BlackRock MuniYield Michigan Quality Fund, Inc. Financial Ratios — MIY

Profitability (USD)

	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 (%)	- -	7.63	14.75	-0.79	1.92	8.55	4.88	5.15	-12.25	-1.12	4.84
Return on Assets (%)	- -	4.45	8.26	-0.44	1.09	5.03	3.02	3.25	-7.5	-0.67	2.98
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	99.21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	99.21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	226.4	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	99.21	98.13	98.74	114.42	95.09	96.75	92.45	98.7	100.65	108.57	98.65
Profit Margin (%)	99.21	98.13	98.74	114.42	95.09	96.75	92.45	98.7	100.65	108.57	98.65
Net Income to Common Margin (%)	99.21	98.13	98.74	114.42	95.09	96.75	92.45	98.7	100.65	108.57	98.65
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	45.48	78.43	45.47	-684.61	264.41	48.84	76.6	79.96	-36.9	-366.32	73.68
Sustainable Growth Rate (%)	- -	1.65	8.04	-6.18	-3.16	4.37	1.14	1.03	-16.77	-5.21	1.27

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	58.89	57.82	54.97	56.46	56.79	60.86	63.04	63.26	58.95	61.32	61.84
Long-Term Debt/Equity (%)	- -	- -	- -	0.18	0.08	- -	- -	- -	- -	0.01	- -
Long-Term Debt/Capital (%)	- -	- -	- -	0.19	0.08	- -	- -	- -	- -	0.01	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.11	0.05	- -	- -	- -	- -	0.01	- -
Total Debt/Equity (%)	- -	- -	- -	0.18	0.08	- -	- -	- -	- -	0.01	- -
Total Debt/Capital (%)	- -	- -	- -	0.19	0.08	- -	- -	- -	- -	0.01	- -
Total Debt/Total Assets (%)	- -	- -	- -	0.11	0.05	- -	- -	- -	- -	0.01	- -
Net Debt to Equity	- -	- -	- -	- -	- -	-0.01	- -	- -	- -	- -	- -
Net Debt/Capital (%)	- -	- -	- -	- -	- -	-0.01	- -	- -	- -	- -	- -
EBITDA	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	58.89	57.82	54.97	56.46	56.79	60.86	63.04	63.26	58.95	61.32	61.84
Long-Term Debt/Equity (%)	- -	- -	- -	0.18	0.08	- -	- -	- -	- -	0.01	- -
Long-Term Debt/Capital (%)	- -	- -	- -	0.19	0.08	- -	- -	- -	- -	0.01	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.11	0.05	- -	- -	- -	- -	0.01	- -
Total Debt/Equity (%)	- -	- -	- -	0.18	0.08	- -	- -	- -	- -	0.01	- -
Total Debt/Capital (%)	- -	- -	- -	0.19	0.08	- -	- -	- -	- -	0.01	- -
Total Debt/Total Assets (%)	- -	- -	- -	0.11	0.05	- -	- -	- -	- -	0.01	- -
CFO/Total Liabilities	16.41	9.14	1.99	7.37	4.64	4.81	14.93	7.08	7.07	22.67	9.71
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.87	0.58	0.82	0.63	0.6	0.89	0.88	1	0.66	0.78	0.78

Working Capital (USD)

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	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	146	152	358	302	287	378	342	397	360	346	319
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	146	152	358	303	287	378	342	397	360	346	319
Total Capital	264	263	423	421	420	464	469	473	400	378	379
Total Debt/Capital (%)	- -	- -	- -	0.19	0.08	- -	- -	- -	- -	0.01	- -
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	3.99	7.42	6.99	- -	33.78	9.67	13.9	16.18	- -	- -	17.17
EV/EBITDA	4.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	4.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	5.23	9.65	63.16	14.34	21.06	26.3	8.34	20.41	18.28	6.39	14.04
EV/Free Cash Flow to Firm	5.23	9.65	63.16	14.34	21.06	26.3	8.34	20.41	18.28	6.39	14.04
Diluted Market Cap	146	152	358	302	287	378	342	397	360	346	319
Diluted Enterprise Value	146	152	358	303	287	378	342	397	360	346	319
EV per Share	7.97	8.32	10.27	10.04	9.59	11.1	11.58	13.44	12.19	10.34	11.31
TTM Sales	36	20	51	-3	9	39	25	25	-53	-4	19
TTM EBITDA	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	28	16	6	21	14	14	41	19	20	54	23
TTM Free Cash Flow to Firm	28	16	6	21	14	14	41	19	20	54	23

