VictoryShares International Free Cash Flow Growth ETF Financial Ratios — GRIN

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	-10.81	-17.46	-6.58	-14.9	-15.35	41.08	31.52	-3.3
Return on Assets (%)	- -	-7.48	-11.08	-4.32	-9	-6.8	18.77	17.31	-1.91
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	20.48	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	21.22	- -
Gross Margin (%)	6.18	1.56	5.4	3.48	4.03	1.92	38.81	36.22	10.17
EBITDA Margin (%)	5.93	-1.08	2.18	-2.48	12.84	16.21	44.48	40.4	16.7
Operating Margin (%)	-0.45	-6.88	-2.63	-6.96	-5.07	-8.26	30.89	25.79	1.8
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	64.53	-477.49	152.34
Pretax Margin (%)	-19.93	-10.73	-14.06	-6.03	-10.09	-16.51	29.07	22.61	-2.31
Profit Margin (%)	-20.8	-11.76	-14.85	-6.47	-15.97	-18.41	26.09	22.45	-2.49
Net Income to Common Margin (%)	-20.8	-11.76	-14.85	-6.47	-15.97	-18.41	26.09	22.45	-2.49
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	0.73	- -
Dvd Payout Ratio (%)	-4.58	- -	-2.75	- -	- -	- -	9.46	131.45	-12.15
Sustainable Growth Rate (%)	- -	-10.81	-17.94	-6.58	-14.9	-15.35	37.19	-9.91	-3.7

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	102	150	113	114	223	330	279	225	176
ST Debt	94	71	92	18	45	82	55	55	51
LT Debt	8	78	21	96	178	248	224	170	125
Total Debt/EBITDA	3.96	-37.51	12.64	-14.45	6.38	9.65	1.38	1.21	2.72
Net Debt/EBITDA	1.03	-20.55	8	-10.22	3.8	7.04	0.7	0.82	1.35
Total Debt/EBIT	-52.33	-5.86	-10.49	-5.15	-16.17	-18.96	1.98	1.9	25.21
Net Debt/EBIT	-13.6	-3.21	-6.64	-3.64	-9.62	-13.83	1	1.28	12.46
EBITDA to Interest Expense	8.41	-0.96	1.51	-1.29	4.58	2.75	20.4	11.98	3.98
EBITDA-CapEx/Interest Expense	7.62	-1.14	1.3	-1.35	4.55	2.72	20.39	11.96	3.93
EBIT to Interest Expense	-0.64	-6.16	-1.81	-3.62	-1.81	-1.4	14.17	7.64	0.43
Interest Expense	3	4	6	6	8	12	10	16	16
Common Equity/Total Assets	73.64	64.81	61.91	70.07	52.04	37.83	53.27	56.83	58.72
Long-Term Debt/Equity (%)	2.03	21.59	6.5	32.87	70.73	97.69	69.94	59.03	50.79
Long-Term Debt/Capital (%)	1.54	14.73	4.87	22.46	36.12	40.9	35.9	31.59	27.99
Long-Term Debt/Total Assets (%)	1.4	13.29	4.1	21.48	34.33	39.89	34.65	30.9	27.12
Total Debt/Equity (%)	25.56	41.26	35.27	39.13	88.59	129.78	87.27	78.3	71.52
Total Debt/Capital (%)	19.31	28.14	26.43	26.74	45.24	54.33	44.8	41.9	39.41
Total Debt/Total Assets (%)	17.62	25.38	22.24	25.57	43	52.99	43.23	40.98	38.19
Net Debt to Equity	6.64	22.61	22.34	27.68	52.73	94.67	44.25	53.02	35.34
Net Debt/Capital (%)	5.86	17.67	18.54	20.52	28.82	42.28	27.28	31.06	22.22
EBITDA	26	-4	9	-8	35	34	203	186	65
EBITDA-CapEx	23	-5	8	-8	35	34	203	186	64
Operating Income (Loss)	-2	-26	-11	-22	-14	-17	141	119	7

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.45	0.48	0.25	0.59	0.37	0.32	1.04	0.51	0.64
Current Ratio	0.87	1.14	1.15	2.17	1.05	0.7	1.61	1.16	1.13
Quick Ratio	0.82	1.05	0.71	1.81	0.79	0.53	1.36	0.88	0.88
CFO/Avg Current Liab	- -	-0.14	0.02	-0.34	-0.77	0.69	1.88	1.95	1.75
Common Equity/Total Assets	73.64	64.81	61.91	70.07	52.04	37.83	53.27	56.83	58.72
Long-Term Debt/Equity (%)	2.03	21.59	6.5	32.87	70.73	97.69	69.94	59.03	50.79
Long-Term Debt/Capital (%)	1.54	14.73	4.87	22.46	36.12	40.9	35.9	31.59	27.99
Long-Term Debt/Total Assets (%)	1.4	13.29	4.1	21.48	34.33	39.89	34.65	30.9	27.12
Total Debt/Equity (%)	25.56	41.26	35.27	39.13	88.59	129.78	87.27	78.3	71.52
Total Debt/Capital (%)	19.31	28.14	26.43	26.74	45.24	54.33	44.8	41.9	39.41
Total Debt/Total Assets (%)	17.62	25.38	22.24	25.57	43	52.99	43.23	40.98	38.19
CFO/Total Liabilities	63.82	-9.36	1.8	-24.08	-20.81	19.12	62.93	71.06	72.23
CFO/CapEx	47.22	-29.56	2.74	-101.52	-217.99	167.98	3,724.58	778.36	179.54
Altman's Z-Score	0.64	0.36	0.81	1	0.48	0.07	2.01	2.28	1.38

