GFL Environmental Inc. Financial Ratios — GFL Stock

Profitability (CAD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	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 (%)	- -	-39.68	- -	-15.16	-26.77	-10.69	-6.68	-0.71	-11.35	52.99
Return on Assets (%)	- -	-5.86	- -	-3.86	-7.86	-3.56	-1.63	0.23	-3.52	18.93
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	0.91	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	0.27	- -	- -
Gross Margin (%)	-7.15	-27.43	- -	8.18	4.53	9.22	11.8	16.89	18.39	20.67
EBITDA Margin (%)	-27.21	-18.31	- -	22.94	21.74	25.11	23.15	23.3	29.17	25.12
Operating Margin (%)	-56.74	-44.91	- -	-0.95	-7.75	-2.01	0.59	3.47	3.63	5.23
Incremental Operating Margin (%)	- -	9.96	-44.91	- -	- -	- -	8.82	29.33	2.78	25.82
Pretax Margin (%)	-33.54	-15.58	- -	-18.2	-32.31	-14.33	-5.31	2.56	-18.31	3.43
Profit Margin (%)	-25.31	-11.24	- -	-13.5	-26.27	-11.81	-4.61	0.6	-11.77	57.95
Net Income to Common Margin (%)	-25.31	-11.24	- -	-13.5	-26.6	-11.81	-5.84	-0.62	-13.08	57.19
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	83.24	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	0.05	-2.85	23.47	91.8	5.25	-11.35
Sustainable Growth Rate (%)	- -	-39.68	- -	-15.16	-26.75	-11	-5.12	-0.06	-10.75	59

Credit (CAD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	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	- -	2,462	6,289	7,817	7,788	9,629	9,679	9,289	10,549	7,933
ST Debt	- -	9	54	98	114	138	94	75	1,219	60
LT Debt	- -	2,452	6,235	7,720	7,674	9,492	9,585	9,214	9,330	7,873
Total Debt/EBITDA	- -	-14.96	- -	10.18	8.54	7.47	6.18	5.31	5.89	4.77
Net Debt/EBITDA	- -	-14.96	- -	9.18	8.3	7.08	5.89	4.97	5.51	4.41
Total Debt/EBIT	- -	-6.1	- -	-246.6	-23.95	-93.13	242.58	35.57	47.35	22.93
Net Debt/EBIT	- -	-6.1	- -	-222.41	-23.28	-88.3	231.03	33.36	44.29	21.21
EBITDA to Interest Expense	-0.91	-0.77	- -	1.62	2.45	3.98	3.67	3.29	3.18	3.64
EBITDA-CapEx/Interest Expense	-1.61	-1.73	- -	0.66	1.3	1.98	1.87	1.31	1.06	1.14
EBIT to Interest Expense	-1.91	-1.9	- -	-0.07	-0.87	-0.32	0.09	0.49	0.4	0.76
Interest Expense	179	213	- -	473	372	324	427	533	564	456
Common Equity/Total Assets	- -	14.77	28.84	22.46	35.42	31.4	30.54	36.1	32.91	37.85
Long-Term Debt/Equity (%)	- -	481.8	195.29	278.9	137.73	164.33	158.58	124.74	129.2	105.18
Long-Term Debt/Capital (%)	- -	82.55	65.76	72.93	57.44	61.61	60.96	55.25	52.5	51.06
Long-Term Debt/Total Assets (%)	- -	71.14	56.32	62.64	48.79	51.59	48.49	46.35	44	40.8
Total Debt/Equity (%)	- -	483.61	196.98	282.42	139.78	166.71	160.14	125.76	146.07	105.98
Total Debt/Capital (%)	- -	82.87	66.33	73.85	58.29	62.51	61.56	55.7	59.36	51.45
Total Debt/Total Assets (%)	- -	71.41	56.8	63.43	49.51	52.34	48.96	46.73	49.74	41.11
Net Debt to Equity	- -	483.61	196.74	254.72	135.86	158.08	152.52	117.92	136.65	98.02
Net Debt/Capital (%)	- -	82.87	66.3	70.43	56.78	60.01	58.94	52.66	55.95	47.85
EBITDA	-164	-164	- -	768	912	1,290	1,565	1,751	1,791	1,662
EBITDA-CapEx	-288	-368	- -	310	484	642	800	696	598	521
Operating Income (Loss)	-341	-404	- -	-32	-325	-103	40	261	223	346

