Academy Sports and Outdoors, Inc. Financial Ratios — ASO

Profitability (USD)

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Return on Common Equity (%)	- -	- -	- -	62.5	59.49	46.85	33.23	24.12	20.52
Return on Assets (%)	- -	1.32	3.17	7.09	14.97	13.68	11.2	8.74	7.4
Return on Capital (%)	- -	14.9	8.26	11.6	23.19	21.08	16.85	12.86	11.01
Return on Invested Capital (%)	- -	9.44	5.65	11.12	21.7	19.16	14.92	11.16	10.04
Gross Margin (%)	28.93	28.59	29.63	30.48	34.71	34.6	34.26	33.9	34.78
EBITDA Margin (%)	6.01	5.47	6.14	9.24	14.96	14.91	12.81	11.07	10.49
Operating Margin (%)	3.25	2.7	3.71	7.39	13.41	13.24	11.01	9.08	8.46
Incremental Operating Margin (%)	- -	54.89	109.71	28.04	44.98	16.24	71.55	61.64	-22.05
Pretax Margin (%)	1.27	0.49	2.54	5.96	12.69	12.8	10.77	9.07	8.03
Profit Margin (%)	1.21	0.45	2.49	5.43	9.91	9.82	8.43	7.05	6.22
Net Income to Common Margin (%)	1.21	0.45	2.49	5.43	9.91	9.82	8.43	7.05	6.22
Effective Tax Rate (%)	4.54	8.34	2.29	8.95	21.89	23.26	21.71	22.25	22.48
Dvd Payout Ratio (%)	- -	- -	- -	83.24	- -	3.92	5.24	7.52	9.2
Sustainable Growth Rate (%)	- -	- -	- -	10.48	59.49	45.01	31.49	22.31	18.63

Credit (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Total Debt	- -	1,625	2,681	2,016	1,847	1,769	1,697	1,787	1,892
ST Debt	- -	68	110	84	86	112	121	118	150
LT Debt	- -	1,557	2,570	1,932	1,761	1,657	1,576	1,668	1,742
Total Debt/EBITDA	- -	6.21	9.04	3.83	1.82	1.86	2.15	2.72	2.98
Net Debt/EBITDA	- -	5.92	4.43	0.78	0.2	0.26	0.18	0.3	0.24
Total Debt/EBIT	- -	12.6	14.94	4.8	2.03	2.09	2.5	3.32	3.69
Net Debt/EBIT	- -	12.02	7.32	0.97	0.22	0.3	0.21	0.37	0.3
EBITDA to Interest Expense	2.77	2.41	2.93	6.08	20.68	20.53	17.13	17.81	17.54
EBITDA-CapEx/Interest Expense	2.77	2.41	2.93	6.08	20.68	20.52	17.12	17.79	17.52
EBIT to Interest Expense	1.5	1.19	1.77	4.86	18.53	18.23	14.72	14.61	14.14
Interest Expense	105	109	101	87	49	46	46	37	36
Common Equity/Total Assets	- -	- -	- -	22.54	27.68	30.73	36.62	35.85	36.29
Long-Term Debt/Equity (%)	- -	181.64	260.11	173.71	120.06	101.74	80.62	83.25	80.22
Long-Term Debt/Capital (%)	- -	95.8	69.9	64.3	56.52	52.08	46.22	47.08	45.75
Long-Term Debt/Total Assets (%)	- -	48.06	59.35	44.05	38.41	36.05	33.7	34.04	33.01
Total Debt/Equity (%)	- -	189.61	271.28	181.29	125.93	108.62	86.8	89.15	87.15
Total Debt/Capital (%)	- -	100	72.91	67.11	59.28	55.61	49.77	50.42	49.7
Total Debt/Total Assets (%)	- -	50.17	61.9	45.98	40.29	38.49	36.28	36.45	35.86
Net Debt to Equity	- -	180.78	132.89	36.68	13.67	15.37	7.14	9.82	7.07
Net Debt/Capital (%)	- -	100	37.23	15.53	7.63	8.8	4.56	6.05	4.41
EBITDA	291	262	297	526	1,013	953	789	657	635
EBITDA-CapEx	291	262	297	526	1,013	953	788	656	634
Operating Income (Loss)	157	129	179	420	908	847	678	539	512

