JBG SMITH Properties Financial Ratios — JBGS Stock

Profitability	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	4.77	1.42	1.71	-1.47	0.66	1.09	-1.03	-1.27	1.39	-1.4
Return on Capital (%)	- -	21.45	7.75	8.93	- -	- -	- -	- -	- -	6.01	- -
Return on Invested Capital (%)	- -	8.33	3.04	3.51	- -	- -	- -	- -	- -	0.36	- -
Gross Margin (%)	64.77	63.83	62.05	62.98	56.32	52.04	50.35	45.01	48.2	49.37	51.89
EBITDA Margin (%)	54.5	53.25	53.03	53.15	44.22	41.86	37.26	32.66	37.79	39.54	43.62
Operating Margin (%)	31.42	29.31	21.8	24.92	13.92	8.39	7.04	-4.77	-0.11	3.58	7.94
Incremental Operating Margin (%)	- -	326.3	1,555.35	210.72	-67.77	-21.29	-234.98	- -	- -	-78.45	-1,615.56
Pretax Margin (%)	15.99	17.24	10.63	13.18	-16.39	7.12	11.25	-11.87	-13.59	16.55	-15.23
Profit Margin (%)	18.61	17.19	10.55	12.95	-13.21	6.2	10.12	-10.34	-12.49	14.09	-13.24
Net Income to Common Margin (%)	18.61	17.19	10.55	12.95	-13.21	6.2	10.12	-10.34	-12.49	14.09	-13.24
Effective Tax Rate (%)	- -	0.3	0.84	1.72	- -	- -	- -	- -	- -	1.26	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	-30.71	201.44	156.96	-166.18	-117.89	95.64	-90.88
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	1,278	1,303	1,191	2,273	2,198	1,702	2,077	2,681	2,464	2,638
ST Debt	- -	- -	- -	- -	116	- -	200	- -	300	- -	62
LT Debt	- -	1,278	1,303	1,191	2,157	2,198	1,502	2,077	2,381	2,464	2,576
Total Debt/EBITDA	- -	5.07	5.22	4.68	9.46	8.15	7.05	10.55	11.18	10.29	10.01
Net Debt/EBITDA	- -	5.03	4.92	4.47	7.79	6.95	6.2	8.97	9.23	9.17	9.1
Total Debt/EBIT	- -	9.22	12.7	9.99	30.08	40.68	37.33	-72.23	-3,802.29	113.64	55.01
Net Debt/EBIT	- -	9.13	11.97	9.52	24.76	34.7	32.82	-61.42	-3,137.6	101.29	50
EBITDA to Interest Expense	4.03	4.5	4.91	5.06	4.25	3.81	4.88	3.31	3.75	3.05	2.89
EBITDA-CapEx/Interest Expense	3.51	1.97	0.3	0.33	0.52	-1.64	-4.04	-1.86	1.04	-1.11	-0.77
EBIT to Interest Expense	2.32	2.48	2.02	2.37	1.34	0.76	0.92	-0.48	-0.01	0.28	0.53
Interest Expense	64	56	51	50	56	71	49	59	64	78	91
Common Equity/Total Assets	- -	- -	- -	- -	-1.56	-2.91	-3.84	-6.77	-9.52	-10.63	-14.06
Long-Term Debt/Equity (%)	- -	62.57	63.27	56.15	60.18	61.99	37.56	55.58	68.78	77.11	95.66
Long-Term Debt/Capital (%)	- -	99.96	99.96	99.98	77.27	85.14	72.04	94.57	90.94	104.85	110.48
Long-Term Debt/Total Assets (%)	- -	37.46	36.44	32.55	35.52	36.65	25.1	34.16	37.28	41.74	46.67
Total Debt/Equity (%)	- -	62.57	63.27	56.15	63.41	61.99	42.56	55.58	77.45	77.11	97.96
Total Debt/Capital (%)	- -	99.96	99.96	99.98	81.42	85.14	81.63	94.57	102.4	104.85	113.14
Total Debt/Total Assets (%)	- -	37.46	36.44	32.55	37.43	36.65	28.44	34.16	41.98	41.74	47.8
Net Debt to Equity	- -	61.98	59.63	53.54	52.21	52.88	37.42	47.26	63.91	68.73	89.04
Net Debt/Capital (%)	- -	99.96	99.96	97.7	75.62	80.79	76.4	89.62	93.99	104.13	110.65
EBITDA	260	252	250	254	240	270	241	197	240	240	264
EBITDA-CapEx	227	110	15	17	30	-116	-200	-111	67	-87	-70
Operating Income (Loss)	150	139	103	119	76	54	46	-29	-1	22	48

Liquidity	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	0.3	0.55	0.09	1.25	1.93	0.35	1.64	0.6	1.44	0.88
Current Ratio	- -	6.07	2.27	0.86	2.15	4.45	1.06	3.88	1.27	3.09	2.3
Quick Ratio	- -	5.96	2.23	0.85	2	3.35	0.98	3.3	1.14	2.79	2.03
CFO/Avg Current Liab	- -	9.32	2.01	0.69	0.26	0.97	0.71	0.68	0.76	0.59	1.03
Common Equity/Total Assets	- -	- -	- -	- -	-1.56	-2.91	-3.84	-6.77	-9.52	-10.63	-14.06
Long-Term Debt/Equity (%)	- -	62.57	63.27	56.15	60.18	61.99	37.56	55.58	68.78	77.11	95.66
Long-Term Debt/Capital (%)	- -	99.96	99.96	99.98	77.27	85.14	72.04	94.57	90.94	104.85	110.48
Long-Term Debt/Total Assets (%)	- -	37.46	36.44	32.55	35.52	36.65	25.1	34.16	37.28	41.74	46.67
Total Debt/Equity (%)	- -	62.57	63.27	56.15	63.41	61.99	42.56	55.58	77.45	77.11	97.96
Total Debt/Capital (%)	- -	99.96	99.96	99.98	81.42	85.14	81.63	94.57	102.4	104.85	113.14
Total Debt/Total Assets (%)	- -	37.46	36.44	32.55	37.43	36.65	28.44	34.16	41.98	41.74	47.8
CFO/Total Liabilities	- -	13.69	11.75	10.37	2.98	7.68	8.76	7.22	7.44	6.57	6.49
CFO/CapEx	5.41	1.32	0.76	0.67	0.35	0.49	0.39	0.55	1.26	0.54	0.55
Altman's Z-Score	- -	0.35	0.29	0.22	0.86	1.01	1.38	0.98	0.66	0.49	0.36

Working Capital	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	28.07	13.77	4.79	3.09	3.45	3.16	2.69	2.75	2.65	2.79
Days Sales Outstanding	- -	13	26.5	76.27	118.06	105.73	115.33	135.46	132.8	137.85	130.59
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	8.5	3.79	3.73	2.64	2.29	2.23	2.54	3.14	2.51	2.21
Accounts Payable Turnover Days	- -	42.93	96.38	97.88	138.14	159.23	163.8	143.62	116.2	145.31	165.09
Cash Conversion Cycle	- -	-29.92	-69.88	-21.61	-20.07	-53.5	-48.47	-8.16	16.6	-7.46	-34.49
Inventory to Cash Days	- -	13	26.5	76.27	118.06	105.73	115.33	135.46	132.8	137.85	130.59
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	2,872	3,346	4,302	3,550	3,292	2,065	1,711
- Cash & Cash Equivalents	- -	12	75	29	317	261	126	226	264	241	165
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	1	1	- -	613	558	613	531	545	514	470
+ Total Debt	- -	1,278	1,303	1,191	2,273	2,198	1,702	2,077	2,681	2,464	2,638
Enterprise Value	- -	1,266	1,229	1,163	5,441	5,842	6,491	5,932	6,253	4,801	4,654
Total Capital	- -	1,278	1,303	1,192	2,791	2,581	2,085	2,196	2,618	2,350	2,331
Total Debt/Capital (%)	- -	99.96	99.96	99.98	81.42	85.14	81.63	94.57	102.4	104.85	113.14
Total Debt / EV	- -	1.01	1.06	1.02	0.42	0.38	0.26	0.35	0.43	0.51	0.57
EV/Sales	- -	2.68	2.61	2.43	10.02	9.07	10.02	9.84	9.86	7.93	7.7
EV/EBITDA	- -	5.03	4.92	4.57	22.66	21.66	26.89	30.14	26.08	20.04	17.66
EV/EBIT	- -	9.14	11.97	9.75	72.01	108.13	142.36	- -	- -	221.44	97.05
EV/Cash Flow to Firm	- -	5.21	5.37	5.56	43.76	22.45	28.94	26.37	22	18.79	16.98
EV/Free Cash Flow to Firm	- -	3.29	2.65	2.6	16.25	9.04	9.76	11.14	13.67	8.25	7.66
Diluted Market Cap	- -	- -	- -	- -	2,872	3,346	4,302	3,550	3,292	2,065	1,711
Diluted Enterprise Value	- -	1,266	1,229	1,163	5,441	5,842	6,491	5,932	6,253	4,801	4,654
EV per Share	- -	10.69	10.37	9.81	51.65	49.02	49.67	44.45	47.79	40.34	44.28
TTM Sales	476	473	471	479	543	644	648	603	634	606	604
TTM EBITDA	260	252	250	254	240	270	241	197	240	240	264
TTM Operating Income	150	139	103	119	76	54	46	-29	-1	22	48
TTM Cash Flow to Firm	253	243	229	209	124	260	224	225	284	255	274
TTM Free Cash Flow to Firm	286	385	463	447	335	646	665	532	457	582	608

