ADTRAN Holdings, Inc. Financial Ratios — ADTN Stock

Profitability (USD)

	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	2024 Y	2025 Y
Return on Common Equity (%)	17.61	5.55	5.24	4.97	2.05	3.85	2.58	-2.14	-6.26	0.3	-1.13	-0.51	- -	- -	- -
Return on Assets (%)	18.36	5.56	5.47	5.84	2.72	5.42	3.57	-2.98	-9.03	0.44	-1.58	-0.16	-14.85	-32.29	-3.84
Return on Capital (%)	16.81	5.43	5.17	4.83	2.04	3.78	2.54	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	18.68	4.91	5.23	5.62	1.77	5.11	3.86	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	57.77	51.02	48.13	49.42	44.48	45.75	45.53	38.46	41.35	42.95	38.79	31.91	28.82	35.13	38.29
EBITDA Margin (%)	27.97	11.32	9.83	9.83	4.62	7.69	7.96	-5.58	-3.69	1.37	0.25	1.19	-6.34	-4.3	7.1
Operating Margin (%)	26.37	9.05	7.55	7.48	2.25	5.43	5.61	-8.58	-7.04	-1.92	-2.61	-5.4	-16.17	-14.11	-1.44
Incremental Operating Margin (%)	31.62	137.63	-36.46	11.54	112.32	57.45	9.34	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	28.74	11.76	9.48	9.51	4.28	7.36	6.7	-6.31	-4.67	-1.23	-1.12	-6.92	-20.33	-47.98	-2.88
Profit Margin (%)	19.32	7.62	7.14	7.08	3.11	5.53	3.57	-3.65	-10	0.47	-1.53	-0.2	-23.4	-49.84	-4.21
Net Income to Common Margin (%)	19.32	7.62	7.14	7.08	3.11	5.53	3.57	-3.65	-10	0.47	-1.53	-0.2	-23.4	-49.84	-4.21
Effective Tax Rate (%)	32.78	35.23	24.75	25.52	27.47	24.88	46.65	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	16.69	48.27	46.76	44.7	98.94	49.91	72.85	-89.27	-32.49	728.93	-203	-145.4	-8.33	- -	- -
Sustainable Growth Rate (%)	14.67	2.87	2.79	2.75	0.02	1.93	0.7	-4.05	-8.3	-1.88	-3.43	-1.25	- -	- -	- -

Credit (USD)

