Northern Technologies International Corporation Financial Ratios — NTIC

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 (%)	19.55	14.6	12.46	13.35	5.31	-2.54	9.65	16.9	11.93	-3.05	13.99	12.9	5.71	10.29	0.03
Return on Assets (%)	10.72	8.42	7.41	7.96	3.39	-1.69	6.36	11.15	7.95	-2	8.94	7.88	3.32	5.88	0.02
Return on Capital (%)	18.25	13.48	6.75	7.74	2.9	- -	7.7	14.59	9.91	-3.7	11.47	9.89	3.14	7.48	-1.11
Return on Invested Capital (%)	-18.4	-11.69	-15.48	-12.89	-13.87	- -	-11.6	-9.38	-9.62	6.52	-6.68	-6.09	-5.66	-1.66	-2.25
Gross Margin (%)	34.61	36.23	31.24	33.63	32.21	32.23	33.49	33.56	31.89	33.65	34.65	31.11	34.8	39.72	37.61
EBITDA Margin (%)	-33.53	-22.36	-31.64	-25.45	-25.99	-23.74	-14.77	-8.84	-9.43	-13.07	-7.08	-5.09	-4.99	0.17	-5.01
Operating Margin (%)	-36.06	-24.46	-33.89	-27.47	-28.03	-26.11	-17.06	-10.99	-11.41	-15.31	-9.04	-7.21	-7.04	-1.89	-7.09
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	24.08	20.26	24.96	24.84	10.44	-1.74	11.69	15.75	11.94	3.65	14.97	12.22	6.99	8.99	3.6
Profit Margin (%)	19.97	15.14	14.96	15.31	5.9	-2.63	8.65	13.03	9.34	-2.81	11.12	8.53	3.64	6.36	0.02
Net Income to Common Margin (%)	19.97	15.14	14.96	15.31	5.9	-2.63	8.65	13.03	9.34	-2.81	11.12	8.53	3.64	6.36	0.02
Effective Tax Rate (%)	15.02	22.55	15.38	16.88	20.49	- -	15.13	10.82	12.65	153.73	17.28	20.68	24.15	17.34	67.46
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	23.44	33.95	-222.3	23.09	32.08	47.18	36.53	77.51
Sustainable Growth Rate (%)	19.55	14.6	12.46	13.35	5.31	-2.54	9.65	12.94	7.88	-9.82	10.76	8.76	3.01	6.53	0.01

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	1	1	1	- -	- -	- -	- -	- -	- -	1	- -	6	7	8	13
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	7	7	13
LT Debt	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1
Total Debt/EBITDA	-0.17	-0.2	-0.13	- -	- -	- -	- -	- -	- -	-0.11	-0.09	-1.71	-1.7	51.46	-3.12
Net Debt/EBITDA	0.33	0.61	0.47	0.36	0.33	0.43	1.09	0.92	1.11	1.03	1.92	-0.15	-0.24	14.75	-1.28
Total Debt/EBIT	-0.15	-0.18	-0.12	- -	- -	- -	- -	- -	- -	-0.09	-0.07	-1.21	-1.21	-4.69	-2.2
Net Debt/EBIT	0.31	0.56	0.44	0.34	0.31	0.39	0.94	0.74	0.92	0.88	1.5	-0.11	-0.17	-1.34	-0.9
EBITDA to Interest Expense	-109.96	-173.3	-136.33	-144.28	-376.06	-589.69	-286.75	-253.1	-387.51	-388.35	-248.55	-42.39	-8.64	0.43	-7.03
EBITDA-CapEx/Interest Expense	-121.97	-214.97	-169.72	-182.88	-451.98	-648.42	-339.97	-295.8	-466.73	-438.71	-599.38	-61.52	-15.92	-9.62	-13.61
EBIT to Interest Expense	-118.25	-189.63	-146.04	-155.72	-405.55	-648.44	-331.21	-314.67	-468.81	-454.97	-317.46	-60	-12.17	-4.72	-9.96
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1
Common Equity/Total Assets	54.69	60.53	58.54	60.72	67.13	66.08	65.65	66.32	66.91	64.56	63.41	59.05	57.3	56.99	51.06
