Manhattan Bridge Capital, Inc. Financial Ratios — LOAN Stock

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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	2.71	3.18	3.83	7.17	7.98	8.47	8.47	8.26	8.15	7.4	6.96	7.26	7.17	7.78	7.88
Return on Capital (%)	-153.3	22.79	15.95	24.37	25.67	30.31	28.06	19.31	21.45	18.32	19.15	21.08	18.63	21.94	27.11
Return on Invested Capital (%)	3.22	3.1	5.67	9.94	10.81	11.22	11.91	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	81.97	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	40.12	42.73	77.06	85.81	89.67	94.26	100.09	0.07	0.02	0.02	0.04	0.03	0.06	0.07	0.07
Operating Margin (%)	39.98	42.69	77.06	85.81	89.49	94.16	99.99	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	105.64	57.43	263.84	117.03	98.66	122.05	127.18	-559.27	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	34.1	44.46	52.64	62.83	67.71	73.56	73.4	76.09	78.68	74.68	76.63	77.09	75	75.89	73.81
Profit Margin (%)	19.51	24.97	31.64	61.65	67.66	73.5	73.34	76.07	78.67	74.67	76.62	77.08	75	75.88	73.8
Net Income to Common Margin (%)	19.51	24.97	31.64	61.65	67.66	73.5	73.34	76.07	78.67	74.67	76.62	77.08	75	75.88	73.8
Effective Tax Rate (%)	42.79	43.84	39.9	1.88	0.07	0.08	0.09	0.02	0.01	0.02	0.01	0.01	0.01	0.01	0.02
Dvd Payout Ratio (%)	- -	- -	21.96	58.68	95.16	95.32	95.64	95.11	103.15	97.96	112.81	110.28	96.93	93.61	102.95
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	2	5	7	10	13	12	22	22	21	26	22	31	31	23	18
ST Debt	1	5	7	10	13	6	17	17	15	20	16	25	25	16	18
LT Debt	- -	- -	- -	- -	- -	5	5	5	6	6	6	6	6	6	- -
Total Debt/EBITDA	3.14	8.12	4.7	5.02	4.36	3.24	4.75	5,948.44	14,746.54	23,158.11	9,557.61	13,446.28	7,690.61	4,629.98	3,564.76
Net Debt/EBITDA	2.72	7.76	3.98	5	4.32	3.21	4.72	5,893.55	14,598.43	22,713.56	9,351.52	13,282.85	7,610.56	4,559.11	3,501.15
Total Debt/EBIT	3.16	8.13	4.7	5.02	4.36	3.24	4.75	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	2.73	7.76	3.98	5	4.33	3.22	4.73	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	3.37	2.37	3.21	3.59	4.29	4.66	3.83	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	3.37	2.37	3.21	3.56	4.28	4.66	3.82	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	3.35	2.37	3.21	3.59	4.28	4.66	3.82	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	1	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-13.15	-6.54	-3	0.49	-1.23	-1.28	-0.83	-0.79	-1.07	-0.66	-1.99	-2.46	-2.04	-1.82	-2.21
Long-Term Debt/Equity (%)	6.18	5.9	- -	- -	- -	23.76	24.17	17	17.59	18.69	13.83	14.06	14.09	14.15	0.38
Long-Term Debt/Capital (%)	150.31	11.21	- -	- -	- -	46.78	24.54	25.2	27.72	23.08	29.55	20.68	20.4	28.7	0.99
Long-Term Debt/Total Assets (%)	4.96	3.49	- -	- -	- -	15.01	11.72	9.75	10.32	9.99	8.93	7.9	7.91	9.09	0.26
Total Debt/Equity (%)	20.52	63.68	75	73.34	72.8	52.82	100.2	68.81	65.28	82.23	49.9	72.37	72.67	52.12	41.21
Total Debt/Capital (%)	498.86	121.03	107.81	98.84	103.1	103.98	101.73	102.03	102.87	101.52	106.59	106.43	105.25	105.75	108.4
Total Debt/Total Assets (%)	16.45	37.65	41.36	41.6	40.8	33.35	48.57	39.49	38.3	43.92	32.21	40.67	40.82	33.47	28.49
Net Debt to Equity	17.77	60.84	63.52	72.99	72.2	52.38	99.59	68.17	64.62	80.65	48.82	71.49	71.92	51.32	40.48
Net Debt/Capital (%)	1,298.05	122.23	109.36	98.83	103.13	104.01	101.74	102.05	102.43	100.08	105.02	105.51	104.52	105.01	107.81
EBITDA	1	1	1	2	3	4	5	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	1	1	1	2	3	4	5	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1	1	1	2	3	4	5	- -	- -	- -	- -	- -	- -	- -	- -

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	0.15	0.04	1.62	- -	0.01	0.01	0.01	0.01	- -	- -	- -	- -	- -	- -	- -
Current Ratio	4.84	1.95	1.65	1.84	1.49	3.62	2.51	2.34	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	0.22	0.07	1.64	0.02	0.04	0.06	0.04	0.03	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	0.36	0.14	0.12	0.14	0.17	0.28	0.27	0.21	0.37	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-13.15	-6.54	-3	0.49	-1.23	-1.28	-0.83	-0.79	-1.07	-0.66	-1.99	-2.46	-2.04	-1.82	-2.21
Long-Term Debt/Equity (%)	6.18	5.9	- -	- -	- -	23.76	24.17	17	17.59	18.69	13.83	14.06	14.09	14.15	0.38
Long-Term Debt/Capital (%)	150.31	11.21	- -	- -	- -	46.78	24.54	25.2	27.72	23.08	29.55	20.68	20.4	28.7	0.99
Long-Term Debt/Total Assets (%)	4.96	3.49	- -	- -	- -	15.01	11.72	9.75	10.32	9.99	8.93	7.9	7.91	9.09	0.26
Total Debt/Equity (%)	20.52	63.68	75	73.34	72.8	52.82	100.2	68.81	65.28	82.23	49.9	72.37	72.67	52.12	41.21
Total Debt/Capital (%)	498.86	121.03	107.81	98.84	103.1	103.98	101.73	102.03	102.87	101.52	106.59	106.43	105.25	105.75	108.4
Total Debt/Total Assets (%)	16.45	37.65	41.36	41.6	40.8	33.35	48.57	39.49	38.3	43.92	32.21	40.67	40.82	33.47	28.49
CFO/Total Liabilities	19.05	9.1	10.87	12.09	15.25	23.44	14.64	18.31	19.7	15.14	19.31	15.46	16.1	20.47	25.6
CFO/CapEx	- -	- -	- -	66.98	229.11	1,010.88	2,078.15	3,798.58	- -	481.97	- -	1,799.72	1,060.96	1,227.44	11,792.02
Altman's Z-Score	1.9	1.12	1.32	1.96	1.93	3.78	2.37	2.02	1.73	1.17	1.52	1.15	1.09	1.68	1.74

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	13.05	11.52	11.11	12.25	11.09	10.59	10.64	9.77	8.98	7.54	6.48	5.83	5.29	5.05	4.38
Days Sales Outstanding	27.96	31.69	32.86	29.8	32.91	34.47	34.31	37.37	40.66	48.43	56.36	62.59	68.97	72.25	83.37
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	4.3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	84.84	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	-53.15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	31.69	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	4	5	7	20	30	58	48	49	61	50	58	61	57	64	53
- Cash & Cash Equivalents	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2	5	7	10	13	12	22	22	21	26	22	31	31	23	18
Enterprise Value	5	10	2	30	42	69	70	71	82	76	79	92	88	86	71
Total Capital	- -	4	6	10	13	11	22	22	20	26	20	29	30	21	16
Total Debt/Capital (%)	498.86	121.03	107.81	98.84	103.1	103.98	101.73	102.03	102.87	101.52	106.59	106.43	105.25	105.75	108.4
Total Debt / EV	0.32	0.55	2.96	0.33	0.3	0.17	0.32	0.31	0.25	0.34	0.27	0.34	0.35	0.26	0.25
EV/Sales	3.88	6.34	1.22	12.88	12.85	17.97	15.03	12.9	14.38	13.48	13.75	13.63	12.07	11.73	10.21
EV/EBITDA	9.68	14.84	1.58	15.01	14.33	19.07	15.01	19,208.61	58,103.97	67,252.73	35,049.77	39,958.86	21,715.85	17,746.71	14,197.3
EV/EBIT	9.71	14.85	1.58	15.01	14.36	19.09	15.03	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	10.85	14.28	2.14	16.59	15.1	18.11	15.03	16.35	18.54	18.08	17.26	17.84	16.33	17.52	14.35
EV/Free Cash Flow to Firm	10.85	14.28	2.14	16.42	15.06	18.09	15.02	16.34	18.54	18.04	17.26	17.83	16.31	17.51	14.35