Liquidity (CAD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	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	- -	- -	0.01	0.66	0.02	0.13	0.03	0.07	0.04	0.04
Current Ratio	- -	1.18	1	1.64	0.86	0.98	0.51	0.82	0.54	0.58
Quick Ratio	- -	0.94	0.85	1.49	0.75	0.87	0.44	0.7	0.44	0.49
CFO/Avg Current Liab	- -	0.74	- -	0.32	0.49	0.66	0.52	0.44	0.62	0.51
Common Equity/Total Assets	- -	14.77	28.84	22.46	35.42	31.4	30.54	36.1	32.91	37.85
Long-Term Debt/Equity (%)	- -	481.8	195.29	278.9	137.73	164.33	158.58	124.74	129.2	105.18
Long-Term Debt/Capital (%)	- -	82.55	65.76	72.93	57.44	61.61	60.96	55.25	52.5	51.06
Long-Term Debt/Total Assets (%)	- -	71.14	56.32	62.64	48.79	51.59	48.49	46.35	44	40.8
Total Debt/Equity (%)	- -	483.61	196.98	282.42	139.78	166.71	160.14	125.76	146.07	105.98
Total Debt/Capital (%)	- -	82.87	66.33	73.85	58.29	62.51	61.56	55.7	59.36	51.45
Total Debt/Total Assets (%)	- -	71.41	56.8	63.43	49.51	52.34	48.96	46.73	49.74	41.11
CFO/Total Liabilities	- -	4.3	- -	2.63	4.94	7.11	7.99	7.85	11.01	11.14
CFO/CapEx	0.65	0.62	- -	0.55	1.17	1.39	1.43	0.93	1.29	1.15
Altman's Z-Score	- -	-0.63	-0.14	0.66	0.76	0.94	0.76	1.27	1.09	1.74

Working Capital (CAD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	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	- -	6.95	- -	6.65	6.93	6.7	7.04	7.25	5.81	7.08
Days Sales Outstanding	- -	52.48	- -	54.85	52.68	54.51	51.82	50.35	62.84	51.54
Inventory Turnover	- -	95.67	- -	66.16	74.26	66.9	71.77	68.49	48.66	62.26
Days Inventory Outstanding	- -	3.82	- -	5.52	4.92	5.46	5.09	5.33	7.5	5.86
Accounts Payable Turnover	- -	7.48	0.04	4.6	7.01	9.58	9.76	9.15	6.59	6.26
Accounts Payable Turnover Days	- -	48.8	9,085.92	79.26	52.08	38.11	37.39	39.87	55.38	58.35
Cash Conversion Cycle	- -	7.5	- -	-18.9	5.52	21.85	19.51	15.81	14.95	-0.95
Inventory to Cash Days	- -	48.67	- -	49.33	47.76	49.05	46.73	45.02	55.33	45.68
Inventories	- -	24	42	50	57	82	84	98	108	61
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	24	42	50	57	82	84	98	108	61