Liquidity (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Cash Ratio	- -	0.11	0.2	0.32	0.43	0.32	0.4	0.3	0.32
Current Ratio	- -	1.85	1.72	1.21	1.52	1.62	1.87	1.78	1.89
Quick Ratio	- -	0.13	0.22	0.34	0.45	0.34	0.42	0.32	0.35
CFO/Avg Current Liab	- -	0.58	0.37	1.05	0.59	0.51	0.56	0.57	0.44
Common Equity/Total Assets	- -	- -	- -	22.54	27.68	30.73	36.62	35.85	36.29
Long-Term Debt/Equity (%)	- -	181.64	260.11	173.71	120.06	101.74	80.62	83.25	80.22
Long-Term Debt/Capital (%)	- -	95.8	69.9	64.3	56.52	52.08	46.22	47.08	45.75
Long-Term Debt/Total Assets (%)	- -	48.06	59.35	44.05	38.41	36.05	33.7	34.04	33.01
Total Debt/Equity (%)	- -	189.61	271.28	181.29	125.93	108.62	86.8	89.15	87.15
Total Debt/Capital (%)	- -	100	72.91	67.11	59.28	55.61	49.77	50.42	49.7
Total Debt/Total Assets (%)	- -	50.17	61.9	45.98	40.29	38.49	36.28	36.45	35.86
CFO/Total Liabilities	- -	8.33	7.89	30.91	21.59	18.6	19.68	18.23	14
CFO/CapEx	- -	- -	- -	- -	3,131.47	1,099.61	1,030.34	684.93	572.86
Altman's Z-Score	- -	3.31	2.1	3.28	4.58	4.75	4.66	3.97	3.71

Working Capital (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Accounts Receivable Turnover	- -	608.44	324.98	363.47	365.88	353.11	343.38	328.45	235.02
Days Sales Outstanding	- -	0.6	1.12	1	1	1.03	1.06	1.11	1.55
Inventory Turnover	- -	6.02	3.04	3.79	4.09	3.41	3.27	3.13	2.81
Days Inventory Outstanding	- -	60.59	119.95	96.43	89.22	107.13	111.67	116.47	130.02
Accounts Payable Turnover	- -	21.06	7.82	6.3	6.02	6.03	6.45	7	6.63
Accounts Payable Turnover Days	- -	17.33	46.7	57.91	60.62	60.53	56.58	52.15	55.08
Cash Conversion Cycle	- -	43.86	74.38	39.52	29.6	47.64	56.16	65.43	76.5
Inventory to Cash Days	- -	-59.99	-118.83	-95.42	-88.22	-106.1	-110.61	-115.36	-128.47
Inventories	- -	1,134	1,100	990	1,172	1,284	1,194	1,309	1,504
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	1,134	1,100	990	1,172	1,284	1,194	1,309	1,504
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Market Capitalization	- -	- -	- -	1,677	3,538	4,766	4,729	3,732	3,664
- Cash & Cash Equivalents	- -	76	149	378	486	337	348	289	330
+ Preferred Equity and Hybrid Capital	- -	- -	996	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	1,625	2,681	2,016	1,847	1,769	1,697	1,787	1,892
Enterprise Value	- -	1,549	3,528	3,315	4,900	6,198	6,078	5,230	5,226
Total Capital	- -	1,625	3,677	3,004	3,116	3,181	3,409	3,543	3,807
Total Debt/Capital (%)	- -	100	72.91	67.11	59.28	55.61	49.77	50.42	49.7
Total Debt / EV	- -	1.05	0.76	0.61	0.38	0.29	0.28	0.34	0.36
EV/Sales	- -	0.32	0.73	0.58	0.72	0.97	0.99	0.88	0.86
EV/EBITDA	- -	5.92	11.89	6.3	4.84	6.5	7.71	7.96	8.23
EV/EBIT	- -	12.02	19.66	7.89	5.4	7.32	8.97	9.71	10.2
EV/Cash Flow to Firm	- -	5.2	9.73	3.04	6.89	10.55	10.63	9.39	11.29
EV/Free Cash Flow to Firm	- -	5.2	9.73	3.04	6.88	10.54	10.62	9.38	11.27
Diluted Market Cap	- -	- -	- -	1,751	3,668	4,901	4,860	3,821	3,743
Diluted Enterprise Value	- -	1,549	3,528	3,389	5,029	6,333	6,208	5,319	5,305
EV per Share	- -	20.24	46.08	42.51	53.87	75.97	80.62	73.3	78.46
TTM Sales	4,836	4,784	4,830	5,689	6,773	6,395	6,159	5,933	6,053
TTM EBITDA	291	262	297	526	1,013	953	789	657	635
TTM Operating Income	157	129	179	420	908	847	678	539	512
TTM Cash Flow to Firm	183	298	363	1,090	712	588	572	557	463
TTM Free Cash Flow to Firm	183	298	363	1,090	712	588	572	558	464