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	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	2024 Y	2025 Y
Total Debt	46	46	46	29	28	27	26	26	25	- -	3	143	226	216	245
ST Debt	- -	- -	- -	- -	- -	- -	- -	1	25	- -	- -	61	- -	- -	- -
LT Debt	46	46	46	29	28	27	26	25	- -	- -	3	83	226	216	245
Total Debt/EBITDA	0.23	0.65	0.73	0.46	1.01	0.55	0.48	-0.87	-1.26	- -	2.36	11.79	-3.11	-5.43	3.18
Net Debt/EBITDA	0.02	-0.32	-0.19	-0.72	-2.04	-1.08	-1.15	2.71	2.52	-8.7	-40.9	0.98	-1.48	-2.86	1.59
Total Debt/EBIT	0.25	0.82	0.95	0.61	2.07	0.78	0.68	-0.56	-0.66	- -	-0.22	-2.59	-1.22	-1.66	-15.71
Net Debt/EBIT	0.02	-0.4	-0.25	-0.95	-4.2	-1.54	-1.63	1.76	1.32	6.2	3.85	-0.21	-0.58	-0.87	-7.84
EBITDA to Interest Expense	83.67	29.93	27.14	91.52	46.52	85.63	95.46	-55.41	-38.26	1,383.8	40.71	3.54	-4.47	-1.8	3.98
EBITDA-CapEx/Interest Expense	78.76	24.68	23.62	74.89	26.8	48.15	68.99	-70.62	-56.84	101.2	-126.03	-1.43	-7.28	-4.75	0.4
EBIT to Interest Expense	78.87	23.93	20.85	69.59	22.62	60.44	67.24	-85.22	-73.04	-1,941.6	-432.35	-16.12	-11.4	-5.9	-0.81
Interest Expense	2	2	2	1	1	1	1	1	1	- -	- -	3	16	22	19
Common Equity/Total Assets	102.87	97.58	112.07	122.99	143.4	138.29	137.94	140.88	148.13	148.88	130.33	2.89	-13.77	-58.73	-60.54
Long-Term Debt/Equity (%)	6.72	6.64	7.64	5.25	5.81	5.59	5.14	5.51	- -	- -	0.92	6.35	21.59	39.19	47.2
Long-Term Debt/Capital (%)	5.24	5.06	4.96	3.07	2.98	2.82	2.7	2.7	- -	- -	0.44	15.65	51.6	-434.71	-221.07
Long-Term Debt/Total Assets (%)	5.69	5.21	5.85	3.9	4.41	4.02	3.83	3.92	- -	- -	0.57	4.26	13.5	18.4	20.34
Total Debt/Equity (%)	6.72	6.64	7.64	5.25	5.81	5.59	5.14	5.74	6.47	- -	0.92	11	21.59	39.19	47.2
Total Debt/Capital (%)	5.24	5.06	4.96	3.07	2.98	2.82	2.7	2.81	2.96	- -	0.44	27.09	51.6	-434.71	-221.07
Total Debt/Total Assets (%)	5.69	5.21	5.85	3.9	4.41	4.02	3.83	4.08	4.51	- -	0.57	7.38	13.5	18.4	20.34
Net Debt to Equity	0.51	-3.24	-2	-8.13	-11.8	-11.07	-12.22	-17.9	-12.93	-16.13	-15.85	0.91	10.28	20.65	23.57
Net Debt/Capital (%)	0.42	-2.67	-1.39	-5.17	-6.66	-6.11	-7.06	-9.93	-6.48	-8.33	-8.22	2.83	30.66	-90.41	-59.23
EBITDA	201	70	63	62	28	49	53	-30	-20	7	1	12	-73	-40	77
EBITDA-CapEx	189	58	55	51	16	28	38	-38	-29	1	-4	-5	-119	-105	8
Operating Income (Loss)	189	56	48	47	13	35	37	-45	-37	-10	-15	-55	-186	-130	-16

Liquidity (USD)

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	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	2024 Y	2025 Y
Cash Ratio	3.27	2.17	1.6	1.01	1.28	0.97	0.96	0.92	0.95	0.67	0.37	0.25	0.32	0.26	0.36
Current Ratio	6.32	4.2	3.71	2.95	3.37	2.79	3.87	3.01	2.84	3.37	2.42	2.06	2.62	2.04	1.76
Quick Ratio	4.65	3.08	2.62	2.03	2.27	1.83	2.56	2.07	1.9	1.95	1.46	0.98	1.16	0.92	0.97
CFO/Avg Current Liab	2.69	1.03	0.58	0.5	0.18	0.38	-0.36	0.49	-0.02	-0.16	0.02	-0.15	-0.12	0.37	0.4
Common Equity/Total Assets	102.87	97.58	112.07	122.99	143.4	138.29	137.94	140.88	148.13	148.88	130.33	2.89	-13.77	-58.73	-60.54
Long-Term Debt/Equity (%)	6.72	6.64	7.64	5.25	5.81	5.59	5.14	5.51	- -	- -	0.92	6.35	21.59	39.19	47.2
Long-Term Debt/Capital (%)	5.24	5.06	4.96	3.07	2.98	2.82	2.7	2.7	- -	- -	0.44	15.65	51.6	-434.71	-221.07
Long-Term Debt/Total Assets (%)	5.69	5.21	5.85	3.9	4.41	4.02	3.83	3.92	- -	- -	0.57	4.26	13.5	18.4	20.34
Total Debt/Equity (%)	6.72	6.64	7.64	5.25	5.81	5.59	5.14	5.74	6.47	- -	0.92	11	21.59	39.19	47.2
Total Debt/Capital (%)	5.24	5.06	4.96	3.07	2.98	2.82	2.7	2.81	2.96	- -	0.44	27.09	51.6	-434.71	-221.07
Total Debt/Total Assets (%)	5.69	5.21	5.85	3.9	4.41	4.02	3.83	4.08	4.51	- -	0.57	7.38	13.5	18.4	20.34
CFO/Total Liabilities	120.01	44.9	32.25	29.44	12.14	22.38	-24.76	30.51	-1.5	-10.81	1.42	-6.91	-6.84	16.66	18.93
CFO/CapEx	12.78	6.97	7.31	4.96	1.58	1.96	-2.88	6.84	-0.26	-2.58	0.53	-2.59	-0.94	1.59	1.87
Altman's Z-Score	12.86	6.66	8.22	7.01	6.95	7	6.97	4.93	5.22	6.49	6.49	2.36	1.31	0.51	1