Long-Term Debt/Equity (%)	2.92	2.53	1.93	- -	- -	- -	- -	- -	- -	0.46	0.16	0.27	0.12	0.13	0.8
Long-Term Debt/Capital (%)	4.37	3.52	2.56	- -	- -	- -	- -	- -	- -	0.59	0.2	0.3	0.14	0.15	0.88
Long-Term Debt/Total Assets (%)	2.52	2.23	1.75	- -	- -	- -	- -	- -	- -	0.41	0.14	0.21	0.1	0.11	0.6
Total Debt/Equity (%)	3.14	2.73	2.1	- -	- -	- -	- -	- -	- -	1.1	0.57	9.6	9.6	10.03	17.14
Total Debt/Capital (%)	4.7	3.8	2.79	- -	- -	- -	- -	- -	- -	1.42	0.74	10.58	10.89	11.51	18.74
Total Debt/Total Assets (%)	2.71	2.41	1.9	- -	- -	- -	- -	- -	- -	1	0.51	7.49	7.6	7.96	12.8
Net Debt to Equity	-6.3	-8.47	-7.59	-4.99	-5.48	-7.21	-12.3	-7.46	-9.82	-10.72	-11.68	0.84	1.35	2.87	7.05
Net Debt/Capital (%)	-11.01	-13.96	-11.6	-7.25	-7.5	-10.32	-18.89	-10.22	-13.82	-16.03	-17.76	1.02	1.67	3.57	8.59
EBITDA	-7	-5	-7	-7	-8	-8	-6	-5	-5	-6	-4	-4	-4	- -	-4
EBITDA-CapEx	-7	-6	-9	-9	-9	-9	-7	-5	-6	-7	-10	-5	-7	-3	-8
Operating Income (Loss)	-7	-6	-8	-7	-9	-9	-7	-6	-6	-7	-5	-5	-6	-2	-6

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	0.74	1.03	1.18	1.79	1.27	1.41	2.07	0.97	1.2	1.96	0.9	0.31	0.32	0.28	0.3
Current Ratio	3.06	3.52	4.62	5	5.25	5.24	5.33	3.95	4.25	5.45	3.96	2.36	2.37	2.32	1.86
Quick Ratio	2.06	2.19	3.03	3.39	2.99	3.21	3.71	2.56	2.77	3.52	2.5	1.29	1.49	1.44	1.13
CFO/Avg Current Liab	-0.25	-0.09	0.5	1.83	-0.19	0.54	1.29	0.1	0.7	0.7	0.4	0.09	0.33	0.34	0.12
Common Equity/Total Assets	54.69	60.53	58.54	60.72	67.13	66.08	65.65	66.32	66.91	64.56	63.41	59.05	57.3	56.99	51.06
Long-Term Debt/Equity (%)	2.92	2.53	1.93	- -	- -	- -	- -	- -	- -	0.46	0.16	0.27	0.12	0.13	0.8
Long-Term Debt/Capital (%)	4.37	3.52	2.56	- -	- -	- -	- -	- -	- -	0.59	0.2	0.3	0.14	0.15	0.88
Long-Term Debt/Total Assets (%)	2.52	2.23	1.75	- -	- -	- -	- -	- -	- -	0.41	0.14	0.21	0.1	0.11	0.6
Total Debt/Equity (%)	3.14	2.73	2.1	- -	- -	- -	- -	- -	- -	1.1	0.57	9.6	9.6	10.03	17.14
Total Debt/Capital (%)	4.7	3.8	2.79	- -	- -	- -	- -	- -	- -	1.42	0.74	10.58	10.89	11.51	18.74
Total Debt/Total Assets (%)	2.71	2.41	1.9	- -	- -	- -	- -	- -	- -	1	0.51	7.49	7.6	7.96	12.8
CFO/Total Liabilities	-20.99	-7.88	42.28	166.19	-20.58	51.47	117.18	7.87	69.84	77.11	33.56	6.05	29.72	30.17	9.38
CFO/CapEx	-1.59	-0.32	1.1	4.06	-0.47	2.64	5.29	0.79	5.1	6.08	0.51	0.67	1.65	1.72	0.62
Altman's Z-Score	8.85	6.75	9.87	13.72	12.89	10.92	11.48	14.73	9.54	8.89	12.42	5.51	5.93	5.99	3.44

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	8.23	7.9	6.05	6.14	6.58	6.45	6.51	5.95	5.24	4.97	5.57	5.58	5.21	4.86	4.48
Days Sales Outstanding	44.33	46.2	60.35	59.44	55.49	56.63	56.05	61.35	69.68	73.37	65.58	65.43	70.05	75.14	81.53
Inventory Turnover	3.41	3.63	3.34	3.22	3.06	2.94	3.47	4.12	3.87	2.95	3.34	3.72	3.54	3.73	3.51
Days Inventory Outstanding	106.94	100.42	109.25	113.51	119.23	124.12	105.19	88.6	94.3	123.85	109.12	98.08	103.12	97.84	103.88
Accounts Payable Turnover	6.91	7.71	9.01	9.2	10.2	9.29	9.6	10.89	9.35	8.32	9.89	9.32	7.05	8.44	7.44
Accounts Payable Turnover Days	52.81	47.37	40.52	39.68	35.79	39.27	38.03	33.51	39.03	43.86	36.9	39.17	51.75	43.22	49.07
Cash Conversion Cycle	98.46	99.25	129.08	133.27	138.94	141.48	123.2	116.44	124.95	153.35	137.8	124.34	121.42	129.75	136.33
Inventory to Cash Days	-62.61	-54.22	-48.9	-54.07	-63.74	-67.48	-49.14	-27.26	-24.62	-50.48	-43.54	-32.64	-33.07	-22.7	-22.35
Inventories	4	4	5	6	7	8	7	9	10	11	11	16	13	14	16
Raw Materials	1	1	1	1	1	1	2	2	2	4	4	6	5	6	5
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	3	3	4	5	6	6	6	7	9	7	7	10	8	9	10
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	71	45	66	92	70	63	80	165	99	76	152	109	121	124	70
- Cash & Cash Equivalents	3	4	4	2	3	3	6	4	6	6	8	5	5	5	7
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	4	4	3	3	3	3	3	3	3	4	4	4	5
+ Total Debt	1	1	1	- -	- -	- -	- -	- -	- -	1	- -	6	7	8	13
Enterprise Value	69	42	66	88	69	60	72	160	93	67	148	113	126	131	81
Total Capital	23	27	33	37	38	36	40	45	48	46	51	61	62	65	70
Total Debt/Capital (%)	4.7	3.8	2.79	- -	- -	- -	- -	- -	- -	1.42	0.74	10.58	10.89	11.51	18.74
Total Debt / EV	0.02	0.02	0.01	- -	- -	- -	- -	- -	- -	0.01	- -	0.06	0.05	0.06	0.16
EV/Sales	3.54	1.85	2.95	3.29	2.27	1.82	1.83	3.12	1.67	1.41	2.62	1.53	1.58	1.53	0.96
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	891.17	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	33.96	11.81	- -	28.79	12.59	256.91	16.97	13.74	50.94	93.15	21.46	21.17	30.55
EV/Free Cash Flow to Firm	- -	49.05	17.95	9.49	80.75	20.95	10.59	115.32	14.19	11.79	17.32	38.81	13.67	13.62	12.23
Diluted Market Cap	72	46	67	95	72	63	81	171	103	76	165	114	125	129	71
Diluted Enterprise Value	70	43	67	96	73	62	77	169	100	73	161	118	131	136	82
EV per Share	7.99	4.8	7.51	9.89	7.61	6.61	8	17.68	10.25	7.4	16.24	12.3	13.51	13.84	8.5
TTM Sales	20	23	23	27	30	33	40	51	56	48	56	74	80	85	84
TTM EBITDA	-7	-5	-7	-7	-8	-8	-6	-5	-5	-6	-4	-4	-4	- -	-4
TTM Operating Income	-7	-6	-8	-7	-9	-9	-7	-6	-6	-7	-5	-5	-6	-2	-6
TTM Cash Flow to Firm	-1	- -	2	7	-1	2	6	1	5	5	3	1	6	6	3
TTM Free Cash Flow to Firm	- -	1	4	9	1	3	7	1	7	6	9	3	9	10	7

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	-172.22	54.64	18.28	10.26	86.69	22.25	11.81	123.97	15.74	13.22	19.28	39.83	14.05	13.89	11.16
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	69	42	66	88	69	60	72	160	93	67	148	113	126	131	81
Low Price	4.5	4.8	4.84	7.27	7.18	4.8	6.25	7.88	10.02	4.7	7.79	9.05	10.1	10.08	6.75
EV/Sales	3.54	1.85	2.95	3.29	2.27	1.82	1.83	3.12	1.67	1.41	2.62	1.53	1.58	1.53	0.96
