The ONE Group Hospitality, Inc. (STKS) · 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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	77.77	17.78
Return on Assets (%)	- -	-521.65	-2.04	-1.37	-67.09	12.1	14.23	-30.64	-7.91	6	15.87	-6.08	14.08	5.2	1.55
Return on Capital (%)	- -	- -	- -	- -	- -	-30.15	- -	- -	- -	-19.02	- -	- -	19.41	6.74	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	12.66	- -	- -	- -	21.79	- -	- -	13.97	8.22	- -
Gross Margin (%)	- -	- -	- -	- -	24.46	29.5	21.53	21.11	22.33	24.44	20.54	14.71	23.52	21.03	19.77
EBITDA Margin (%)	- -	- -	- -	- -	0.44	7.83	-4.08	-2.53	5.49	10.13	10.77	4.78	13.92	10.1	10.22
Operating Margin (%)	- -	- -	- -	- -	-3.19	4.91	-7.7	-6.19	1.67	6.83	6.3	-2.34	10.02	6.27	5.52
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	116.57	- -	- -	78.73	77.75	5	- -	23	-20.1	-9.26
Pretax Margin (%)	- -	- -	- -	- -	-34.75	14.9	-3.66	-8.28	-4.08	5.4	8.27	-13.4	12.1	4.48	0.68
Profit Margin (%)	- -	- -	- -	- -	-46.69	9.39	11.45	-23.05	-5.26	3.82	17.26	-9.04	11.31	4.27	1.42
Net Income to Common Margin (%)	- -	- -	- -	- -	-46.69	9.39	11.45	-23.05	-5.26	3.82	17.26	-9.04	11.31	4.27	1.42
Effective Tax Rate (%)	- -	- -	- -	- -	- -	11.12	- -	- -	- -	15.43	- -	- -	4.73	6.16	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	-8.21	14.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	77.77	17.78

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	- -	- -	- -	1	5	8	14	17	13	10	149	159	133	184	199
ST Debt	- -	- -	- -	1	5	2	4	4	3	3	5	15	6	8	8
LT Debt	- -	- -	- -	- -	- -	6	10	13	10	7	144	144	127	176	191
Total Debt/EBITDA	- -	- -	-1.6	-1.74	22.84	1.96	-5.51	-9.27	3.05	1.19	11.43	23.44	3.44	5.74	5.86
Net Debt/EBITDA	0.29	0.02	-1.6	-1.74	-35.3	-0.09	-4.76	-8.4	2.69	1.01	2.59	4.61	- -	0.53	1.5
Total Debt/EBIT	- -	- -	-1.6	-1.74	-3.12	3.12	-2.92	-3.79	10.03	1.77	19.56	-47.83	4.77	9.25	10.86
Net Debt/EBIT	0.29	0.02	-1.6	-1.74	4.83	-0.14	-2.52	-3.44	8.86	1.49	4.43	-9.42	- -	0.85	2.77
EBITDA to Interest Expense	-8.45	-6	-145.5	- -	-0.26	50.94	82.36	3.95	-3.76	7.27	-6.65	-1.27	-10.2	-15.14	-4.84
EBITDA-CapEx/Interest Expense	-8.45	-6	-145.5	- -	1.62	-45.05	535.12	26.82	0.19	3.83	-4.42	-0.19	-7.17	0.31	2.78
EBIT to Interest Expense	-8.45	-6	-145.5	- -	1.91	31.96	155.41	9.66	-1.14	4.9	-3.89	0.62	-7.35	-9.39	-2.61
Interest Expense	- -	- -	- -	- -	-1	- -	- -	- -	-1	1	-2	-5	-4	-2	-7
Common Equity/Total Assets	-1,213.22	-2,152.11	-1.4	-2.76	-64.3	-43.53	-19.76	-52.49	-60.06	-51.3	-3.82	-9.61	4.63	8.3	9.11
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	47.94	50.79	178.46	154.05	59.01	423.17	653.5	209.41	256.29	283.39
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	-55.87	535.97	-114.9	-51.81	-37.76	102.24	104.7	88.88	85.06	84.33
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	14.46	17.77	24.9	19.01	12.72	69.46	66.63	55.15	60.4	60.17
Total Debt/Equity (%)	- -	- -	1.67	2.66	55.78	60.62	69.42	230.42	203.41	85.55	438.34	723.85	219.16	267.72	295.86
Total Debt/Capital (%)	- -	- -	728.12	-1,203.28	-25.87	-70.64	732.66	-148.35	-68.4	-54.74	105.91	115.97	93.01	88.85	88.04
Total Debt/Total Assets (%)	- -	- -	1.62	2.55	13.04	18.28	24.28	32.14	25.1	18.43	71.96	73.8	57.71	63.1	62.82
Net Debt to Equity	13.43	0.77	1.67	2.66	-86.21	-2.76	60.03	208.76	179.7	72.35	99.17	142.52	0.03	24.67	75.51
Net Debt/Capital (%)	7.61	0.55	728.12	-1,203.28	24.11	1.85	74,537.34	-117.96	-55.97	-42.69	26.27	27.77	0.02	11.17	24.77
EBITDA	- -	- -	- -	- -	- -	4	-2	-2	4	9	13	7	39	32	34
EBITDA-CapEx	- -	- -	- -	- -	-1	-3	-16	-12	- -	5	9	1	27	-1	-20
Operating Income (Loss)	- -	- -	- -	- -	-1	2	-5	-4	1	6	8	-3	28	20	18

