Movado Group, Inc. Financial Ratios — MOV Stock

Profitability (USD)

	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	2026 Y
Return on Common Equity (%)	13.52	21.77	17.27	15.34	12	8.66	-3.78	15.02	9.62	-27.96	24.23	20.29	8.83	4.05	5.97
Return on Assets (%)	6.74	11.04	9.21	8.91	7.72	5.88	-2.43	8.77	5.31	-14.24	12.37	11.67	5.35	2.47	3.61
Return on Capital (%)	13.64	- -	17.02	15.3	11.37	8.18	-3.67	13.88	7.99	- -	19.26	16.61	7.29	3.25	4.99
Return on Invested Capital (%)	8.76	- -	11.28	10.74	9.41	7.41	-3.1	11.98	5.28	- -	16.53	15.28	6.09	2.4	3.95
Gross Margin (%)	54.76	54.97	53.53	52.81	53.27	53.34	52.48	54.35	53.48	53.42	57.22	57.66	54.81	54.05	54.16
EBITDA Margin (%)	9.61	11.86	14.02	14.3	14	11.85	9.98	11.24	8.47	5.51	17.74	16.98	8.75	4.49	5.85
Operating Margin (%)	7.17	9.76	11.88	12.18	11.78	9.77	7.61	9.15	6.13	2.72	16.04	15.53	7.3	3.06	4.44
Incremental Operating Margin (%)	53.14	42.24	28.4	22.39	-17.37	38.24	-70.92	17.02	-89.75	15.01	45.89	-16.11	84.09	258.42	54.73
Pretax Margin (%)	7.1	9.7	12.09	12.12	11.62	9.31	7.42	9.08	8.2	-28.12	16.02	15.74	8.12	4.08	5.12
Profit Margin (%)	6.83	11.29	8.92	8.82	7.58	6.34	-2.68	9.07	6.09	-22.02	12.51	12.14	6.22	2.81	3.96
Net Income to Common Margin (%)	6.83	11.29	8.92	8.82	7.58	6.34	-2.68	9.07	6.09	-22.02	12.51	12.14	6.22	2.81	3.96
Effective Tax Rate (%)	1.82	- -	25.21	27.07	33.79	31.71	136.13	0.26	26.3	- -	21.11	20.71	21.85	27.92	21.79
Dvd Payout Ratio (%)	8.97	62.54	12.71	19.42	22.21	33.88	-78.38	30.02	43.75	- -	23.5	32.88	123.58	154.93	114.23
Sustainable Growth Rate (%)	12.31	8.15	15.08	12.36	9.34	5.73	-6.74	10.51	5.41	-27.96	18.54	13.62	-2.08	-2.22	-0.85

Credit (USD)

