The Gap, Inc. Financial Ratios — GAP Stock

Profitability (USD)

	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	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Return on Common Equity (%)	6.87	8.82	9.28	14.77	34.86	25.86	28.9	30.39	10.36	-22.95	9.92	-8.42	21.84	30.71	24.41
Return on Assets (%)	11.5	15.24	16.71	16.24	12.13	8.96	10.87	12.51	3.23	-4.85	1.93	-1.67	4.48	7.36	6.66
Return on Capital (%)	6.55	8.3	8.72	13.2	22.89	17.43	21.16	23.27	5.11	- -	4.07	- -	7.26	11.07	9.94
Return on Invested Capital (%)	18.52	27.31	30.07	29.52	22.03	16.76	20.36	22.39	4.81	- -	6.65	- -	6.17	9.79	8.8
Gross Margin (%)	36.25	39.43	38.97	38.27	36.21	36.35	38.26	38.13	37.44	34.09	39.81	34.32	38.79	41.28	40.79
EBITDA Margin (%)	13.95	15.98	16.63	16.11	13.39	11.5	12.85	11.7	6.9	-2.57	7.88	3.02	7.27	10.69	10.48
Operating Margin (%)	9.88	12.41	13.31	12.67	9.65	7.68	9.33	8.21	3.5	-6.25	4.86	-0.44	3.76	7.37	7.26
Incremental Operating Margin (%)	460.87	45.74	41.65	-23	87.62	118.51	84.96	-16.14	400	- -	58.26	- -	-86.52	280.2	1.07
Pretax Margin (%)	9.41	11.89	12.96	12.25	9.31	7.24	8.98	7.97	3.22	-7.99	1.94	-0.89	3.73	7.54	7.37
Profit Margin (%)	5.73	7.25	7.93	7.68	5.82	4.36	5.35	6.05	2.14	-4.82	1.54	-1.29	3.37	5.59	5.31
Net Income to Common Margin (%)	5.73	7.25	7.93	7.68	5.82	4.36	5.35	6.05	2.14	-4.82	1.54	-1.29	3.37	5.59	5.31
Effective Tax Rate (%)	39.15	39.01	38.84	37.31	37.46	39.86	40.45	24.13	33.52	- -	20.74	- -	9.71	25.77	27.92
Dvd Payout Ratio (%)	28.33	21.15	25.08	30.35	40.98	54.29	42.57	37.19	103.7	- -	88.28	-108.91	44.22	26.66	30.27
Sustainable Growth Rate (%)	4.93	6.96	6.95	10.29	20.58	11.82	16.6	19.09	-0.38	-22.95	1.16	-17.59	12.18	22.52	17.02

Credit (USD)

