Ashford Inc. Financial Ratios — AINC 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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-11,931.88	-3,222.08	-180.05	-1.1	-1.61	-15.01	4.12	-2.39	-31.51	-1.84	0.73	-0.94
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.78	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.58	- -
Gross Margin (%)	- -	- -	-4,710.52	-233.34	29.74	22.44	30.01	43.04	48.52	69	72.02	73.64	71.54
EBITDA Margin (%)	- -	- -	-4,947.08	-265.73	-0.94	-1.9	-7.98	7.36	6.94	3.61	8.95	9.25	5.81
Operating Margin (%)	- -	- -	-4,970	-267.8	-2.29	-3.63	-11.58	0.55	-3.91	-11.96	-1.06	3.35	1.06
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	9.24	- -	- -	- -	9.88	-13.33
Pretax Margin (%)	- -	- -	-4,970	-267.8	-16.92	-17.19	-12.84	-1.3	-4.82	-78.42	-2.86	1.78	-0.74
Profit Margin (%)	- -	- -	-4,970.73	-268.45	-2.02	-3.54	-22.5	5.21	-4.83	-72.39	-2.58	0.57	-0.62
Net Income to Common Margin (%)	- -	- -	-4,970.73	-268.45	-2.02	-3.54	-22.5	2.92	-9.86	-83.33	-11.68	-5.09	-5.47
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	74.48	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.08	4.6	39.16	-21.78	3.36
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Total Debt	- -	- -	- -	- -	- -	- -	12	18	110	137	131	122	164
ST Debt	- -	- -	- -	- -	- -	- -	2	3	7	10	11	11	9
LT Debt	- -	- -	- -	- -	- -	- -	10	15	103	127	120	112	155
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	-1.8	1.24	5.54	12.97	3.81	2.05	3.77
Net Debt/EBITDA	- -	- -	0.01	0.64	91.07	65.54	3.8	-2.39	0.06	1.65	0.63	0.85	1.96
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	-1.24	16.46	-9.83	-3.91	-32.17	5.66	20.59
Net Debt/EBIT	- -	- -	0.01	0.64	37.21	34.23	2.62	-31.87	-0.11	-0.5	-5.36	2.34	10.69
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	-78.46	15	9.67	1.96	6.69	5.96	3.05
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	-121.59	-11.11	-4.92	1.11	5.12	4.48	1.32
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	-113.86	1.13	-5.45	-6.51	-0.79	2.16	0.56
Interest Expense	- -	- -	- -	- -	- -	- -	- -	1	2	5	5	10	14
Common Equity/Total Assets	- -	- -	-7,240.27	-432.71	-121.28	-154.41	-191.08	-56.52	-31.19	-86.92	-103.92	-117.85	-120.7
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	27.6	5.62	19.81	45.62	50.62	53.68	88.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-4.93	180.89	29.86	102.36	160.02	333.06	374.87
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	8.67	4	13.17	22.53	23.24	23.16	30.62
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	32.46	6.58	21.21	49.16	55.46	58.73	93.25
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-5.8	211.82	31.98	110.3	175.3	364.41	396.66
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	10.2	4.69	14.1	24.27	25.46	25.34	32.4
Net Debt to Equity	- -	- -	10.42	-193.22	-36.73	-91.77	-68.68	-12.73	0.24	6.24	9.24	24.25	48.41
Net Debt/Capital (%)	- -	- -	0.36	12.22	33.95	36.52	10.4	79.78	0.4	22.01	58.69	-465.51	-784.99
EBITDA	-33	-38	-47	-46	-1	-1	-7	14	20	11	34	60	43
EBITDA-CapEx	-33	-38	-48	-49	-3	-8	-10	-11	-10	6	26	45	19
