Hovnanian Enterprises, Inc. PFD DEP1/1000A Financial Ratios — HOVNP

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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	52.77
Return on Assets (%)	-16.73	-4.03	1.82	15.17	-0.66	-0.11	-15.61	0.25	-2.38	2.75	29.31	9.24	8.15	9.49	2.44
Return on Capital (%)	- -	- -	- -	- -	- -	-8.71	- -	9.66	- -	25.63	- -	25.68	22.72	22.91	7.55
Return on Invested Capital (%)	- -	- -	- -	- -	- -	-6.38	- -	4.26	- -	10.2	- -	15.16	13.01	10.76	2.96
Gross Margin (%)	2.05	14.46	17.45	17.47	15.03	13.04	14.32	16.34	14.8	15.88	19.43	22.02	21.05	19.64	14.12
EBITDA Margin (%)	-16.18	1.79	5.76	5.05	3.23	3.8	4.01	4.93	3.37	5.79	9.68	12.07	10.31	8.51	2.84
Operating Margin (%)	-17	1.37	5.51	4.89	3.07	3.67	3.83	4.77	3.17	5.56	9.49	11.88	9.99	8.25	2.38
Incremental Operating Margin (%)	- -	60.87	22.32	-0.56	-41.03	5.8	2.32	-0.21	-120.91	20.34	30.49	59.6	43.27	-10.99	672.71
Pretax Margin (%)	-25.69	-6.82	1.18	0.98	-1.01	0.09	-1.85	0.41	-1.97	2.36	6.82	10.94	9.29	10.55	2.89
Profit Margin (%)	-25.21	-4.46	1.69	14.89	-0.75	-0.1	-13.55	0.23	-2.09	2.17	21.84	7.72	7.47	8.05	2.14
Net Income to Common Margin (%)	-25.21	-4.46	1.69	14.89	-0.75	-0.1	-13.55	0.23	-2.09	2.17	21.84	7.35	7.08	7.7	1.79
Effective Tax Rate (%)	- -	- -	- -	- -	- -	215.72	- -	44.51	- -	8.08	- -	29.48	19.56	23.68	25.81
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.13	0.36	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	52.77

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	1,698	1,707	1,702	1,855	2,163	1,754	1,809	1,570	1,684	1,587	1,373	1,291	1,143	987	930
ST Debt	96	107	92	77	156	52	52	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	1,603	1,599	1,610	1,778	2,008	1,702	1,757	1,570	1,684	1,587	1,373	1,291	1,143	987	930
Total Debt/EBITDA	-9.25	64.32	15.95	17.8	31.22	16.78	18.42	16.01	24.74	11.7	5.1	3.66	4.02	3.86	10.98
Net Debt/EBITDA	-7.92	54.02	12.86	15.28	27.56	13.47	13.7	14.09	22.81	9.61	4.18	2.74	2.49	3.04	7.76
Total Debt/EBIT	-8.8	84.03	16.68	18.4	32.83	17.38	19.25	16.54	26.35	12.17	5.2	3.72	4.15	3.98	13.13
Net Debt/EBIT	-7.53	70.58	13.46	15.8	28.98	13.94	14.32	14.56	24.3	10	4.27	2.78	2.57	3.13	9.28
EBITDA to Interest Expense	-1.89	0.27	1.17	1.19	0.75	1.15	1.01	0.95	0.76	1.31	3.47	7.45	5.25	8.32	2.39
EBITDA-CapEx/Interest Expense	-1.9	0.22	1.15	1.15	0.73	1.06	0.94	0.9	0.71	1.27	3.39	7.18	4.91	7.74	1.77
EBIT to Interest Expense	-1.99	0.21	1.12	1.15	0.72	1.11	0.97	0.92	0.71	1.26	3.4	7.34	5.09	8.06	2
Interest Expense	97	98	91	87	92	91	97	103	90	104	78	47	54	31	35
Common Equity/Total Assets	-69.18	-69.72	-64.97	-36.49	-32.73	-36.29	-62.43	-71.23	-65.16	-64.3	-24.44	-13.75	-6.3	2.85	4.84
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	783.12	337.12	196.47	123.31	111.95
Long-Term Debt/Capital (%)	220.97	239.4	231.81	154	138.74	164.48	231.91	300.9	283.59	289.42	145.79	120.2	101.94	82.49	77.98
Long-Term Debt/Total Assets (%)	100.04	94.95	91.53	77.65	77.15	72.28	92.44	94.49	89.48	86.86	59.19	50.4	45.85	37.88	35.32
Total Debt/Equity (%)	-342	-351.66	-393.19	-1,574.72	-1,689.12	-1,365.02	-392.99	-346.28	-343.74	-363.98	783.12	337.12	196.47	123.31	111.95
Total Debt/Capital (%)	234.15	255.49	245	160.66	149.51	169.5	238.77	300.9	283.59	289.42	145.79	120.2	101.94	82.49	77.98
Total Debt/Total Assets (%)	106	101.34	96.74	81.01	83.14	74.49	95.18	94.49	89.48	86.86	59.19	50.4	45.85	37.88	35.32
Net Debt to Equity	-292.79	-295.36	-317.13	-1,352.39	-1,491.01	-1,095.18	-292.26	-304.85	-317	-298.96	642.87	251.96	121.85	97.07	79.12
Net Debt/Capital (%)	302.31	363.1	375.65	178.45	160.04	204.53	457.62	413.89	335.57	455.94	161.97	129.01	103.17	78.76	71.45
EBITDA	-184	27	107	104	69	105	98	98	68	136	269	353	284	256	85
EBITDA-CapEx	-184	21	105	101	67	97	92	93	64	132	264	340	265	238	63
Operating Income (Loss)	-193	20	102	101	66	101	94	95	64	130	264	347	275	248	71

