Apartment Investment and Management Company Financial Ratios — AIV

Profitability (USD)

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	-1	-1.18	14.45	-37.04	-43.36	228.55
Return on Assets (%)	- -	- -	-0.33	-0.28	3.28	-7.78	-5.06	30.5
Return on Capital (%)	- -	- -	- -	- -	5.83	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	5.13	- -	- -	- -
Gross Margin (%)	59.48	59.96	59.38	60.19	62.28	56.93	50.56	50.64
EBITDA Margin (%)	55.12	55.04	42	40.67	150.17	29.52	26.71	-80.41
Operating Margin (%)	17.76	10.48	0.99	-9.21	-42.08	-18.94	-29.3	-16.01
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	2,312.21
Pretax Margin (%)	2.78	-2.22	-10.51	-10.92	57.49	-161.42	-98.21	-11.44
Profit Margin (%)	2.45	0.21	-3.33	-3.48	39.78	-138.58	-74.41	400.05
Net Income to Common Margin (%)	2.45	0.21	-3.33	-3.48	39.78	-138.58	-74.41	400.05
Effective Tax Rate (%)	7.11	- -	- -	- -	15.78	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	2.8	- -	- -	514.9
Sustainable Growth Rate (%)	- -	- -	-1	-1.18	14.04	-37.04	-43.36	-948.25

Credit (USD)

Credit Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	559	1,069	1,616	1,163	1,266	952	863
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	559	1,069	1,616	1,163	1,266	952	863
Total Debt/EBITDA	- -	7.07	16.8	23.39	4.07	35.77	25.87	-7.75
Net Debt/EBITDA	- -	7	10.89	13.72	2.94	28.95	18.72	-3.09
Total Debt/EBIT	- -	37.12	-74.45	-103.32	9.17	-55.76	-23.58	-5.09
Net Debt/EBIT	- -	36.76	-48.24	-60.58	6.63	-45.13	-17.07	-2.03
EBITDA to Interest Expense	3.71	4.25	2.31	1.31	3.87	1.32	0.62	-1.87
EBITDA-CapEx/Interest Expense	3.71	4.25	2.31	1.31	3.87	1.32	0.62	-1.87
EBIT to Interest Expense	1.19	0.81	0.05	-0.3	-1.08	-0.84	-0.68	-0.37
Interest Expense	20	19	28	53	74	27	59	59
Common Equity/Total Assets	- -	40.73	27.15	20.56	25.12	16.73	6.28	21.59
Long-Term Debt/Equity (%)	- -	107.84	189.73	271.12	146.79	214.07	304.68	156.17
Long-Term Debt/Capital (%)	- -	51.89	65.49	73.05	59.48	68.16	75.29	60.96
Long-Term Debt/Total Assets (%)	- -	44.36	58.08	66.39	53.31	60.61	48.62	51.52
Total Debt/Equity (%)	- -	107.84	189.73	271.12	146.79	214.07	304.68	156.17
Total Debt/Capital (%)	- -	51.89	65.49	73.05	59.48	68.16	75.29	60.96
Total Debt/Total Assets (%)	- -	44.36	58.08	66.39	53.31	60.61	48.62	51.52
Net Debt to Equity	- -	106.8	122.93	158.96	106.26	173.28	220.49	62.17
Net Debt/Capital (%)	- -	51.64	51.58	47.89	48.14	59.07	61.33	33.65
EBITDA	73	79	64	69	286	35	37	-111
EBITDA-CapEx	73	79	64	69	286	35	37	-111
Operating Income (Loss)	23	15	2	-16	-80	-23	-40	-22

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.16	3.78	2.4	1.94	1.01	0.24	1.52
Current Ratio	- -	0.44	4.64	3.19	2.73	1.79	1.2	2.19
Quick Ratio	- -	0.31	4.52	3.07	2.51	1.66	0.37	2.04
CFO/Avg Current Liab	- -	- -	0.86	0.14	2	0.44	0.13	0.02
Common Equity/Total Assets	- -	40.73	27.15	20.56	25.12	16.73	6.28	21.59
Long-Term Debt/Equity (%)	- -	107.84	189.73	271.12	146.79	214.07	304.68	156.17
Long-Term Debt/Capital (%)	- -	51.89	65.49	73.05	59.48	68.16	75.29	60.96
Long-Term Debt/Total Assets (%)	- -	44.36	58.08	66.39	53.31	60.61	48.62	51.52
Total Debt/Equity (%)	- -	107.84	189.73	271.12	146.79	214.07	304.68	156.17
Total Debt/Capital (%)	- -	51.89	65.49	73.05	59.48	68.16	75.29	60.96
Total Debt/Total Assets (%)	- -	44.36	58.08	66.39	53.31	60.61	48.62	51.52
CFO/Total Liabilities	- -	7.81	3.75	0.68	14.7	3.37	2.86	0.72
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	1.03	0.6	0.52	0.56	0.45	0.27	0.65