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	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	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Total Debt	1,665	1,246	1,394	1,353	1,731	1,313	1,249	1,249	7,677	7,664	6,251	6,020	5,441	5,475	5,611
ST Debt	59	- -	25	21	421	65	- -	- -	920	831	734	667	600	632	634
LT Debt	1,606	1,246	1,369	1,332	1,310	1,248	1,249	1,249	6,757	6,833	5,517	5,353	4,841	4,843	4,977
Total Debt/EBITDA	0.82	0.5	0.52	0.51	0.82	0.74	0.61	0.64	6.79	-21.59	4.76	12.78	5.03	3.4	3.48
Net Debt/EBITDA	-0.11	-0.09	-0.04	-0.06	0.17	-0.26	-0.26	0.09	-0.1	-0.64	0.46	1.32	-0.36	-0.52	-0.7
Total Debt/EBIT	1.16	0.64	0.65	0.65	1.14	1.1	0.84	0.92	13.37	-8.89	7.72	-87.25	9.72	4.92	5.03
Net Debt/EBIT	-0.15	-0.11	-0.05	-0.08	0.24	-0.39	-0.36	0.12	-0.2	-0.26	0.75	-9	-0.69	-0.76	-1.01
EBITDA to Interest Expense	27.43	28.75	44.02	35.29	35.86	23.79	27.54	26.58	14.88	-1.85	7.87	5.35	12.02	18.53	17.32
EBITDA-CapEx/Interest Expense	20.03	21.17	33.03	25.77	23.56	16.8	17.66	16.92	1.13	-3.89	3.71	-2.43	7.36	13.39	12.27
EBIT to Interest Expense	19.43	22.32	35.23	27.77	25.83	15.88	19.99	18.66	7.55	-4.49	4.85	-0.78	6.22	12.78	11.99
Interest Expense	74	87	61	75	59	75	74	73	76	192	167	88	90	87	93
Common Equity/Total Assets	167.33	178.23	181.84	36.64	32.92	36.39	38.8	43.48	23.95	18.3	20.7	18.95	22.08	25.73	28.71
Long-Term Debt/Equity (%)	58.29	43.05	44.71	44.65	51.47	42.98	39.73	35.15	203.77	261.4	202.68	239.72	186.55	148.38	130.94
Long-Term Debt/Capital (%)	11.4	8.56	8.74	31.93	31.26	30.57	28.72	26.3	61.69	67.1	62.04	65.46	61.43	56.76	53.88
Long-Term Debt/Total Assets (%)	21.64	16.68	17.44	17.32	17.53	16.4	15.63	15.52	49.4	49.63	43.23	47.01	43.83	40.75	39.4
Total Debt/Equity (%)	60.44	43.05	45.53	45.36	68.02	45.21	39.73	35.15	231.51	293.19	229.65	269.59	209.67	167.74	147.62
Total Debt/Capital (%)	11.82	8.56	8.9	32.44	41.3	32.17	28.72	26.3	70.09	75.26	70.3	73.61	69.05	64.16	60.74
Total Debt/Total Assets (%)	22.43	16.68	17.76	17.59	23.16	17.25	15.63	15.52	56.12	55.66	48.99	52.87	49.27	46.07	44.42
Net Debt to Equity	-7.99	-7.39	-3.79	-5.43	14.18	-16.18	-16.98	4.73	-3.47	8.72	22.3	27.81	-14.84	-25.89	-29.57
Net Debt/Capital (%)	-1.8	-1.63	-0.82	-6.1	12.8	-20.44	-20.81	4.58	-1.2	2.78	7.57	8.92	-6.41	-13.63	-16.97
EBITDA	2,030	2,501	2,685	2,647	2,116	1,784	2,038	1,940	1,131	-355	1,314	471	1,082	1,612	1,611
EBITDA-CapEx	1,482	1,842	2,015	1,933	1,390	1,260	1,307	1,235	86	-747	620	-214	662	1,165	1,141
Operating Income (Loss)	1,438	1,942	2,149	2,083	1,524	1,191	1,479	1,362	574	-862	810	-69	560	1,112	1,115

Liquidity (USD)

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	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	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Cash Ratio	0.89	0.64	0.62	0.68	0.54	0.73	0.72	0.63	0.52	0.62	0.22	0.37	0.6	0.79	0.91
Current Ratio	2.02	1.76	1.81	1.93	1.57	1.76	1.86	1.96	1.41	1.55	1.27	1.42	1.42	1.6	1.75
Quick Ratio	1.03	0.79	0.81	0.8	0.65	0.86	0.84	0.78	0.64	0.82	0.43	0.52	0.71	0.9	1.01
CFO/Avg Current Liab	0.65	0.87	0.71	0.91	0.67	0.69	0.56	0.6	0.52	0.07	0.2	0.17	0.48	0.47	0.39
Common Equity/Total Assets	167.33	178.23	181.84	36.64	32.92	36.39	38.8	43.48	23.95	18.3	20.7	18.95	22.08	25.73	28.71
Long-Term Debt/Equity (%)	58.29	43.05	44.71	44.65	51.47	42.98	39.73	35.15	203.77	261.4	202.68	239.72	186.55	148.38	130.94
Long-Term Debt/Capital (%)	11.4	8.56	8.74	31.93	31.26	30.57	28.72	26.3	61.69	67.1	62.04	65.46	61.43	56.76	53.88
Long-Term Debt/Total Assets (%)	21.64	16.68	17.44	17.32	17.53	16.4	15.63	15.52	49.4	49.63	43.23	47.01	43.83	40.75	39.4
Total Debt/Equity (%)	60.44	43.05	45.53	45.36	68.02	45.21	39.73	35.15	231.51	293.19	229.65	269.59	209.67	167.74	147.62
Total Debt/Capital (%)	11.82	8.56	8.9	32.44	41.3	32.17	28.72	26.3	70.09	75.26	70.3	73.61	69.05	64.16	60.74
Total Debt/Total Assets (%)	22.43	16.68	17.76	17.59	23.16	17.25	15.63	15.52	56.12	55.66	48.99	52.87	49.27	46.07	44.42
CFO/Total Liabilities	29.21	42.31	35.62	45.23	32.35	36.53	28.48	30.72	13.62	2.12	8.06	6.63	18.13	17.24	14.64
CFO/CapEx	2.49	2.94	2.54	2.98	2.2	3.28	1.89	1.96	1.35	0.6	1.17	0.89	3.65	3.32	2.75
Altman's Z-Score	6.7	8.04	8.21	6.29	4.85	4.62	5.16	4.93	2.19	1.66	2.36	2.13	2.5	2.81	2.9

Working Capital (USD)

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	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	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Accounts Receivable Turnover	57.96	49.84	40.73	44.6	56.72	50.29	51.39	54.99	51.44	40.65	43.75	42.26	47.34	51.14	49.81
Days Sales Outstanding	6.3	7.32	8.96	8.18	6.43	7.26	7.1	6.64	7.1	8.98	8.34	8.64	7.71	7.14	7.33
Inventory Turnover	5.73	5.62	5.35	5.32	5.36	5.33	5.12	4.97	4.78	3.95	3.67	3.79	4.16	4.36	4.26
Days Inventory Outstanding	63.65	64.93	68.26	68.66	68.13	68.43	71.35	73.44	76.33	92.44	99.48	96.21	87.79	83.68	85.73
Accounts Payable Turnover	8.77	8.71	8.4	8.37	8.81	8.35	8.21	9.01	8.93	6.44	5.74	5.89	6.53	6.3	6.05
Accounts Payable Turnover Days	41.64	41.91	43.44	43.61	41.45	43.71	44.43	40.51	40.85	56.69	63.6	62	55.86	57.97	60.35
Cash Conversion Cycle	28.31	30.34	33.79	33.23	33.12	31.98	34.02	39.56	42.57	44.73	44.22	42.84	39.64	32.84	32.71
Inventory to Cash Days	-57.36	-57.61	-59.3	-60.47	-61.7	-61.17	-64.25	-66.8	-69.23	-83.46	-91.14	-87.57	-80.08	-76.54	-78.41
Inventories	1,615	1,758	1,928	1,889	1,873	1,830	1,997	2,131	2,156	2,451	3,018	2,389	1,995	2,067	2,207
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	1,615	1,758	1,928	1,889	1,873	1,830	1,997	2,131	2,156	2,451	3,018	2,389	1,995	2,067	2,207
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Market Capitalization	10,040	15,752	17,555	17,918	10,160	9,189	13,063	9,794	6,546	7,574	6,794	4,980	6,915	9,050	10,437
- Cash & Cash Equivalents	1,885	1,460	1,510	1,515	1,370	1,783	1,783	1,081	1,364	1,988	877	1,215	1,873	2,335	2,616
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,665	1,246	1,394	1,353	1,731	1,313	1,249	1,249	7,677	7,664	6,251	6,020	5,441	5,475	5,611
Enterprise Value	9,820	15,488	17,439	17,756	10,521	8,719	12,529	9,674	12,569	12,840	12,168	9,785	10,483	11,937	13,046
Total Capital	14,084	14,560	15,667	4,171	4,191	4,082	4,349	4,749	10,953	10,184	8,892	8,178	7,880	8,533	9,238
Total Debt/Capital (%)	11.82	8.56	8.9	32.44	41.3	32.17	28.72	26.3	70.09	75.26	70.3	73.61	69.05	64.16	60.74
Total Debt / EV	0.17	0.08	0.08	0.08	0.16	0.15	0.1	0.13	0.61	0.6	0.51	0.62	0.52	0.46	0.43
EV/Sales	0.67	0.99	1.08	1.08	0.67	0.56	0.79	0.58	0.77	0.93	0.73	0.63	0.7	0.79	0.85
EV/EBITDA	4.84	6.19	6.49	6.71	4.97	4.89	6.15	4.99	11.11	- -	9.26	20.78	9.69	7.41	8.1
EV/EBIT	6.83	7.98	8.11	8.52	6.9	7.32	8.47	7.1	21.9	- -	15.02	- -	18.72	10.74	11.7
EV/Cash Flow to Firm	6.97	7.79	10.01	8.16	6.45	4.94	8.8	6.74	8.6	36.39	12.93	13.32	6.5	7.7	9.59
EV/Free Cash Flow to Firm	5.02	5.85	7.23	6.14	4.46	3.81	5.81	4.52	5.01	17.24	7.44	6.89	5.16	5.98	7.13
Diluted Market Cap	10,116	15,948	17,783	18,124	10,209	9,212	13,163	9,871	6,581	7,574	6,921	4,980	7,027	9,243	10,744
Diluted Enterprise Value	9,896	15,734	17,667	17,962	10,570	8,742	12,629	10,039	12,894	13,250	12,295	9,785	10,595	12,383	13,739
EV per Share	18.56	32.13	37.83	40.82	25.6	21.85	31.88	25.13	33.43	34.33	32.36	26.66	28.33	31.75	34.97
TTM Sales	14,549	15,651	16,148	16,435	15,797	15,516	15,855	16,580	16,383	13,800	16,670	15,616	14,889	15,086	15,366
TTM EBITDA	2,030	2,501	2,685	2,647	2,116	1,784	2,038	1,940	1,131	-355	1,314	471	1,082	1,612	1,611
TTM Operating Income	1,438	1,942	2,149	2,083	1,524	1,191	1,479	1,362	574	-862	810	-69	560	1,112	1,115
TTM Cash Flow to Firm	1,408	1,989	1,742	2,176	1,631	1,764	1,424	1,436	1,462	353	941	735	1,613	1,551	1,360
TTM Free Cash Flow to Firm	1,956	2,648	2,412	2,890	2,357	2,288	2,155	2,141	2,507	745	1,635	1,420	2,033	1,998	1,830

Multiples (USD)

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	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	2026 Y
As of date	01/31/2012	01/31/2013	01/31/2014	01/31/2015	01/31/2016	01/31/2017	01/31/2018	01/31/2019	01/31/2020	01/31/2021	01/31/2022	01/31/2023	01/31/2024	01/31/2025	01/31/2026

Price/Free Cash Flow	5.29	6.15	7.49	6.37	4.4	4.11	6.24	4.73	2.68	12.04	4.6	3.85	3.6	4.78	6.09
EV/EBIT	6.83	7.98	8.11	8.52	6.9	7.32	8.47	7.1	21.9	- -	15.02	- -	18.72	10.74	11.7
Enterprise Value	9,820	15,488	17,439	17,756	10,521	8,719	12,529	9,674	12,569	12,840	12,168	9,785	10,483	11,937	13,046
Low Price	15.08	19.09	31.19	35.46	21.57	17	21.02	24.25	15.11	5.26	15.45	7.79	7.22	18.72	16.99
EV/Sales	0.67	0.99	1.08	1.08	0.67	0.56	0.79	0.58	0.77	0.93	0.73	0.63	0.7	0.79	0.85
EV/EBITDA	4.84	6.19	6.49	6.71	4.97	4.89	6.15	4.99	11.11	- -	9.26	20.78	9.69	7.41	8.1
Price/Earnings	12.05	13.88	13.71	14.2	11.04	13.59	15.4	9.77	18.65	- -	26.54	- -	13.78	10.72	12.79
Price/Earnings Average	12.25	12.82	14.17	14.11	15.23	14.36	12.21	11.26	21.42	-8.55	38.59	-21.43	9.19	10.11	10.48
Price/Earnings High	15.07	16.07	16.77	16.15	19.61	18.14	16.54	13.32	33.63	-15.18	55.27	-33.54	16.27	13.7	13.39
Price/Earnings Low	9.58	8.11	11.23	12.22	9.64	10.03	9.74	9.31	16.19	-2.96	22.69	-14.15	5.32	8.34	7.77
Price/Book Value	0.81	1.18	1.23	6.36	4.13	3.32	4.21	2.8	2	3.01	2.57	2.31	2.84	2.96	2.88
Price/Book Value Average	0.82	1.09	1.27	6.32	5.69	3.5	3.34	3.23	2.29	2.26	3.74	2.01	1.89	2.79	2.36
Price/Book Value High	1.01	1.37	1.5	7.23	7.33	4.43	4.52	3.82	3.6	4.01	5.36	3.14	3.35	3.78	3.01
Price/Book Value Low	0.64	0.69	1.01	5.47	3.6	2.45	2.66	2.67	1.73	0.78	2.2	1.32	1.1	2.3	1.75
Price/Tangible Book Value	3.89	6.11	6.29	6.61	4.47	3.4	4.44	2.92	2.12	3.1	2.8	2.56	2.96	3.02	2.95
Price/Tangible Book Value Average	3.96	5.65	6.5	6.57	6.16	3.59	3.52	3.37	2.44	2.33	4.07	2.23	1.98	2.85	2.42
Price/Tangible Book Value High	4.87	7.08	7.69	7.52	7.94	4.54	4.77	3.99	3.82	4.13	5.83	3.48	3.5	3.86	3.09
Price/Tangible Book Value Low	3.09	3.57	5.15	5.69	3.9	2.51	2.81	2.79	1.84	0.8	2.4	1.47	1.14	2.35	1.79
Price/Sales	0.69	1.01	1.09	1.09	0.64	0.59	0.82	0.59	0.4	0.55	0.41	0.32	0.46	0.6	0.68
Price/Sales Average	0.7	0.93	1.12	1.08	0.89	0.63	0.65	0.68	0.46	0.41	0.59	0.28	0.31	0.57	0.56