Working Capital (USD)

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	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	2024 Y	2025 Y
Accounts Receivable Turnover	9.76	7.97	7.76	7.23	7.48	7.75	5.64	4.35	5.58	5.35	4.37	4.68	4.7	4.76	5.58
Days Sales Outstanding	37.41	45.82	47.06	50.5	48.79	47.08	64.72	83.97	65.39	68.23	83.49	77.98	77.69	76.69	65.46
Inventory Turnover	3.74	3.21	3.48	3.62	3.75	3.51	3.19	2.93	3.14	2.58	2.6	2.46	2.08	1.92	2.8
Days Inventory Outstanding	97.65	113.58	104.99	100.82	97.22	103.89	114.37	124.61	116.32	141.32	140.52	148.3	175.8	189.64	130.23
Accounts Payable Turnover	12.13	8.87	7.11	6.01	6.45	5.7	5.52	5.02	5.9	6.67	4.71	5.8	3.75	2.99	3.67
Accounts Payable Turnover Days	30.1	41.14	51.33	60.75	56.61	64.05	66.14	72.69	61.9	54.73	77.47	62.97	97.37	122.26	99.35
Cash Conversion Cycle	104.96	118.26	100.72	90.57	89.4	86.91	112.95	135.89	119.81	154.82	146.54	163.3	156.12	144.08	96.34
Inventory to Cash Days	-60.24	-67.76	-57.93	-50.33	-48.43	-56.81	-49.66	-40.63	-50.93	-73.1	-57.03	-70.32	-98.11	-112.95	-64.78
Inventories	88	101	90	86	92	105	123	100	98	125	140	428	360	262	216
Raw Materials	45	47	44	35	34	40	44	45	37	47	75	186	152	106	78
Work In Process	4	3	3	4	3	4	2	2	1	1	2	12	17	10	13
Finished Goods	39	51	43	47	54	61	76	53	60	78	63	229	191	145	125
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	2024 Y	2025 Y
Market Capitalization	1,935	1,236	1,594	1,202	881	1,089	932	514	473	709	1,109	1,171	576	657	693
- Cash & Cash Equivalents	43	68	58	73	85	80	86	106	74	60	57	109	87	76	96
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	330	443	423	373
+ Total Debt	46	46	46	29	28	27	26	26	25	- -	3	143	226	216	245
Enterprise Value	1,779	1,053	1,476	1,110	790	993	855	431	391	646	1,055	1,535	1,158	1,220	1,180
Total Capital	888	908	931	937	935	950	949	910	832	783	745	529	439	-50	-111
Total Debt/Capital (%)	5.24	5.06	4.96	3.07	2.98	2.82	2.7	2.81	2.96	- -	0.44	27.09	51.6	-434.71	-221.07
Total Debt / EV	0.03	0.04	0.03	0.03	0.04	0.03	0.03	0.06	0.06	- -	- -	0.09	0.2	0.18	0.21
EV/Sales	2.48	1.7	2.3	1.76	1.32	1.56	1.28	0.81	0.74	1.27	1.87	1.5	1.01	1.32	1.09
EV/EBITDA	8.87	14.99	23.39	17.92	28.48	20.27	16.1	- -	- -	93.31	762.6	126.28	- -	- -	15.34
EV/EBIT	9.4	18.75	30.45	23.56	58.59	28.71	22.86	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	11.7	12.05	23.99	19.7	41.6	23.4	- -	7.73	- -	- -	345.53	- -	- -	9.68	7.76
EV/Free Cash Flow to Firm	10.86	10.56	21.18	16.42	25.69	15.54	- -	6.75	48.14	- -	120.99	- -	55.06	6.38	5.33
Diluted Market Cap	1,973	1,246	1,605	1,210	883	1,094	942	514	473	713	1,109	1,171	576	657	693
Diluted Enterprise Value	1,976	1,224	1,593	1,165	826	1,041	881	434	424	653	1,056	1,536	1,158	1,220	1,216
EV per Share	27.73	16.65	25.01	20.14	15.44	20.37	17.75	9	8.17	13.45	21.72	24.63	14.77	15.46	14.8
TTM Sales	717	621	642	630	600	637	667	529	530	507	563	1,026	1,149	923	1,084
TTM EBITDA	201	70	63	62	28	49	53	-30	-20	7	1	12	-73	-40	77
TTM Operating Income	189	56	48	47	13	35	37	-45	-37	-10	-15	-55	-186	-130	-16
TTM Cash Flow to Firm	152	87	62	56	19	42	-42	56	-1	-17	3	-44	-25	126	152
TTM Free Cash Flow to Firm	164	100	70	68	31	64	-27	64	8	-10	9	-27	21	191	221

