American Railcar Industries, Inc. Financial Ratios — ARII

Profitability (USD)

	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Return on Common Equity (%)	321.62	- -	- -	- -	108.98	47.63	17.7	-33.37	6.23	63.19	53.31	43.56	42.87	19.01	30.99
Return on Assets (%)	0.55	0.69	4.72	11.59	7.5	4.7	2.3	-4.1	0.64	8.43	10.63	9.86	9.8	4.87	9.71
Return on Capital (%)	3.75	1.24	7.78	49.22	21.7	9.21	8.32	- -	4.37	19.82	22.99	19.64	16.99	8.56	- -
Return on Invested Capital (%)	2.17	1.06	7.11	17.09	9.49	6.31	2.6	- -	2.97	11.92	14.79	13.42	13.42	6.99	- -
Gross Margin (%)	6.24	4.03	8.56	10.94	12.76	10.44	11.19	3.27	11.13	20.84	23.8	27.19	28.96	25.38	24.64
EBITDA Margin (%)	4.44	2.88	5.51	10.43	10.95	9.75	10.78	2.54	10.57	20.41	23.8	27.85	30.63	28.48	28.97
Operating Margin (%)	1.5	1.12	4.39	8.75	8.84	7.16	5.25	-6.09	6.31	17.06	20.11	23.18	25.49	20.31	16.9
Incremental Operating Margin (%)	15.94	0.51	8.98	78.79	9.85	-3.44	9.24	- -	20.1	46.1	75.86	-108.11	36.31	38.71	30.34
Pretax Margin (%)	1.01	1.16	3.97	8.66	8.5	6.16	5.2	-15.28	1.58	14.87	18.56	22.46	23.7	17.87	13.89
Profit Margin (%)	0.49	0.54	2.43	5.45	5.34	3.88	3.65	-9.87	0.83	8.97	11.58	13.58	15.01	11.37	29.82
Net Income to Common Margin (%)	4.93	-3.19	0.25	5.36	5.34	3.88	3.65	-9.87	0.83	8.97	11.58	13.58	15.01	11.37	29.82
Effective Tax Rate (%)	51.68	53.28	38.78	37.09	37.23	36.96	29.82	- -	47.13	39.7	37.64	39.53	36.68	36.37	- -
Dvd Payout Ratio (%)	90.1	116.97	-873.5	38.24	6.85	8.14	12.4	- -	- -	8.36	24.57	34.32	24.91	42.67	21.48
Sustainable Growth Rate (%)	31.85	- -	- -	- -	101.52	43.75	15.5	-33.37	6.23	57.91	40.21	28.61	32.19	10.9	24.33

Credit (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Total Debt	50	159	59	- -	275	275	275	275	275	275	195	409	702	571	546
ST Debt	15	20	52	- -	- -	- -	- -	- -	- -	3	7	111	126	26	26
LT Debt	35	139	7	- -	275	275	275	275	275	272	188	298	576	545	520
Total Debt/EBITDA	5.18	15.55	1.77	- -	3.6	3.49	6.02	39.59	5.01	1.89	1.09	2	2.58	3.14	3.95
Net Debt/EBITDA	5.17	14.87	0.92	-0.61	-0.38	-0.21	-1.58	-6.3	-0.59	0.48	0.55	1.57	1.48	2.16	3.22
Total Debt/EBIT	15.35	40.05	2.22	- -	4.46	4.75	12.36	-16.52	8.4	2.26	1.29	2.41	3.1	4.4	6.77
Net Debt/EBIT	15.33	38.3	1.15	-0.72	-0.47	-0.29	-3.25	2.63	-0.98	0.58	0.65	1.89	1.78	3.02	5.53
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	2.18	0.33	2.71	8.18	24.34	26.78	12.5	7.98	6.32
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	1.46	0.04	0.95	7.05	21.34	24.15	10.82	6.97	6
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	1.06	-0.78	1.61	6.83	20.57	22.29	10.4	5.69	3.69
Interest Expense	- -	- -	- -	- -	- -	- -	21	21	20	18	7	8	22	23	22
Common Equity/Total Assets	3.4	-4.72	-5.71	4.97	7.87	11.81	14.21	10.3	10.2	16.08	23.71	21.9	23.62	27.68	34.93
Long-Term Debt/Equity (%)	608.8	102.59	6.63	- -	94.51	87.38	81.93	89.35	88.66	73.69	43.35	60.22	107.37	99.11	78.37
