Cardinal Ethanol, LLC Financial Ratios — CRDE Stock

Profitability (USD)

	2010 Y	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
Return on Common Equity (%)	- -	44.05	1.63	21.64	61.2	26.38	9.98	10.45	6.18	-5.67	-1.03	23.2	63.02	43.66
Return on Assets (%)	- -	29.01	1.12	16.3	52.07	23.91	8.68	8.58	5.02	-4.68	-0.85	19.25	50.28	33.11
Return on Capital (%)	- -	35.62	3.01	19.02	56.2	25.95	9.43	9.51	6.2	- -	- -	22.3	58.59	37.82
Return on Invested Capital (%)	- -	36.57	2.98	19.18	56.33	25.91	9.39	9.47	6.14	- -	- -	22.47	53.51	36.11
Gross Margin (%)	12.87	10.19	2.87	9.36	27.55	18.03	8.47	8.43	5.69	0.01	2.16	8.57	15.8	15.06
EBITDA Margin (%)	14.97	11.46	4.11	10.49	28.67	19.81	10.47	10.77	7.51	1.66	3.99	9.59	16.39	15.56
Operating Margin (%)	11.21	8.92	1.41	8.05	26.08	16.07	6.12	6.01	3.15	-2.65	-0.61	6.79	14.32	13.26
Incremental Operating Margin (%)	- -	4.36	161.36	66.59	-292.27	51.02	140.61	1.56	-13.88	- -	- -	18.16	35.64	26.47
Pretax Margin (%)	9.1	7.57	0.58	7.37	25.87	16.09	6.07	5.88	2.86	-2.53	-0.47	6.71	15.68	13.89
Profit Margin (%)	9.1	7.57	0.58	7.37	25.87	16.09	6.07	5.88	2.86	-2.53	-0.47	6.71	15.68	13.89
Net Income to Common Margin (%)	9.1	7.57	0.58	7.37	25.87	16.09	6.07	5.88	2.86	-2.53	-0.47	6.71	15.68	13.89
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	339.13	21.17	76.11	132.02	176.07	127.84	181.83	-22.13	-192.11	41.75	73.71	60.79
Sustainable Growth Rate (%)	- -	44.05	-3.9	17.06	14.62	-8.45	-7.59	-2.91	-5.06	-6.93	-3.01	13.51	16.57	17.12

Credit (USD)

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	2010 Y	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
Total Debt	- -	52	32	28	- -	5	15	18	9	7	6	5	16	34
ST Debt	- -	9	4	4	- -	- -	3	4	1	1	3	3	4	4
LT Debt	- -	43	28	24	- -	5	12	15	7	5	3	2	12	30
Total Debt/EBITDA	- -	1.35	2.39	0.74	- -	0.1	0.63	0.74	0.44	1.55	0.59	0.12	0.18	0.43
Net Debt/EBITDA	- -	1.07	2.34	0.1	-0.29	-0.33	-0.35	-0.03	-0.46	-2.06	-1.24	-0.67	-0.5	-0.5
Total Debt/EBIT	- -	1.74	6.95	0.97	- -	0.13	1.09	1.33	1.04	-0.97	-3.92	0.18	0.2	0.5
Net Debt/EBIT	- -	1.38	6.8	0.13	-0.32	-0.41	-0.6	-0.05	-1.1	1.3	8.17	-0.94	-0.57	-0.59
EBITDA to Interest Expense	7.01	8.75	4.67	15.26	132.77	22,054.63	125.6	67.95	23.33	12.09	54.18	289.97	2,450.71	- -
EBITDA-CapEx/Interest Expense	6.29	8.75	4.64	15.13	132.06	17,183.43	123.03	33.75	21.05	1	38.75	261.18	1,901.91	- -
EBIT to Interest Expense	5.25	6.82	1.61	11.71	120.79	17,888.58	73.42	37.92	9.79	-19.23	-8.21	205.43	2,141.72	- -
Interest Expense	5	4	3	2	1	- -	- -	- -	1	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	65.85	72.08	78.3	91.96	89.29	84.66	79.53	83.22	81.63	83.98	82.1	77.94	74.13
Long-Term Debt/Equity (%)	- -	38.25	25.57	18.37	- -	3.46	9.16	11.52	6.08	4.72	2.66	1.37	8.3	17.3
Long-Term Debt/Capital (%)	- -	25.57	19.55	15.09	- -	3.34	8.22	10.06	5.67	4.45	2.52	1.32	7.49	14.48
Long-Term Debt/Total Assets (%)	- -	24.43	18.08	14.31	- -	3.09	7.75	9.16	5.06	3.85	2.23	1.13	6.47	12.82
Total Debt/Equity (%)	- -	46.46	28.89	21.25	- -	3.46	11.37	14.48	7.27	5.99	5.33	3.88	10.74	19.47
Total Debt/Capital (%)	- -	31.06	22.09	17.45	- -	3.34	10.21	12.65	6.77	5.65	5.06	3.74	9.7	16.3
Total Debt/Total Assets (%)	- -	29.67	20.43	16.56	- -	3.09	9.63	11.52	6.05	4.89	4.48	3.19	8.37	14.43
Net Debt to Equity	- -	36.84	28.27	2.83	-18.12	-11.35	-6.28	-0.52	-7.68	-7.97	-11.1	-20.68	-30.51	-22.77
Net Debt/Capital (%)	- -	26.33	21.71	2.74	-22.14	-12.81	-6.7	-0.53	-8.32	-8.66	-11.88	-24.86	-41.17	-28.83
EBITDA	34	39	13	38	97	48	23	25	20	4	10	39	90	78
EBITDA-CapEx	30	39	13	37	96	37	23	12	18	- -	7	35	70	50
Operating Income (Loss)	25	30	5	29	88	39	14	14	8	-7	-1	27	78	67

Liquidity (USD)

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	2010 Y	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
Cash Ratio	- -	0.58	0.04	1.84	2.07	1.74	1.97	1.05	1.06	0.83	0.79	1.09	1.97	2.94
Current Ratio	- -	2.67	2.16	4.4	4.49	4.05	4.16	2.78	2.74	2.66	2.77	3.22	3.72	4.65
Quick Ratio	- -	1.63	1.36	3.44	3.7	2.77	2.97	1.91	1.66	1.59	1.4	1.67	2.46	3.61
CFO/Avg Current Liab	- -	2.32	1.02	2.24	7.68	3.96	1.96	1.45	1.45	0.44	0.33	1.6	4.06	3.01
Common Equity/Total Assets	- -	65.85	72.08	78.3	91.96	89.29	84.66	79.53	83.22	81.63	83.98	82.1	77.94	74.13
Long-Term Debt/Equity (%)	- -	38.25	25.57	18.37	- -	3.46	9.16	11.52	6.08	4.72	2.66	1.37	8.3	17.3
Long-Term Debt/Capital (%)	- -	25.57	19.55	15.09	- -	3.34	8.22	10.06	5.67	4.45	2.52	1.32	7.49	14.48
Long-Term Debt/Total Assets (%)	- -	24.43	18.08	14.31	- -	3.09	7.75	9.16	5.06	3.85	2.23	1.13	6.47	12.82
Total Debt/Equity (%)	- -	46.46	28.89	21.25	- -	3.46	11.37	14.48	7.27	5.99	5.33	3.88	10.74	19.47
Total Debt/Capital (%)	- -	31.06	22.09	17.45	- -	3.34	10.21	12.65	6.77	5.65	5.06	3.74	9.7	16.3
Total Debt/Total Assets (%)	- -	29.67	20.43	16.56	- -	3.09	9.63	11.52	6.05	4.89	4.48	3.19	8.37	14.43
CFO/Total Liabilities	- -	34.07	39.8	89.62	761.1	297.71	98.3	66.08	104.59	31.46	27.59	118.19	249.44	138.47
CFO/CapEx	5.73	- -	181.01	103.45	196.54	4.77	48.54	1.74	12.97	2	2.06	8.36	5.18	2.99
Altman's Z-Score	- -	3.58	3.35	4.53	16.87	9.54	7.8	6.5	6.26	4.81	4.57	6.43	8.46	6.63

Working Capital (USD)

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	2010 Y	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
Accounts Receivable Turnover	- -	35.29	15.71	16.77	15.83	14.27	18.94	17.19	21.74	23.31	22.25	35.81	42.22	32.52
Days Sales Outstanding	- -	10.34	23.23	21.76	23.06	25.57	19.27	21.23	16.79	15.66	16.41	10.19	8.65	11.22
Inventory Turnover	- -	51.6	29.62	32.98	27.54	18.63	15.79	15.67	16.15	17.38	15.57	16.83	18.43	22.2
Days Inventory Outstanding	- -	7.07	12.32	11.07	13.25	19.59	23.12	23.29	22.59	21	23.45	21.69	19.81	16.44
Accounts Payable Turnover	- -	102.4	40.22	40.92	30.49	20.8	22.99	21.61	20.56	20.08	21.01	29.89	28.33	27.07
Accounts Payable Turnover Days	- -	3.56	9.07	8.92	11.97	17.54	15.88	16.89	17.75	18.18	17.38	12.21	12.88	13.48
Cash Conversion Cycle	- -	13.85	26.48	23.91	24.34	27.62	26.51	27.63	21.63	18.48	22.48	19.67	15.57	14.18
Inventory to Cash Days	- -	3.27	10.91	10.7	9.8	5.98	-3.85	-2.06	-5.81	-5.34	-7.04	-11.5	-11.16	-5.22
Inventories	- -	12	9	10	7	14	12	15	17	13	17	27	23	15
Raw Materials	- -	7	4	4	5	7	7	8	10	9	6	7	11	8
Work In Process	- -	2	3	2	1	1	1	1	1	2	2	2	2	2
Finished Goods	- -	2	3	4	1	5	4	5	5	3	10	17	10	5
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	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
Market Capitalization	- -	56	50	64	269	177	206	220	141	101	71	102	220	239
- Cash & Cash Equivalents	- -	11	1	24	28	21	23	19	18	16	13	26	54	70
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	52	32	28	- -	5	15	18	9	7	6	5	16	34
Enterprise Value	- -	97	80	67	241	161	198	219	132	92	64	81	181	191
Total Capital	- -	168	143	160	153	145	145	145	129	119	115	130	163	206
Total Debt/Capital (%)	- -	31.06	22.09	17.45	- -	3.34	10.21	12.65	6.77	5.65	5.06	3.74	9.7	16.3
Total Debt / EV	- -	0.54	0.39	0.41	- -	0.03	0.08	0.08	0.07	0.07	0.09	0.06	0.09	0.18
EV/Sales	- -	0.29	0.25	0.19	0.72	0.67	0.89	0.96	0.5	0.35	0.26	0.2	0.33	0.38
EV/EBITDA	- -	2.52	6.1	1.8	2.5	3.38	8.46	8.9	6.6	21.13	6.52	2.1	2.03	2.44
EV/EBIT	- -	3.24	17.72	2.34	2.74	4.17	14.48	15.94	15.72	- -	- -	2.97	2.32	2.86
EV/Cash Flow to Firm	- -	3.74	3.86	1.88	2.35	3.21	8.44	10	5.04	11.03	10.77	2.52	1.74	2.29
EV/Free Cash Flow to Firm	- -	3.74	3.85	1.86	2.34	2.65	8.28	6.39	4.69	7.46	7.32	2.26	1.46	1.71
Diluted Market Cap	- -	56	50	64	269	177	206	220	141	101	71	102	220	239
Diluted Enterprise Value	- -	97	80	67	241	161	198	219	132	92	64	81	181	203
EV per Share	- -	6,665.05	5,510.27	4,620.19	16,531.53	11,032.27	13,525.36	14,989.7	9,052.56	6,276.6	4,361.06	5,578.36	12,424.87	13,061.03
TTM Sales	225	337	321	358	337	241	223	228	267	261	245	404	547	503
TTM EBITDA	34	39	13	38	97	48	23	25	20	4	10	39	90	78
TTM Operating Income	25	30	5	29	88	39	14	14	8	-7	-1	27	78	67
TTM Cash Flow to Firm	25	26	21	36	103	50	23	22	26	8	6	32	104	83
TTM Free Cash Flow to Firm	28	26	21	36	103	61	24	34	28	12	9	36	124	111

Multiples (USD)

