Aquestive Therapeutics, Inc. Financial Ratios — AQST Stock

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-21.68	-94.45	-80.14	-78.92	-112.97	-91.4	-13.75	-55.57	-63.99
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	68.37	70.38	68.87	61.3	71.72	70.51	59.34	58.82	68.95	58.35
EBITDA Margin (%)	5.88	5.51	-67.78	-94.59	-86.04	-62.39	-83.22	-27.2	-52.21	-158.27
Operating Margin (%)	-1.64	-0.17	-72.58	-100.11	-93.55	-68.22	-88.23	-29.86	-53.46	-159.5
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-18.54	-13.36	-91.02	-125.92	-121.67	-138.77	-114.11	-15.07	-76.7	-188.09
Profit Margin (%)	-18.54	-13.36	-91.02	-125.92	-121.67	-138.77	-114.11	-15.56	-76.68	-188.09
Net Income to Common Margin (%)	-23.06	-17.07	-91.02	-125.92	-121.67	-138.77	-114.11	-15.56	-76.68	-188.09
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	19.61	21.71	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	39	46	47	60	40	56	57	33	38	42
ST Debt	- -	- -	5	- -	3	3	19	- -	1	11
LT Debt	39	46	43	60	37	53	39	33	37	32
Total Debt/EBITDA	12.7	12.34	-1.03	-1.21	-1.03	-1.78	-1.45	-2.42	-1.26	-0.6
Net Debt/EBITDA	9.67	7.63	0.29	-0.22	-0.13	-0.81	-0.63	-0.27	1.3	1.19
Total Debt/EBIT	-45.63	-402.72	-0.96	-1.15	-0.94	-1.63	-1.37	-2.21	-1.24	-0.6
Net Debt/EBIT	-34.76	-248.92	0.27	-0.21	-0.12	-0.74	-0.59	-0.24	1.27	1.18
EBITDA to Interest Expense	0.5	0.48	-5.93	-5.34	-3.03	-1.41	-3.19	-1.84	-1.79	-4.12
EBITDA-CapEx/Interest Expense	0.5	0.48	-5.93	-5.34	-3.03	-1.41	-3.31	-1.84	-1.79	-4.12
EBIT to Interest Expense	-0.14	-0.01	-6.35	-5.65	-3.29	-1.54	-3.38	-2.02	-1.83	-4.16
Interest Expense	6	8	8	9	13	22	12	7	17	17
Common Equity/Total Assets	-275.89	-278.53	-70.64	-166.21	-296.14	-414.17	-545.21	-555.59	-358.02	-278.56
Long-Term Debt/Equity (%)	- -	- -	422.65	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	461.71	724.06	-301.12	-86.07	-25.51	-26.7	-15.19	-11.52	-11.52	-7.88
Long-Term Debt/Total Assets (%)	98.12	105.55	49.05	76.88	59.12	86.3	67.52	57.31	36.94	19.86
Total Debt/Equity (%)	-219.9	-171.76	468.28	-985.59	-83.46	-68.69	-48.49	-31.29	-63.18	-126.2
Total Debt/Capital (%)	461.71	724.06	-333.64	-86.07	-27.77	-28.16	-22.66	-11.66	-11.69	-10.5
Total Debt/Total Assets (%)	98.12	105.55	54.35	76.88	64.37	91.01	100.73	58.03	37.47	26.48
Net Debt to Equity	-167.51	-106.16	-132.9	-179.88	-10.51	-31.11	-20.98	-3.44	64.86	248.52
Net Debt/Capital (%)	-3,513.25	-253.54	17.92	-9.22	-2.87	-11.19	-8.85	-1.18	9.84	15.92
EBITDA	3	4	-46	-50	-39	-32	-40	-14	-30	-71
EBITDA-CapEx	3	4	-46	-50	-39	-32	-41	-14	-30	-71
Operating Income (Loss)	-1	- -	-49	-53	-43	-35	-42	-15	-31	-71

