Highwater Ethanol, LLC Financial Ratios — HEOL 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
As of date	10/31/2011	10/31/2012	10/31/2013	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	4.56	-3.88	4.79	21.44	4.98	0.55	3.94	-7.41	-10.78	-8.62	17.17	35.54	16.56	6.45	18.28
Return on Capital (%)	16.76	- -	18.38	67.89	23.73	6.3	30.4	- -	- -	- -	145.72	1,055.67	1,458.43	703.05	2,328.21
Return on Invested Capital (%)	8.44	- -	7.78	26.12	5.56	0.76	4.7	- -	- -	- -	18.6	39.14	19.16	6.22	20.68
Gross Margin (%)	6.76	0.55	5.56	20.19	7.17	3.42	6.73	-2.93	-4.64	-2.63	9.79	14.87	9.83	6.36	6.81
EBITDA Margin (%)	9.75	3.58	8.38	23.56	11.27	8.29	12.1	3.14	1.27	3.19	13.9	17.73	12.76	9.3	14.92
Operating Margin (%)	5.66	-0.6	4.48	18.61	4.98	0.71	4	-5.97	-7.93	-6.28	7.76	13.07	7.72	3.31	10.91
Incremental Operating Margin (%)	1.92	- -	70.62	-63.34	69.78	42.46	258.62	- -	- -	- -	29.97	26.54	60.85	18.62	-1,645.38
Pretax Margin (%)	3.21	-2.63	2.86	15.71	4.58	0.53	3.51	-6.49	-8.51	-6.55	8.66	15.05	8.41	4.31	11.57
Profit Margin (%)	3.21	-2.63	2.86	15.71	4.58	0.53	3.51	-6.49	-8.51	-6.55	8.66	15.05	8.41	4.31	11.57
Net Income to Common Margin (%)	3.21	-2.63	2.86	15.71	4.58	0.53	3.51	-6.49	-8.51	-6.55	8.66	15.05	8.41	4.31	11.57
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	-12.12	- -	- -	110.26	377.75	47.96	-26.96	- -	- -	- -	54.41	91.04	264.3	49.48
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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
As of date	10/31/2011	10/31/2012	10/31/2013	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025

Total Debt	55	51	46	29	23	17	11	10	10	15	5	1	1	1	1
ST Debt	4	3	5	4	4	3	3	3	3	3	3	- -	- -	- -	- -
LT Debt	51	48	41	24	19	14	8	7	7	11	2	1	1	1	- -
Total Debt/EBITDA	3.5	9.04	3.24	0.87	1.85	2.09	0.88	3.34	8.07	4.67	0.23	0.03	0.04	0.06	0.03
Net Debt/EBITDA	3.28	8.78	2.68	0.4	1.11	1.83	0.82	3.19	6.74	3.87	-0.18	-0.76	-1.63	-2.57	-1.11
Total Debt/EBIT	6.03	-53.95	6.06	1.1	4.19	24.46	2.66	-1.75	-1.29	-2.37	0.41	0.05	0.07	0.17	0.04
Net Debt/EBIT	5.65	-52.43	5.01	0.5	2.51	21.42	2.47	-1.68	-1.08	-1.97	-0.33	-1.03	-2.7	-7.2	-1.52
EBITDA to Interest Expense	3.3	1.31	3.49	9.93	11.63	11.07	17.31	4.18	1.42	4.52	42.73	139.3	111.98	59.97	99.23
EBITDA-CapEx/Interest Expense	3.12	1.31	3.44	9.93	11.63	11.07	17.31	4.18	1.42	4.52	42.73	139.3	111.98	59.97	99.23
EBIT to Interest Expense	1.91	-0.22	1.87	7.85	5.14	0.94	5.72	-7.95	-8.84	-8.89	23.84	102.7	67.69	21.37	72.55
Interest Expense	5	4	4	3	1	1	1	1	1	1	1	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	99.85	102.85	80.34	33.19	25.7	19.49	11.01	11.23	12.94	23.04	2.85	1.31	0.98	0.92	0.63
Long-Term Debt/Capital (%)	93.2	94.28	90.11	84.98	81.17	80.72	74.52	72.68	72.63	78.71	35.63	78.34	76.32	82.13	77.02
Long-Term Debt/Total Assets (%)	45.97	47.06	41.31	23.2	19.01	15.03	9.16	9.08	9.79	15.49	2.09	1.01	0.77	0.72	0.55
Total Debt/Equity (%)	107.14	109.08	89.16	39.05	31.67	24.14	14.78	15.46	17.82	29.27	8.01	1.67	1.28	1.12	0.82
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	49.33	49.91	45.85	27.3	23.42	18.62	12.29	12.49	13.47	19.67	5.86	1.29	1.01	0.88	0.71
Net Debt to Equity	100.43	106.01	73.83	17.88	18.99	21.14	13.75	14.79	14.89	24.24	-6.42	-38.05	-52.1	-48.57	-30.11
Net Debt/Capital (%)	100	100	100	100	100	100	100	100	100	86.81	163.22	104.58	102.52	102.36	102.81
EBITDA	16	6	14	33	12	8	12	3	1	3	22	39	25	13	21
EBITDA-CapEx	15	6	14	33	12	8	12	3	1	3	22	39	25	13	21
Operating Income (Loss)	9	-1	8	26	5	1	4	-6	-8	-6	12	29	15	5	15

