Donnelley Financial Solutions, Inc. Financial Ratios — DFIN

Profitability (USD)

	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
As of date	12/31/2013	12/31/2014	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 (%)	- -	- -	- -	- -	- -	141.81	33.16	-21.76	81.6	33.82	20.79	19.14	5.94
Return on Assets (%)	- -	11.55	11.51	6.58	1.04	8.35	4.28	-2.96	16.68	11.98	10.05	11.21	3.95
Return on Capital (%)	- -	151.71	182.71	21.28	3.25	21.6	12.86	- -	38.21	21.94	16.73	16.47	6.09
Return on Invested Capital (%)	- -	27.98	19.9	10.26	2.74	8.6	10.78	- -	31.35	20.96	18.21	19.47	32.08
Gross Margin (%)	36.91	39.51	39.83	37.06	38.16	39.01	37.99	44.55	58.41	55.59	58.19	61.9	63.44
EBITDA Margin (%)	19.43	12.62	20.85	15.63	14.66	12.2	18.73	17.55	29.25	25.84	24.07	27.2	28.37
Operating Margin (%)	16.01	8.85	16.87	11.23	10.23	7.45	10.53	9.26	23.45	18.32	15.03	18.31	19.75
Incremental Operating Margin (%)	- -	1,475.47	-266.34	101.06	-35.51	74.22	-23.1	-46.97	151.92	50.22	90.38	-152.94	-55.7
Pretax Margin (%)	14.64	8.55	16.36	9.59	5.59	10.66	5.96	-1.96	19.91	16.71	12.79	16	5.62
Profit Margin (%)	8.87	5.31	9.94	6.01	0.97	7.64	4.3	-2.9	14.69	12.3	10.31	11.82	4.22
Net Income to Common Margin (%)	8.87	5.31	9.94	6.01	0.97	7.64	4.3	-2.9	14.69	12.3	10.31	11.82	4.22
Effective Tax Rate (%)	39.4	37.88	39.25	37.33	82.74	28.33	27.83	- -	26.24	26.42	19.41	26.14	24.83
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	141.81	33.16	-21.76	81.6	33.82	20.79	19.14	5.94

Credit (USD)

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	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
As of date	12/31/2013	12/31/2014	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	- -	77	38	587	458	363	376	301	181	214	151	141	178
ST Debt	- -	33	9	- -	- -	- -	23	20	18	16	14	10	10
LT Debt	- -	44	29	587	458	363	354	282	163	198	137	131	169
Total Debt/EBITDA	- -	0.56	0.17	3.82	3.11	3.09	2.3	1.92	0.62	0.99	0.78	0.66	0.82
Net Debt/EBITDA	- -	0.35	0.1	3.58	2.76	2.68	1.7	1	0.24	0.63	0.53	0.32	0.67
Total Debt/EBIT	- -	0.8	0.21	5.32	4.46	5.06	4.09	3.64	0.78	1.4	1.26	0.99	1.18
Net Debt/EBIT	- -	0.51	0.13	4.99	3.95	4.4	3.03	1.89	0.3	0.88	0.85	0.47	0.97
EBITDA to Interest Expense	95.86	90.87	198.91	13.14	3.43	3.2	4.82	6.16	14.67	21.54	10.72	14.09	15.54
EBITDA-CapEx/Interest Expense	95.86	90.87	198.91	13.14	3.43	3.2	4.82	6.16	14.67	21.54	10.72	14.09	15.54
EBIT to Interest Expense	79	63.73	161	9.44	2.4	1.95	2.71	3.25	11.76	15.27	6.69	9.48	10.82
Interest Expense	2	2	1	12	43	37	34	26	20	10	18	15	14
Common Equity/Total Assets	- -	- -	- -	-0.05	1.03	10.89	14.91	12.22	28.51	42.77	54.1	62.84	70.13
Long-Term Debt/Equity (%)	- -	12.52	4.68	528.35	306.76	160.49	131.76	113.6	43.34	59.97	33.96	30.06	44.51
Long-Term Debt/Capital (%)	- -	57.22	76.84	100.09	98.03	79.31	69.57	69.16	37.73	34.78	23.27	19.56	22.82
Long-Term Debt/Total Assets (%)	- -	4.43	3.57	59.97	51.29	41.75	39.9	32.52	18.5	23.86	16.93	15.58	21.09
Total Debt/Equity (%)	- -	21.88	6.09	528.35	306.76	160.49	140.17	121.55	48.09	64.92	37.44	32.42	- -
Total Debt/Capital (%)	- -	100	100	100.09	98.03	79.31	74.01	74	41.86	37.65	25.65	21.1	24.13
Total Debt/Total Assets (%)	- -	7.73	4.65	59.97	51.29	41.75	42.45	34.8	20.53	25.82	18.66	16.8	22.3
Net Debt to Equity	- -	13.74	3.67	495.77	271.95	139.56	103.8	63.32	18.44	40.97	25.21	15.46	- -
Net Debt/Capital (%)	- -	100	100	100.09	97.79	76.93	56.72	47.06	18.36	25.28	17.98	11	20.52
EBITDA	211	136	219	154	147	118	164	157	290	215	192	213	218
EBITDA-CapEx	211	136	219	154	147	118	164	157	290	215	192	213	218
Operating Income (Loss)	174	96	177	110	103	72	92	83	233	153	120	143	152

Liquidity (USD)

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	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
As of date	12/31/2013	12/31/2014	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

Cash Ratio	- -	0.2	0.12	0.19	0.28	0.24	0.1	0.31	0.21	0.15	0.11	0.26	0.12
Current Ratio	- -	1.44	1.54	1.77	1.44	1.26	1.18	1.12	1.07	1.02	1.03	1.04	1.06
Quick Ratio	- -	1.18	1.3	1.55	1.16	1.11	0.99	1.04	0.97	0.88	0.87	0.87	0.84
CFO/Avg Current Liab	- -	1.77	0.91	0.68	0.49	0.34	0.29	0.74	0.72	0.62	0.58	0.8	0.78
Common Equity/Total Assets	- -	- -	- -	-0.05	1.03	10.89	14.91	12.22	28.51	42.77	54.1	62.84	70.13
Long-Term Debt/Equity (%)	- -	12.52	4.68	528.35	306.76	160.49	131.76	113.6	43.34	59.97	33.96	30.06	44.51
Long-Term Debt/Capital (%)	- -	57.22	76.84	100.09	98.03	79.31	69.57	69.16	37.73	34.78	23.27	19.56	22.82
Long-Term Debt/Total Assets (%)	- -	4.43	3.57	59.97	51.29	41.75	39.9	32.52	18.5	23.86	16.93	15.58	21.09
Total Debt/Equity (%)	- -	21.88	6.09	528.35	306.76	160.49	140.17	121.55	48.09	64.92	37.44	32.42	- -
Total Debt/Capital (%)	- -	100	100	100.09	98.03	79.31	74.01	74	41.86	37.65	25.65	21.1	24.13
Total Debt/Total Assets (%)	- -	7.73	4.65	59.97	51.29	41.75	42.45	34.8	20.53	25.82	18.66	16.8	22.3
CFO/Total Liabilities	- -	19.5	62.29	12.21	12.28	10.32	8.81	24.96	35.55	30.11	30.64	42.19	39.15
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	3.48	6.64	4	4.51	4.62	4.24	3.98	7.2	6.85	8.49	8.61	8.68

Working Capital (USD)

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	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
As of date	12/31/2013	12/31/2014	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	- -	15.61	7.38	6.5	6.25	5.7	5.23	5.34	5.33	4.6	5.06	5.4	5.46
Days Sales Outstanding	- -	23.38	49.49	56.11	58.37	64.07	69.75	68.33	68.46	79.38	72.18	67.64	66.86
Inventory Turnover	- -	58.07	28.26	26.74	26.22	33.18	46.76	62	78.69	54.84	84.38	- -	- -
Days Inventory Outstanding	- -	6.29	12.92	13.65	13.92	11	7.81	5.89	4.64	6.66	4.33	- -	- -
Accounts Payable Turnover	- -	39.18	17.06	9.95	8.11	8.22	8.27	8.69	9.14	8.71	7.83	9.52	10.7
Accounts Payable Turnover Days	- -	9.32	21.4	36.68	45.02	44.41	44.12	41.99	39.91	41.89	46.61	38.35	34.1
Cash Conversion Cycle	- -	20.35	41.01	33.08	27.27	30.66	33.43	32.22	33.18	44.15	29.9	29.29	32.76
Inventory to Cash Days	- -	17.1	36.57	42.46	44.45	53.07	61.94	62.44	63.82	72.73	67.85	67.64	66.86
Inventories	- -	22	22	24	23	12	11	5	6	8	- -	- -	- -
Raw Materials	- -	7	8	8	3	4	4	2	3	6	- -	- -	- -
Work In Process	- -	12	10	11	14	8	7	2	3	2	- -	- -	- -
Finished Goods	- -	3	5	6	6	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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
As of date	12/31/2013	12/31/2014	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	- -	- -	- -	749	645	474	357	575	1,579	1,190	1,827	1,832	1,284
- Cash & Cash Equivalents	- -	29	15	36	52	47	17	74	54	34	23	57	24
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	77	38	587	458	363	376	301	181	214	151	141	178
Enterprise Value	- -	48	23	1,300	1,051	790	716	803	1,706	1,370	1,955	1,916	1,438
Total Capital	- -	77	38	586	468	457	509	407	433	568	587	670	740
Total Debt/Capital (%)	- -	100	100	100.09	98.03	79.31	74.01	74	41.86	37.65	25.65	21.1	24.13
Total Debt / EV	- -	1.59	1.66	0.45	0.44	0.46	0.53	0.38	0.11	0.16	0.08	0.07	0.12
EV/Sales	- -	0.04	0.02	1.32	1.05	0.82	0.82	0.9	1.72	1.64	2.45	2.45	1.87
EV/EBITDA	- -	0.35	0.1	8.46	7.14	6.72	4.37	5.11	5.87	6.36	10.19	9.01	6.61
EV/EBIT	- -	0.51	0.13	11.77	10.23	11.01	7.78	9.7	7.32	8.97	16.32	13.38	9.49
EV/Cash Flow to Firm	- -	0.38	0.19	11.47	10.64	8.53	9.06	4.18	8.77	8.7	14.12	10.51	8.2
EV/Free Cash Flow to Firm	- -	0.38	0.19	11.47	10.64	8.53	9.06	4.18	8.77	8.7	14.12	10.51	8.2
Diluted Market Cap	- -	- -	- -	754	649	477	359	575	1,659	1,248	1,909	1,894	1,317
Diluted Enterprise Value	- -	48	23	1,305	1,055	792	718	803	1,786	1,428	2,036	1,979	1,471
EV per Share	- -	1.49	0.71	39.88	31.76	23.36	21.01	23.68	50.93	44.48	66.72	65.61	52.29
TTM Sales	1,085	1,080	1,050	984	1,005	963	875	894	993	834	797	782	767
TTM EBITDA	211	136	219	154	147	118	164	157	290	215	192	213	218
TTM Operating Income	174	96	177	110	103	72	92	83	233	153	120	143	152
TTM Cash Flow to Firm	141	126	122	113	99	93	79	192	195	158	138	182	175
TTM Free Cash Flow to Firm	141	126	122	113	99	93	79	192	195	158	138	182	175

Multiples (USD)

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	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
As of date	12/31/2013	12/31/2014	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

Price/Free Cash Flow	- -	- -	- -	7.11	7.1	7.19	6.59	3.73	9.22	8.31	15.39	11.07	7.98
EV/EBIT	- -	0.51	0.13	11.77	10.23	11.01	7.78	9.7	7.32	8.97	16.32	13.38	9.49
Enterprise Value	- -	48	23	1,300	1,051	790	716	803	1,706	1,370	1,955	1,916	1,438
Low Price	- -	- -	- -	18.02	18.06	13.15	9.24	4.04	16.73	24.6	35.71	56.02	37.8
EV/Sales	- -	0.04	0.02	1.32	1.05	0.82	0.82	0.9	1.72	1.64	2.45	2.45	1.87
EV/EBITDA	- -	0.35	0.1	8.46	7.14	6.72	4.37	5.11	5.87	6.36	10.19	9.01	6.61
Price/Earnings	- -	- -	- -	12.68	66.51	6.44	9.5	- -	10.82	11.61	22.23	19.82	39.63
Price/Earnings Average	- -	- -	- -	11.86	73.79	8.31	11.77	-13.61	7.45	10.55	17.14	19.82	45.03
Price/Earnings High	- -	- -	- -	16	92.41	10.18	15.5	-26.61	12.02	14.44	22.76	22.44	59.35
Price/Earnings Low	- -	- -	- -	9.94	61.63	6.04	8.38	-5.29	3.84	7.39	12.73	17.7	32.08
Price/Book Value	- -	- -	- -	-1,498.3	70.12	5.01	2.7	5.44	6.27	3.36	4.19	3.46	2.29
Price/Book Value Average	- -	- -	- -	-1,402.14	77.81	6.47	3.35	3.33	4.32	3.05	3.23	3.46	2.6
Price/Book Value High	- -	- -	- -	-1,890.8	97.43	7.92	4.41	6.51	6.96	4.18	4.29	3.92	3.43
Price/Book Value Low	- -	- -	- -	-1,175.23	64.98	4.7	2.38	1.29	2.23	2.14	2.4	3.09	1.85
Price/Tangible Book Value	- -	- -	- -	-1.74	-1.7	-1.53	-1.38	-2.58	-14.98	-7.45	-20.04	-27.84	-2.57
Price/Tangible Book Value Average	- -	- -	- -	-1.63	-1.89	-1.98	-1.71	-1.58	-10.31	-6.77	-15.45	-27.84	-2.93
Price/Tangible Book Value High	- -	- -	- -	-2.19	-2.37	-2.43	-2.25	-3.09	-16.63	-9.27	-20.51	-31.51	-3.86
Price/Tangible Book Value Low	- -	- -	- -	-1.36	-1.58	-1.44	-1.22	-0.61	-5.32	-4.74	-11.47	-24.86	-2.08
Price/Sales	- -	- -	- -	0.76	0.64	0.49	0.41	0.64	1.59	1.43	2.29	2.34	1.67
Price/Sales Average	- -	- -	- -	0.71	0.71	0.64	0.51	0.39	1.09	1.3	1.77	2.34	1.9
Price/Sales High	- -	- -	- -	0.96	0.89	0.78	0.67	0.77	1.76	1.78	2.35	2.65	2.51
Price/Sales Low	- -	- -	- -	0.6	0.59	0.46	0.36	0.15	0.56	0.91	1.31	2.09	1.36
Price/Cash Flow	- -	- -	- -	7.07	7.06	7.15	6.55	3.73	8.77	7.93	14.74	10.71	7.79
Price/Cash Flow Average	- -	- -	- -	6.61	7.83	9.23	8.12	2.29	6.04	7.2	11.36	10.71	8.85
Price/Cash Flow High	- -	- -	- -	8.92	9.81	11.3	10.69	4.47	9.74	9.85	15.09	12.12	11.66
Price/Cash Flow Low	- -	- -	- -	5.54	6.54	6.7	5.78	0.89	3.11	5.04	8.44	9.56	6.3
Price/Free Cash Flow Average	- -	- -	- -	6.65	7.88	9.28	8.17	2.29	6.34	7.55	11.87	11.07	9.07
Price/Free Cash Flow High	- -	- -	- -	8.97	9.87	11.37	10.76	4.47	10.23	10.33	15.76	12.53	11.96
Price/Free Cash Flow Low	- -	- -	- -	5.58	6.58	6.74	5.82	0.89	3.27	5.29	8.81	9.89	6.46
EV/Sales Average	- -	0.04	0.02	1.27	1.12	0.96	0.92	0.65	1.22	1.51	1.93	2.45	2.1
EV/Sales High	- -	0.04	0.02	1.52	1.3	1.11	1.08	1.02	1.89	1.99	2.51	2.76	2.71
EV/Sales Low	- -	0.04	0.02	1.16	1	0.79	0.77	0.41	0.69	1.12	1.47	2.2	1.56
EV/EBITDA Average	- -	0.35	0.1	8.14	7.62	7.89	4.89	3.7	4.18	5.85	8.01	9.01	7.41
EV/EBITDA High	- -	0.35	0.1	9.73	8.84	9.06	5.75	5.84	6.47	7.7	10.41	10.14	9.55
EV/EBITDA Low	- -	0.35	0.1	7.41	6.82	6.47	4.12	2.32	2.37	4.35	6.12	8.09	5.48
EV/EBIT Average	- -	0.51	0.13	11.34	10.92	12.93	8.71	7.01	5.21	8.26	12.82	13.38	10.65
EV/EBIT High	- -	0.51	0.13	13.55	12.67	14.85	10.23	11.07	8.07	10.87	16.68	15.07	13.71
EV/EBIT Low	- -	0.51	0.13	10.31	9.77	10.6	7.32	4.4	2.95	6.14	9.8	12.01	7.88
Last Price	- -	- -	- -	22.98	19.49	14.03	10.47	16.97	47.14	38.65	62.37	62.73	46.69
High Price	- -	- -	- -	29	27.08	22.17	17.09	20.33	52.33	48.04	63.85	71.01	69.93
Enterprise Value Average	- -	48	23	1,252	1,122	927	802	580	1,214	1,261	1,536	1,916	1,613
Enterprise Value High	- -	48	23	1,496	1,303	1,065	942	917	1,880	1,659	1,998	2,158	2,077
Enterprise Value Low	- -	48	23	1,138	1,004	760	674	365	687	937	1,174	1,720	1,194