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Free Cash Flow	5.23	9.65	63.16	14.3	21.04	26.3	8.34	20.41	18.28	6.39	14.04
EV/EBIT	4.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	146	152	358	303	287	378	342	397	360	346	319
Low Price	11.94	13.18	12.95	13.17	12.87	12.15	10.85	13.49	12.3	10.56	9.45
EV/Sales	3.99	7.42	6.99	- -	33.78	9.67	13.9	16.18	- -	- -	17.17
EV/EBITDA	4.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	4.03	7.56	7.08	- -	35.48	10	15.04	16.39	- -	- -	17.4
Price/Earnings Average	3.77	7.64	6.37	-87.81	36.44	8.95	14.31	14.9	-6.86	-81.52	16.12
Price/Earnings High	7.13	13.34	10.82	-140	53.15	12.85	19.21	19.51	-8.84	-106.92	18
Price/Earnings Low	6.03	11.98	8.93	-119.73	47.67	10.95	14.09	16.45	-6.8	-81.23	14.54
Price/Book Value	0.55	0.58	0.85	0.72	0.68	0.81	0.73	0.84	0.9	0.91	0.84
Price/Book Value Average	0.52	0.58	0.76	0.69	0.7	0.73	0.7	0.76	0.92	0.94	0.78
Price/Book Value High	0.98	1.02	1.29	1.11	1.02	1.05	0.93	1	1.18	1.23	0.87
Price/Book Value Low	0.83	0.92	1.07	0.95	0.92	0.89	0.68	0.84	0.91	0.93	0.7
Price/Tangible Book Value	0.52	0.54	0.74	0.66	0.64	0.81	0.73	0.84	0.9	0.91	0.84
Price/Tangible Book Value Average	0.49	0.54	0.67	0.64	0.66	0.73	0.7	0.76	0.92	0.94	0.78
Price/Tangible Book Value High	0.93	0.95	1.13	1.02	0.97	1.05	0.93	1	1.18	1.23	0.87
Price/Tangible Book Value Low	0.78	0.85	0.93	0.87	0.87	0.89	0.68	0.84	0.91	0.93	0.7
Price/Sales	3.99	7.42	6.99	-104.13	33.74	9.67	13.9	16.18	-6.78	-86.36	17.16
Price/Sales Average	3.74	7.5	6.29	-100.48	34.65	8.66	13.23	14.71	-6.9	-88.51	15.91
Price/Sales High	7.07	13.09	10.68	-160.19	50.54	12.43	17.76	19.26	-8.9	-116.09	17.76
Price/Sales Low	5.98	11.76	8.82	-137	45.32	10.59	13.03	16.24	-6.84	-88.2	14.34
Price/Cash Flow	5.23	9.65	63.16	14.3	21.04	26.3	8.34	20.41	18.28	6.39	14.04
Price/Cash Flow Average	4.89	9.75	56.79	13.8	21.6	23.54	7.94	18.56	18.62	6.55	13.01
Price/Cash Flow High	9.27	17.01	96.49	22	31.51	33.79	10.66	24.3	24	8.59	14.52
Price/Cash Flow Low	7.83	15.29	79.64	18.82	28.26	28.79	7.82	20.49	18.45	6.53	11.73
Price/Free Cash Flow Average	4.89	9.75	56.79	13.8	21.6	23.54	7.94	18.56	18.62	6.55	13.01
Price/Free Cash Flow High	9.27	17.01	96.49	22	31.51	33.79	10.66	24.3	24	8.59	14.52
Price/Free Cash Flow Low	7.83	15.29	79.64	18.82	28.26	28.79	7.82	20.49	18.45	6.53	11.73
EV/Sales Average	3.74	7.5	6.29	- -	34.68	8.66	13.23	14.71	- -	- -	15.91
EV/Sales High	7.07	13.09	10.68	- -	50.58	12.43	17.76	19.26	- -	- -	17.76
EV/Sales Low	5.98	11.76	8.82	- -	45.36	10.59	13.03	16.24	- -	- -	14.34
EV/EBITDA Average	3.77	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	7.13	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	6.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	3.77	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	7.13	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	6.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	7.97	8.32	10.27	10.01	9.58	11.1	11.58	13.44	12.19	10.34	11.31
High Price	14.12	14.67	15.69	15.4	14.35	14.26	14.79	16	16	13.9	11.7
Enterprise Value Average	136	154	322	293	295	338	326	361	367	354	295
Enterprise Value High	258	268	547	466	430	485	437	473	473	465	330
Enterprise Value Low	218	241	452	399	386	414	321	399	364	353	266

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	18	18	30	30	30	30	30	30	30	29	29
Diluted Weighted Avg Shares	18	18	35	30	30	34	30	30	30	33	28
Basic Weighted Avg Shares	18	18	35	30	30	34	30	30	30	33	28
Revenue per Share	2	1.12	1.47	-0.1	0.28	1.15	0.83	0.83	-1.8	-0.12	0.66
EBITDA per Share	1.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.98	1.1	1.45	-0.11	0.27	1.11	0.77	0.82	-1.81	-0.13	0.65
Basic EPS from Cont Ops	1.98	1.1	1.45	-0.11	0.27	1.11	0.77	0.82	-1.81	-0.13	0.65
Diluted EPS, GAAP	1.98	1.1	1.45	-0.11	0.27	1.11	0.77	0.82	-1.81	-0.13	0.65
Diluted EPS from Cont Ops	1.98	1.1	1.45	-0.11	0.27	1.11	0.77	0.82	-1.81	-0.13	0.65
Dividend per Share	0.9	0.86	0.66	0.75	0.71	0.54	0.59	0.66	0.67	0.48	0.48
Cash Flow per Share	1.52	0.86	0.16	0.7	0.46	0.42	1.39	0.66	0.67	1.62	0.81
Free Cash Flow per Basic Share	1.52	0.86	0.16	0.7	0.46	0.42	1.39	0.66	0.67	1.62	0.81
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	14.43	14.4	12.12	13.92	14.01	13.64	15.85	16.01	13.54	11.32	13.44
Tangible Book Value per Share	15.22	15.46	13.88	15.15	14.86	13.64	15.85	16.01	13.54	11.32	13.44

BlackRock MuniYield Michigan Quality Fund, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)