Abbott Laboratories Financial Ratios — ABT Stock

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 (%)	37.21	20.55	16.11	17.9	7.37	6.59	11.99	3.63	1.11	4.97	7.54	8.86	13.12	11.96	9.35
Return on Assets (%)	12.12	8.19	7.82	9.35	4.68	5.43	10.73	2.98	0.74	3.3	5.46	6.4	9.57	9.27	7.75
Return on Capital (%)	20.93	12.6	10.85	- -	5.59	5.69	10.04	3.18	0.91	4.25	6.28	7.1	10.25	9.66	8.03
Return on Invested Capital (%)	14.32	12.58	3.59	- -	5.24	5.81	7.84	6.23	0.49	5.43	8.17	9.4	13.51	12.77	10.21
Gross Margin (%)	57.06	58.3	53.21	53.29	53.23	54.47	57.13	56.39	54.7	58.45	58.53	56.65	56.97	56.15	55.18
EBITDA Margin (%)	27.06	25.66	21.83	21.74	19.6	20.48	21.26	21	16.74	22.66	23.65	25.09	27.77	26.64	24.24
Operating Margin (%)	20.27	18.2	7.61	7.14	10.85	12.84	14.05	14.51	5.71	11.94	14.21	15.48	19.56	19.16	16.15
Incremental Operating Margin (%)	35.94	3.75	34.68	11.41	127.35	78.98	169.62	35.49	-22.36	65.43	66.52	30.51	36.23	-10.9	53.16
Pretax Margin (%)	23.38	16.25	5.77	-1.15	10.38	12.44	15.6	6.78	8.15	9.4	12.78	14.36	19.06	19.03	16.61
Profit Margin (%)	18.68	13.15	22.09	31.3	13.1	11.28	21.68	6.71	1.74	7.74	11.56	12.99	16.42	15.88	14.27
Net Income to Common Margin (%)	18.68	13.15	22.09	31.3	13.1	11.28	21.68	6.71	1.74	7.74	11.56	12.99	16.42	15.88	14.27
Effective Tax Rate (%)	20.13	19.02	8.9	- -	2.6	31.65	18.13	24.77	84.18	18.76	9.57	10	13.88	16.53	14.12
Dvd Payout Ratio (%)	42.02	57.75	260.92	1,343.04	44.37	77.98	55.37	144.78	523.8	84.58	61.57	57.26	45.28	47.73	62.14
Sustainable Growth Rate (%)	21.58	8.68	-25.93	-222.49	4.1	1.45	5.35	-1.63	-4.71	0.77	2.9	3.79	7.18	6.25	3.54

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	16,456	18,918	15,415	20,476	6,561	7,830	9,001	22,006	27,924	19,566	18,894	19,649	19,006	17,716	15,628
ST Debt	5,190	6,395	3,375	2,391	3,173	4,437	3,130	1,325	714	207	1,478	220	754	2,251	1,080
LT Debt	11,266	12,524	12,040	18,085	3,388	3,393	5,871	20,681	27,210	19,359	17,416	19,429	18,252	15,465	14,548
Total Debt/EBITDA	1.98	2.1	3.3	4.94	1.7	1.89	2.07	5.03	6.09	2.82	2.5	2.26	1.59	1.52	1.61
Net Debt/EBITDA	0.92	1.69	1.84	2.34	0.8	0.91	0.92	0.77	4.04	2.27	1.89	1.37	0.69	0.59	0.8
Total Debt/EBIT	2.64	2.96	9.46	15.06	3.08	3.01	3.14	7.27	17.85	5.36	4.17	3.67	2.26	2.12	2.41
Net Debt/EBIT	1.23	2.39	5.28	7.11	1.45	1.45	1.4	1.12	11.84	4.31	3.15	2.22	0.98	0.82	1.2
EBITDA to Interest Expense	16.02	16.32	13.02	12.94	26.57	27.65	26.62	10.16	5.07	8.39	11.26	15.9	22.44	20.84	15.26
EBITDA-CapEx/Interest Expense	13.92	14.48	8.86	7.33	18.67	20.47	19.81	7.56	3.82	6.7	8.82	11.92	18.91	17.66	11.8
EBIT to Interest Expense	12	11.57	4.54	4.25	14.71	17.33	17.59	7.02	1.73	4.42	6.76	9.81	15.81	14.99	10.17
Interest Expense	520	553	359	320	145	150	163	431	904	826	670	546	533	558	637
Common Equity/Total Assets	32.54	46.16	50.97	53.4	79.22	85.56	93.32	73.28	61.88	71.56	73.21	71.36	74.47	80.56	85.26
Long-Term Debt/Equity (%)	49.2	55.01	49.09	67.45	13.41	15.68	27.53	99.83	87.5	63.01	55.64	58.87	50.67	41.9	37.47
Long-Term Debt/Capital (%)	33.58	26.66	26.05	32.02	8.33	7.85	12.33	34.03	36.13	28.54	25.31	27.12	24.26	19.85	18.59
Long-Term Debt/Total Assets (%)	21.49	20.67	19.97	26.9	7.89	8.23	14.23	39.27	35.69	28.82	25.65	26.78	24.27	20.78	19.87
Total Debt/Equity (%)	71.86	83.1	62.85	76.37	25.97	36.18	42.21	106.22	89.79	63.69	60.36	59.54	52.76	48	40.25
Total Debt/Capital (%)	49.04	40.28	33.35	36.26	16.13	18.12	18.91	36.21	37.08	28.84	27.46	27.43	25.27	22.74	19.97
Total Debt/Total Assets (%)	31.39	31.23	25.57	30.45	15.27	19	21.82	41.78	36.62	29.13	27.83	27.08	25.28	23.8	21.35
Net Debt to Equity	33.39	67.08	35.07	36.08	12.21	17.41	18.76	16.34	59.54	51.18	45.62	36.08	22.9	18.67	20.05
Net Debt/Capital (%)	30.9	35.25	21.82	21.18	8.29	9.63	9.39	8.03	28.1	24.57	21.99	18.38	12.61	10.13	10.9
EBITDA	8,325	9,025	4,673	4,142	3,852	4,147	4,339	4,379	4,585	6,928	7,546	8,684	11,963	11,629	9,721
EBITDA-CapEx	7,236	8,010	3,182	2,347	2,707	3,070	3,229	3,258	3,450	5,534	5,908	6,507	10,078	9,852	7,519
Operating Income (Loss)	6,236	6,401	1,629	1,360	2,133	2,599	2,867	3,026	1,564	3,650	4,532	5,357	8,425	8,362	6,478