Multiples (USD)

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	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	2024 Y	2025 Y
Price/Free Cash Flow	12.16	12.69	23.63	18.03	29.13	17.24	-34.07	8.09	67.37	-70.58	127.82	-43.14	208.54	3.9	3.48
EV/EBIT	9.4	18.75	30.45	23.56	58.59	28.71	22.86	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	1,779	1,053	1,476	1,110	790	993	855	431	391	646	1,055	1,535	1,158	1,220	1,180
Low Price	25.46	15.38	18	17.51	13.92	16.27	18.65	10.21	8.09	4.8	14.37	16.3	4.91	4.34	6.93
EV/Sales	2.48	1.7	2.3	1.76	1.32	1.56	1.28	0.81	0.74	1.27	1.87	1.5	1.01	1.32	1.09
EV/EBITDA	8.87	14.99	23.39	17.92	28.48	20.27	16.1	- -	- -	93.31	762.6	126.28	- -	- -	15.34
Price/Earnings	13.96	26.15	34.8	26.93	47.23	30.91	39.08	- -	- -	298.11	- -	- -	- -	- -	- -
Price/Earnings Average	16.93	34.49	30.39	28.15	47.97	26.35	43.45	-38.29	-11.53	216.82	-109.09	-611.12	-3.11	-1.05	-15.72
Price/Earnings High	22.08	52.13	35.97	34.56	66.19	32.85	50.7	-50.62	-16.08	326.57	-139.3	-779.55	-5.89	-1.58	-21.73
Price/Earnings Low	11.79	20.59	23.19	21.63	38.18	22.5	37.67	-25.27	-7.3	96.88	-80.85	-498.89	-1.43	-0.74	-12.1
Price/Book Value	2.3	1.43	1.8	1.32	0.97	1.18	1.01	0.58	0.59	0.91	1.5	20.87	-2.49	-0.96	-0.95
Price/Book Value Average	2.79	1.89	1.57	1.38	0.99	1.01	1.12	0.84	0.76	0.66	1.27	22.18	-3.62	-0.7	-0.98
Price/Book Value High	3.64	2.86	1.86	1.7	1.36	1.25	1.31	1.11	1.06	0.99	1.62	28.3	-6.86	-1.06	-1.36
Price/Book Value Low	1.94	1.13	1.2	1.06	0.78	0.86	0.97	0.55	0.48	0.29	0.94	18.11	-1.67	-0.5	-0.76
Price/Tangible Book Value	2.84	1.83	2.7	2.23	1.87	2.32	1.9	1.27	1.37	2.07	3.35	2.25	1.63	3.1	4.2
Price/Tangible Book Value Average	3.44	2.41	2.36	2.33	1.9	1.98	2.11	1.82	1.77	1.51	2.85	2.39	2.37	2.27	4.35
Price/Tangible Book Value High	4.48	3.64	2.79	2.87	2.62	2.47	2.47	2.41	2.46	2.27	3.64	3.05	4.49	3.43	6.01
Price/Tangible Book Value Low	2.39	1.44	1.8	1.79	1.51	1.69	1.83	1.2	1.12	0.67	2.11	1.95	1.09	1.62	3.35
Price/Sales	2.7	1.99	2.48	1.91	1.47	1.71	1.4	0.97	0.89	1.4	1.97	1.14	0.5	0.71	0.64
Price/Sales Average	3.27	2.63	2.17	1.99	1.49	1.46	1.55	1.4	1.15	1.02	1.67	1.21	0.73	0.52	0.66
Price/Sales High	4.27	3.97	2.57	2.45	2.06	1.82	1.81	1.85	1.61	1.53	2.14	1.55	1.38	0.79	0.92
Price/Sales Low	2.28	1.57	1.65	1.53	1.19	1.24	1.35	0.92	0.73	0.45	1.24	0.99	0.34	0.37	0.51
