SWK Holdings Corporation (SWKH) · 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 (%)	94.44	-1.78	-2.75	-3.4	24.06	16.63	-4	14.84	1.46	2.91	10.14	1.97	9.32	4.63	5.01
Return on Capital (%)	-0.84	- -	- -	- -	- -	- -	- -	- -	0.05	-0.15	- -	- -	-0.63	- -	- -
Return on Invested Capital (%)	-28.24	- -	- -	- -	- -	- -	- -	- -	5.56	7.18	- -	- -	9.41	- -	- -
Gross Margin (%)	63.45	- -	- -	100	100	100	100	100	100	100	96.18	88.37	86.92	83.24	90.9
EBITDA Margin (%)	-11.89	- -	- -	-250.86	72.93	81.2	39.4	79.95	89.06	57.55	64.83	59.65	62.66	44.13	56.97
Operating Margin (%)	-15.63	- -	- -	-251.65	72.9	81.18	39.36	79.95	89.06	57.44	48.71	26.71	55.43	37.31	49.27
Incremental Operating Margin (%)	- -	-11.75	- -	- -	108.49	86.05	-80.71	-801.67	102.56	160.55	1.05	-86.69	109.65	106.67	-83.92
Pretax Margin (%)	77.1	- -	- -	-226.84	69.66	76.44	-4.65	46.48	64.03	24	54.78	9.98	58.79	22.88	38.7
Profit Margin (%)	77.1	- -	- -	-223.08	199.5	119.34	-31.42	129.08	8.13	23.84	77.5	14.17	46.17	32.52	42.07
Net Income to Common Margin (%)	77.1	- -	- -	-223.08	199.5	119.34	-31.42	129.08	8.13	23.84	77.5	14.17	46.17	32.52	42.07
Effective Tax Rate (%)	0.01	- -	- -	- -	- -	- -	- -	- -	65.63	0.67	- -	- -	21.45	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	5	- -	- -	- -	- -	- -	- -	12	- -	2	43
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12	- -	2	- -
LT Debt	- -	- -	- -	- -	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	43
Total Debt/EBITDA	- -	- -	- -	- -	1.06	- -	- -	- -	- -	- -	- -	0.54	- -	0.13	2
Net Debt/EBITDA	7.17	22.32	24.76	15.38	-0.57	-4.16	-5.12	-1.8	-0.92	-1.35	-0.56	0.4	-1.22	-0.2	1.8
Total Debt/EBIT	- -	- -	- -	- -	1.06	- -	- -	- -	- -	- -	- -	1.2	- -	0.16	2.32
Net Debt/EBIT	5.46	22.32	24.73	15.34	-0.57	-4.16	-5.12	-1.8	-0.92	-1.35	-0.74	0.89	-1.38	-0.24	2.08
EBITDA to Interest Expense	-5.5	- -	- -	-10.11	-95.96	23.99	24.26	- -	- -	93.48	58.97	48.13	94.09	53.84	11.63
EBITDA-CapEx/Interest Expense	-5.86	- -	- -	-10.14	-95.88	23.98	24.13	- -	- -	93.48	58.83	39.47	91.2	52.97	11.37
EBIT to Interest Expense	-7.23	- -	- -	-10.15	-95.92	23.98	24.24	- -	- -	93.3	44.31	21.55	83.23	45.52	10.06
Interest Expense	1	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	2
Common Equity/Total Assets	-10,680.96	-10,886.71	-11,189.59	-9,452.81	-6,936.5	-2,258.17	-2,359.05	-2,024.05	-2,013.43	-1,956.51	-1,649.4	-1,529.9	-1,473.29	-1,385.41	-1,240.01
Long-Term Debt/Equity (%)	- -	- -	- -	- -	8.94	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.39
Long-Term Debt/Capital (%)	- -	- -	- -	- -	-0.12	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1.05