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	2010 Y	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
Price/Free Cash Flow	- -	2.58	2.74	1.89	2.63	2.92	8.69	6.47	5.18	8.43	8.32	2.85	1.77	2.15
EV/EBIT	- -	3.24	17.72	2.34	2.74	4.17	14.48	15.94	15.72	- -	- -	2.97	2.32	2.86
Enterprise Value	- -	97	80	67	241	161	198	219	132	92	64	81	181	191
Low Price	- -	3,500	3,500	3,500	5,000	12,500	10,750	13,500	9,500	7,000	5,000	5,000	8,500	15,400
EV/Sales	- -	0.29	0.25	0.19	0.72	0.67	0.89	0.96	0.5	0.35	0.26	0.2	0.33	0.38
EV/EBITDA	- -	2.52	6.1	1.8	2.5	3.38	8.46	8.9	6.6	21.13	6.52	2.1	2.03	2.44
Price/Earnings	- -	2.19	26.78	2.42	3.08	4.57	15.21	16.36	18.54	- -	- -	3.78	2.56	3.43
Price/Earnings Average	- -	2.62	29.58	2.23	1.16	5.13	13.27	15.09	22.09	-16.86	-80.04	2.89	1.96	3.34
Price/Earnings High	- -	8.5	31.55	2.63	3.43	5.66	15.69	16.86	26.8	-21.47	-90.96	3.9	2.64	3.77
Price/Earnings Low	- -	2	27.6	1.94	0.84	4.72	11.61	14.69	18.18	-15.49	-64.04	2.69	1.45	3.22
Price/Book Value	- -	0.48	0.45	0.48	1.76	1.26	1.58	1.73	1.18	0.9	0.65	0.82	1.49	1.39
Price/Book Value Average	- -	0.58	0.49	0.44	0.66	1.41	1.38	1.6	1.4	0.99	0.84	0.63	1.14	1.35
Price/Book Value High	- -	1.87	0.52	0.52	1.96	1.56	1.63	1.79	1.7	1.26	0.95	0.85	1.54	1.52
Price/Book Value Low	- -	0.44	0.46	0.39	0.48	1.3	1.2	1.56	1.15	0.91	0.67	0.59	0.84	1.3
Price/Tangible Book Value	- -	0.5	0.45	0.48	1.76	1.26	1.58	1.73	1.18	0.9	0.65	0.82	1.49	1.39
Price/Tangible Book Value Average	- -	0.59	0.5	0.45	0.66	1.41	1.38	1.6	1.4	0.99	0.84	0.63	1.14	1.35
Price/Tangible Book Value High	- -	1.93	0.53	0.53	1.96	1.56	1.63	1.79	1.7	1.26	0.95	0.85	1.54	1.52
Price/Tangible Book Value Low	- -	0.46	0.47	0.39	0.48	1.3	1.2	1.56	1.15	0.91	0.67	0.59	0.84	1.3
Price/Sales	- -	0.17	0.15	0.18	0.8	0.74	0.92	0.96	0.53	0.39	0.29	0.25	0.4	0.48
Price/Sales Average	- -	0.2	0.17	0.16	0.3	0.83	0.81	0.89	0.63	0.43	0.37	0.19	0.31	0.46
Price/Sales High	- -	0.64	0.18	0.19	0.89	0.91	0.95	0.99	0.77	0.54	0.42	0.26	0.41	0.52
Price/Sales Low	- -	0.15	0.16	0.14	0.22	0.76	0.7	0.86	0.52	0.39	0.3	0.18	0.23	0.45
Price/Cash Flow	- -	2.58	2.75	1.91	2.64	3.53	8.86	10.2	5.58	12.65	12.35	3.19	2.11	2.87
Price/Cash Flow Average	- -	3.08	3.04	1.76	0.99	3.96	7.73	9.4	6.64	13.99	15.91	2.44	1.62	2.8
Price/Cash Flow High	- -	10.01	3.25	2.08	2.94	4.36	9.14	10.51	8.06	17.82	18.08	3.29	2.18	3.15
Price/Cash Flow Low	- -	2.36	2.84	1.53	0.72	3.64	6.77	9.16	5.47	12.86	12.73	2.27	1.19	2.7
Price/Free Cash Flow Average	- -	3.08	3.03	1.74	0.99	3.27	7.58	5.97	6.17	9.32	10.72	2.18	1.36	2.1
Price/Free Cash Flow High	- -	10.01	3.23	2.06	2.93	3.61	8.95	6.67	7.48	11.87	12.18	2.94	1.83	2.36
Price/Free Cash Flow Low	- -	2.36	2.82	1.51	0.71	3.01	6.63	5.81	5.08	8.57	8.57	2.03	1	2.02
EV/Sales Average	- -	0.32	0.27	0.17	0.22	0.76	0.77	0.88	0.6	0.39	0.34	0.14	0.24	0.39
EV/Sales High	- -	0.77	0.28	0.2	0.81	0.84	0.91	0.99	0.73	0.51	0.39	0.21	0.34	0.45
EV/Sales Low	- -	0.27	0.26	0.15	0.13	0.69	0.67	0.86	0.49	0.36	0.27	0.13	0.16	0.38
EV/EBITDA Average	- -	2.8	6.49	1.66	0.76	3.83	7.34	8.2	7.95	23.58	8.61	1.48	1.45	2.52
EV/EBITDA High	- -	6.68	6.77	1.95	2.81	4.26	8.73	9.17	9.75	30.59	9.89	2.19	2.1	2.9
EV/EBITDA Low	- -	2.4	6.21	1.46	0.47	3.49	6.38	7.99	6.46	21.5	6.74	1.34	0.96	2.41
EV/EBIT Average	- -	3.6	18.86	2.17	0.83	4.73	12.55	14.7	18.94	-14.82	-56.8	2.09	1.66	2.96
EV/EBIT High	- -	8.58	19.66	2.54	3.09	5.25	14.94	16.44	23.22	-19.23	-65.21	3.09	2.4	3.4
EV/EBIT Low	- -	3.08	18.05	1.9	0.51	4.31	10.91	14.31	15.4	-13.51	-44.48	1.9	1.1	2.83
Last Price	- -	3,831.54	3,395.04	4,365	18,430.2	12,125.13	14,085.53	15,035.17	9,685.56	6,889.02	4,850.05	7,013.18	15,035.17	16,393.18
High Price	- -	14,840	4,000	4,750	20,500	15,000	14,521	15,500	14,000	9,700	7,102	7,245	15,500	18,000
Enterprise Value Average	- -	108	86	62	73	183	171	202	159	102	84	57	130	197
Enterprise Value High	- -	258	89	73	272	203	204	226	195	133	97	85	188	227
Enterprise Value Low	- -	93	82	55	45	167	149	197	130	93	66	52	86	189

	2010 Y	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
Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	15,391.44	23,074.07	21,990.58	24,483.9	23,097.05	16,479.21	15,260.54	15,644.04	18,270.47	17,846.73	16,754.66	27,660.01	37,429.23	34,419.75
EBITDA per Share	2,303.36	2,644.23	903.75	2,569.33	6,621.68	3,264.56	1,598.33	1,684.95	1,371.58	297.07	668.94	2,652.72	6,134.34	5,356.32
Operating Income per Share	1,724.71	2,059.34	311.01	1,971.23	6,024.6	2,647.89	934.34	940.31	575.74	-472.63	-101.41	1,879.32	5,360.9	4,564.36
Basic EPS, GAAP	1,400.15	1,746.48	126.8	1,804.42	5,974.37	2,651.09	925.77	919.12	522.46	-451.79	-78.08	1,856.08	5,867.72	4,780.13
Basic EPS from Cont Ops	1,400.15	1,746.48	126.8	1,804.42	5,974.37	2,651.09	925.77	919.12	522.46	-451.79	-78.08	1,856.08	5,867.72	4,780.13
Diluted EPS, GAAP	1,400.15	1,746.48	126.8	1,804.42	5,974.37	2,651.09	925.77	919.12	522.46	-451.79	-78.08	1,856.08	5,867.72	4,780.13
Diluted EPS from Cont Ops	1,400.15	1,746.48	126.8	1,804.42	5,974.37	2,651.09	925.77	919.12	522.46	-451.79	-78.08	1,856.08	5,867.72	4,780.13
Dividend per Share	- -	- -	430	382	4,547	3,500	1,630	1,175	950	100	150	775	4,325	2,906.02
Cash Flow per Share	1,365.25	1,482.23	1,232.58	2,288.81	6,972.48	3,437.08	1,588.9	1,474.41	1,736.9	544.42	392.73	2,201.02	7,118.92	5,710.52
Free Cash Flow per Basic Share	1,126.97	1,482.23	1,225.77	2,266.69	6,937	2,716.04	1,556.17	626.44	1,603.01	271.85	202.26	1,937.67	5,745.22	3,801.16
Cash & Equivalents per Share	- -	739.56	46.76	1,658	1,898.67	1,425.96	1,574.84	1,300.54	1,231.62	1,072.89	886.66	1,766.32	3,692.86	5,632.41
Book Value per Share	- -	7,928.93	7,625.72	9,048.15	10,475.52	9,626.61	8,922.38	8,666.5	8,238.96	7,687.16	7,459.08	8,540.16	10,082.88	11,813.21
Tangible Book Value per Share	- -	7,690.48	7,482.85	9,001.51	10,475.52	9,626.61	8,922.38	8,666.5	8,238.96	7,687.16	7,459.08	8,540.16	10,082.88	11,812.48

Cardinal Ethanol, LLC

Profitability (USD)

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Per Share Data Items (USD)