American Shared Hospital Services Financial Ratios — AMS

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 (%)	4.68	0.25	-2.05	-6.14	-10.04	6.21	11.61	5.65	3.48	-44.73	1.57	10.13	4.33	14.12	-9.83
Return on Assets (%)	0.72	0.05	-0.43	-1.37	-2.5	1.62	3.24	1.77	1.18	-14.49	0.44	2.97	1.32	4.03	-2.69
Return on Capital (%)	3.11	1.83	- -	- -	- -	1.79	- -	3.7	2.54	- -	0.74	4.82	4.07	- -	- -
Return on Invested Capital (%)	5.74	3.73	- -	- -	- -	6.88	- -	5.26	5.28	- -	3.93	4.89	2.08	- -	- -
Gross Margin (%)	35.99	40.65	39.49	34.24	40.58	47.03	44.3	37.97	33.58	25.04	38.16	42.45	43.82	32.41	18.03
EBITDA Margin (%)	46.03	52.68	53.05	52.1	56.86	60.53	56.34	52.3	49.85	38.28	40.66	40.62	35.11	28.06	13.18
Operating Margin (%)	17.8	16.92	16.6	10.7	19.45	26.7	22.19	17.71	13.88	-0.8	12.45	16.39	10.89	6.27	-7.17
Incremental Operating Margin (%)	17.8	20.7	6.34	58.61	138.82	82.43	-76.29	-536.71	-70.93	- -	-1,118.18	49.2	-57.95	-7.75	6.27
Pretax Margin (%)	7.64	5.4	-0.16	-2.81	-0.86	17.07	9.39	10.56	7.56	-53	5.37	12.75	3.26	4.36	-11.47
Profit Margin (%)	2.28	0.22	-1.77	-6.18	-9.2	4.97	9.83	5.19	3.2	-39.57	1.1	6.73	2.86	7.71	-5.53
Net Income to Common Margin (%)	2.28	0.22	-1.77	-6.18	-9.2	4.97	9.83	5.19	3.2	-39.57	1.1	6.73	2.86	7.71	-5.53
Effective Tax Rate (%)	12.26	11.63	- -	- -	- -	29.53	- -	21.67	8.22	- -	28.41	38.24	61.93	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	4.68	0.25	-2.05	-6.14	-10.04	6.21	11.61	5.65	3.48	-44.73	1.57	10.13	4.33	14.12	-9.83

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	44	43	41	36	23	27	23	20	16	14	17	14	18	23	23
ST Debt	8	8	9	15	7	7	7	7	6	7	3	2	7	4	18
LT Debt	36	36	33	21	16	20	16	14	11	7	15	12	11	19	4
Total Debt/EBITDA	4.26	4.81	4.43	4.44	2.46	2.39	2.1	1.96	1.6	2.11	2.44	1.78	2.36	2.92	6.11
Net Debt/EBITDA	2.02	2.76	2.41	2.28	0.79	0.39	0.35	0.39	0.2	0.09	1.2	0.2	0.52	1.32	3.99
Total Debt/EBIT	11.02	14.99	14.15	21.63	7.18	5.41	5.33	5.77	5.76	-101.42	7.96	4.42	7.6	13.06	-11.23
Net Debt/EBIT	5.22	8.58	7.7	11.1	2.3	0.89	0.9	1.15	0.72	-4.48	3.92	0.5	1.68	5.89	-7.33
EBITDA to Interest Expense	4.32	4.17	5.19	4.73	7.59	6.63	5.72	6.32	7.79	6.46	9.66	9.95	6.73	5.3	2.35
EBITDA-CapEx/Interest Expense	1.95	1.09	4.24	1.66	6.87	6.02	5.3	5.35	7.04	6.03	7.4	9.47	1.09	0.01	-2.5
EBIT to Interest Expense	1.67	1.34	1.62	0.97	2.6	2.93	2.25	2.14	2.17	-0.13	2.96	4.02	2.09	1.19	-1.28
Interest Expense	2	2	2	2	1	2	2	2	1	1	1	1	1	1	2
Common Equity/Total Assets	20.63	20.98	21.01	23.57	26.6	25.65	30.23	32.36	35.9	28.06	27.4	31.35	29.88	27.54	27.08
Long-Term Debt/Equity (%)	142.96	143.21	135.23	79.44	63.99	73.45	53.1	43.93	34.45	29.58	60.57	47.86	42.01	62.75	15.27
