Solaris Energy Infrastructure, Inc. Financial Ratios — SEI

Profitability (USD)

	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	12/31/2015	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 (%)	- -	- -	-4.52	27.21	22.5	-12.62	-0.43	10.1	11.54	5.63	6.56
Return on Assets (%)	- -	- -	-2.21	11.19	10.79	-6.4	-0.21	4.87	5.23	1.98	1.84
Return on Capital (%)	- -	-3.91	-13.99	-0.25	3.67	- -	- -	2.86	3.64	1.93	1.65
Return on Invested Capital (%)	- -	3.92	4.68	28.22	23.31	- -	- -	10.4	11.62	6.03	7.44
Gross Margin (%)	35.35	44.16	65.1	59.77	52.59	9.9	10.38	21.81	26.94	25.86	32.32
EBITDA Margin (%)	8.32	36.64	47.62	59.69	55.8	-31.93	16.85	22.57	29.39	31.95	35.31
Operating Margin (%)	-8.54	15.76	37.78	50.35	44.66	-11.72	-0.24	13.06	17.52	14.49	21.76
Incremental Operating Margin (%)	- -	103.09	45.9	56.88	19.43	86.51	20.79	26.24	- -	- -	29.13
Pretax Margin (%)	-9.19	15.67	71.79	50.16	44.39	-58.33	-0.4	12.91	15.91	11.79	11.75
Profit Margin (%)	- -	- -	-6.19	21.52	21.52	-28.49	-0.55	6.61	8.31	5.05	4.85
Net Income to Common Margin (%)	- -	- -	-6.19	21.52	21.52	-28.49	-0.55	6.61	8.31	5.05	4.85
Effective Tax Rate (%)	- -	1.51	69.67	13.1	15.78	- -	- -	18.89	16.78	21.68	20.08
Dvd Payout Ratio (%)	- -	- -	77	3.64	14.96	-26.32	-820.82	30.1	26.44	34.74	25.12
Sustainable Growth Rate (%)	- -	- -	-1.04	26.22	19.13	-15.94	-3.95	7.06	8.49	3.67	4.91

	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	12/31/2015	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	1	3	- -	13	9	8	8	20	48	329	1,079
ST Debt	- -	- -	- -	- -	1	1	1	3	4	12	8
LT Debt	- -	3	- -	13	8	8	7	18	44	317	1,071
Total Debt/EBITDA	0.45	0.46	0.01	0.11	0.06	-0.25	0.28	0.28	0.56	3.29	4.91
Net Debt/EBITDA	-5.63	-0.12	-1.98	-0.1	-0.5	1.84	-1.36	-0.01	0.28	2.01	3.24
Total Debt/EBIT	-0.44	1.06	0.01	0.13	0.08	-0.14	-19.43	0.49	0.96	6.23	7.97
Net Debt/EBIT	5.49	-0.27	-2.49	-0.12	-0.62	1.01	94.31	-0.02	0.48	3.81	5.25
EBITDA to Interest Expense	53.73	289.26	330.89	314.73	212.71	-202.96	108.6	147.72	24.95	7.54	7.96
EBITDA-CapEx/Interest Expense	-1,209.45	-186.17	-638.02	-115.98	157.73	-231.73	29.09	-18.76	6.29	-6.66	-15.48
EBIT to Interest Expense	-55.14	124.39	262.48	265.47	170.24	-74.52	-1.57	85.49	14.87	3.42	4.91
Interest Expense	- -	- -	- -	- -	1	- -	- -	- -	3	13	28
Common Equity/Total Assets	95.63	92.37	37.83	43.27	52.24	48.86	50.01	46.63	43.99	31.46	26.33
Long-Term Debt/Equity (%)	0.61	3.95	0.07	3.86	1.95	2.38	2.27	5.56	13.92	47.52	129.42
Long-Term Debt/Capital (%)	0.61	3.78	0.07	3.72	1.91	2.32	2.22	5.23	12.09	31.82	56.17
Long-Term Debt/Total Assets (%)	0.59	3.64	0.06	2.87	1.58	1.83	1.67	3.81	9.38	28.03	49.96
Total Debt/Equity (%)	0.78	4.26	0.08	3.87	2.1	2.6	2.52	6.46	15.14	49.32	130.43
Total Debt/Capital (%)	0.78	4.09	0.08	3.73	2.06	2.53	2.46	6.07	13.15	33.03	56.6
Total Debt/Total Assets (%)	0.75	3.94	0.07	2.88	1.7	1.99	1.85	4.43	10.2	29.09	50.34
Net Debt to Equity	-9.87	-1.07	-24.95	-3.54	-16.33	-19.13	-12.25	-0.26	7.66	30.21	85.96
Net Debt/Capital (%)	-10.9	-1.08	-33.2	-3.66	-19.03	-22.93	-13.57	-0.25	6.76	22.86	45.79
EBITDA	1	7	32	118	135	-33	27	72	86	100	220
EBITDA-CapEx	-27	-4	-62	-43	100	-38	7	-9	22	-88	-427
Operating Income (Loss)	-1	3	25	99	108	-12	- -	42	51	45	135

	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	12/31/2015	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

	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	12/31/2015	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	- -	5.97	7.71	7.48	6.17	3.63	6.2	6.24	5.02	5.26	7.12
Days Sales Outstanding	- -	61.17	47.36	48.8	59.13	100.66	58.88	58.51	72.74	69.4	51.29
Inventory Turnover	- -	6.63	5.29	8.81	13.01	22.92	109.41	72.07	35.79	26.35	33.16
Days Inventory Outstanding	- -	55.03	69.03	41.42	28.05	15.93	3.34	5.06	10.2	13.85	11.01
Accounts Payable Turnover	- -	14.33	10.41	11.65	17.18	16.21	17.08	14.16	11.16	14.01	8.61
Accounts Payable Turnover Days	- -	25.46	35.07	31.34	21.24	22.52	21.37	25.78	32.69	26.05	42.39
Cash Conversion Cycle	- -	90.73	81.32	58.87	65.94	94.06	40.85	37.79	50.25	57.21	19.9
Inventory to Cash Days	- -	6.15	-21.67	7.38	31.07	84.73	55.55	53.44	62.54	55.55	40.28
Inventories	2	1	8	10	7	1	2	5	7	11	14
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2	1	8	10	7	4	2	5	7	11	14

	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	12/31/2015	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	7	4	63	25	67	60	36	9	6	114	353
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	141	142	146	114	95	101	110	311	263
+ Total Debt	1	3	- -	13	9	8	8	20	48	329	1,079
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	68	74	254	354	418	324	305	338	363	996	1,906
Total Debt/Capital (%)	0.78	4.09	0.08	3.73	2.06	2.53	2.46	6.07	13.15	33.03	56.6
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	14	18	67	197	242	103	159	320	293	313	622
TTM EBITDA	1	7	32	118	135	-33	27	72	86	100	220
TTM Operating Income	-1	3	25	99	108	-12	- -	42	51	45	135
TTM Cash Flow to Firm	- -	5	27	117	115	- -	- -	68	92	70	231
TTM Free Cash Flow to Firm	- -	-6	-67	-44	81	- -	- -	-13	28	-119	-416

No data availableFinancial data will appear here once available

	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	12/31/2015	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

Shares Outstanding	10	10	18	26	29	28	30	30	28	36	51
Diluted Weighted Avg Shares	10	10	12	25	29	28	29	30	28	28	47
Basic Weighted Avg Shares	10	10	12	25	29	28	29	30	28	27	40
Revenue per Share	1.47	1.88	5.82	8.04	8.4	3.73	5.41	10.64	10.33	11.4	15.56
EBITDA per Share	0.12	0.69	2.77	4.8	4.68	-1.19	0.91	2.4	3.04	3.64	5.49
Operating Income per Share	-0.13	0.3	2.2	4.05	3.75	-0.44	-0.01	1.39	1.81	1.65	3.39
Basic EPS, GAAP	- -	- -	-0.36	1.73	1.81	-1.06	-0.03	0.7	0.86	0.58	0.75
Basic EPS from Cont Ops	-0.14	0.29	1.27	3.5	3.14	-1.85	-0.04	1.11	1.37	1.05	1.46
Diluted EPS, GAAP	- -	- -	-0.36	1.72	1.8	-1.06	-0.03	0.7	0.86	0.57	0.64
Diluted EPS from Cont Ops	-0.14	0.29	1.27	3.48	3.13	-1.85	-0.04	1.11	1.37	1.04	1.23
Dividend per Share	- -	- -	2.23	0.19	0.67	0.69	0.46	0.46	0.5	0.53	0.54
Cash Flow per Share	0.22	0.47	2.31	4.74	3.99	1.59	0.56	2.26	3.15	2.16	5.23
Free Cash Flow per Basic Share	-2.66	-0.66	-5.81	-1.82	2.78	1.42	-0.11	-0.45	0.88	-4.7	-10.95
Cash & Equivalents per Share	0.68	0.35	3.49	0.97	2.28	2.18	1.23	0.29	0.21	3.15	6.97
Book Value per Share	6.66	7.05	6.25	7.7	8.98	7.28	6.83	7.14	7.45	9.8	11.13
Tangible Book Value per Share	5.38	5.76	5	6.85	8.26	6.7	6.32	6.66	6.95	4.96	7.87