Global Crossing Airlines Group Inc. Financial Ratios — JETMF

Profitability (CAD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 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 (%)	- -	- -	- -	- -	- -	- -	- -	-260.45	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-59.34	-92.67	-79.46	-8.52	-80.95	-75.53	-482.17	-121.67	-349.65	-54.4	-85.71	-35.07	-23.03	-7.7	-1.65
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-48.89	7.45	7.22	15.81	17.8
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-111.75	-6	-3.37	8.69	16.02
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-120.07	-11.57	-9.91	-0.5	3.61
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	44.4
Pretax Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-139.91	-16.29	-12.98	-5.09	-1.06
Profit Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-138.66	-16.29	-13.12	-5.13	-1.24
Net Income to Common Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-138.66	-16.29	-13.12	-5.13	-1.24
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1.99	-21.42
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	-260.45	- -	- -	- -	- -	- -	- -	- -

Credit (CAD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	25	37	112	150	168
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	5	9	14	20	28
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	20	28	98	130	141
Total Debt/EBITDA	- -	- -	- -	-0.39	- -	-0.23	- -	- -	- -	-1.54	-1.57	-6.32	-20.71	7.71	4.26
Net Debt/EBITDA	0.47	0.1	0.11	4.02	2.91	-0.13	0.72	0.21	0.04	-0.39	0.23	-0.86	-3.25	0.89	0.68
Total Debt/EBIT	- -	- -	- -	-0.37	- -	-0.23	- -	- -	- -	-1.54	-1.46	-3.28	-7.05	-132.94	18.89
Net Debt/EBIT	0.47	0.1	0.11	3.88	2.88	-0.13	0.72	0.21	0.04	-0.39	0.21	-0.45	-1.11	-15.41	3.01
EBITDA to Interest Expense	-190.78	-560.76	-500.03	-346.49	- -	-64.44	-1,130.57	- -	- -	-147,419.78	-514.5	-3.59	-1.1	2.17	3.43
EBITDA-CapEx/Interest Expense	-199.8	-586.75	-500.03	-348.44	- -	-64.44	-1,132.21	- -	- -	-147,419.78	-535.52	-4.77	-1.92	1.37	2.42
EBIT to Interest Expense	-191.31	-563.29	-515.97	-358.46	- -	-64.64	-1,131.18	- -	- -	-147,426.72	-552.79	-6.93	-3.23	-0.13	0.77
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	5	9	12
Common Equity/Total Assets	-21.64	-235.32	-699.01	-313.36	-923.1	-605	48.17	45.7	-569.33	-33.67	-56.84	-74.33	-44.95	-42.28	-36.22
Long-Term Debt/Equity (%)	- -	- -	- -	4.32	- -	- -	- -	- -	- -	1,022.87	474.01	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	-1.25	- -	- -	- -	- -	- -	184.52	698.51	-2,422.91	183.98	163.5	148.43
Long-Term Debt/Total Assets (%)	- -	- -	- -	3.88	- -	- -	- -	- -	- -	43.13	51.51	55.26	74.34	77.99	69.21
Total Debt/Equity (%)	- -	- -	- -	4.32	- -	-35.23	- -	- -	- -	1,352.95	590.99	-508.06	-563.11	-508.86	-570.5
Total Debt/Capital (%)	- -	- -	- -	-1.25	- -	-21.5	- -	- -	- -	244.07	870.88	-3,159.26	210.83	188.54	177.64
Total Debt/Total Assets (%)	- -	- -	- -	3.88	- -	107.04	- -	- -	- -	57.05	64.22	72.05	85.19	89.93	82.82
Net Debt to Equity	-32.04	-10.1	-4.15	-44.76	-98.9	-20.15	-97.89	-27.69	24.94	346.29	-86.41	-69.13	-88.48	-58.99	-91.03
Net Debt/Capital (%)	58.31	3.68	0.4	11.38	7.7	-11.26	235.89	-93.44	9.49	90.86	155.42	-164.87	42.39	25.87	34.41
EBITDA	-12	-6	-1	- -	- -	-1	-3	-4	-5	-3	-16	-6	-5	19	39
EBITDA-CapEx	-12	-6	-1	- -	- -	-1	-3	-6	-5	-3	-17	-8	-9	12	28
Operating Income (Loss)	-12	-6	-1	- -	- -	-1	-3	-4	-5	-3	-17	-11	-16	-1	9