Long-Term Debt/Capital (%)	56.28	55.98	53.5	36.9	37.86	41.36	33.94	30.5	26.37	22.54	42.84	38.21	30.94	42.2	10.24
Long-Term Debt/Total Assets (%)	48.28	48.5	45.34	30.77	29.78	32.94	27.28	23.72	20.37	16.02	32.32	27.9	22.92	31.3	7.62
Total Debt/Equity (%)	173.22	174.12	171.69	136.36	91.81	99.5	77.44	64.95	51.78	60.9	72.09	55.86	67.14	77.36	81.65
Total Debt/Capital (%)	68.19	68.06	67.92	63.34	54.31	56.02	49.5	45.09	39.64	46.42	50.99	44.6	49.43	52.02	54.76
Total Debt/Total Assets (%)	58.5	58.96	57.57	52.81	42.72	44.62	39.78	35.07	30.63	32.99	38.46	32.57	36.63	38.59	40.75
Net Debt to Equity	81.99	99.7	93.43	70.02	29.34	16.34	13.07	12.91	6.45	2.69	35.48	6.36	14.83	34.89	53.34
Net Debt/Capital (%)	33.63	39.96	38.16	33.14	18.31	9.78	8.75	9.26	5.11	2.35	32.92	8.24	17.71	31.16	39.04
EBITDA	10	9	9	8	9	11	11	10	10	7	7	8	7	8	4
EBITDA-CapEx	5	2	8	3	9	10	10	9	9	6	5	8	1	- -	-4
Operating Income (Loss)	4	3	3	2	3	5	4	3	3	- -	2	3	2	2	-2

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	0.26	1.09	0.16	0.07	0.25	0.33	0.24	0.15	0.17	0.32	1.38	2.38	1.27	1.06	0.15
Current Ratio	1.77	0.72	0.65	0.88	0.69	0.91	0.99	1.05	1.31	0.88	2.56	3.62	1.9	2.52	0.76
Quick Ratio	0.74	1.52	0.56	0.27	0.62	0.83	0.82	0.88	1.03	0.69	2.2	3.18	1.72	2.28	0.71
CFO/Avg Current Liab	0.79	0.7	0.75	0.48	0.69	0.96	0.89	0.87	0.91	0.95	0.69	1.31	0.72	0.02	0.18
Common Equity/Total Assets	20.63	20.98	21.01	23.57	26.6	25.65	30.23	32.36	35.9	28.06	27.4	31.35	29.88	27.54	27.08
Long-Term Debt/Equity (%)	142.96	143.21	135.23	79.44	63.99	73.45	53.1	43.93	34.45	29.58	60.57	47.86	42.01	62.75	15.27
Long-Term Debt/Capital (%)	56.28	55.98	53.5	36.9	37.86	41.36	33.94	30.5	26.37	22.54	42.84	38.21	30.94	42.2	10.24
Long-Term Debt/Total Assets (%)	48.28	48.5	45.34	30.77	29.78	32.94	27.28	23.72	20.37	16.02	32.32	27.9	22.92	31.3	7.62
Total Debt/Equity (%)	173.22	174.12	171.69	136.36	91.81	99.5	77.44	64.95	51.78	60.9	72.09	55.86	67.14	77.36	81.65
Total Debt/Capital (%)	68.19	68.06	67.92	63.34	54.31	56.02	49.5	45.09	39.64	46.42	50.99	44.6	49.43	52.02	54.76
Total Debt/Total Assets (%)	58.5	58.96	57.57	52.81	42.72	44.62	39.78	35.07	30.63	32.99	38.46	32.57	36.63	38.59	40.75
CFO/Total Liabilities	13.88	14.16	16.94	16.37	29.54	25.07	27.76	30.48	36.62	48.72	29.57	39.47	26.13	0.55	11.15
CFO/CapEx	1.22	1.04	4.72	1.3	9.5	8.04	9.78	5.11	8.13	21.42	3.74	18.65	0.91	0.02	0.41
Altman's Z-Score	0.87	0.6	0.59	0.59	0.75	1.01	1.07	1.05	1.23	0.83	1.3	1.8	1.39	1.45	0.68

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	5.33	4.1	4.27	4	5.31	5.25	4.3	3.75	3.32	3.19	4.14	4.93	5.24	3.55	2.54