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	0.12	0.01	- -	- -	1.11	1.1	0.17	0.12	0.09	0.09	0.44	0.6	0.56	1.21	0.36
Current Ratio	0.12	0.06	0.03	0.02	1.59	2.31	1.08	0.73	0.58	0.65	0.96	0.84	1.02	1.72	0.8
Quick Ratio	0.12	0.01	- -	- -	1.42	1.88	0.65	0.5	0.44	0.49	0.82	0.75	0.84	1.55	0.67
CFO/Avg Current Liab	- -	-0.46	- -	0.03	-1.02	0.22	0.22	0.17	0.39	0.37	0.36	0.01	0.75	0.57	0.59
Common Equity/Total Assets	-1,213.22	-2,152.11	-1.4	-2.76	-64.3	-43.53	-19.76	-52.49	-60.06	-51.3	-3.82	-9.61	4.63	8.3	9.11
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	47.94	50.79	178.46	154.05	59.01	423.17	653.5	209.41	256.29	283.39
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	-55.87	535.97	-114.9	-51.81	-37.76	102.24	104.7	88.88	85.06	84.33
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	14.46	17.77	24.9	19.01	12.72	69.46	66.63	55.15	60.4	60.17
Total Debt/Equity (%)	- -	- -	1.67	2.66	55.78	60.62	69.42	230.42	203.41	85.55	438.34	723.85	219.16	267.72	295.86
Total Debt/Capital (%)	- -	- -	728.12	-1,203.28	-25.87	-70.64	732.66	-148.35	-68.4	-54.74	105.91	115.97	93.01	88.85	88.04
Total Debt/Total Assets (%)	- -	- -	1.62	2.55	13.04	18.28	24.28	32.14	25.1	18.43	71.96	73.8	57.71	63.1	62.82
CFO/Total Liabilities	-38.71	-38.3	-0.12	2.44	-22.21	6.62	5.6	4.62	12.83	14.67	4.84	0.22	18.29	11.35	12.32
CFO/CapEx	- -	- -	- -	- -	-4.14	0.26	0.15	0.2	1.3	1.57	1.92	0.07	2.7	0.77	0.57
Altman's Z-Score	-37.2	-65.64	-0.09	-0.14	3.67	3.56	1.77	0.99	1.42	2.13	1.05	0.8	3.22	2.19	1.85