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	0.54	0.98	1.18	0.91	0.63	1.29	2.61	1.07	0.6	1.06	0.47	0.59	0.88	0.42	0.55
Current Ratio	2.97	5.58	5.94	7.6	6.16	7.5	8.83	7.68	7.03	6.26	3.06	3.45	3.67	3.82	3.92
Quick Ratio	0.65	1.21	1.34	2.23	1.52	2.54	2.94	1.27	0.81	1.2	0.54	0.66	0.93	0.48	0.6
CFO/Avg Current Liab	-0.43	-0.18	0.03	-0.68	-0.93	1.15	1.35	-0.38	-1.26	1.26	0.54	0.17	0.83	0.05	0.38
Common Equity/Total Assets	-69.18	-69.72	-64.97	-36.49	-32.73	-36.29	-62.43	-71.23	-65.16	-64.3	-24.44	-13.75	-6.3	2.85	4.84
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	783.12	337.12	196.47	123.31	111.95
Long-Term Debt/Capital (%)	220.97	239.4	231.81	154	138.74	164.48	231.91	300.9	283.59	289.42	145.79	120.2	101.94	82.49	77.98
Long-Term Debt/Total Assets (%)	100.04	94.95	91.53	77.65	77.15	72.28	92.44	94.49	89.48	86.86	59.19	50.4	45.85	37.88	35.32
Total Debt/Equity (%)	-342	-351.66	-393.19	-1,574.72	-1,689.12	-1,365.02	-392.99	-346.28	-343.74	-363.98	783.12	337.12	196.47	123.31	111.95
Total Debt/Capital (%)	234.15	255.49	245	160.66	149.51	169.5	238.77	300.9	283.59	289.42	145.79	120.2	101.94	82.49	77.98
Total Debt/Total Assets (%)	106	101.34	96.74	81.01	83.14	74.49	95.18	94.49	89.48	86.86	59.19	50.4	45.85	37.88	35.32
CFO/Total Liabilities	-9.88	-3.09	0.42	-7.92	-11.74	15.58	12.77	-3.16	-10.51	12.94	9.8	4.11	22.78	1.31	10.44
CFO/CapEx	-251.11	-13.24	5.95	-55.68	-156.05	48.33	46.55	-12.87	-62.2	86.64	35.38	7.1	23.13	1.32	8.52
Altman's Z-Score	0.01	0.85	1.27	1.52	1.41	1.69	1.46	1.24	1.11	1.47	1.79	2.03	2.02	2.15	1.95

