Star Group, L.P. (SGU) · 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 (%)	118.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	20.64	4.54	4.03	4.11	4.39	4.99	5.4	6.42	3.94	7.91	2.38	7.03	10.37	4	3.57
Return on Capital (%)	- -	34.79	31.37	27.84	29.41	34.39	40.13	51.13	36.57	71.58	20.03	33.05	41.79	17.06	16.23
Return on Invested Capital (%)	- -	9.41	8.8	7.08	10.62	12.23	12.86	9.77	7.29	11.28	9.95	15.21	13.58	10.28	7.95
Gross Margin (%)	27.43	25.46	22.24	19.88	19.28	19.61	26.62	31.51	28.76	25.73	25.93	30.01	29.67	22.51	22.45
EBITDA Margin (%)	8.48	6.35	5.34	4.23	4.96	5.24	7.15	8.08	5.91	4.94	5.21	8.69	8.39	5.32	4.73
Operating Margin (%)	6.64	4.83	4.06	3.03	3.86	4.06	5.56	5.69	3.71	2.98	3.27	6.27	6.09	3.65	3.02
Incremental Operating Margin (%)	-22.84	-361.19	1.59	20.59	8.98	5.59	-4.69	5.25	-10.49	0.25	9.73	-12.08	-2.66	-3.52	26.49
Pretax Margin (%)	6.09	3.62	2.96	2.84	2.86	3.13	4.2	6.77	3.57	3.76	1.43	5.22	8.11	2.44	2.35
Profit Margin (%)	10.86	2.34	1.53	1.74	1.6	1.68	2.24	3.87	2.03	3.31	1.01	3.81	5.86	1.76	1.64
Net Income to Common Margin (%)	10.81	2.32	1.54	1.73	1.59	1.67	2.23	3.85	2.02	3.29	1	3.78	5.81	1.74	1.62
Effective Tax Rate (%)	- -	35.57	48.28	38.94	39.98	41.23	46.65	42.88	43.1	12.05	29.88	26.95	27.74	28.02	30.45
Dvd Payout Ratio (%)	11.38	71.74	85.01	75	64.39	54.76	56.46	51.12	90.36	45.82	145.35	43.34	26.15	65.45	74.09
Sustainable Growth Rate (%)	105.42	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	133	83	124	124	124	125	100	92	76	101	153	228	219	283	244
ST Debt	- -	- -	- -	- -	- -	- -	10	16	10	9	33	32	43	50	39
LT Debt	133	83	124	124	124	125	90	76	66	92	120	196	176	233	205
Total Debt/EBITDA	1.3	1.07	1.46	1.96	1.44	1.21	0.83	0.99	0.97	1.22	1.68	1.79	1.74	2.65	2.64
Net Debt/EBITDA	-0.61	0.28	0.44	0.26	0.46	0.74	- -	-0.5	0.3	1.04	1.63	0.52	0.91	1.59	0.89
Total Debt/EBIT	1.66	1.41	1.92	2.74	1.85	1.57	1.07	1.4	1.54	2.02	2.68	2.48	2.4	3.86	4.13
Net Debt/EBIT	-0.77	0.37	0.58	0.36	0.59	0.95	-0.01	-0.71	0.47	1.73	2.59	0.72	1.25	2.32	1.4
EBITDA to Interest Expense	5.73	5.38	5.41	4.49	5.96	6.08	8.52	12.54	11.55	9.5	8.18	13.15	16.07	10.2	5.95
EBITDA-CapEx/Interest Expense	5.49	4.99	5	4.08	5.55	5.54	7.84	11.19	9.75	7.94	7.16	11.69	14.14	8.41	5.37
EBIT to Interest Expense	4.49	4.09	4.11	3.21	4.65	4.71	6.62	8.83	7.25	5.73	5.14	9.48	11.66	6.99	3.8
Interest Expense	18	14	16	14	14	17	14	7	7	9	11	10	8	10	16
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	43.45	29.57	45.58	47.8	48	45.59	31.05	25.31	21.47	29.63	46.18	76.5	63.41	90.38	77.71