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	- -	- -	- -	- -	31.46	13.45	14.29	16.05	14.68	13.23	13.89	17.6	32.36	23.83	20.49
Days Sales Outstanding	- -	- -	- -	- -	11.6	27.13	25.54	22.74	24.86	27.59	26.28	20.74	11.28	15.32	17.82
Inventory Turnover	- -	- -	- -	- -	71.01	32.84	41.46	46.43	45.72	46.1	42.98	43.64	66.2	51.86	44.82
Days Inventory Outstanding	- -	- -	- -	- -	5.14	11.12	8.8	7.86	7.98	7.92	8.49	8.36	5.51	7.04	8.14
Accounts Payable Turnover	- -	- -	- -	- -	26.37	11.38	16.01	18.29	13.81	12.16	14.26	15.37	23.08	20.86	16.64
Accounts Payable Turnover Days	- -	- -	- -	- -	13.84	32.07	22.8	19.95	26.43	30.01	25.6	23.75	15.82	17.5	21.94
Cash Conversion Cycle	- -	- -	- -	- -	2.9	6.17	11.55	10.65	6.41	5.5	9.18	5.35	0.98	4.86	4.02
Inventory to Cash Days	- -	- -	- -	- -	6.46	16.01	16.74	14.88	16.88	19.67	17.79	12.37	5.77	8.28	9.67
Inventories	- -	- -	- -	- -	1	1	1	1	1	1	3	2	4	6	6
Raw Materials	- -	- -	- -	- -	- -	1	1	1	1	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	1	1	1	1	1	1	3	2	4	6	6
Other Inventory	- -	- -	- -	- -	- -	-1	-1	-1	-1	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	144	121	74	54	65	82	98	106	403	201	191
- Cash & Cash Equivalents	- -	- -	- -	- -	12	8	2	2	2	2	12	24	24	55	21
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	-1	-1	-1	- -	- -	-1	-1	-1	-2
+ Total Debt	- -	- -	- -	1	5	8	14	17	13	10	149	159	133	184	199
Enterprise Value	- -	- -	- -	1	137	120	85	69	76	90	234	239	511	329	367
Total Capital	- -	- -	- -	- -	-18	-11	2	-11	-20	-19	140	137	143	207	226
Total Debt/Capital (%)	- -	- -	728.12	-1,203.28	-25.87	-70.64	732.66	-148.35	-68.4	-54.74	105.91	115.97	93.01	88.85	88.04
Total Debt / EV	- -	- -	1	1	0.03	0.06	0.16	0.25	0.18	0.11	0.63	0.66	0.26	0.56	0.54
EV/Sales	- -	- -	- -	- -	2.97	2.44	1.41	0.95	0.95	1.05	1.94	1.69	1.84	1.04	1.1
EV/EBITDA	- -	- -	- -	- -	680.6	31.14	- -	- -	17.35	10.36	18.02	35.26	13.25	10.27	10.79
EV/EBIT	- -	- -	- -	- -	- -	49.64	- -	- -	57.09	15.37	30.84	- -	18.4	16.55	19.99
EV/Cash Flow to Firm	- -	- -	466	24.47	- -	60.74	39.77	82.66	16.58	12.05	55.5	- -	18.68	14.12	20.06
EV/Free Cash Flow to Firm	- -	- -	466	24.47	- -	12.99	5.41	6.03	8.27	7.77	27.31	99.67	13.16	5.88	5.11
Diluted Market Cap	- -	- -	- -	- -	83	121	73	54	61	81	102	105	424	215	197
Diluted Enterprise Value	- -	- -	- -	1	76	120	84	69	72	89	238	239	532	342	373
EV per Share	- -	- -	0.04	0.06	5.44	4.79	3.38	2.76	2.8	3.17	8.19	8.23	15.91	10.35	11.73
TTM Sales	- -	- -	- -	- -	46	49	61	72	80	86	121	142	277	317	333
TTM EBITDA	- -	- -	- -	- -	- -	4	-2	-2	4	9	13	7	39	32	34
TTM Operating Income	- -	- -	- -	- -	-1	2	-5	-4	1	6	8	-3	28	20	18
TTM Cash Flow to Firm	- -	- -	- -	- -	-7	2	2	1	5	7	4	-3	27	23	18
TTM Free Cash Flow to Firm	- -	- -	- -	- -	-5	9	16	11	9	12	9	2	39	56	72

