Emerald Holding, Inc. Financial Ratios — EEX Stock

Profitability (USD)

	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	12/31/2014	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 (%)	- -	7.8	4.31	12.69	-3.42	-7.42	- -	- -	- -	- -	- -	-8.47
Return on Assets (%)	- -	2.55	1.43	5.1	-1.56	-3.28	-50.16	-7.53	12.11	-0.76	0.21	-2.72
Return on Capital (%)	- -	8.54	4.32	- -	- -	- -	- -	- -	37.32	- -	2.91	- -
Return on Invested Capital (%)	- -	9.66	5	- -	- -	- -	- -	- -	1	- -	2.77	- -
Gross Margin (%)	69.93	72.78	73.93	72.2	70.55	66.69	54.79	60.76	64.25	64.05	63.01	63.6
EBITDA Margin (%)	36.73	42.4	43.37	36.52	38.56	29.73	-38.3	-37.53	19.76	20.09	20.29	11.55
Operating Margin (%)	23.01	29.63	31.02	23.88	26.27	15.32	-76.45	-70.24	1.5	8.33	13.19	4.86
Incremental Operating Margin (%)	- -	84.84	55.49	-104.44	47.18	225.76	22.18	- -	59.37	47.45	129.38	-46.59
Pretax Margin (%)	1.87	9.76	11.18	13.7	-8.77	-15.24	-542.54	-55.67	48.48	-0.76	1.88	-4.66
Profit Margin (%)	-2.79	6.4	6.86	23.94	-6.59	-13.85	-497.33	-54.78	40.14	-2.14	0.55	-6.62
Net Income to Common Margin (%)	-2.79	6.4	6.86	23.94	-6.59	-13.85	-497.33	-54.78	40.14	-2.14	0.55	-6.62
Effective Tax Rate (%)	249.11	34.45	38.67	- -	- -	- -	- -	- -	17.22	- -	70.67	- -
Dvd Payout Ratio (%)	- -	- -	- -	18.58	-83.67	-42.6	-0.85	- -	- -	-209.76	668.18	-38.76
Sustainable Growth Rate (%)	- -	7.8	4.31	10.33	-6.27	-10.57	- -	- -	- -	- -	- -	-11.76

Credit (USD)

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	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	12/31/2014	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	- -	732	702	554	570	555	539	535	429	416	407	509
ST Debt	- -	6	9	6	46	20	10	10	5	8	8	10
LT Debt	- -	725	693	548	524	535	529	524	424	408	398	499
Total Debt/EBITDA	- -	5.63	5	4.44	3.88	5.17	-11.04	-9.79	6.66	5.41	5.03	9.52
Net Debt/EBITDA	- -	5.51	4.89	4.35	3.74	4.9	-4.62	-5.23	2.71	2.58	2.57	7.53
Total Debt/EBIT	- -	8.06	6.99	6.79	5.7	10.04	-5.53	-5.23	87.59	13.03	7.73	22.63
Net Debt/EBIT	- -	7.88	6.84	6.66	5.49	9.51	-2.32	-2.79	35.67	6.23	3.95	17.91
EBITDA to Interest Expense	1.84	2.57	2.77	3.26	4.99	3.54	-2.37	-3.43	2.63	1.87	1.69	1.1
EBITDA-CapEx/Interest Expense	1.77	2.52	2.71	3.18	4.87	3.41	-2.56	-3.85	2.21	1.59	1.49	0.93
EBIT to Interest Expense	1.15	1.8	1.98	2.13	3.4	1.83	-4.73	-6.43	0.2	0.77	1.1	0.46
Interest Expense	55	50	51	38	29	30	21	16	24	41	48	49
Common Equity/Total Assets	- -	32.67	33.56	46.47	44.83	43.5	-0.43	-11.39	-3.01	-8.78	36.8	27.94
Long-Term Debt/Equity (%)	- -	144.33	131.38	72.06	74.01	83.63	- -	- -	- -	- -	103.27	147.17
Long-Term Debt/Capital (%)	- -	58.77	56.38	41.7	41.01	44.79	98.84	126.74	107.12	126.07	50.28	58.8
Long-Term Debt/Total Assets (%)	- -	47.16	44.09	33.49	33.18	36.38	50.14	49.34	38.63	38.68	38	41.11
Total Debt/Equity (%)	- -	145.58	133.05	72.81	80.46	86.72	-14,176.32	-441.82	-1,296.68	-449.51	105.39	150.27
Total Debt/Capital (%)	- -	59.28	57.09	42.13	44.59	46.44	100.71	129.26	108.36	128.61	51.31	60.04
Total Debt/Total Assets (%)	- -	47.57	44.65	33.84	36.07	37.73	51.09	50.32	39.08	39.45	38.78	41.98
Net Debt to Equity	- -	142.35	130.23	71.37	77.57	82.13	-5,939.47	-235.87	-528.1	-214.81	53.87	118.92
Net Debt/Capital (%)	- -	58.74	56.56	41.65	43.68	44.34	94.2	156.47	111.34	166.83	34.78	53.94
EBITDA	100	130	140	125	147	107	-49	-55	64	77	81	54
EBITDA-CapEx	97	127	137	122	143	103	-53	-61	54	65	71	45
Operating Income (Loss)	63	91	100	82	100	55	-97	-102	5	32	53	22