Operating Income (Loss)	-33	-38	-48	-46	-1	-2	-9	1	-11	-35	-4	22	8

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Cash Ratio	- -	- -	0.07	2.09	7.34	3.45	1	1.35	0.51	0.41	0.33	0.37	0.38
Current Ratio	- -	0.03	0.22	3.19	8.32	4.55	1.92	2.01	1.08	1.01	0.86	1.03	1.04
Quick Ratio	- -	- -	0.19	2.85	7.89	4.1	1.56	1.67	0.71	0.58	0.45	0.61	0.73
CFO/Avg Current Liab	- -	-5.66	-2.99	-2.26	1.55	4.01	0.64	0.58	0.45	0.35	0.18	0.36	0.15
Common Equity/Total Assets	- -	- -	-7,240.27	-432.71	-121.28	-154.41	-191.08	-56.52	-31.19	-86.92	-103.92	-117.85	-120.7
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	27.6	5.62	19.81	45.62	50.62	53.68	88.13
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-4.93	180.89	29.86	102.36	160.02	333.06	374.87
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	8.67	4	13.17	22.53	23.24	23.16	30.62
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	32.46	6.58	21.21	49.16	55.46	58.73	93.25
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-5.8	211.82	31.98	110.3	175.3	364.41	396.66
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	10.2	4.69	14.1	24.27	25.46	25.34	32.4
CFO/Total Liabilities	- -	-279.63	-277.75	-73.94	82.35	222.33	24.66	19.79	9.42	11.25	7.48	15.36	5.7
CFO/CapEx	-181.07	-118.13	-61.33	-7.22	11.61	13.6	5.42	0.86	0.82	7.02	2.58	2.85	0.76
Altman's Z-Score	- -	-209.5	-172.01	-4.84	1.68	0.46	-0.91	0.19	-0.24	-2.11	-1.76	-0.29	-0.29

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Accounts Receivable Turnover	- -	- -	- -	- -	471.85	508.32	31.72	38.89	47.17	54.84	55.1	45.84	33.52
Days Sales Outstanding	- -	- -	- -	- -	0.77	0.72	11.51	9.39	7.74	6.66	6.62	7.96	10.89
Inventory Turnover	- -	- -	- -	- -	- -	- -	107.11	98.21	103.9	57.06	69.4	91.87	91.94
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	3.41	3.72	3.51	6.4	5.26	3.97	3.97
Accounts Payable Turnover	- -	10.57	6.32	6.73	4.2	4.82	3.66	4.92	4.63	3.35	8.02	11.17	11.41
Accounts Payable Turnover Days	- -	34.54	57.78	54.27	86.99	75.74	99.68	74.19	78.87	109.09	45.5	32.68	31.99
Cash Conversion Cycle	- -	- -	-57.78	-54.27	-86.22	-75.02	-84.76	-61.09	-67.62	-96.03	-33.61	-20.74	-17.13
Inventory to Cash Days	- -	- -	- -	- -	0.77	0.72	8.1	5.67	4.22	0.26	1.37	3.99	6.92
Inventories	- -	- -	- -	- -	- -	- -	1	1	2	2	2	2	2
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	1	1	2	2	2	2	2

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Market Capitalization	- -	- -	- -	182	106	87	189	113	57	20	46	40	11
- Cash & Cash Equivalents	- -	- -	1	30	50	84	36	52	35	45	38	44	52
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	201	474	477	478	478	478
+ Minority/Non Controlling Interest	- -	- -	- -	- -	105	54	6	4	5	2	1	2	9
+ Total Debt	- -	- -	- -	- -	- -	- -	12	18	110	137	131	122	164
Enterprise Value	- -	- -	-1	152	79	57	170	284	610	590	618	598	610
Total Capital	- -	- -	-168	-213	-98	-146	-202	8	345	124	75	34	41
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	-5.8	211.82	31.98	110.3	175.3	364.41	396.66
Total Debt / EV	- -	- -	- -	- -	- -	- -	0.07	0.06	0.18	0.23	0.21	0.2	0.27
EV/Sales	- -	- -	- -	8.81	1.35	0.84	2.08	1.45	2.12	2.01	1.61	0.93	0.82