Long-Term Debt/Capital (%)	100	100	100	100	100	100	90	82.49	86.79	91.07	78.49	85.89	80.52	82.38	84.07
Long-Term Debt/Total Assets (%)	20.04	14.21	19.85	19.45	19.68	18.18	12.73	11.01	9.75	12.57	16	23.34	20.66	25.55	23.41
Total Debt/Equity (%)	43.45	29.57	45.58	47.8	48	45.59	34.5	30.68	24.74	32.53	58.83	89.07	78.75	109.71	92.43
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	20.04	14.21	19.85	19.45	19.68	18.18	14.14	13.35	11.24	13.81	20.39	27.17	25.66	31.01	27.84
Net Debt to Equity	-20.26	7.76	13.75	6.25	15.2	27.66	-0.18	-15.49	7.6	27.84	56.95	25.76	40.93	65.81	31.24
Net Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	38.55	53.12	63.26	41.49
EBITDA	102	77	85	63	86	103	120	94	78	83	91	128	126	107	92
EBITDA-CapEx	98	71	79	58	80	94	110	84	66	69	80	113	111	88	83
Operating Income (Loss)	80	59	65	45	67	80	93	66	49	50	57	92	91	73	59

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	1.01	0.31	0.42	0.47	0.39	0.19	0.36	0.48	0.19	0.05	0.02	0.17	0.01	0.04	0.12
Current Ratio	1.95	1.26	1.45	1.32	1.39	1.17	1.11	1.02	0.89	0.91	0.7	0.66	0.64	0.76	0.7
Quick Ratio	1.31	0.67	0.87	0.86	0.82	0.68	0.68	0.75	0.55	0.52	0.38	0.41	0.3	0.4	0.44
CFO/Avg Current Liab	0.39	0.23	0.2	0.49	0.08	0.4	0.51	0.36	0.07	0.21	0.32	0.52	0.2	0.09	0.33
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	43.45	29.57	45.58	47.8	48	45.59	31.05	25.31	21.47	29.63	46.18	76.5	63.41	90.38	77.71
Long-Term Debt/Capital (%)	100	100	100	100	100	100	90	82.49	86.79	91.07	78.49	85.89	80.52	82.38	84.07
Long-Term Debt/Total Assets (%)	20.04	14.21	19.85	19.45	19.68	18.18	12.73	11.01	9.75	12.57	16	23.34	20.66	25.55	23.41
Total Debt/Equity (%)	43.45	29.57	45.58	47.8	48	45.59	34.5	30.68	24.74	32.53	58.83	89.07	78.75	109.71	92.43
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	20.04	14.21	19.85	19.45	19.68	18.18	14.14	13.35	11.24	13.81	20.39	27.17	25.66	31.01	27.84
CFO/Total Liabilities	21.93	14.68	11.15	27.91	4.95	23.1	32.81	26.04	5.72	13.67	19.8	30.14	11.96	5.18	20.21
CFO/CapEx	18.1	7.98	6.19	18.24	3.09	10.44	14.32	10.06	1.73	4.23	8.62	12.43	4.57	1.81	13.72
Altman's Z-Score	4.13	5.15	5.66	5.19	6.12	6.55	5.88	4.46	5.26	5.23	5.1	3.63	3.69	4	4.18

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	25.22	31.96	17.84	15.15	18.21	17.84	15.72	13.84	15.1	14.64	13.87	14.4	16.34	16.87	15.48
Days Sales Outstanding	14.47	11.42	20.46	24.09	20.04	20.46	23.22	26.38	24.16	24.94	26.32	25.35	22.34	21.64	23.58
Inventory Turnover	16.31	13.98	16.8	18.75	24.32	24.76	21.38	15.66	17.88	21.49	21.44	17.86	18.9	21.49	21.63
Days Inventory Outstanding	22.38	26.12	21.72	19.47	15.01	14.74	17.07	23.3	20.42	16.99	17.02	20.44	19.32	16.99	16.87
