Bimini Capital Management, Inc. Financial Ratios — BMNM

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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-1.97	-1.37	-0.77	2.76	36.57	1.69	-6.5	-9.85	4.94	-2.69	0.22	-19.02	-3.76	-0.93	4.08
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	6.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.64	-47.2	-29.07	79.79	-48.26	80.18	0.83	9.7	0.72	-35.63	0.86	4.04	0.72	0.58	0.45
Operating Margin (%)	- -	-50.15	-31.33	79.5	-49.68	79.34	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-134.05	- -	- -	99.44	- -	299.84	836.16	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-58.05	-50.15	-70.62	79.5	-49.68	44.08	31.15	-715.14	29.89	3,514.78	-1.15	-440.69	1.38	13.85	26.28
Profit Margin (%)	-58.05	-50.15	-43.38	21.99	914.07	32.97	-177.29	-3,388.67	131.7	2,813	3.43	-1,096.77	-37.42	-10	33.93
Net Income to Common Margin (%)	-58.05	-50.15	-43.38	21.99	914.07	32.97	-177.29	-3,388.67	131.7	2,813	3.43	-1,096.77	-37.42	-10	33.93
Effective Tax Rate (%)	- -	- -	- -	- -	- -	25.22	669.24	- -	- -	- -	- -	- -	2,803.08	172.16	- -
Dvd Payout Ratio (%)	-25.52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27
Total Debt/EBITDA	224.89	-14.03	-17.17	0.95	-8.57	3.25	347.63	349.76	376.16	394.92	396.23	375.29	358.14	361.01	359.12
Net Debt/EBITDA	188.81	-10.58	-9.51	0.79	-6.55	2.72	268.47	285.2	265.7	286.22	274.62	293.01	309.55	286.2	192.39
Total Debt/EBIT	- -	-13.21	-15.93	0.96	-8.33	3.29	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-9.96	-8.82	0.79	-6.37	2.75	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-300.87	-176.53	-80.35	-221.49	-150.29	-117.87	-98.1	-117.95	-104.71	-231.67	-243.99	-368.07	-256.12	-208.58	-244.57
Long-Term Debt/Equity (%)	499.47	762.19	80.35	291.3	39.11	37.15	48.13	92.57	68.74	79.63	83.15	226.13	337.04	401.21	216.65
Long-Term Debt/Capital (%)	-8.88	-8.82	-9.76	-8.98	-11.2	-11.36	-10.62	-9.6	-10.36	-10.14	-10.15	-9.44	-9.31	-9.26	-9.44
Long-Term Debt/Total Assets (%)	24.53	14.31	6.47	18.25	15.14	12.03	9.42	10.33	9.83	21.34	22.48	31.76	21.81	17.67	21.09
Total Debt/Equity (%)	499.47	762.19	80.35	291.3	39.11	37.15	48.13	92.57	68.74	79.63	83.15	226.13	337.04	401.21	216.65
Total Debt/Capital (%)	-8.88	-8.82	-9.76	-8.98	-11.2	-11.36	-10.62	-9.6	-10.36	-10.14	-10.15	-9.44	-9.31	-9.26	-9.44
Total Debt/Total Assets (%)	24.53	14.31	6.47	18.25	15.14	12.03	9.42	10.33	9.83	21.34	22.48	31.76	21.81	17.67	21.09
Net Debt to Equity	419.33	574.73	44.5	240.23	29.9	31.01	37.17	75.49	48.56	57.71	57.63	176.55	291.32	318.07	116.06
Net Debt/Capital (%)	-7.35	-6.51	-5.18	-7.29	-8.34	-9.31	-8.01	-7.69	-7.1	-7.15	-6.82	-7.22	-7.95	-7.2	-4.84
EBITDA	- -	-2	-2	28	-3	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	-2	-2	28	-3	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	-2	-2	28	-3	8	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-300.87	-176.53	-80.35	-221.49	-150.29	-117.87	-98.1	-117.95	-104.71	-231.67	-243.99	-368.07	-256.12	-208.58	-244.57
