Equitrans Midstream Corporation Financial Ratios — ETRN

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	95.1	-35.93	18.75	-62.52	-27.19	39.35
Return on Assets (%)	- -	2.97	-0.43	2.32	-1.81	3.42	-11.96	-2.53	4.02
Return on Capital (%)	- -	-11.47	-6.59	0.3	- -	4.07	- -	- -	- -
Return on Invested Capital (%)	- -	20.04	6.38	9.67	- -	6.69	- -	- -	- -
Gross Margin (%)	92.12	91.44	88.59	85.46	82.79	78.63	74.55	75.18	75.31
EBITDA Margin (%)	78.96	80.23	81.56	80.79	82.93	81.2	77.96	79.15	73.79
Operating Margin (%)	71.08	71.67	70.14	66.25	65.72	59.83	52.51	54.32	49.1
Incremental Operating Margin (%)	- -	75.41	63.3	60.43	59.84	140.18	109.58	113.03	-147.08
Pretax Margin (%)	68.94	66.28	59.72	39.76	-0.87	49.2	-132.16	-18.46	31.27
Profit Margin (%)	27.54	8.9	-3.03	14.61	-12.5	28.01	-107.2	-19.84	31.94
Net Income to Common Margin (%)	27.54	8.9	-3.03	14.61	-12.5	24.12	-111.64	-24.15	27.74
Effective Tax Rate (%)	5.8	20.24	39.71	13.99	- -	14.17	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	672.68	37.58	-18	-85.57	64.06
Sustainable Growth Rate (%)	- -	- -	- -	95.1	205.78	11.7	-73.77	-50.45	14.14

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	986	1,453	4,666	6,330	7,231	6,948	6,977	7,588
ST Debt	- -	- -	- -	6	6	302	8	107	311
LT Debt	- -	986	1,453	4,660	6,324	6,928	6,940	6,870	7,277
Total Debt/EBITDA	- -	1.68	1.99	3.86	4.68	5.89	6.77	6.49	7.38
Net Debt/EBITDA	- -	0.03	1.82	3.62	4.62	5.72	6.64	6.42	7.11
Total Debt/EBIT	- -	1.88	2.31	4.71	5.91	8	10.05	9.46	11.09
Net Debt/EBIT	- -	0.04	2.12	4.41	5.83	7.77	9.85	9.36	10.69
EBITDA to Interest Expense	23.41	35.05	20.99	10.46	5.28	3.99	2.71	2.73	2.41
EBITDA-CapEx/Interest Expense	23.41	35.05	20.99	10.46	5.28	3.99	2.71	2.73	2.41
EBIT to Interest Expense	21.07	31.31	18.05	8.58	4.18	2.94	1.83	1.87	1.6
Interest Expense	21	17	35	115	256	307	379	394	427
Common Equity/Total Assets	- -	- -	- -	4.36	5.6	25.24	13.7	8.81	8.92
Long-Term Debt/Equity (%)	- -	30.87	23.3	88.6	119.73	158.79	261.46	330.23	332.56
Long-Term Debt/Capital (%)	- -	23.22	22.19	46.94	54.45	59.75	72.26	75.84	74.42
Long-Term Debt/Total Assets (%)	- -	22.44	17.45	44.28	52.52	54.44	63.77	65.77	62.14
Total Debt/Equity (%)	- -	30.87	23.3	88.72	119.85	165.73	261.77	335.36	346.78
Total Debt/Capital (%)	- -	23.22	22.19	47	54.5	62.36	72.34	77.02	77.61
Total Debt/Total Assets (%)	- -	22.44	17.45	44.34	52.57	56.82	63.85	66.79	64.8
Net Debt to Equity	- -	0.61	21.36	83.13	118.18	160.96	256.7	331.72	334.42
Net Debt/Capital (%)	- -	0.59	20.73	45.39	54.16	61.67	71.95	76.76	76.88
EBITDA	500	588	730	1,208	1,352	1,227	1,027	1,075	1,029
EBITDA-CapEx	500	588	730	1,208	1,352	1,227	1,027	1,075	1,029
Operating Income (Loss)	450	525	628	990	1,071	904	692	738	684

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	4.73	0.2	0.54	0.26	0.35	0.37	0.16	0.33
Current Ratio	- -	5.27	0.59	1.04	1.12	0.94	1.22	0.94	0.76
Quick Ratio	- -	5.23	0.56	1	1.02	0.84	1.1	0.82	0.67
CFO/Avg Current Liab	- -	5.38	1.65	1.25	2.21	2.45	2.43	2.17	1.7
Common Equity/Total Assets	- -	- -	- -	4.36	5.6	25.24	13.7	8.81	8.92
Long-Term Debt/Equity (%)	- -	30.87	23.3	88.6	119.73	158.79	261.46	330.23	332.56
Long-Term Debt/Capital (%)	- -	23.22	22.19	46.94	54.45	59.75	72.26	75.84	74.42
Long-Term Debt/Total Assets (%)	- -	22.44	17.45	44.28	52.52	54.44	63.77	65.77	62.14
Total Debt/Equity (%)	- -	30.87	23.3	88.72	119.85	165.73	261.77	335.36	346.78
Total Debt/Capital (%)	- -	23.22	22.19	47	54.5	62.36	72.34	77.02	77.61
Total Debt/Total Assets (%)	- -	22.44	17.45	44.34	52.57	56.82	63.85	66.79	64.8
CFO/Total Liabilities	- -	45.81	32.04	13.71	14.45	13.64	14.2	10.11	10.67
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	0.8	0.42	0.92	0.61	0.45	0.3	0.13	0.21

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	70.88	7.47	6.3	6.38	5.54	4.85	5.44	5.52
Days Sales Outstanding	- -	5.15	48.89	57.95	57.19	65.93	75.21	67.1	66.14
Inventory Turnover	- -	- -	- -	- -	- -	- -	32.95	17.06	19.66
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	11.08	21.4	18.57
Accounts Payable Turnover	- -	3.5	0.41	0.64	1.66	3.22	5.4	5.59	5.62
Accounts Payable Turnover Days	- -	104.31	900.33	569.6	219.89	113.19	67.61	65.29	65
Cash Conversion Cycle	- -	-99.16	-851.43	-511.65	-162.71	-47.26	18.68	23.2	19.71
Inventory to Cash Days	- -	5.15	48.89	57.95	57.19	65.93	64.13	45.7	47.57
Inventories	- -	- -	- -	- -	- -	- -	20	19	16
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	20	19	16

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	3,163	2,368	2,132	3,720	2,600	4,305
- Cash & Cash Equivalents	- -	966	121	294	88	208	135	68	259
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	682	682	682	682
+ Minority/Non Controlling Interest	- -	3,259	5,095	4,802	4,609	471	483	479	463
+ Total Debt	- -	986	1,453	4,666	6,330	7,231	6,948	6,977	7,588
Enterprise Value	- -	3,278	6,427	12,337	13,219	10,308	11,698	10,670	12,779
Total Capital	- -	4,245	6,548	9,927	11,615	11,596	9,605	9,059	9,777
Total Debt/Capital (%)	- -	23.22	22.19	47	54.5	62.36	72.34	77.02	77.61
Total Debt / EV	- -	0.3	0.23	0.38	0.48	0.7	0.59	0.65	0.59
EV/Sales	- -	4.48	7.18	8.25	8.11	6.82	8.88	7.86	9.17
EV/EBITDA	- -	5.58	8.8	10.21	9.78	8.4	11.39	9.93	12.42
EV/EBIT	- -	6.25	10.23	12.46	12.34	11.4	16.92	14.47	18.67
EV/Cash Flow to Firm	- -	5.82	9.31	15.03	6.17	7.34	7.94	8.53	8.74
EV/Free Cash Flow to Firm	- -	5.82	9.31	15.03	6.17	7.34	7.94	8.53	8.74
Diluted Market Cap	- -	- -	- -	3,163	2,368	2,133	3,720	2,600	4,326
Diluted Enterprise Value	- -	3,278	6,427	12,337	13,219	10,308	11,698	10,670	12,800
EV per Share	- -	12.86	25.21	48.52	51.86	29.97	27.02	24.62	29.45
TTM Sales	633	732	896	1,495	1,630	1,511	1,317	1,358	1,394
TTM EBITDA	500	588	730	1,208	1,352	1,227	1,027	1,075	1,029
TTM Operating Income	450	525	628	990	1,071	904	692	738	684
TTM Cash Flow to Firm	510	563	691	821	2,144	1,405	1,473	1,250	1,461
TTM Free Cash Flow to Firm	510	563	691	821	2,144	1,405	1,473	1,250	1,461