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	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	2026 Y
Total Debt	- -	- -	- -	- -	40	30	25	50	149	106	76	89	92	95	79
ST Debt	- -	- -	- -	- -	5	5	25	- -	15	16	14	18	16	19	21
LT Debt	- -	- -	- -	- -	35	25	- -	50	134	90	63	71	76	76	58
Total Debt/EBITDA	- -	- -	- -	- -	0.48	0.46	0.44	0.66	2.51	3.78	0.59	0.7	1.58	3.23	2
Net Debt/EBITDA	-4.05	-2.8	-1.97	-2.38	-2.26	-3.46	-3.35	-1.83	-2.26	-7.26	-2.13	-1.99	-4.51	-7.11	-5.87
Total Debt/EBIT	- -	- -	- -	- -	0.57	0.56	0.58	0.81	3.46	7.65	0.65	0.77	1.9	4.73	2.64
Net Debt/EBIT	-5.43	-3.4	-2.33	-2.8	-2.68	-4.19	-4.39	-2.24	-3.12	-14.69	-2.36	-2.18	-5.41	-10.42	-7.73
EBITDA to Interest Expense	35.22	138.14	183.43	171.69	75.08	44.73	37.52	99.04	63.84	14.24	188.89	244.01	116.93	59.97	77.41
EBITDA-CapEx/Interest Expense	35.06	137.49	182.78	171.45	74.49	44.51	37.15	98.4	63.57	14.24	188.89	244.01	116.93	59.97	77.41
EBIT to Interest Expense	26.28	113.7	155.37	146.19	63.22	36.87	28.61	80.67	46.23	7.04	170.77	223.14	97.53	40.93	58.83
Interest Expense	1	- -	- -	- -	1	1	2	1	1	2	1	1	- -	- -	1
Common Equity/Total Assets	49.65	51.76	54.73	61.46	67.18	68.49	60.29	56.8	53.8	47.55	54.38	60.57	60.78	61.31	59.59
Long-Term Debt/Equity (%)	- -	- -	- -	- -	7.93	5.27	- -	10.05	25.22	20.85	13.15	13.89	15.04	15.61	11.38
Long-Term Debt/Capital (%)	- -	- -	- -	- -	8.07	5.6	- -	10.36	21.98	19.83	12.68	12.47	13.79	13.88	11.11
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	5.98	4.11	- -	6.62	15.79	12.46	8.24	9	10.1	10.35	7.82
Total Debt/Equity (%)	- -	- -	- -	- -	9.07	6.33	5.32	10.05	28.07	24.54	16.02	17.35	18.13	19.6	15.42
Total Debt/Capital (%)	- -	- -	- -	- -	9.22	6.72	6.04	10.36	24.46	23.33	15.45	15.58	16.62	17.42	15.05
Total Debt/Total Assets (%)	- -	- -	- -	- -	6.84	4.94	3.87	6.62	17.57	14.67	10.04	11.25	12.17	13	10.59
Net Debt to Equity	-46.24	-39.44	-33.83	-41.27	-42.66	-47.74	-40.36	-27.91	-25.26	-47.12	-58.09	-49.28	-51.58	-43.12	-45.18
Net Debt/Capital (%)	-251.21	-157.59	-97.51	-124.47	-91.56	-119.11	-95.25	-47.23	-31.69	-88.72	-127.41	-79.35	-89.76	-62.13	-78.92
EBITDA	45	60	80	84	83	65	57	76	59	28	130	126	58	29	39
EBITDA-CapEx	45	60	80	84	83	65	56	76	59	28	130	126	58	29	39
Operating Income (Loss)	34	49	68	71	70	54	43	62	43	14	117	116	48	20	30

Liquidity (USD)

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	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	2026 Y
Cash Ratio	2.07	2.28	2.28	3.04	2.92	3.59	2.14	1.69	1.7	1.75	1.83	1.77	2.35	1.85	2.04
Current Ratio	4.94	5.91	5.81	7.27	6.26	7.07	4.8	4.15	4.25	3.93	3.66	3.98	4.77	4.34	4.58
Quick Ratio	2.79	3.12	3.1	4.16	3.83	4.53	2.97	2.43	2.44	2.55	2.49	2.51	3.23	2.76	2.98
CFO/Avg Current Liab	1.14	0.48	0.69	0.8	1.04	0.78	0.64	0.81	0.29	0.58	0.94	0.37	0.6	-0.01	0.51
Common Equity/Total Assets	49.65	51.76	54.73	61.46	67.18	68.49	60.29	56.8	53.8	47.55	54.38	60.57	60.78	61.31	59.59
Long-Term Debt/Equity (%)	- -	- -	- -	- -	7.93	5.27	- -	10.05	25.22	20.85	13.15	13.89	15.04	15.61	11.38
Long-Term Debt/Capital (%)	- -	- -	- -	- -	8.07	5.6	- -	10.36	21.98	19.83	12.68	12.47	13.79	13.88	11.11
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	5.98	4.11	- -	6.62	15.79	12.46	8.24	9	10.1	10.35	7.82
Total Debt/Equity (%)	- -	- -	- -	- -	9.07	6.33	5.32	10.05	28.07	24.54	16.02	17.35	18.13	19.6	15.42
Total Debt/Capital (%)	- -	- -	- -	- -	9.22	6.72	6.04	10.36	24.46	23.33	15.45	15.58	16.62	17.42	15.05
Total Debt/Total Assets (%)	- -	- -	- -	- -	6.84	4.94	3.87	6.62	17.57	14.67	10.04	11.25	12.17	13	10.59
CFO/Total Liabilities	75.83	38.52	48.41	60.36	51.77	43.46	31.26	33.23	10.12	23.64	46.05	19.61	30.9	-0.61	24.93
CFO/CapEx	423.95	136.07	191.28	505.05	114.71	177.3	98.42	175.14	125.76	- -	- -	- -	- -	- -	- -
Altman's Z-Score	5.08	8.42	8.16	6.86	5.74	5.85	5.47	5.03	3.6	3.1	4.71	4.65	4.11	3.52	3.84

