The Kroger Co. Financial Ratios — KR 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	2024 Y
Return on Common Equity (%)	0.83	12.75	6.43	14.77	13.39	13.18	13.5	11.83	10.48	15.35	7.46	10.81	6.5	8.39	7.68
Return on Assets (%)	0.3	4.79	2.56	6.22	5.63	5.78	6.33	5.61	5.17	8.26	3.98	5.5	3.39	4.55	4.32
Return on Capital (%)	0.8	8.3	5.27	9.59	8.41	8.26	8.71	7.87	- -	10.16	5.61	6.7	4.59	5.63	5.2
Return on Invested Capital (%)	1.58	10.75	7.02	14.09	12.05	12.07	13	11.55	- -	8.88	6.51	7.13	9.41	10.61	7.73
Gross Margin (%)	23.18	22.24	20.92	20.59	20.57	21.16	22.16	22.4	22.28	21.95	22.07	23.32	22.01	21.43	22.24
EBITDA Margin (%)	4.87	4.63	3.23	4.57	4.5	4.69	5.16	5.02	4.09	4.17	4.53	4.64	5.01	5.2	4.56
Operating Margin (%)	2.88	2.68	1.42	2.86	2.77	2.89	3.26	2.99	2.12	2.15	1.84	2.1	2.52	2.78	2.06
Incremental Operating Margin (%)	-53.8	-0.07	-11.22	23.4	-2.22	4.08	32.16	-2.25	-10.58	-0.14	-83.64	5.18	12.93	6.26	-57.83
Pretax Margin (%)	0.77	2.11	0.93	2.38	2.32	2.44	2.82	2.53	1.2	3.26	1.62	2.54	1.49	1.96	1.89
Profit Margin (%)	0.09	1.36	0.67	1.55	1.54	1.59	1.86	1.71	1.55	2.55	1.36	1.95	1.2	1.51	1.44
Net Income to Common Margin (%)	0.09	1.36	0.67	1.55	1.54	1.59	1.86	1.71	1.55	2.55	1.36	1.95	1.2	1.51	1.44
Effective Tax Rate (%)	90.32	34.66	29.3	34.49	32.91	34.05	33.78	32.84	- -	22.62	23.67	23.2	18.77	22.5	23.52
Dvd Payout Ratio (%)	540.91	21.74	43.56	17.58	20.67	19.14	18.7	22.12	23.68	14.35	35.6	20.61	35.12	30.26	36.61
Sustainable Growth Rate (%)	-3.68	9.98	3.63	12.17	10.62	10.66	10.97	9.21	8	13.15	4.8	8.58	4.22	5.85	4.87

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	2024 Y
Total Debt	8,056	7,892	8,165	8,879	11,310	11,597	12,079	14,077	15,589	15,229	21,178	20,587	20,440	20,412	19,247
ST Debt	579	588	1,315	2,734	1,657	1,874	2,370	2,252	3,560	3,157	2,562	1,578	1,205	1,972	868
LT Debt	7,477	7,304	6,850	6,145	9,653	9,723	9,709	11,825	12,029	12,072	18,616	19,009	19,235	18,440	18,379
Total Debt/EBITDA	2.16	2.08	2.8	2.01	2.55	2.28	2.13	2.43	3.09	3	3.82	3.35	2.96	2.65	2.81
Net Debt/EBITDA	2.05	1.86	2.59	1.87	2.34	2.12	1.96	2.24	2.86	2.74	2.32	1.74	1.44	1.33	1.21
Total Debt/EBIT	3.66	3.59	6.39	3.21	4.15	3.7	3.38	4.08	5.97	5.83	9.41	7.41	5.88	4.95	6.22
Net Debt/EBIT	3.46	3.21	5.91	2.98	3.81	3.43	3.11	3.76	5.53	5.33	5.71	3.86	2.85	2.49	2.68
EBITDA to Interest Expense	7.43	8.48	6.7	9.56	10	10.42	11.75	11.1	8.4	8.19	9.19	11.31	12.09	14.4	15.52
EBITDA-CapEx/Interest Expense	7.43	8.48	2.34	5.1	4.74	4.62	4.8	4.01	3.73	3.41	4	6.04	7.52	8.65	6.67
EBIT to Interest Expense	4.39	4.91	2.94	5.98	6.15	6.43	7.42	6.61	4.35	4.22	3.73	5.11	6.09	7.71	7.02
Interest Expense	502	448	435	462	443	488	482	522	601	620	603	544	571	535	441
Common Equity/Total Assets	35.99	39.07	40.59	43.62	40.78	46.84	46.99	47.83	50.88	56.66	50.59	51.24	52.94	55.46	57.15
Long-Term Debt/Equity (%)	151.79	137.86	172.72	145.82	178.92	178.67	142.82	176.23	174.21	154.08	217.15	199.05	204	184.14	158.43
Long-Term Debt/Capital (%)	45.45	42.77	38.74	31.3	41.5	37.52	34.69	37.48	34.88	32.82	42.27	41.78	41.45	38.49	38.21
Long-Term Debt/Total Assets (%)	32.33	31.07	29.18	24.95	32.97	31.88	28.64	32.39	32.34	31.67	41.13	39.06	39.19	37.16	36.39
Total Debt/Equity (%)	163.54	148.96	205.87	210.7	209.64	213.1	177.68	209.79	225.76	194.37	247.03	215.57	216.78	203.83	165.91
Total Debt/Capital (%)	48.97	46.21	46.18	45.23	48.62	44.76	43.16	44.62	45.2	41.41	48.08	45.25	44.05	42.61	40.02
Total Debt/Total Assets (%)	34.84	33.58	34.78	36.04	38.63	38.03	35.63	38.56	41.91	39.95	46.8	42.31	41.64	41.13	38.11
Net Debt to Equity	154.93	133.39	190.49	195.49	192.38	197.68	163.56	193.64	209.12	177.69	149.97	112.28	105.25	102.63	71.58
Net Debt/Capital (%)	47.62	43.48	43.19	42.48	45.4	41.95	40.13	41.61	42.3	38.3	29.46	24.48	22.26	21.92	17.97
EBITDA	3,729	3,800	2,916	4,416	4,428	5,085	5,665	5,792	5,048	5,079	5,540	6,153	6,906	7,705	6,846
EBITDA-CapEx	3,729	3,800	1,018	2,354	2,098	2,254	2,316	2,093	2,239	2,112	2,412	3,288	4,292	4,627	2,942
Operating Income (Loss)	2,204	2,200	1,278	2,764	2,725	3,137	3,576	3,452	2,612	2,614	2,251	2,780	3,477	4,126	3,096

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	2024 Y
Cash Ratio	0.14	0.18	0.11	0.11	0.13	0.11	0.09	0.1	0.11	0.11	0.11	0.18	0.18	0.12	0.19
Current Ratio	0.97	0.94	0.8	0.72	0.82	0.78	0.76	0.8	0.78	0.76	0.76	0.81	0.75	0.74	0.81
Quick Ratio	0.26	0.29	0.21	0.2	0.23	0.22	0.23	0.22	0.22	0.22	0.23	0.3	0.29	0.25	0.33
CFO/Avg Current Liab	0.38	0.43	0.31	0.29	0.33	0.38	0.4	0.33	0.25	0.29	0.33	0.46	0.39	0.27	0.41
Common Equity/Total Assets	35.99	39.07	40.59	43.62	40.78	46.84	46.99	47.83	50.88	56.66	50.59	51.24	52.94	55.46	57.15
Long-Term Debt/Equity (%)	151.79	137.86	172.72	145.82	178.92	178.67	142.82	176.23	174.21	154.08	217.15	199.05	204	184.14	158.43
Long-Term Debt/Capital (%)	45.45	42.77	38.74	31.3	41.5	37.52	34.69	37.48	34.88	32.82	42.27	41.78	41.45	38.49	38.21
Long-Term Debt/Total Assets (%)	32.33	31.07	29.18	24.95	32.97	31.88	28.64	32.39	32.34	31.67	41.13	39.06	39.19	37.16	36.39
Total Debt/Equity (%)	163.54	148.96	205.87	210.7	209.64	213.1	177.68	209.79	225.76	194.37	247.03	215.57	216.78	203.83	165.91
Total Debt/Capital (%)	48.97	46.21	46.18	45.23	48.62	44.76	43.16	44.62	45.2	41.41	48.08	45.25	44.05	42.61	40.02
Total Debt/Total Assets (%)	34.84	33.58	34.78	36.04	38.63	38.03	35.63	38.56	41.91	39.95	46.8	42.31	41.64	41.13	38.11
CFO/Total Liabilities	16.05	18.49	13.62	14.47	14.96	16.82	18.14	14.34	11.27	13.75	12.71	17.42	15.61	11.36	17.45
CFO/CapEx	- -	- -	1.4	1.43	1.53	1.49	1.47	1.15	1.22	1.4	1.49	2.38	2.37	1.46	1.74
Altman's Z-Score	4.62	4.83	5.01	5.32	4.94	5.52	5.26	5.05	5.05	4.95	4.09	4.2	4.41	4.66	4.66