Days Sales Outstanding	68.45	88.96	85.4	91.32	68.71	69.52	84.96	97.4	109.79	114.56	88.14	74.05	69.7	102.73	143.83
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	46.26	37.4	25.49	20.42	24.71	28.54	32.13	30.8	27.59	21.57	21.78	41.47	43.97	20.41	21.22
Accounts Payable Turnover Days	7.89	9.76	14.32	17.88	14.77	12.79	11.36	11.85	13.23	16.92	16.76	8.8	8.3	17.88	17.2
Cash Conversion Cycle	60.56	79.2	71.07	73.44	53.93	56.73	73.6	85.55	96.56	97.64	71.39	65.25	61.39	84.85	126.63
Inventory to Cash Days	68.45	88.96	85.4	91.32	68.71	69.52	84.96	97.4	109.79	114.56	88.14	74.05	69.7	102.73	143.83
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	12	13	12	14	10	18	15	14	14	14	15	18	15	21	14
- Cash & Cash Equivalents	3	2	2	1	2	3	2	1	1	4	8	12	14	11	3
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	5	5	4	5	5	6	6	6	6	4	4	4	4	5	4
+ Total Debt	44	43	41	36	23	27	23	20	16	14	17	14	18	23	23
Enterprise Value	58	50	56	53	36	48	42	38	35	29	29	24	23	38	37
Total Capital	64	64	61	56	43	48	47	45	42	31	34	32	36	45	41
Total Debt/Capital (%)	68.19	68.06	67.92	63.34	54.31	56.02	49.5	45.09	39.64	46.42	50.99	44.6	49.43	52.02	54.76
Total Debt / EV	0.75	0.86	0.74	0.67	0.64	0.56	0.55	0.53	0.47	0.5	0.6	0.59	0.78	0.61	0.61
EV/Sales	2.62	2.94	3.19	3.46	2.17	2.58	2.16	1.94	1.71	1.6	1.65	1.24	1.07	1.33	1.31
EV/EBITDA	5.69	5.58	6.02	6.65	3.82	4.26	3.83	3.7	3.43	4.18	4.05	3.05	3.04	4.75	9.94
EV/EBIT	14.72	17.38	19.24	32.39	11.17	9.65	9.71	10.94	12.33	- -	13.21	7.55	9.79	21.24	- -
EV/Cash Flow to Firm	6.53	5.72	3.72	5.95	2.65	5.03	3.85	4.09	3.81	2.69	4.27	3.16	3.7	18.67	8.3
EV/Free Cash Flow to Firm	4.01	3.26	3.34	3.76	2.48	4.53	3.59	3.5	3.44	2.58	3.42	3.01	1.83	3.79	3.05
Diluted Market Cap	12	13	12	14	10	18	15	14	14	14	15	18	15	21	14
Diluted Enterprise Value	58	59	56	53	36	48	42	39	35	29	29	24	23	38	37
EV per Share	12.64	10.88	12.6	10.66	6.62	8.81	7.23	6.72	5.96	4.62	4.48	3.88	3.58	5.81	5.56
TTM Sales	22	17	18	15	17	19	20	20	21	18	18	20	21	28	28
TTM EBITDA	10	9	9	8	9	11	11	10	10	7	7	8	7	8	4
TTM Operating Income	4	3	3	2	3	5	4	3	3	- -	2	3	2	2	-2
TTM Cash Flow to Firm	9	9	15	9	14	10	11	9	9	11	7	8	6	2	4
TTM Free Cash Flow to Firm	15	15	17	14	14	11	12	11	10	11	8	8	12	10	12

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	0.99	0.93	1.26	1.17	1.06	1.95	1.75	1.49	1.6	1.35	1.93	2.42	1.27	2.64	1.3
EV/EBIT	14.72	17.38	19.24	32.39	11.17	9.65	9.71	10.94	12.33	- -	13.21	7.55	9.79	21.24	- -
Enterprise Value	58	50	56	53	36	48	42	38	35	29	29	24	23	38	37
Low Price	2.3	2.3	1.52	1.98	1.5	1.51	2.45	2.19	2.3	1.16	2.03	2.08	2.16	2.37	2.01