Shares Outstanding	- -	32	32	33	34	34	34	33	33	29	29	29	26
Diluted Weighted Avg Shares	33	33	33	33	33	34	34	34	35	32	31	30	28
Basic Weighted Avg Shares	32	32	32	33	33	34	34	34	34	31	29	29	28
Revenue per Share	33.5	33.34	32.39	30.17	30.36	28.49	25.65	26.39	29.65	27.06	27.21	26.78	27.89
EBITDA per Share	6.51	4.21	6.75	4.71	4.45	3.48	4.8	4.63	8.67	6.99	6.55	7.28	7.91
Operating Income per Share	5.36	2.95	5.47	3.39	3.11	2.12	2.7	2.44	6.95	4.96	4.09	4.9	5.51
Basic EPS, GAAP	2.97	1.77	3.22	1.81	0.29	2.18	1.1	-0.76	4.36	3.33	2.81	3.16	1.18
Basic EPS from Cont Ops	2.97	1.77	3.22	1.81	0.29	2.18	1.1	-0.76	4.36	3.33	2.81	3.16	1.18
Diluted EPS, GAAP	2.94	1.76	3.19	1.8	0.29	2.16	1.1	-0.76	4.14	3.17	2.69	3.06	1.15
Diluted EPS from Cont Ops	2.94	1.76	3.19	1.8	0.29	2.16	1.1	-0.76	4.14	3.17	2.69	3.06	1.15
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	4.3	3.87	3.73	3.25	2.76	1.96	1.6	4.55	5.37	4.88	4.23	5.86	6
Free Cash Flow per Basic Share	4.3	3.87	3.73	3.25	2.76	1.96	1.6	4.55	5.37	4.88	4.23	5.86	6
Cash & Equivalents per Share	- -	0.88	0.47	1.11	1.57	1.4	0.5	2.17	1.63	1.11	0.79	1.96	0.89
Book Value per Share	- -	- -	- -	-0.02	0.28	2.8	3.88	3.12	7.52	11.5	14.9	18.11	20.41
Tangible Book Value per Share	- -	-6.79	1.98	-13.23	-11.45	-9.14	-7.58	-6.58	-3.15	-5.19	-3.11	-2.25	-18.13

Donnelley Financial Solutions, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)