Long-Term Debt/Equity (%)	499.47	762.19	80.35	291.3	39.11	37.15	48.13	92.57	68.74	79.63	83.15	226.13	337.04	401.21	216.65
Long-Term Debt/Capital (%)	-8.88	-8.82	-9.76	-8.98	-11.2	-11.36	-10.62	-9.6	-10.36	-10.14	-10.15	-9.44	-9.31	-9.26	-9.44
Long-Term Debt/Total Assets (%)	24.53	14.31	6.47	18.25	15.14	12.03	9.42	10.33	9.83	21.34	22.48	31.76	21.81	17.67	21.09
Total Debt/Equity (%)	499.47	762.19	80.35	291.3	39.11	37.15	48.13	92.57	68.74	79.63	83.15	226.13	337.04	401.21	216.65
Total Debt/Capital (%)	-8.88	-8.82	-9.76	-8.98	-11.2	-11.36	-10.62	-9.6	-10.36	-10.14	-10.15	-9.44	-9.31	-9.26	-9.44
Total Debt/Total Assets (%)	24.53	14.31	6.47	18.25	15.14	12.03	9.42	10.33	9.83	21.34	22.48	31.76	21.81	17.67	21.09
CFO/Total Liabilities	-3.45	-1.75	1.05	7.17	0.55	2.45	2.77	2.76	- -	1.38	6.21	7.38	1.45	2.16	2.46
CFO/CapEx	-33.01	-325.02	366.07	267.78	- -	- -	215.51	413.86	- -	- -	- -	118.6	- -	- -	- -
Altman's Z-Score	-4.15	-2.48	-1.12	-2.13	-2.07	-1.35	-1.25	-1.58	-1.39	-3.16	-3.18	-5.05	-3.46	-2.8	-3.29

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	1.66	1.58	4.4	32.29	15.97	23.78	9.72	0.72	13.19	-0.41	37.2	8.33	30.74	23.97	33.63
Days Sales Outstanding	220.05	230.71	82.9	11.3	22.85	15.35	37.54	503.47	27.68	-891.36	9.81	43.82	11.88	15.23	10.85
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	4	1	3	23	10	33	33	27	14	13	25	11	7	10	- -
- Cash & Cash Equivalents	4	7	12	5	6	4	6	5	8	8	8	6	4	6	13
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	27	27	27	27	27	27	27	27	27	27	27	27	27	27	27
Enterprise Value	26	22	49	45	30	55	54	49	34	33	44	32	31	32	15
Total Capital	-302	-304	-275	-299	-239	-236	-252	-279	-265	-271	-270	-290	-294	-296	-290
Total Debt/Capital (%)	-8.88	-8.82	-9.76	-8.98	-11.2	-11.36	-10.62	-9.6	-10.36	-10.14	-10.15	-9.44	-9.31	-9.26	-9.44
Total Debt / EV	1.02	1.24	0.54	0.59	0.88	0.49	0.5	0.55	0.82	0.84	0.63	0.86	0.89	0.86	1.87
EV/Sales	5.79	5.33	9.21	1.29	4.7	5.38	5.79	62.19	3.33	- -	5.44	17.67	2.89	2.43	0.86
EV/EBITDA	219.6	- -	- -	1.61	- -	6.71	697.64	641.27	460.87	470.97	631.4	437.25	402.82	418.75	192.39
EV/EBIT	- -	- -	- -	1.62	- -	6.78	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	12.34	4.59	51.07	14.97	8.5	7.71	8,997.72	25.21	7.9	5.83	18.14	9.94	5.08
EV/Free Cash Flow to Firm	- -	- -	12.31	4.57	51.07	14.97	8.46	7.7	8,997.72	25.21	7.9	5.78	18.14	9.94	5.08
Diluted Market Cap	4	1	3	23	10	33	33	27	14	13	25	11	7	10	- -
Diluted Enterprise Value	26	22	49	45	30	55	54	49	34	33	44	32	31	32	15
EV per Share	2.64	2.09	4.46	3.71	2.45	4.4	4.24	3.85	2.76	2.8	3.89	3.06	3.07	3.16	- -
TTM Sales	5	4	5	35	6	10	9	1	10	- -	8	2	11	13	17
TTM EBITDA	- -	-2	-2	28	-3	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	-2	-2	28	-3	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-4	-3	4	10	1	4	6	6	- -	1	6	5	2	3	3
TTM Free Cash Flow to Firm	-3	-3	4	10	1	4	6	6	- -	1	6	6	2	3	3

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	-1.06	-0.42	0.75	2.34	16.67	8.91	5.2	4.27	3,810.38	9.89	4.46	1.91	4.2	3.15	- -
EV/EBIT	- -	- -	- -	1.62	- -	6.78	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	26	22	49	45	30	55	54	49	34	33	44	32	31	32	15
Low Price	0.25	0.07	0.11	0.25	0.66	0.59	2.41	1.81	0.95	0.35	0.94	0.82	0.71	0.65	0.6
EV/Sales	5.79	5.33	9.21	1.29	4.7	5.38	5.79	62.19	3.33	- -	5.44	17.67	2.89	2.43	0.86
EV/EBITDA	219.6	- -	- -	1.61	- -	6.71	697.64	641.27	460.87	470.97	631.4	437.25	402.82	418.75	192.39
Price/Earnings	- -	- -	- -	2.99	0.17	9.7	- -	- -	1.07	- -	89.71	- -	- -	- -	- -
Price/Earnings Average	-2.73	-1.25	-1.21	1.54	0.34	6.07	-2.11	-1.08	1.52	-1.98	68.51	-0.84	-2.33	-6.93	- -
Price/Earnings High	-3.71	-2.18	-2.29	2.99	0.62	10	-2.31	-1.28	2.02	-3.4	97.46	-1.21	-3.15	-8.92	- -
Price/Earnings Low	-0.95	-0.36	-0.52	0.39	0.14	2.19	-1.85	-0.86	0.87	-0.74	38.33	-0.43	-1.79	-5	- -
Price/Book Value	-0.01	- -	-0.01	-0.07	-0.04	-0.13	-0.12	-0.09	-0.05	-0.04	-0.08	-0.03	-0.02	-0.03	- -
Price/Book Value Average	-0.02	-0.01	-0.01	-0.04	-0.08	-0.08	-0.12	-0.09	-0.07	-0.04	-0.06	-0.05	-0.03	-0.03	- -
Price/Book Value High	-0.03	-0.01	-0.02	-0.07	-0.14	-0.13	-0.14	-0.11	-0.09	-0.06	-0.09	-0.08	-0.04	-0.04	- -
Price/Book Value Low	-0.01	- -	- -	-0.01	-0.03	-0.03	-0.11	-0.08	-0.04	-0.01	-0.04	-0.03	-0.02	-0.02	- -
Price/Tangible Book Value	0.68	0.38	0.09	2.52	0.14	0.46	0.59	0.94	0.36	0.37	0.75	0.87	0.88	1.47	- -
Price/Tangible Book Value Average	1.34	0.72	0.08	1.3	0.3	0.28	0.63	1	0.51	0.32	0.57	1.37	1.14	1.33	- -
Price/Tangible Book Value High	1.81	1.26	0.16	2.52	0.54	0.47	0.68	1.18	0.67	0.54	0.81	1.98	1.55	1.71	- -
Price/Tangible Book Value Low	0.46	0.21	0.04	0.33	0.12	0.1	0.55	0.8	0.29	0.12	0.32	0.71	0.88	0.96	- -
Price/Sales	0.81	0.33	0.56	0.66	1.53	3.2	3.56	34.53	1.41	-65.84	3.07	5.83	0.67	0.77	- -
Price/Sales Average	1.59	0.63	0.53	0.34	3.14	2	3.75	36.72	2	-55.69	2.35	9.21	0.87	0.69	- -
Price/Sales High	2.15	1.09	0.99	0.66	5.71	3.3	4.09	43.41	2.65	-95.76	3.34	13.28	1.18	0.89	- -
Price/Sales Low	0.55	0.18	0.23	0.09	1.26	0.72	3.29	29.21	1.15	-20.95	1.31	4.73	0.67	0.5	- -
Price/Cash Flow	-1.02	-0.42	0.75	2.35	16.67	8.91	5.23	4.28	3,810.38	9.89	4.46	1.92	4.2	3.15	- -
Price/Cash Flow Average	-2	-0.78	0.71	1.21	34.1	5.57	5.5	4.55	5,400.36	8.37	3.41	3.04	5.45	2.83	- -
Price/Cash Flow High	-2.71	-1.37	1.33	2.35	62.11	9.18	6.01	5.38	7,164.81	14.39	4.85	4.38	7.39	3.65	- -
Price/Cash Flow Low	-0.69	-0.22	0.3	0.31	13.75	2.01	4.83	3.62	3,093.9	3.15	1.91	1.56	4.2	2.05	- -
Price/Free Cash Flow Average	-2.06	-0.79	0.7	1.21	34.1	5.57	5.48	4.54	5,400.36	8.37	3.41	3.01	5.45	2.83	- -
Price/Free Cash Flow High	-2.8	-1.38	1.33	2.34	62.11	9.18	5.98	5.37	7,164.81	14.39	4.85	4.35	7.39	3.65	- -
Price/Free Cash Flow Low	-0.71	-0.22	0.3	0.31	13.75	2.01	4.8	3.61	3,093.9	3.15	1.91	1.55	4.2	2.05	- -