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	891.17	- -
Price/Earnings	18.26	13.07	19.59	22.48	39.37	- -	23.29	24.65	19.1	- -	24.19	17.17	41.46	22.92	3,979.97
Price/Earnings Average	16.42	16.96	15.4	21.04	48.18	-70.66	20.42	17.34	24.68	-70.98	19.98	19.18	39.58	24.05	5,624.94
Price/Earnings High	23.16	20.99	20.25	25.84	62.81	-94.15	25.54	28.38	31.86	-101.19	31.2	26.23	48.21	34.24	8,115.9
Price/Earnings Low	9.98	12.23	12.71	15.77	36.28	-50.21	16.54	10.67	17.47	-31.96	11.31	13.19	32.46	17.58	3,630.37
Price/Book Value	3.25	1.78	2.3	2.81	2.04	1.87	2.14	3.92	2.2	1.77	3.22	2.13	2.36	2.3	1.34
Price/Book Value Average	2.92	2.31	1.81	2.63	2.49	1.82	1.88	2.76	2.85	2.23	2.66	2.38	2.25	2.41	1.89
Price/Book Value High	4.12	2.86	2.37	3.23	3.25	2.42	2.35	4.51	3.67	3.17	4.16	3.26	2.74	3.43	2.73
Price/Book Value Low	1.78	1.66	1.49	1.97	1.88	1.29	1.52	1.7	2.02	1	1.51	1.64	1.85	1.76	1.22
Price/Tangible Book Value	2.11	1.25	1.52	1.91	1.51	1.38	1.58	3.02	1.7	1.28	2.34	1.94	2.02	1.92	1.11
Price/Tangible Book Value Average	1.9	1.63	1.19	1.79	1.85	1.34	1.39	2.13	2.19	1.61	1.93	2.17	1.93	2.01	1.57
Price/Tangible Book Value High	2.68	2.01	1.57	2.19	2.41	1.78	1.73	3.48	2.83	2.3	3.01	2.97	2.35	2.86	2.27
Price/Tangible Book Value Low	1.15	1.17	0.98	1.34	1.39	0.95	1.12	1.31	1.55	0.73	1.09	1.49	1.58	1.47	1.01
Price/Sales	3.65	1.98	2.93	3.44	2.32	1.92	2.01	3.21	1.78	1.59	2.69	1.46	1.51	1.46	0.83
Price/Sales Average	3.28	2.57	2.3	3.22	2.84	1.86	1.77	2.26	2.31	1.99	2.22	1.64	1.44	1.53	1.18
Price/Sales High	4.63	3.18	3.03	3.96	3.71	2.48	2.21	3.7	2.98	2.84	3.47	2.24	1.76	2.18	1.7
Price/Sales Low	1.99	1.85	1.9	2.41	2.14	1.32	1.43	1.39	1.63	0.9	1.26	1.12	1.18	1.12	0.76
Price/Cash Flow	-62.67	-115.92	34.53	12.44	-93.24	30.68	13.9	271.43	18.16	15.39	52.53	94.73	21.79	21.07	28.7
Price/Cash Flow Average	-56.36	-150.48	27.14	11.64	-114.12	29.82	12.18	190.89	23.48	19.33	43.38	105.84	20.8	22.11	40.57
Price/Cash Flow High	-79.49	-186.19	35.68	14.3	-148.78	39.73	15.24	312.44	30.31	27.56	67.75	144.75	25.34	31.48	58.53
Price/Cash Flow Low	-34.27	-108.46	22.4	8.73	-85.94	21.19	9.87	117.52	16.62	8.7	24.55	72.78	17.06	16.16	26.18
Price/Free Cash Flow Average	-154.9	70.94	14.37	9.6	106.1	21.63	10.35	87.19	20.34	16.6	15.92	44.5	13.41	14.58	15.77
Price/Free Cash Flow High	-218.47	87.77	18.89	11.79	138.32	28.82	12.95	142.7	26.26	23.67	24.87	60.85	16.33	20.75	22.75
Price/Free Cash Flow Low	-94.17	51.13	11.86	7.2	79.9	15.37	8.39	53.67	14.4	7.48	9.01	30.6	11	10.66	10.18
EV/Sales Average	3.17	2.44	2.32	3.27	2.86	1.84	1.68	2.23	2.26	1.94	2.15	1.7	1.51	1.61	1.3
EV/Sales High	4.52	3.05	3.05	4.01	3.72	2.45	2.12	3.67	2.93	2.78	3.4	2.3	1.83	2.25	1.82
EV/Sales Low	1.89	1.72	1.92	2.47	2.15	1.3	1.34	1.36	1.58	0.84	1.19	1.19	1.25	1.2	0.88