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	19.72	30.62	55.78	17.95	10.04	14.06
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	262.69	- -	- -	- -	27.7	76.76
EV/Cash Flow to Firm	- -	- -	- -	- -	3.2	0.67	8.68	15.28	22.59	15.84	23.86	13.39	19.29
EV/Free Cash Flow to Firm	- -	- -	- -	- -	2.95	0.62	7.34	6.5	10.69	14.1	18.19	10.06	10.83
Diluted Market Cap	- -	- -	- -	182	117	95	192	121	61	20	46	40	12
Diluted Enterprise Value	- -	- -	-1	152	172	65	173	292	614	590	618	598	610
EV per Share	- -	- -	- -	78.86	39.87	28.26	83.7	130.74	252.34	258.42	224.26	205.18	198.06
TTM Sales	- -	- -	1	17	59	68	82	196	287	293	385	644	747
TTM EBITDA	-33	-38	-47	-46	-1	-1	-7	14	20	11	34	60	43
TTM Operating Income	-33	-38	-48	-46	-1	-2	-9	1	-11	-35	-4	22	8
TTM Cash Flow to Firm	-21	-20	-22	-25	25	85	20	19	27	37	26	45	32
TTM Free Cash Flow to Firm	-21	-20	-22	-22	27	91	23	44	57	42	34	59	56

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Price/Free Cash Flow	- -	- -	- -	-8.41	4.35	1.05	8.36	2.6	1.11	0.53	1.59	0.71	0.26
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	262.69	- -	- -	- -	27.7	76.76
Enterprise Value	- -	- -	-1	152	79	57	170	284	610	590	618	598	610
Low Price	- -	- -	- -	54	50	36.6	43	47.2	19.43	4.5	6.46	11.4	3.47
EV/Sales	- -	- -	- -	8.81	1.35	0.84	2.08	1.45	2.12	2.01	1.61	0.93	0.82
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	19.72	30.62	55.78	17.95	10.04	14.06
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	19.7	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-3.9	-147.85	-38.71	-6.71	30.54	-3.32	-0.09	-0.9	-1.43	-0.71
Price/Earnings High	- -	- -	- -	-5.45	-263.65	-53.94	-12.28	38.72	-5.67	-0.26	-1.73	-1.93	-1.17
Price/Earnings Low	- -	- -	- -	-2.25	-83.66	-30.73	-4.76	17.92	-1.66	-0.04	-0.4	-1.01	-0.26
Price/Book Value	- -	- -	- -	-0.85	-0.52	-0.43	-0.86	-0.53	-0.23	-0.04	-0.09	-0.07	-0.02
Price/Book Value Average	- -	- -	- -	-0.85	-0.87	-0.46	-0.56	-0.81	-0.39	-0.05	-0.08	-0.08	-0.05
Price/Book Value High	- -	- -	- -	-1.19	-1.55	-0.64	-1.03	-1.03	-0.66	-0.13	-0.15	-0.11	-0.08
Price/Book Value Low	- -	- -	- -	-0.49	-0.49	-0.37	-0.4	-0.48	-0.19	-0.02	-0.03	-0.06	-0.02
Price/Tangible Book Value	- -	- -	- -	11.86	0.77	0.95	14.09	-0.61	-0.11	-0.04	-0.08	-0.07	-0.02
Price/Tangible Book Value Average	- -	- -	- -	11.83	1.29	1.01	9.18	-0.95	-0.19	-0.04	-0.07	-0.08	-0.05
Price/Tangible Book Value High	- -	- -	- -	16.52	2.29	1.41	16.81	-1.21	-0.32	-0.12	-0.14	-0.11	-0.08
Price/Tangible Book Value Low	- -	- -	- -	6.81	0.73	0.8	6.51	-0.56	-0.09	-0.02	-0.03	-0.06	-0.02
Price/Sales	- -	- -	- -	10.5	1.8	1.28	2.32	0.58	0.2	0.07	0.12	0.06	0.02
Price/Sales Average	- -	- -	- -	10.48	2.98	1.37	1.51	0.89	0.33	0.08	0.1	0.07	0.04
Price/Sales High	- -	- -	- -	14.64	5.32	1.91	2.76	1.13	0.56	0.22	0.2	0.1	0.06
Price/Sales Low	- -	- -	- -	6.03	1.69	1.09	1.07	0.52	0.16	0.04	0.05	0.05	0.01
Price/Cash Flow	- -	- -	- -	-7.24	4.27	1.02	9.73	5.23	2.31	0.61	2.2	0.96	0.6
Price/Cash Flow Average	- -	- -	- -	-7.23	7.09	1.09	6.34	8.11	3.81	0.71	1.94	1.11	1.54
Price/Cash Flow High	- -	- -	- -	-10.09	12.65	1.52	11.61	10.29	6.5	1.97	3.74	1.5	2.55
Price/Cash Flow Low	- -	- -	- -	-4.16	4.01	0.87	4.5	4.76	1.9	0.32	0.85	0.79	0.57
Price/Free Cash Flow Average	- -	- -	- -	-8.39	7.23	1.12	5.45	4.03	1.82	0.62	1.4	0.82	0.68
Price/Free Cash Flow High	- -	- -	- -	-11.72	12.89	1.56	9.98	5.11	3.11	1.73	2.69	1.11	1.12
Price/Free Cash Flow Low	- -	- -	- -	-4.83	4.09	0.89	3.87	2.36	0.91	0.28	0.62	0.58	0.25
EV/Sales Average	- -	- -	- -	8.79	3.91	0.93	1.28	1.77	2.26	2.02	1.59	0.94	0.84
EV/Sales High	- -	- -	- -	12.95	6.24	1.47	2.53	2.01	2.49	2.16	1.69	0.96	0.87
EV/Sales Low	- -	- -	- -	4.34	2.61	0.65	0.84	1.4	2.09	1.98	1.53	0.92	0.82
EV/EBITDA Average	- -	- -	0.01	-3.31	-417.36	-49.03	-16	24.02	32.53	56.1	17.79	10.14	14.46
EV/EBITDA High	- -	- -	0.01	-4.87	-666.99	-77.47	-31.72	27.27	35.87	59.94	18.88	10.42	14.9
EV/EBITDA Low	- -	- -	0.01	-1.63	-278.97	-34.14	-10.51	19.01	30.17	54.9	17.14	9.91	14.04
EV/EBIT Average	- -	- -	0.01	-3.28	-170.53	-25.6	-11.02	320.02	-57.69	-16.92	-150.39	27.99	78.98
EV/EBIT High	- -	- -	0.01	-4.84	-272.52	-40.45	-21.86	363.35	-63.6	-18.07	-159.61	28.76	81.35
EV/EBIT Low	- -	- -	0.01	-1.62	-113.98	-17.83	-7.24	253.24	-53.5	-16.55	-144.85	27.36	76.67
Last Price	- -	- -	- -	94	53.25	43.14	93	51.9	23.6	8.58	16.65	13.88	3.68
High Price	- -	- -	- -	131.01	157.58	64.23	111	102	66.4	27.83	28.26	21.74	15.54
Enterprise Value Average	- -	- -	-1	152	230	63	104	346	648	594	613	604	627
Enterprise Value High	- -	- -	-1	224	368	99	207	392	714	634	650	621	646
Enterprise Value Low	- -	- -	-1	75	154	44	68	274	601	581	590	591	609

Shares Outstanding	- -	2	2	2	2	2	2	2	2	3	3	3	3
Diluted Weighted Avg Shares	2	2	2	2	2	2	2	2	3	2	3	3	3
Basic Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	3	3	3
Revenue per Share	- -	- -	0.5	8.95	29.62	33.6	40.16	90.1	118.8	128.44	139.54	221.07	242.54
EBITDA per Share	-16.82	-19.61	-24.53	-23.78	-0.28	-0.64	-3.21	6.63	8.24	4.63	12.49	20.44	14.09
Operating Income per Share	-16.95	-19.72	-24.64	-23.96	-0.68	-1.22	-4.65	0.5	-4.65	-15.36	-1.48	7.41	2.58
Basic EPS, GAAP	-16.95	-19.72	-24.65	-24.02	-0.6	-1.19	-9.04	2.63	-11.71	-107.03	-16.3	-11.26	-13.26
Basic EPS from Cont Ops	-16.95	-19.72	-24.65	-24.37	-6.05	-6.16	-9.94	3.6	-6.36	-94.48	-3.93	1	-1.63
Diluted EPS, GAAP	-16.95	-19.14	-23.92	-24.02	-0.54	-1.08	-8.88	2.45	-11.02	-107.03	-16.3	-11.26	-13.05
Diluted EPS from Cont Ops	-16.95	-19.14	-23.92	-24.37	-5.47	-5.61	-9.77	3.35	-5.99	-94.48	-3.93	1	-1.6
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	2.06	4.02	8.99	6.06	15.07	11.3
Cash Flow per Share	-10.76	-10.19	-11.59	-12.98	12.46	42.18	9.56	9.92	10.22	14.1	7.56	14.45	6.1
Free Cash Flow per Basic Share	-10.82	-10.28	-11.78	-14.77	11.38	39.07	7.8	-1.62	-2.21	12.09	4.63	9.37	-1.92
Cash & Equivalents per Share	- -	- -	0.31	15.32	65.97	41.84	17.96	23.75	15.13	19.82	13.63	15.23	16.91
Book Value per Share	- -	- -	-86.84	-110.26	-101.72	-99.61	-108.01	-98.72	-101.03	-215.18	-194.12	-195.02	-197.89
Tangible Book Value per Share	- -	-3.31	-2.97	7.93	68.75	45.54	6.6	-84.54	-210.02	-230.22	-197.04	-190.42	-186.33

Ashford Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)