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	2024 Y
Accounts Receivable Turnover	82.69	93.56	100.63	96.62	90.79	91.07	73.22	68.19	75.03	75.54	74.23	76	76.41	73	68.67
Days Sales Outstanding	4.41	3.9	3.63	3.78	4.02	4.01	4.98	5.35	4.86	4.83	4.92	4.8	4.78	5	5.32
Inventory Turnover	11.96	12.89	14.16	14.96	14.47	15.08	14.42	14.06	14.63	14.22	13.68	14.36	15.53	16.24	15.91
Days Inventory Outstanding	30.52	28.32	25.77	24.4	25.22	24.2	25.31	25.96	24.94	25.67	26.68	25.41	23.5	22.47	22.94
Accounts Payable Turnover	15.27	15.73	16.72	17.42	16.8	17.23	15.95	15.57	16.41	16.01	15.4	15.59	15.55	13.56	11.31
Accounts Payable Turnover Days	23.9	23.21	21.83	20.95	21.73	21.19	22.88	23.44	22.25	22.79	23.7	23.41	23.47	26.92	32.29
Cash Conversion Cycle	11.03	9.02	7.57	7.23	7.51	7.02	7.41	7.87	7.56	7.71	7.89	6.81	4.8	0.55	-4.03
Inventory to Cash Days	-26.1	-24.42	-22.14	-20.63	-21.2	-20.19	-20.32	-20.6	-20.08	-20.84	-21.76	-20.61	-18.72	-17.47	-17.62
Inventories	4,935	4,966	5,114	5,146	5,651	5,688	6,168	6,561	6,533	6,846	7,084	7,063	6,783	7,560	7,105
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	5,705	5,793	6,157	6,244	6,801	6,933	7,440	7,852	7,781	8,123	8,464	8,436	8,353	9,756	9,414

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	2024 Y
Market Capitalization	10,449	10,443	10,967	11,809	15,091	27,920	31,269	27,035	23,395	20,128	19,272	24,458	30,348	30,580	32,367
- Cash & Cash Equivalents	424	825	188	238	401	268	277	322	347	429	399	1,687	1,821	1,015	1,883
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	74	2	-15	7	11	30	-22	12	-26	-51	-29	-26	-23	-28	-14
+ Total Debt	8,056	7,892	8,165	8,879	11,310	11,597	12,079	14,077	15,589	15,229	21,178	20,587	20,440	20,412	19,247
Enterprise Value	17,501	16,846	18,143	19,502	25,053	38,291	42,126	39,892	37,450	33,696	38,843	42,236	47,862	48,822	48,502
Total Capital	16,452	17,078	17,680	19,632	23,261	25,912	27,986	31,550	34,488	36,777	44,045	45,497	46,401	47,903	48,097
Total Debt/Capital (%)	48.97	46.21	46.18	45.23	48.62	44.76	43.16	44.62	45.2	41.41	48.08	45.25	44.05	42.61	40.02
Total Debt / EV	0.46	0.47	0.45	0.46	0.45	0.3	0.29	0.35	0.42	0.45	0.55	0.49	0.43	0.42	0.4
EV/Sales	0.23	0.21	0.2	0.2	0.25	0.35	0.38	0.35	0.3	0.28	0.32	0.32	0.35	0.33	0.32
EV/EBITDA	4.69	4.43	6.22	4.42	5.66	7.53	7.44	6.89	7.42	6.63	7.01	6.86	6.93	6.34	7.08
EV/EBIT	7.94	7.66	14.2	7.06	9.19	12.21	11.78	11.56	14.34	12.89	17.26	15.19	13.77	11.83	15.67
EV/Cash Flow to Firm	5.89	4.6	6.12	5.99	6.47	8.44	8.05	8.63	8.96	7.26	7.58	5.84	7.19	9.94	6.81
EV/Free Cash Flow to Firm	5.89	4.6	3.73	3.67	4.04	5.2	4.91	4.79	5.36	4.43	4.71	4.18	5.16	6.11	4.4
Diluted Market Cap	10,506	10,494	11,034	11,880	15,267	28,319	31,723	27,495	23,631	20,327	19,417	24,711	30,756	30,963	32,683
Diluted Enterprise Value	18,212	17,563	18,996	20,528	26,187	39,678	43,503	41,262	38,847	35,076	40,167	43,585	49,352	50,332	50,033
EV per Share	13.53	13.26	15.39	18.28	24.37	39.07	43.61	42.35	41.84	41.6	48.61	54.64	64.33	68	67.55
TTM Sales	76,609	82,049	90,269	96,619	98,375	108,465	109,830	115,337	123,280	121,852	122,286	132,498	137,888	148,258	150,039
TTM EBITDA	3,729	3,800	2,916	4,416	4,428	5,085	5,665	5,792	5,048	5,079	5,540	6,153	6,906	7,705	6,846
TTM Operating Income	2,204	2,200	1,278	2,764	2,725	3,137	3,576	3,452	2,612	2,614	2,251	2,780	3,477	4,126	3,096
TTM Cash Flow to Firm	2,971	3,659	2,966	3,257	3,870	4,537	5,236	4,623	4,178	4,644	5,124	7,233	6,654	4,913	7,125
TTM Free Cash Flow to Firm	2,971	3,659	4,864	5,319	6,200	7,368	8,585	8,322	6,987	7,611	8,252	10,098	9,268	7,991	11,029

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	2024 Y
Price/Earnings		149.27	9.36	18.22	7.89	9.93	16.16	15.34	13.69

The Kroger Co.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples