Aspen Insurance Holdings Limited Financial Ratios — AHL-PD

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 (%)	-9.25	17.29	17.69	16.55	13.13	6.91	-13.75	-9.29	-14.41	-3.87	2.14	0.48	30.84	22.55	13.55
Return on Assets (%)	-1.2	2.84	3.21	3.39	2.96	1.76	-2.14	-1.15	-1.9	-0.44	0.22	0.35	3.52	3.14	2.12
Return on Capital (%)	- -	15.97	16.35	15.15	12.47	7.73	- -	- -	- -	- -	2.33	- -	- -	- -	10.79
Return on Invested Capital (%)	- -	7.26	7.73	9.23	7.88	4.33	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	12.79	13.31	14.51	12.6	6.56	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	12.79	13.31	14.51	12.6	6.56	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	318.63	141.49	25.87	26.9	-115.31	-77.46	83.64	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-7.05	12.87	14.33	14.03	12.68	7.34	-10.72	-6.72	-8.92	-1.39	1.36	-1.02	13.91	14.52	14.25
Profit Margin (%)	-5.27	12.22	13.79	13.54	12.11	7.13	-10.18	-6.32	-9.82	-2.07	1.15	1.93	18.47	15.2	10.92
Net Income to Common Margin (%)	-6.36	10.87	12.31	12.1	10.69	5.66	-11.56	-7.64	-9.82	-2.07	1.15	0.25	16.75	13.49	9.46
Effective Tax Rate (%)	- -	5.08	3.91	3.29	4.27	2.91	- -	- -	- -	- -	15.1	- -	- -	- -	23.4
Dvd Payout Ratio (%)	-31.95	18.87	16.3	15.78	17.79	32.59	-18.65	-24.47	-14.91	-78.9	149.33	615.38	8.31	45.22	- -
Sustainable Growth Rate (%)	-12.21	14.03	14.81	13.94	10.79	4.66	-16.32	-11.56	-16.56	-6.93	-1.06	-2.45	28.28	12.35	13.55

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	499	499	599	620	652	664	594	425	413	406	415	395	386	376	362
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	300	- -	- -	- -
LT Debt	499	499	599	620	652	664	594	425	413	406	415	96	386	376	362
Total Debt/EBITDA	- -	1.7	1.88	1.63	1.95	3.55	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	-3.29	-2.18	-1.47	-1.33	-3.26	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	1.7	1.88	1.63	1.95	3.55	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-3.29	-2.18	-1.47	-1.33	-3.26	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	9.5	9.73	12.89	11.36	6.34	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.97	8.72	9.23	12.01	10.89	5.54	-1.19	-1.05	-1.1	-1.2	-4.51	- -	- -	- -	- -
EBIT to Interest Expense	- -	9.5	9.73	12.89	11.36	6.34	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	31	31	33	30	30	30	30	26	20	34	14	44	55	62	32
Common Equity/Total Assets	14.18	14.98	17.43	19.13	20.67	19.79	15.71	14.29	12.04	10.68	9.99	8.9	11.78	12.89	14.23
Long-Term Debt/Equity (%)	15.81	14.31	18.15	18.13	19.07	18.21	20.27	16.08	15.15	14.06	14.96	4.05	13.27	11.14	9.97
Long-Term Debt/Capital (%)	27.1	24.42	25.15	23.21	22.2	21.72	22.63	19.13	21.42	22.5	23.08	3.82	13.16	11.13	10.69
Long-Term Debt/Total Assets (%)	5.27	4.84	5.86	5.78	5.9	5.49	4.6	3.39	3.28	3.1	3	0.63	2.54	2.38	2.22
Total Debt/Equity (%)	15.81	14.31	18.15	18.13	19.07	18.21	20.27	16.08	15.15	14.06	14.96	16.77	13.27	11.14	9.97
Total Debt/Capital (%)	27.1	24.42	25.15	23.21	22.2	21.72	22.63	19.13	21.42	22.5	23.08	15.83	13.16	11.13	10.69
Total Debt/Total Assets (%)	5.27	4.84	5.86	5.78	5.9	5.49	4.6	3.39	3.28	3.1	3	2.61	2.54	2.38	2.22
Net Debt to Equity	-23.45	-27.65	-21.05	-16.34	-13.08	-16.71	-15.75	-24.96	-26.81	-50.13	-36.55	-27.96	-25.03	-18.22	-37.57
Net Debt/Capital (%)	-122.94	-166.35	-63.81	-37.45	-24.34	-34.16	-29.4	-58.02	-81.4	-2,566.31	-209.5	-42.83	-38.21	-24.95	-79.06
EBITDA	- -	294	318	380	335	187	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-30	270	302	354	321	163	-35	-27	-22	-41	-64	- -	- -	- -	- -
Operating Income (Loss)	- -	294	318	380	335	187	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.18	14.98	17.43	19.13	20.67	19.79	15.71	14.29	12.04	10.68	9.99	8.9	11.78	12.89	14.23
Long-Term Debt/Equity (%)	15.81	14.31	18.15	18.13	19.07	18.21	20.27	16.08	15.15	14.06	14.96	4.05	13.27	11.14	9.97
Long-Term Debt/Capital (%)	27.1	24.42	25.15	23.21	22.2	21.72	22.63	19.13	21.42	22.5	23.08	3.82	13.16	11.13	10.69
Long-Term Debt/Total Assets (%)	5.27	4.84	5.86	5.78	5.9	5.49	4.6	3.39	3.28	3.1	3	0.63	2.54	2.38	2.22
Total Debt/Equity (%)	15.81	14.31	18.15	18.13	19.07	18.21	20.27	16.08	15.15	14.06	14.96	16.77	13.27	11.14	9.97
Total Debt/Capital (%)	27.1	24.42	25.15	23.21	22.2	21.72	22.63	19.13	21.42	22.5	23.08	15.83	13.16	11.13	10.69
Total Debt/Total Assets (%)	5.27	4.84	5.86	5.78	5.9	5.49	4.6	3.39	3.28	3.1	3	2.61	2.54	2.38	2.22
CFO/Total Liabilities	5.45	7.28	8.17	8.32	7.53	5.37	-1.12	-3.08	-3.43	-6.59	4.74	-0.43	2.64	4.48	3.46
CFO/CapEx	11.49	20.68	34.75	23.27	41.31	19.12	-3.19	-11.15	-15.22	-16.53	8.13	- -	- -	- -	- -
Altman's Z-Score	0.42	0.53	0.58	0.63	0.63	0.57	0.42	0.39	0.36	0.36	0.33	0.3	0.36	0.38	0.39

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	1.95	1.6	1.66	1.95	1.88	1.66	1.06	0.71	0.68	0.68	0.58	0.48	0.47	0.54	0.53
Days Sales Outstanding	187.25	228.74	220.46	187.46	194.21	219.48	345.16	514.72	539.34	537.19	634.04	758.42	781.37	673.66	689.39
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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	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	1,239	1,464	1,294	1,178	1,100	1,274	1,055	1,084	1,030	1,747	1,314	959	1,028	914	1,659
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	754	754	970	700
+ Minority/Non Controlling Interest	- -	- -	- -	- -	1	1	3	4	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	499	499	599	620	652	664	594	425	413	406	415	395	386	376	362
Enterprise Value	-6,862	-7,412	-7,146	-7,252	-7,413	-7,912	-7,534	-7,225	-7,210	-6,986	-7,261	-5,669	-6,084	-6,035	-6,869
Total Capital	1,841	2,043	2,382	2,670	2,937	3,058	2,623	2,220	1,928	1,804	1,798	2,498	2,934	3,376	3,382
Total Debt/Capital (%)	27.1	24.42	25.15	23.21	22.2	21.72	22.63	19.13	21.42	22.5	23.08	15.83	13.16	11.13	10.69
Total Debt / EV	-0.07	-0.07	-0.08	-0.09	-0.09	-0.08	-0.08	-0.06	-0.06	-0.06	-0.06	-0.07	-0.06	-0.06	-0.05
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	-740	-964	-695	-558	-446	-608	-458	-655	-618	-1,341	-899	190	112	432	-597
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,088	2,296	2,391	2,622	2,661	2,852	2,629	2,322	2,428	2,724	2,586	2,643	2,895	3,197	3,116
TTM EBITDA	- -	294	318	380	335	187	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	294	318	380	335	187	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	367	526	598	636	602	482	-84	-280	-315	-622	537	-138	398	620	463
TTM Free Cash Flow to Firm	396	550	614	662	616	506	-49	-253	-293	-582	601	-138	398	620	463

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6,862	-7,412	-7,146	-7,252	-7,413	-7,912	-7,534	-7,225	-7,210	-6,986	-7,261	-5,669	-6,084	-6,035	-6,869
Low Price	- -	- -	- -	- -	- -	21.36	22.13	19.33	19.96	9.22	25.49	17.82	16.65	19.38	17.59
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	0.04	0.14	- -
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	0.04	0.14	- -
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	0.04	0.14	- -
EV/EBITDA Average	- -	-3.28	-2.18	-1.47	-1.33	-3.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	-3.28	-2.18	-1.47	-1.33	-3.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	-3.28	-2.18	-1.47	-1.33	-3.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	-3.28	-2.18	-1.47	-1.33	-3.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	-3.28	-2.18	-1.47	-1.33	-3.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	-3.28	-2.18	-1.47	-1.33	-3.25	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	22.17	25.78	20.08	26.35	26.59	26.18	18.07	20.79	20.23	19.6
High Price	- -	- -	- -	- -	- -	26.17	26.6	25.84	26.81	27.23	28.35	26.45	22.6	22.8	22.56
Enterprise Value Average	-740	-964	-695	-558	-446	-608	-458	-655	-618	-1,341	-899	190	112	432	-597
Enterprise Value High	-740	-964	-695	-558	-446	-608	-458	-655	-618	-1,341	-899	190	112	432	-597
Enterprise Value Low	-740	-964	-695	-558	-446	-608	-458	-655	-618	-1,341	-899	190	112	432	-597

	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	71	71	66	62	61	60	59	60	60	60	60	60	60	91	92
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Aspen Insurance Holdings Limited

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)