35	3.15	3.33	3.21	3.51	3.19	2.84	2.79	2.1	1.78	1.83	1.75
Operating Income per Share	1.43	1.53	2.27	2.39	2.19	2.46	2.12	1.72	1.82	1.24	0.96	1.02	0.96
Basic EPS, GAAP	0.43	0.53	0.69	0.79	1.11	0.92	1.4	1.51	0.37	0.67	-0.52	-0.34	0.06
Basic EPS from Cont Ops	0.43	0.53	0.9	1.01	1.28	1.08	1.5	1.57	0.37	0.67	-0.52	-0.34	0.06
Diluted EPS, GAAP	0.43	0.52	0.68	0.78	1.11	0.92	1.4	1.51	0.37	0.67	-0.52	-0.34	0.06
Diluted EPS from Cont Ops	0.43	0.52	0.89	1	1.27	1.07	1.5	1.56	0.37	0.67	-0.52	-0.34	0.06
Dividend per Share	1.05	1.32	1.55	1.76	1.77	1.83	1.72	1.82	1.79	1.35	1.2	1.2	1.2
Cash Flow per Share	1.48	1.52	1.66	1.84	1.95	2.71	1.26	2.01	1.99	1.72	1.63	1.37	1.3
Free Cash Flow per Basic Share	-5.31	1.52	1.66	1.84	1.95	2.71	1.26	2.01	1.99	1.72	1.63	1.37	1.3
Cash & Equivalents per Share	1.15	0.46	0.11	1.05	0.11	0.39	2.91	0.28	0.19	0.28	0.49	0.21	0.18
Book Value per Share	-0.5	-1.3	-1.92	-1.87	-2.17	-2.93	-1.21	-1.51	-2.78	-3.39	-4.74	-6.28	-7.42
Tangible Book Value per Share	8.85	8.23	11.86	15.95	16.17	15.15	18.34	17.52	16.5	15.8	14.43	13.06	11.98

Sabra Health Care REIT, Inc.

SBRA US

14.29

14.29