The Kraft Heinz Company Financial Ratios — KHC Stock

Profitability	2010 Y	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
Return on Common Equity (%)	- -	- -	- -	- -	89.68	-50.33	1,116.34	240.28	- -	- -	- -	- -	- -	303.72
Return on Assets (%)	- -	16.48	7.34	11.72	4.53	0.87	2.95	9.1	-9.12	1.89	0.35	1.05	2.57	3.16
Return on Capital (%)	- -	10,156.96	37.03	28.99	12.55	6.53	13.17	- -	- -	11.09	3.22	9.67	15.07	16.89
Return on Invested Capital (%)	- -	21.01	12.5	21.77	9.49	3.17	4.51	- -	- -	4.83	2.57	4.24	5.33	5.85
Gross Margin (%)	33.83	31.02	31.59	37.45	26.61	31.42	34.78	34.64	33.96	32.62	35.05	33.34	30.67	33.51
EBITDA Margin (%)	18.6	17.17	17.73	27.95	12.49	18.43	26.45	27.37	26.9	25.79	26.04	23.9	21.25	23.06
Operating Margin (%)	16.62	15.21	15.39	25.79	10.38	14.39	21.37	23.42	23.15	21.81	22.34	20.41	17.73	19.45
Incremental Operating Margin (%)	- -	-16.82	4.92	-3,562.26	21,615.38	563.91	37.43	-217.41	-12.5	49.19	33.36	374.13	-139.73	312.9
Pretax Margin (%)	16.87	15.48	13.43	22.45	7.72	5.52	18.78	20.9	-43.1	10.65	3.93	6.56	11.2	13.64
Profit Margin (%)	19.86	9.56	8.99	14.9	5.73	3.46	13.67	41.96	-38.8	7.75	1.36	3.89	8.92	10.72
Net Income to Common Margin (%)	19.86	9.56	8.99	14.9	5.73	-1.45	12.99	41.96	-38.8	7.75	1.36	3.89	8.92	10.72
Effective Tax Rate (%)	37.04	38.28	33.06	33.62	25.82	36.13	26.99	- -	- -	27.36	64.95	40.05	20.16	21.66
Dvd Payout Ratio (%)	- -	- -	- -	44.46	121.38	-542.5	104.31	26.44	-30.85	101.14	534.97	189.09	82.6	69.26
Sustainable Growth Rate (%)	- -	- -	- -	- -	-19.17	-323.38	-48.08	176.75	- -	- -	- -	- -	- -	93.35

Credit	2010 Y	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
Total Debt	- -	35	9,971	9,980	10,032	25,234	32,404	31,503	31,168	29,244	28,306	21,815	20,070	20,032
ST Debt	- -	8	5	4	1,405	83	2,691	3,195	398	1,028	236	754	837	638
LT Debt	- -	27	9,966	9,976	8,627	25,151	29,713	28,308	30,770	28,216	28,070	21,061	19,233	19,394
Total Debt/EBITDA	- -	0.01	3.08	1.96	4.41	7.47	4.66	4.41	4.41	4.54	4.15	3.5	3.57	3.26
Net Debt/EBITDA	- -	0.01	2.69	1.63	3.84	6.04	4.05	4.19	4.25	4.19	3.65	2.95	3.38	3.03
Total Debt/EBIT	- -	0.01	3.55	2.12	5.31	9.56	5.77	5.16	5.12	5.37	4.84	4.1	4.27	3.87
Net Debt/EBIT	- -	0.01	3.1	1.77	4.63	7.73	5.02	4.89	4.94	4.95	4.25	3.46	4.05	3.6
EBITDA to Interest Expense	1,103.67	797.5	12.55	10.16	4.7	2.56	6.13	5.78	5.5	4.73	4.89	3.04	6.11	6.73
EBITDA-CapEx/Interest Expense	1,103.67	797.5	12.55	10.16	4.7	2.56	6.13	5.78	5.5	4.73	4.89	3.04	6.11	6.73
EBIT to Interest Expense	985.67	706.5	10.9	9.38	3.9	2	4.96	4.95	4.74	4	4.2	2.6	5.1	5.68
Interest Expense	3	4	258	501	484	1,321	1,134	1,234	1,284	1,361	1,394	2,047	921	912
Common Equity/Total Assets	- -	- -	-0.89	5.53	4.55	0.01	0.5	7.08	-4.68	-3	-2.69	-1.79	0.55	1.53
Long-Term Debt/Equity (%)	- -	0.16	279	192.33	197.64	37.97	51.61	42.84	59.43	54.52	55.87	42.59	39.36	39
Long-Term Debt/Capital (%)	- -	77.14	102.06	88.59	77.88	74.42	89.44	70.38	116.34	107.2	108.95	103.75	92.63	89.76
Long-Term Debt/Total Assets (%)	- -	0.13	43	43.1	37.6	20.45	24.66	23.57	29.74	27.81	28.12	22.55	21.25	21.47
Total Debt/Equity (%)	- -	0.21	279.14	192.4	229.83	38.1	56.28	47.68	60.2	56.51	56.34	44.11	41.07	40.29
Total Debt/Capital (%)	- -	100	102.11	88.62	90.57	74.66	97.54	78.32	117.85	111.1	109.87	107.47	96.66	92.71
Total Debt/Total Assets (%)	- -	0.16	43.02	43.11	43.72	20.52	26.9	26.23	30.13	28.83	28.35	23.36	22.17	22.17
Net Debt to Equity	- -	0.21	244.01	159.9	200.21	30.79	48.98	45.21	58.01	52.11	49.54	37.15	38.94	37.47
Net Debt/Capital (%)	- -	100	102.42	86.62	89.32	70.43	97.19	77.41	118.64	112.15	111.38	108.99	96.49	92.21
EBITDA	3,311	3,190	3,239	5,092	2,274	3,379	6,956	7,137	7,065	6,441	6,819	6,225	5,629	6,142
EBITDA-CapEx	3,311	3,190	3,239	5,092	2,274	3,379	6,956	7,137	7,065	6,441	6,819	6,225	5,629	6,142
Operating Income (Loss)	2,957	2,826	2,811	4,699	1,889	2,639	5,619	6,106	6,082	5,447	5,850	5,315	4,696	5,181