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
As of date	10/31/2011	10/31/2012	10/31/2013	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025

Cash Ratio	0.45	0.22	1.09	2.15	1.33	0.3	0.11	0.05	0.15	0.05	0.35	1.36	2.02	1.84	2.03
Current Ratio	2.03	1.68	2.13	3.39	2.58	1.92	1.78	1.35	1.17	1.23	1.46	2.5	3.03	2.87	3.75
Quick Ratio	1.42	0.96	1.54	2.75	1.76	0.87	0.54	0.22	0.43	0.35	0.72	1.54	2.16	2.02	2.19
CFO/Avg Current Liab	1.04	0.54	1.71	3.78	1.6	0.87	1.8	0.6	0.31	-0.02	1.32	2.11	1.37	0.72	0.23
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	99.85	102.85	80.34	33.19	25.7	19.49	11.01	11.23	12.94	23.04	2.85	1.31	0.98	0.92	0.63
Long-Term Debt/Capital (%)	93.2	94.28	90.11	84.98	81.17	80.72	74.52	72.68	72.63	78.71	35.63	78.34	76.32	82.13	77.02
Long-Term Debt/Total Assets (%)	45.97	47.06	41.31	23.2	19.01	15.03	9.16	9.08	9.79	15.49	2.09	1.01	0.77	0.72	0.55
Total Debt/Equity (%)	107.14	109.08	89.16	39.05	31.67	24.14	14.78	15.46	17.82	29.27	8.01	1.67	1.28	1.12	0.82
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	49.33	49.91	45.85	27.3	23.42	18.62	12.29	12.49	13.47	19.67	5.86	1.29	1.01	0.88	0.71
CFO/Total Liabilities	15.63	6.99	24.5	86.82	44.26	29.15	85.29	28.81	16.4	-1.03	96.9	198.59	136.11	74.15	28.77
CFO/CapEx	11.2	- -	57.61	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.8	1.86	2.35	3.32	2.43	2.29	3.02	2.71	2.31	1.79	3.22	4.91	5.31	4.78	2.56

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
As of date	10/31/2011	10/31/2012	10/31/2013	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025

Accounts Receivable Turnover	26.17	25.22	41.14	36.48	29.96	27.81	28.73	45.71	45.46	28.77	27.4	39.88	77.67	73.63	83.86
Days Sales Outstanding	13.95	14.47	8.87	10.01	12.18	13.13	12.71	7.99	8.03	12.68	13.32	9.15	4.7	4.96	4.35
Inventory Turnover	34.75	37.47	41.15	28.24	21.77	15.84	13.04	12.65	13.18	11.06	11.26	11.1	10.17	8.75	8.47
Days Inventory Outstanding	10.5	9.74	8.87	12.93	16.77	23.04	28	28.85	27.68	32.99	32.41	32.87	35.9	41.72	43.11
Accounts Payable Turnover	72.92	69.13	85.11	62.08	59.36	43.68	33.25	28.46	18.28	13.29	11.59	10.47	9.09	7.29	9.79
Accounts Payable Turnover Days	5.01	5.28	4.29	5.88	6.15	8.36	10.98	12.82	19.97	27.47	31.49	34.87	40.17	50.07	37.3
Cash Conversion Cycle	19.45	18.93	13.45	17.05	22.8	27.81	29.72	24.01	15.74	18.21	14.25	7.15	0.43	-3.39	10.16
Inventory to Cash Days	3.45	4.73	- -	-2.92	-4.58	-9.92	-15.29	-20.87	-19.66	-20.31	-19.09	-23.72	-31.2	-36.77	-38.76
Inventories	4	4	4	4	5	7	7	8	7	11	15	19	16	14	17
Raw Materials	2	2	2	3	4	6	5	5	6	9	13	16	13	12	13
Work In Process	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Finished Goods	1	1	- -	- -	1	1	2	2	- -	1	1	2	2	2	3
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
As of date	10/31/2011	10/31/2012	10/31/2013	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025

Market Capitalization	- -	27	25	51	42	38	40	43	39	28	30	53	83	81	- -
- Cash & Cash Equivalents	3	1	8	16	9	2	1	- -	2	1	8	30	42	34	23
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	55	51	46	29	23	17	11	10	10	15	5	1	1	1	1
Enterprise Value	51	77	63	64	56	53	50	53	48	42	27	24	43	48	-23
Total Capital	55	51	46	29	23	17	11	10	10	15	5	1	1	1	1
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt / EV	1.07	0.66	0.73	0.45	0.41	0.32	0.21	0.19	0.21	0.35	0.18	0.05	0.02	0.02	-0.03
EV/Sales	0.32	0.49	0.37	0.46	0.51	0.54	0.5	0.56	0.49	0.43	0.17	0.11	0.21	0.34	- -
EV/EBITDA	3.28	13.63	4.43	1.95	4.5	6.51	4.11	17.73	38.64	13.5	1.24	0.62	1.68	3.62	- -
EV/EBIT	5.65	- -	8.29	2.47	10.17	76.3	12.43	- -	- -	- -	2.23	0.84	2.78	10.16	- -
EV/Cash Flow to Firm	3.63	9.41	3.93	2.09	4.51	7.77	3.79	10.34	12.47	95.47	1.2	0.53	1.46	3.33	- -
EV/Free Cash Flow to Firm	3.43	9.41	3.88	2.09	4.51	7.77	3.79	10.34	12.47	95.47	1.2	0.53	1.46	3.33	- -
Diluted Market Cap	- -	27	25	51	42	38	40	43	39	28	30	53	83	81	- -
Diluted Enterprise Value	51	77	63	64	56	53	50	53	48	42	27	24	43	48	-23
EV per Share	10,341.73	15,455.94	12,649.9	12,945.3	11,283.75	10,843.7	10,307.07	10,974.89	9,933.16	8,731.13	5,730.66	5,118.13	8,989.7	10,047.83	- -
TTM Sales	160	157	169	140	110	99	100	95	97	97	159	221	199	142	141
TTM EBITDA	16	6	14	33	12	8	12	3	1	3	22	39	25	13	21
TTM Operating Income	9	-1	8	26	5	1	4	-6	-8	-6	12	29	15	5	15
TTM Cash Flow to Firm	14	8	16	31	12	7	13	5	4	- -	23	46	29	14	4
TTM Free Cash Flow to Firm	15	8	16	31	12	7	13	5	4	- -	23	46	29	14	4

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
As of date	10/31/2011	10/31/2012	10/31/2013	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025