EV/EBITDA Average	-9.46	-10.91	-7.34	-12.86	-10.99	-7.73	-11.36	-25.25	-23.93	-14.81	-30.41	-33.38	-30.32	933.06	-25.98
EV/EBITDA High	-13.48	-13.63	-9.64	-15.74	-14.31	-10.34	-14.36	-41.52	-31.04	-21.31	-48.04	-45.18	-36.62	1,309.19	-36.38
EV/EBITDA Low	-5.63	-7.7	-6.07	-9.69	-8.29	-5.46	-9.09	-15.42	-16.79	-6.43	-16.78	-23.35	-25.12	694.08	-17.65
EV/EBIT Average	-8.8	-9.97	-6.86	-11.91	-10.19	-7.03	-9.83	-20.31	-19.78	-12.65	-23.81	-23.59	-21.52	-85.06	-18.34
EV/EBIT High	-12.53	-12.46	-9	-14.58	-13.27	-9.4	-12.43	-33.4	-25.66	-18.19	-37.61	-31.93	-25.99	-119.36	-25.68
EV/EBIT Low	-5.23	-7.04	-5.67	-8.97	-7.69	-4.97	-7.87	-12.4	-13.88	-5.49	-13.14	-16.5	-17.83	-63.28	-12.46
Last Price	8.23	5.13	7.46	10.36	7.79	6.95	8.8	18.2	10.95	8.31	16.67	11.78	12.9	13.14	7.4
High Price	10.44	8.24	7.71	11.91	12.43	9	9.65	20.95	18.27	14.88	21.5	18	15	19.63	15.09
Enterprise Value Average	62	56	52	88	87	60	66	115	126	92	122	126	121	137	110
Enterprise Value High	88	69	69	107	113	81	84	189	163	133	192	171	146	192	153
Enterprise Value Low	37	39	43	66	65	43	53	70	88	40	67	88	100	102	74

	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	9	9	9	9	9	9	9	9	9	9	9	9	9	9	9
Diluted Weighted Avg Shares	9	9	9	9	9	9	9	9	9	9	10	10	10	10	10
Basic Weighted Avg Shares	9	9	9	9	9	9	9	9	9	9	9	9	9	9	9
Revenue per Share	2.26	2.59	2.54	3.01	3.35	3.63	4.37	5.66	6.14	5.24	6.2	8.05	8.54	9.02	8.89
EBITDA per Share	-0.76	-0.58	-0.8	-0.77	-0.87	-0.86	-0.65	-0.5	-0.58	-0.68	-0.44	-0.41	-0.43	0.02	-0.45
Operating Income per Share	-0.81	-0.63	-0.86	-0.83	-0.94	-0.95	-0.75	-0.62	-0.7	-0.8	-0.56	-0.58	-0.6	-0.17	-0.63
Basic EPS, GAAP	0.45	0.39	0.38	0.46	0.2	-0.1	0.38	0.74	0.57	-0.15	0.69	0.69	0.31	0.57	- -
Basic EPS from Cont Ops	0.46	0.41	0.54	0.62	0.28	-0.13	0.43	0.8	0.64	-0.1	0.77	0.78	0.45	0.67	0.1
Diluted EPS, GAAP	0.44	0.39	0.38	0.45	0.19	-0.1	0.37	0.72	0.55	-0.15	0.64	0.66	0.3	0.55	- -
Diluted EPS from Cont Ops	0.45	0.4	0.53	0.6	0.27	-0.13	0.43	0.77	0.62	-0.1	0.71	0.75	0.44	0.64	0.1
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	0.2	0.24	0.13	0.2	0.28	0.28	0.28	0.16
Cash Flow per Share	-0.13	-0.04	0.22	0.83	-0.08	0.23	0.63	0.07	0.6	0.54	0.32	0.12	0.59	0.62	0.26
Free Cash Flow per Basic Share	-0.21	-0.18	0.02	0.63	-0.26	0.14	0.51	-0.02	0.48	0.45	-0.3	-0.06	0.23	0.26	-0.16
Cash & Equivalents per Share	0.38	0.47	0.49	0.9	0.51	0.62	1.12	0.82	1.04	1.31	0.84	0.58	0.58	0.52	0.77
Book Value per Share	2.53	2.89	3.25	3.68	3.83	3.72	4.1	4.64	4.97	4.69	5.17	5.52	5.47	5.72	5.54
Tangible Book Value per Share	3.9	4.1	4.92	5.43	5.16	5.05	5.56	6.02	6.46	6.47	7.13	6.06	6.38	6.86	6.66

Northern Technologies International Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)