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	60.91	66.23	58.14	25.91	21.18	12.82
Days Sales Outstanding	- -	- -	5.99	5.51	6.28	14.09	17.23	28.47
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)

Enterprise Value API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	754	1,100	742	1,151	1,063	1,125	1,128	840
- Cash & Cash Equivalents	- -	5	290	233	206	123	141	395
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	5	64	95	244	242	189	191
+ Total Debt	- -	559	1,069	1,616	1,163	1,266	952	863
Enterprise Value	754	1,659	1,585	2,629	2,263	2,511	2,128	1,499
Total Capital	- -	1,077	1,632	2,212	1,955	1,858	1,264	1,416
Total Debt/Capital (%)	- -	51.89	65.49	73.05	59.48	68.16	75.29	60.96
Total Debt / EV	- -	0.34	0.67	0.61	0.51	0.5	0.45	0.58
EV/Sales	5.71	11.54	10.46	15.48	11.89	20.94	15.46	10.83
EV/EBITDA	10.35	20.97	24.91	38.06	7.92	70.92	57.85	- -
EV/EBIT	32.13	110.16	- -	- -	17.84	- -	- -	- -
EV/Cash Flow to Firm	10.51	- -	- -	- -	8.5	- -	- -	- -
EV/Free Cash Flow to Firm	10.51	- -	- -	- -	8.5	- -	- -	- -
Diluted Market Cap	961	1,099	739	1,148	1,094	1,149	1,146	845
Diluted Enterprise Value	961	1,658	1,582	2,626	2,295	2,535	2,146	1,505
EV per Share	6.46	11.13	10.63	17.55	15.45	17.86	15.61	10.7
TTM Sales	132	144	151	170	190	120	138	138
TTM EBITDA	73	79	64	69	286	35	37	-111
TTM Operating Income	23	15	2	-16	-80	-23	-40	-22
TTM Cash Flow to Firm	72	- -	- -	- -	266	- -	- -	- -
TTM Free Cash Flow to Firm	72	- -	- -	- -	266	- -	- -	- -

Multiples (USD)