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	0.76	0.32	0.52	1.14	0.85	0.43	0.67	2.82	1.08	0.45	0.38	0.6	0.78	0.66	0.53
Current Ratio	1.79	1.29	1.54	2.36	2.02	1.3	1.54	4.02	2.26	1.62	1.44	1.72	1.85	1.63	1.64
Quick Ratio	1.26	0.82	1.15	1.85	1.43	0.96	1.25	3.58	1.85	1.2	1.04	1.3	1.46	1.23	1.16
CFO/Avg Current Liab	0.59	0.58	0.55	0.65	0.29	0.37	0.3	0.4	0.72	0.7	0.62	0.69	0.84	0.67	0.5
Common Equity/Total Assets	32.54	46.16	50.97	53.4	79.22	85.56	93.32	73.28	61.88	71.56	73.21	71.36	74.47	80.56	85.26
Long-Term Debt/Equity (%)	49.2	55.01	49.09	67.45	13.41	15.68	27.53	99.83	87.5	63.01	55.64	58.87	50.67	41.9	37.47
Long-Term Debt/Capital (%)	33.58	26.66	26.05	32.02	8.33	7.85	12.33	34.03	36.13	28.54	25.31	27.12	24.26	19.85	18.59
Long-Term Debt/Total Assets (%)	21.49	20.67	19.97	26.9	7.89	8.23	14.23	39.27	35.69	28.82	25.65	26.78	24.27	20.78	19.87
Total Debt/Equity (%)	71.86	83.1	62.85	76.37	25.97	36.18	42.21	106.22	89.79	63.69	60.36	59.54	52.76	48	40.25
Total Debt/Capital (%)	49.04	40.28	33.35	36.26	16.13	18.12	18.91	36.21	37.08	28.84	27.46	27.43	25.27	22.74	19.97
Total Debt/Total Assets (%)	31.39	31.23	25.57	30.45	15.27	19	21.82	41.78	36.62	29.13	27.83	27.08	25.28	23.8	21.35
CFO/Total Liabilities	24.65	23.11	25.09	23.04	18.79	18.78	14.89	10.03	12.34	17.28	16.77	19.98	26.89	25.53	21.12
CFO/CapEx	6.68	8.61	6.02	5.19	2.9	3.41	2.67	2.86	4.91	4.52	3.75	3.63	5.59	5.39	3.3
Altman's Z-Score	3.24	3.16	2.45	2.42	4.14	4.3	4.43	3.16	3.75	5.23	5.5	5.7	6.85	6.13	6.31