EV/Sales	2.62	2.94	3.19	3.46	2.17	2.58	2.16	1.94	1.71	1.6	1.65	1.24	1.07	1.33	1.31
EV/EBITDA	5.69	5.58	6.02	6.65	3.82	4.26	3.83	3.7	3.43	4.18	4.05	3.05	3.04	4.75	9.94
Price/Earnings	24.23	331.12	- -	- -	- -	19.71	7.87	13.22	21.92	- -	79	13.89	24.81	9.48	- -
Price/Earnings Average	27.68	357.63	-33.58	-13.98	-8.25	14.17	10.9	15.49	23.95	-1.74	90.26	11.76	28.23	9.03	-10.93
Price/Earnings High	34.14	430.58	-49.43	-18	-10.89	20.59	15.15	21.94	29.64	-3.14	168	14.7	39.09	13.67	-13.89
Price/Earnings Low	20.94	278.97	-21.71	-10.43	-5.36	8.88	7.42	12.17	20.66	-1.02	67.67	9.86	22.52	7.04	-8.56
Price/Book Value	0.8	0.82	0.82	0.88	0.69	1.18	0.86	0.73	0.75	1.12	1.23	1.34	1.05	1.25	0.93
Price/Book Value Average	0.91	0.88	0.7	0.84	0.87	0.85	1.19	0.85	0.82	1	1.41	1.13	1.2	1.19	1.13
Price/Book Value High	1.12	1.06	1.02	1.08	1.15	1.23	1.66	1.21	1.01	1.81	2.62	1.42	1.66	1.8	1.44
Price/Book Value Low	0.69	0.69	0.45	0.62	0.57	0.53	0.81	0.67	0.71	0.59	1.05	0.95	0.95	0.93	0.89
Price/Tangible Book Value	0.49	0.51	0.51	0.54	0.4	0.67	0.51	0.44	0.45	0.62	0.67	0.76	0.61	0.72	0.53
Price/Tangible Book Value Average	0.56	0.55	0.44	0.51	0.5	0.49	0.7	0.51	0.5	0.55	0.76	0.64	0.69	0.69	0.64
Price/Tangible Book Value High	0.69	0.66	0.64	0.66	0.66	0.7	0.97	0.72	0.61	0.99	1.42	0.8	0.96	1.04	0.82
Price/Tangible Book Value Low	0.42	0.43	0.28	0.38	0.32	0.3	0.48	0.4	0.43	0.32	0.57	0.54	0.55	0.54	0.5
Price/Sales	0.55	0.74	0.7	0.91	0.6	0.98	0.77	0.69	0.7	0.77	0.87	0.93	0.71	0.73	0.5
Price/Sales Average	0.63	0.8	0.6	0.86	0.76	0.7	1.07	0.8	0.77	0.69	0.99	0.79	0.81	0.7	0.6
Price/Sales High	0.78	0.96	0.88	1.11	1	1.02	1.49	1.14	0.95	1.24	1.85	0.99	1.12	1.05	0.77
Price/Sales Low	0.48	0.62	0.39	0.64	0.49	0.44	0.73	0.63	0.66	0.4	0.74	0.66	0.64	0.54	0.47
Price/Cash Flow	1.79	1.83	1.53	2.08	1.17	2.19	1.93	1.68	1.79	1.41	2.45	2.55	2.65	124.1	4.51
Price/Cash Flow Average	2.04	1.98	1.3	1.96	1.47	1.57	2.67	1.97	1.96	1.26	2.79	2.16	3.01	118.17	5.48
Price/Cash Flow High	2.52	2.38	1.91	2.53	1.94	2.29	3.71	2.78	2.43	2.27	5.2	2.7	4.17	178.96	6.96
Price/Cash Flow Low	1.55	1.54	0.84	1.47	0.95	0.99	1.82	1.54	1.69	0.74	2.09	1.81	2.4	92.2	4.29
Price/Free Cash Flow Average	1.13	1.01	1.07	1.11	1.33	1.4	2.42	1.74	1.75	1.21	2.21	2.05	1.44	2.51	1.58
Price/Free Cash Flow High	1.39	1.21	1.58	1.43	1.75	2.03	3.37	2.47	2.17	2.17	4.1	2.56	2	3.8	2.01
Price/Free Cash Flow Low	0.85	0.79	0.69	0.83	0.86	0.88	1.65	1.37	1.51	0.7	1.65	1.72	1.15	1.96	1.24
EV/Sales Average	2.7	3.53	3.09	3.41	2.33	2.3	2.45	2.05	1.78	1.52	1.77	1.09	1.16	1.3	1.42
EV/Sales High	2.85	3.69	3.37	3.66	2.57	2.62	2.87	2.39	1.96	2.07	2.62	1.29	1.47	1.66	1.58