Working Capital (USD)

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	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	2026 Y
Accounts Receivable Turnover	7.64	8.14	8.77	8.22	8.2	8.02	7.58	8.13	8.63	6.52	8.69	8.01	7.37	7.28	6.87
Days Sales Outstanding	47.77	44.82	41.63	44.4	44.52	45.52	48.18	44.88	42.29	55.98	41.98	45.57	49.53	50.12	53.13
Inventory Turnover	1.23	1.38	1.52	1.57	1.67	1.63	1.77	1.96	1.94	1.46	2	1.82	1.77	1.93	1.95
Days Inventory Outstanding	295.76	265.36	240.05	231.98	218.78	223.32	206.15	186.49	188.46	250.65	182.23	200.69	206.73	188.82	186.87
Accounts Payable Turnover	7.09	8.27	10.02	8.69	9.79	9.12	10.41	10.28	8.96	6.82	8.65	8.73	8.26	9.04	11.16
Accounts Payable Turnover Days	51.51	44.12	36.41	42.03	37.27	40	35.06	35.51	40.73	53.53	42.18	41.8	44.18	40.4	32.72
Cash Conversion Cycle	292.02	266.07	245.27	234.35	226.03	228.84	219.27	195.86	190.01	253.09	182.03	204.47	212.08	198.54	207.27
Inventory to Cash Days	-247.99	-220.54	-198.42	-187.58	-174.26	-177.8	-157.96	-141.61	-146.17	-194.67	-140.24	-155.12	-157.2	-138.7	-133.74
Inventories	164	167	181	171	162	153	152	165	171	153	160	186	154	157	158
Raw Materials	58	53	55	50	41	38	37	40	42	31	30	29	26	24	27
Work In Process	8	9	8	6	4	2	2	2	4	5	2	3	4	4	3
Finished Goods	98	105	118	115	118	112	113	124	126	117	128	155	124	129	128
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	2026 Y
Market Capitalization	459	940	975	616	610	630	706	735	396	479	849	783	613	423	503
- Cash & Cash Equivalents	182	168	158	200	228	256	215	190	186	224	277	252	262	209	231
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	3	2	3	2	1	- -	- -	4	4	5	4	3	2	2	1
+ Total Debt	- -	- -	- -	- -	40	30	25	50	149	106	76	89	92	95	79
Enterprise Value	279	774	787	418	422	404	516	600	363	366	652	623	445	312	353
Total Capital	255	274	319	360	434	446	414	486	609	452	495	569	554	544	523
Total Debt/Capital (%)	- -	- -	- -	- -	9.22	6.72	6.04	10.36	24.46	23.33	15.45	15.58	16.62	17.42	15.05
Total Debt / EV	- -	- -	- -	- -	0.09	0.07	0.05	0.08	0.41	0.29	0.12	0.14	0.21	0.3	0.22
EV/Sales	0.6	1.53	1.38	0.71	0.71	0.73	0.91	0.88	0.52	0.72	0.89	0.84	0.67	0.48	0.53
EV/EBITDA	6.21	12.91	9.84	4.98	5.07	6.17	9.11	7.85	6.12	13.1	5.02	4.93	7.66	10.64	8.99
EV/EBIT	8.32	15.69	11.62	5.85	6.02	7.49	11.95	9.64	8.45	26.51	5.55	5.39	9.18	15.59	11.83
EV/Cash Flow to Firm	3.2	19.7	14.35	6.97	5.61	6.83	9.53	6.9	11.09	5.23	4.96	11.37	5.77	- -	6.05
EV/Free Cash Flow to Firm	3.19	19.56	14.27	6.96	5.56	6.79	9.43	6.86	11	5.23	4.96	11.37	5.77	- -	6.05
Diluted Market Cap	463	940	976	616	611	632	706	754	401	480	878	812	624	432	516
Diluted Enterprise Value	283	774	821	418	423	405	516	618	368	366	681	652	457	321	365
EV per Share	11.21	30.11	30.47	16.31	17.8	17.4	22.37	26.05	15.78	15.76	28.49	28.13	20.03	14.09	15.98
TTM Sales	468	505	570	587	595	553	568	680	701	506	732	744	664	653	671
TTM EBITDA	45	60	80	84	83	65	57	76	59	28	130	126	58	29	39
TTM Operating Income	34	49	68	71	70	54	43	62	43	14	117	116	48	20	30
TTM Cash Flow to Firm	87	39	55	60	75	59	54	87	33	70	131	55	77	-1	58
TTM Free Cash Flow to Firm	88	40	55	60	76	59	55	87	33	70	131	55	77	-1	58