Multiples (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Price/Free Cash Flow	- -	- -	- -	1.73	5.45	8.87	9.06	7.23	8.59
EV/EBIT	- -	12.02	19.66	7.89	5.4	7.32	8.97	9.71	10.2
Enterprise Value	- -	1,549	3,528	3,315	4,900	6,198	6,078	5,230	5,226
Low Price	- -	- -	- -	12.05	21.21	25.1	42.83	44.73	33.34
EV/Sales	- -	0.32	0.73	0.58	0.72	0.97	0.99	0.88	0.86
EV/EBITDA	- -	5.92	11.89	6.3	4.84	6.5	7.71	7.96	8.23
Price/Earnings	- -	- -	- -	5.43	5.27	7.59	9.11	8.92	9.73
Price/Earnings Average	- -	- -	- -	4.43	5.02	5.52	8.12	9.72	8.56
Price/Earnings High	- -	- -	- -	6.74	6.92	7.59	10.02	12.91	10.52
Price/Earnings Low	- -	- -	- -	3.04	2.87	3.26	6.22	7.63	5.89
Price/Book Value	- -	- -	- -	1.7	2.79	3.38	2.76	2.12	1.91
Price/Book Value Average	- -	- -	- -	1.38	2.65	2.45	2.46	2.32	1.69
Price/Book Value High	- -	- -	- -	2.11	3.66	3.38	3.04	3.08	2.07
Price/Book Value Low	- -	- -	- -	0.95	1.52	1.45	1.89	1.82	1.16
Price/Tangible Book Value	- -	- -	- -	-5.13	127.22	25.26	9.19	6.63	5.02
Price/Tangible Book Value Average	- -	- -	- -	-4.18	121.08	18.36	8.2	7.23	4.42
Price/Tangible Book Value High	- -	- -	- -	-6.37	167.06	25.27	10.11	9.59	5.43
Price/Tangible Book Value Low	- -	- -	- -	-2.87	69.37	10.85	6.28	5.67	3.04
Price/Sales	- -	- -	- -	0.29	0.52	0.75	0.77	0.63	0.61
Price/Sales Average	- -	- -	- -	0.24	0.5	0.54	0.68	0.69	0.53
Price/Sales High	- -	- -	- -	0.37	0.69	0.75	0.84	0.91	0.65
Price/Sales Low	- -	- -	- -	0.17	0.28	0.32	0.52	0.54	0.37
Price/Cash Flow	- -	- -	- -	1.66	5.26	8.63	8.83	7.07	8.43
Price/Cash Flow Average	- -	- -	- -	1.35	5	6.27	7.87	7.71	7.42
Price/Cash Flow High	- -	- -	- -	2.06	6.9	8.64	9.71	10.23	9.11
Price/Cash Flow Low	- -	- -	- -	0.93	2.87	3.71	6.03	6.04	5.11
Price/Free Cash Flow Average	- -	- -	- -	1.41	5.18	6.45	8.08	7.88	7.57
Price/Free Cash Flow High	- -	- -	- -	2.15	7.15	8.87	9.97	10.46	9.29
Price/Free Cash Flow Low	- -	- -	- -	0.97	2.97	3.81	6.19	6.18	5.21
EV/Sales Average	- -	0.32	0.73	0.53	0.7	0.77	0.9	0.94	0.79
EV/Sales High	- -	0.32	0.73	0.65	0.89	0.97	1.06	1.16	0.91
EV/Sales Low	- -	0.32	0.73	0.45	0.49	0.54	0.74	0.79	0.62
EV/EBITDA Average	- -	5.92	11.89	5.71	4.67	5.14	7.06	8.48	7.54
EV/EBITDA High	- -	5.92	11.89	7.08	5.93	6.5	8.31	10.51	8.7
EV/EBITDA Low	- -	5.92	11.89	4.9	3.25	3.65	5.8	7.14	5.96
EV/EBIT Average	- -	12.02	19.66	7.15	5.21	5.78	8.21	10.33	9.35
EV/EBIT High	- -	12.02	19.66	8.85	6.62	7.32	9.67	12.81	10.79
EV/EBIT Low	- -	12.02	19.66	6.13	3.62	4.11	6.75	8.7	7.39
Last Price	- -	- -	- -	21.5	38.9	58.42	62.73	52.31	55.01
High Price	- -	- -	- -	26.7	51.08	58.44	69.02	75.73	59.49
Enterprise Value Average	- -	1,549	3,528	3,005	4,729	4,895	5,566	5,567	4,789
Enterprise Value High	- -	1,549	3,528	3,721	6,007	6,200	6,552	6,900	5,525
Enterprise Value Low	- -	1,549	3,528	2,578	3,291	3,479	4,578	4,689	3,783