Accounts Payable Turnover	52.58	53.85	71.1	56.7	69.15	77.77	52.16	30.8	36.49	39.75	37.48	31.25	31.24	36.53	35.13
Accounts Payable Turnover Days	6.94	6.78	5.13	6.44	5.28	4.69	7	11.85	10	9.18	9.74	11.68	11.69	9.99	10.39
Cash Conversion Cycle	29.91	30.76	37.05	37.12	29.77	30.51	33.29	37.84	34.58	32.74	33.6	34.11	29.97	28.64	30.07
Inventory to Cash Days	-7.91	-14.7	-1.26	4.62	5.03	5.72	6.15	3.08	3.75	7.95	9.3	4.91	3.03	4.65	6.71
Inventories	63	67	81	47	68	59	56	46	60	56	65	50	61	84	56
Raw Materials	63	67	16	17	18	19	20	20	22	22	21	20	23	25	22
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	52	65	31	50	40	36	25	38	35	44	30	38	59	34
Other Inventory	- -	-52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	271	317	320	261	284	330	479	544	634	515	448	413	402	304	435
- Cash & Cash Equivalents	195	61	87	108	85	49	101	139	52	15	5	57	5	15	45
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	133	83	124	124	124	125	100	92	76	101	153	228	219	283	244
Enterprise Value	209	338	357	277	323	405	478	498	658	601	596	584	616	573	634
Total Capital	133	83	124	124	124	125	100	92	76	101	153	228	219	283	244
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt / EV	0.64	0.24	0.35	0.45	0.38	0.31	0.21	0.19	0.12	0.17	0.26	0.39	0.36	0.49	0.38
EV/Sales	0.17	0.28	0.22	0.19	0.19	0.21	0.29	0.43	0.5	0.36	0.34	0.4	0.41	0.29	0.32
EV/EBITDA	2.05	4.39	4.2	4.38	3.75	3.94	3.99	5.3	8.4	7.26	6.53	4.58	4.91	5.36	6.85
EV/EBIT	2.61	5.77	5.53	6.12	4.81	5.1	5.14	7.53	13.4	12.03	10.4	6.35	6.76	7.82	10.74
EV/Cash Flow to Firm	1.9	6.3	7.51	2.42	11.9	3.86	3.31	4.69	26.4	9.23	5.67	3.2	8.27	13.82	4.71
EV/Free Cash Flow to Firm	1.83	5.71	6.63	2.31	9.75	3.55	3.11	4.28	17.74	7.64	5.12	2.97	6.88	9.52	4.42
Diluted Market Cap	273	330	329	265	292	330	479	543	634	534	477	446	418	308	436
Diluted Enterprise Value	211	352	366	281	332	405	478	496	658	621	626	617	632	577	635
EV per Share	2.78	5.04	5.5	4.55	5.6	7.06	8.35	8.7	11.77	11.39	12.51	13.8	15.79	15.52	17.8
TTM Sales	1,207	1,213	1,591	1,498	1,742	1,962	1,674	1,161	1,324	1,678	1,754	1,467	1,497	2,007	1,953
TTM EBITDA	102	77	85	63	86	103	120	94	78	83	91	128	126	107	92
TTM Operating Income	80	59	65	45	67	80	93	66	49	50	57	92	91	73	59
TTM Cash Flow to Firm	110	54	48	114	27	105	144	106	25	65	105	183	75	41	134
TTM Free Cash Flow to Firm	115	59	54	120	33	114	154	116	37	79	117	197	90	60	143

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	2.1	11.72	13.44	10.25	10.54	10.09	12.82	12.15	23.72	9.68	27.2	8.02	4.8	8.81	13.78
