Clearfield, Inc. Financial Ratios — CLFD Stock

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 (%)	- -	- -	- -	- -	- -	- -	53.47	37.98	29.13	33.76	57.4	70.26	29.25	-10.27	-7.25
Return on Assets (%)	23.88	22.64	11.25	11.06	8.55	12.5	5.49	5.95	5.85	8.23	18.38	27.81	11.13	-3.71	-2.59
Return on Capital (%)	- -	- -	-27.69	-45.23	-67.37	2,410.64	53.47	37.98	29.13	31.71	53.38	56.52	24.08	- -	-6.65
Return on Invested Capital (%)	- -	- -	12.51	12.38	9.41	13.87	5.76	5.88	5.56	8.32	20.78	34.48	11.63	- -	0.56
Gross Margin (%)	41.65	40.79	41.22	42.38	41.22	43.66	40.93	39.92	38.44	40.74	43.46	41.7	35.38	20.58	33.66
EBITDA Margin (%)	11.45	12.49	14.85	15.88	13.71	16.18	9.38	9.17	8.66	11.61	19.56	24.82	18.68	-10.6	5.49
Operating Margin (%)	10.43	11.41	13.95	14.67	11.69	14.25	7.18	6.53	6.1	9.01	17.93	23.56	16.65	-15.32	1.41
Incremental Operating Margin (%)	23.54	26.42	19.96	22.88	-64.37	24.59	404.43	-6.51	1.59	39.75	35.34	29.65	58.1	- -	86.92
Pretax Margin (%)	10.94	11.68	14.13	14.84	11.86	14.46	7.55	7.12	6.97	9.84	18.28	23.57	18.88	-9.37	5.77
Profit Margin (%)	17.52	20.55	8.87	9.36	7.76	10.64	5.2	5.5	5.37	7.84	14.44	18.22	14.41	-9.92	-5.36
Net Income to Common Margin (%)	17.52	20.55	8.87	9.36	7.76	10.64	5.2	5.5	5.37	7.84	14.44	18.22	14.41	-9.92	-5.36
Effective Tax Rate (%)	- -	- -	37.19	36.93	34.58	26.41	31.11	22.67	22.95	20.34	21.01	22.67	20.85	- -	27.2
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	53.47	37.98	29.13	33.76	57.4	70.26	29.25	-10.27	-7.25

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	3	32	16	11	9
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	3	6	3	3
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	29	11	9	6
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.26	0.09	0.48	0.39	-0.85	1.06
Net Debt/EBITDA	-2.8	-1.21	-1.24	-1.97	-2.19	-2.3	-2.67	-1.2	-1.37	-1.52	-0.48	0.1	-0.85	0.9	-2.61
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.33	0.1	0.51	0.44	-0.59	4.13
Net Debt/EBIT	-3.07	-1.33	-1.32	-2.14	-2.56	-2.61	-3.49	-1.69	-1.94	-1.96	-0.52	0.1	-0.95	0.62	-10.15
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	216.22	248.07	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	186.8	204.31	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	205.2	221.04	-45.89	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-89.67	-51.58	-31.74	-17.92	-8	7.47	13.12	18.04	21.93	26.5	36.2	41.44	35.86	36.51	34.96
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.57	1.56	19.7	3.37	3.18	2.32
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.59	3.36	22.82	7.38	6.93	5.12
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.23	1.28	12.69	2.99	2.78	1.94