Long-Term Debt/Capital (%)	62.25	54.6	5.61	0.05	84.22	77.41	74.44	80.31	79.31	67.18	48.16	44.52	54.17	55.99	49.05
Long-Term Debt/Total Assets (%)	17.98	38.82	2.63	- -	42.02	40.46	41.39	42.03	39.08	33.62	22.78	25.02	37.63	37.45	35.29
Total Debt/Equity (%)	862.73	117.65	55.61	0.04	94.51	87.38	81.93	89.35	88.66	74.43	44.89	82.55	130.83	103.76	82.23
Total Debt/Capital (%)	88.22	62.62	47.08	0.57	84.22	77.41	74.44	80.31	79.31	67.86	49.87	61.03	66	58.62	51.46
Total Debt/Total Assets (%)	25.48	44.52	22.11	0.03	42.03	40.46	41.39	42.03	39.08	33.96	23.59	34.3	45.85	39.21	37.03
Net Debt to Equity	861.61	112.51	28.74	-16.32	-9.92	-5.33	-21.54	-14.22	-10.37	18.93	22.47	64.76	75.25	71.31	67.12
Net Debt/Capital (%)	88.2	61.56	31.5	170.36	-127.46	-26.45	-326.54	-184.91	-81.27	34.94	33.25	55.13	52.76	49.33	46.39
EBITDA	10	10	34	67	76	79	46	7	55	145	179	204	272	182	138
EBITDA-CapEx	7	-1	11	22	17	26	31	1	19	125	157	184	236	159	131
Operating Income (Loss)	3	4	27	57	62	58	22	-17	33	121	151	170	227	130	81

Liquidity (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Cash Ratio	- -	0.11	0.21	0.58	4.08	4.03	9.33	6.06	3.4	2.15	1	0.4	1.62	2.02	1.38
Current Ratio	1.33	1.75	1.19	2.78	6.11	6.14	10.96	7.89	5.03	3.7	2.53	1.49	2.48	3.58	3.32
Quick Ratio	0.3	0.52	0.52	1.21	4.76	4.71	9.71	6.83	3.89	2.54	1.42	0.86	1.84	2.5	2.26
CFO/Avg Current Liab	-0.07	-0.32	0.41	0.29	0.83	0.6	1.52	-0.27	0.39	1.27	1.66	0.87	1.31	1.3	1.59
Common Equity/Total Assets	3.4	-4.72	-5.71	4.97	7.87	11.81	14.21	10.3	10.2	16.08	23.71	21.9	23.62	27.68	34.93
Long-Term Debt/Equity (%)	608.8	102.59	6.63	- -	94.51	87.38	81.93	89.35	88.66	73.69	43.35	60.22	107.37	99.11	78.37
Long-Term Debt/Capital (%)	62.25	54.6	5.61	0.05	84.22	77.41	74.44	80.31	79.31	67.18	48.16	44.52	54.17	55.99	49.05
Long-Term Debt/Total Assets (%)	17.98	38.82	2.63	- -	42.02	40.46	41.39	42.03	39.08	33.62	22.78	25.02	37.63	37.45	35.29
Total Debt/Equity (%)	862.73	117.65	55.61	0.04	94.51	87.38	81.93	89.35	88.66	74.43	44.89	82.55	130.83	103.76	82.23
Total Debt/Capital (%)	88.22	62.62	47.08	0.57	84.22	77.41	74.44	80.31	79.31	67.86	49.87	61.03	66	58.62	51.46
Total Debt/Total Assets (%)	25.48	44.52	22.11	0.03	42.03	40.46	41.39	42.03	39.08	33.96	23.59	34.3	45.85	39.21	37.03
CFO/Total Liabilities	-0.86	-7.7	25.69	33.77	16.57	12.15	25.6	-3.5	7.15	27.57	42.06	19.63	26.61	19.92	16.24
CFO/CapEx	-0.71	-1.49	1.82	0.67	1.01	0.85	5.59	-1.98	0.79	6.08	7.48	6.82	7.22	7.82	18.64
Altman's Z-Score	1.22	1.12	2.63	6.82	2.75	2.62	1.99	1.82	2.3	2.78	3.33	2.32	2.14	1.86	1.7

Working Capital (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Accounts Receivable Turnover	32.51	18.4	19.17	17.67	16.32	16.06	13.49	14.12	17.43	20.41	25.87	26.39	28.4	18.59	11.42
Days Sales Outstanding	11.23	19.84	19.04	20.66	22.37	22.72	27.06	25.85	20.95	17.88	14.11	13.83	12.85	19.63	31.97