Multiples	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	83.82	65.61	- -	- -	24.19	- -
Price/Earnings Average	- -	- -	- -	- -	-38.16	84.88	64.32	-55.82	-44.03	29.66	-19
Price/Earnings High	- -	- -	- -	- -	-55.43	121.55	86.12	-90.73	-57.75	43.34	-27.48
Price/Earnings Low	- -	- -	- -	- -	-44.07	92.12	67.43	-46.87	-44.77	24.24	-16.6
Price/Book Value	- -	- -	- -	- -	-30.35	-19.14	-18.72	-8.62	-5.41	-3.29	-2.2
Price/Book Value Average	- -	- -	- -	- -	-28.93	-19.39	-18.35	-8.45	-5.74	-4.04	-1.96
Price/Book Value High	- -	- -	- -	- -	-42.03	-27.76	-24.57	-13.73	-7.53	-5.9	-2.83
Price/Book Value Low	- -	- -	- -	- -	-33.41	-21.04	-19.24	-7.09	-5.84	-3.3	-1.71
Price/Tangible Book Value	- -	- -	- -	- -	0.83	0.97	1.1	0.97	1.01	0.66	0.65
Price/Tangible Book Value Average	- -	- -	- -	- -	0.79	0.98	1.07	0.95	1.07	0.81	0.58
Price/Tangible Book Value High	- -	- -	- -	- -	1.15	1.4	1.44	1.54	1.4	1.18	0.83
Price/Tangible Book Value Low	- -	- -	- -	- -	0.91	1.06	1.13	0.79	1.09	0.66	0.5
Price/Sales	- -	- -	- -	- -	5.29	5.19	6.64	5.89	5.19	3.41	2.83
Price/Sales Average	- -	- -	- -	- -	5.04	5.26	6.51	5.77	5.5	4.18	2.52
Price/Sales High	- -	- -	- -	- -	7.32	7.53	8.72	9.38	7.21	6.11	3.64
Price/Sales Low	- -	- -	- -	- -	5.82	5.71	6.83	4.84	5.59	3.42	2.2
Price/Cash Flow	- -	- -	- -	- -	38.72	17.78	24.73	21	15.13	11.6	9.33
Price/Cash Flow Average	- -	- -	- -	- -	36.91	18.01	24.24	20.58	16.03	14.22	8.29
Price/Cash Flow High	- -	- -	- -	- -	53.61	25.79	32.46	33.45	21.03	20.78	11.98
Price/Cash Flow Low	- -	- -	- -	- -	42.62	19.54	25.41	17.28	16.31	11.62	7.24
Price/Free Cash Flow	- -	- -	- -	- -	10.09	5.83	7	7.45	8.42	4.09	3.31
Price/Free Cash Flow Average	- -	- -	- -	- -	9.61	5.9	6.86	7.3	8.93	5.02	2.94
Price/Free Cash Flow High	- -	- -	- -	- -	13.97	8.45	9.18	11.86	11.71	7.33	4.25
Price/Free Cash Flow Low	- -	- -	- -	- -	11.1	6.41	7.19	6.13	9.08	4.1	2.57
EV/Sales	- -	2.68	2.61	2.43	10.02	9.07	10.02	9.84	9.86	7.93	7.7
EV/Sales Average	- -	2.68	2.61	2.43	9.77	9.13	9.89	9.72	10.17	8.7	7.39
EV/Sales High	- -	2.68	2.61	2.43	12.06	11.41	12.1	13.33	11.88	10.62	8.51
EV/Sales Low	- -	2.68	2.61	2.43	10.55	9.58	10.2	8.8	10.26	7.93	7.07
EV/EBITDA	- -	5.03	4.92	4.57	22.66	21.66	26.89	30.14	26.08	20.04	17.66
EV/EBITDA Average	- -	5.03	4.92	4.57	22.1	21.82	26.54	29.77	26.91	22	16.93
EV/EBITDA High	- -	5.03	4.92	4.57	27.26	27.25	32.46	40.82	31.44	26.87	19.5
EV/EBITDA Low	- -	5.03	4.92	4.57	23.87	22.89	27.38	26.94	27.15	20.06	16.2
EV/EBIT	- -	9.14	11.97	9.75	72.01	108.13	142.36	- -	- -	221.44	97.05
EV/EBIT Average	- -	9.14	11.97	9.75	70.23	108.91	140.5	-203.78	-9,150.38	242.99	93.06
EV/EBIT High	- -	9.14	11.97	9.75	86.64	136.01	171.85	-279.42	-10,692.54	296.85	107.2
EV/EBIT Low	- -	9.14	11.97	9.75	75.84	114.26	144.97	-184.38	-9,233.83	221.66	89.05
Last Price	- -	- -	- -	- -	27.26	28.08	32.92	26.6	25.16	17.35	16.28
High Price	- -	- -	- -	- -	37.75	40.72	43.21	42.36	34.98	31.09	20.91
Low Price	- -	- -	- -	- -	30.01	30.86	33.83	21.88	27.12	17.39	12.63
Enterprise Value	- -	1,266	1,229	1,163	5,441	5,842	6,491	5,932	6,253	4,801	4,654
Enterprise Value Average	- -	1,266	1,229	1,163	5,307	5,884	6,406	5,860	6,451	5,268	4,462
Enterprise Value High	- -	1,266	1,229	1,163	6,547	7,348	7,836	8,035	7,538	6,436	5,140
Enterprise Value Low	- -	1,266	1,229	1,163	5,731	6,173	6,610	5,302	6,510	4,806	4,270

