Aqua Metals, Inc. Financial Ratios — AQMS Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-46.45	-22.82	-36.42	-55.21	-63.62	-49.26	-53.19	-46.22	-71.35	-81.9	-98.31
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	- -	- -	-356.94	-411.6	-408.8	-4,970.37	-3,956.07	-98,875	-25,028	- -	- -
EBITDA Margin (%)	- -	- -	- -	-927.97	-755.79	-753.24	-12,020.37	-9,332.37	-363,050	-73,460	- -	- -
Operating Margin (%)	- -	- -	- -	-1,075.05	-832.28	-836.97	-14,252.78	-10,095.38	-389,575	-78,544	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,524	- -
Pretax Margin (%)	- -	- -	- -	-1,272.89	-904.74	-919.02	-23,851.85	-10,515.03	-385,725	-95,752	- -	- -
Profit Margin (%)	- -	- -	- -	-1,272.99	-904.79	-919.06	-23,853.7	-10,516.18	-385,775	-95,752	- -	- -
Net Income to Common Margin (%)	- -	- -	- -	-1,272.99	-904.79	-919.06	-23,853.7	-10,516.18	-385,775	-95,752	- -	- -
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Total Debt	5	9	10	11	13	10	1	1	6	3	4	1
ST Debt	5	- -	- -	- -	5	1	1	- -	6	- -	4	- -
LT Debt	- -	9	10	10	9	9	1	- -	- -	3	- -	- -
Total Debt/EBITDA	- -	-1.76	-0.81	-0.55	-0.39	-0.28	-0.09	-0.04	-0.45	-0.18	-0.22	-0.05
Net Debt/EBITDA	- -	2.07	1.29	0.63	0.24	-0.03	0.48	0.5	0.08	0.74	0.03	0.83
Total Debt/EBIT	- -	-1.7	-0.76	-0.47	-0.36	-0.25	-0.08	-0.04	-0.42	-0.16	-0.21	-0.04
Net Debt/EBIT	- -	1.99	1.2	0.54	0.21	-0.03	0.4	0.47	0.08	0.69	0.03	0.76
EBITDA to Interest Expense	- -	-4.66	-19	-11	-9.75	-10.56	-8.01	-768.81	-116.18	-29.57	-33.96	-19.62
EBITDA-CapEx/Interest Expense	- -	-15.1	-64.94	-16.36	-10.83	-14.32	-10.09	-880.71	-154.34	-45.49	-55.14	-20.6
EBIT to Interest Expense	- -	-4.83	-20.28	-12.75	-10.74	-11.73	-9.5	-831.67	-124.66	-31.62	-36.18	-21.31
Interest Expense	- -	1	1	2	3	3	2	- -	- -	1	1	1
Common Equity/Total Assets	-40.68	-31.07	-39.49	-73.63	-133.19	-201.33	-471.25	-552.39	-594.59	-664.32	-939.76	-1,372.24
Long-Term Debt/Equity (%)	- -	27.39	16.75	17.25	17.39	18.68	1.75	1.2	1.31	11.21	2.75	1.9
Long-Term Debt/Capital (%)	- -	-170.02	-51.9	-22.99	-10.64	-7.14	-0.33	-0.18	-0.14	-1.33	-0.18	-0.1
Long-Term Debt/Total Assets (%)	- -	19.51	13.34	13.66	12.2	13.34	1.55	0.99	0.82	8.7	1.69	1.43
Total Debt/Equity (%)	-661.67	27.53	17.29	17.94	26.39	20.39	3.83	2.61	30.99	12.4	26.29	4.01
Total Debt/Capital (%)	187.07	-170.85	-53.57	-23.91	-16.15	-7.8	-0.73	-0.39	-3.36	-1.47	-1.75	-0.22
Total Debt/Total Assets (%)	87.4	19.6	13.77	14.21	18.52	14.56	3.4	2.16	19.35	9.62	16.2	3
Net Debt to Equity	-72.01	-32.3	-27.38	-20.72	-15.78	2.27	-19.91	-29.55	-5.66	-52.04	-3.34	-73.19
Net Debt/Capital (%)	-30.52	42.53	35.59	18.23	7.7	-0.82	3.63	4.26	0.59	5.74	0.22	3.85
EBITDA	- -	-5	-12	-19	-34	-37	-13	-16	-15	-18	-19	-13
EBITDA-CapEx	- -	-17	-41	-29	-37	-50	-16	-18	-19	-28	-32	-14
Operating Income (Loss)	- -	-5	-13	-22	-37	-41	-15	-17	-16	-20	-21	-14