Liquidity (CAD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	13.01	0.98	0.15	14.79	6.98	0.11	5.98	1.11	0.18	0.15	0.36	0.07	0.22	0.19	0.18
Current Ratio	13.46	1.14	0.19	7.79	4.03	0.16	6.41	1.89	0.29	0.26	0.66	0.42	0.58	0.35	0.34
Quick Ratio	13.24	1.01	0.16	14.88	7.29	0.15	6.22	1.3	0.18	0.15	0.41	0.16	0.41	0.29	0.26
CFO/Avg Current Liab	-24.04	-8.44	-0.61	-0.63	-1.59	-0.85	-6.22	-6.31	-3.98	-0.59	-1.18	-0.17	-0.03	0.14	0.36
Common Equity/Total Assets	-21.64	-235.32	-699.01	-313.36	-923.1	-605	48.17	45.7	-569.33	-33.67	-56.84	-74.33	-44.95	-42.28	-36.22
Long-Term Debt/Equity (%)	- -	- -	- -	4.32	- -	- -	- -	- -	- -	1,022.87	474.01	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	-1.25	- -	- -	- -	- -	- -	184.52	698.51	-2,422.91	183.98	163.5	148.43
Long-Term Debt/Total Assets (%)	- -	- -	- -	3.88	- -	- -	- -	- -	- -	43.13	51.51	55.26	74.34	77.99	69.21
Total Debt/Equity (%)	- -	- -	- -	4.32	- -	-35.23	- -	- -	- -	1,352.95	590.99	-508.06	-563.11	-508.86	-570.5
Total Debt/Capital (%)	- -	- -	- -	-1.25	- -	-21.5	- -	- -	- -	244.07	870.88	-3,159.26	210.83	188.54	177.64
Total Debt/Total Assets (%)	- -	- -	- -	3.88	- -	107.04	- -	- -	- -	57.05	64.22	72.05	85.19	89.93	82.82
CFO/Total Liabilities	-967.47	-662.31	-55.35	-75.51	-129.76	-68.27	-749.12	-461.29	-336.49	-20.22	-31	-6.16	-0.91	4.11	12.08
CFO/CapEx	-17.51	-17.88	- -	-135.1	- -	- -	-643.64	-1.71	-9.81	- -	-16.54	-1.88	-0.34	1.12	2.42
Altman's Z-Score	-8.89	-24.63	-54.64	-28.09	-72.19	-48	-8.1	-8.02	-139.27	-2.14	-0.61	0.26	0.17	0.54	0.63