Multiples (USD)

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	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	2026 Y
Price/Free Cash Flow	5.37	24.06	17.81	10.31	8.12	10.8	12.77	8.7	12.41	7.02	6.71	14.94	8.13	-287.35	8.9
EV/EBIT	8.32	15.69	11.62	5.85	6.02	7.49	11.95	9.64	8.45	26.51	5.55	5.39	9.18	15.59	11.83
Enterprise Value	279	774	787	418	422	404	516	600	363	366	652	623	445	312	353
Low Price	10.93	18.37	29.21	22.66	21.18	19.14	20.5	28.15	17.16	8.12	20.48	27.72	23.94	17.86	12.85
EV/Sales	0.6	1.53	1.38	0.71	0.71	0.73	0.91	0.88	0.52	0.72	0.89	0.84	0.67	0.48	0.53
EV/EBITDA	6.21	12.91	9.84	4.98	5.07	6.17	9.11	7.85	6.12	13.1	5.02	4.93	7.66	10.64	8.99
Price/Earnings	14.34	16.47	19.16	11.9	13.53	17.98	- -	11.94	9.28	- -	9.26	8.66	14.82	23.06	18.96
Price/Earnings Average	12.31	12.66	19.6	18.11	13.87	16.62	-39.62	14.89	14.61	-2.67	8.05	8.35	15.31	28.21	14.97
Price/Earnings High	15.76	16.89	24.62	23.9	16.95	21.16	-51.44	20.07	21.68	-4.78	12.16	10.23	20.04	35.52	19.37
Price/Earnings Low	8.52	8.27	14.83	11.22	11.15	12.68	-31.06	10.52	9.25	-1.69	5.12	6.79	12.87	21.54	10.68
Price/Book Value	1.82	3.45	3.08	1.72	1.55	1.51	1.81	1.7	0.87	1.4	2.05	1.64	1.33	0.95	1.14
Price/Book Value Average	1.56	2.65	3.15	2.62	1.59	1.4	1.55	2.13	1.37	0.87	1.78	1.58	1.38	1.16	0.9
Price/Book Value High	2	3.54	3.96	3.45	1.94	1.78	2.01	2.87	2.03	1.56	2.69	1.94	1.8	1.46	1.16
Price/Book Value Low	1.08	1.73	2.38	1.62	1.28	1.07	1.22	1.5	0.87	0.55	1.13	1.29	1.16	0.88	0.64
Price/Tangible Book Value	1.16	2.21	2.09	1.27	1.38	1.33	1.82	2.33	1.13	1.16	1.83	1.56	1.22	0.89	0.99
Price/Tangible Book Value Average	1	1.7	2.14	1.94	1.42	1.23	1.56	2.9	1.77	0.72	1.59	1.51	1.26	1.08	0.79
Price/Tangible Book Value High	1.28	2.27	2.69	2.55	1.73	1.57	2.02	3.91	2.63	1.29	2.4	1.85	1.65	1.36	1.02
Price/Tangible Book Value Low	0.69	1.11	1.62	1.2	1.14	0.94	1.22	2.05	1.12	0.46	1.01	1.23	1.06	0.83	0.56
Price/Sales	0.98	1.86	1.71	1.05	1.03	1.14	1.24	1.08	0.57	0.95	1.16	1.05	0.92	0.65	0.75
Price/Sales Average	0.84	1.43	1.75	1.6	1.05	1.05	1.06	1.35	0.89	0.59	1.01	1.01	0.95	0.79	0.59
Price/Sales High	1.08	1.91	2.2	2.11	1.28	1.34	1.38	1.82	1.32	1.05	1.52	1.24	1.25	1	0.77
Price/Sales Low	0.58	0.93	1.32	0.99	0.84	0.8	0.83	0.95	0.56	0.37	0.64	0.82	0.8	0.61	0.42
Price/Cash Flow	5.33	24.24	17.88	10.34	8.18	10.84	12.9	8.54	12.36	7.01	6.49	14.4	7.98	-281.54	8.69
Price/Cash Flow Average	4.58	18.64	18.29	15.73	8.39	10.02	11.02	10.65	19.46	4.35	5.64	13.88	8.24	-344.48	6.86
Price/Cash Flow High	5.86	24.86	22.98	20.76	10.25	12.76	14.31	14.35	28.86	7.79	8.51	17.01	10.79	-433.65	8.88
Price/Cash Flow Low	3.17	12.18	13.84	9.75	6.74	7.64	8.64	7.52	12.32	2.75	3.58	11.29	6.93	-262.99	4.9
Price/Free Cash Flow Average	4.6	18.5	18.21	15.7	8.33	9.99	10.92	10.85	19.54	4.36	5.83	14.39	8.4	-351.58	7.03
Price/Free Cash Flow High	5.9	24.68	22.88	20.72	10.18	12.71	14.17	14.63	28.98	7.81	8.81	17.64	10.99	-442.59	9.1
Price/Free Cash Flow Low	3.19	12.09	13.78	9.73	6.7	7.61	8.56	7.67	12.37	2.76	3.71	11.71	7.06	-268.41	5.02
EV/Sales Average	0.46	1.1	1.48	1.26	0.74	0.64	0.73	1.15	0.84	0.36	0.74	0.8	0.7	0.62	0.37
EV/Sales High	0.69	1.58	1.92	1.77	0.97	0.93	1.04	1.62	1.27	0.83	1.25	1.03	0.99	0.83	0.54
EV/Sales Low	0.2	0.61	1.05	0.65	0.53	0.39	0.5	0.75	0.52	0.15	0.37	0.61	0.55	0.43	0.2
EV/EBITDA Average	4.76	9.29	10.53	8.81	5.26	5.44	7.3	10.23	9.95	6.6	4.17	4.7	8.01	13.86	6.29
EV/EBITDA High	7.22	13.32	13.72	12.38	6.93	7.87	10.47	14.42	15.03	15.03	7.06	6.05	11.37	18.44	9.27
EV/EBITDA Low	2.07	5.11	7.49	4.56	3.78	3.33	5	6.71	6.1	2.68	2.1	3.59	6.27	9.69	3.39
EV/EBIT Average	6.38	11.29	12.43	10.35	6.24	6.6	9.57	12.56	13.74	13.35	4.61	5.14	9.6	20.32	8.28
EV/EBIT High	9.68	16.18	16.2	14.54	8.23	9.55	13.74	17.7	20.76	30.41	7.81	6.61	13.63	27.02	12.2
EV/EBIT Low	2.77	6.21	8.85	5.36	4.49	4.04	6.55	8.23	8.42	5.42	2.32	3.92	7.51	14.19	4.47
Last Price	18.41	36.56	37.75	24.03	25.7	27.15	30.6	31.95	17.22	20.66	37.07	35.36	27.58	19.12	22.8
High Price	20.23	37.5	48.5	48.27	32.21	31.95	33.95	53.73	40.21	22.98	48.66	41.75	37.28	29.45	23.3
Enterprise Value Average	214	557	842	740	438	357	413	781	591	184	541	594	465	407	247
Enterprise Value High	325	798	1,098	1,039	577	516	593	1,101	892	419	917	764	661	541	364
Enterprise Value Low	93	306	599	383	315	218	283	512	362	75	272	454	364	284	133

	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	2026 Y
Shares Outstanding	25	25	25	25	23	23	23	23	23	23	23	22	22	22	22
Diluted Weighted Avg Shares	25	26	26	26	24	23	23	24	23	23	24	23	23	23	23
Basic Weighted Avg Shares	25	26	26	26	24	23	23	23	23	23	23	22	22	22	22
Revenue per Share	18.78	19.66	22.08	22.9	25.07	23.81	24.62	29.52	30.45	21.83	32	33.62	29.9	29.5	30.41
EBITDA per Share	1.8	2.33	3.1	3.28	3.51	2.82	2.46	3.32	2.58	1.2	5.68	5.71	2.62	1.32	1.78
Operating Income per Share	1.35	1.92	2.62	2.79	2.95	2.32	1.87	2.7	1.87	0.59	5.13	5.22	2.18	0.9	1.35
Basic EPS, GAAP	1.28	2.22	1.97	2.02	1.9	1.51	-0.66	2.68	1.85	-4.81	4	4.08	1.86	0.83	1.2
Basic EPS from Cont Ops	1.31	2.25	2	2.02	1.93	1.51	-0.66	2.67	1.84	-4.79	4.04	4.2	1.9	0.87	1.22
Diluted EPS, GAAP	1.27	2.22	1.97	2.02	1.9	1.51	-0.66	2.61	1.83	-4.8	3.87	3.94	1.83	0.81	1.17
Diluted EPS from Cont Ops	1.3	2.25	1.99	2.02	1.93	1.51	-0.66	2.61	1.82	-4.78	3.91	4.05	1.86	0.85	1.19
Dividend per Share	0.12	1.43	0.26	0.39	0.43	0.51	0.52	0.8	0.8	- -	0.96	1.42	2.39	1.4	1.41
Cash Flow per Share	3.45	1.51	2.11	2.33	3.14	2.5	2.37	3.74	1.39	2.95	5.71	2.45	3.46	-0.07	2.62
Free Cash Flow per Basic Share	3.44	1.5	2.1	2.32	3.11	2.49	2.35	3.72	1.38	2.95	5.71	2.45	3.46	-0.07	2.62
Cash & Equivalents per Share	7.31	6.53	7.39	7.8	9.61	11.04	9.31	8.25	8.07	9.65	12.11	11.36	11.79	9.41	10.44
Book Value per Share	10.11	10.59	12.26	13.98	16.56	17.93	16.87	18.75	19.8	14.74	18.08	21.55	20.69	20.19	20.05
Tangible Book Value per Share	15.81	16.56	18.04	18.89	18.59	20.34	16.77	13.73	15.28	17.8	20.25	22.63	22.53	21.59	22.92

Movado Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)