Inventory Turnover	9.04	5.72	6.87	6.01	6.18	7.6	5.48	5.87	6.33	5.47	5.71	5.15	5.91	5.55	5.56
Days Inventory Outstanding	40.37	63.8	53.14	60.75	59.02	48.05	66.64	62.14	57.67	66.7	63.9	70.85	61.81	65.81	65.6
Accounts Payable Turnover	46.43	22.02	14.51	10.51	11.15	14.84	9.83	11.67	11.04	9.08	9.38	9.22	11.67	13.92	13.38
Accounts Payable Turnover Days	7.86	16.57	25.16	34.73	32.73	24.6	37.11	31.28	33.07	40.22	38.92	39.58	31.29	26.23	27.28
Cash Conversion Cycle	43.73	67.07	47.03	46.68	48.67	46.17	56.58	56.71	45.55	44.36	39.09	45.11	43.38	59.21	70.29
Inventory to Cash Days	-29.14	-43.97	-34.1	-40.08	-36.66	-25.33	-39.58	-36.29	-36.72	-48.82	-49.78	-57.02	-48.95	-46.18	-33.63
Inventories	45	74	88	104	93	97	40	50	96	110	90	117	97	75	54
Raw Materials	- -	40	49	67	52	59	21	31	62	72	63	79	66	47	33
Work In Process	- -	26	26	24	20	22	8	14	27	16	20	16	31	28	22
Finished Goods	- -	11	15	15	24	18	12	7	9	24	9	24	3	3	2
Other Inventory	45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Market Capitalization	- -	- -	- -	560	327	180	191	383	415	555	821	947	861	815	768
- Cash & Cash Equivalents	- -	7	29	41	304	292	347	319	307	205	97	88	298	179	100
+ Preferred Equity and Hybrid Capital	- -	112	82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	50	159	59	- -	275	275	275	275	275	275	195	409	702	571	546
Enterprise Value	50	264	113	519	298	161	115	339	383	612	918	1,268	1,264	1,199	1,213
Total Capital	57	254	126	17	327	355	369	342	347	405	391	670	1,063	974	1,060
Total Debt/Capital (%)	88.22	62.62	47.08	0.57	84.22	77.41	74.44	80.31	79.31	67.86	49.87	61.03	66	58.62	51.46
Total Debt / EV	1	0.6	0.53	- -	0.92	1.71	2.4	0.81	0.72	0.45	0.21	0.32	0.55	0.48	0.45
EV/Sales	0.23	0.74	0.19	0.8	0.43	0.2	0.27	1.24	0.74	0.86	1.22	1.73	1.42	1.88	2.54
EV/EBITDA	5.17	25.81	3.36	7.7	3.9	2.04	2.51	48.83	6.97	4.21	5.14	6.21	4.64	6.58	8.78
EV/EBIT	15.33	66.46	4.22	9.17	4.84	2.78	5.15	- -	11.69	5.04	6.09	7.46	5.58	9.23	15.05
EV/Cash Flow to Firm	- -	- -	2.71	17.32	4.95	3.63	1.16	211.47	9.86	4.63	5.42	8.97	4.54	6.15	6.8
EV/Free Cash Flow to Firm	75.54	- -	1.75	6.93	2.49	1.66	1.01	43.78	5.14	4.03	4.8	7.85	4.01	5.5	6.54
Diluted Market Cap	- -	- -	- -	562	328	180	191	383	415	555	821	947	861	815	768
Diluted Enterprise Value	50	264	113	521	300	164	118	339	383	625	918	1,268	1,264	1,208	1,213
EV per Share	5.36	26	10.11	25.11	14.02	7.56	5.38	15.92	17.93	28.67	43.01	59.37	60.54	61.66	63.56
TTM Sales	218	355	608	646	698	809	423	274	519	712	751	733	889	639	477
TTM EBITDA	10	10	34	67	76	79	46	7	55	145	179	204	272	182	138
TTM Operating Income	3	4	27	57	62	58	22	-17	33	121	151	170	227	130	81
TTM Cash Flow to Firm	-2	-17	42	30	60	44	99	2	39	132	169	141	278	195	178
TTM Free Cash Flow to Firm	1	-6	64	75	120	97	114	8	74	152	191	161	315	218	186