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	- -	48.07	34.64	29.98	26.38	45.84	45.45	42.67	50.36	59.64	75.6	75.15	83.75	104.73	106.66
Days Sales Outstanding	- -	7.59	10.54	12.17	13.84	7.96	8.03	8.55	7.25	6.12	4.83	4.86	4.36	3.49	3.42
Inventory Turnover	1.13	1.3	1.48	1.41	1.22	1.63	1.83	1.6	1.45	1.58	1.83	1.64	1.52	1.61	1.56
Days Inventory Outstanding	323.41	280.04	246.02	259.67	298.78	223.24	199.22	228.74	251.78	230.31	199.43	222.11	240.58	226.28	234.18
Accounts Payable Turnover	10.72	13.57	17.3	18.04	16.08	13.29	12.61	13.51	14.34	12.92	8	5.87	4.69	6.39	5.85
Accounts Payable Turnover Days	34.04	26.9	21.09	20.23	22.7	27.45	28.94	27.01	25.45	28.25	45.61	62.16	77.83	57.15	62.39
Cash Conversion Cycle	289.37	260.73	235.46	251.61	289.92	203.75	178.31	210.29	233.59	208.19	158.65	164.82	167.11	172.62	175.21
Inventory to Cash Days	-323.41	-272.45	-235.48	-247.49	-284.94	-215.28	-191.19	-220.19	-244.54	-224.19	-194.6	-217.26	-236.22	-222.8	-230.76
Inventories	968	981	1,079	1,344	1,645	1,283	1,010	1,078	1,292	1,196	1,254	1,519	1,349	1,645	1,637
Raw Materials	246	219	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	720	672	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	2	891	978	1,235	1,522	1,074	885	990	1,102	1,014	1,156	1,211	1,124	1,434	1,305
Other Inventory	- -	-800	101	109	122	209	125	88	190	182	99	309	225	211	333

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	244	273	329	262	254	347	464	188	131	262	246	326	434	210	273
+ Preferred Equity and Hybrid Capital	135	135	135	135	135	135	135	135	135	135	135	135	135	135	135
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	1	1	- -	- -	- -	- -	- -
+ Total Debt	1,698	1,707	1,702	1,855	2,163	1,754	1,809	1,570	1,684	1,587	1,373	1,291	1,143	987	930
Enterprise Value	1,589	1,569	1,508	1,728	2,045	1,543	1,481	1,518	1,689	1,461	1,263	1,100	844	912	793
Total Capital	725	668	695	1,155	1,447	1,035	758	522	594	548	942	1,074	1,121	1,196	1,193
Total Debt/Capital (%)	234.15	255.49	245	160.66	149.51	169.5	238.77	300.9	283.59	289.42	145.79	120.2	101.94	82.49	77.98
Total Debt / EV	1.07	1.09	1.13	1.07	1.06	1.14	1.22	1.03	1	1.09	1.09	1.17	1.35	1.08	1.17
EV/Sales	1.4	1.06	0.81	0.84	0.95	0.56	0.6	0.76	0.84	0.62	0.45	0.38	0.31	0.3	0.27
EV/EBITDA	- -	59.13	14.13	16.58	29.51	14.76	15.08	15.47	24.81	10.77	4.69	3.12	2.97	3.57	9.36
EV/EBIT	- -	77.25	14.79	17.14	31.03	15.28	15.76	15.99	26.43	11.2	4.78	3.17	3.07	3.68	11.19
EV/Cash Flow to Firm	- -	- -	10.8	1.52	- -	5.48	1.46	- -	- -	3.76	2.75	8.96	1.76	19.36	3.69
EV/Free Cash Flow to Firm	- -	759.55	10.69	1.51	- -	5.32	1.45	- -	- -	3.73	2.72	8.12	1.7	14.04	3.35
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,589	1,569	1,508	1,728	2,045	1,543	1,481	1,518	1,689	1,461	1,263	1,100	844	912	793
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	1,135	1,485	1,851	2,063	2,148	2,752	2,452	1,991	2,017	2,344	2,783	2,922	2,756	3,005	2,979
TTM EBITDA	-184	27	107	104	69	105	98	98	68	136	269	353	284	256	85
TTM Operating Income	-193	20	102	101	66	101	94	95	64	130	264	347	275	248	71
TTM Cash Flow to Firm	-112	-3	140	1,139	-253	282	1,016	-10	-154	388	459	123	479	47	215
TTM Free Cash Flow to Firm	-111	2	141	1,143	-251	290	1,022	-4	-150	392	465	135	498	65	237

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	77.25	14.79	17.14	31.03	15.28	15.76	15.99	26.43	11.2	4.78	3.17	3.07	3.68	11.19
Enterprise Value	1,589	1,569	1,508	1,728	2,045	1,543	1,481	1,518	1,689	1,461	1,263	1,100	844	912	793
Low Price	1.5	1.15	9.25	12.5	3.12	2.04	4.15	4.02	1.65	1.62	6.68	14.83	15.53	16.56	16.05
EV/Sales	1.4	1.06	0.81	0.84	0.95	0.56	0.6	0.76	0.84	0.62	0.45	0.38	0.31	0.3	0.27
EV/EBITDA	- -	59.13	14.13	16.58	29.51	14.76	15.08	15.47	24.81	10.77	4.69	3.12	2.97	3.57	9.36
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	1.4	1.06	0.81	0.84	0.95	0.56	0.6	0.76	0.84	0.62	0.45	0.38	0.31	0.3	0.27
EV/Sales High	1.4	1.06	0.81	0.84	0.95	0.56	0.6	0.76	0.84	0.62	0.45	0.38	0.31	0.3	0.27
EV/Sales Low	1.4	1.06	0.81	0.84	0.95	0.56	0.6	0.76	0.84	0.62	0.45	0.38	0.31	0.3	0.27
EV/EBITDA Average	-8.65	59.13	14.13	16.58	29.51	14.76	15.08	15.47	24.81	10.77	4.69	3.12	2.97	3.57	9.36
EV/EBITDA High	-8.65	59.13	14.13	16.58	29.51	14.76	15.08	15.47	24.81	10.77	4.69	3.12	2.97	3.57	9.36
EV/EBITDA Low	-8.65	59.13	14.13	16.58	29.51	14.76	15.08	15.47	24.81	10.77	4.69	3.12	2.97	3.57	9.36
EV/EBIT Average	-8.24	77.25	14.79	17.14	31.03	15.28	15.76	15.99	26.43	11.2	4.78	3.17	3.07	3.68	11.19
EV/EBIT High	-8.24	77.25	14.79	17.14	31.03	15.28	15.76	15.99	26.43	11.2	4.78	3.17	3.07	3.68	11.19
EV/EBIT Low	-8.24	77.25	14.79	17.14	31.03	15.28	15.76	15.99	26.43	11.2	4.78	3.17	3.07	3.68	11.19
Last Price	1.68	12.95	14.7	15.2	6.95	4.5	7.18	4.5	4.01	7.22	17.05	19	17.75	17.5	20.36
High Price	8.85	13.05	18.25	17.98	16.34	6.84	8.4	8.47	4.56	7.98	21.31	24.09	19.89	19.1	21.35
Enterprise Value Average	1,589	1,569	1,508	1,728	2,045	1,543	1,481	1,518	1,689	1,461	1,263	1,100	844	912	793
Enterprise Value High	1,589	1,569	1,508	1,728	2,045	1,543	1,481	1,518	1,689	1,461	1,263	1,100	844	912	793
Enterprise Value Low	1,589	1,569	1,508	1,728	2,045	1,543	1,481	1,518	1,689	1,461	1,263	1,100	844	912	793

	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	4	5	6	6	6	6	6	6	6	6	6	6	6	6	6
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Hovnanian Enterprises, Inc. PFD DEP1/1000A

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Per Share Data Items (USD)