Working Capital (CAD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	38.34	56.96	24.93	26.54	36.6
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.52	6.41	14.64	13.75	9.97
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.56	0.5	0.07	0.08	0.02	0.88	3.02	3.18	3.28	0.37	12.95	25.47	23.81	18.79	15.31
Accounts Payable Turnover Days	651.85	723.07	4,876.2	4,795.53	14,987.62	416.59	120.79	114.81	111.26	990.09	28.18	14.33	15.33	19.42	23.84
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-18.66	-7.92	-0.69	-5.67	-13.87
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.52	6.41	14.64	13.75	9.97
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (CAD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	83	49	46	40	51
- Cash & Cash Equivalents	6	1	- -	2	1	- -	2	1	- -	1	5	2	12	12	17
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	25	37	112	150	168
Enterprise Value	-6	-1	- -	-4	-3	- -	-2	-1	- -	4	103	84	146	178	203
Total Capital	-4	-15	-18	-14	-16	-1	1	2	-2	2	3	-1	53	80	95
Total Debt/Capital (%)	- -	- -	- -	-1.25	- -	-21.5	- -	- -	- -	244.07	870.88	-3,159.26	210.83	188.54	177.64
Total Debt / EV	- -	- -	- -	-0.05	- -	1.75	- -	- -	- -	1.15	0.24	0.44	0.77	0.84	0.83
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.19	0.87	0.91	0.79	0.82
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.14	5.14
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.8
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	41.28	10.43	5.12
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.27	7.33	3.96
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	83	49	46	40	51
Diluted Enterprise Value	-6	-1	- -	-2	-1	- -	-2	-1	- -	4	103	84	146	178	203
EV per Share	- -	- -	- -	- -	- -	0.14	- -	- -	- -	0.19	2.23	1.62	2.57	2.94	3.17
TTM Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14	97	160	224	246
TTM EBITDA	-12	-6	-1	- -	- -	-1	-3	-4	-5	-3	-16	-6	-5	19	39
TTM Operating Income	-12	-6	-1	- -	- -	-1	-3	-4	-5	-3	-17	-11	-16	-1	9
TTM Cash Flow to Firm	-10	-5	- -	- -	- -	- -	-3	-4	-4	-1	-11	-2	4	17	40
TTM Free Cash Flow to Firm	-9	-4	- -	- -	- -	- -	-3	-2	-4	-1	-10	- -	8	24	51

Multiples (CAD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-8.18	-29.11	17.1	2.61	1.3
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.8
Enterprise Value	-6	-1	- -	-4	-3	- -	-2	-1	- -	4	103	84	146	178	203
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.91	0.64	0.74	0.57	0.63
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.19	0.87	0.91	0.79	0.82
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.14	5.14
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5.36	-3.58	-3.24	-3.86	-18.71
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9.29	-7.01	-5.9	-5.31	-25.43
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2.13	-2.11	-2.01	-2.99	-13.32
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3.73	-1.29	-0.77	-0.57	-0.7
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-4.79	-1.49	-1.15	-0.63	-0.78
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-8.29	-2.92	-2.1	-0.86	-1.05
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1.9	-0.88	-0.71	-0.49	-0.55
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.54	-6.78	-2.29	-1.36	-1.75
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.04	-7.81	-3.43	-1.5	-1.94
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	43.34	-15.28	-6.24	-2.07	-2.63
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.92	-4.61	-2.12	-1.16	-1.38
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.8	0.51	0.28	0.18	0.21
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.44	0.58	0.43	0.2	0.23
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.88	1.14	0.77	0.27	0.31
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.95	0.34	0.26	0.15	0.16
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-7.68	-13.66	-33.02	4.95	1.83
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9.84	-15.74	-49.39	5.48	2.03
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-17.04	-30.8	-89.9	7.54	2.76
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3.9	-9.29	-30.55	4.25	1.45
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-10.48	-33.56	25.58	2.89	1.44
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-18.14	-65.64	46.55	3.98	1.95
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-4.15	-19.8	15.82	2.24	1.02
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.83	0.94	1.05	0.81	0.85
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.26	1.5	1.4	0.89	0.93
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.34	0.7	0.89	0.77	0.78
EV/EBITDA Average	0.47	0.1	0.11	4.02	2.91	-0.13	0.72	0.21	0.04	-1.34	-7.9	-15.72	-31.21	9.36	5.29
EV/EBITDA High	0.47	0.1	0.11	4.02	2.91	-0.13	0.72	0.21	0.04	-1.34	-12.76	-25.02	-41.55	10.21	5.81
EV/EBITDA Low	0.47	0.1	0.11	4.02	2.91	-0.13	0.72	0.21	0.04	-1.34	-3.88	-11.74	-26.4	8.84	4.87
EV/EBIT Average	0.47	0.1	0.11	3.88	2.88	-0.13	0.72	0.21	0.04	-1.34	-7.35	-8.16	-10.63	-161.29	23.43
EV/EBIT High	0.47	0.1	0.11	3.88	2.88	-0.13	0.72	0.21	0.04	-1.34	-11.88	-12.98	-14.15	-176.03	25.73
EV/EBIT Low	0.47	0.1	0.11	3.88	2.88	-0.13	0.72	0.21	0.04	-1.34	-3.61	-6.09	-8.99	-152.44	21.58
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.8	0.94	0.8	0.66	0.8
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.98	2.13	2.18	1.01	1.21
Enterprise Value Average	-6	-1	- -	-2	-1	- -	-2	-1	- -	4	126	92	169	182	209
Enterprise Value High	-6	-1	- -	-2	-1	- -	-2	-1	- -	4	204	146	224	199	229
Enterprise Value Low	-6	-1	- -	-2	-1	- -	-2	-1	- -	4	62	68	143	172	192