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	- -	4.38	2.42	1.87	3.18	3.07	4.26
EV/EBIT	- -	6.25	10.23	12.46	12.34	11.4	16.92	14.47	18.67
Enterprise Value	- -	3,278	6,427	12,337	13,219	10,308	11,698	10,670	12,779
Low Price	- -	- -	- -	18.25	9.17	3.75	6.23	5.87	4.6
EV/Sales	- -	4.48	7.18	8.25	8.11	6.82	8.88	7.86	9.17
EV/EBITDA	- -	5.58	8.8	10.21	9.78	8.4	11.39	9.93	12.42
Price/Earnings	- -	- -	- -	14.48	- -	5.85	- -	- -	11.13
Price/Earnings Average	- -	- -	- -	15.01	-13.88	6.02	-2.1	-9.18	8.52
Price/Earnings High	- -	- -	- -	27.33	-27.88	13.04	-3.39	-14.83	11.76
Price/Earnings Low	- -	- -	- -	21.25	-11.47	3.54	-1.83	-7.76	5.16
Price/Book Value	- -	- -	- -	6.89	3.51	0.66	2.49	2.82	4.12
Price/Book Value Average	- -	- -	- -	7.14	4.19	0.68	2.07	3.27	3.15
Price/Book Value High	- -	- -	- -	12.99	8.42	1.48	3.34	5.28	4.35
Price/Book Value Low	- -	- -	- -	10.1	3.46	0.4	1.81	2.76	1.91
Price/Tangible Book Value	- -	- -	- -	0.92	0.59	0.86	4.46	8	8.65
Price/Tangible Book Value Average	- -	- -	- -	0.95	0.71	0.89	3.7	9.26	6.62
Price/Tangible Book Value High	- -	- -	- -	1.73	1.42	1.92	5.98	14.96	9.14
Price/Tangible Book Value Low	- -	- -	- -	1.35	0.58	0.52	3.23	7.83	4.01
Price/Sales	- -	- -	- -	2.12	1.45	1.41	2.82	1.91	3.09
Price/Sales Average	- -	- -	- -	2.19	1.73	1.45	2.35	2.22	2.36
Price/Sales High	- -	- -	- -	3.99	3.48	3.15	3.79	3.58	3.26
Price/Sales Low	- -	- -	- -	3.1	1.43	0.85	2.05	1.87	1.43
Price/Cash Flow	- -	- -	- -	4.38	2.42	1.87	3.18	3.07	4.24
Price/Cash Flow Average	- -	- -	- -	4.54	2.9	1.92	2.64	3.56	3.24
Price/Cash Flow High	- -	- -	- -	8.27	5.82	4.17	4.27	5.75	4.48
Price/Cash Flow Low	- -	- -	- -	6.43	2.39	1.13	2.31	3.01	1.96
Price/Free Cash Flow Average	- -	- -	- -	4.54	2.9	1.92	2.64	3.56	3.26
Price/Free Cash Flow High	- -	- -	- -	8.27	5.82	4.17	4.27	5.75	4.5
Price/Free Cash Flow Low	- -	- -	- -	6.43	2.39	1.13	2.31	3.01	1.97
EV/Sales Average	- -	4.48	7.18	8.33	8.39	6.86	8.4	8.16	8.44
EV/Sales High	- -	4.48	7.18	10.13	10.14	8.56	9.85	9.52	9.34
EV/Sales Low	- -	4.48	7.18	9.24	8.09	6.27	8.11	7.82	7.51
EV/EBITDA Average	- -	5.58	8.8	10.31	10.12	8.45	10.78	10.31	11.44
EV/EBITDA High	- -	5.58	8.8	12.54	12.23	10.54	12.63	12.03	12.66
EV/EBITDA Low	- -	5.58	8.8	11.44	9.76	7.72	10.4	9.88	10.18
EV/EBIT Average	- -	6.25	10.23	12.57	12.77	11.47	16	15.02	17.19
EV/EBIT High	- -	6.25	10.23	15.29	15.43	14.3	18.75	17.53	19.03
EV/EBIT Low	- -	6.25	10.23	13.95	12.31	10.47	15.44	14.39	15.3
Last Price	- -	- -	- -	12.44	9.29	6.2	8.59	6	9.92
High Price	- -	- -	- -	23.47	22.29	13.82	11.52	11.22	10.48
Enterprise Value Average	- -	3,278	6,427	12,452	13,679	10,369	11,068	11,080	11,767
Enterprise Value High	- -	3,278	6,427	15,142	16,533	12,929	12,967	12,932	13,022
Enterprise Value Low	- -	3,278	6,427	13,814	13,189	9,466	10,676	10,614	10,470

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	- -	255	255	254	255	432	433	433	434
Diluted Weighted Avg Shares	255	255	255	254	255	344	433	433	436
Basic Weighted Avg Shares	255	255	255	254	255	344	433	433	434
Revenue per Share	2.48	2.87	3.51	5.88	6.4	4.39	3.04	3.13	3.21
EBITDA per Share	1.96	2.3	2.87	4.75	5.3	3.57	2.37	2.48	2.37
Operating Income per Share	1.76	2.06	2.46	3.9	4.2	2.63	1.6	1.7	1.58
Basic EPS, GAAP	0.68	0.26	-0.11	0.86	-0.8	1.06	-3.4	-0.76	0.89
Basic EPS from Cont Ops	1.61	1.52	1.27	2.01	-0.25	1.86	-3.23	-0.59	1.05
Diluted EPS, GAAP	0.68	0.26	-0.11	0.86	-0.8	1.06	-3.4	-0.76	0.89
Diluted EPS from Cont Ops	1.61	1.52	1.27	2.01	-0.25	1.85	-3.23	-0.59	1.04
Dividend per Share	- -	- -	- -	- -	1.95	1.04	0.73	0.73	0.73
Cash Flow per Share	1.92	2.16	2.63	2.84	3.83	3.32	2.7	1.95	2.34
Free Cash Flow per Basic Share	1.92	2.16	2.63	2.84	3.83	3.32	2.7	1.95	2.34
Cash & Equivalents per Share	- -	3.79	0.47	1.16	0.35	0.6	0.31	0.16	0.6
Book Value per Share	- -	- -	- -	1.81	2.65	9.34	3.44	2.12	2.41
Tangible Book Value per Share	- -	12.52	16.62	13.55	15.69	7.2	1.93	0.75	1.15

Equitrans Midstream Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)