Per Share Data Items	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	- -	118	118	118	118	121	134	132	127	114	94
Diluted Weighted Avg Shares	118	118	118	118	105	119	131	133	131	119	105
Basic Weighted Avg Shares	118	118	118	118	105	119	131	133	131	119	105
Revenue per Share	4.02	3.99	3.97	4.04	5.15	5.41	4.96	4.52	4.85	5.09	5.75
EBITDA per Share	2.19	2.13	2.11	2.15	2.28	2.26	1.85	1.47	1.83	2.01	2.51
Operating Income per Share	1.26	1.17	0.87	1.01	0.72	0.45	0.35	-0.22	-0.01	0.18	0.46
Basic EPS, GAAP	0.75	0.69	0.42	0.52	-0.68	0.34	0.5	-0.47	-0.61	0.72	-0.76
Basic EPS from Cont Ops	0.75	0.69	0.42	0.52	-0.75	0.39	0.57	-0.5	-0.69	0.83	-0.87
Diluted EPS, GAAP	0.75	0.69	0.42	0.52	-0.68	0.34	0.5	-0.47	-0.61	0.72	-0.76
Diluted EPS from Cont Ops	0.75	0.69	0.42	0.52	-0.75	0.39	0.57	-0.5	-0.69	0.83	-0.87
Dividend per Share	- -	- -	- -	- -	0.25	0.9	0.99	0.9	0.9	0.9	0.89
Cash Flow per Share	1.5	1.58	1.5	1.35	0.7	1.58	1.33	1.27	1.66	1.5	1.74
Free Cash Flow per Basic Share	1.22	0.39	-0.47	-0.66	-1.29	-1.66	-2.04	-1.04	0.34	-1.25	-1.43
Cash & Equivalents per Share	- -	0.1	0.63	0.24	3.01	2.19	0.97	1.69	2.02	2.03	1.57
Book Value per Share	- -	- -	- -	- -	-0.9	-1.47	-1.76	-3.08	-4.65	-5.27	-7.38
Tangible Book Value per Share	- -	17.19	17.35	17.88	32.82	29	30.05	27.56	24.91	26.28	25.08

JBG SMITH Properties

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples

Per Share Data Items