Liquidity	2010 Y	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
Cash Ratio	- -	- -	0.35	0.49	0.27	0.7	0.44	0.16	0.15	0.29	0.42	0.38	0.12	0.17
Current Ratio	- -	1.27	1.34	1.44	1	1.41	0.92	0.71	1.21	1.03	1.34	0.99	0.87	0.99
Quick Ratio	- -	0.35	0.65	0.8	0.5	0.91	0.56	0.34	0.45	0.54	0.68	0.6	0.35	0.44
CFO/Avg Current Liab	- -	2.07	0.98	0.58	0.49	0.22	0.32	0.05	0.29	0.46	0.62	0.63	0.27	0.47
Common Equity/Total Assets	- -	- -	-0.89	5.53	4.55	0.01	0.5	7.08	-4.68	-3	-2.69	-1.79	0.55	1.53
Long-Term Debt/Equity (%)	- -	0.16	279	192.33	197.64	37.97	51.61	42.84	59.43	54.52	55.87	42.59	39.36	39
Long-Term Debt/Capital (%)	- -	77.14	102.06	88.59	77.88	74.42	89.44	70.38	116.34	107.2	108.95	103.75	92.63	89.76
Long-Term Debt/Total Assets (%)	- -	0.13	43	43.1	37.6	20.45	24.66	23.57	29.74	27.81	28.12	22.55	21.25	21.47
Total Debt/Equity (%)	- -	0.21	279.14	192.4	229.83	38.1	56.28	47.68	60.2	56.51	56.34	44.11	41.07	40.29
Total Debt/Capital (%)	- -	100	102.11	88.62	90.57	74.66	97.54	78.32	117.85	111.1	109.87	107.47	96.66	92.71
Total Debt/Total Assets (%)	- -	0.16	43.02	43.11	43.72	20.52	26.9	26.23	30.13	28.83	28.35	23.36	22.17	22.17
CFO/Total Liabilities	- -	53.81	15.48	11.37	10.87	2.24	4.21	0.93	4.98	7.15	9.94	12.21	5.93	9.79
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	3.79	3.07	3.96	2.78	2.12	3.34	4.21	2.83	2.63	2.67	2.74	3.08	3.25