Enterprise Value (CAD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	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	- -	- -	- -	- -	12,135	16,196	13,608	16,977	25,214	21,111
- Cash & Cash Equivalents	- -	- -	7	575	27	190	82	136	134	86
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	7	209	243	183
+ Total Debt	- -	2,462	6,289	7,817	7,788	9,629	9,679	9,289	10,549	7,933
Enterprise Value	- -	2,462	6,281	7,242	19,895	25,635	23,212	26,339	35,873	29,141
Total Capital	- -	2,971	9,481	10,585	13,360	15,406	15,723	16,675	17,771	15,418
Total Debt/Capital (%)	- -	82.87	66.33	73.85	58.29	62.51	61.56	55.7	59.36	51.45
Total Debt / EV	- -	1	1	1.08	0.39	0.38	0.42	0.35	0.29	0.27
EV/Sales	- -	2.74	- -	2.16	4.74	4.99	3.43	3.5	5.84	4.4
EV/EBITDA	- -	9.12	- -	9.43	21.81	19.88	14.83	15.04	20.03	17.53
EV/EBIT	- -	79.63	- -	- -	- -	- -	581.76	100.88	161.01	84.22
EV/Cash Flow to Firm	- -	8.8	- -	12.04	24.71	21.84	17.66	24.62	18.02	16.18
EV/Free Cash Flow to Firm	- -	5.1	- -	6.84	16.13	14.08	11.16	12.4	11.27	9.9
Diluted Market Cap	- -	- -	- -	- -	13,211	17,310	14,548	16,908	24,410	22,335
Diluted Enterprise Value	- -	2,462	6,281	7,242	20,972	26,749	24,152	26,270	35,069	30,366
EV per Share	- -	206.04	525.76	608.98	60.96	75.78	67.59	70.96	91.19	81.42
TTM Sales	601	899	- -	3,347	4,196	5,137	6,761	7,516	6,139	6,616
TTM EBITDA	-164	-164	- -	768	912	1,290	1,565	1,751	1,791	1,662
TTM Operating Income	-341	-404	- -	-32	-325	-103	40	261	223	346
TTM Cash Flow to Firm	216	280	- -	601	805	1,174	1,314	1,070	1,990	1,801
TTM Free Cash Flow to Firm	340	483	- -	1,059	1,233	1,821	2,079	2,125	3,183	2,942

Multiples (CAD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	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	- -	- -	- -	- -	14.2	11.2	7.82	8.31	8.93	9.09
EV/EBIT	- -	79.63	- -	- -	- -	- -	581.76	100.88	161.01	84.22
Enterprise Value	- -	2,462	6,281	7,242	19,895	25,635	23,212	26,339	35,873	29,141
Low Price	- -	- -	- -	- -	16.85	34.46	31.5	36.53	41.91	58.74
EV/Sales	- -	2.74	- -	2.16	4.74	4.99	3.43	3.5	5.84	4.4
EV/EBITDA	- -	9.12	- -	9.43	21.81	19.88	14.83	15.04	20.03	17.53
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.76
Price/Earnings Average	- -	- -	- -	- -	-8.57	-25.65	-34.99	-353.48	-24.82	6.4
Price/Earnings High	- -	- -	- -	- -	-11.86	-32.45	-45.13	-409.94	-32.83	7.02
Price/Earnings Low	- -	- -	- -	- -	-5.37	-20.53	-29.29	-288.56	-19.88	5.74
Price/Book Value	- -	- -	- -	- -	2.18	2.8	2.25	2.37	3.61	2.89
Price/Book Value Average	- -	- -	- -	- -	1.58	2.52	2.14	2.31	2.95	3.21
Price/Book Value High	- -	- -	- -	- -	2.18	3.19	2.76	2.68	3.9	3.52
Price/Book Value Low	- -	- -	- -	- -	0.99	2.02	1.79	1.89	2.36	2.88
Price/Tangible Book Value	- -	- -	- -	- -	-3.02	-3.2	-2.52	-4.5	-6.43	-15.65
Price/Tangible Book Value Average	- -	- -	- -	- -	-2.19	-2.88	-2.4	-4.41	-5.25	-17.38
Price/Tangible Book Value High	- -	- -	- -	- -	-3.02	-3.65	-3.09	-5.11	-6.95	-19.08
Price/Tangible Book Value Low	- -	- -	- -	- -	-1.37	-2.31	-2.01	-3.6	-4.21	-15.58
Price/Sales	- -	- -	- -	- -	3.15	3.37	2.15	2.25	3.98	3.29
Price/Sales Average	- -	- -	- -	- -	2.28	3.03	2.04	2.2	3.25	3.66
Price/Sales High	- -	- -	- -	- -	3.15	3.83	2.63	2.55	4.29	4.02
Price/Sales Low	- -	- -	- -	- -	1.43	2.43	1.71	1.8	2.6	3.28
Price/Cash Flow	- -	- -	- -	- -	26.31	19.28	13.27	17.25	15.85	16.56
Price/Cash Flow Average	- -	- -	- -	- -	19.05	17.33	12.6	16.87	12.94	18.4
Price/Cash Flow High	- -	- -	- -	- -	26.36	21.93	16.25	19.57	17.12	20.19
Price/Cash Flow Low	- -	- -	- -	- -	11.92	13.87	10.55	13.77	10.36	16.5
Price/Free Cash Flow Average	- -	- -	- -	- -	10.28	10.07	7.42	8.13	7.29	10.1
Price/Free Cash Flow High	- -	- -	- -	- -	14.23	12.75	9.57	9.43	9.65	11.08
Price/Free Cash Flow Low	- -	- -	- -	- -	6.44	8.06	6.21	6.63	5.84	9.05
EV/Sales Average	- -	2.74	- -	2.16	3.94	4.67	3.33	3.46	5.09	4.76
EV/Sales High	- -	2.74	- -	2.16	4.75	5.42	3.89	3.81	6.17	5.1
EV/Sales Low	- -	2.74	- -	2.16	3.16	4.11	3.02	3.05	4.42	4.39
EV/EBITDA Average	- -	-14.96	- -	9.43	18.14	18.61	14.39	14.83	17.45	18.94
EV/EBITDA High	- -	-14.96	- -	9.43	21.83	21.61	16.78	16.35	21.16	20.32
EV/EBITDA Low	- -	-14.96	- -	9.43	14.53	16.36	13.05	13.09	15.16	17.48
EV/EBIT Average	- -	-6.1	- -	-228.47	-50.89	-232.11	564.5	99.47	140.24	90.99
EV/EBIT High	- -	-6.1	- -	-228.47	-61.26	-269.49	658.35	109.63	170.08	97.6
EV/EBIT Low	- -	-6.1	- -	-228.47	-40.78	-204.02	511.8	87.79	121.84	83.97
Last Price	- -	- -	- -	- -	37.18	47.88	39.62	45.74	64.1	58.98
High Price	- -	- -	- -	- -	37.26	54.47	48.52	51.9	69.23	71.91
Enterprise Value Average	- -	2,462	6,281	7,242	16,549	24,000	22,524	25,972	31,246	31,483
Enterprise Value High	- -	2,462	6,281	7,242	19,920	27,865	26,268	28,625	37,893	33,769
Enterprise Value Low	- -	2,462	6,281	7,242	13,261	21,095	20,421	22,922	27,147	29,055

Shares Outstanding	- -	12	12	12	326	338	343	371	393	358
Diluted Weighted Avg Shares	314	326	- -	181	355	362	367	370	381	379
Basic Weighted Avg Shares	314	326	- -	181	355	362	367	370	381	370
Revenue per Share	1.91	2.75	- -	18.54	11.81	14.21	18.41	20.33	16.12	17.9
EBITDA per Share	-0.52	-0.5	- -	4.25	2.57	3.57	4.26	4.74	4.7	4.5
Operating Income per Share	-1.09	-1.24	- -	-0.18	-0.92	-0.29	0.11	0.71	0.59	0.94
Basic EPS, GAAP	-0.48	-0.31	- -	-2.5	-3.14	-1.68	-1.08	-0.13	-2.11	10.24
Basic EPS from Cont Ops	-0.48	-0.31	- -	-2.5	-3.1	-1.73	-0.5	0.09	-2.36	0.65
Diluted EPS, GAAP	-0.48	-0.31	- -	-2.5	-3.14	-1.68	-1.08	-0.13	-2.11	9.99
Diluted EPS from Cont Ops	-0.48	-0.31	- -	-2.5	-3.1	-1.73	-0.5	0.09	-2.36	0.64
Dividend per Share	- -	- -	- -	- -	0.04	0.05	0.06	0.07	0.07	0.08
Cash Flow per Share	0.26	0.39	- -	1.39	1.41	2.48	2.99	2.65	4.04	3.56
Free Cash Flow per Basic Share	-0.14	-0.24	- -	-1.15	0.21	0.69	0.9	-0.2	0.91	0.47
Cash & Equivalents per Share	- -	- -	0.62	48.33	0.08	0.56	0.24	0.37	0.34	0.24
Book Value per Share	- -	42.6	267.23	232.74	17.07	17.07	17.58	19.34	17.74	20.4
Tangible Book Value per Share	- -	-126.98	-395.67	-441.78	-12.32	-14.94	-15.69	-10.16	-9.97	-3.77

GFL Environmental Inc.

Profitability (CAD)

Credit (CAD)

Liquidity (CAD)

Working Capital (CAD)

Enterprise Value (CAD)

Multiples (CAD)

Per Share Data Items (CAD)