FiscalNote Holdings, Inc. Financial Ratios — NOTE Stock

Profitability (USD)

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	-122.73	13.47	-81.67
Return on Assets (%)	- -	-19.6	-33.23	-53.78	-28.73	2.73	-22.45
Return on Capital (%)	- -	- -	- -	- -	- -	11.26	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	-10.69	- -
Gross Margin (%)	56.64	58.68	56.05	57.9	56.18	63.28	62.13
EBITDA Margin (%)	-26.73	-26.79	-47.28	-59.25	-52.04	-10.04	-33.05
Operating Margin (%)	-44.22	-40.72	-61.37	-75.41	-50.09	-26.56	-38.91
Incremental Operating Margin (%)	- -	- -	- -	- -	102.5	- -	20.84
Pretax Margin (%)	-79.08	-80.77	-141.49	-194.71	-86.88	8.36	-69.7
Profit Margin (%)	-50.61	-78.69	-131.97	-191.85	-87.05	7.91	-68.39
Net Income to Common Margin (%)	-66.88	-127.79	-370.19	-215.2	-87.05	7.91	-68.39
Effective Tax Rate (%)	- -	- -	- -	- -	- -	5.33	- -
Dvd Payout Ratio (%)	24.33	38.42	64.35	10.85	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	-122.73	13.47	-81.67

Credit (USD)

Credit Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	171	215	333	198	252	173	151
ST Debt	15	3	14	7	3	3	6
LT Debt	155	212	320	191	248	170	145
Total Debt/EBITDA	-9.7	-12.33	-8.5	-2.94	-3.65	-14.33	-4.79
Net Debt/EBITDA	-9.34	-9.8	-7.63	-1.51	-2.98	-9.8	-3.3
Total Debt/EBIT	-5.86	-7.43	-6	-2.24	-2.57	-5.41	-3.05
Net Debt/EBIT	-5.65	-5.9	-5.38	-1.15	-2.11	-3.7	-2.1
EBITDA to Interest Expense	-0.77	-0.55	-0.6	-0.7	-2.31	-0.51	-1.91
EBITDA-CapEx/Interest Expense	-0.77	-0.59	-0.6	-0.7	-2.31	-0.51	-1.91
EBIT to Interest Expense	-1.27	-0.83	-0.79	-0.9	-2.22	-1.35	-2.25
Interest Expense	23	32	65	96	30	24	16
Common Equity/Total Assets	-77.88	-82.55	-127.36	33.4	11.73	29.99	24.28
Long-Term Debt/Equity (%)	881.11	2,741.08	- -	132.07	571.74	173.29	233.97
Long-Term Debt/Capital (%)	82.48	95.07	106.41	55.78	84.2	62.61	68.04
Long-Term Debt/Total Assets (%)	63.93	75.67	84.47	44.12	67.05	51.97	56.81
Total Debt/Equity (%)	968.22	2,783.12	-1,015.01	136.75	579.04	176.79	243.87
Total Debt/Capital (%)	90.64	96.53	110.93	57.76	85.27	63.87	70.92
Total Debt/Total Assets (%)	70.25	76.83	88.05	45.68	67.91	53.02	59.22
Net Debt to Equity	932.62	2,211.2	-910.68	70.26	473.93	120.88	168.08
Net Debt/Capital (%)	90.32	95.67	111.46	36.03	73.91	48.88	55.18
EBITDA	-18	-17	-39	-67	-69	-12	-32
EBITDA-CapEx	-18	-19	-39	-67	-69	-12	-32
Operating Income (Loss)	-29	-27	-51	-86	-66	-32	-37

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.14	1.26	0.46	0.97	0.36	0.68	0.59
Current Ratio	0.43	1.6	0.78	1.38	0.76	1.12	1.03
Quick Ratio	0.35	1.44	0.62	1.21	0.62	0.94	0.86
CFO/Avg Current Liab	- -	-0.42	-0.71	-1.1	-0.56	-0.09	-0.24
Common Equity/Total Assets	-77.88	-82.55	-127.36	33.4	11.73	29.99	24.28
Long-Term Debt/Equity (%)	881.11	2,741.08	- -	132.07	571.74	173.29	233.97
Long-Term Debt/Capital (%)	82.48	95.07	106.41	55.78	84.2	62.61	68.04
Long-Term Debt/Total Assets (%)	63.93	75.67	84.47	44.12	67.05	51.97	56.81
Total Debt/Equity (%)	968.22	2,783.12	-1,015.01	136.75	579.04	176.79	243.87
Total Debt/Capital (%)	90.64	96.53	110.93	57.76	85.27	63.87	70.92
Total Debt/Total Assets (%)	70.25	76.83	88.05	45.68	67.91	53.02	59.22
CFO/Total Liabilities	-7.5	-6.3	-9.01	-25.18	-10.85	-2.32	-5.92
CFO/CapEx	-111.94	-12.94	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	- -	-7.72	- -	- -	-18.64

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	7.98	9.44	8.72	8.33	7.91	7.51
Days Sales Outstanding	- -	45.71	38.66	41.84	43.81	46.13	48.62
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)

Enterprise Value API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	832	- -	- -	24
- Cash & Cash Equivalents	6	44	32	60	16	29	24
+ Preferred Equity and Hybrid Capital	207	239	449	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	171	215	333	198	252	173	151
Enterprise Value	- -	- -	- -	969	- -	- -	149
Total Capital	188	223	300	343	295	271	213
Total Debt/Capital (%)	90.64	96.53	110.93	57.76	85.27	63.87	70.92
Total Debt / EV	- -	- -	- -	0.2	- -	- -	1.02
EV/Sales	- -	- -	- -	8.52	- -	- -	1.56
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	421	- -	- -	21
Diluted Enterprise Value	- -	- -	- -	559	- -	- -	145
EV per Share	- -	- -	- -	88.51	- -	- -	9.15
TTM Sales	66	65	83	114	133	120	95
TTM EBITDA	-18	-17	-39	-67	-69	-12	-32
TTM Operating Income	-29	-27	-51	-86	-66	-32	-37
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	17	- -
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	17	- -

Multiples (USD)

Valuation Multiples API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	-5.8	- -	- -	-1.8
EV/EBIT	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	969	- -	- -	149
Low Price	- -	- -	- -	53.04	- -	- -	1.41
EV/Sales	- -	- -	- -	8.52	- -	- -	1.56
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	5.75	- -	- -	0.39
Price/Book Value Average	- -	- -	- -	6.15	- -	- -	2.07
Price/Book Value High	- -	- -	- -	11.17	- -	- -	6.39
Price/Book Value Low	- -	- -	- -	4.01	- -	- -	0.37
Price/Tangible Book Value	- -	- -	- -	-4.9	- -	- -	-0.19
Price/Tangible Book Value Average	- -	- -	- -	-5.24	- -	- -	-1.01
Price/Tangible Book Value High	- -	- -	- -	-9.52	- -	- -	-3.13
Price/Tangible Book Value Low	- -	- -	- -	-3.42	- -	- -	-0.18
Price/Sales	- -	- -	- -	3.7	- -	- -	0.22
Price/Sales Average	- -	- -	- -	3.96	- -	- -	1.16
Price/Sales High	- -	- -	- -	7.19	- -	- -	3.58
Price/Sales Low	- -	- -	- -	2.58	- -	- -	0.21
Price/Cash Flow	- -	- -	- -	-5.8	- -	- -	-1.8
Price/Cash Flow Average	- -	- -	- -	-6.2	- -	- -	-9.69
Price/Cash Flow High	- -	- -	- -	-11.26	- -	- -	-29.86
Price/Cash Flow Low	- -	- -	- -	-4.05	- -	- -	-1.73
Price/Free Cash Flow Average	- -	- -	- -	-6.2	- -	- -	-9.69
Price/Free Cash Flow High	- -	- -	- -	-11.26	- -	- -	-29.86
Price/Free Cash Flow Low	- -	- -	- -	-4.05	- -	- -	-1.73
EV/Sales Average	- -	- -	- -	9.03	- -	- -	2.65
EV/Sales High	- -	- -	- -	15.42	- -	- -	5.46
EV/Sales Low	- -	- -	- -	6.31	- -	- -	1.55
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	75.96	- -	- -	1.47
High Price	- -	- -	- -	147.6	- -	- -	24.36
Enterprise Value Average	- -	- -	- -	1,027	- -	- -	253
Enterprise Value High	- -	- -	- -	1,754	- -	- -	521
Enterprise Value Low	- -	- -	- -	718	- -	- -	148

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	11	11	11	11	11	13	16
Diluted Weighted Avg Shares	11	11	11	6	11	11	14
Basic Weighted Avg Shares	11	11	11	6	11	11	14
Revenue per Share	6.09	6.03	7.67	20.52	12.11	10.51	6.8
EBITDA per Share	-1.63	-1.61	-3.63	-12.16	-6.3	-1.06	-2.25
Operating Income per Share	-2.69	-2.45	-4.71	-15.48	-6.07	-2.79	-2.65
Basic EPS, GAAP	-4.07	-7.7	-28.39	-44.17	-10.54	0.83	-4.65
Basic EPS from Cont Ops	-3.08	-4.74	-10.12	-39.38	-10.54	0.83	-4.65
Diluted EPS, GAAP	-4.07	-7.7	-28.39	-44.17	-10.54	0.83	-4.65
Diluted EPS from Cont Ops	-3.08	-4.74	-10.12	-39.38	-10.54	0.83	-4.65
Dividend per Share	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-1.56	-1.59	-3.43	-13.1	-3.24	-0.46	-0.82
Free Cash Flow per Basic Share	-1.58	-1.71	-3.43	-13.1	-3.24	-0.46	-0.82
Cash & Equivalents per Share	0.58	4.09	2.98	5.51	2.18	2.75	1.62
Book Value per Share	-17.51	-21.39	-44.59	13.21	4.01	7.77	3.81
Tangible Book Value per Share	-37.35	-41.17	-73.63	-15.5	-22.94	-11.69	-7.79