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.38	2.44	22	5.23	4.09	3.42
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.97	5.26	25.48	11.45	8.93	7.56
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.93	2.01	14.17	4.63	3.58	2.86
Net Debt to Equity	-43.01	-16.37	-24.47	-38.92	-35.24	-44.76	-28.73	-12.41	-13.45	-19.88	-12.73	4.34	-11.33	-4.32	-8.39
Net Debt/Capital (%)	29.34	22.58	39.97	66.19	79.68	123.19	196.82	-176.49	-128.01	-141.86	-37.88	5.78	-33.65	-10.62	-22.79
EBITDA	4	5	8	9	8	12	7	7	7	11	28	67	42	-13	8
EBITDA-CapEx	3	4	7	8	4	11	5	6	5	9	25	58	35	-21	3
Operating Income (Loss)	4	4	7	9	7	11	5	5	5	8	25	64	38	-19	2

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	3.27	4.9	2.5	4.87	5.16	4.57	5.77	3.51	3.57	2.6	1.15	0.43	5.8	5.3	2.9
Current Ratio	5.06	7.54	5.42	7.46	8.09	6.96	9.7	8.25	6.43	5.04	3.49	3.1	10.21	9.43	5.42
Quick Ratio	4.08	5.9	3.74	5.85	6.35	5.66	7.47	6.08	4.95	3.6	2.1	1.47	6.78	5.86	3.39
CFO/Avg Current Liab	1.75	1.09	0.93	2.02	1.35	1.87	1.09	0.99	2.54	0.78	0.71	0.06	0.61	0.67	0.87
Common Equity/Total Assets	-89.67	-51.58	-31.74	-17.92	-8	7.47	13.12	18.04	21.93	26.5	36.2	41.44	35.86	36.51	34.96
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.57	1.56	19.7	3.37	3.18	2.32
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.59	3.36	22.82	7.38	6.93	5.12
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.23	1.28	12.69	2.99	2.78	1.94
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.38	2.44	22	5.23	4.09	3.42
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.97	5.26	25.48	11.45	8.93	7.56
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.93	2.01	14.17	4.63	3.58	2.86
CFO/Total Liabilities	130.06	125.27	68.49	226	107.87	144.39	126.75	84.94	211.82	53.06	49.36	2.77	60.95	44.97	53.1
CFO/CapEx	7.1	6.47	4.18	7.92	1.51	7.1	3.01	3.46	5.87	3.69	5.33	0.25	3.31	2.23	5.6
Altman's Z-Score	11.54	13.78	18	21.62	18.95	21.36	24.45	22.68	16.1	15.57	19.45	14.04	8.86	10.16	7.49

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	10.87	11.99	9.83	9.02	10.93	10.75	9.71	7.74	7.75	9.49	9.4	7.41	5.5	5.95	9.43
Days Sales Outstanding	33.57	30.45	37.15	40.45	33.4	33.96	37.6	47.14	47.09	38.46	38.81	49.28	66.38	61.38	38.7
Inventory Turnover	9.62	7.75	7.3	6.07	5.64	5.45	5.19	5.04	5.49	4.71	3.8	2.88	1.62	1.29	2.03
Days Inventory Outstanding	37.95	47.12	50.03	60.11	64.72	66.93	70.3	72.38	66.46	77.49	96.17	126.8	225.54	282.11	179.81
Accounts Payable Turnover	16.58	15.28	16.51	14.04	16.69	17.69	20.29	23.52	18.53	17.65	14.37	12.76	9.8	9.9	17.44
Accounts Payable Turnover Days	22.02	23.88	22.1	26.01	21.86	20.64	17.99	15.52	19.69	20.68	25.41	28.61	37.25	36.88	20.93
Cash Conversion Cycle	49.49	53.68	65.08	74.56	76.25	80.25	89.92	104.01	93.86	95.27	109.57	147.47	254.66	306.61	197.57
Inventory to Cash Days	-4.38	-16.67	-12.88	-19.66	-31.32	-32.97	-32.69	-25.24	-19.38	-39.03	-57.35	-77.52	-159.16	-220.73	-141.11
Inventories	3	3	6	5	7	8	8	10	9	14	28	82	98	56	42
Raw Materials	2	2	4	4	5	6	6	6	8	12	23	69	74	50	38
Work In Process	- -	- -	- -	- -	- -	- -	1	1	1	1	2	5	1	1	2
Finished Goods	- -	- -	1	1	2	2	2	3	1	2	3	11	30	20	14
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	71	63	168	164	177	251	184	181	159	275	606	1,441	429	568	481
- Cash & Cash Equivalents	11	6	10	18	18	28	19	9	10	16	13	17	38	14	21
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	3	32	16	11	9
Enterprise Value	58	48	152	140	151	218	160	163	136	251	585	1,451	278	450	384
Total Capital	-27	-19	-15	-9	-5	5	9	13	18	28	48	127	144	126	116
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.97	5.26	25.48	11.45	8.93	7.56
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	- -	0.02	0.06	0.03	0.02
EV/Sales	1.65	1.29	2.86	2.41	2.51	2.89	2.16	2.1	1.6	2.7	4.15	5.36	1.23	3.59	2.56
EV/EBITDA	14.43	10.35	19.24	15.14	18.32	17.89	23.01	22.92	18.42	23.22	21.23	21.58	6.58	- -	46.58
EV/EBIT	15.84	11.33	20.48	16.39	21.48	20.3	30.04	32.17	26.15	29.93	23.17	22.74	7.39	- -	181.18
EV/Cash Flow to Firm	10.98	12.66	35.13	12.11	22.12	18.86	25.34	35.88	9.21	37.7	53.63	580.78	11.22	25.35	14.45
EV/Free Cash Flow to Firm	9.63	10.96	28.35	10.75	13.3	16.53	19.02	27.84	7.87	29.66	45.15	124.59	8.63	17.49	12.26
Diluted Market Cap	75	65	176	173	182	257	186	181	159	275	609	1,455	430	568	481
Diluted Enterprise Value	64	60	166	155	164	229	167	172	149	262	598	1,471	409	565	468
EV per Share	4.81	3.91	12.17	10.81	11.46	16.29	11.79	12.15	10.09	18.39	42.62	105.37	18.53	30.89	27.43
TTM Sales	35	37	53	58	60	75	74	78	85	93	141	271	226	126	150
TTM EBITDA	4	5	8	9	8	12	7	7	7	11	28	67	42	-13	8
TTM Operating Income	4	4	7	9	7	11	5	5	5	8	25	64	38	-19	2
TTM Cash Flow to Firm	5	4	4	12	7	12	6	5	15	7	11	2	25	18	27
TTM Free Cash Flow to Firm	6	4	5	13	11	13	8	6	17	8	13	12	32	26	31

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	12.45	14.8	32.67	13.34	16.02	19.49	22.15	30.87	9.24	32.52	47	127.58	13.43	22.06	15.37
EV/EBIT	15.84	11.33	20.48	16.39	21.48	20.3	30.04	32.17	26.15	29.93	23.17	22.74	7.39	- -	181.18
Enterprise Value	58	48	152	140	151	218	160	163	136	251	585	1,451	278	450	384
Low Price	2.8	3.9	4	12.26	10.82	11.59	11	10.35	8.41	8.32	19.75	43.11	28.21	22.91	23.78
EV/Sales	1.65	1.29	2.86	2.41	2.51	2.89	2.16	2.1	1.6	2.7	4.15	5.36	1.23	3.59	2.56
EV/EBITDA	14.43	10.35	19.24	15.14	18.32	17.89	23.01	22.92	18.42	23.22	21.23	21.58	6.58	- -	46.58
Price/Earnings	11.56	8.21	35.54	30.26	37.91	31.37	47.83	42.26	34.89	37.73	29.8	29.19	13.19	- -	- -
Price/Earnings Average	10.38	8.62	20.5	42.16	41.09	26.64	55.63	40.09	37.88	26.13	22.39	19.68	29.01	-37.81	-60.22
Price/Earnings High	16.36	12.51	40.46	63.22	57.24	33.84	75.96	48.07	49.31	43.91	31.67	36.27	62.1	-52.5	-81.26
Price/Earnings Low	5.49	6.27	10.59	29.15	30.54	19.34	38.69	32.52	24.76	15.56	13.33	12.03	12.99	-26.83	-41.33
Price/Book Value	-2.62	-3.25	-11.42	-17.7	-38.51	47.67	20.18	13.49	8.87	10.9	13.29	15.18	3.37	4.94	4.49
Price/Book Value Average	-2.36	-3.41	-6.59	-24.66	-41.74	40.48	23.47	12.8	9.63	7.55	9.99	10.23	7.4	4.09	4.53
Price/Book Value High	-3.71	-4.95	-13	-36.97	-58.16	51.43	32.06	15.34	12.54	12.68	14.13	18.86	15.85	5.68	6.11
Price/Book Value Low	-1.25	-2.48	-3.4	-17.04	-31.03	29.39	16.33	10.38	6.3	4.5	5.95	6.25	3.31	2.9	3.11
Price/Tangible Book Value	3.01	1.97	4.49	3.72	3.64	4.19	2.98	3.08	2.45	3.77	6.42	10.69	1.42	2.13	1.99
Price/Tangible Book Value Average	2.71	2.07	2.59	5.19	3.95	3.56	3.47	2.92	2.66	2.61	4.82	7.21	3.12	1.77	2
Price/Tangible Book Value High	4.27	3	5.11	7.77	5.5	4.52	4.74	3.5	3.46	4.38	6.82	13.28	6.68	2.45	2.7
Price/Tangible Book Value Low	1.43	1.5	1.34	3.58	2.94	2.58	2.41	2.37	1.74	1.55	2.87	4.4	1.4	1.25	1.37
Price/Sales	2.03	1.69	3.15	2.83	2.94	3.34	2.49	2.33	1.87	2.96	4.3	5.32	1.9	4.52	3.2
Price/Sales Average	1.82	1.77	1.82	3.95	3.19	2.84	2.89	2.21	2.03	2.05	3.23	3.59	4.18	3.75	3.23
Price/Sales High	2.87	2.57	3.59	5.92	4.44	3.6	3.95	2.65	2.65	3.44	4.57	6.61	8.95	5.21	4.36
Price/Sales Low	0.96	1.29	0.94	2.73	2.37	2.06	2.01	1.79	1.33	1.22	1.93	2.19	1.87	2.66	2.22
Price/Cash Flow	13.46	16.52	38.77	14.26	25.92	21.76	29.22	39.72	10.81	41.34	55.56	638.21	17.45	31.97	18.11
Price/Cash Flow Average	12.09	17.34	22.36	19.87	28.09	18.48	33.99	37.68	11.74	28.63	41.75	430.24	38.37	26.5	18.26
Price/Cash Flow High	19.05	25.18	44.14	29.79	39.14	23.47	46.41	45.18	15.28	48.11	59.05	792.94	82.14	36.79	24.64
Price/Cash Flow Low	6.39	12.61	11.55	13.74	20.88	13.42	23.64	30.56	7.67	17.05	24.85	262.93	17.18	18.8	12.53
Price/Free Cash Flow Average	11.18	15.53	18.84	18.58	17.36	16.55	25.76	29.29	10.04	22.52	35.31	86	29.53	18.28	15.49
Price/Free Cash Flow High	17.62	22.55	37.2	27.86	24.19	21.02	35.17	35.12	13.07	37.84	49.95	158.51	63.22	25.38	20.9
Price/Free Cash Flow Low	5.91	11.29	9.73	12.84	12.91	12.02	17.91	23.76	6.56	13.41	21.02	52.56	13.22	12.97	10.63
EV/Sales Average	1.5	1.62	1.63	3.63	2.89	2.46	2.64	2.1	1.92	1.9	3.16	3.64	4.09	3.73	3.14
EV/Sales High	2.55	2.42	3.41	5.6	4.14	3.23	3.7	2.54	2.53	3.29	4.5	6.67	8.86	5.18	4.27
EV/Sales Low	0.64	1.14	0.76	2.41	2.07	1.69	1.76	1.68	1.21	1.07	1.85	2.25	1.78	2.64	2.13
EV/EBITDA Average	13.09	12.97	11.01	22.88	21.08	15.23	28.2	22.87	22.11	16.37	16.14	14.68	21.87	-35.16	57.29
EV/EBITDA High	22.24	19.38	22.94	35.28	30.23	19.96	39.48	27.66	29.2	28.37	22.99	26.86	47.4	-48.9	77.85
EV/EBITDA Low	5.6	9.1	5.09	15.21	15.11	10.42	18.79	18.32	13.98	9.24	9.45	9.06	9.51	-24.89	38.83
EV/EBIT Average	14.37	14.2	11.72	24.75	24.72	17.28	36.81	32.11	31.4	21.1	17.61	15.47	24.55	-24.33	222.87
EV/EBIT High	24.41	21.21	24.41	38.18	35.45	22.66	51.54	38.83	41.46	36.56	25.09	28.3	53.2	-33.84	302.84
EV/EBIT Low	6.14	9.96	5.41	16.45	17.72	11.83	24.53	25.72	19.85	11.91	10.32	9.55	10.67	-17.22	151.05
Last Price	5.9	5.11	13.43	12.73	13.43	18.8	13.6	13.45	11.85	20.17	44.15	104.64	28.66	38.96	34.38
High Price	8.35	7.79	15.29	26.59	20.28	20.28	21.6	15.3	16.75	23.47	46.92	130.01	134.9	44.83	46.76
Enterprise Value Average	53	61	87	211	174	185	196	163	163	177	444	987	922	468	472
Enterprise Value High	90	91	182	325	250	243	274	197	215	307	633	1,806	1,999	651	641
Enterprise Value Low	23	43	40	140	125	127	130	130	103	100	260	610	401	331	320

	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	12	13	13	14	14	14	14	14	14	14	14	14	15	14	14
Diluted Weighted Avg Shares	13	13	13	14	14	14	14	13	13	14	14	14	15	15	14
Basic Weighted Avg Shares	12	12	13	13	13	13	14	13	13	14	14	14	15	15	14
Revenue per Share	2.91	3.03	4.26	4.49	4.56	5.63	5.46	5.78	6.33	6.82	10.26	19.67	15.07	8.61	10.73
EBITDA per Share	0.33	0.38	0.63	0.71	0.63	0.91	0.51	0.53	0.55	0.79	2.01	4.88	2.82	-0.91	0.59
Operating Income per Share	0.3	0.35	0.59	0.66	0.53	0.8	0.39	0.38	0.39	0.61	1.84	4.63	2.51	-1.32	0.15
Basic EPS, GAAP	0.51	0.62	0.38	0.42	0.35	0.6	0.28	0.32	0.34	0.53	1.48	3.58	2.17	-0.85	-0.58
Basic EPS from Cont Ops	0.51	0.62	0.38	0.42	0.35	0.6	0.28	0.32	0.34	0.53	1.48	3.58	2.25	-0.58	0.45
Diluted EPS, GAAP	0.48	0.6	0.36	0.4	0.34	0.59	0.28	0.32	0.34	0.53	1.47	3.55	2.17	-0.85	-0.58
Diluted EPS from Cont Ops	0.48	0.6	0.36	0.4	0.34	0.59	0.28	0.32	0.34	0.53	1.47	3.55	2.25	-0.58	0.45
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.44	0.31	0.35	0.89	0.52	0.86	0.47	0.34	1.1	0.49	0.79	0.16	1.64	1.22	1.9
Free Cash Flow per Basic Share	0.38	0.26	0.26	0.78	0.17	0.74	0.31	0.24	0.91	0.36	0.65	-0.5	1.15	0.67	1.56
Cash & Equivalents per Share	1.09	1.2	1.26	1.92	1.97	2.51	1.81	1.3	1.76	1.98	1.72	1.63	11.23	8.84	7.58
Book Value per Share	-2.25	-1.57	-1.18	-0.72	-0.35	0.39	0.67	1	1.34	1.85	3.32	6.89	8.51	7.89	7.65
Tangible Book Value per Share	1.96	2.6	2.99	3.42	3.69	4.49	4.56	4.37	4.84	5.35	6.88	9.79	20.2	18.27	17.31

Clearfield, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)