EV/Sales Low	2.55	3.35	2.88	3.2	2.06	2.04	2.11	1.88	1.67	1.23	1.52	0.97	1	1.14	1.29
EV/EBITDA Average	5.87	6.7	5.82	6.55	4.09	3.8	4.36	3.93	3.56	3.97	4.35	2.69	3.32	4.63	10.75
EV/EBITDA High	6.19	7.01	6.35	7.03	4.52	4.33	5.1	4.57	3.93	5.41	6.46	3.18	4.2	5.9	11.99
EV/EBITDA Low	5.53	6.37	5.42	6.13	3.63	3.37	3.75	3.6	3.35	3.22	3.74	2.38	2.85	4.08	9.76
EV/EBIT Average	15.17	20.85	18.6	31.92	11.96	8.62	11.06	11.6	12.8	-190.99	14.21	6.67	10.69	20.69	-19.75
EV/EBIT High	15.99	21.81	20.3	34.24	13.21	9.81	12.94	13.49	14.11	-260.2	21.08	7.88	13.54	26.4	-22.03
EV/EBIT Low	14.3	19.82	17.34	29.87	10.6	7.63	9.52	10.63	12.04	-154.85	12.21	5.89	9.19	18.25	-17.93
Last Price	2.66	2.73	2.77	2.81	1.84	3.35	2.6	2.38	2.44	2.22	2.37	2.93	2.38	3.19	2.11
High Price	3.75	3.55	3.46	3.42	3.05	3.5	5	3.95	3.3	3.58	5.04	3.1	3.75	4.6	3.26
Enterprise Value Average	60	60	54	53	39	43	48	41	37	27	31	22	25	37	40
Enterprise Value High	63	63	59	56	43	49	56	47	40	37	46	26	31	47	44
Enterprise Value Low	57	57	51	49	34	38	41	37	34	22	27	19	21	32	36

	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	5	5	5	5	5	5	6	6	6	6	6	6	6	6	7
Diluted Weighted Avg Shares	5	5	4	5	5	5	6	6	6	6	6	6	6	7	7
Basic Weighted Avg Shares	5	5	4	5	5	5	6	6	6	6	6	6	6	6	7
Revenue per Share	4.82	3.7	3.95	3.08	3.04	3.42	3.36	3.47	3.48	2.89	2.73	3.14	3.35	4.36	4.24
EBITDA per Share	2.22	1.95	2.09	1.6	1.73	2.07	1.89	1.81	1.74	1.1	1.11	1.27	1.18	1.22	0.56
Operating Income per Share	0.86	0.63	0.65	0.33	0.59	0.91	0.74	0.61	0.48	-0.02	0.34	0.51	0.37	0.27	-0.3
Basic EPS, GAAP	0.11	0.01	-0.07	-0.19	-0.28	0.17	0.33	0.18	0.11	-1.14	0.03	0.21	0.1	0.34	-0.23
Basic EPS from Cont Ops	0.32	0.18	-0.03	-0.11	-0.11	0.41	0.5	0.29	0.24	-1.25	0.1	0.25	0.04	0.24	-0.41
Diluted EPS, GAAP	0.11	0.01	-0.07	-0.19	-0.28	0.17	0.33	0.17	0.11	-1.14	0.03	0.21	0.1	0.33	-0.23
Diluted EPS from Cont Ops	0.32	0.18	-0.03	-0.11	-0.11	0.41	0.5	0.27	0.24	-1.25	0.1	0.25	0.04	0.23	-0.41
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.49	1.49	1.81	1.35	1.57	1.53	1.35	1.42	1.36	1.58	0.97	1.15	0.9	0.03	0.47
Free Cash Flow per Basic Share	0.27	0.05	1.43	0.31	1.41	1.34	1.21	1.14	1.19	1.5	0.71	1.09	-0.09	-1.2	-0.69
Cash & Equivalents per Share	0.56	2.29	0.43	0.21	0.41	0.52	0.37	0.25	0.24	0.64	1.26	1.96	2.15	1.7	0.52
Book Value per Share	3.34	3.34	3.38	3.18	2.65	2.84	3.02	3.27	3.26	1.98	1.93	2.19	2.26	2.55	2.27
Tangible Book Value per Share	5.46	5.39	5.4	5.22	4.63	4.97	5.13	5.46	5.37	3.61	3.54	3.86	3.92	4.41	3.98

American Shared Hospital Services

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)