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	- -	- -	2	2	2	6	7	8	29	51	53	59	62	66
Diluted Weighted Avg Shares	- -	- -	- -	1	2	1	6	7	8	19	46	52	57	60	64
Basic Weighted Avg Shares	- -	- -	- -	1	2	1	6	7	8	19	46	52	57	60	64
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.31	1.86	2.82	3.71	3.84
EBITDA per Share	-35.38	-13.14	-1.49	-0.34	-0.24	-1.08	-0.57	-0.6	-0.59	-0.14	-0.35	-0.11	-0.1	0.32	0.62
Operating Income per Share	-35.47	-13.2	-1.53	-0.35	-0.24	-1.08	-0.57	-0.61	-0.59	-0.14	-0.37	-0.22	-0.28	-0.02	0.14
Basic EPS, GAAP	-36.35	-26.31	-8.26	-0.23	-1.32	-1.11	-1.25	-0.6	-0.94	-0.11	-0.43	-0.3	-0.37	-0.19	-0.05
Basic EPS from Cont Ops	-36.35	-26.31	-8.26	-0.23	-1.32	-1.11	-1.25	-0.59	-0.94	-0.11	-0.43	-0.3	-0.37	-0.19	-0.04
Diluted EPS, GAAP	-36.35	-26.31	-8.26	-0.23	-1.32	-1.11	-1.25	-0.6	-0.94	-0.11	-0.43	-0.3	-0.37	-0.19	-0.05
Diluted EPS from Cont Ops	-36.35	-26.31	-8.26	-0.23	-1.32	-1.11	-1.25	-0.59	-0.94	-0.11	-0.43	-0.3	-0.37	-0.19	-0.04
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01
Cash Flow per Share	-29.28	-10.89	-1.05	-0.26	-0.26	-0.65	-0.54	-0.54	-0.48	-0.07	-0.23	-0.07	-0.02	0.13	0.44
Free Cash Flow per Basic Share	-30.95	-11.5	-1.05	-0.26	-0.26	-0.65	-0.54	-0.86	-0.53	-0.07	-0.25	-0.11	-0.1	0.01	0.26
Cash & Equivalents per Share	17.31	1.54	0.28	2.9	1.34	0.11	0.41	0.13	0.02	0.03	0.11	0.04	0.2	0.2	0.26
Book Value per Share	-11.82	-35.19	-40.76	-10.59	-8.39	-1.42	0.24	0.26	-0.24	-0.13	-0.48	-0.73	-1.04	-1.17	-1.15
Tangible Book Value per Share	51.58	13.31	3.94	3.04	0.71	-0.71	0.42	0.46	-0.1	0.02	0.09	-0.14	-0.35	-0.49	-0.46

Global Crossing Airlines Group Inc.

Profitability (CAD)

Credit (CAD)

Liquidity (CAD)

Working Capital (CAD)

Enterprise Value (CAD)

Multiples (CAD)

Per Share Data Items (CAD)