Forbes Energy Services Ltd. Financial Ratios — FLSS Stock

Profitability (USD)

	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	22.44	-8.01	-6.24	-2.49	-2.46	0.3	-2.58	-1.69	-10.32	-30.23	- -	-14.23	-30.63
Return on Capital (%)	- -	57.77	-33.71	- -	- -	- -	4.99	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	35.74	-20.62	- -	- -	- -	3.12	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	38.16	36.98	31.69	14.74	21.83	24.78	24.95	22.81	24.09	21.17	10.48	- -	1.95	-0.31
EBITDA Margin (%)	22.45	32.72	26.78	4.96	15.45	18.24	17.89	15.62	15.98	8.23	-5.72	- -	4.8	2.53
Operating Margin (%)	28.03	25.31	17.44	-13.37	1.59	8.86	7.1	2.57	3.75	-14.31	-50.79	- -	-12.08	-13.08
Incremental Operating Margin (%)	- -	20.43	6.87	- -	46.3	22.16	-22.25	43.22	20.67	- -	- -	-50.79	- -	- -
Pretax Margin (%)	24.32	21.39	9.1	-25.23	-7.82	-5.21	1.18	-4.15	-2.53	-25.68	-93.76	- -	-18.25	-36.38
Profit Margin (%)	24.32	21.06	-8.24	-13.58	-3.92	-2.77	0.34	-3.12	-1.85	-18.87	-93.91	- -	-18.03	-36.3
Net Income to Common Margin (%)	24.32	21.06	-8.24	-13.58	-4.29	-2.81	0.17	-3.3	-2.02	-19.19	-94.58	- -	-18.03	-36.3
Effective Tax Rate (%)	- -	1.54	190.62	- -	- -	- -	60.22	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	27.38	-49.53	- -	6.75	-3.91	-2.84	0.3	0.45	0.09	0.59	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019

Total Debt	68	111	212	227	219	296	306	300	298	305	299	59	130	141
ST Debt	17	4	7	12	6	11	13	9	11	25	299	8	59	74
LT Debt	51	107	205	214	213	286	293	290	287	280	- -	51	71	67
Total Debt/EBITDA	2.28	1.64	2.19	21.19	4.93	3.64	3.62	4.57	4.15	15.18	-44.99	- -	15.02	29.61
Net Debt/EBITDA	2.03	1.57	1.95	18.54	4.24	3.19	3.42	4.16	3.66	11.47	-41.92	- -	14.09	27.2
Total Debt/EBIT	1.83	2.12	3.37	-7.86	48	7.5	9.14	27.82	17.69	-8.73	-5.07	- -	-5.97	-5.72
Net Debt/EBIT	1.62	2.02	3	-6.87	41.34	6.57	8.61	25.36	15.62	-6.6	-4.72	- -	-5.6	-5.25
EBITDA to Interest Expense	5.87	8.12	3.75	0.4	1.63	2.96	3.02	2.33	2.54	0.72	-0.24	- -	0.78	0.19
EBITDA-CapEx/Interest Expense	-2.18	-0.06	-3.11	-0.72	1.38	0.84	-0.97	0.81	1.2	0.38	-0.56	- -	-0.91	-0.32
EBIT to Interest Expense	7.33	6.28	2.44	-1.07	0.17	1.44	1.2	0.38	0.6	-1.25	-2.12	- -	-1.96	-1
Interest Expense	5	8	26	27	27	27	28	28	28	28	28	- -	11	25
Common Equity/Total Assets	- -	- -	-1.71	-8.17	-10.77	-11.09	-11.59	-14.49	-16.71	-31.01	-75.71	-12.85	-22.83	-66.72
Long-Term Debt/Equity (%)	131.46	152.51	129.64	146.39	155.64	227.09	221.93	239.85	251.72	415.26	- -	41.72	77.76	281.33
Long-Term Debt/Capital (%)	74.93	96.56	100.71	113.16	124.73	114.44	112.2	127.8	132.07	157.04	0.31	155.79	98.91	481.6
Long-Term Debt/Total Assets (%)	39.69	41.33	42.54	46.88	47.12	51.89	57.21	57.99	59.28	68.38	0.08	25.42	27.73	35.42
Total Debt/Equity (%)	175.45	157.94	133.94	154.87	160.37	235.45	231.79	247.6	261.56	452.72	-703.5	47.87	142.64	588.29
Total Debt/Capital (%)	100	100	104.05	119.72	128.52	118.65	117.18	131.92	137.23	171.21	381.27	178.77	181.44	1,007.07
Total Debt/Total Assets (%)	52.97	42.8	43.95	49.6	48.55	53.8	59.75	59.86	61.6	74.55	95.62	29.17	50.87	74.07
Net Debt to Equity	155.74	150.54	119.13	135.47	138.1	206.35	218.46	225.78	230.9	341.99	-655.45	43.43	133.8	540.45
Net Debt/Capital (%)	100	100	104.58	123.2	134.71	121.85	118.42	136.12	144.37	222.52	480.33	194.45	191.76	1,476.29
EBITDA	30	68	97	11	45	81	85	66	72	20	-7	- -	9	5
EBITDA-CapEx	-11	-1	-80	-19	38	23	-27	23	34	11	-16	- -	-10	-8
Operating Income (Loss)	37	52	63	-29	5	39	34	11	17	-35	-59	- -	-22	-25

Liquidity (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019

Cash Ratio	0.23	0.06	0.41	0.48	0.53	0.38	0.38	0.5	0.69	1.61	0.06	0.2	0.09	0.05
Current Ratio	1.05	0.65	1.75	1.57	2.2	1.89	2.73	2.32	2.56	2.41	0.22	2.63	0.76	0.46
Quick Ratio	0.95	0.6	1.64	1.45	2.09	1.79	2.4	2.06	2.35	2.2	0.11	1.12	0.6	0.33
CFO/Avg Current Liab	- -	0.81	0.94	0.26	0.04	0.08	0.96	1.14	0.91	0.75	-0.07	- -	-0.01	0.1
Common Equity/Total Assets	- -	- -	-1.71	-8.17	-10.77	-11.09	-11.59	-14.49	-16.71	-31.01	-75.71	-12.85	-22.83	-66.72
Long-Term Debt/Equity (%)	131.46	152.51	129.64	146.39	155.64	227.09	221.93	239.85	251.72	415.26	- -	41.72	77.76	281.33
Long-Term Debt/Capital (%)	74.93	96.56	100.71	113.16	124.73	114.44	112.2	127.8	132.07	157.04	0.31	155.79	98.91	481.6
Long-Term Debt/Total Assets (%)	39.69	41.33	42.54	46.88	47.12	51.89	57.21	57.99	59.28	68.38	0.08	25.42	27.73	35.42
Total Debt/Equity (%)	175.45	157.94	133.94	154.87	160.37	235.45	231.79	247.6	261.56	452.72	-703.5	47.87	142.64	588.29
Total Debt/Capital (%)	100	100	104.05	119.72	128.52	118.65	117.18	131.92	137.23	171.21	381.27	178.77	181.44	1,007.07
Total Debt/Total Assets (%)	52.97	42.8	43.95	49.6	48.55	53.8	59.75	59.86	61.6	74.55	95.62	29.17	50.87	74.07
CFO/Total Liabilities	26.37	24.58	20.1	4.95	0.78	1.41	17.98	14.87	12.78	10.7	-4.09	- -	-0.46	5.57
CFO/CapEx	0.58	0.68	0.37	0.51	0.35	0.1	0.61	1.32	1.25	3.82	-1.56	- -	-0.04	0.73
Altman's Z-Score	2	1.33	1.48	0.35	0.98	1.33	1.31	1.03	1.09	0.08	-2.35	0.09	0.06	-0.75