Liquidity (USD)

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	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	12/31/2014	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	- -	0.09	0.07	0.05	0.08	0.04	2.55	1.21	1.08	0.89	0.81	0.35
Current Ratio	- -	0.47	0.46	0.42	0.38	0.41	3.05	1.51	1.49	1.35	1.27	0.82
Quick Ratio	- -	0.36	0.35	0.33	0.31	0.3	2.97	1.45	1.41	1.26	1.15	0.69
CFO/Avg Current Liab	- -	0.99	0.48	0.51	0.42	0.27	-0.22	0.59	0.85	0.18	0.2	0.16
Common Equity/Total Assets	- -	32.67	33.56	46.47	44.83	43.5	-0.43	-11.39	-3.01	-8.78	36.8	27.94
Long-Term Debt/Equity (%)	- -	144.33	131.38	72.06	74.01	83.63	- -	- -	- -	- -	103.27	147.17
Long-Term Debt/Capital (%)	- -	58.77	56.38	41.7	41.01	44.79	98.84	126.74	107.12	126.07	50.28	58.8
Long-Term Debt/Total Assets (%)	- -	47.16	44.09	33.49	33.18	36.38	50.14	49.34	38.63	38.68	38	41.11
Total Debt/Equity (%)	- -	145.58	133.05	72.81	80.46	86.72	-14,176.32	-441.82	-1,296.68	-449.51	105.39	150.27
Total Debt/Capital (%)	- -	59.28	57.09	42.13	44.59	46.44	100.71	129.26	108.36	128.61	51.31	60.04
Total Debt/Total Assets (%)	- -	47.57	44.65	33.84	36.07	37.73	51.09	50.32	39.08	39.45	38.78	41.98
CFO/Total Liabilities	- -	8.48	8.9	12.64	11.92	8.15	-3.51	7.61	15.48	3.52	7.06	4.87
CFO/CapEx	18.64	31.36	27.35	36.93	29.69	17.38	-9.28	13.64	17	3.5	4.78	5.13
Altman's Z-Score	- -	5.5	5.37	6.78	5.57	3.05	-2.13	-3.58	-1.1	-0.81	0.07	-1.33

Working Capital (USD)

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	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	12/31/2014	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	- -	12.85	6.15	5.68	6.07	5.88	2.81	3.77	5.37	4.78	4.76	5.11
Days Sales Outstanding	- -	28.41	59.37	64.25	60.11	62.1	130.07	96.71	67.93	76.33	76.74	71.48
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	85.58	29.36	20.88	25.77	26.42	12.13	7.23	7.19	6.18	7.13	10.22
Accounts Payable Turnover Days	- -	4.26	12.43	17.48	14.16	13.82	30.1	50.5	50.76	59.02	51.22	35.7
Cash Conversion Cycle	- -	24.15	46.94	46.77	45.95	48.28	99.97	46.21	17.17	17.31	25.52	35.78
Inventory to Cash Days	- -	28.41	59.37	64.25	60.11	62.1	130.07	96.71	67.93	76.33	76.74	71.48
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	12/31/2014	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	- -	- -	- -	1,477	883	753	391	278	239	376	971	884
- Cash & Cash Equivalents	- -	16	15	11	20	10	295	231	239	204	195	101
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	732	702	554	570	555	539	535	429	416	407	509
Enterprise Value	- -	715	687	2,020	1,433	1,298	635	581	429	588	1,183	1,292
Total Capital	- -	1,234	1,230	1,315	1,278	1,195	535	414	396	323	793	848
Total Debt/Capital (%)	- -	59.28	57.09	42.13	44.59	46.44	100.71	129.26	108.36	128.61	51.31	60.04
Total Debt / EV	- -	1.02	1.02	0.27	0.4	0.43	0.85	0.92	1	0.71	0.34	0.39
EV/Sales	- -	2.33	2.12	5.91	3.76	3.6	4.99	4	1.32	1.54	2.97	2.79
EV/EBITDA	- -	5.51	4.89	16.19	9.76	12.1	10.81	25.66	6.67	7.64	14.62	24.15
EV/EBIT	- -	7.88	6.84	24.76	14.33	23.48	65.53	- -	87.62	18.43	22.49	57.42
EV/Cash Flow to Firm	- -	5.92	5.54	11.37	11.37	13.62	- -	5.5	2.2	3.75	19.45	11.54
EV/Free Cash Flow to Firm	- -	5.78	5.39	11.18	11.06	13.08	- -	5.18	2.09	3.49	16.75	10.74
Diluted Market Cap	- -	- -	- -	1,467	899	757	387	283	245	382	757	888
Diluted Enterprise Value	- -	715	687	2,010	1,449	1,302	631	586	435	594	968	1,297
EV per Share	- -	9.91	9.52	27.82	20.01	18.2	8.8	8.3	6.35	9.34	5.87	6.53
TTM Sales	274	306	324	342	381	361	127	146	326	383	399	463
TTM EBITDA	100	130	140	125	147	107	-49	-55	64	77	81	54
TTM Operating Income	63	91	100	82	100	55	-97	-102	5	32	53	22
TTM Cash Flow to Firm	-9	121	124	178	126	95	-18	106	195	157	61	112
TTM Free Cash Flow to Firm	-5	124	127	181	129	99	-14	112	206	168	71	120

Multiples (USD)

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	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	12/31/2014	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	- -	- -	- -	12.89	8.37	10.55	-11.7	2.93	1.32	7.38	13.37	17.45
EV/EBIT	- -	7.88	6.84	24.76	14.33	23.48	65.53	- -	87.62	18.43	22.49	57.42
Enterprise Value	- -	715	687	2,020	1,433	1,298	635	581	429	588	1,183	1,292
Low Price	- -	- -	- -	18.67	10.76	9.12	1.5	3.22	2.42	3.26	3.92	3.22
EV/Sales	- -	2.33	2.12	5.91	3.76	3.6	4.99	4	1.32	1.54	2.97	2.79
EV/EBITDA	- -	5.51	4.89	16.19	9.76	12.1	10.81	25.66	6.67	7.64	14.62	24.15
Price/Earnings	- -	- -	- -	17.14	- -	- -	- -	- -	1.87	- -	343.87	- -
Price/Earnings Average	- -	- -	- -	18.45	-51.7	-16.35	-0.47	-4.31	1.84	-33.2	393.87	-29.2
Price/Earnings High	- -	- -	- -	20.69	-66.7	-20.97	-1.23	-6.51	2.4	-50.08	502.96	-35.28
Price/Earnings Low	- -	- -	- -	15.73	-31.25	-13.08	-0.17	-2.88	1.28	-25.43	279.66	-20.84
Price/Book Value	- -	- -	- -	1.94	1.25	1.18	-86.95	-2.3	-7.23	-4.07	2.52	2.61
Price/Book Value Average	- -	- -	- -	2.09	1.8	1.27	-66.19	-2.78	-7.11	-2.9	2.88	2.63
Price/Book Value High	- -	- -	- -	2.34	2.32	1.63	-175.51	-4.21	-9.29	-4.37	3.68	3.18
Price/Book Value Low	- -	- -	- -	1.78	1.09	1.02	-24.06	-1.86	-4.94	-2.22	2.05	1.88
Price/Tangible Book Value	- -	- -	- -	-1.9	-1.16	-1.05	-0.57	-0.32	-0.31	-0.46	-2.82	-1.41
Price/Tangible Book Value Average	- -	- -	- -	-2.05	-1.67	-1.14	-0.44	-0.39	-0.3	-0.33	-3.23	-1.42
Price/Tangible Book Value High	- -	- -	- -	-2.29	-2.15	-1.46	-1.16	-0.58	-0.39	-0.49	-4.13	-1.72
Price/Tangible Book Value Low	- -	- -	- -	-1.74	-1.01	-0.91	-0.16	-0.26	-0.21	-0.25	-2.3	-1.02
Price/Sales	- -	- -	- -	4.1	2.36	2.1	3.04	1.95	0.75	1	1.9	1.92
Price/Sales Average	- -	- -	- -	4.42	3.41	2.26	2.31	2.36	0.74	0.71	2.17	1.93
Price/Sales High	- -	- -	- -	4.95	4.4	2.91	6.13	3.57	0.96	1.07	2.77	2.34
Price/Sales Low	- -	- -	- -	3.77	2.06	1.81	0.84	1.58	0.51	0.54	1.54	1.38
Price/Cash Flow	- -	- -	- -	12.65	8.66	11.16	-10.44	3.15	1.4	9.49	16.16	20.85
Price/Cash Flow Average	- -	- -	- -	13.62	12.49	12.05	-7.94	3.81	1.37	6.76	18.52	21.04
Price/Cash Flow High	- -	- -	- -	15.28	16.11	15.47	-21.06	5.77	1.79	10.19	23.64	25.42
Price/Cash Flow Low	- -	- -	- -	11.61	7.55	9.65	-2.89	2.55	0.95	5.17	13.15	15.02
Price/Free Cash Flow Average	- -	- -	- -	13.88	12.08	11.4	-8.9	3.55	1.3	5.26	15.31	17.61
Price/Free Cash Flow High	- -	- -	- -	15.56	15.59	14.62	-23.61	5.37	1.7	7.93	19.55	21.28
Price/Free Cash Flow Low	- -	- -	- -	11.83	7.3	9.12	-3.24	2.38	0.9	4.03	10.87	12.57
EV/Sales Average	- -	2.33	2.12	6.24	4.79	3.76	4.25	4.4	1.31	1.25	3.32	2.81
EV/Sales High	- -	2.33	2.12	6.81	5.76	4.4	8.12	5.59	1.53	1.61	4.09	3.21
EV/Sales Low	- -	2.33	2.12	5.56	3.47	3.31	2.77	3.63	1.09	1.09	2.51	2.25
EV/EBITDA Average	- -	5.51	4.89	17.09	12.42	12.66	-11.11	-11.73	6.6	6.23	16.37	24.3
EV/EBITDA High	- -	5.51	4.89	18.64	14.94	14.81	-21.19	-14.89	7.73	8	20.17	27.77
EV/EBITDA Low	- -	5.51	4.89	15.21	8.99	11.15	-7.22	-9.69	5.49	5.42	12.38	19.53
EV/EBIT Average	- -	7.88	6.84	26.14	18.24	24.57	-5.56	-6.27	86.8	15.03	25.17	57.77
EV/EBIT High	- -	7.88	6.84	28.51	21.94	28.73	-10.62	-7.96	101.56	19.3	31.03	66.03
EV/EBIT Low	- -	7.88	6.84	23.27	13.2	21.63	-3.62	-5.17	72.18	13.06	19.04	46.43
Last Price	- -	- -	- -	20.34	12.34	10.55	5.42	3.97	3.54	5.98	4.82	4.47
High Price	- -	- -	- -	24.56	22.97	14.62	10.94	7.28	4.55	6.42	7.05	5.45
Enterprise Value Average	- -	715	687	2,133	1,824	1,359	542	640	425	479	1,324	1,300
Enterprise Value High	- -	715	687	2,326	2,194	1,589	1,034	813	498	616	1,632	1,486
Enterprise Value Low	- -	715	687	1,899	1,320	1,196	352	529	354	417	1,002	1,045

Shares Outstanding	- -	72	72	73	72	71	72	70	68	63	201	198
Diluted Weighted Avg Shares	74	74	74	72	73	72	71	71	69	64	157	199
Basic Weighted Avg Shares	72	72	72	69	73	72	71	71	69	64	157	199
Revenue per Share	3.79	4.24	4.48	4.96	5.22	5.03	1.78	2.04	4.72	5.99	2.54	2.33
EBITDA per Share	1.39	1.8	1.94	1.81	2.01	1.5	-0.68	-0.77	0.93	1.2	0.52	0.27
Operating Income per Share	0.87	1.26	1.39	1.18	1.37	0.77	-1.36	-1.43	0.07	0.5	0.34	0.11
Basic EPS, GAAP	-0.11	0.27	0.31	1.19	-0.34	-0.7	-8.87	-1.12	1.9	-0.13	0.01	-0.15
Basic EPS from Cont Ops	-0.11	0.27	0.31	1.19	-0.34	-0.7	-8.87	-1.12	1.9	-0.13	0.01	-0.15
Diluted EPS, GAAP	-0.1	0.27	0.3	1.13	-0.34	-0.7	-8.87	-1.12	1.89	-0.13	0.01	-0.15
Diluted EPS from Cont Ops	-0.1	0.27	0.3	1.13	-0.34	-0.7	-8.87	-1.12	1.89	-0.13	0.01	-0.15
Dividend per Share	- -	- -	- -	0.22	0.29	0.3	0.08	- -	- -	0.27	0.09	0.06
Cash Flow per Share	1.01	1.22	1.29	1.61	1.43	0.95	-0.52	1.26	2.54	0.63	0.3	0.21
Free Cash Flow per Basic Share	0.95	1.18	1.24	1.56	1.38	0.89	-0.58	1.17	2.39	0.45	0.24	0.17
Cash & Equivalents per Share	- -	0.23	0.21	0.15	0.29	0.13	4.09	3.3	3.54	3.25	0.97	0.51
Book Value per Share	- -	6.96	7.31	10.48	9.89	8.97	-0.06	-1.73	-0.49	-1.47	1.92	1.71
Tangible Book Value per Share	- -	-13.12	-13.07	-10.71	-10.66	-10.01	-9.47	-12.45	-11.59	-13.06	-1.71	-3.17

Emerald Holding, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)