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	- -	- -	- -	- -	- -	26.1	10.59	- -	- -	24.33	4.7	- -	12.46	15.18	40.73
Price/Earnings Average	- -	- -	- -	- -	-3.79	28.56	14.81	-3.87	-11.35	22.75	4.25	-5.38	9.68	21.05	45.43
Price/Earnings High	- -	- -	- -	- -	-3.97	33.75	17.86	-4.63	-14.34	30.41	5.14	-10.23	15.41	31	59.66
Price/Earnings Low	- -	- -	- -	- -	-3.7	24.53	9.58	-3.19	-8.23	18.67	3.44	-1.96	3.48	12.07	28.69
Price/Book Value	- -	- -	- -	- -	-6.34	-6.71	-6.68	-1.96	-2.04	-2.84	-12.47	-5.11	37.88	8.32	6.6
Price/Book Value Average	- -	- -	- -	- -	-6.21	-7.35	-9.35	-2.33	-1.59	-2.66	-11.28	-3.35	29.43	11.55	7.36
Price/Book Value High	- -	- -	- -	- -	-6.51	-8.68	-11.27	-2.78	-2.01	-3.55	-13.63	-6.37	46.85	17	9.66
Price/Book Value Low	- -	- -	- -	- -	-6.06	-6.31	-6.04	-1.91	-1.16	-2.18	-9.14	-1.22	10.57	6.62	4.65
Price/Tangible Book Value	- -	- -	- -	- -	17.45	9.69	3.77	7.37	9.92	6.76	5.88	18.68	8.95	3.77	3.66
Price/Tangible Book Value Average	- -	- -	- -	- -	17.1	10.6	5.28	8.75	7.76	6.32	5.32	12.24	6.95	5.24	4.08
Price/Tangible Book Value High	- -	- -	- -	- -	17.9	12.53	6.37	10.46	9.8	8.45	6.43	23.3	11.07	7.71	5.36
Price/Tangible Book Value Low	- -	- -	- -	- -	16.68	9.11	3.41	7.2	5.62	5.19	4.31	4.47	2.5	3	2.58
Price/Sales	- -	- -	- -	- -	1.81	2.45	1.21	0.75	0.76	0.93	0.81	0.74	1.41	0.65	0.58
Price/Sales Average	- -	- -	- -	- -	1.77	2.68	1.7	0.89	0.6	0.87	0.73	0.49	1.09	0.9	0.64
Price/Sales High	- -	- -	- -	- -	1.85	3.17	2.05	1.07	0.75	1.16	0.89	0.92	1.74	1.33	0.85
Price/Sales Low	- -	- -	- -	- -	1.73	2.3	1.1	0.73	0.43	0.71	0.59	0.18	0.39	0.52	0.41
Price/Cash Flow	- -	- -	- -	- -	-13.87	63.19	35.93	25.89	10.18	12.36	11.71	244.16	12.62	8.14	6.24
Price/Cash Flow Average	- -	- -	- -	- -	-13.59	69.15	50.26	30.74	7.96	11.56	10.59	159.99	9.8	11.28	6.96
Price/Cash Flow High	- -	- -	- -	- -	-14.23	81.72	60.61	36.74	10.06	15.45	12.8	304.53	15.6	16.62	9.14
Price/Cash Flow Low	- -	- -	- -	- -	-13.26	59.38	32.51	25.29	5.77	9.48	8.58	58.36	3.52	6.47	4.4
Price/Free Cash Flow	- -	- -	- -	- -	-18.28	13.15	4.7	4.28	5.75	7.68	8.02	16.92	9.99	3.71	2.33
Price/Free Cash Flow Average	- -	- -	- -	- -	-17.92	14.39	6.57	5.08	4.5	7.18	7.25	11.09	7.76	5.15	2.6
Price/Free Cash Flow High	- -	- -	- -	- -	-18.76	17.01	7.92	6.08	5.68	9.6	8.76	21.11	12.35	7.58	3.42
Price/Free Cash Flow Low	- -	- -	- -	- -	-17.48	12.36	4.25	4.18	3.26	5.89	5.87	4.04	2.79	2.95	1.64
EV/Sales	- -	- -	- -	- -	2.97	2.44	1.41	0.95	0.95	1.05	1.94	1.69	1.84	1.04	1.1
EV/Sales Average	- -	- -	- -	- -	2.91	2.67	1.89	1.09	0.77	0.99	1.86	1.43	1.52	1.28	1.17
EV/Sales High	- -	- -	- -	- -	3.06	3.16	2.24	1.27	0.94	1.29	2.02	1.87	2.19	1.7	1.37
EV/Sales Low	- -	- -	- -	- -	2.84	2.29	1.29	0.94	0.6	0.83	1.72	1.12	0.8	0.91	0.93
EV/EBITDA	- -	- -	- -	- -	680.6	31.14	- -	- -	17.35	10.36	18.02	35.26	13.25	10.27	10.79
EV/EBITDA Average	0.29	0.02	-1.6	-1.74	666.3	34.09	-46.37	-43.2	14.1	9.75	17.3	29.89	10.92	12.71	11.43
EV/EBITDA High	0.29	0.02	-1.6	-1.74	699.36	40.32	-55	-50.08	17.16	12.71	18.72	39.12	15.73	16.83	13.39
EV/EBITDA Low	0.29	0.02	-1.6	-1.74	649.32	29.26	-31.57	-36.97	10.91	8.17	16	23.4	5.72	8.98	9.13
EV/EBIT	- -	- -	- -	- -	- -	49.64	- -	- -	57.09	15.37	30.84	- -	18.4	16.55	19.99
EV/EBIT Average	0.29	0.02	-1.6	-1.74	-91.13	54.34	-24.57	-17.68	46.4	14.47	29.6	-61	15.17	20.48	21.19
EV/EBIT High	0.29	0.02	-1.6	-1.74	-95.65	64.26	-29.15	-20.5	56.48	18.86	32.04	-79.84	21.84	27.12	24.81
EV/EBIT Low	0.29	0.02	-1.6	-1.74	-88.8	46.63	-16.73	-15.13	35.89	12.12	27.37	-47.75	7.95	14.47	16.92
Last Price	- -	- -	- -	- -	5.71	4.81	2.94	2.17	2.4	2.88	3.44	3.64	12.54	6.34	6.09
High Price	- -	- -	- -	- -	5.86	6.22	4.96	3.08	2.37	3.6	3.76	4.54	15.51	12.95	8.92
Low Price	- -	- -	- -	- -	5.46	4.52	2.66	2.12	1.36	2.21	2.52	0.87	3.5	5.04	4.29
Enterprise Value	- -	- -	- -	1	137	120	85	69	76	90	234	239	511	329	367
Enterprise Value Average	- -	- -	- -	1	134	132	115	79	62	85	225	203	421	406	389
Enterprise Value High	- -	- -	- -	1	141	156	136	92	75	110	243	266	607	538	455
Enterprise Value Low	- -	- -	- -	1	130	113	78	68	48	71	208	159	221	287	311

