AmTrust Financial Services, Inc. Financial Ratios — AFSIC

Profitability (USD)

	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Return on Common Equity (%)	- -	76.75	96.6	65.64	64.51	38.1	34.58	35.1	31.35	28.91	46.43	52.24	39.71	28.36	-36.58
Return on Assets (%)	0.43	3.36	6.76	5.32	5.08	3.03	3.15	3.76	3.44	2.7	3.02	3.31	2.9	2.06	-1.46
Return on Capital (%)	5.03	14.79	20.81	26.84	32.21	19.25	18.18	20.02	- -	16.93	22.47	22.9	18.06	12.97	- -
Return on Invested Capital (%)	- -	- -	10.29	15.94	16.58	13.07	1.38	11.56	- -	12.02	10.9	12.19	12.73	9.26	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	12.29	18.47	22.66	19.82	1.94	15.72	- -	13.23	11.91	9.61	11.66	9.71	- -
Operating Margin (%)	- -	- -	12.29	18.47	22.66	19.82	1.94	15.72	- -	13.23	11.91	9.61	11.66	9.71	- -
Incremental Operating Margin (%)	-6.71	- -	32.62	28.84	30.99	3,153.64	-60.41	53.13	-68.39	51.33	9.72	5.14	25.83	-1.85	-152.05
Pretax Margin (%)	4.85	10.54	11.3	17.3	20.93	17.62	17.62	16.89	13.72	11.71	13.62	10.16	10.07	9.15	-8.73
Profit Margin (%)	2.52	9.41	15.61	12.72	15.62	14.38	13.91	14.04	13.65	10.58	10.47	10.17	9.63	7.52	-6
Net Income to Common Margin (%)	-6.16	6.21	15.11	12.72	15.62	14.38	13.91	14.04	13.65	10.58	10.32	9.85	8.95	6.64	-7.14
Effective Tax Rate (%)	46.94	24.22	24.52	26.76	30.39	20.25	21.01	27.45	- -	10.82	26.7	6.83	8.27	17.06	- -
Dvd Payout Ratio (%)	142.1	-66.89	49.69	2.46	6.42	13.22	12.68	10.9	9.3	15.75	10.63	13.83	19.7	26.93	-32.21
Sustainable Growth Rate (%)	- -	128.09	48.6	64.03	60.37	33.06	30.19	31.27	28.44	24.36	41.49	45.02	31.89	20.72	-48.36

Credit (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Total Debt	- -	109	77	82	237	353	333	298	448	470	728	1,046	1,291	1,533	1,587
ST Debt	- -	2	25	- -	113	196	189	- -	- -	- -	- -	120	130	130	130
LT Debt	- -	108	52	82	124	157	144	298	448	470	728	926	1,161	1,403	1,457
Total Debt/EBITDA	- -	- -	2.59	1.16	1.81	3.08	23.07	1.87	- -	2.11	2.27	2.66	2.37	2.89	- -
Net Debt/EBITDA	- -	- -	-1.33	0.32	0.7	1.4	6.86	0.6	- -	0.25	-0.32	0.36	0.53	1.82	- -
Total Debt/EBIT	- -	- -	2.59	1.16	1.81	3.08	23.07	1.87	- -	2.11	2.27	2.66	2.37	2.89	- -
Net Debt/EBIT	- -	- -	-1.33	0.32	0.7	1.4	6.86	0.6	- -	0.25	-0.32	0.36	0.53	1.82	- -
EBITDA to Interest Expense	- -	- -	10.63	13.32	12.96	6.25	0.85	12.37	- -	7.81	9.25	8.1	8.52	6.1	- -
EBITDA-CapEx/Interest Expense	- -	-10.7	3.5	8.28	12.61	5.81	0.06	11.22	-4.29	6.84	8.11	6.6	6.14	4.75	-1.94
EBIT to Interest Expense	- -	- -	10.63	13.32	12.96	6.25	0.85	12.37	- -	7.81	9.25	8.1	8.52	6.1	- -
Interest Expense	- -	- -	3	5	10	18	17	13	16	29	35	48	64	87	103
Common Equity/Total Assets	- -	4.88	8.32	7.99	7.82	8.07	10.1	11.2	10.79	8.24	5.2	6.91	6.68	6.22	3.42
Long-Term Debt/Equity (%)	- -	90.54	43.53	22.66	30.25	40.01	25.24	40.38	46.64	37.67	46.12	42.16	40.03	40.48	43.25
Long-Term Debt/Capital (%)	- -	55.59	27.48	40.47	28.3	25.9	21.26	37.8	39.42	39.63	46.47	37.61	37.4	34.64	41.13
Long-Term Debt/Total Assets (%)	- -	21.63	8.41	6.74	5.33	5	4.23	7.13	7.81	6.32	6.46	6.69	6.72	6.2	5.78
Total Debt/Equity (%)	- -	91.97	64.65	22.66	57.94	89.82	58.45	40.38	46.64	37.67	46.12	47.62	44.52	44.23	47.11
Total Debt/Capital (%)	- -	56.47	40.81	40.47	54.21	58.15	49.22	37.8	39.42	39.63	46.47	42.48	41.59	37.85	44.8
Total Debt/Total Assets (%)	- -	21.97	12.49	6.74	10.2	11.21	9.79	7.13	7.81	6.32	6.46	7.55	7.48	6.78	6.29
Net Debt to Equity	-11.38	67.8	-33.19	6.2	22.4	40.89	17.39	13.05	4.24	4.46	-6.45	6.52	9.9	27.85	24.45
Net Debt/Capital (%)	100	48.88	-54.8	15.68	31.4	38.75	22.38	16.41	5.59	7.2	-13.82	9.18	13.67	27.71	29.64
EBITDA	- -	- -	30	71	131	114	14	160	- -	223	321	393	546	531	- -
EBITDA-CapEx	- -	-3	10	44	127	106	1	145	-69	195	281	320	393	414	-199
Operating Income (Loss)	- -	- -	30	71	131	114	14	160	- -	223	321	393	546	531	- -