Price/Free Cash Flow	- -	7.07	2.05	1.86	3.72	6.27	3.21	9.86	13.33	-113.36	1.34	1.16	2.87	5.72	- -
EV/EBIT	5.65	- -	8.29	2.47	10.17	76.3	12.43	- -	- -	- -	2.23	0.84	2.78	10.16	- -
Enterprise Value	51	77	63	64	56	53	50	53	48	42	27	24	43	48	-23
Low Price	- -	5,500	5,000	5,500	8,500	7,800	7,800	8,100	8,200	5,850	5,600	7,000	13,200	17,000	- -
EV/Sales	0.32	0.49	0.37	0.46	0.51	0.54	0.5	0.56	0.49	0.43	0.17	0.11	0.21	0.34	- -
EV/EBITDA	3.28	13.63	4.43	1.95	4.5	6.51	4.11	17.73	38.64	13.5	1.24	0.62	1.68	3.62	- -
Price/Earnings	- -	- -	5.13	2.33	8.33	73.42	11.34	- -	- -	- -	2.18	1.59	4.97	13.22	- -
Price/Earnings Average	- -	-6.6	5.13	1.95	10.09	75.91	12.08	-6.88	-5.06	-4.99	2.12	1.39	4.42	13.33	- -
Price/Earnings High	- -	-6.6	5.13	2.77	12.25	77.66	13.74	-7.46	-5.35	-5.28	2.18	1.59	5.12	13.61	- -
Price/Earnings Low	- -	-6.6	5.13	1.24	8.33	73.42	10.71	-6.33	-4.77	-4.41	1.95	1	3.75	13.22	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	0.59	0.48	0.7	0.58	0.54	0.55	0.67	0.7	0.57	0.47	0.68	1.04	1.16	- -
Price/Tangible Book Value Average	- -	0.59	0.48	0.58	0.7	0.56	0.59	0.66	0.75	0.64	0.46	0.59	0.93	1.17	- -
Price/Tangible Book Value High	- -	0.59	0.48	0.83	0.85	0.57	0.67	0.72	0.79	0.68	0.47	0.68	1.07	1.19	- -
Price/Tangible Book Value Low	- -	0.59	0.48	0.37	0.58	0.54	0.52	0.61	0.7	0.57	0.42	0.43	0.79	1.16	- -
Price/Sales	- -	0.17	0.15	0.37	0.38	0.39	0.4	0.46	0.41	0.29	0.19	0.24	0.42	0.57	- -
Price/Sales Average	- -	0.17	0.15	0.31	0.46	0.4	0.42	0.45	0.43	0.33	0.18	0.21	0.37	0.57	- -
Price/Sales High	- -	0.17	0.15	0.43	0.56	0.41	0.48	0.48	0.45	0.35	0.19	0.24	0.43	0.59	- -
Price/Sales Low	- -	0.17	0.15	0.2	0.38	0.39	0.38	0.41	0.41	0.29	0.17	0.15	0.32	0.57	- -
Price/Cash Flow	- -	7.07	2.09	1.86	3.72	6.27	3.21	9.86	13.33	-113.36	1.34	1.16	2.87	5.72	- -
Price/Cash Flow Average	- -	7.07	2.09	1.56	4.5	6.48	3.42	9.64	14.15	-128.13	1.3	1.02	2.55	5.77	- -
Price/Cash Flow High	- -	7.07	2.09	2.22	5.47	6.63	3.88	10.46	14.96	-135.64	1.34	1.16	2.95	5.89	- -
Price/Cash Flow Low	- -	7.07	2.09	0.99	3.72	6.27	3.03	8.87	13.33	-113.36	1.2	0.73	2.16	5.72	- -
Price/Free Cash Flow Average	- -	7.07	2.05	1.56	4.5	6.48	3.42	9.64	14.15	-128.13	1.3	1.02	2.55	5.77	- -
Price/Free Cash Flow High	- -	7.07	2.05	2.22	5.47	6.63	3.88	10.46	14.96	-135.64	1.34	1.16	2.95	5.89	- -
Price/Free Cash Flow Low	- -	7.07	2.05	0.99	3.72	6.27	3.03	8.87	13.33	-113.36	1.2	0.73	2.16	5.72	- -
EV/Sales Average	0.32	0.49	0.37	0.4	0.59	0.55	0.52	0.55	0.52	0.47	0.17	0.08	0.17	0.34	- -
EV/Sales High	0.32	0.49	0.37	0.53	0.69	0.56	0.58	0.58	0.54	0.49	0.17	0.11	0.23	0.35	- -
EV/Sales Low	0.32	0.49	0.37	0.29	0.51	0.54	0.48	0.51	0.49	0.43	0.15	0.02	0.11	0.34	- -
EV/EBITDA Average	3.28	13.63	4.43	1.7	5.21	6.66	4.33	17.4	40.59	14.68	1.21	0.46	1.32	3.68	-1.08
EV/EBITDA High	3.28	13.63	4.43	2.24	6.09	6.78	4.81	18.62	42.53	15.28	1.24	0.62	1.78	3.8	-1.08
EV/EBITDA Low	3.28	13.63	4.43	1.23	4.5	6.51	3.93	16.28	38.64	13.5	1.1	0.12	0.88	3.62	-1.08
EV/EBIT Average	5.65	-81.38	8.29	2.15	11.79	78.16	13.08	-9.14	-6.51	-7.46	2.16	0.62	2.18	10.31	-1.48
EV/EBIT High	5.65	-81.38	8.29	2.84	13.78	79.46	14.53	-9.79	-6.82	-7.77	2.23	0.84	2.94	10.67	-1.48
EV/EBIT Low	5.65	-81.38	8.29	1.55	10.17	76.3	11.88	-8.55	-6.19	-6.86	1.98	0.17	1.45	10.16	-1.48
Last Price	- -	5,500	5,000	10,300	8,500	7,800	8,255	9,000	8,200	5,850	6,250	11,100	17,503	17,000	- -
High Price	- -	5,500	5,000	12,250	12,500	8,250	10,000	9,551	9,200	7,000	6,250	11,100	18,000	17,500	- -
Enterprise Value Average	51	77	63	56	65	55	52	52	50	46	27	18	33	48	-23
Enterprise Value High	51	77	63	74	76	56	58	55	53	47	27	24	45	50	-23
Enterprise Value Low	51	77	63	40	56	53	48	49	48	42	24	5	22	48	-23

Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	32,379.17	31,627.02	34,056.61	28,184.37	22,256.61	20,110.84	20,733.38	19,722.42	20,222.31	20,249.04	33,149.03	46,487.45	41,844.09	29,831.53	29,707.27
EBITDA per Share	3,155.71	1,133.8	2,854.3	6,639.45	2,508.94	1,666.75	2,507.94	618.88	257.05	646.6	4,607.8	8,242.86	5,341.26	2,774.12	4,432.13
Operating Income per Share	1,831.49	-189.96	1,525.74	5,245.45	1,109.19	142.12	829.35	-1,177.9	-1,603.43	-1,272.13	2,571.13	6,077.26	3,228.6	988.69	3,240.32
Basic EPS, GAAP	1,038.43	-832.81	973.97	4,428.46	1,020.3	106.23	728.03	-1,279.48	-1,720.57	-1,325.46	2,869.87	6,998.2	3,518.88	1,286.27	3,435.75
Basic EPS from Cont Ops	1,038.43	-832.81	973.97	4,428.46	1,020.3	106.23	728.03	-1,279.48	-1,720.57	-1,325.46	2,869.87	6,998.2	3,518.88	1,286.27	3,435.75
Diluted EPS, GAAP	1,038.43	-832.81	973.97	4,428.46	1,020.3	106.23	728.03	-1,279.48	-1,720.57	-1,325.46	2,869.87	6,998.2	3,518.88	1,286.27	3,435.75
Diluted EPS from Cont Ops	1,038.43	-832.81	973.97	4,428.46	1,020.3	106.23	728.03	-1,279.48	-1,720.57	-1,325.46	2,869.87	6,998.2	3,518.88	1,286.27	3,435.75
Dividend per Share	- -	100.95	- -	- -	1,125	401.3	349.14	344.96	- -	- -	- -	3,807.41	3,203.7	3,399.64	1,700.18
Cash Flow per Share	1,888.75	778.43	2,397.91	5,529.87	2,285.98	1,244.19	2,575.65	912.75	615.02	-51.61	4,680.42	9,547.76	6,107.24	2,972.07	730.35
Free Cash Flow per Basic Share	1,720.04	778.43	2,356.29	5,529.87	2,285.98	1,244.19	2,575.65	912.75	615.02	-51.61	4,680.42	9,547.76	6,107.24	2,972.07	730.35
Cash & Equivalents per Share	705.43	292.11	1,588.77	3,131.76	1,858.6	432.89	152.71	89.47	340.84	138.94	1,576.65	6,255.83	8,728.15	7,116.26	4,934.9
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	10,311.29	9,394.75	10,361.98	14,792.39	14,660.23	14,400.89	14,922.21	13,356.44	11,641.6	10,319.23	13,202.9	16,441.22	16,752.86	14,650.06	16,387.58

Highwater Ethanol, LLC

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)