Price/Cash Flow	12.86	14.39	26.67	21.52	47.48	25.93	-21.99	9.27	-191.38	-42.92	368.73	-26.49	-13.38	6.35	5.34
Price/Cash Flow Average	15.59	18.98	23.29	22.5	48.22	22.1	-24.44	13.36	-247.17	-31.21	313.17	-28.15	-19.44	4.65	5.53
Price/Cash Flow High	20.33	28.69	27.56	27.62	66.53	27.55	-28.52	17.66	-344.64	-47.01	399.9	-35.9	-36.84	7.02	7.64
Price/Cash Flow Low	10.85	11.33	17.77	17.29	38.38	18.87	-21.19	8.82	-156.55	-13.95	232.09	-22.98	-8.95	3.31	4.26
Price/Free Cash Flow Average	14.74	16.74	20.63	18.85	29.59	14.7	-37.87	11.65	87.01	-51.33	108.57	-45.84	302.98	2.86	3.61
Price/Free Cash Flow High	19.23	25.3	24.42	23.14	40.82	18.32	-44.19	15.4	121.33	-77.32	138.63	-58.48	574.2	4.31	4.98
Price/Free Cash Flow Low	10.26	9.99	15.74	14.48	23.55	12.55	-32.84	7.69	55.11	-22.94	80.46	-37.42	139.5	2.03	2.78
EV/Sales Average	3.28	2.59	2.15	1.92	1.4	1.37	1.46	1.25	1.06	0.9	1.58	1.57	1.23	1.13	1.14
EV/Sales High	4.27	3.93	2.55	2.38	1.96	1.73	1.72	1.7	1.51	1.41	2.04	1.9	1.89	1.4	1.4
EV/Sales Low	2.28	1.53	1.64	1.46	1.09	1.16	1.26	0.77	0.64	0.34	1.15	1.35	0.84	0.98	0.99
EV/EBITDA Average	11.71	22.89	21.87	19.55	30.22	17.87	18.37	-22.37	-28.74	65.82	642.12	132.35	-19.48	-26.32	16.12
EV/EBITDA High	15.27	34.76	25.92	24.17	42.47	22.54	21.62	-30.45	-41.06	103.54	830.6	160.56	-29.75	-32.49	19.68
EV/EBITDA Low	8.16	13.53	16.64	14.86	23.64	15.1	15.77	-13.85	-17.28	24.6	465.89	113.55	-13.28	-22.8	13.97
EV/EBIT Average	12.42	28.62	28.47	25.72	62.15	25.31	26.08	-14.55	-15.05	-46.91	-60.46	-29.05	-7.64	-8.02	-79.53
EV/EBIT High	16.2	43.47	33.74	31.79	87.36	31.94	30.7	-19.8	-21.51	-73.8	-78.2	-35.24	-11.67	-9.9	-97.12
EV/EBIT Low	8.65	16.92	21.66	19.54	48.62	21.39	22.39	-9	-9.05	-17.53	-43.86	-24.92	-5.21	-6.95	-68.95
Last Price	30.16	19.54	27.01	21.8	17.22	22.35	19.35	10.74	9.89	14.77	22.83	18.79	7.34	8.33	8.69
High Price	47.7	38.95	27.92	27.98	24.13	23.75	25.1	20.45	17.81	16.18	24.76	25.47	20.21	9.21	12.44
Enterprise Value Average	2,349	1,608	1,380	1,211	838	875	975	661	562	455	889	1,609	1,419	1,044	1,240
Enterprise Value High	3,063	2,441	1,635	1,498	1,177	1,104	1,148	899	803	716	1,150	1,952	2,167	1,289	1,515
Enterprise Value Low	1,637	950	1,050	921	655	740	837	409	338	170	645	1,381	968	905	1,075

	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	2024 Y	2025 Y
Shares Outstanding	64	62	57	53	50	48	48	48	48	48	49	78	79	79	80
Diluted Weighted Avg Shares	65	64	59	55	51	49	49	48	48	48	49	62	78	79	80
Basic Weighted Avg Shares	64	63	59	55	51	49	48	48	48	48	49	62	78	79	80
Revenue per Share	11.18	9.81	10.88	11.43	11.73	13.07	13.85	11.05	11.08	10.55	11.59	16.45	14.65	11.69	13.59
EBITDA per Share	3.13	1.11	1.07	1.12	0.54	1.01	1.1	-0.62	-0.41	0.14	0.03	0.2	-0.93	-0.5	0.96
Operating Income per Share	2.95	0.89	0.82	0.85	0.26	0.71	0.78	-0.95	-0.78	-0.2	-0.3	-0.89	-2.37	-1.65	-0.2
Basic EPS, GAAP	2.16	0.75	0.78	0.81	0.36	0.72	0.5	-0.4	-1.11	0.05	-0.18	-0.03	-3.43	-5.83	-0.57
Basic EPS from Cont Ops	2.16	0.75	0.78	0.81	0.36	0.72	0.5	-0.4	-1.11	0.05	-0.18	-0.14	-3.34	-5.7	-0.45
Diluted EPS, GAAP	2.12	0.74	0.77	0.8	0.36	0.72	0.49	-0.4	-1.11	0.05	-0.18	-0.03	-3.43	-5.83	-0.57
Diluted EPS from Cont Ops	2.12	0.74	0.77	0.8	0.36	0.72	0.49	-0.4	-1.11	0.05	-0.18	-0.14	-3.34	-5.7	-0.45
Dividend per Share	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.37	0.27	- -	- -
Cash Flow per Share	2.35	1.36	1.01	1.01	0.36	0.86	-0.88	1.16	-0.05	-0.34	0.06	-0.71	-0.55	1.31	1.63
Free Cash Flow per Basic Share	2.16	1.16	0.87	0.81	0.13	0.42	-1.19	0.99	-0.25	-0.48	-0.05	-0.98	-1.13	0.49	0.76
Cash & Equivalents per Share	3.15	3.62	2.78	2.18	2.33	2.53	2.13	2.27	2.24	1.32	1.17	1.75	1.11	0.96	1.64
Book Value per Share	13.11	13.63	15	16.48	17.75	18.94	19.17	18.48	16.88	16.31	15.27	0.9	-2.94	-8.72	-9.14
Tangible Book Value per Share	10.64	10.69	10.01	9.76	9.22	9.62	10.17	8.48	7.23	7.14	6.81	8.35	4.5	2.69	2.07

ADTRAN Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)