Valuation Multiples API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	17.97	18.97	15.45	91.22	5.36	22.78	24.4	104.44
EV/EBIT	32.13	110.16	- -	- -	17.84	- -	- -	- -
Enterprise Value	754	1,659	1,585	2,629	2,263	2,511	2,128	1,499
Low Price	5.66	6.23	3.55	4.46	5.3	5.68	7.11	5.17
EV/Sales	5.71	11.54	10.46	15.48	11.89	20.94	15.46	10.83
EV/EBITDA	10.35	20.97	24.91	38.06	7.92	70.92	57.85	- -
Price/Earnings	296.34	3,615.2	- -	- -	14.31	- -	- -	1.5
Price/Earnings Average	289.87	3,460.43	- -	- -	14.38	- -	- -	1.94
Price/Earnings High	327.45	3,651.19	- -	- -	19.12	- -	- -	2.3
Price/Earnings Low	259.76	3,049.36	- -	- -	10.45	- -	- -	1.29
Price/Book Value	- -	2.14	1.48	2.3	1.94	3.22	9.18	2.32
Price/Book Value Average	- -	2.05	1.43	1.95	1.95	3.06	9.22	3.02
Price/Book Value High	- -	2.17	12.31	2.4	2.59	3.62	10.41	3.57
Price/Book Value Low	- -	1.81	1.06	1.34	1.42	2.28	7.88	2
Price/Tangible Book Value	- -	2.2	1.51	2.31	1.99	3.35	10.28	2.4
Price/Tangible Book Value Average	- -	2.11	1.45	1.96	2	3.18	10.32	3.12
Price/Tangible Book Value High	- -	2.22	12.49	2.42	2.66	3.77	11.66	3.7
Price/Tangible Book Value Low	- -	1.86	1.08	1.34	1.45	2.38	8.83	2.07
Price/Sales	7.27	7.65	4.88	6.76	5.69	9.58	8.32	5.99
Price/Sales Average	7.11	7.32	4.72	5.74	5.72	9.1	8.36	7.78
Price/Sales High	8.03	7.72	40.5	7.07	7.61	10.8	9.44	9.21
Price/Sales Low	6.37	6.45	3.49	3.93	4.16	6.8	7.15	5.16
Price/Cash Flow	17.97	18.97	15.45	91.22	5.31	22.78	24.4	102.44
Price/Cash Flow Average	17.58	18.16	14.93	77.41	5.33	21.63	24.5	133.1
Price/Cash Flow High	19.85	19.16	128.21	95.39	7.09	25.65	27.68	157.65
Price/Cash Flow Low	15.75	16	11.03	53.01	3.88	16.17	20.96	88.35
Price/Free Cash Flow Average	17.58	18.16	14.93	77.41	5.38	21.63	24.5	135.71
Price/Free Cash Flow High	19.85	19.16	128.21	95.39	7.16	25.65	27.68	160.74
Price/Free Cash Flow Low	15.75	16	11.03	53.01	3.91	16.17	20.96	90.08
EV/Sales Average	5.58	11.22	10.3	14.45	11.92	20.47	15.49	12.64
EV/Sales High	6.3	11.62	46.2	15.79	13.77	22.12	16.56	14.1
EV/Sales Low	5	10.35	9.06	12.64	10.39	18.21	14.3	9.99
EV/EBITDA Average	10.13	20.38	24.52	35.54	7.94	69.33	57.99	- -
EV/EBITDA High	11.44	21.11	109.99	38.82	9.17	74.93	61.98	- -
EV/EBITDA Low	9.07	18.8	21.58	31.08	6.92	61.7	53.53	- -
EV/EBIT Average	31.43	107.03	- -	- -	17.88	- -	- -	- -
EV/EBIT High	35.5	110.88	- -	- -	20.66	- -	- -	- -
EV/EBIT Low	28.16	98.72	- -	- -	15.58	- -	- -	- -
Last Price	6.46	7.38	4.98	7.68	7.25	8	8.28	5.99
High Price	7.13	7.46	41.29	8.03	9.69	9.01	9.39	9.22
Enterprise Value Average	738	1,612	1,559	2,455	2,269	2,454	2,133	1,751
Enterprise Value High	833	1,670	6,996	2,681	2,621	2,653	2,280	1,952
Enterprise Value Low	661	1,487	1,372	2,147	1,977	2,184	1,969	1,384

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	117	149	149	150	147	141	136	140
Diluted Weighted Avg Shares	149	149	149	149	151	144	138	141
Basic Weighted Avg Shares	149	149	149	149	149	144	138	138
Revenue per Share	0.89	0.97	1.02	1.14	1.27	0.84	0.99	1
EBITDA per Share	0.49	0.53	0.43	0.46	1.91	0.25	0.27	-0.8
Operating Income per Share	0.16	0.1	0.01	-0.1	-0.54	-0.16	-0.29	-0.16
Basic EPS, GAAP	0.02	- -	-0.03	-0.04	0.51	-1.16	-0.74	4
Basic EPS from Cont Ops	0.02	- -	-0.04	-0.03	0.62	-1.26	-0.9	0.3
Diluted EPS, GAAP	0.02	- -	-0.03	-0.04	0.5	-1.16	-0.74	3.93
Diluted EPS from Cont Ops	0.02	- -	-0.04	-0.03	0.61	-1.26	-0.9	0.3
Dividend per Share	- -	- -	- -	- -	0.02	- -	- -	3
Cash Flow per Share	0.36	0.39	0.32	0.08	1.37	0.35	0.34	0.06
Free Cash Flow per Basic Share	0.36	0.39	0.32	0.08	1.37	0.35	0.34	0.06
Cash & Equivalents per Share	- -	0.04	1.94	1.56	1.41	0.87	1.03	2.82
Book Value per Share	- -	3.44	3.35	3.34	3.74	2.49	0.9	2.58
Tangible Book Value per Share	- -	3.35	3.3	3.32	3.64	2.39	0.81	2.49