AmTrust Financial Services, Inc. Financial Ratios — AFSIP

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
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

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
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

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
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

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
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

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
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

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
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.66	23.76	21
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.41	25.22	22.19
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.96	26.91	26.12
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

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)

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Per Share Data Items (USD)