Working Capital (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019

Accounts Receivable Turnover	- -	6.09	6.36	3.38	3.92	3.95	4.11	4.77	5.38	4.37	5.17	- -	5.15	5.33
Days Sales Outstanding	- -	59.94	57.37	108.1	93.06	92.43	88.8	76.49	67.87	83.58	70.6	- -	70.91	68.52
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.22	4.99	6.92	8.48	8.32	10.17	14.23	14.61	13.69	15.39	- -	13.99	13.89
Accounts Payable Turnover Days	- -	113.34	73.18	52.75	43.02	43.88	35.9	25.65	24.99	26.66	23.72	- -	26.08	26.27
Cash Conversion Cycle	- -	-53.41	-15.81	55.35	50.04	48.55	52.9	50.85	42.88	56.92	46.88	- -	44.83	42.24
Inventory to Cash Days	- -	59.94	57.37	108.1	93.06	92.43	88.8	76.49	67.87	83.58	70.6	- -	70.91	68.52
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019

Market Capitalization	- -	- -	57	49	119	133	53	70	26	6	1	- -	16	1
- Cash & Cash Equivalents	8	5	23	28	30	37	18	26	35	75	20	5	8	5
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	14	15	- -	- -	- -	16	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	68	111	212	227	219	296	306	300	298	305	299	59	130	141
Enterprise Value	60	106	246	247	308	407	357	343	289	237	295	53	138	137
Total Capital	68	111	204	190	171	250	261	227	217	178	78	33	72	14
Total Debt/Capital (%)	100	100	104.05	119.72	128.52	118.65	117.18	131.92	137.23	171.21	381.27	178.77	181.44	1,007.07
Total Debt / EV	1.13	1.05	0.86	0.92	0.71	0.73	0.86	0.87	1.03	1.29	1.01	1.1	0.94	1.03
EV/Sales	0.46	0.51	0.68	1.15	1.07	0.91	0.75	0.82	0.64	0.97	2.54	- -	0.77	0.73
EV/EBITDA	2.03	1.57	2.54	23.11	6.91	5.01	4.22	5.23	4.03	11.78	- -	- -	15.94	28.8
EV/EBIT	1.62	2.02	3.9	- -	67.34	10.31	10.63	31.86	17.18	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	2.1	1.94	5.88	8.28	15.5	14.58	4.48	4.45	4.26	4.15	21.1	- -	13.49	4.04
EV/Free Cash Flow to Firm	0.87	0.86	1.12	4.13	11.48	4.73	1.86	2.86	2.74	3.55	12.89	- -	4.75	2.93
Diluted Market Cap	- -	- -	57	49	119	133	54	70	26	6	1	- -	16	1
Diluted Enterprise Value	60	106	246	247	308	407	357	343	289	237	295	53	138	137
EV per Share	4.46	7.84	21.42	15.8	14.71	19.47	16.93	16.04	13.3	10.73	13.3	- -	25.79	25.05
TTM Sales	133	207	361	216	288	446	473	420	449	244	116	- -	181	188
TTM EBITDA	30	68	97	11	45	81	85	66	72	20	-7	- -	9	5
TTM Operating Income	37	52	63	-29	5	39	34	11	17	-35	-59	- -	-22	-25
TTM Cash Flow to Firm	29	55	42	30	20	28	80	77	68	57	14	- -	10	34
TTM Free Cash Flow to Firm	70	123	219	60	27	86	191	120	106	67	23	- -	29	47

Multiples (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019

Price/Free Cash Flow	- -	- -	0.24	1.08	12.64	2.08	0.3	0.71	0.31	0.14	-0.11	- -	0.89	0.06
EV/EBIT	1.62	2.02	3.9	- -	67.34	10.31	10.63	31.86	17.18	- -	- -	- -	- -	- -
Enterprise Value	60	106	246	247	308	407	357	343	289	237	295	53	138	137
Low Price	- -	- -	3.86	0.98	1.67	4.23	1.66	2.16	0.95	0.22	0.02	0.01	0.01	0.04
EV/Sales	0.46	0.51	0.68	1.15	1.07	0.91	0.75	0.82	0.64	0.97	2.54	- -	0.77	0.73
EV/EBITDA	2.03	1.57	2.54	23.11	6.91	5.01	4.22	5.23	4.03	11.78	- -	- -	15.94	28.8
Price/Earnings	- -	- -	- -	- -	- -	- -	65.79	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	-2.32	-1.8	-4.75	-13.32	115.94	-5.96	-8.89	-0.45	-0.04	- -	-1.1	-0.16
Price/Earnings High	- -	- -	-3.86	-3.29	-9.62	-21.45	182.01	-8.19	-13.75	-1.22	-0.14	- -	-2.17	-0.4
Price/Earnings Low	- -	- -	-1.49	-0.52	-2.83	-7.06	43.16	-3.33	-2.27	-0.1	-0.01	- -	- -	- -
Price/Book Value	- -	- -	-6.91	-1.31	-2.44	-2.18	-0.9	-0.96	-0.33	-0.05	- -	- -	-0.28	-0.01
Price/Book Value Average	- -	- -	-8.36	-1.41	-1.2	-2.74	-1.58	-1.14	-1	-0.16	-0.02	- -	-0.61	-0.08
Price/Book Value High	- -	- -	-13.9	-2.59	-2.44	-4.4	-2.48	-1.57	-1.55	-0.45	-0.07	- -	-1.21	-0.22
Price/Book Value Low	- -	- -	-5.36	-0.41	-0.72	-1.45	-0.59	-0.64	-0.26	-0.04	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	0.48	0.45	1.15	1.66	0.59	0.73	0.29	0.13	-0.01	- -	0.28	0.12
Price/Tangible Book Value Average	- -	- -	0.58	0.48	0.57	2.08	1.05	0.86	0.88	0.44	-0.08	- -	0.62	0.92
Price/Tangible Book Value High	- -	- -	0.96	0.88	1.15	3.34	1.64	1.18	1.37	1.19	-0.25	- -	1.23	2.36
Price/Tangible Book Value Low	- -	- -	0.37	0.14	0.34	1.1	0.39	0.48	0.23	0.1	-0.01	- -	- -	0.02
Price/Sales	- -	- -	0.16	0.23	0.41	0.3	0.11	0.17	0.06	0.03	- -	- -	0.09	0.01
Price/Sales Average	- -	- -	0.19	0.24	0.2	0.37	0.2	0.2	0.18	0.09	0.04	- -	0.2	0.06
Price/Sales High	- -	- -	0.32	0.45	0.41	0.6	0.31	0.27	0.28	0.23	0.13	- -	0.39	0.15
Price/Sales Low	- -	- -	0.12	0.07	0.12	0.2	0.07	0.11	0.05	0.02	- -	- -	- -	- -
Price/Cash Flow	- -	- -	0.88	3.19	48.51	22.21	0.78	1.24	0.56	0.17	-0.04	- -	-21.13	0.15
Price/Cash Flow Average	- -	- -	1.06	3.43	23.95	27.83	1.37	1.46	1.71	0.57	-0.35	- -	-46.86	1.15
Price/Cash Flow High	- -	- -	1.76	6.28	48.51	44.81	2.15	2.01	2.65	1.56	-1.12	- -	-92.99	2.95
Price/Cash Flow Low	- -	- -	0.68	0.99	14.26	14.75	0.51	0.82	0.44	0.13	-0.04	- -	-0.08	0.02
Price/Free Cash Flow Average	- -	- -	0.29	1.16	6.24	2.6	0.53	0.83	0.95	0.45	-0.98	- -	1.97	0.48
Price/Free Cash Flow High	- -	- -	0.47	2.13	12.64	4.19	0.83	1.15	1.47	1.24	-3.11	- -	3.92	1.24
Price/Free Cash Flow Low	- -	- -	0.18	0.34	3.72	1.38	0.2	0.47	0.24	0.11	-0.11	- -	- -	0.01
EV/Sales Average	0.46	0.51	0.71	1.16	0.86	0.99	0.84	0.85	0.77	1.03	2.58	- -	0.87	0.78
EV/Sales High	0.46	0.51	0.84	1.37	1.07	1.22	0.95	0.92	0.86	1.18	2.67	- -	1.07	0.87
EV/Sales Low	0.46	0.51	0.65	0.99	0.78	0.81	0.72	0.76	0.63	0.96	2.54	- -	0.68	0.72
EV/EBITDA Average	2.03	1.57	2.67	23.47	5.56	5.42	4.7	5.42	4.79	12.51	-45.09	- -	18.2	30.74
EV/EBITDA High	2.03	1.57	3.14	27.56	6.91	6.67	5.33	5.9	5.4	14.31	-46.69	- -	22.25	34.26
EV/EBITDA Low	2.03	1.57	2.41	19.96	5.03	4.46	4	4.87	3.95	11.71	-44.43	- -	14.1	28.56
EV/EBIT Average	1.62	2.02	4.1	-8.7	54.17	11.17	11.84	33.03	20.42	-7.19	-5.08	- -	-7.23	-5.94
EV/EBIT High	1.62	2.02	4.82	-10.22	67.34	13.74	13.44	35.91	23.04	-8.23	-5.26	- -	-8.84	-6.62
EV/EBIT Low	1.62	2.02	3.7	-7.4	48.98	9.18	10.09	29.65	16.84	-6.73	-5.01	- -	-5.6	-5.52
Last Price	- -	- -	4.98	3.13	5.68	6.37	2.53	3.27	1.21	0.29	0.02	0.01	3	0.25
High Price	- -	- -	10	6.17	5.68	12.85	7	5.31	5.75	2.59	0.7	0.06	13.2	5
Enterprise Value Average	60	106	258	251	248	441	397	356	344	251	300	53	158	146
Enterprise Value High	60	106	304	295	308	543	451	387	388	288	310	53	193	163
Enterprise Value Low	60	106	233	214	224	363	338	319	284	235	295	53	122	136

Shares Outstanding	14	14	16	43	21	21	21	21	22	22	22	5	5	6
Diluted Weighted Avg Shares	14	14	11	16	21	21	21	21	22	22	22	- -	5	5
Basic Weighted Avg Shares	14	14	11	16	21	21	21	21	22	22	22	- -	5	5
Revenue per Share	9.8	15.29	31.46	13.79	13.78	21.31	22.44	19.63	20.66	11.06	5.23	- -	33.7	34.43
EBITDA per Share	2.2	5	8.43	0.68	2.13	3.89	4.01	3.07	3.3	0.91	-0.3	- -	1.62	0.87
Operating Income per Share	2.75	3.87	5.49	-1.84	0.22	1.89	1.59	0.5	0.77	-1.58	-2.66	- -	-4.07	-4.5
Basic EPS, GAAP	2.38	3.22	-2.59	-1.87	-0.59	-0.6	0.04	-0.65	-0.42	-2.12	-4.95	- -	-6.07	-12.5
Basic EPS from Cont Ops	2.38	3.22	-2.59	-1.87	-0.69	-0.89	0.11	-0.6	-0.38	-2.09	-4.91	- -	-6.07	-12.5
Diluted EPS, GAAP	2.38	3.22	-2.59	-1.87	-0.59	-0.6	0.04	-0.65	-0.42	-2.12	-4.95	- -	-6.07	-12.5
Diluted EPS from Cont Ops	2.38	3.22	-2.59	-1.87	-0.69	-0.89	0.1	-0.6	-0.38	-2.09	-4.91	- -	-6.07	-12.5
Dividend per Share	- -	0.88	1.28	- -	- -	0.04	0.03	0.03	0.03	0.03	0.01	- -	- -	- -
Cash Flow per Share	1.75	3.44	5.68	0.98	0.12	0.29	3.25	2.64	2.17	1.66	-0.63	- -	-0.14	1.69
Free Cash Flow per Basic Share	-1.27	-1.6	-9.74	-0.94	-0.22	-2.5	-2.06	0.65	0.43	1.22	-1.03	- -	-3.65	-0.64
Cash & Equivalents per Share	0.57	0.38	2.05	1.82	1.46	1.75	0.84	1.23	1.61	3.38	0.92	- -	1.51	0.95
Book Value per Share	- -	- -	-0.72	-2.39	-2.33	-2.92	-2.82	-3.39	-3.72	-5.75	-10.66	- -	-10.9	-23.2
Tangible Book Value per Share	2.87	5.21	10.37	7.02	4.93	3.84	4.26	4.48	4.21	2.17	-2.79	- -	10.76	2.12

Forbes Energy Services Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)