Price/Earnings Average	1.64	10.52	14.44	10.59	9.85	10.3	11.58	10.55	21.17	9.89	27.83	7.25	4.81	10.92	13.43
Price/Earnings High	2.11	11.72	16.23	12.15	10.75	11.71	14.89	12.25	23.43	11.07	28.91	8.01	5.46	12.12	16.69
Price/Earnings Low	1.06	8.82	12.73	8.77	8.52	8.76	8.28	9	18.87	8.93	26.1	5.32	4.25	8.65	9.14
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	2.64	14.41	15.23	-16.66	-32.87	-8.95	-16.82	-61.01	-25.31	-30.12	-4.9	-5.52	-5.69	-3.77	-5.83
Price/Tangible Book Value Average	2.07	12.93	16.36	-17.22	-30.71	-9.13	-15.18	-52.98	-22.59	-30.76	-5.01	-4.99	-5.71	-4.67	-5.68
Price/Tangible Book Value High	2.65	14.41	18.39	-19.74	-33.54	-10.38	-19.53	-61.53	-25	-34.44	-5.21	-5.52	-6.47	-5.19	-7.06
Price/Tangible Book Value Low	1.34	10.84	14.42	-14.25	-26.59	-7.76	-10.86	-45.18	-20.13	-27.77	-4.7	-3.66	-5.04	-3.7	-3.87
Price/Sales	0.23	0.27	0.21	0.18	0.17	0.17	0.29	0.47	0.48	0.32	0.27	0.3	0.28	0.15	0.22
Price/Sales Average	0.18	0.24	0.22	0.18	0.16	0.17	0.26	0.41	0.43	0.33	0.28	0.27	0.28	0.19	0.22
Price/Sales High	0.23	0.27	0.25	0.21	0.17	0.2	0.33	0.47	0.47	0.36	0.29	0.3	0.32	0.21	0.27
Price/Sales Low	0.11	0.2	0.2	0.15	0.14	0.15	0.18	0.35	0.38	0.29	0.26	0.2	0.25	0.15	0.15
Price/Cash Flow	3.48	7.44	8.34	2.5	15.81	3.47	3.5	5.32	30.12	9.3	4.9	2.54	6.06	9.1	3.53
Price/Cash Flow Average	2.73	6.67	8.96	2.59	14.77	3.54	3.16	4.62	26.89	9.5	5.01	2.29	6.08	11.27	3.44
Price/Cash Flow High	3.5	7.44	10.07	2.97	16.13	4.02	4.06	5.37	29.75	10.64	5.21	2.53	6.89	12.51	4.27
Price/Cash Flow Low	1.77	5.59	7.9	2.14	12.79	3.01	2.26	3.94	23.97	8.58	4.7	1.68	5.37	8.93	2.34
Price/Free Cash Flow	3.3	6.61	7.18	2.37	11.94	3.16	3.27	4.84	19.09	7.52	4.39	2.35	4.97	5.86	3.29
Price/Free Cash Flow Average	2.59	5.93	7.72	2.45	11.15	3.23	2.95	4.21	17.04	7.68	4.49	2.12	4.99	7.26	3.2
Price/Free Cash Flow High	3.32	6.61	8.67	2.81	12.18	3.67	3.8	4.88	18.86	8.6	4.67	2.35	5.66	8.07	3.98
Price/Free Cash Flow Low	1.67	4.97	6.8	2.03	9.66	2.75	2.11	3.59	15.19	6.94	4.21	1.56	4.4	5.76	2.18
EV/Sales	0.17	0.28	0.22	0.19	0.19	0.21	0.29	0.43	0.5	0.36	0.34	0.4	0.41	0.29	0.32
EV/Sales Average	0.12	0.25	0.24	0.19	0.17	0.21	0.26	0.37	0.45	0.36	0.35	0.37	0.41	0.32	0.32
EV/Sales High	0.17	0.28	0.27	0.22	0.19	0.23	0.33	0.43	0.49	0.4	0.36	0.4	0.45	0.34	0.37
EV/Sales Low	0.06	0.21	0.21	0.16	0.15	0.18	0.18	0.31	0.4	0.33	0.33	0.3	0.38	0.28	0.25
EV/EBITDA	2.05	4.39	4.2	4.38	3.75	3.94	3.99	5.3	8.4	7.26	6.53	4.58	4.91	5.36	6.85
EV/EBITDA Average	1.47	3.97	4.48	4.52	3.53	4.01	3.6	4.54	7.53	7.39	6.64	4.27	4.92	6.05	6.73
EV/EBITDA High	2.06	4.39	4.98	5.14	3.81	4.46	4.64	5.35	8.3	8.15	6.84	4.58	5.35	6.44	7.85