Diluted Market Cap	4	5	7	20	30	58	48	49	61	50	58	61	57	64	53
Diluted Enterprise Value	5	10	13	31	43	70	71	71	82	76	79	92	88	86	71
EV per Share	1.41	2.28	0.53	6.04	6.29	9.14	8.68	8.11	8.51	7.93	7.54	8.02	7.68	7.56	6.19
TTM Sales	1	2	2	2	3	4	5	6	6	6	6	7	7	7	7
TTM EBITDA	1	1	1	2	3	4	5	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	1	1	1	2	3	4	5	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	1	1	2	3	4	5	4	4	4	5	5	5	5	5
TTM Free Cash Flow to Firm	- -	1	1	2	3	4	5	4	4	4	5	5	5	5	5

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	9.66	8.84	9.34	15.71	13.98	18.93	13.96	11.34	13.86	11.86	12.58	11.85	10.56	12.98	10.79
EV/EBIT	9.71	14.85	1.58	15.01	14.36	19.09	15.03	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	5	10	2	30	42	69	70	71	82	76	79	92	88	86	71
Low Price	0.82	0.84	1.02	1.58	2.98	3.8	4.65	5.34	5.52	2.54	4.89	5.07	4.27	4.6	4.29
EV/Sales	3.88	6.34	1.22	12.88	12.85	17.97	15.03	12.9	14.38	13.48	13.75	13.63	12.07	11.73	10.21
EV/EBITDA	9.68	14.84	1.58	15.01	14.33	19.07	15.01	19,208.61	58,103.97	67,252.73	35,049.77	39,958.86	21,715.85	17,746.71	14,197.3
Price/Earnings	14.31	12.12	12.52	13.93	13.26	20.33	14.05	11.75	13.67	11.86	13.09	11.76	10.41	11.46	10.41
Price/Earnings Average	18.19	11.65	11.48	8.66	12.33	14.31	13.8	13.73	13.37	10.69	14.61	12.42	10.46	10.57	11.86
Price/Earnings High	26.21	16.01	16.84	14.17	14.44	20.33	18.06	16.73	14.46	14.76	19.15	14.29	12.38	12.07	13.54
Price/Earnings Low	11.63	9.34	7.47	5.46	9	10.17	10.98	11.17	11.86	5.78	11.63	11.18	8.94	9.41	9.6
Price/Book Value	-2.77	-5.02	-15.11	169.43	-76.42	-127.96	-127.32	-112.57	-105.74	-127.37	-43.27	-32.71	-36.65	-52.23	-38.64
Price/Book Value Average	-3.52	-4.82	-13.85	105.31	-71.06	-90.07	-125.12	-131.56	-103.44	-114.79	-48.32	-34.55	-36.81	-48.21	-44.05
Price/Book Value High	-5.07	-6.63	-20.32	172.38	-83.21	-127.96	-163.69	-160.25	-111.89	-158.42	-63.34	-39.76	-43.58	-55.03	-50.27
Price/Book Value Low	-2.25	-3.87	-9.01	66.43	-51.88	-63.98	-99.5	-106.97	-91.77	-62.1	-38.47	-31.11	-31.48	-42.9	-35.65
Price/Tangible Book Value	0.45	0.56	0.82	1.46	1.67	2.59	2.17	1.54	1.92	1.57	1.33	1.43	1.33	1.48	1.23
Price/Tangible Book Value Average	0.58	0.53	0.75	0.91	1.55	1.82	2.13	1.8	1.88	1.41	1.49	1.51	1.33	1.37	1.41
Price/Tangible Book Value High	0.83	0.73	1.1	1.49	1.82	2.59	2.79	2.19	2.03	1.95	1.95	1.74	1.58	1.56	1.61
Price/Tangible Book Value Low	0.37	0.43	0.49	0.57	1.14	1.29	1.7	1.46	1.67	0.77	1.19	1.36	1.14	1.22	1.14
Price/Sales	2.79	3.03	3.96	8.59	8.97	14.95	10.3	8.94	10.75	8.86	10.03	9.06	7.81	8.69	7.68
Price/Sales Average	3.55	2.91	3.63	5.34	8.34	10.52	10.12	10.45	10.52	7.98	11.2	9.57	7.84	8.02	8.75
Price/Sales High	5.11	4	5.33	8.74	9.77	14.95	13.24	12.73	11.38	11.02	14.68	11.02	9.28	9.16	9.99
Price/Sales Low	2.27	2.33	2.36	3.37	6.09	7.47	8.05	8.5	9.33	4.32	8.91	8.62	6.71	7.14	7.09
Price/Cash Flow	9.63	8.83	9.29	15.85	13.99	18.9	13.95	11.33	13.86	11.89	12.58	11.86	10.57	12.99	10.79
Price/Cash Flow Average	12.24	8.48	8.52	9.85	13	13.3	13.71	13.24	13.56	10.71	14.05	12.53	10.61	11.99	12.3
Price/Cash Flow High	17.63	11.66	12.5	16.13	15.23	18.9	17.94	16.13	14.67	14.78	18.42	14.42	12.56	13.68	14.04
Price/Cash Flow Low	7.83	6.8	5.54	6.21	9.49	9.45	10.9	10.77	12.03	5.79	11.19	11.28	9.08	10.67	9.96
Price/Free Cash Flow Average	12.28	8.5	8.56	9.77	13	13.32	13.72	13.25	13.56	10.69	14.05	12.52	10.6	11.98	12.3
Price/Free Cash Flow High	17.69	11.68	12.56	15.98	15.22	18.93	17.95	16.14	14.67	14.75	18.42	14.41	12.55	13.67	14.04
Price/Free Cash Flow Low	7.85	6.81	5.57	6.16	9.49	9.46	10.91	10.77	12.03	5.78	11.19	11.27	9.07	10.66	9.95
EV/Sales Average	4.64	6.22	6.7	9.63	12.22	13.55	14.85	14.41	14.15	12.6	14.92	14.14	12.1	11.06	11.29
EV/Sales High	6.21	7.31	8.39	13.03	13.64	17.97	17.97	16.68	15.01	15.63	18.4	15.59	13.54	12.2	12.53
EV/Sales Low	3.36	5.65	5.43	7.66	9.96	10.5	12.78	12.45	12.96	8.94	12.64	13.19	10.97	10.18	9.62
EV/EBITDA Average	11.57	14.56	8.69	11.22	13.62	14.37	14.84	21,454.28	57,161.54	62,885.77	38,029.91	41,455.63	21,780.08	16,733.46	15,690.78
EV/EBITDA High	15.46	17.11	10.89	15.18	15.22	19.07	17.95	24,847.38	60,631.21	78,029.6	46,898.05	45,688.89	24,373.37	18,451.35	17,410.87
EV/EBITDA Low	8.38	13.22	7.04	8.92	11.11	11.14	12.76	18,545.23	52,366.46	44,595.85	32,215.48	38,663.37	19,736.84	15,397.91	13,370.95
EV/EBIT Average	11.61	14.58	8.69	11.22	13.65	14.39	14.85	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	15.52	17.13	10.89	15.18	15.25	19.09	17.97	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	8.41	13.23	7.04	8.92	11.13	11.15	12.78	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	1.01	1.09	1.71	4.03	4.39	7.6	5.95	5.62	6.36	5.21	5.5	5.33	4.97	5.6	4.65
High Price	1.85	1.44	2.3	4.1	4.78	7.6	7.65	8	6.73	6.48	8.05	6.48	5.91	5.9	6.05
Enterprise Value Average	6	10	12	23	40	52	70	80	81	71	86	96	88	81	78
Enterprise Value High	8	11	15	31	45	69	84	92	86	89	106	105	99	90	87
Enterprise Value Low	4	9	10	18	33	41	60	69	74	51	73	89	80	75	67

	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	4	4	6	7	8	8	10	10	10	11	11	11	11	11
Diluted Weighted Avg Shares	4	4	4	5	7	8	8	9	10	10	11	11	11	11	11
Basic Weighted Avg Shares	4	4	4	5	7	8	8	9	10	10	11	11	11	11	11
Revenue per Share	0.36	0.36	0.43	0.47	0.49	0.51	0.58	0.63	0.59	0.59	0.55	0.59	0.64	0.64	0.61
EBITDA per Share	0.15	0.15	0.33	0.4	0.44	0.48	0.58	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	0.14	0.15	0.33	0.4	0.44	0.48	0.58	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.07	0.09	0.14	0.29	0.33	0.37	0.42	0.48	0.47	0.44	0.42	0.45	0.48	0.49	0.45
Basic EPS from Cont Ops	0.07	0.09	0.14	0.29	0.33	0.37	0.42	0.48	0.47	0.44	0.42	0.45	0.48	0.49	0.45
Diluted EPS, GAAP	0.07	0.09	0.14	0.29	0.33	0.37	0.42	0.48	0.47	0.44	0.42	0.45	0.48	0.49	0.45
Diluted EPS from Cont Ops	0.07	0.09	0.14	0.29	0.33	0.37	0.42	0.48	0.47	0.44	0.42	0.45	0.48	0.49	0.45
Dividend per Share	- -	- -	0.03	0.17	0.32	0.36	0.41	0.45	0.48	0.43	0.47	0.5	0.46	0.46	0.46
Cash Flow per Share	0.1	0.12	0.18	0.25	0.31	0.4	0.43	0.5	0.46	0.44	0.44	0.45	0.47	0.43	0.43
Free Cash Flow per Basic Share	0.1	0.12	0.18	0.25	0.31	0.4	0.43	0.5	0.46	0.44	0.44	0.45	0.47	0.43	0.43
Cash & Equivalents per Share	0.06	0.06	2.75	0.01	0.02	0.01	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.02	0.02
Book Value per Share	-0.37	-0.22	-0.11	0.02	-0.06	-0.06	-0.05	-0.05	-0.06	-0.04	-0.13	-0.16	-0.14	-0.11	-0.12
Tangible Book Value per Share	2.23	1.96	2.08	2.76	2.62	2.94	2.74	3.65	3.31	3.32	4.12	3.73	3.74	3.78	3.77

Manhattan Bridge Capital, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)