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	8.12	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.9
Total Debt/Equity (%)	- -	- -	- -	- -	8.94	- -	- -	- -	- -	- -	- -	4.89	- -	0.87	15.39
Total Debt/Capital (%)	- -	- -	- -	- -	-0.12	- -	- -	- -	- -	- -	- -	-0.28	- -	-0.06	-1.05
Total Debt/Total Assets (%)	- -	- -	- -	- -	8.12	- -	- -	- -	- -	- -	- -	4.29	- -	0.82	12.9
Net Debt to Equity	-97.29	-100.64	-100.47	-55.64	-4.76	-31.42	-26.35	-15.47	-14.69	-9.49	-4.72	3.64	-16.04	-1.33	13.78
Net Debt/Capital (%)	0.89	0.91	0.88	0.57	0.06	1.36	1.1	0.76	0.72	0.48	0.27	-0.21	1.02	0.09	-0.94
EBITDA	-5	-2	-2	-2	5	14	9	18	33	15	20	22	35	18	22
EBITDA-CapEx	-6	-2	-2	-2	5	14	9	18	33	15	20	18	34	18	21
Operating Income (Loss)	-7	-2	-2	-2	5	14	9	18	33	15	15	10	31	15	19

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	135.47	169.95	204.29	270.15	29.71	73.67	66.72	51.03	17.62	8.01	0.74	0.27	8.62	0.97	1.14
Current Ratio	140.63	170.23	204.65	286.23	26.32	82.79	187.51	234.02	100.1	72.93	0.95	0.43	9.31	1.63	3.01
Quick Ratio	140.53	169.95	204.29	274.85	32.98	87.13	194.22	237.86	101.11	73.13	0.88	0.4	8.97	1.46	2.34
CFO/Avg Current Liab	-0.13	-5.08	-5.86	-8.02	5.92	8.36	13.58	13.12	15.43	8.86	1.84	1.17	3.35	1.43	2.89
Common Equity/Total Assets	-10,680.96	-10,886.71	-11,189.59	-9,452.81	-6,936.5	-2,258.17	-2,359.05	-2,024.05	-2,013.43	-1,956.51	-1,649.4	-1,529.9	-1,473.29	-1,385.41	-1,240.01
Long-Term Debt/Equity (%)	- -	- -	- -	- -	8.94	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.39
Long-Term Debt/Capital (%)	- -	- -	- -	- -	-0.12	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1.05
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	8.12	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.9
Total Debt/Equity (%)	- -	- -	- -	- -	8.94	- -	- -	- -	- -	- -	- -	4.89	- -	0.87	15.39
Total Debt/Capital (%)	- -	- -	- -	- -	-0.12	- -	- -	- -	- -	- -	- -	-0.28	- -	-0.06	-1.05
Total Debt/Total Assets (%)	- -	- -	- -	- -	8.12	- -	- -	- -	- -	- -	- -	4.29	- -	0.82	12.9
CFO/Total Liabilities	-518.78	-409.38	-490	-98.5	23.75	398.83	1,070.58	1,107.12	1,007.66	753.4	103.9	57.71	222.28	41.65	27.6
CFO/CapEx	-5.82	-218.33	- -	-278.75	336	5,125	224.18	- -	- -	- -	386.17	4.89	31.81	27.62	30.01
Altman's Z-Score	-95.7	-84.05	-76.63	-113.11	-91.56	49.95	51	67.13	16.75	1.58	-21.03	-19.73	-11.39	-13.17	-14.94

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	10.06	- -	- -	2.98	7.98	2.72	0.42	0.2	0.27	0.16	0.36	16.44	30.24	16.94	9.65
Days Sales Outstanding	36.29	- -	- -	122.34	45.72	134.27	871.95	1,858.38	1,368.3	2,264.13	1,017.11	22.2	12.07	21.54	37.81
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	9.14	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.42	2.79	2.89	2.73	- -
Accounts Payable Turnover Days	39.92	- -	- -	- -	- -	- -	- -	- -	- -	- -	877.27	130.89	126.36	133.54	- -
Cash Conversion Cycle	-3.63	- -	- -	- -	- -	- -	- -	- -	- -	- -	139.84	-108.69	-114.29	-112	37.81
Inventory to Cash Days	36.29	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,017.11	22.2	12.07	21.54	37.81
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	34	36	33	35	47	173	144	137	139	120	155	185	254	230	219
- Cash & Cash Equivalents	39	39	38	25	8	59	47	32	31	20	11	3	43	6	5
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	7	6	5	4	4	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	5	- -	- -	- -	- -	- -	- -	12	- -	2	43
Enterprise Value	-4	-3	-5	18	47	114	96	106	107	99	142	193	210	227	257
Total Capital	-4,281	-4,282	-4,283	-4,277	-4,261	-4,245	-4,253	-4,225	-4,226	-4,219	-4,196	-4,179	-4,164	-4,149	-4,102
Total Debt/Capital (%)	- -	- -	- -	- -	-0.12	- -	- -	- -	- -	- -	- -	-0.28	- -	-0.06	-1.05
Total Debt / EV	- -	- -	- -	- -	0.11	- -	- -	- -	- -	- -	- -	0.06	3.81	0.01	0.17
EV/Sales	- -	- -	- -	27.61	7.32	6.57	4.1	4.72	2.84	3.81	4.62	5.26	3.74	5.46	6.81
EV/EBITDA	- -	- -	- -	- -	10.03	8.09	10.4	5.9	3.19	6.62	7.13	8.82	5.97	12.38	11.96
EV/EBIT	- -	- -	- -	- -	10.03	8.09	10.41	5.9	3.19	6.63	9.48	19.68	6.75	14.65	13.83
EV/Cash Flow to Firm	- -	- -	- -	- -	39.71	18.52	7.55	10.96	5.48	5	7.47	9.69	6.07	26.1	15.22
EV/Free Cash Flow to Firm	- -	- -	- -	- -	39.58	18.52	7.52	10.96	5.48	5	7.45	8.09	5.89	25.24	14.79
Diluted Market Cap	34	36	33	34	46	86	143	135	139	121	155	186	254	231	222
Diluted Enterprise Value	-4	-4	-6	16	49	32	100	107	108	101	144	195	211	227	261
EV per Share	- -	- -	- -	4.1	10.96	8.72	7.33	8.04	8.17	7.66	11	15.09	16.36	17.65	20.58
TTM Sales	45	- -	- -	1	6	17	23	22	37	26	31	37	56	41	38
TTM EBITDA	-5	-2	-2	-2	5	14	9	18	33	15	20	22	35	18	22
TTM Operating Income	-7	-2	-2	-2	5	14	9	18	33	15	15	10	31	15	19
TTM Cash Flow to Firm	-1	-1	-1	-1	1	6	13	10	19	20	19	20	35	9	17
TTM Free Cash Flow to Firm	-1	-1	-1	-1	1	6	13	10	19	20	19	24	36	9	17

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	0.98	- -	- -	- -	3.54	4.12	- -	4.69	45.56	19.51	6.5	35.82	9.76	17.07	13.93
Price/Earnings Average	0.89	-50.06	-33.31	-23.44	3.09	3.79	-25.54	4.44	46.06	21.5	5.85	32.67	8.41	17.52	13.61
Price/Earnings High	1.09	-54.83	-35.21	-24.82	3.89	4.62	-28.72	4.98	48.77	23.7	7.31	37.13	9.82	18.61	15.47
Price/Earnings Low	0.65	-45.5	-29.02	-22.35	2.47	3.12	-19.33	3.99	42.14	19.59	4.99	18.06	6.49	15.46	12.31
Price/Book Value	-0.01	-0.01	-0.01	-0.01	-0.01	-0.04	-0.03	-0.03	-0.03	-0.03	-0.04	-0.04	-0.06	-0.06	-0.05
Price/Book Value Average	-0.01	-0.01	-0.01	-0.01	-0.01	-0.04	-0.04	-0.03	-0.03	-0.03	-0.03	-0.04	-0.05	-0.06	-0.05
Price/Book Value High	-0.01	-0.01	-0.01	-0.01	-0.01	-0.05	-0.05	-0.03	-0.04	-0.03	-0.04	-0.05	-0.06	-0.06	-0.06
Price/Book Value Low	-0.01	-0.01	-0.01	-0.01	-0.01	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.04	-0.05	-0.05
Price/Tangible Book Value	0.86	0.92	0.87	0.8	0.85	0.93	0.8	0.66	0.67	0.56	0.76	0.85	1.02	0.87	0.8
Price/Tangible Book Value Average	0.79	0.92	0.94	0.78	0.74	0.85	1.06	0.62	0.68	0.62	0.69	0.77	0.88	0.9	0.78
Price/Tangible Book Value High	0.96	1	1	0.83	0.93	1.04	1.19	0.7	0.72	0.68	0.86	0.88	1.03	0.95	0.89
Price/Tangible Book Value Low	0.57	0.83	0.82	0.75	0.59	0.7	0.8	0.56	0.62	0.56	0.59	0.43	0.68	0.79	0.71
Price/Sales	0.76	- -	- -	53.1	7.05	4.92	6.09	6.05	3.7	4.65	5.04	5.08	4.51	5.55	5.86
Price/Sales Average	0.69	- -	- -	52.29	6.17	4.53	8.02	5.73	3.74	5.12	4.54	4.63	3.88	5.7	5.73
Price/Sales High	0.84	- -	- -	55.37	7.76	5.52	9.02	6.43	3.96	5.65	5.67	5.26	4.53	6.05	6.51
Price/Sales Low	0.5	- -	- -	49.86	4.94	3.73	6.07	5.15	3.43	4.67	3.87	2.56	3	5.03	5.18
Price/Cash Flow	-16.74	-27.14	-26.6	-30.34	33.83	16.71	12.76	14.04	7.14	6.16	8.36	9.67	7.38	28.07	14.87
Price/Cash Flow Average	-15.25	-27.02	-28.98	-29.87	29.61	15.37	16.79	13.29	7.21	6.79	7.52	8.82	6.36	28.81	14.52
Price/Cash Flow High	-18.55	-29.59	-30.64	-31.63	37.22	18.73	18.88	14.91	7.64	7.48	9.4	10.03	7.43	30.61	16.51
Price/Cash Flow Low	-11.09	-24.56	-25.26	-28.49	23.68	12.66	12.71	11.94	6.6	6.18	6.41	4.88	4.91	25.43	13.14
Price/Free Cash Flow	-20.22	-27.26	-26.6	-30.45	33.82	16.72	12.7	14.04	7.14	6.16	8.34	8.04	7.18	27.19	14.43
Price/Free Cash Flow Average	-18.42	-27.14	-28.98	-29.98	29.59	15.38	16.72	13.3	7.21	6.79	7.51	7.33	6.18	27.9	14.1
Price/Free Cash Flow High	-22.41	-29.73	-30.64	-31.75	37.2	18.74	18.8	14.92	7.64	7.48	9.38	8.33	7.22	29.64	16.03
Price/Free Cash Flow Low	-13.4	-24.67	-25.26	-28.59	23.67	12.66	12.65	11.95	6.6	6.19	6.4	4.05	4.77	24.63	12.76
EV/Sales	- -	- -	- -	27.61	7.32	6.57	4.1	4.72	2.84	3.81	4.62	5.26	3.74	5.46	6.81
EV/Sales Average	- -	- -	- -	26.77	6.88	6.05	6.27	4.51	2.93	4.3	4.18	4.85	3.13	5.61	6.68
EV/Sales High	- -	- -	- -	29.96	8.53	8.05	7.28	5.22	3.15	4.82	5.31	5.48	3.79	5.97	7.45
EV/Sales Low	- -	- -	- -	24.24	5.6	4.44	4.3	3.93	2.61	3.85	3.51	2.79	2.24	4.94	6.14
EV/EBITDA	- -	- -	- -	- -	10.03	8.09	10.4	5.9	3.19	6.62	7.13	8.82	5.97	12.38	11.96
EV/EBITDA Average	1.38	2	1.53	-10.67	9.44	7.45	15.91	5.65	3.29	7.47	6.44	8.13	5	12.71	11.72
EV/EBITDA High	0.13	0.06	0.2	-11.94	11.7	9.92	18.48	6.53	3.54	8.38	8.19	9.18	6.04	13.52	13.08
EV/EBITDA Low	2.96	3.85	4.51	-9.66	7.67	5.46	10.91	4.91	2.94	6.69	5.41	4.67	3.58	11.2	10.78
EV/EBIT	- -	- -	- -	- -	10.03	8.09	10.41	5.9	3.19	6.63	9.48	19.68	6.75	14.65	13.83
EV/EBIT Average	1.05	2	1.52	-10.64	9.44	7.45	15.93	5.65	3.29	7.49	8.57	18.14	5.65	15.04	13.56
EV/EBIT High	0.1	0.06	0.2	-11.91	11.71	9.92	18.5	6.53	3.54	8.39	10.9	20.5	6.83	15.99	15.12
EV/EBIT Low	2.25	3.85	4.51	-9.63	7.68	5.47	10.93	4.91	2.94	6.7	7.2	10.43	4.05	13.24	12.46
Last Price	8.3	8.62	7.9	8.2	11	13.2	11.01	10.4	10.65	9.26	12	14.5	19.78	17.94	17.49
High Price	9.2	9.4	9.1	8.55	12.1	14.8	16.3	11.05	11.4	11.25	13.5	15.03	19.9	19.56	19.42
Low Price	5.5	7.8	7.5	7.7	7.7	10	10.97	8.85	9.85	9.3	9.21	7.31	13.16	16.25	15.46
Enterprise Value	-4	-3	-5	18	47	114	96	106	107	99	142	193	210	227	257
Enterprise Value Average	-7	-4	-2	17	44	105	147	101	110	112	128	178	176	233	252
Enterprise Value High	-1	- -	- -	19	55	140	171	117	118	125	163	201	213	247	281
Enterprise Value Low	-16	-7	-7	15	36	77	101	88	98	100	108	102	126	205	232

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	4	4	4	4	4	13	13	13	13	13	13	13	13	13	12
Diluted Weighted Avg Shares	4	4	4	4	4	6	13	13	13	13	13	13	13	13	13
Basic Weighted Avg Shares	4	4	4	4	4	6	13	13	13	13	13	13	13	13	13
Revenue per Share	10.98	- -	- -	0.15	1.56	2.68	1.81	1.72	2.88	1.99	2.38	2.86	4.39	3.23	2.98
EBITDA per Share	-1.31	-0.43	-0.37	-0.39	1.14	2.18	0.71	1.37	2.56	1.15	1.54	1.7	2.75	1.43	1.7
Operating Income per Share	-1.72	-0.43	-0.37	-0.39	1.14	2.18	0.71	1.37	2.56	1.14	1.16	0.76	2.43	1.21	1.47
Basic EPS, GAAP	8.47	-0.17	-0.26	-0.34	3.11	3.2	-0.57	2.22	0.23	0.47	1.85	0.4	2.03	1.05	1.26
Basic EPS from Cont Ops	8.47	-0.17	-0.26	-0.34	3.47	3.64	-0.34	2.46	0.63	0.47	1.85	0.4	2.03	1.05	1.26
Diluted EPS, GAAP	8.46	-0.17	-0.26	-0.34	3.1	3.2	-0.57	2.22	0.23	0.47	1.85	0.4	2.02	1.05	1.25
Diluted EPS from Cont Ops	8.46	-0.17	-0.26	-0.34	3.46	3.64	-0.34	2.46	0.63	0.47	1.85	0.4	2.02	1.05	1.25
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.5	-0.32	-0.3	-0.27	0.33	0.79	0.86	0.74	1.49	1.5	1.44	1.5	2.68	0.64	1.18
Free Cash Flow per Basic Share	-0.58	-0.32	-0.3	-0.27	0.32	0.79	0.86	0.74	1.49	1.5	1.43	1.19	2.6	0.62	1.14
Cash & Equivalents per Share	9.37	9.43	9.17	5.73	2.51	4.85	4.01	2.65	2.48	1.6	1	0.33	3.42	0.48	0.36
Book Value per Share	-1,038.53	-1,027.98	-1,028.23	-998.84	-992.6	-324.3	-324.63	-321.74	-323.75	-326.23	-324.81	-327.56	-324.44	-323.21	-331.64
Tangible Book Value per Share	9.63	9.37	9.13	10.3	12.99	14.26	13.68	15.83	15.93	16.47	15.72	17.08	19.39	20.5	21.91

SWK Holdings Corporation

SWKH US

17.47

17.47