EV/EBITDA Low	0.74	3.37	4.01	3.78	3.12	3.52	2.58	3.8	6.75	6.77	6.33	3.49	4.54	5.31	5.27
EV/EBIT	2.61	5.77	5.53	6.12	4.81	5.1	5.14	7.53	13.4	12.03	10.4	6.35	6.76	7.82	10.74
EV/EBIT Average	1.88	5.22	5.89	6.31	4.53	5.18	4.64	6.45	12.01	12.25	10.58	5.92	6.77	8.81	10.55
EV/EBIT High	2.63	5.77	6.55	7.18	4.89	5.76	5.97	7.6	13.24	13.51	10.89	6.35	7.37	9.38	12.29
EV/EBIT Low	0.94	4.44	5.27	5.29	4	4.55	3.32	5.39	10.76	11.23	10.08	4.84	6.26	7.75	8.26
Last Price	3.61	4.72	4.92	4.28	4.92	5.74	8.36	9.52	11.35	9.76	9.39	9.76	10.3	8.25	12.22
High Price	3.63	4.72	5.94	5.07	5.02	6.66	9.71	9.6	11.21	11.16	9.98	9.75	11.71	11.35	14.8
Low Price	1.83	3.55	4.66	3.66	3.98	4.98	5.4	7.05	9.03	9	9.01	6.47	9.12	8.1	8.11
Enterprise Value	209	338	357	277	323	405	478	498	658	601	596	584	616	573	634
Enterprise Value Average	151	306	381	286	305	412	432	426	590	612	607	544	618	646	622
Enterprise Value High	211	338	423	326	329	458	556	502	650	675	624	584	672	687	725
Enterprise Value Low	75	260	340	240	269	362	309	356	528	561	578	445	570	567	487

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	75	67	65	61	58	57	57	57	56	53	48	42	39	37	36
Diluted Weighted Avg Shares	76	70	67	62	59	57	57	57	56	55	51	46	41	37	36
Basic Weighted Avg Shares	76	70	67	62	59	57	57	57	56	55	51	46	41	37	36
Revenue per Share	15.93	17.32	23.81	24.18	29.32	34.13	29.23	20.37	23.68	30.64	34.52	32.14	36.92	53.67	54.71
EBITDA per Share	1.35	1.1	1.27	1.02	1.45	1.79	2.09	1.65	1.4	1.51	1.8	2.79	3.1	2.86	2.59
Operating Income per Share	1.06	0.84	0.97	0.73	1.13	1.38	1.62	1.16	0.88	0.91	1.13	2.01	2.25	1.96	1.65
Basic EPS, GAAP	1.72	0.4	0.37	0.42	0.47	0.57	0.65	0.78	0.48	1.01	0.35	1.22	2.15	0.94	0.89
Basic EPS from Cont Ops	1.73	0.4	0.36	0.42	0.5	0.63	0.66	0.79	0.48	1.01	0.35	1.22	2.16	0.94	0.89
Diluted EPS, GAAP	1.72	0.4	0.37	0.42	0.47	0.57	0.65	0.78	0.48	1.01	0.35	1.22	2.15	0.94	0.89
Diluted EPS from Cont Ops	1.73	0.4	0.36	0.42	0.5	0.63	0.66	0.79	0.48	1.01	0.35	1.22	2.16	0.94	0.89
Dividend per Share	0.2	0.29	0.31	0.32	0.33	0.35	0.37	0.4	0.44	0.47	0.5	0.54	0.58	0.62	0.67
Cash Flow per Share	1.04	0.63	0.59	1.71	0.31	1.66	2.39	1.79	0.38	1.05	1.92	3.85	1.7	0.91	3.46
Free Cash Flow per Basic Share	0.98	0.56	0.49	1.62	0.21	1.5	2.22	1.61	0.16	0.8	1.69	3.54	1.33	0.41	3.21
Cash & Equivalents per Share	2.6	0.91	1.34	1.77	1.47	0.85	1.75	2.43	0.94	0.28	0.1	1.34	0.12	0.4	1.27
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	1.37	0.33	0.32	-0.26	-0.15	-0.64	-0.5	-0.16	-0.45	-0.32	-1.92	-1.77	-1.81	-2.19	-2.1

Star Group, L.P.

SGU US

10.95

10.95