Shares Outstanding	- -	88	88	91	87	77	74	68	65
Diluted Weighted Avg Shares	85	79	79	81	94	84	77	73	68
Basic Weighted Avg Shares	83	77	77	78	91	82	75	71	67
Revenue per Share	58.25	62.49	63.09	72.94	74.47	78.38	81.7	83.17	90.88
EBITDA per Share	3.5	3.42	3.88	6.74	11.14	11.68	10.46	9.2	9.53
Operating Income per Share	1.9	1.68	2.34	5.39	9.98	10.38	8.99	7.55	7.69
Basic EPS, GAAP	0.7	0.28	1.57	3.96	7.38	7.7	6.89	5.87	5.66
Basic EPS from Cont Ops	0.7	0.28	1.57	3.96	7.38	7.7	6.89	5.87	5.66
Diluted EPS, GAAP	0.69	0.27	1.53	3.79	7.12	7.49	6.7	5.73	5.54
Diluted EPS from Cont Ops	0.69	0.27	1.53	3.79	7.12	7.49	6.7	5.73	5.54
Dividend per Share	- -	- -	- -	3.3	- -	0.3	0.36	0.44	0.52
Cash Flow per Share	1	2.59	3.44	12.97	7.4	6.77	7.11	7.4	6.53
Free Cash Flow per Basic Share	1	2.59	3.44	12.97	7.4	6.76	7.1	7.39	6.52
Cash & Equivalents per Share	- -	0.99	1.95	4.84	5.34	4.13	4.61	4.05	4.96
Book Value per Share	- -	- -	- -	12.67	13.95	17.31	22.72	24.63	28.75
Tangible Book Value per Share	- -	-7.8	-18.9	-4.19	0.31	2.31	6.82	7.89	10.95

Academy Sports and Outdoors, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)