EV/Sales Average	6.57	5.62	9.18	0.97	6.3	4.18	5.98	64.38	3.92	- -	4.71	21.06	3.09	2.35	0.86
EV/Sales High	7.13	6.09	9.64	1.29	8.87	5.47	6.32	71.07	4.58	- -	5.7	25.12	3.4	2.55	0.86
EV/Sales Low	5.53	5.17	8.88	0.71	4.43	2.9	5.51	56.87	3.07	- -	3.68	16.58	2.89	2.16	0.86
EV/EBITDA Average	248.94	-11.91	-31.57	1.21	-13.05	5.21	720.47	663.79	542.31	442.49	547.09	520.92	430.67	405.54	192.39
EV/EBITDA High	270.38	-12.9	-33.17	1.61	-18.39	6.83	761.77	732.78	632.68	554.95	662.21	621.49	473.75	439.96	192.39
EV/EBITDA Low	209.62	-10.96	-30.54	0.9	-9.17	3.62	664.76	586.36	424.17	345.01	427.06	410.12	402.82	372.36	192.39
EV/EBIT Average	- -	-11.21	-29.29	1.22	-12.68	5.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	-12.14	-30.77	1.62	-17.86	6.9	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	-10.31	-28.33	0.9	-8.91	3.65	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	0.37	0.13	0.27	1.9	0.8	2.62	2.61	2.14	1.17	1.1	2.2	1.01	0.71	1	2.96
High Price	0.98	0.43	0.48	1.9	2.98	2.7	3	2.69	2.2	1.6	2.39	2.3	1.25	1.16	3.69
Enterprise Value Average	30	23	49	34	41	43	56	51	40	31	38	38	33	31	15
Enterprise Value High	32	25	52	45	57	56	59	56	46	39	46	45	36	33	15
Enterprise Value Low	25	21	48	25	29	30	51	45	31	24	30	30	31	28	15

	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	10	11	12	12	12	13	13	13	12	12	11	10	10	10	10
Diluted Weighted Avg Shares	10	10	11	12	12	13	13	13	12	12	11	10	10	10	- -
Basic Weighted Avg Shares	10	10	11	12	12	13	13	13	12	12	11	10	10	10	- -
Revenue per Share	0.46	0.39	0.48	2.89	0.52	0.82	0.73	0.06	0.83	-0.02	0.72	0.17	1.06	1.3	- -
EBITDA per Share	0.01	-0.19	-0.14	2.3	-0.25	0.66	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	- -
Operating Income per Share	- -	-0.2	-0.15	2.29	-0.26	0.65	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.26	-0.2	-0.21	0.63	4.77	0.27	-1.3	-2.1	1.09	-0.47	0.02	-1.9	-0.4	-0.13	- -
Basic EPS from Cont Ops	-0.26	-0.2	-0.23	2.45	4.77	0.27	-1.3	-2.1	1.09	-0.47	0.02	-1.9	-0.4	-0.13	- -
Diluted EPS, GAAP	-0.26	-0.2	-0.21	0.63	4.77	0.27	-1.3	-2.1	1.09	-0.47	0.02	-1.9	-0.4	-0.13	- -
Diluted EPS from Cont Ops	-0.26	-0.2	-0.23	2.45	4.77	0.27	-1.3	-2.1	1.09	-0.47	0.02	-1.9	-0.4	-0.13	- -
Dividend per Share	0.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.36	-0.31	0.36	0.81	0.05	0.29	0.5	0.5	- -	0.11	0.49	0.52	0.17	0.32	- -
Free Cash Flow per Basic Share	-0.37	-0.31	0.36	0.81	0.05	0.29	0.5	0.5	- -	0.11	0.49	0.52	0.17	0.32	- -
Cash & Equivalents per Share	0.43	0.64	1.08	0.39	0.51	0.35	0.48	0.39	0.66	0.65	0.75	0.58	0.37	0.56	- -
Book Value per Share	-33.13	-32.11	-30.02	-26.67	-21.43	-20.95	-22.02	-23.99	-24.02	-25.53	-26.52	-30.45	-32.02	-32.14	- -
Tangible Book Value per Share	0.54	0.34	3.01	0.75	5.52	5.75	4.39	2.27	3.28	2.95	2.94	1.16	0.81	0.68	- -

Bimini Capital Management, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)