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	16.62	25.91	25.72	21.6	19.97	53.94	45.45	43.03
Days Sales Outstanding	- -	21.96	14.09	14.19	16.89	18.28	6.77	8.03	8.48
Inventory Turnover	- -	36.43	37.44	30.92	22.65	19.74	24.68	20.13	26.71
Days Inventory Outstanding	- -	10.02	9.75	11.81	16.12	18.49	14.79	18.14	13.66
Accounts Payable Turnover	- -	9.3	11.53	12.21	10.36	7.29	9.28	9.3	11.38
Accounts Payable Turnover Days	- -	39.24	31.65	29.89	35.22	50.04	39.33	39.26	32.06
Cash Conversion Cycle	- -	-7.26	-7.82	-3.89	-2.2	-13.27	-17.77	-13.09	-9.92
Inventory to Cash Days	- -	11.94	4.34	2.38	0.78	-0.21	-8.03	-10.11	-5.18
Inventories	8	12	9	11	12	9	14	15	11
Raw Materials	- -	- -	- -	- -	- -	9	14	15	11
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	8	12	9	11	12	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	74	76	49	225	311	176
- Cash & Cash Equivalents	75	68	41	33	32	38	104	47	55
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	42	- -	- -	- -
+ Total Debt	102	150	113	114	223	330	279	225	176
Enterprise Value	27	82	71	155	267	383	400	490	297
Total Capital	528	532	427	428	493	607	623	537	447
Total Debt/Capital (%)	19.31	28.14	26.43	26.74	45.24	54.33	44.8	41.9	39.41
Total Debt / EV	3.85	1.82	1.58	0.74	0.84	0.86	0.7	0.46	0.59
EV/Sales	0.06	0.22	0.17	0.49	0.98	1.82	0.88	1.06	0.77
EV/EBITDA	1.03	- -	8	- -	7.65	11.21	1.97	2.63	4.59
EV/EBIT	- -	- -	- -	- -	- -	- -	2.84	4.12	42.5
EV/Cash Flow to Firm	0.22	- -	7.41	- -	- -	4.62	1.86	2.43	1.72
EV/Free Cash Flow to Firm	0.22	- -	6.57	- -	- -	4.6	1.86	2.43	1.71
Diluted Market Cap	- -	- -	- -	74	76	49	235	311	176
Diluted Enterprise Value	27	82	71	155	267	383	410	490	297
EV per Share	1.39	4.31	3.75	8.12	14.05	20.18	20.87	25.84	15.2
TTM Sales	434	372	410	319	272	211	456	460	387
TTM EBITDA	26	-4	9	-8	35	34	203	186	65
TTM Operating Income	-2	-26	-11	-22	-14	-17	141	119	7
TTM Cash Flow to Firm	118	-17	10	-31	-48	83	215	201	173
TTM Free Cash Flow to Firm	120	-16	11	-30	-48	83	215	202	173

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	- -	-1.99	-1.38	0.7	1.15	1.67	1.13
EV/EBIT	- -	- -	- -	- -	- -	- -	2.84	4.12	42.5
Enterprise Value	27	82	71	155	267	383	400	490	297
Low Price	- -	- -	- -	5.32	4.67	2.03	4.02	13.5	6.8
EV/Sales	0.06	0.22	0.17	0.49	0.98	1.82	0.88	1.06	0.77
EV/EBITDA	1.03	- -	8	- -	7.65	11.21	1.97	2.63	4.59
Price/Earnings	- -	- -	- -	- -	- -	- -	1.89	3.01	- -
Price/Earnings Average	- -	- -	- -	-5.11	-1.57	-1.12	1.08	2.83	-19.11
Price/Earnings High	- -	- -	- -	-18.93	-3.49	-3.57	3.14	5.31	-37.98
Price/Earnings Low	- -	- -	- -	-4.91	-2.04	-0.99	0.65	2.47	-13.8
Price/Book Value	- -	- -	- -	0.24	0.28	0.21	0.65	1	0.65
Price/Book Value Average	- -	- -	- -	0.34	0.25	0.19	0.37	0.94	0.68
Price/Book Value High	- -	- -	- -	1.25	0.56	0.59	1.09	1.76	1.35
Price/Book Value Low	- -	- -	- -	0.32	0.33	0.16	0.22	0.82	0.49
Price/Tangible Book Value	- -	- -	- -	0.26	0.3	0.2	0.7	1.08	0.75
Price/Tangible Book Value Average	- -	- -	- -	0.37	0.27	0.17	0.4	1.02	0.79
Price/Tangible Book Value High	- -	- -	- -	1.37	0.6	0.55	1.17	1.91	1.57
Price/Tangible Book Value Low	- -	- -	- -	0.36	0.35	0.15	0.24	0.89	0.57
Price/Sales	- -	- -	- -	0.23	0.28	0.23	0.49	0.68	0.45
Price/Sales Average	- -	- -	- -	0.33	0.25	0.21	0.28	0.64	0.47
Price/Sales High	- -	- -	- -	1.23	0.56	0.66	0.82	1.19	0.94
Price/Sales Low	- -	- -	- -	0.32	0.33	0.18	0.17	0.56	0.34
Price/Cash Flow	- -	- -	- -	-1.97	-1.38	0.7	1.1	1.67	1.13
Price/Cash Flow Average	- -	- -	- -	-2.82	-1.22	0.62	0.63	1.57	1.19
Price/Cash Flow High	- -	- -	- -	-10.46	-2.73	1.97	1.82	2.95	2.36
Price/Cash Flow Low	- -	- -	- -	-2.71	-1.6	0.55	0.38	1.38	0.86
Price/Free Cash Flow Average	- -	- -	- -	-2.85	-1.23	0.62	0.65	1.57	1.18
Price/Free Cash Flow High	- -	- -	- -	-10.56	-2.74	1.96	1.9	2.95	2.34
Price/Free Cash Flow Low	- -	- -	- -	-2.74	-1.61	0.54	0.39	1.37	0.85
EV/Sales Average	0.06	0.22	0.17	0.58	0.95	1.79	0.66	1.02	0.79
EV/Sales High	0.06	0.22	0.17	1.48	1.26	2.24	1.2	1.58	1.26
EV/Sales Low	0.06	0.22	0.17	0.57	1.03	1.77	0.55	0.94	0.66
EV/EBITDA Average	1.03	-20.55	8	-23.52	7.4	11.04	1.49	2.53	4.71
EV/EBITDA High	1.03	-20.55	8	-59.55	9.79	13.82	2.7	3.91	7.52
EV/EBITDA Low	1.03	-20.55	8	-23.02	8	10.89	1.24	2.33	3.92
EV/EBIT Average	-13.6	-3.21	-6.64	-8.39	-18.75	-21.68	2.15	3.97	43.63
EV/EBIT High	-13.6	-3.21	-6.64	-21.24	-24.81	-27.14	3.89	6.13	69.65
EV/EBIT Low	-13.6	-3.21	-6.64	-8.21	-20.26	-21.39	1.79	3.66	36.32
Last Price	- -	- -	- -	3.87	4.02	2.6	11.75	16.42	9.01
High Price	- -	- -	- -	20.5	7.97	7.3	19.49	28.98	18.72
Enterprise Value Average	27	82	71	186	259	377	303	471	305
Enterprise Value High	27	82	71	472	342	472	548	728	486
Enterprise Value Low	27	82	71	182	280	372	252	434	254

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	19	19	19	19	19	19	18	18	20
Diluted Weighted Avg Shares	19	19	19	19	19	19	20	19	20
Basic Weighted Avg Shares	19	19	19	19	19	19	19	19	20
Revenue per Share	22.79	19.49	21.48	16.73	14.31	11.11	23.8	24.3	19.83
EBITDA per Share	1.35	-0.21	0.47	-0.42	1.84	1.8	10.59	9.82	3.31
Operating Income per Share	-0.1	-1.34	-0.56	-1.17	-0.73	-0.92	7.35	6.27	0.36
Basic EPS, GAAP	-4.74	-2.29	-3.19	-1.08	-2.29	-2.05	6.21	5.45	-0.49
Basic EPS from Cont Ops	-4.74	-2.29	-3.19	-1.08	-1.42	-1.84	6.93	5.45	-0.49
Diluted EPS, GAAP	-4.74	-2.29	-3.19	-1.08	-2.29	-2.05	5.94	5.45	-0.49
Diluted EPS from Cont Ops	-4.74	-2.29	-3.19	-1.08	-1.42	-1.84	6.63	5.45	-0.49
Dividend per Share	0.22	- -	0.09	- -	- -	- -	0.71	7.17	0.06
Cash Flow per Share	6.01	-1.12	0.18	-1.96	-2.92	3.71	10.7	9.82	7.95
Free Cash Flow per Basic Share	5.89	-1.15	0.11	-1.98	-2.94	3.69	10.69	9.8	7.9
Cash & Equivalents per Share	3.96	3.55	2.17	1.76	1.7	2	5.44	2.46	2.83
Book Value per Share	22.36	20.06	16.47	16.45	14.2	12.41	17.95	16.47	13.86
Tangible Book Value per Share	19.86	17.86	16.33	14.96	13.19	13.32	16.68	15.16	11.95

VictoryShares International Free Cash Flow Growth ETF

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)