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	9.41	5.12	2.88	2.49	3.39	5.35	5.83	6.26	6.45	5.86	6.02	5.85	6.68	6.87	6.28
Days Sales Outstanding	38.81	71.23	126.75	146.55	107.69	68.25	62.64	58.34	56.62	62.26	60.68	62.43	54.66	53.12	58.16
Inventory Turnover	4.37	4.54	3.1	2.51	2.83	3.46	3.34	3.61	4.11	3.44	3.26	3.22	3.65	3.38	2.82
Days Inventory Outstanding	83.46	80.31	117.93	145.14	128.76	105.64	109.37	101	88.76	106.25	111.89	113.47	100.12	108.02	129.38
Accounts Payable Turnover	10.41	10.36	6.21	5.35	5.73	8.77	8.11	7.91	7.58	4.8	4.42	4.36	4.47	4.47	4.13
Accounts Payable Turnover Days	35.07	35.23	58.78	68.25	63.66	41.6	44.98	46.17	48.13	76.06	82.64	83.68	81.61	81.62	88.43
Cash Conversion Cycle	87.2	116.31	185.91	223.44	172.79	132.29	127.03	113.17	97.25	92.44	89.92	92.22	73.17	79.52	99.11
Inventory to Cash Days	-44.65	-9.08	8.82	1.41	-21.07	-37.39	-46.73	-42.66	-32.14	-43.99	-51.22	-51.04	-45.46	-54.9	-71.22
Inventories	3,265	3,189	3,284	3,793	2,693	2,643	2,599	2,434	3,601	3,796	4,316	5,012	5,157	6,173	6,570
Raw Materials	527	746	631	818	478	558	539	516	790	890	972	1,270	1,382	1,688	1,817
Work In Process	448	384	432	629	349	278	316	294	472	499	560	712	694	680	807
Finished Goods	2,289	2,059	2,221	2,346	1,866	1,807	1,744	1,624	2,339	2,407	2,784	3,030	3,081	3,805	3,946
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	28,533	26,190	32,366	39,086	47,712	55,812	55,534	48,693	87,633	113,887	139,573	179,603	233,476	182,434	186,153
- Cash & Cash Equivalents	8,809	3,648	6,813	10,802	3,475	4,063	5,001	18,620	9,407	3,844	3,860	6,838	9,799	9,882	6,896
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	43	88	86	92	96	113	115	179	201	198	213	219	222	219	224
+ Total Debt	16,456	18,918	15,415	20,476	6,561	7,830	9,001	22,006	27,924	19,566	18,894	19,649	19,006	17,716	15,628
Enterprise Value	35,100	39,746	39,769	44,480	46,271	59,295	58,525	52,103	106,148	129,565	154,540	192,323	242,455	190,199	194,726
Total Capital	33,553	46,967	46,225	56,474	40,684	43,200	47,607	60,777	75,309	67,836	68,807	71,640	75,226	77,901	78,275
Total Debt/Capital (%)	49.04	40.28	33.35	36.26	16.13	18.12	18.91	36.21	37.08	28.84	27.46	27.43	25.27	22.74	19.97
Total Debt / EV	0.47	0.48	0.39	0.46	0.14	0.13	0.15	0.42	0.26	0.15	0.12	0.1	0.08	0.09	0.08
EV/Sales	1.14	1.13	1.86	2.33	2.35	2.93	2.87	2.5	3.88	4.24	4.84	5.56	5.63	4.36	4.85
EV/EBITDA	4.22	4.4	8.51	10.74	12.01	14.3	13.49	11.9	23.15	18.7	20.48	22.15	20.27	16.36	20.03
EV/EBIT	5.63	6.21	24.41	32.71	21.69	22.81	20.41	17.22	67.87	35.5	34.1	35.9	28.78	22.75	30.06
EV/Cash Flow to Firm	4.56	4.33	4.28	4.96	13.35	15.7	18.88	14.77	18.58	18.59	22.92	22.92	22.06	18.93	24.94
EV/Free Cash Flow to Firm	4	3.9	3.69	4.13	10.04	12.21	13.9	11.21	15.5	15.49	18.44	18.2	18.83	16.09	19.45
Diluted Market Cap	28,690	26,343	32,366	39,466	48,511	56,514	56,791	49,028	87,905	114,820	141,037	181,100	236,774	185,185	187,755
Diluted Enterprise Value	36,379	41,701	41,054	49,232	51,693	60,394	60,906	52,593	106,623	130,740	156,284	194,130	246,203	193,238	196,711
EV per Share	22.7	25.69	25.32	28.21	29.89	39.32	39.74	35.38	60.88	73.8	87.68	108.58	137.44	109.45	112.29
TTM Sales	30,765	35,167	21,407	19,050	19,657	20,247	20,405	20,853	27,390	30,578	31,904	34,608	43,075	43,653	40,109
TTM EBITDA	8,325	9,025	4,673	4,142	3,852	4,147	4,339	4,379	4,585	6,928	7,546	8,684	11,963	11,629	9,721
TTM Operating Income	6,236	6,401	1,629	1,360	2,133	2,599	2,867	3,026	1,564	3,650	4,532	5,357	8,425	8,362	6,478
TTM Cash Flow to Firm	7,690	9,184	9,297	8,969	3,465	3,778	3,099	3,527	5,713	6,971	6,742	8,392	10,992	10,047	7,808
TTM Free Cash Flow to Firm	8,779	10,199	10,788	10,764	4,610	4,855	4,209	4,648	6,848	8,365	8,380	10,569	12,877	11,824	10,010

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y

Abbott Laboratories

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples