Great Elm Capital Corp. Financial Ratios — GECC 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 (%)	- -	- -	- -	- -	- -	-8,421.45	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	2.85	3.58	-5.68	-3.29	-7.01	-1.55	-3.45	-2.64	-11.13	-2.9	-4.23	9.1	1.21	-9.31
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	9.77	4.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	99.02	170.79	92.13	-106.44	-193.64	-95.49	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	99.02	170.79	92.13	-106.44	-193.64	-95.49	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	710.38	-147.77	- -	- -	- -	-98.57	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	74.25	60.89	65.08	134.53	116.92	147.24	1,336.89	187.88	190.82	115.31	201.79	105.55	79.59	35.53	135.42
Profit Margin (%)	74.25	60.89	65.08	134.53	116.92	147.24	1,336.89	187.88	190.82	115.31	201.79	105.55	79.59	35.53	135.42
Net Income to Common Margin (%)	74.25	60.89	65.08	134.53	116.92	147.24	1,336.89	187.88	190.82	115.31	201.79	105.55	79.59	35.53	135.42
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.13	- -	- -
Dvd Payout Ratio (%)	104.83	247.55	170.33	-96.77	-184.56	-82.05	-464.42	-141.48	-169.38	-15.62	-96.68	-83.57	42.01	424.29	-60.52
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	-15,331.06	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	3	40	76	38	33	33	31	76	120	116	142	153	140	190	189
ST Debt	- -	19	26	8	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	3	22	50	29	33	33	31	76	120	116	142	153	140	190	189
Total Debt/EBITDA	0.89	5.39	14.07	6.28	3.83	5.26	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-0.34	2.84	5.97	5.04	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	0.89	5.39	14.07	6.28	3.83	5.26	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-0.34	2.84	5.97	5.04	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.31	-0.06	-0.11	-0.01	0.07	0.1	-27.57	-31.3	-36.5	-53.32	-40.11	-64.27	-74.97	-57.3	-72.14
Long-Term Debt/Equity (%)	6.03	41.07	82.67	40.36	32.99	41.04	23.58	69.29	137.89	145.28	190.46	180.58	142	139.37	167.62
Long-Term Debt/Capital (%)	108.9	54.29	66.32	77.77	99.66	99.65	-89.28	-644.98	881.81	-326.54	-490.04	-331.89	-312.68	-3,009.6	-335
Long-Term Debt/Total Assets (%)	3.85	22.07	44.34	18.96	20.51	28.57	13	27.1	41.17	40.82	33.31	49.39	56.81	55.46	55.56
Total Debt/Equity (%)	6.03	75.77	124.86	51.92	32.99	41.04	23.58	69.29	137.89	145.28	190.46	180.58	142	139.37	167.62
Total Debt/Capital (%)	108.9	100.15	100.16	100.04	99.66	99.65	-89.28	-644.98	881.81	-326.54	-490.04	-331.89	-312.68	-3,009.6	-335
Total Debt/Total Assets (%)	3.85	40.72	66.97	24.39	20.51	28.57	13	27.1	41.17	40.82	33.31	49.39	56.81	55.46	55.56
Net Debt to Equity	-2.34	39.87	52.94	41.66	29.25	-0.35	21.38	65.51	-5.3	-66.05	-12.25	-0.69	-0.97	- -	-1.62
Net Debt/Capital (%)	82.58	53.55	55.77	80.27	99.61	170.1	-74.7	-450.92	-51.29	59.75	23.96	1.26	2.08	- -	3.14
EBITDA	4	8	5	6	9	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	4	8	5	6	9	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	4	8	5	6	9	6	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.31	-0.06	-0.11	-0.01	0.07	0.1	-27.57	-31.3	-36.5	-53.32	-40.11	-64.27	-74.97	-57.3	-72.14
Long-Term Debt/Equity (%)	6.03	41.07	82.67	40.36	32.99	41.04	23.58	69.29	137.89	145.28	190.46	180.58	142	139.37	167.62
Long-Term Debt/Capital (%)	108.9	54.29	66.32	77.77	99.66	99.65	-89.28	-644.98	881.81	-326.54	-490.04	-331.89	-312.68	-3,009.6	-335
Long-Term Debt/Total Assets (%)	3.85	22.07	44.34	18.96	20.51	28.57	13	27.1	41.17	40.82	33.31	49.39	56.81	55.46	55.56
Total Debt/Equity (%)	6.03	75.77	124.86	51.92	32.99	41.04	23.58	69.29	137.89	145.28	190.46	180.58	142	139.37	167.62
Total Debt/Capital (%)	108.9	100.15	100.16	100.04	99.66	99.65	-89.28	-644.98	881.81	-326.54	-490.04	-331.89	-312.68	-3,009.6	-335
Total Debt/Total Assets (%)	3.85	40.72	66.97	24.39	20.51	28.57	13	27.1	41.17	40.82	33.31	49.39	56.81	55.46	55.56
CFO/Total Liabilities	51.66	-28.89	-19.77	-25.08	-51.67	113.96	-22.56	-17.76	-11.99	13.44	-16.63	-18.53	17.34	-40.15	-1.24
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.18	0.29	0.21	0.09	0.15	0.12	-0.17	-0.33	-0.41	-0.76	-0.49	-0.85	-0.64	-0.46	-0.85

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	- -	5.56	5.84	-5.36	-3.05	-4.55	-0.07	-1.16	-2.43	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	65.7	62.52	-68.11	-119.82	-80.27	-5,334.11	-315.35	-150.2	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	39	35	38	27	48	39	71	108	87
- Cash & Cash Equivalents	5	1	18	- -	4	33	3	4	5	53	9	1	1	- -	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3	40	76	38	33	33	31	76	120	116	142	153	140	190	189
Enterprise Value	-1	40	58	38	29	- -	67	29	153	90	181	191	210	298	275
Total Capital	3	40	76	38	33	33	-35	-12	14	-35	-29	-46	-45	-6	-57
Total Debt/Capital (%)	108.9	100.15	100.16	100.04	99.66	99.65	-89.28	-644.98	881.81	-326.54	-490.04	-331.89	-312.68	-3,009.6	-335
Total Debt / EV	-2.58	1.02	1.31	1	1.13	-116.28	0.46	2.59	0.78	1.28	0.79	0.8	0.67	0.64	0.69
EV/Sales	- -	9.06	9.88	- -	- -	- -	100.99	- -	- -	- -	- -	- -	6.59	29.79	- -
EV/EBITDA	- -	5.31	10.72	6.28	3.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	5.31	10.72	6.28	3.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.3	- -	- -	8.17	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.3	- -	- -	8.17	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	39	35	38	27	48	39	71	108	87
Diluted Enterprise Value	-1	40	58	38	29	- -	67	108	153	90	181	191	210	298	275
EV per Share	- -	37.02	45.7	23.32	11.85	- -	34.73	15.38	83.26	40.57	44.32	30.56	27.6	30.26	22.22
TTM Sales	4	4	6	-6	-4	-7	- -	-5	-4	-28	-5	-15	32	10	-23
TTM EBITDA	4	8	5	6	9	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	4	8	5	6	9	6	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	17	-13	-10	-21	-31	40	-24	-30	-24	27	-58	-42	26	-83	-3
TTM Free Cash Flow to Firm	17	-13	-10	-21	-31	40	-24	-30	-24	27	-58	-42	26	-83	-3

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	- -	- -	- -	- -	- -	- -	-1.61	-1.16	-1.56	0.99	-0.81	-0.92	2.75	-1.31	-30.96
EV/EBIT	- -	5.31	10.72	6.28	3.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-1	40	58	38	29	- -	67	29	153	90	181	191	210	298	275
Low Price	- -	- -	- -	- -	- -	- -	52.55	44.81	44.99	13.5	18	7.8	7.51	9.55	6.61
EV/Sales	- -	9.06	9.88	- -	- -	- -	100.99	- -	- -	- -	- -	- -	6.59	29.79	- -
EV/EBITDA	- -	5.31	10.72	6.28	3.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.78	30.45	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	-14.4	-4.24	-5.07	-0.91	-4.81	-3.47	2.16	26.56	-3.83
Price/Earnings High	- -	- -	- -	- -	- -	- -	-50.03	-13.33	-13.26	-3.41	-9.68	-7.82	3.55	31.34	-4.46
Price/Earnings Low	- -	- -	- -	- -	- -	- -	-37.07	-9.53	-10.99	-0.94	-7.14	-3.13	2.25	26.46	-2.57
Price/Book Value	- -	- -	- -	- -	- -	- -	-0.59	-0.4	-0.36	-0.18	-0.28	-0.19	-0.38	-0.55	-0.35
Price/Book Value Average	- -	- -	- -	- -	- -	- -	-0.6	-0.43	-0.36	-0.19	-0.29	-0.27	-0.3	-0.48	-0.5
Price/Book Value High	- -	- -	- -	- -	- -	- -	-2.08	-1.36	-0.94	-0.72	-0.58	-0.61	-0.49	-0.57	-0.58
Price/Book Value Low	- -	- -	- -	- -	- -	- -	-1.54	-0.97	-0.78	-0.2	-0.43	-0.24	-0.31	-0.48	-0.33
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	0.3	0.32	0.44	0.34	0.64	0.45	0.71	0.79	0.77
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	0.3	0.35	0.44	0.36	0.66	0.64	0.55	0.69	1.08
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	1.04	1.09	1.15	1.37	1.33	1.44	0.91	0.82	1.25
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	0.77	0.78	0.95	0.38	0.98	0.57	0.58	0.69	0.72
Price/Sales	- -	- -	- -	- -	- -	- -	-190.2	-7.39	-9.68	-0.98	-9.36	-2.61	2.22	10.82	-3.71
Price/Sales Average	- -	- -	- -	- -	- -	- -	-192.5	-7.97	-9.67	-1.04	-9.7	-3.66	1.72	9.44	-5.19
Price/Sales High	- -	- -	- -	- -	- -	- -	-668.86	-25.05	-25.3	-3.93	-19.54	-8.26	2.82	11.13	-6.03
Price/Sales Low	- -	- -	- -	- -	- -	- -	-495.54	-17.91	-20.97	-1.08	-14.4	-3.3	1.79	9.4	-3.48
Price/Cash Flow	- -	- -	- -	- -	- -	- -	-1.61	-1.16	-1.56	0.99	-0.81	-0.92	2.75	-1.31	-30.96
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	-1.63	-1.25	-1.56	1.06	-0.84	-1.29	2.13	-1.14	-43.29
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	-5.67	-3.94	-4.09	3.97	-1.7	-2.92	3.5	-1.35	-50.32
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	-4.2	-2.82	-3.39	1.1	-1.25	-1.17	2.22	-1.14	-29.02
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	-1.63	-1.25	-1.56	1.06	-0.84	-1.29	2.13	-1.14	-43.29
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	-5.67	-3.94	-4.09	3.97	-1.7	-2.92	3.5	-1.35	-50.32
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	-4.2	-2.82	-3.39	1.1	-1.25	-1.17	2.22	-1.14	-29.02
EV/Sales Average	- -	9.06	9.88	- -	- -	- -	101.7	- -	- -	- -	- -	- -	6.09	28.4	- -
EV/Sales High	- -	9.06	9.88	- -	- -	- -	248.6	- -	- -	- -	- -	- -	7.2	30.1	- -
EV/Sales Low	- -	9.06	9.88	- -	- -	- -	195.15	- -	- -	- -	- -	- -	6.17	28.37	- -
EV/EBITDA Average	-0.34	5.31	10.72	6.28	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	-0.34	5.31	10.72	6.28	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	-0.34	5.31	10.72	6.28	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	-0.34	5.31	10.72	6.28	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	-0.34	5.31	10.72	6.28	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	-0.34	5.31	10.72	6.28	3.39	-0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	20.17	18.49	20.76	12.24	11.7	6.16	9.28	10.99	7.05
High Price	- -	- -	- -	- -	- -	- -	70.93	62.66	54.29	48.89	24.42	19.5	11.82	11.31	11.46
Enterprise Value Average	-1	40	58	38	29	- -	68	110	153	92	182	207	194	284	309
Enterprise Value High	-1	40	58	38	29	- -	166	192	215	172	232	274	229	301	329
Enterprise Value Low	-1	40	58	38	29	- -	130	158	198	93	206	201	196	284	269

	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	1	1	1	2	4	4	2	2	2	4	4	8	8	12	14
Diluted Weighted Avg Shares	1	1	1	2	2	4	2	2	2	2	4	6	8	10	12
Basic Weighted Avg Shares	1	1	1	2	2	4	2	2	2	2	4	6	8	10	12
Revenue per Share	4.35	4.09	4.63	-3.49	-1.8	-1.74	-0.11	-2.5	-2.15	-12.45	-1.25	-2.36	4.19	1.02	-1.9
EBITDA per Share	4.31	6.98	4.26	3.71	3.49	1.67	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	4.31	6.98	4.26	3.71	3.49	1.67	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.23	2.49	3.01	-4.69	-2.11	-2.57	-1.42	-4.7	-4.09	-14.35	-2.52	-2.49	3.33	0.36	-2.57
Basic EPS from Cont Ops	3.23	2.49	3.01	-4.69	-2.11	-2.57	-1.42	-4.7	-4.09	-14.35	-2.52	-2.49	3.33	0.36	-2.57
Diluted EPS, GAAP	3.23	2.49	3.01	-4.69	-2.11	-2.57	-1.42	-4.7	-4.09	-14.35	-2.52	-2.49	3.33	0.36	-2.57
Diluted EPS from Cont Ops	3.23	2.49	3.01	-4.69	-2.11	-2.57	-1.42	-4.7	-4.09	-14.35	-2.52	-2.49	3.33	0.36	-2.57
Dividend per Share	3.39	6.16	5.13	4.54	3.89	2.11	6.58	6.65	6.93	2.24	2.44	2.08	1.4	1.53	1.56
Cash Flow per Share	18.55	-12.35	-8.21	-12.72	-12.73	10.62	-12.5	-15.9	-13.28	12.3	-14.36	-6.68	3.38	-8.4	-0.23
Free Cash Flow per Basic Share	18.55	-12.35	-8.21	-12.72	-12.73	10.62	-12.5	-15.9	-13.28	12.3	-14.36	-6.68	3.38	-8.4	-0.23
Cash & Equivalents per Share	5.3	0.59	14.28	- -	1.51	8.84	1.5	42.93	2.5	23.62	2.24	0.09	0.13	- -	0.15
Book Value per Share	-0.31	-0.06	-0.1	-0.01	0.05	0.03	-34.05	-46	-57.63	-67.86	-41.97	-31.88	-24.34	-19.91	-19.89
Tangible Book Value per Share	63.33	49.65	48.05	44.92	40.51	21.36	68.1	57.48	47.14	35.76	18.3	13.57	12.99	13.83	9.14

Great Elm Capital Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)