Liquidity (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.85	1.13	1.84	2.66	1.51	1.28	0.69	1.3	3.79	2.55
Current Ratio	2.16	1.83	2.25	3.68	2.11	2.15	1.01	2.24	4.68	3.14
Quick Ratio	1.85	1.53	2.04	3.37	1.84	1.83	0.81	1.77	4.18	2.92
CFO/Avg Current Liab	- -	0.45	-0.54	-2.34	-2.29	-1.53	-0.32	-0.22	-1.92	-1.58
Common Equity/Total Assets	-275.89	-278.53	-70.64	-166.21	-296.14	-414.17	-545.21	-555.59	-358.02	-278.56
Long-Term Debt/Equity (%)	- -	- -	422.65	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	461.71	724.06	-301.12	-86.07	-25.51	-26.7	-15.19	-11.52	-11.52	-7.88
Long-Term Debt/Total Assets (%)	98.12	105.55	49.05	76.88	59.12	86.3	67.52	57.31	36.94	19.86
Total Debt/Equity (%)	-219.9	-171.76	468.28	-985.59	-83.46	-68.69	-48.49	-31.29	-63.18	-126.2
Total Debt/Capital (%)	461.71	724.06	-333.64	-86.07	-27.77	-28.16	-22.66	-11.66	-11.69	-10.5
Total Debt/Total Assets (%)	98.12	105.55	54.35	76.88	64.37	91.01	100.73	58.03	37.47	26.48
CFO/Total Liabilities	-14.35	8.37	-16.92	-71.17	-40.81	-22.88	-5.59	-3.89	-22.13	-27.01
CFO/CapEx	- -	- -	- -	- -	- -	- -	-6.55	- -	- -	- -
Altman's Z-Score	-2.25	-2.01	-0.49	-2.07	-4.26	-5.72	-9.31	-7.01	-3.48	-2.19

Working Capital (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	7.99	10.66	6.72	6.83	7.26	7.36	11.44	10.98	6.89
Days Sales Outstanding	- -	45.7	34.25	54.28	53.43	50.29	49.58	31.91	33.26	52.98
Inventory Turnover	- -	5.74	4.44	4.91	4.87	4.61	3.95	3.32	2.79	3.04
Days Inventory Outstanding	- -	63.53	82.22	74.39	74.89	79.13	92.43	109.94	130.84	120.12
Accounts Payable Turnover	- -	2.58	1.49	1.09	1.3	2.15	2.31	2.31	1.78	0.93
Accounts Payable Turnover Days	- -	141.47	244.56	335.77	281.21	169.69	157.73	157.84	204.49	392.25
Cash Conversion Cycle	- -	-32.24	-128.1	-207.1	-152.89	-40.27	-15.72	-15.99	-40.39	-219.14
Inventory to Cash Days	- -	-17.83	-47.97	-20.12	-21.46	-28.84	-42.85	-78.03	-97.58	-67.14
Inventories	3	4	5	3	2	4	6	7	6	6
Raw Materials	1	1	1	1	1	1	2	2	3	3
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	1	1	1	1	1	1	1	2	1	1
Other Inventory	1	2	3	1	1	1	3	3	2	2

Enterprise Value (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	131	148	180	148	44	124	309	691
- Cash & Cash Equivalents	9	17	61	49	32	28	27	24	72	121
+ Preferred Equity and Hybrid Capital	78	81	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	39	46	47	60	40	56	57	33	38	42
Enterprise Value	108	109	117	159	189	177	74	133	275	612
Total Capital	8	6	-14	-70	-146	-200	-254	-286	-325	-404
Total Debt/Capital (%)	461.71	724.06	-333.64	-86.07	-27.77	-28.16	-22.66	-11.66	-11.69	-10.5
Total Debt / EV	0.36	0.42	0.4	0.38	0.21	0.32	0.77	0.25	0.14	0.07
EV/Sales	2.08	1.63	1.74	3.01	4.12	3.47	1.56	2.63	4.78	13.74
EV/EBITDA	35.42	29.56	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	8.06	- -	- -	- -	- -	28.27	100.76	- -	- -
EV/Free Cash Flow to Firm	- -	8.06	- -	- -	- -	- -	17.99	100.76	- -	- -
Diluted Market Cap	- -	- -	131	148	180	148	44	124	309	691
Diluted Enterprise Value	108	109	117	159	189	177	74	133	275	612
EV per Share	4.4	5.45	5.65	6.25	5.61	4.64	1.52	2.17	3.17	5.72
TTM Sales	52	67	67	53	46	51	48	51	58	45
TTM EBITDA	3	4	-46	-50	-39	-32	-40	-14	-30	-71
TTM Operating Income	-1	- -	-49	-53	-43	-35	-42	-15	-31	-71
TTM Cash Flow to Firm	-2	14	-5	-51	-32	-11	3	1	-19	-35
TTM Free Cash Flow to Firm	-2	14	-5	-51	-32	-11	4	1	-19	-35

Multiples (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	-10.05	-2.45	-3.96	-4.49	-5.28	-19.39	-8.63	-13.17
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	108	109	117	159	189	177	74	133	275	612
Low Price	- -	- -	5.8	2.95	1.41	3.1	0.62	0.72	1.95	2.12
EV/Sales	2.08	1.63	1.74	3.01	4.12	3.47	1.56	2.63	4.78	13.74
EV/EBITDA	35.42	29.56	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	-4.82	-2.01	-3.17	-2.46	-1.41	-12	-7.47	-5.28
Price/Earnings High	- -	- -	-6.99	-3.83	-5.71	-3.78	-3.84	-20.94	-12.24	-9.64
Price/Earnings Low	- -	- -	-1.96	-1.13	-0.85	-1.67	-0.55	-5.6	-3.83	-2.71
Price/Book Value	- -	- -	-2.13	-1.13	-0.97	-0.58	-0.14	-0.39	-0.85	-1.55
Price/Book Value Average	- -	- -	-4.82	-1.02	-0.95	-0.68	-0.25	-0.3	-0.91	-0.99
Price/Book Value High	- -	- -	-6.99	-1.94	-1.71	-1.04	-0.67	-0.52	-1.49	-1.81
Price/Book Value Low	- -	- -	-1.96	-0.57	-0.25	-0.46	-0.1	-0.14	-0.47	-0.51
Price/Tangible Book Value	- -	- -	13.22	-23.52	-3.7	-1.8	-0.37	-1.15	-5.13	-20.52
Price/Tangible Book Value Average	- -	- -	29.95	-21.21	-3.63	-2.11	-0.64	-0.88	-5.48	-13.15
Price/Tangible Book Value High	- -	- -	43.43	-40.41	-6.55	-3.24	-1.74	-1.53	-8.98	-23.98
Price/Tangible Book Value Low	- -	- -	12.17	-11.92	-0.98	-1.44	-0.25	-0.41	-2.81	-6.73
Price/Sales	- -	- -	1.94	2.81	3.93	2.91	0.92	2.45	5.36	15.51
Price/Sales Average	- -	- -	4.39	2.53	3.85	3.41	1.61	1.87	5.73	9.94
Price/Sales High	- -	- -	6.36	4.82	6.95	5.24	4.38	3.26	9.39	18.12
Price/Sales Low	- -	- -	1.78	1.42	1.03	2.32	0.63	0.87	2.94	5.09
Price/Cash Flow	- -	- -	-10.05	-2.45	-3.96	-4.49	-4.48	-19.39	-8.63	-13.17
Price/Cash Flow Average	- -	- -	-22.77	-2.21	-3.88	-5.26	-7.81	-14.81	-9.22	-8.44
Price/Cash Flow High	- -	- -	-33.02	-4.21	-7.01	-8.08	-21.29	-25.83	-15.11	-15.4
Price/Cash Flow Low	- -	- -	-9.25	-1.24	-1.04	-3.58	-3.07	-6.91	-4.73	-4.32
Price/Free Cash Flow Average	- -	- -	-22.77	-2.21	-3.88	-5.26	-9.22	-14.81	-9.22	-8.44
Price/Free Cash Flow High	- -	- -	-33.02	-4.21	-7.01	-8.08	-25.13	-25.83	-15.11	-15.4
Price/Free Cash Flow Low	- -	- -	-9.25	-1.24	-1.04	-3.58	-3.62	-6.91	-4.73	-4.32
EV/Sales Average	2.08	1.63	4.19	2.74	4.04	3.97	2.24	2.05	5.14	8.17
EV/Sales High	2.08	1.63	6.16	5.03	7.14	5.8	5.02	3.44	8.8	16.36
EV/Sales Low	2.08	1.63	1.58	1.63	1.22	2.88	1.27	1.06	2.36	3.32
EV/EBITDA Average	35.42	29.56	-6.18	-2.9	-4.7	-6.37	-2.69	-7.55	-9.85	-5.16
EV/EBITDA High	35.42	29.56	-9.09	-5.32	-8.29	-9.3	-6.03	-12.66	-16.86	-10.33
EV/EBITDA Low	35.42	29.56	-2.34	-1.72	-1.42	-4.62	-1.52	-3.89	-4.51	-2.1
EV/EBIT Average	-127.31	-964.59	-5.77	-2.74	-4.32	-5.82	-2.54	-6.88	-9.62	-5.12
EV/EBIT High	-127.31	-964.59	-8.49	-5.02	-7.63	-8.5	-5.69	-11.54	-16.47	-10.25
EV/EBIT Low	-127.31	-964.59	-2.18	-1.63	-1.31	-4.22	-1.43	-3.55	-4.41	-2.08
Last Price	- -	- -	6.3	5.82	5.35	3.89	0.9	2.02	3.56	6.46
High Price	- -	- -	20.7	10	9.46	7	4.29	2.69	6.23	7.55
Enterprise Value Average	108	109	282	144	185	202	107	104	296	364
Enterprise Value High	108	109	416	265	327	295	239	174	507	729
Enterprise Value Low	108	109	107	86	56	146	60	54	136	148

