Choice Hotels International, Inc. Financial Ratios — CHH

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 (%)	14.43	22.31	35.36	31.04	26.8	18.85	19.65	30.2	25.24	7.56	25.11	23.45	15.6	15.94	17.12
Return on Assets (%)	25.85	24.83	20.9	20.62	18.9	13.6	13.24	20.28	17.65	5.07	16.42	16.47	11.5	12.17	13.58
Return on Capital (%)	11.84	12.9	12.61	12.87	12.39	9.98	10.3	17.39	15.37	- -	14.46	13.99	9.79	9.98	10.78
Return on Invested Capital (%)	57.24	52.62	44.1	44.31	41.48	28.84	28.99	50.42	39.45	- -	27.87	27.63	21.45	20.87	18.53
Gross Margin (%)	44.72	43.75	43.75	45.56	43.16	43.09	49.07	48.69	46.75	40.2	56.07	49.93	51.31	53.34	52.72
EBITDA Margin (%)	28.18	29.12	28.4	29.54	27.55	26.5	33.64	34.25	33.15	23.88	44.86	40.36	33.05	34.82	33.34
Operating Margin (%)	26.93	27.93	27.08	28.31	26.2	23.08	30.74	30.99	29.91	17.62	40.14	35.8	28.14	30.35	28.38
Incremental Operating Margin (%)	26.4	40.22	8.67	54.98	10.55	74.83	77.19	33.28	14.67	57.83	99.17	21.86	-47.38	114.24	-233.44
Pretax Margin (%)	24.78	24.47	21.9	22.92	21.4	18.34	26.48	26.24	24.21	6.85	35.21	31.16	21.82	24.96	28.61
Profit Margin (%)	17.34	17.56	15.69	16.25	14.89	13.21	13	20.78	19.99	9.74	27.02	23.69	16.74	18.91	23.17
Net Income to Common Margin (%)	17.16	17.37	15.54	16.11	14.79	13.12	12.91	20.66	19.99	9.74	27.02	23.69	16.74	18.91	23.17
Effective Tax Rate (%)	30.17	28.45	28.56	30.09	30.41	27.97	50.92	20.82	17.43	- -	23.25	23.96	23.28	24.26	19.03
Dvd Payout Ratio (%)	38.86	544.02	28.22	35.26	34.86	42.88	39.35	22.07	21.58	33.53	8.67	15.82	21.84	18.52	14.45
Sustainable Growth Rate (%)	8.82	-99.07	25.38	20.1	17.46	10.77	11.91	23.54	19.8	5.02	22.93	19.74	12.19	12.99	14.65

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	253	855	794	785	814	841	727	755	883	1,082	1,108	1,285	1,682	1,887	2,022
ST Debt	1	8	10	12	1	1	1	1	18	11	228	14	504	5	8
LT Debt	252	847	783	773	813	839	725	754	865	1,071	880	1,272	1,178	1,882	2,014
Total Debt/EBITDA	1.4	4.24	3.86	3.51	3.44	3.93	2.29	2.12	2.39	5.85	2.31	2.27	3.3	3.42	3.8
Net Debt/EBITDA	0.81	3.58	3.04	2.55	2.62	2.98	1.55	2.04	2.21	4.46	1.14	2.05	3.02	3.13	3.5
Total Debt/EBIT	1.46	4.42	4.04	3.66	3.61	4.51	2.51	2.34	2.65	7.93	2.58	2.56	3.87	3.92	4.46
Net Debt/EBIT	0.84	3.73	3.19	2.66	2.75	3.42	1.7	2.26	2.45	6.04	1.28	2.31	3.55	3.59	4.11
EBITDA to Interest Expense	13.95	7.42	4.84	5.4	5.53	4.82	7.03	7.77	7.9	3.77	10.28	12.92	8	6.33	5.84
EBITDA-CapEx/Interest Expense	13.11	6.85	4.05	4.88	4.86	4.19	6.46	6.69	6.53	3.06	8.61	10.78	6.15	4.66	4.24
EBIT to Interest Expense	13.33	7.12	4.61	5.17	5.26	4.19	6.43	7.03	7.12	2.78	9.19	11.46	6.81	5.52	4.97
Interest Expense	13	27	43	41	43	44	45	46	47	49	47	44	64	87	91
Common Equity/Total Assets	177.7	53.23	63.55	67.87	71.94	71.38	63.13	69.94	69.94	64.6	66.06	74.05	73.38	79.12	79.47
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	330.83	822.15	3,309.83	- -	1,111.35
Long-Term Debt/Capital (%)	24.04	74.41	68.3	63.44	61.12	57.93	53.54	48.59	46.71	50.84	36.89	44.74	34.26	48.38	46.39
Long-Term Debt/Total Assets (%)	56.3	159.27	140.81	121.13	113.38	98.47	72.88	66.19	62.41	67.5	45.53	60.49	49.2	74.36	69.02
Total Debt/Equity (%)	-988.64	-158.8	-175.23	-183.09	-205.64	-269.99	-280.94	-410.62	-3,755.61	-18,812.24	416.71	830.97	4,724.25	-4,168.56	1,115.96
Total Debt/Capital (%)	24.11	75.13	69.18	64.45	61.21	58.01	53.63	48.66	47.66	51.34	46.47	45.22	48.9	48.52	46.58
Total Debt/Total Assets (%)	56.45	160.81	142.62	123.07	113.55	98.61	73	66.29	63.68	68.17	57.35	61.14	70.22	74.58	69.3
Net Debt to Equity	-569.81	-133.89	-138.18	-132.98	-156.78	-204.96	-189.94	-396.13	-3,478.57	-14,324.74	206.43	751.3	4,329.64	-3,817.78	1,026.95
Net Debt/Capital (%)	15.48	71.81	63.89	56.84	54.61	51.19	43.88	47.76	44.96	44	29.31	41.49	45.17	44.9	43.32
EBITDA	181	202	206	224	237	214	317	357	370	185	480	566	510	552	532
EBITDA-CapEx	170	186	172	202	208	186	291	307	306	150	402	472	392	406	387
Operating Income (Loss)	173	193	196	215	225	186	289	323	333	136	429	502	435	481	453

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	0.65	0.78	0.96	1.07	0.93	0.77	0.83	0.08	0.1	0.92	0.9	0.1	0.03	0.09	0.1
Current Ratio	1.06	1.61	1.76	1.63	1.49	1.31	1.41	0.77	0.73	1.69	1.34	0.8	0.31	0.73	0.87
Quick Ratio	0.95	1.33	1.51	1.56	1.41	1.21	1.32	0.66	0.65	1.61	1.28	0.72	0.27	0.64	0.77
CFO/Avg Current Liab	0.75	0.83	0.88	1	0.81	0.64	0.94	0.81	0.84	0.38	0.93	0.73	0.43	0.45	0.58
Common Equity/Total Assets	177.7	53.23	63.55	67.87	71.94	71.38	63.13	69.94	69.94	64.6	66.06	74.05	73.38	79.12	79.47
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	330.83	822.15	3,309.83	- -	1,111.35
Long-Term Debt/Capital (%)	24.04	74.41	68.3	63.44	61.12	57.93	53.54	48.59	46.71	50.84	36.89	44.74	34.26	48.38	46.39
Long-Term Debt/Total Assets (%)	56.3	159.27	140.81	121.13	113.38	98.47	72.88	66.19	62.41	67.5	45.53	60.49	49.2	74.36	69.02
Total Debt/Equity (%)	-988.64	-158.8	-175.23	-183.09	-205.64	-269.99	-280.94	-410.62	-3,755.61	-18,812.24	416.71	830.97	4,724.25	-4,168.56	1,115.96
Total Debt/Capital (%)	24.11	75.13	69.18	64.45	61.21	58.01	53.63	48.66	47.66	51.34	46.47	45.22	48.9	48.52	46.58
Total Debt/Total Assets (%)	56.45	160.81	142.62	123.07	113.55	98.61	73	66.29	63.68	68.17	57.35	61.14	70.22	74.58	69.3
CFO/Total Liabilities	27.76	14.02	15.25	17.59	14.83	13.06	20.53	18.37	19.19	6.91	23.03	18.85	12.57	12.4	9.88
CFO/CapEx	12.03	9.72	4.61	8.69	5.79	5.47	9.92	4.91	4.22	3.15	4.93	3.92	2.51	2.19	1.85
Altman's Z-Score	9.27	5.19	5.93	5.78	5.47	4.75	5.68	6.32	6.15	4.78	6.2	6.4	4.88	5.67	5.06

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	24.17	10.42	8.93	8.71	9.5	8.22	8.07	7.89	7.97	5.31	7.06	7.58	7.49	8.51	8.31
Days Sales Outstanding	15.1	35.04	40.9	41.91	38.42	44.43	45.21	46.25	45.77	68.72	51.73	48.13	48.75	42.9	43.91
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	8.9	10.11	10.14	8.35	8.04	8.17	8.27	7.56	8.08	5.91	5.71	7.02	6.01	5.56	5.19
Accounts Payable Turnover Days	41	36.11	35.99	43.69	45.39	44.66	44.13	48.28	45.18	61.81	63.92	52.01	60.72	65.68	70.37
Cash Conversion Cycle	-25.89	-1.07	4.91	-1.78	-6.97	-0.23	1.09	-2.03	0.59	6.91	-12.19	-3.88	-11.96	-22.78	-26.47
Inventory to Cash Days	15.1	35.04	40.9	41.91	38.42	44.43	45.21	46.25	45.77	68.72	51.73	48.13	48.75	42.9	43.91
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	2,258	1,951	2,880	3,270	2,881	3,150	4,392	4,044	5,763	5,916	8,668	6,184	5,732	6,797	4,398
- Cash & Cash Equivalents	107	134	168	215	193	202	235	27	34	235	512	42	27	40	45
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	253	855	794	785	814	841	727	755	883	1,082	1,108	1,285	1,682	1,887	2,022
Enterprise Value	2,392	2,668	3,505	3,840	3,502	3,788	4,883	4,771	6,612	6,764	9,265	7,428	7,387	8,644	6,376
Total Capital	1,048	1,138	1,147	1,218	1,330	1,449	1,355	1,551	1,853	2,108	2,384	2,842	3,439	3,889	4,341
Total Debt/Capital (%)	24.11	75.13	69.18	64.45	61.21	58.01	53.63	48.66	47.66	51.34	46.47	45.22	48.9	48.52	46.58
Total Debt / EV	0.11	0.32	0.23	0.2	0.23	0.22	0.15	0.16	0.13	0.16	0.12	0.17	0.23	0.22	0.32
EV/Sales	3.73	3.85	4.84	5.07	4.07	4.69	5.19	4.58	5.93	8.74	8.66	5.3	4.78	5.45	3.99
EV/EBITDA	13.25	13.23	17.03	17.15	14.78	17.69	15.42	13.38	17.89	36.58	19.31	13.13	14.48	15.66	11.98
EV/EBIT	13.86	13.79	17.86	17.9	15.54	20.32	16.87	14.79	19.83	49.58	21.59	14.8	17	17.97	14.07
EV/Cash Flow to Firm	17.04	15.74	19.02	17.73	17.97	20.58	17.47	17.09	21.38	37.62	22.08	18.55	21.38	22.43	18.52
EV/Free Cash Flow to Firm	15.81	14.42	16.1	16.12	15.68	17.88	15.99	14.52	17.72	31.49	18.63	15.04	15.93	16.27	13.01
Diluted Market Cap	2,265	1,959	2,895	3,285	2,907	3,176	4,414	4,075	5,792	5,960	8,752	6,246	5,777	6,862	4,437
Diluted Enterprise Value	2,411	2,680	3,521	3,856	3,528	3,814	4,905	4,803	6,641	6,807	9,349	7,490	7,432	8,709	6,415
EV per Share	40.3	45.99	59.77	65.79	61.27	67.41	86.28	84.47	118.67	122.02	166.72	135.29	146.01	180.56	138.09
TTM Sales	641	693	725	758	860	808	941	1,041	1,115	774	1,069	1,402	1,544	1,585	1,597
TTM EBITDA	181	202	206	224	237	214	317	357	370	185	480	566	510	552	532
TTM Operating Income	173	193	196	215	225	186	289	323	333	136	429	502	435	481	453
TTM Cash Flow to Firm	140	170	184	217	195	184	279	279	309	180	420	400	345	385	344
TTM Free Cash Flow to Firm	151	185	218	238	223	212	305	329	373	215	497	494	464	531	490

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	15.92	11.83	15.46	15.71	15.02	17.66	15.58	13.94	17.31	41.1	18.96	13.56	13.93	14.75	10.66
EV/EBIT	13.86	13.79	17.86	17.9	15.54	20.32	16.87	14.79	19.83	49.58	21.59	14.8	17	17.97	14.07
Enterprise Value	2,392	2,668	3,505	3,840	3,502	3,788	4,883	4,771	6,612	6,764	9,265	7,428	7,387	8,644	6,376
Low Price	26.31	30.4	34	43.42	45.21	40.78	53.4	66.71	69.92	46.25	100.11	104.15	109.19	108.91	84.04
EV/Sales	3.73	3.85	4.84	5.07	4.07	4.69	5.19	4.58	5.93	8.74	8.66	5.3	4.78	5.45	3.99
EV/EBITDA	13.25	13.23	17.03	17.15	14.78	17.69	15.42	13.38	17.89	36.58	19.31	13.13	14.48	15.66	11.98
Price/Earnings	20.54	16.21	25.58	26.78	22.66	29.73	36.15	18.8	25.86	78.48	30	18.62	22.17	22.68	11.89
Price/Earnings Average	18.88	17.31	21.59	23.62	24.89	25.8	30.12	20.63	21.51	65.17	23.4	20.97	23.48	20.15	15.12
Price/Earnings High	22.36	21.45	25.94	27.68	29.36	30.43	37.18	22.41	26.33	80.34	30.28	25.95	26.62	24.57	19.7
Price/Earnings Low	14.2	14.66	17.71	20.76	20.32	21.63	24.88	17.52	17.48	34.01	19.25	17.21	21.37	17.4	10.49
Price/Book Value	2.84	6.89	8.14	7.55	5.59	5.18	6.99	5.08	5.94	5.77	6.79	3.97	3.26	3.39	1.9
Price/Book Value Average	2.61	7.36	6.87	6.66	6.13	4.49	5.82	5.57	4.94	4.79	5.3	4.47	3.45	3.02	2.41
Price/Book Value High	3.09	9.12	8.26	7.81	7.24	5.3	7.19	6.06	6.05	5.91	6.86	5.54	3.92	3.68	3.14
Price/Book Value Low	1.96	6.23	5.64	5.85	5.01	3.77	4.81	4.73	4.02	2.5	4.36	3.67	3.14	2.6	1.67
Price/Tangible Book Value	-20.75	-3.16	-5.45	-6.49	-5.91	-7.76	-9.99	-6.48	-12.18	-12.62	-42.14	-7.67	-5.76	-5.91	-3.64
Price/Tangible Book Value Average	-19.08	-3.37	-4.6	-5.73	-6.49	-6.73	-8.32	-7.11	-10.13	-10.48	-32.87	-8.64	-6.1	-5.25	-4.64
Price/Tangible Book Value High	-22.59	-4.18	-5.52	-6.71	-7.66	-7.94	-10.27	-7.73	-12.4	-12.92	-42.54	-10.69	-6.91	-6.41	-6.04
Price/Tangible Book Value Low	-14.35	-2.85	-3.77	-5.03	-5.3	-5.64	-6.87	-6.04	-8.23	-5.47	-27.04	-7.09	-5.55	-4.54	-3.21
Price/Sales	3.53	2.82	3.97	4.31	3.35	3.9	4.67	3.88	5.17	7.64	8.11	4.41	3.71	4.29	2.75
Price/Sales Average	3.24	3.01	3.35	3.8	3.68	3.38	3.89	4.26	4.3	6.35	6.32	4.97	3.93	3.81	3.5
Price/Sales High	3.84	3.73	4.03	4.46	4.34	3.99	4.8	4.63	5.26	7.82	8.18	6.15	4.46	4.65	4.56
Price/Sales Low	2.44	2.55	2.75	3.34	3.01	2.84	3.21	3.62	3.49	3.31	5.2	4.08	3.58	3.29	2.43
Price/Cash Flow	17.19	12.99	18.71	17.43	17.45	20.72	17.06	16.65	21.3	53.75	22.59	16.85	19.33	21.28	16.26
Price/Cash Flow Average	15.8	13.87	15.79	15.37	19.17	17.98	14.21	18.27	17.72	44.64	17.62	18.97	20.47	18.91	20.69
Price/Cash Flow High	18.71	17.2	18.97	18.01	22.61	21.21	17.55	19.85	21.69	55.03	22.8	23.48	23.2	23.05	26.95
Price/Cash Flow Low	11.89	11.75	12.96	13.51	15.65	15.07	11.74	15.51	14.4	23.29	14.5	15.58	18.63	16.32	14.35
Price/Free Cash Flow Average	14.63	12.63	13.04	13.85	16.49	15.33	12.98	15.3	14.4	34.13	14.79	15.27	14.75	13.11	13.56
Price/Free Cash Flow High	17.33	15.66	15.67	16.23	19.46	18.08	16.02	16.62	17.63	42.07	19.14	18.9	16.72	15.98	17.67
Price/Free Cash Flow Low	11.01	10.7	10.7	12.17	13.47	12.85	10.72	12.99	11.7	17.81	12.17	12.54	13.42	11.31	9.4
EV/Sales Average	3.47	4.05	4.22	4.56	4.4	4.17	4.41	4.96	5.06	7.44	6.88	5.85	5	4.98	4.74
EV/Sales High	4.06	4.77	4.89	5.21	5.06	4.78	5.32	5.33	6.03	8.92	8.74	7.04	5.53	5.81	5.8
EV/Sales Low	2.67	3.59	3.62	4.1	3.73	3.63	3.73	4.32	4.26	4.41	5.76	4.97	4.65	4.46	3.67
EV/EBITDA Average	12.3	13.9	14.85	15.42	15.98	15.75	13.1	14.48	15.27	31.16	15.34	14.51	15.14	14.29	14.22
EV/EBITDA High	14.42	16.37	17.23	17.64	18.38	18.04	15.81	15.56	18.18	37.34	19.48	17.43	16.73	16.69	17.4
EV/EBITDA Low	9.46	12.32	12.73	13.86	13.53	13.69	11.09	12.61	12.84	18.45	12.84	12.3	14.07	12.79	11
EV/EBIT Average	12.88	14.49	15.57	16.1	16.8	18.09	14.34	16.01	16.92	42.22	17.14	16.35	17.78	16.4	16.71
EV/EBIT High	15.09	17.07	18.07	18.41	19.32	20.72	17.3	17.2	20.14	50.61	21.78	19.65	19.64	19.15	20.45
EV/EBIT Low	9.9	12.84	13.35	14.47	14.22	15.72	12.14	13.93	14.23	25	14.35	13.87	16.52	14.68	12.93
Last Price	38.05	33.62	49.11	56.02	50.41	56.05	77.6	71.58	103.43	106.73	155.99	112.64	113.3	141.98	95.26
High Price	41.42	44.49	49.79	57.9	65.31	57.38	79.8	85.35	105.32	109.26	157.46	157	136.02	153.81	157.86
Enterprise Value Average	2,222	2,804	3,056	3,454	3,785	3,372	4,150	5,165	5,642	5,760	7,358	8,208	7,726	7,887	7,572
Enterprise Value High	2,604	3,303	3,546	3,950	4,354	3,863	5,008	5,549	6,718	6,904	9,346	9,863	8,536	9,210	9,266
Enterprise Value Low	1,707	2,485	2,620	3,105	3,205	2,930	3,513	4,496	4,745	3,411	6,159	6,962	7,179	7,060	5,858

	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	58	58	59	57	56	56	57	56	56	56	56	52	50	47	46
Diluted Weighted Avg Shares	60	58	59	59	58	57	57	57	56	56	56	55	51	48	47
Basic Weighted Avg Shares	59	58	59	58	57	56	57	56	56	55	56	55	51	48	46
Revenue per Share	10.79	11.94	12.36	12.99	15.04	14.38	16.63	18.43	20.01	13.96	19.24	25.54	30.52	33.11	34.59
EBITDA per Share	3.04	3.48	3.51	3.84	4.14	3.81	5.6	6.31	6.63	3.34	8.63	10.31	10.09	11.53	11.53
Operating Income per Share	2.91	3.33	3.35	3.68	3.94	3.32	5.11	5.71	5.98	2.46	7.72	9.14	8.59	10.05	9.81
Basic EPS, GAAP	1.85	2.07	1.92	2.09	2.22	1.89	2.15	3.81	4	1.36	5.2	6.05	5.11	6.26	8.01
Basic EPS from Cont Ops	1.87	2.09	1.93	2.08	2.24	1.9	2.16	3.83	4	1.36	5.2	6.05	5.11	6.26	8.01
Diluted EPS, GAAP	1.85	2.07	1.91	2.08	2.2	1.87	2.14	3.78	3.98	1.35	5.15	5.99	5.07	6.2	7.94
Diluted EPS from Cont Ops	1.86	2.08	1.92	2.07	2.22	1.88	2.15	3.8	3.98	1.35	5.15	5.99	5.07	6.2	7.94
Dividend per Share	0.74	11.27	0.56	0.75	0.79	0.82	0.86	0.86	0.86	0.46	0.45	0.96	1.12	1.16	1.16
Cash Flow per Share	2.21	2.59	2.62	3.21	2.89	2.71	4.55	4.3	4.86	1.99	6.9	6.69	5.86	6.67	5.86
Free Cash Flow per Basic Share	2.03	2.32	2.05	2.84	2.39	2.21	4.09	3.42	3.71	1.35	5.5	4.98	3.52	3.63	2.7
Cash & Equivalents per Share	2.01	2.37	2.87	3.69	3.38	3.6	4.16	0.47	0.61	4.24	9.21	0.76	0.53	0.84	0.97
Book Value per Share	13.4	4.88	6.03	7.42	9.03	10.83	11.1	14.09	17.4	18.5	22.97	28.35	34.74	41.83	50.23
Tangible Book Value per Share	-1.83	-10.65	-9.01	-8.63	-8.52	-7.22	-7.77	-11.05	-8.49	-8.45	-3.7	-14.68	-19.68	-24.01	-26.14

Choice Hotels International, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)