Multiples (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Price/Free Cash Flow	- -	- -	- -	7.51	2.75	1.86	1.92	-63.86	6.51	3.93	4.39	6.04	2.86	4	5.54
EV/EBIT	15.33	66.46	4.22	9.17	4.84	2.78	5.15	- -	11.69	5.04	6.09	7.46	5.58	9.23	15.05
Enterprise Value	50	264	113	519	298	161	115	339	383	612	918	1,268	1,264	1,199	1,213
Low Price	- -	- -	- -	22.01	12.95	4.08	6.45	8.76	13.68	20.26	29.86	42.15	33.02	35.43	34.3
EV/Sales	0.23	0.74	0.19	0.8	0.43	0.2	0.27	1.24	0.74	0.86	1.22	1.73	1.42	1.88	2.54
EV/EBITDA	5.17	25.81	3.36	7.7	3.9	2.04	2.51	48.83	6.97	4.21	5.14	6.21	4.64	6.58	8.78
Price/Earnings	- -	- -	- -	16.16	8.78	5.75	12.34	- -	95.73	8.69	9.45	9.51	6.45	11.22	5.4
Price/Earnings Average	- -	- -	- -	14.9	13.2	9.3	10.42	-8.97	85.34	7.47	7.87	11.71	6.69	10	5.01
Price/Earnings High	- -	- -	- -	24.44	24.81	17.65	17.74	-17.73	141.53	12.15	11.78	17.77	9.45	13.67	6.62
Price/Earnings Low	- -	- -	- -	13.13	7.39	2.77	8.89	-6.91	67.37	6.78	7.34	9.04	5.17	9.48	4.6
Price/Book Value	- -	- -	- -	33.2	6.35	2.25	2.02	5.68	5.78	4.26	4.19	3.63	2.38	2.02	1.49
Price/Book Value Average	- -	- -	- -	30.6	9.55	3.64	1.71	3.59	5.16	3.66	3.49	4.46	2.47	1.8	1.38
Price/Book Value High	- -	- -	- -	50.21	17.94	6.9	2.9	7.1	8.55	5.96	5.23	6.77	3.49	2.46	1.83
Price/Book Value Low	- -	- -	- -	26.98	5.35	1.08	1.46	2.77	4.07	3.32	3.26	3.45	1.91	1.71	1.27
Price/Tangible Book Value	- -	- -	- -	2.3	1.15	0.59	0.58	1.27	1.37	1.53	1.92	1.94	1.63	1.5	1.17
Price/Tangible Book Value Average	- -	- -	- -	2.12	1.73	0.95	0.49	0.81	1.22	1.32	1.6	2.39	1.69	1.34	1.09
Price/Tangible Book Value High	- -	- -	- -	3.48	3.26	1.8	0.83	1.59	2.03	2.14	2.4	3.62	2.38	1.83	1.43
Price/Tangible Book Value Low	- -	- -	- -	1.87	0.97	0.28	0.42	0.62	0.96	1.19	1.49	1.84	1.3	1.27	1
Price/Sales	- -	- -	- -	0.87	0.47	0.22	0.45	1.4	0.8	0.78	1.09	1.29	0.97	1.28	1.61
Price/Sales Average	- -	- -	- -	0.8	0.7	0.36	0.38	0.89	0.71	0.67	0.91	1.59	1	1.14	1.49
Price/Sales High	- -	- -	- -	1.31	1.32	0.68	0.65	1.75	1.18	1.09	1.36	2.41	1.42	1.55	1.97
Price/Sales Low	- -	- -	- -	0.7	0.39	0.11	0.32	0.68	0.56	0.61	0.85	1.23	0.78	1.08	1.37
Price/Cash Flow	- -	- -	- -	18.68	5.43	4.07	2.27	-31.54	14.76	4.57	4.98	6.92	3.25	4.52	5.84
Price/Cash Flow Average	- -	- -	- -	17.22	8.17	6.58	1.91	-19.96	13.16	3.93	4.15	8.52	3.38	4.03	5.42
Price/Cash Flow High	- -	- -	- -	28.25	15.35	12.5	3.26	-39.44	21.82	6.39	6.21	12.93	4.77	5.5	7.16
Price/Cash Flow Low	- -	- -	- -	15.18	4.57	1.96	1.63	-15.37	10.39	3.56	3.87	6.58	2.61	3.82	4.98
Price/Free Cash Flow Average	- -	- -	- -	6.92	4.13	3.02	1.62	-40.41	5.8	3.37	3.66	7.43	2.97	3.57	5.14
Price/Free Cash Flow High	- -	- -	- -	11.35	7.76	5.72	2.76	-79.85	9.62	5.49	5.48	11.27	4.19	4.88	6.79
Price/Free Cash Flow Low	- -	- -	- -	6.1	2.31	0.9	1.39	-31.12	4.58	3.06	3.41	5.74	2.29	3.38	4.72
EV/Sales Average	0.23	0.74	0.19	0.74	0.66	0.34	0.21	0.73	0.65	0.77	1.04	2.03	1.46	1.75	2.43
EV/Sales High	0.23	0.74	0.19	1.25	1.28	0.66	0.48	1.59	1.12	1.19	1.49	2.85	1.87	2.17	2.91
EV/Sales Low	0.23	0.74	0.19	0.64	0.35	0.09	0.15	0.52	0.5	0.71	0.98	1.67	1.23	1.69	2.31
EV/EBITDA Average	5.17	25.81	3.36	7.05	6.06	3.49	1.95	28.58	6.15	3.76	4.37	7.28	4.76	6.15	8.38
EV/EBITDA High	5.17	25.81	3.36	11.96	11.72	6.81	4.42	62.63	10.59	5.82	6.28	10.23	6.11	7.61	10.04
EV/EBITDA Low	5.17	25.81	3.36	6.15	3.23	0.89	1.43	20.56	4.73	3.46	4.12	5.98	4.01	5.94	7.96
EV/EBIT Average	15.33	66.46	4.22	8.4	7.51	4.75	3.99	-11.93	10.32	4.5	5.18	8.75	5.72	8.62	14.37
EV/EBIT High	15.33	66.46	4.22	14.25	14.52	9.28	9.07	-26.13	17.76	6.96	7.43	12.3	7.35	10.67	17.21
EV/EBIT Low	15.33	66.46	4.22	7.32	4	1.21	2.93	-8.58	7.94	4.14	4.87	7.18	4.82	8.33	13.65
Last Price	- -	- -	- -	27.08	15.38	8.47	8.95	17.98	19.44	25.98	38.44	44.35	41.22	41.94	40.22
High Price	- -	- -	- -	40.96	43.46	26	12.87	22.48	28.74	36.33	47.94	82.82	60.42	51.1	49.33
Enterprise Value Average	50	264	113	475	463	275	89	199	338	547	781	1,486	1,297	1,119	1,158
Enterprise Value High	50	264	113	806	896	537	202	435	581	846	1,121	2,089	1,665	1,386	1,387
Enterprise Value Low	50	264	113	414	247	70	65	143	260	503	735	1,221	1,093	1,081	1,100

Shares Outstanding	21	21	21	21	21	21	21	21	21	21	21	21	20	19	19
Diluted Weighted Avg Shares	9	10	11	21	21	21	21	21	21	21	21	21	21	19	19
Basic Weighted Avg Shares	9	10	11	21	21	21	21	21	21	21	21	21	21	19	19
Revenue per Share	23.37	35.02	54.56	31.26	32.82	37.97	19.88	12.84	24.32	33.33	35.15	34.33	42.59	32.88	24.99
EBITDA per Share	1.04	1.01	3.01	3.26	3.59	3.7	2.14	0.33	2.57	6.8	8.37	9.56	13.04	9.37	7.24
Operating Income per Share	0.35	0.39	2.4	2.74	2.9	2.72	1.04	-0.78	1.53	5.69	7.07	7.96	10.85	6.68	4.22
Basic EPS, GAAP	1.15	-1.12	0.14	1.68	1.75	1.47	0.73	-1.27	0.2	2.99	4.07	4.66	6.39	3.74	7.45
Basic EPS from Cont Ops	0.11	0.19	1.32	1.7	1.75	1.47	0.73	-1.27	0.2	2.99	4.07	4.66	6.39	3.74	7.45
Diluted EPS, GAAP	1.15	-1.12	0.14	1.67	1.74	1.47	0.73	-1.27	0.2	2.99	4.07	4.66	6.39	3.74	7.45
Diluted EPS from Cont Ops	0.11	0.19	1.32	1.7	1.74	1.47	0.73	-1.27	0.2	2.99	4.07	4.66	6.39	3.74	7.45
Dividend per Share	- -	- -	- -	0.67	0.12	0.12	0.09	- -	- -	0.25	1	1.6	1.59	1.6	1.6
Cash Flow per Share	-0.18	-1.68	3.73	1.45	2.83	2.08	3.95	-0.57	1.32	5.68	7.72	6.41	12.67	9.29	6.89
Free Cash Flow per Basic Share	-0.42	-2.81	1.68	-0.72	0.04	-0.38	3.24	-0.86	-0.35	4.75	6.69	5.47	10.91	8.1	6.52
Cash & Equivalents per Share	0.01	0.68	2.57	1.98	14.28	13.82	16.48	14.96	14.39	10.19	4.55	4.13	14.27	9.65	5.25
Book Value per Share	0.72	-1.66	-1.38	0.82	2.42	3.77	4.43	3.17	3.36	6.1	9.17	12.23	17.3	20.73	26.97
Tangible Book Value per Share	0.62	2.3	2.22	11.76	13.34	14.44	15.42	14.11	14.19	16.97	19.99	22.87	25.34	27.94	34.39

American Railcar Industries, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)