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	24	24	25	34	35	41	55	69	91	122
Diluted Weighted Avg Shares	24	20	21	25	34	38	49	61	87	107
Basic Weighted Avg Shares	24	20	21	25	34	38	49	61	87	107
Revenue per Share	2.11	3.35	3.25	2.07	1.36	1.33	0.98	0.83	0.66	0.42
EBITDA per Share	0.12	0.18	-2.21	-1.96	-1.17	-0.83	-0.81	-0.22	-0.35	-0.66
Operating Income per Share	-0.03	-0.01	-2.36	-2.08	-1.27	-0.91	-0.86	-0.25	-0.35	-0.66
Basic EPS, GAAP	-0.49	-0.57	-2.96	-2.61	-1.66	-1.85	-1.12	-0.13	-0.51	-0.78
Basic EPS from Cont Ops	-0.39	-0.45	-2.96	-2.61	-1.66	-1.85	-1.12	-0.13	-0.51	-0.78
Diluted EPS, GAAP	-0.49	-0.57	-2.96	-2.61	-1.66	-1.85	-1.12	-0.13	-0.51	-0.78
Diluted EPS from Cont Ops	-0.39	-0.45	-2.96	-2.61	-1.66	-1.85	-1.12	-0.13	-0.51	-0.78
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.33	0.29	-0.63	-2.37	-1.35	-0.87	-0.2	-0.1	-0.41	-0.49
Free Cash Flow per Basic Share	-0.33	0.29	-0.63	-2.37	-1.35	-0.87	-0.23	-0.1	-0.41	-0.49
Cash & Equivalents per Share	0.38	0.87	2.92	1.95	0.95	0.74	0.56	0.39	0.82	1.13
Book Value per Share	-4.44	-6	-2.96	-5.14	-5.53	-6.74	-6.38	-5.21	-4.19	-4.18
Tangible Book Value per Share	-3.93	-5.38	0.48	-0.25	-1.44	-2.16	-2.46	-1.76	-0.69	-0.31

Aquestive Therapeutics, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)