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Cash Ratio	0.87	6.07	6.32	5.94	1.77	0.77	1.89	2	0.58	3.58	0.5	2.44
Current Ratio	0.87	9.63	6.79	6.7	1.93	2.8	2.42	3.05	1.89	3.97	0.57	3.03
Quick Ratio	0.87	6.07	6.32	6.18	1.83	2.58	1.9	2.29	1.84	3.73	0.51	2.91
CFO/Avg Current Liab	- -	-0.35	-3.03	-4.83	-3.37	-2.33	-1.66	-1.88	-1.24	-0.38	-2.13	-1.63
Common Equity/Total Assets	-40.68	-31.07	-39.49	-73.63	-133.19	-201.33	-471.25	-552.39	-594.59	-664.32	-939.76	-1,372.24
Long-Term Debt/Equity (%)	- -	27.39	16.75	17.25	17.39	18.68	1.75	1.2	1.31	11.21	2.75	1.9
Long-Term Debt/Capital (%)	- -	-170.02	-51.9	-22.99	-10.64	-7.14	-0.33	-0.18	-0.14	-1.33	-0.18	-0.1
Long-Term Debt/Total Assets (%)	- -	19.51	13.34	13.66	12.2	13.34	1.55	0.99	0.82	8.7	1.69	1.43
Total Debt/Equity (%)	-661.67	27.53	17.29	17.94	26.39	20.39	3.83	2.61	30.99	12.4	26.29	4.01
Total Debt/Capital (%)	187.07	-170.85	-53.57	-23.91	-16.15	-7.8	-0.73	-0.39	-3.36	-1.47	-1.75	-0.22
Total Debt/Total Assets (%)	87.4	19.6	13.77	14.21	18.52	14.56	3.4	2.16	19.35	9.62	16.2	3
CFO/Total Liabilities	- -	-10.84	-76.49	-122.78	-123.67	-126.74	-275.79	-123.12	-80.63	-42.37	-134.69	-207.72
CFO/CapEx	- -	-0.13	-0.38	-2.01	-7.13	-1.93	-3.28	-3.01	-2.13	-0.32	-1.12	-15.63
Altman's Z-Score	-0.86	1.88	7.49	- -	-1.64	-3.25	19.33	-0.34	-5.09	-5.15	-15.05	-20.26

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	4.73	5.54	10.06	0.78	1.15	0.03	0.63	- -	- -
Days Sales Outstanding	- -	- -	- -	77.09	65.92	36.28	466.39	317.53	12,820.62	576.7	- -	- -
Inventory Turnover	- -	- -	- -	14.7	22.72	24.53	4.66	11.56	19.75	10.41	12.23	9.73
Days Inventory Outstanding	- -	- -	- -	24.83	16.07	14.88	78.25	31.57	18.49	35.06	29.86	37.53
Accounts Payable Turnover	- -	- -	0.02	7.13	12.65	7.31	1.66	5.41	4.68	4.76	4.27	2.71
Accounts Payable Turnover Days	- -	- -	14,736.1	51.2	28.86	49.91	219.31	67.49	78.07	76.63	85.54	134.9
Cash Conversion Cycle	- -	- -	- -	50.71	53.13	1.25	325.33	281.61	12,761.04	535.14	- -	- -
Inventory to Cash Days	- -	- -	- -	52.26	49.85	21.4	388.14	285.95	12,802.14	541.64	- -	- -
Inventories	- -	- -	- -	1	1	1	1	- -	- -	1	- -	- -
Raw Materials	- -	- -	- -	1	1	1	1	- -	- -	1	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Market Capitalization	- -	45	200	43	62	39	183	86	95	71	16	7
- Cash & Cash Equivalents	5	20	25	23	21	8	7	8	7	17	4	11
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	5	9	10	11	13	10	1	1	6	3	4	1
Enterprise Value	1	34	185	31	54	42	177	79	94	58	16	-3
Total Capital	3	-5	-18	-44	-82	-130	-164	-183	-193	-220	-243	-270
Total Debt/Capital (%)	187.07	-170.85	-53.57	-23.91	-16.15	-7.8	-0.73	-0.39	-3.36	-1.47	-1.75	-0.22
Total Debt / EV	9.19	0.27	0.05	0.34	0.24	0.24	0.01	0.01	0.07	0.06	0.26	-0.19
EV/Sales	- -	- -	- -	14.85	12.25	8.62	1,641.16	454.82	23,540.69	2,323.97	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	2.97	9.78	- -	- -	- -	- -	- -	- -	7.95	- -	- -
Diluted Market Cap	- -	45	200	43	62	39	183	86	95	71	16	7
Diluted Enterprise Value	1	34	185	31	54	42	177	79	94	58	16	-3
EV per Share	- -	807.22	2,417.56	305.59	319.06	160.81	582.46	224.8	248.41	123.71	25.5	- -
TTM Sales	- -	- -	- -	2	4	5	- -	- -	- -	- -	- -	- -
TTM EBITDA	- -	-5	-12	-19	-34	-37	-13	-16	-15	-18	-19	-13
TTM Operating Income	- -	-5	-13	-22	-37	-41	-15	-17	-16	-20	-21	-14
TTM Cash Flow to Firm	- -	- -	-10	-17	-23	-22	-9	-7	-10	-3	-13	-10
TTM Free Cash Flow to Firm	- -	11	19	-8	-19	-9	-6	-5	-5	7	-1	-9

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	4.35	10.98	-4.52	-2.75	-3.26	-23.83	-18.27	-17.62	10.67	-10.98	-0.75
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	1	34	185	31	54	42	177	79	94	58	16	-3
Low Price	- -	900	900	368	284	82	66	240	100	134	13.3	3.37
EV/Sales	- -	- -	- -	14.85	12.25	8.62	1,641.16	454.82	23,540.69	2,323.97	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	-3.48	-9.98	-8.09	-2.2	-2.35	-2.22	-11.37	-4.62	-4.26	-1.82	-0.72
Price/Earnings High	- -	-4.46	-15.91	-17.37	-3.58	-5.05	-8.39	-31.01	-8.2	-6.93	-4.16	-2.6
Price/Earnings Low	- -	-3.07	-5.07	-1.4	-1.2	-0.48	-0.78	-4.62	-2.46	-2.63	-0.35	-0.22
Price/Book Value	- -	-3.05	-7.09	-0.79	-0.65	-0.28	-1.1	-0.47	-0.48	-0.32	-0.07	-0.03
Price/Book Value Average	- -	-2.92	-4.79	-3.93	-0.93	-0.75	-0.34	-1.13	-0.36	-0.46	-0.18	-0.06
Price/Book Value High	- -	-3.75	-7.64	-8.42	-1.52	-1.62	-1.3	-3.07	-0.64	-0.74	-0.41	-0.22
Price/Book Value Low	- -	-2.57	-2.43	-0.68	-0.51	-0.15	-0.12	-0.46	-0.19	-0.28	-0.03	-0.02
Price/Tangible Book Value	- -	1.37	3.58	0.75	1.27	0.81	6.02	3.2	4.63	2.77	1	0.49
Price/Tangible Book Value Average	- -	1.31	2.42	3.74	1.81	2.17	1.88	7.69	3.48	3.96	2.78	1.1
Price/Tangible Book Value High	- -	1.69	3.86	8.03	2.95	4.66	7.13	20.98	6.19	6.43	6.34	4.01
Price/Tangible Book Value Low	- -	1.16	1.23	0.65	0.99	0.44	0.66	3.12	1.85	2.44	0.53	0.34
Price/Sales	- -	- -	- -	20.7	13.97	8.1	1,690.59	497.7	23,690.94	2,855.53	- -	- -
Price/Sales Average	- -	- -	- -	103.04	19.89	21.61	528.7	1,195.65	17,818.23	4,080.21	- -	- -
Price/Sales High	- -	- -	- -	221.1	32.4	46.45	2,000.54	3,261.36	31,651.09	6,631.59	- -	- -
Price/Sales Low	- -	- -	- -	17.88	10.9	4.4	185.97	485.56	9,476.38	2,517.37	- -	- -
Price/Cash Flow	- -	-30.35	-18	-2.27	-2.36	-1.57	-16.55	-12.19	-9.34	-22.36	-1.19	-0.7
Price/Cash Flow Average	- -	-29.04	-12.16	-11.32	-3.36	-4.18	-5.18	-29.29	-7.02	-31.95	-3.28	-1.58
Price/Cash Flow High	- -	-37.3	-19.4	-24.3	-5.48	-8.99	-19.59	-79.89	-12.48	-51.92	-7.49	-5.74
Price/Cash Flow Low	- -	-25.62	-6.18	-1.97	-1.84	-0.85	-1.82	-11.89	-3.74	-19.71	-0.63	-0.49
Price/Free Cash Flow Average	- -	4.16	7.42	-22.49	-3.91	-8.7	-7.45	-43.9	-13.26	15.25	-30.34	-1.69
Price/Free Cash Flow High	- -	5.34	11.83	-48.25	-6.37	-18.71	-28.2	-119.74	-23.55	24.78	-69.25	-6.14
Price/Free Cash Flow Low	- -	3.67	3.77	-3.9	-2.14	-1.77	-2.62	-17.83	-7.05	9.41	-5.79	-0.52
EV/Sales Average	- -	- -	- -	97.19	18.17	22.13	479.27	1,152.77	17,667.98	3,548.65	- -	- -
EV/Sales High	- -	- -	- -	215.25	30.67	46.97	1,951.1	3,218.48	31,500.84	6,100.03	- -	- -
EV/Sales Low	- -	- -	- -	12.03	9.18	4.92	136.53	442.68	9,326.12	1,985.81	- -	- -
EV/EBITDA Average	- -	-6.09	-9.86	-10.47	-2.4	-2.94	-3.99	-12.35	-4.87	-4.83	-2.3	-0.46
EV/EBITDA High	- -	-8.41	-16.48	-23.2	-4.06	-6.24	-16.23	-34.49	-8.68	-8.3	-5.25	-3.72
EV/EBITDA Low	- -	-5.13	-4.37	-1.3	-1.21	-0.65	-1.14	-4.74	-2.57	-2.7	-0.45	0.4
EV/EBIT Average	- -	-5.87	-9.24	-9.04	-2.18	-2.64	-3.36	-11.42	-4.54	-4.52	-2.16	-0.42
EV/EBIT High	- -	-8.1	-15.44	-20.02	-3.69	-5.61	-13.69	-31.88	-8.09	-7.77	-4.92	-3.42
EV/EBIT Low	- -	-4.94	-4.1	-1.12	-1.1	-0.59	-0.96	-4.38	-2.39	-2.53	-0.42	0.36
Last Price	- -	1,066	2,622	426	364	151.1	600	246	250	152	25.2	4.8
High Price	- -	1,310	2,826	4,550	844	866.4	710	1,612	334	353	159	39.4
Enterprise Value Average	1	32	120	203	81	108	52	199	71	89	45	6
Enterprise Value High	1	44	200	449	136	229	211	557	126	153	102	49
Enterprise Value Low	1	27	53	25	41	24	15	77	37	50	9	-5

Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	3
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1
Revenue per Share	- -	- -	- -	20.58	26.05	18.65	0.35	0.49	0.01	0.05	- -	- -
EBITDA per Share	- -	-124.99	-159.07	-190.96	-196.9	-140.49	-42.66	-46.13	-38.31	-39.1	-30.36	-8.76
Operating Income per Share	- -	-129.72	-169.75	-221.23	-216.82	-156.11	-50.58	-49.9	-41.11	-41.81	-32.35	-9.51
Basic EPS, GAAP	- -	-293.47	-177.6	-261.96	-235.72	-171.42	-84.66	-51.98	-40.71	-50.97	-38.25	-15.15
Basic EPS from Cont Ops	- -	-293.47	-177.6	-261.96	-235.72	-171.42	-84.66	-51.98	-40.71	-50.97	-38.25	-15.15
Diluted EPS, GAAP	- -	-293.47	-177.6	-261.96	-235.72	-171.42	-84.66	-51.98	-40.71	-50.97	-38.25	-15.15
Diluted EPS from Cont Ops	- -	-293.47	-177.6	-261.96	-235.72	-171.42	-84.66	-51.98	-40.71	-50.97	-38.25	-15.15
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	-35.13	-145.68	-187.28	-154.11	-96.35	-36.24	-20.18	-26.77	-6.8	-21.23	-6.86
Free Cash Flow per Basic Share	- -	-315.53	-530.25	-280.25	-175.74	-146.38	-47.31	-26.89	-39.36	-27.84	-40.17	-7.3
Cash & Equivalents per Share	- -	479.31	333.5	224.64	122.34	28.99	21.47	23.25	18.68	35.18	6.35	7.23
Book Value per Share	- -	-349.61	-370	-540.24	-556.62	-535.1	-544.15	-525.06	-525.51	-475.26	-385.96	-180.94
Tangible Book Value per Share	- -	775.8	731.67	566.74	285.87	185.94	99.64	76.83	53.96	54.9	25.08	9.83

Aqua Metals, Inc.

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Per Share Data Items (USD)