FutureFuel Corp. Financial Ratios — FF 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 (%)	144.98	204.03	325.27	87.27	48.83	69.76	42.94	63.23	60.48	33.98	54.83	446.14	267.94	111.62	- -
Return on Assets (%)	9.48	9.27	19.24	12.15	9.77	11.07	4.93	11.86	16.67	9.06	6.68	4.34	10.34	5.04	-22.46
Return on Capital (%)	145.49	204.13	325.35	87.3	48.96	- -	- -	63.41	- -	- -	- -	- -	259.46	111.01	- -
Return on Invested Capital (%)	12.22	10.2	22.62	12.54	10.88	- -	- -	15.08	- -	- -	- -	- -	9.15	2.32	- -
Gross Margin (%)	19.93	16.27	22.51	19.3	19.04	18.51	7.37	25.22	36.13	15.31	7.32	7.32	11.13	8.07	-41.18
EBITDA Margin (%)	19.59	16.07	22.6	19.05	19.08	18.7	7.83	25.66	37.71	16.38	7.27	7.07	10.24	6.4	-45.26
Operating Margin (%)	16.66	13.1	20.29	16.42	15.68	14.42	3.59	21.8	31.82	10.92	4.01	4.43	7.43	2.62	-55.35
Incremental Operating Margin (%)	21.45	-13.17	47.44	33.11	21.69	22.51	-122	334.87	-2.18	5,959.78	-8.08	6.23	-35.38	16.81	- -
Pretax Margin (%)	17.03	15.6	21.88	19.7	17.31	16.12	6.05	20.68	38.88	15.54	4.96	3.47	10.15	6.7	-51.42
Profit Margin (%)	11.14	9.75	16.64	15.56	15.49	22.25	8.55	18.27	42.97	22.77	8.17	3.84	10.15	6.37	-51.59
Net Income to Common Margin (%)	11.14	9.75	16.64	15.56	15.49	22.21	8.54	18.27	42.97	22.77	8.17	3.84	10.15	6.37	-51.59
Effective Tax Rate (%)	34.61	37.49	23.95	21	10.5	- -	- -	11.66	- -	- -	- -	- -	- -	4.86	- -
Dvd Payout Ratio (%)	47.1	193.97	40.39	39.34	22.6	18.46	471.22	19.75	11.91	304.37	456.7	69.05	28.1	773.47	-21.28
Sustainable Growth Rate (%)	76.69	-191.72	193.88	52.94	37.79	56.88	-159.39	50.74	53.28	-69.44	-195.58	138.08	192.66	-751.73	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	1	1	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	1	1	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.01	0.01	0.03	0.02	0.01	- -	- -
Net Debt/EBITDA	-1.48	-1.04	-0.86	-1.91	-2.7	-4.21	-5.32	-2.88	-3.14	-5.92	-5.89	-6.27	-5.82	-7.03	1.18
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	0.01	0.02	0.05	0.04	0.01	- -	- -
Net Debt/EBIT	-1.74	-1.27	-0.96	-2.21	-3.28	-5.46	-11.59	-3.39	-3.73	-8.87	-10.66	-10.01	-8.02	-17.19	0.97
EBITDA to Interest Expense	329.96	2,094.3	4,190.42	2,604.36	426.55	273.65	125.19	431.6	447.38	221.78	178.24	218.75	273.3	112.9	-283.22
EBITDA-CapEx/Interest Expense	329.96	2,094.3	4,190.42	2,604.36	416.04	273.65	125.19	431.6	447.38	221.78	178.24	218.75	273.3	112.9	-283.22
EBIT to Interest Expense	280.52	1,707.11	3,760.58	2,245.12	350.53	211.12	57.48	366.7	377.51	147.94	98.46	137.08	198.32	46.17	-346.34
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.55	0.2	10.82	16.71	23.11	9.11	14.38	22.7	31.48	20.27	1.83	0.14	7.46	0.16	-25.52
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.11	0.13	0.22	0.22	0.13	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.29	0.55	9.26	55.17	1.4	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.09	0.11	0.19	0.18	0.11	- -	- -
Net Debt to Equity	-31.14	-22.56	-26.31	-34.56	-39.07	-59.88	-32.6	-55.25	-52.09	-53.28	-47.6	-62.06	-70.82	-53.22	-33.17
Net Debt/Capital (%)	157.96	101.2	207.66	264.1	375.52	131.89	214.54	199.01	418.4	183.16	105.32	100.65	114.49	100.35	51.12
EBITDA	61	57	101	65	57	47	22	75	77	33	23	28	38	16	-43
EBITDA-CapEx	61	57	101	65	56	47	22	75	77	33	23	28	38	16	-43
Operating Income (Loss)	52	46	90	56	47	37	10	63	65	22	13	18	27	6	-53

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	4.08	4.04	4.72	4.07	4.71	2.12	6.67	7.47	3.83	7.96	5.27	3.79	5.31	3.29	2.89
Current Ratio	6.77	5.9	7.01	6.36	7.41	2.81	8.8	9.18	5.81	10.39	7.3	4.88	7.03	4.95	5.67
Quick Ratio	5.08	4.67	5.91	5.43	5.96	2.43	7.49	8.1	5.31	9.19	6.39	4.29	6.04	3.95	3.58
CFO/Avg Current Liab	1.26	1.8	1.63	1.12	0.79	0.94	0.44	2.29	0.57	1.67	1.3	1.15	0.44	0.66	-1.13
Common Equity/Total Assets	8.55	0.2	10.82	16.71	23.11	9.11	14.38	22.7	31.48	20.27	1.83	0.14	7.46	0.16	-25.52
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.11	0.13	0.22	0.22	0.13	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.29	0.55	9.26	55.17	1.4	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.09	0.11	0.19	0.18	0.11	- -	- -
CFO/Total Liabilities	51.99	68.37	72.74	50.7	41.8	46.36	53.2	104.31	29.01	138.87	79.57	71.88	37.24	59.24	-76.56
CFO/CapEx	- -	- -	- -	- -	28.14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	5.14	5.12	7.42	5.41	5.73	3.28	6.68	7.26	4.7	6.56	5.47	4.94	4.96	5.02	1.98

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	8.75	12.04	15.88	12.3	15.86	14.6	13.29	14.45	3.09	2.97	12.32	16.99	21.5	15.1	7.78
Days Sales Outstanding	41.72	30.32	22.98	29.69	23.02	25	27.46	25.26	118.28	122.86	29.63	21.48	16.98	24.18	46.93
Inventory Turnover	5.23	5.93	8.19	6.3	4.4	3.53	5.32	5.24	3.41	4.85	9.8	13.67	12.55	8.32	4.58
Days Inventory Outstanding	69.73	61.6	44.55	57.9	82.99	103.53	68.66	69.65	107.02	75.3	37.26	26.69	29.08	43.86	79.66
Accounts Payable Turnover	14.58	14.63	21.38	11.37	7.71	6.59	11.3	10.34	3.07	4.53	16.98	12.79	11.48	14.6	13.47
Accounts Payable Turnover Days	25.03	24.95	17.07	32.1	47.32	55.41	32.31	35.32	118.82	80.61	21.49	28.55	31.8	25.01	27.1
Cash Conversion Cycle	86.42	66.97	50.46	55.48	58.69	73.12	63.81	59.59	106.47	117.55	45.4	19.62	14.26	43.03	99.49
Inventory to Cash Days	-28.01	-31.28	-21.57	-28.21	-59.98	-78.53	-41.2	-44.39	11.26	47.56	-7.62	-5.21	-12.1	-19.68	-32.74
Inventories	57	42	42	45	65	52	44	39	38	34	27	27	25	28	31
Raw Materials	48	37	36	26	31	25	27	24	20	23	30	34	18	23	23
Work In Process	4	1	2	2	2	2	2	2	3	2	- -	1	1	1	1
Finished Goods	19	16	14	25	36	28	23	24	23	15	12	12	16	11	15
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	506	490	683	565	586	605	614	691	542	556	334	356	266	232	140
- Cash & Cash Equivalents	90	59	86	124	154	199	115	215	243	198	138	176	219	110	51
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	1	1	- -	- -	- -
Enterprise Value	360	343	492	353	358	300	378	396	226	294	150	144	47	122	89
Total Capital	33	1	45	77	113	48	61	107	185	90	7	1	28	- -	-49
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.29	0.55	9.26	55.17	1.4	- -	- -
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	- -	- -
EV/Sales	1.16	0.98	1.11	1.03	1.19	1.18	1.38	1.36	1.1	1.44	0.47	0.36	0.13	0.5	0.93
EV/EBITDA	5.92	6.07	4.9	5.42	6.26	6.33	17.56	5.3	2.91	8.76	6.43	5.13	1.25	7.83	- -
EV/EBIT	6.97	7.45	5.46	6.28	7.61	8.21	38.25	6.24	3.45	13.14	11.65	8.19	1.72	19.14	- -
EV/Cash Flow to Firm	7.11	5.29	7.88	6.79	9	3.29	9.55	4.61	6.48	3.04	3.39	2.73	2.19	4.89	- -
EV/Free Cash Flow to Firm	7.11	5.29	7.88	6.79	8.69	3.29	9.55	4.61	6.48	3.04	3.39	2.73	2.19	4.89	- -
Diluted Market Cap	508	491	684	565	587	605	614	691	542	556	334	356	266	232	140
Diluted Enterprise Value	418	433	597	441	432	406	499	476	299	358	197	181	47	122	89
EV per Share	8.83	8.3	11.39	8.14	8.23	6.89	8.69	9.09	5.16	6.71	3.43	3.28	1.07	2.79	2.02
TTM Sales	310	352	445	342	300	253	275	291	205	205	321	396	368	243	96
TTM EBITDA	61	57	101	65	57	47	22	75	77	33	23	28	38	16	-43
TTM Operating Income	52	46	90	56	47	37	10	63	65	22	13	18	27	6	-53
TTM Cash Flow to Firm	51	65	62	52	40	91	40	86	35	97	44	53	21	25	-29
TTM Free Cash Flow to Firm	51	65	62	52	41	91	40	86	35	97	44	53	21	25	-29

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	10.07	7.57	10.95	10.87	14.29	6.65	15.59	8.07	15.65	5.76	7.58	6.78	12.49	9.33	-4.87
EV/EBIT	6.97	7.45	5.46	6.28	7.61	8.21	38.25	6.24	3.45	13.14	11.65	8.19	1.72	19.14	- -
Enterprise Value	360	343	492	353	358	300	378	396	226	294	150	144	47	122	89
Low Price	7.5	9.01	11.69	10.57	9.11	9.77	12.68	11.32	10.17	8.75	7.04	5.77	5.27	4.15	3.09
EV/Sales	1.16	0.98	1.11	1.03	1.19	1.18	1.38	1.36	1.1	1.44	0.47	0.36	0.13	0.5	0.93
EV/EBITDA	5.92	6.07	4.9	5.42	6.26	6.33	17.56	5.3	2.91	8.76	6.43	5.13	1.25	7.83	- -
Price/Earnings	14.65	14.28	9.23	10.61	12.63	10.76	26.12	12.99	6.15	11.93	12.73	23.39	7.12	14.93	- -
Price/Earnings Average	13.5	13.22	8.72	12.67	11.34	9.19	26.63	11.78	6.52	11.16	17.78	22.26	9.22	15.99	-3.62
Price/Earnings High	16.5	15.8	11.15	18.13	15.04	12.84	30.39	15.54	9.58	13.97	29.77	30.58	12.07	23.6	-5.13
Price/Earnings Low	8.85	10.87	6.83	8.61	8.52	7.57	23.51	9.27	5.04	8.22	11.73	16.6	6.17	11.72	-2.74
Price/Book Value	15.35	703.71	15.24	7.32	5.19	12.56	10.02	6.46	2.94	6.21	53	694.91	9.71	598.25	-2.85
Price/Book Value Average	14.14	651.47	14.4	8.75	4.66	10.72	10.22	5.85	3.11	5.81	74.03	661.21	12.59	640.56	-3.65
Price/Book Value High	17.29	778.6	18.41	12.51	6.18	14.98	11.66	7.72	4.57	7.27	123.91	908.6	16.47	945.43	-5.17
Price/Book Value Low	9.27	535.51	11.28	5.94	3.5	8.83	9.02	4.61	2.41	4.28	48.84	493.19	8.42	469.32	-2.76
Price/Tangible Book Value	1.75	1.88	2.08	1.57	1.49	1.83	1.75	1.78	1.16	1.5	1.16	1.26	0.86	1.12	0.9
Price/Tangible Book Value Average	1.62	1.74	1.96	1.88	1.34	1.56	1.79	1.62	1.23	1.4	1.62	1.2	1.11	1.2	1.16
Price/Tangible Book Value High	1.98	2.08	2.51	2.69	1.78	2.18	2.04	2.13	1.81	1.76	2.7	1.64	1.46	1.78	1.64
Price/Tangible Book Value Low	1.06	1.43	1.54	1.28	1.01	1.28	1.58	1.27	0.96	1.03	1.07	0.89	0.74	0.88	0.88
Price/Sales	1.63	1.39	1.54	1.65	1.96	2.39	2.23	2.37	2.64	2.72	1.04	0.9	0.72	0.95	1.46
Price/Sales Average	1.5	1.29	1.45	1.97	1.76	2.04	2.27	2.15	2.8	2.54	1.45	0.85	0.94	1.02	1.87
Price/Sales High	1.84	1.54	1.86	2.82	2.33	2.85	2.59	2.84	4.12	3.18	2.43	1.17	1.23	1.5	2.65
Price/Sales Low	0.99	1.06	1.14	1.34	1.32	1.68	2.01	1.69	2.17	1.87	0.96	0.64	0.63	0.75	1.42
Price/Cash Flow	10.03	7.55	10.94	10.87	14.8	6.65	15.59	8.07	15.65	5.76	7.58	6.78	12.49	9.33	-4.87
Price/Cash Flow Average	9.23	6.99	10.34	12.98	13.29	5.68	15.89	7.31	16.59	5.39	10.59	6.45	16.19	10	-6.23
Price/Cash Flow High	11.29	8.35	13.22	18.57	17.63	7.94	18.14	9.65	24.39	6.75	17.73	8.87	21.18	14.75	-8.82
Price/Cash Flow Low	6.05	5.74	8.09	8.82	9.99	4.68	14.03	5.76	12.84	3.97	6.99	4.81	10.83	7.32	-4.72
Price/Free Cash Flow Average	9.28	7.01	10.34	12.99	12.84	5.68	15.9	7.31	16.59	5.39	10.59	6.45	16.19	10	-6.23
Price/Free Cash Flow High	11.34	8.38	13.23	18.58	17.03	7.94	18.14	9.65	24.39	6.75	17.73	8.87	21.18	14.75	-8.82
Price/Free Cash Flow Low	6.08	5.76	8.1	8.83	9.65	4.68	14.03	5.76	12.84	3.97	6.99	4.81	10.83	7.32	-4.72
EV/Sales Average	1.21	1.12	1.26	1.61	1.24	1.25	1.86	1.41	1.62	1.57	1.03	0.41	0.34	0.57	1.33
EV/Sales High	1.55	1.37	1.66	2.46	1.82	2.06	2.18	2.1	2.93	2.21	2.01	0.73	0.63	1.05	2.11
EV/Sales Low	0.7	0.89	0.94	0.98	0.81	0.89	1.59	0.96	0.98	0.91	0.53	0.2	0.03	0.3	0.88
EV/EBITDA Average	6.19	6.98	5.56	8.45	6.52	6.71	23.72	5.51	4.29	9.61	14.13	5.84	3.33	8.88	-2.95
EV/EBITDA High	7.9	8.54	7.35	12.91	9.52	11.04	27.82	8.18	7.78	13.52	27.61	10.36	6.16	16.45	-4.67
EV/EBITDA Low	3.55	5.55	4.17	5.13	4.23	4.78	20.32	3.72	2.61	5.53	7.33	2.77	0.31	4.63	-1.94
EV/EBIT Average	7.28	8.56	6.19	9.8	7.93	8.69	51.66	6.48	5.08	14.41	25.59	9.32	4.59	21.71	-2.41
EV/EBIT High	9.3	10.48	8.19	14.98	11.59	14.31	60.59	9.63	9.22	20.27	49.98	16.54	8.48	40.23	-3.82
EV/EBIT Low	4.18	6.81	4.64	5.95	5.14	6.19	44.25	4.38	3.09	8.29	13.27	4.42	0.42	11.31	-1.59
Last Price	12.42	11.84	15.8	13.02	13.5	13.9	14.09	15.86	12.39	12.7	7.64	8.13	6.08	5.29	3.19
High Price	13.99	13.1	19.09	22.25	16.08	16.58	16.39	18.97	19.31	14.87	17.86	10.63	10.31	8.36	5.78
Enterprise Value Average	376	395	559	550	373	317	511	411	332	322	330	164	126	138	128
Enterprise Value High	480	483	739	841	544	523	599	611	602	453	645	290	232	256	202
Enterprise Value Low	216	314	419	334	242	226	437	278	202	185	171	78	12	72	84

	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	41	42	43	44	44	44	44	44	44	44	44	44	44	44	44
Diluted Weighted Avg Shares	41	42	43	43	43	44	44	44	44	44	44	44	44	44	44
Basic Weighted Avg Shares	41	41	43	43	43	44	44	44	44	44	44	44	44	44	44
Revenue per Share	7.61	8.51	10.29	7.88	6.9	5.81	6.32	6.68	4.69	4.68	7.34	9.05	8.41	5.56	2.18
EBITDA per Share	1.49	1.37	2.33	1.5	1.32	1.09	0.49	1.71	1.77	0.77	0.53	0.64	0.86	0.36	-0.99
Operating Income per Share	1.27	1.11	2.09	1.29	1.08	0.84	0.23	1.46	1.49	0.51	0.29	0.4	0.63	0.15	-1.21
Basic EPS, GAAP	0.85	0.83	1.71	1.23	1.07	1.29	0.54	1.22	2.02	1.06	0.6	0.35	0.85	0.35	-1.13
Basic EPS from Cont Ops	0.85	0.83	1.71	1.23	1.07	1.29	0.54	1.22	2.02	1.06	0.6	0.35	0.85	0.35	-1.13
Diluted EPS, GAAP	0.84	0.83	1.71	1.23	1.07	1.29	0.54	1.22	2.02	1.06	0.6	0.35	0.85	0.35	-1.13
Diluted EPS from Cont Ops	0.84	0.83	1.71	1.23	1.07	1.29	0.54	1.22	2.02	1.06	0.6	0.35	0.85	0.35	-1.13
Dividend per Share	0.4	1.61	0.69	0.48	0.24	0.24	2.54	0.24	0.24	3.24	2.74	0.24	0.24	2.74	0.24
Cash Flow per Share	1.24	1.57	1.44	1.2	0.91	2.09	0.9	1.97	0.79	2.2	1.01	1.2	0.49	0.57	-0.66
Free Cash Flow per Basic Share	1.24	1.57	1.44	1.2	0.88	2.09	0.9	1.97	0.79	2.2	1.01	1.2	0.49	0.57	-0.66
Cash & Equivalents per Share	3.59	3.54	4.41	4.88	5.27	7.01	5.4	6.77	7.25	6	4.22	4.86	5.01	2.5	1.17
Book Value per Share	0.81	0.02	1.04	1.78	2.6	1.11	1.41	2.46	4.22	2.05	0.14	0.01	0.63	0.01	-1.12
Tangible Book Value per Share	7.08	6.29	7.6	8.28	9.05	7.61	8.04	8.9	10.65	8.47	6.6	6.47	7.08	4.7	3.53

FutureFuel Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)