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	2	9	13	13	25	25	25	25	27	28	29	29	32	32	31
Diluted Weighted Avg Shares	2	9	8	13	15	25	25	25	25	28	30	29	34	34	32
Basic Weighted Avg Shares	2	9	8	13	15	25	25	25	25	28	28	29	31	32	32
Revenue per Share	- -	- -	- -	- -	3.16	1.96	2.43	2.89	3.14	3.1	4.24	4.91	8.9	9.77	10.55
EBITDA per Share	-0.01	- -	-0.04	-0.03	0.01	0.15	-0.1	-0.07	0.17	0.31	0.46	0.23	1.24	0.99	1.08
Operating Income per Share	-0.01	- -	-0.04	-0.03	-0.1	0.1	-0.19	-0.18	0.05	0.21	0.27	-0.12	0.89	0.61	0.58
Basic EPS, GAAP	-0.01	- -	-0.04	-0.03	-1.48	0.18	0.28	-0.67	-0.17	0.12	0.73	-0.44	1.01	0.42	0.15
Basic EPS from Cont Ops	-0.01	- -	-0.04	-0.03	-1.13	0.26	0.28	-0.65	-0.15	0.14	0.74	-0.47	1.03	0.41	0.13
Diluted EPS, GAAP	-0.01	- -	-0.04	-0.03	-1.48	0.18	0.28	-0.67	-0.17	0.12	0.7	-0.44	0.93	0.4	0.15
Diluted EPS from Cont Ops	-0.01	- -	-0.04	-0.03	-1.13	0.26	0.28	-0.65	-0.15	0.14	0.71	-0.47	0.95	0.39	0.12
Dividend per Share	- -	- -	- -	- -	0.1	0.04	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.01	- -	- -	- -	-0.41	0.08	0.08	0.08	0.24	0.23	0.29	0.01	0.99	0.78	0.98
Free Cash Flow per Basic Share	-0.01	- -	- -	- -	-0.51	-0.21	-0.46	-0.34	0.05	0.08	0.14	-0.19	0.63	-0.23	-0.72
Cash & Equivalents per Share	- -	6.98	- -	- -	0.46	0.31	0.07	0.06	0.06	0.06	0.43	0.84	0.74	1.74	0.67
Book Value per Share	-0.04	-0.01	-0.03	-0.06	-0.9	-0.72	-0.44	-1.11	-1.18	-1.01	-0.28	-0.71	0.33	0.76	0.92
Tangible Book Value per Share	-0.02	-0.01	2.22	2.19	0.33	0.5	0.78	0.29	0.24	0.43	0.58	0.19	1.4	1.68	1.66

The ONE Group Hospitality, Inc.

STKS US

4.77

4.77