Liquidity (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	4.88	8.32	7.99	7.82	8.07	10.1	11.2	10.79	8.24	5.2	6.91	6.68	6.22	3.42
Long-Term Debt/Equity (%)	- -	90.54	43.53	22.66	30.25	40.01	25.24	40.38	46.64	37.67	46.12	42.16	40.03	40.48	43.25
Long-Term Debt/Capital (%)	- -	55.59	27.48	40.47	28.3	25.9	21.26	37.8	39.42	39.63	46.47	37.61	37.4	34.64	41.13
Long-Term Debt/Total Assets (%)	- -	21.63	8.41	6.74	5.33	5	4.23	7.13	7.81	6.32	6.46	6.69	6.72	6.2	5.78
Total Debt/Equity (%)	- -	91.97	64.65	22.66	57.94	89.82	58.45	40.38	46.64	37.67	46.12	47.62	44.52	44.23	47.11
Total Debt/Capital (%)	- -	56.47	40.81	40.47	54.21	58.15	49.22	37.8	39.42	39.63	46.47	42.48	41.59	37.85	44.8
Total Debt/Total Assets (%)	- -	21.97	12.49	6.74	10.2	11.21	9.79	7.13	7.81	6.32	6.46	7.55	7.48	6.78	6.29
CFO/Total Liabilities	- -	26.02	23.86	22.22	12.97	2.37	5.78	0.77	6.2	8.59	10.02	9.66	7.04	4.79	-1.72
CFO/CapEx	- -	34.9	5.94	7.11	69.9	7.98	12.19	1.79	4.29	19.4	24.56	15.39	6.64	7.83	-1.88
Altman's Z-Score	0.16	0.38	0.69	0.63	0.56	0.43	0.39	0.55	0.39	0.47	0.43	0.51	0.49	0.43	0.29

Working Capital (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Accounts Receivable Turnover	- -	4.44	2.89	2.64	2.57	1.7	1.62	1.19	0.77	0.73	0.88	1.05	0.98	0.88	0.72
Days Sales Outstanding	- -	82.28	126.16	138.12	142.21	214.41	225.21	307.18	474.29	499.31	412.61	348.86	371.77	413.08	503.52
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	11	29	116	60	145	192	234	202	407	414	830	903	1,004	568	763
+ Preferred Equity and Hybrid Capital	- -	60	60	- -	- -	- -	- -	- -	- -	- -	115	300	482	914	914
+ Minority/Non Controlling Interest	- -	- -	- -	23	19	- -	- -	22	69	103	138	159	176	197	178
+ Total Debt	- -	109	77	82	237	353	333	298	448	470	728	1,046	1,291	1,533	1,587
Enterprise Value	-11	124	-54	-150	-38	-7	68	87	-19	149	37	538	929	2,075	1,728
Total Capital	- -	194	188	204	437	606	676	789	1,135	1,186	1,567	2,462	3,104	4,050	3,542
Total Debt/Capital (%)	- -	56.47	40.81	40.47	54.21	58.15	49.22	37.8	39.42	39.63	46.47	42.48	41.59	37.85	44.8
Total Debt / EV	- -	0.88	-1.42	-0.55	-6.17	-48.2	4.91	3.44	-23.88	3.16	19.79	1.94	1.39	0.74	0.92
EV/Sales	- -	0.83	- -	- -	- -	- -	0.09	0.09	- -	0.09	0.01	0.13	0.2	0.38	0.3
EV/EBITDA	- -	- -	- -	- -	- -	- -	4.7	0.54	- -	0.67	0.11	1.37	1.7	3.91	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	4.7	0.54	- -	0.67	0.11	1.37	1.7	3.91	- -
EV/Cash Flow to Firm	- -	1.25	- -	- -	- -	- -	0.38	2.43	- -	0.27	0.04	0.46	0.87	2.1	- -
EV/Free Cash Flow to Firm	- -	1.22	- -	- -	- -	- -	0.36	1.72	- -	0.25	0.04	0.43	0.76	1.88	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-11	141	21	46	110	161	99	119	110	159	151	602	946	2,075	1,916
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	55	150	241	384	577	577	742	1,015	1,248	1,682	2,695	4,089	4,681	5,467	5,817
TTM EBITDA	- -	- -	30	71	131	114	14	160	- -	223	321	393	546	531	- -
TTM Operating Income	- -	- -	30	71	131	114	14	160	- -	223	321	393	546	531	- -
TTM Cash Flow to Firm	- -	99	120	195	255	80	177	36	314	557	998	1,171	1,070	989	-293
TTM Free Cash Flow to Firm	- -	102	140	222	259	88	190	50	383	584	1,037	1,244	1,222	1,106	-93

Multiples (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	4.7	0.54	- -	0.67	0.11	1.37	1.7	3.91	- -
Enterprise Value	-11	124	-54	-150	-38	-7	68	87	-19	149	37	538	929	2,075	1,728
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.1	24.65	23.92	21.19
EV/Sales	- -	0.83	- -	- -	- -	- -	0.09	0.09	- -	0.09	0.01	0.13	0.2	0.38	0.3
EV/EBITDA	- -	- -	- -	- -	- -	- -	4.7	0.54	- -	0.67	0.11	1.37	1.7	3.91	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	0.94	0.09	0.12	0.19	0.28	0.13	0.12	0.09	0.09	0.06	0.15	0.2	0.38	0.33
EV/Sales High	- -	0.94	0.09	0.12	0.19	0.28	0.13	0.12	0.09	0.09	0.06	0.15	0.2	0.38	0.33
EV/Sales Low	- -	0.94	0.09	0.12	0.19	0.28	0.13	0.12	0.09	0.09	0.06	0.15	0.2	0.38	0.33
EV/EBITDA Average	- -	- -	0.7	0.65	0.84	1.4	6.86	0.74	- -	0.71	0.47	1.53	1.73	3.91	- -
EV/EBITDA High	- -	- -	0.7	0.65	0.84	1.4	6.86	0.74	- -	0.71	0.47	1.53	1.73	3.91	- -
EV/EBITDA Low	- -	- -	0.7	0.65	0.84	1.4	6.86	0.74	- -	0.71	0.47	1.53	1.73	3.91	- -
EV/EBIT Average	- -	- -	0.7	0.65	0.84	1.4	6.86	0.74	- -	0.71	0.47	1.53	1.73	3.91	- -
EV/EBIT High	- -	- -	0.7	0.65	0.84	1.4	6.86	0.74	- -	0.71	0.47	1.53	1.73	3.91	- -
EV/EBIT Low	- -	- -	0.7	0.65	0.84	1.4	6.86	0.74	- -	0.71	0.47	1.53	1.73	3.91	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.48	9.49	16.03	9.72
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.45	27.3	26.89	26.2
Enterprise Value Average	-11	141	21	46	110	161	99	119	110	159	151	602	946	2,075	1,916
Enterprise Value High	-11	141	21	46	110	161	99	119	110	159	151	602	946	2,075	1,916
Enterprise Value Low	-11	141	21	46	110	161	99	119	110	159	151	602	946	2,075	1,916

	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
Shares Outstanding	145	145	145	145	145	144	144	144	145	148	150	155	176	171	196
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

AmTrust Financial Services, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)