Price/Sales High	0.86	1.17	1.33	1.24	1.14	0.79	0.88	0.81	0.72	0.73	0.85	0.43	0.55	0.77	0.71
Price/Sales Low	0.55	0.59	0.89	0.94	0.56	0.44	0.52	0.56	0.35	0.14	0.35	0.18	0.18	0.47	0.41
Price/Cash Flow	7.37	8.14	10.3	8.42	6.37	5.35	9.47	7.09	4.64	31.96	8.4	8.2	4.51	6.09	8.07
Price/Cash Flow Average	7.49	7.52	10.64	8.37	8.79	5.65	7.5	8.18	5.33	24	12.21	7.13	3.01	5.74	6.61
Price/Cash Flow High	9.21	9.42	12.59	9.57	11.32	7.14	10.16	9.68	8.36	42.59	17.49	11.16	5.33	7.78	8.45
Price/Cash Flow Low	5.85	4.75	8.43	7.25	5.56	3.95	5.99	6.76	4.03	8.3	7.18	4.71	1.74	4.74	4.9
Price/Free Cash Flow Average	5.38	5.68	7.74	6.34	6.07	4.34	4.94	5.46	3.08	9.04	6.7	3.35	2.4	4.51	4.99
Price/Free Cash Flow High	6.62	7.12	9.16	7.25	7.81	5.48	6.69	6.46	4.83	16.05	9.59	5.24	4.25	6.11	6.38
Price/Free Cash Flow Low	4.21	3.59	6.13	5.49	3.84	3.03	3.94	4.51	2.33	3.13	3.94	2.21	1.39	3.72	3.7
EV/Sales Average	0.69	0.92	1.12	1.07	0.91	0.6	0.62	0.69	0.84	0.82	0.92	0.58	0.55	0.77	0.75
EV/Sales High	0.85	1.15	1.32	1.23	1.17	0.76	0.85	0.82	1.11	1.14	1.17	0.74	0.79	0.97	0.91
EV/Sales Low	0.53	0.57	0.88	0.93	0.58	0.41	0.49	0.57	0.73	0.55	0.67	0.49	0.42	0.67	0.61
EV/EBITDA Average	4.92	5.73	6.71	6.67	6.79	5.18	4.82	5.91	12.23	-32.01	11.61	19.39	7.56	7.24	7.17
EV/EBITDA High	6.08	7.21	7.95	7.64	8.7	6.61	6.62	6.97	16.02	-44.42	14.86	24.59	10.85	9.12	8.64
EV/EBITDA Low	3.82	3.59	5.31	5.77	4.36	3.54	3.79	4.9	10.61	-21.53	8.51	16.27	5.77	6.31	5.79
EV/EBIT Average	6.94	7.38	8.39	8.47	9.43	7.75	6.64	8.42	24.1	-13.18	18.83	-132.37	14.61	10.49	10.35
EV/EBIT High	8.58	9.28	9.93	9.71	12.08	9.9	9.12	9.93	31.56	-18.29	24.1	-167.82	20.96	13.22	12.48
EV/EBIT Low	5.39	4.63	6.64	7.33	6.05	5.3	5.22	6.98	20.9	-8.87	13.81	-111.07	11.14	9.15	8.37
Last Price	18.98	32.68	38.08	41.19	24.72	23.03	33.24	25.44	17.41	20.25	18.07	13.57	18.69	24.07	27.98
High Price	23.73	37.85	46.56	46.85	43.9	30.74	35.68	34.71	31.39	26.99	37.63	18.46	22.08	30.75	29.29
Enterprise Value Average	9,985	14,340	18,021	17,650	14,370	9,234	9,820	11,463	13,831	11,364	15,253	9,133	8,183	11,669	11,544
Enterprise Value High	12,333	18,030	21,348	20,218	18,404	11,795	13,488	13,531	18,116	15,770	19,523	11,580	11,738	14,702	13,920
Enterprise Value Low	7,757	8,987	14,263	15,263	9,226	6,313	7,727	9,504	11,994	7,643	11,183	7,664	6,239	10,179	9,332

Shares Outstanding	485	463	446	421	397	399	389	378	371	374	371	366	372	374	372
Diluted Weighted Avg Shares	533	488	467	440	413	400	396	388	378	374	383	367	376	384	384
Basic Weighted Avg Shares	529	482	461	435	411	399	393	385	376	374	376	367	370	376	373
Revenue per Share	27.5	32.47	35.03	37.78	38.44	38.89	40.34	43.06	43.57	36.9	44.34	42.55	40.24	40.12	41.2
EBITDA per Share	3.84	5.19	5.82	6.09	5.15	4.47	5.19	5.04	3.01	-0.95	3.49	1.28	2.92	4.29	4.32
Operating Income per Share	2.72	4.03	4.66	4.79	3.71	2.98	3.76	3.54	1.53	-2.3	2.15	-0.19	1.51	2.96	2.99
Basic EPS, GAAP	1.57	2.35	2.78	2.9	2.24	1.69	2.16	2.61	0.93	-1.78	0.68	-0.55	1.36	2.24	2.19
Basic EPS from Cont Ops	1.57	2.35	2.78	2.9	2.24	1.69	2.16	2.61	0.93	-1.78	0.68	-0.55	1.36	2.24	2.19
Diluted EPS, GAAP	1.56	2.33	2.74	2.87	2.23	1.69	2.14	2.59	0.93	-1.78	0.67	-0.55	1.34	2.2	2.12
Diluted EPS from Cont Ops	1.56	2.33	2.74	2.87	2.23	1.69	2.14	2.59	0.93	-1.78	0.67	-0.55	1.34	2.2	2.12
Dividend per Share	0.45	0.5	0.7	0.88	0.92	0.92	0.92	0.97	0.97	- -	0.6	0.6	0.6	0.6	0.66
Cash Flow per Share	2.58	4.02	3.7	4.89	3.88	4.31	3.51	3.59	3.75	0.63	2.15	1.65	4.14	3.95	3.47
Free Cash Flow per Basic Share	1.54	2.65	2.25	3.25	2.11	2.99	1.65	1.76	0.97	-0.41	0.31	-0.21	3.01	2.76	2.21
Cash & Equivalents per Share	3.56	3.13	3.28	3.48	3.33	4.47	4.54	3.56	4.4	6.41	2.33	3.31	5.06	6.88	8.05
Book Value per Share	23.48	27.62	30.96	6.48	5.99	6.94	7.89	9.09	8.71	6.74	7.02	5.88	6.59	8.13	9.72
Tangible Book Value per Share	4.88	5.35	6.05	6.23	5.53	6.77	7.48	8.71	8.21	6.53	6.45	5.3	6.31	7.97	9.48

The Gap, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)