Working Capital	2010 Y	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
Accounts Receivable Turnover	- -	41.14	18.34	17.05	17.11	14.47	22.36	24.01	15.44	12.18	12.98	12.96	12.99	12.59
Days Sales Outstanding	- -	8.87	19.9	21.41	21.33	25.22	16.32	15.2	23.64	29.97	28.13	28.17	28.09	28.99
Inventory Turnover	- -	13.19	6.46	6.43	7.88	5.73	6.47	6.26	6.39	6.25	6.19	6.31	5.76	4.88
Days Inventory Outstanding	- -	27.67	56.52	56.76	46.32	63.75	56.41	58.3	57.1	58.43	58.95	57.84	63.41	74.85
Accounts Payable Turnover	- -	20.4	8.31	7.14	8.76	6.13	5.04	4.1	4.05	4.14	4.11	3.82	4.02	3.73
Accounts Payable Turnover Days	- -	17.9	43.9	51.11	41.65	59.58	72.49	89.1	90.07	88.16	88.86	95.46	90.86	97.82
Cash Conversion Cycle	- -	18.65	32.52	27.06	26.01	29.39	0.24	-15.61	-9.33	0.24	-1.78	-9.44	0.64	6.02
Inventory to Cash Days	- -	-18.8	-36.62	-35.35	-24.99	-38.53	-40.09	-43.09	-33.45	-28.45	-30.82	-29.67	-35.31	-45.86
Inventories	- -	1,943	1,928	1,616	1,775	2,618	2,684	2,760	2,667	2,721	2,773	2,729	3,651	3,614
Raw Materials	- -	562	535	453	481	563	542	560	510	511	701	779	1,240	1,247
Work In Process	- -	373	326	294	296	393	388	384	343	364	268	268	334	338
Finished Goods	- -	1,008	1,067	869	998	1,662	1,754	1,816	1,814	1,846	1,804	1,682	2,077	2,029
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2010 Y	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
Market Capitalization	- -	- -	- -	- -	- -	39,080	74,687	68,488	39,593	31,245	35,614	38,483	45,558	43,289
- Cash & Cash Equivalents	- -	- -	1,255	1,686	1,293	4,837	4,204	1,629	1,130	2,279	3,417	3,445	1,040	1,400
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	8,320	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	231	216	213	121	126	140	154	192	196
+ Total Debt	- -	35	9,971	9,980	10,032	25,234	32,404	31,503	31,168	29,244	28,306	21,815	20,070	20,032
Enterprise Value	- -	35	8,716	8,294	8,739	68,028	103,103	98,575	69,752	58,336	60,643	57,007	64,780	62,117
Total Capital	- -	35	9,765	11,261	11,077	33,797	33,220	40,223	26,448	26,322	25,764	20,299	20,763	21,607
Total Debt/Capital (%)	- -	100	102.11	88.62	90.57	74.66	97.54	78.32	117.85	111.1	109.87	107.47	96.66	92.71
Total Debt / EV	- -	1	1.14	1.2	1.15	0.37	0.31	0.32	0.45	0.5	0.47	0.38	0.31	0.32
EV/Sales	- -	- -	0.48	0.46	0.48	3.71	3.92	3.78	2.66	2.34	2.32	2.19	2.45	2.33
EV/EBITDA	- -	0.01	2.69	1.63	3.84	20.13	14.82	13.81	9.87	9.06	8.89	9.16	11.51	10.11
EV/EBIT	- -	0.01	3.1	1.77	4.63	25.78	18.35	16.14	11.47	10.71	10.37	10.73	13.79	11.99
EV/Cash Flow to Firm	- -	0.01	2.72	3.49	3.67	32.15	29.66	33.12	18.67	12.85	11.19	8.65	20.22	13.24
EV/Free Cash Flow to Firm	- -	0.01	2.72	3.49	3.67	32.15	29.66	33.12	18.67	12.85	11.19	8.65	20.22	13.24
Diluted Market Cap	- -	- -	- -	- -	- -	39,080	75,240	69,050	39,593	31,322	35,759	38,483	45,893	43,571
Diluted Enterprise Value	- -	35	8,716	8,294	8,739	68,028	103,656	99,137	69,752	58,413	60,788	57,007	65,115	62,399
EV per Share	- -	0.06	14.75	13.96	14.74	86.55	84.72	80.93	57.22	47.78	49.59	46.57	52.84	50.62
TTM Sales	17,797	18,576	18,271	18,218	18,205	18,338	26,300	26,076	26,268	24,977	26,185	26,042	26,485	26,640
TTM EBITDA	3,311	3,190	3,239	5,092	2,274	3,379	6,956	7,137	7,065	6,441	6,819	6,225	5,629	6,142
TTM Operating Income	2,957	2,826	2,811	4,699	1,889	2,639	5,619	6,106	6,082	5,447	5,850	5,315	4,696	5,181
TTM Cash Flow to Firm	830	2,666	3,208	2,376	2,379	2,116	3,476	2,976	3,737	4,541	5,418	6,591	3,204	4,690
TTM Free Cash Flow to Firm	830	2,666	3,208	2,376	2,379	2,116	3,476	2,976	3,737	4,541	5,418	6,591	3,204	4,690

Multiples	2010 Y	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
Price/Earnings	- -	- -	- -	- -	- -	- -	21.86	6.26	- -	16.15	100.04	38.03	19.28	15.16
Price/Earnings Average	- -	- -	- -	- -	- -	-148.52	20.45	6.8	-5.33	15.97	86.75	39.27	17.67	14.64
Price/Earnings High	- -	- -	- -	- -	- -	-239.94	32.26	10.88	-9.65	30.7	124.95	54.37	23.28	18.39
Price/Earnings Low	- -	- -	- -	- -	- -	-181.49	24.29	8.37	-4.98	15.69	68.67	38.22	16.98	13.19
Price/Book Value	- -	- -	- -	- -	- -	3,256.66	124.48	8.05	-8.18	-10.25	-13.28	-23.04	90.93	31.39
Price/Book Value Average	- -	- -	- -	- -	- -	3,292.18	116.43	8.74	-11.23	-10.14	-11.51	-23.79	83.35	30.32
Price/Book Value High	- -	- -	- -	- -	- -	5,318.6	183.65	14	-20.31	-19.49	-16.58	-32.95	109.8	38.08
Price/Book Value Low	- -	- -	- -	- -	- -	4,023.01

The Kraft Heinz Company

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples