NVE Corporation Financial Ratios — NVEC 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 (%)	21.19	18.11	14.5	16.99	14.78	16.95	19.74	22.2	24	21.55	30.2	47.97	35.75	33.74	37.58
Return on Assets (%)	14.69	13.22	11.08	13.35	11.65	13.31	15.36	16.96	17.81	15.39	20.73	33.2	25.18	22.99	24.39
Return on Capital (%)	21.19	18.11	14.5	16.99	14.78	16.95	19.74	22.2	23.84	21.24	29.79	47.41	35.43	33.26	36.75
Return on Invested Capital (%)	12.88	11.64	9.8	12.17	10.61	12.33	14.33	15.42	16.12	13.91	19.8	32.37	23.21	20.7	22.21
Gross Margin (%)	67.37	74.01	77.94	80.32	76.13	78.54	78.99	80.3	80.76	80.71	76.79	78.92	77.28	83.63	78.73
EBITDA Margin (%)	51.69	58.61	58.76	66	61.83	65.64	65.06	62.82	63.22	62.18	62.08	67.55	63.17	63.07	62.21
Operating Margin (%)	49.94	56.22	55.5	62.95	58.76	61.59	61.78	60.16	61.05	59.64	60.51	67.04	62.14	61.81	60.46
Incremental Operating Margin (%)	129.75	-59.76	73.1	104.49	103.45	190.32	65.39	74.48	38.65	68.49	63.78	82.68	84.33	64.25	-16.13
Pretax Margin (%)	58.17	64.94	63.68	70.1	65.58	67.41	67	66.9	68.09	66.66	64.85	70.82	68.67	69.72	67.66
Profit Margin (%)	39.82	43.76	42.94	46.98	44.35	45.71	46.59	54.8	57.16	54.73	53.76	59.33	57.46	58.22	57.72
Net Income to Common Margin (%)	39.82	43.76	42.94	46.98	44.35	45.71	46.59	54.8	57.16	54.73	53.76	59.33	57.46	58.22	57.72
Effective Tax Rate (%)	31.54	32.62	32.58	32.98	32.37	32.19	30.47	18.08	16.04	17.89	17.1	16.23	16.33	16.49	14.69
Dvd Payout Ratio (%)	- -	- -	- -	69.6	157.94	149.4	139.19	133.54	133.44	165.35	133.26	85.15	112.89	128.38	127.3
Sustainable Growth Rate (%)	21.19	18.11	14.5	5.17	-8.56	-8.37	-7.74	-7.45	-8.03	-14.08	-10.05	7.13	-4.61	-9.57	-10.26

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	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	- -	1	1
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	1	1	- -	- -	- -	1	1
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.05	0.06	0.04	0.02	0.02	0.06	0.06
Net Debt/EBITDA	-0.1	-0.16	-0.08	-0.47	-0.44	-0.44	-0.24	-0.41	-0.5	-0.78	-0.62	-0.06	-0.55	-0.49	-0.1
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	0.05	0.06	0.04	0.02	0.02	0.06	0.06
Net Debt/EBIT	-0.11	-0.17	-0.09	-0.49	-0.46	-0.47	-0.26	-0.43	-0.52	-0.82	-0.64	-0.07	-0.56	-0.5	-0.11
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	71.45	74.38	78.26	78.78	78.93	78.07	77.5	75.29	73.08	69.59	67.63	70.75	70.07	66.15	63.54
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.91	0.82	0.69	0.51	0.27	1.35	1.27
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.2	1.14	0.96	0.69	0.37	1.93	1.89
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.89	0.8	0.66	0.5	0.26	1.3	1.23
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.07	1.03	0.93	0.77	0.54	1.48	1.55
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.41	1.43	1.3	1.05	0.75	2.12	2.31
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.05	1.01	0.89	0.75	0.53	1.43	1.5
Net Debt to Equity	-1.9	-2.67	-1.22	-8.71	-7.59	-8.85	-5.5	-8.31	-10.34	-14.71	-16.18	-2.49	-15.68	-12.91	-2.94
Net Debt/Capital (%)	-2.67	-3.65	-1.56	-12.21	-10.45	-12.61	-7.55	-12.26	-15.86	-25.58	-29.21	-3.49	-27.9	-22.7	-4.56
EBITDA	15	16	15	20	17	19	19	17	16	13	17	26	19	16	16
EBITDA-CapEx	13	14	15	20	17	18	19	17	16	13	16	25	19	15	14
Operating Income (Loss)	14	15	14	19	16	17	18	16	16	13	16	26	19	16	16

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	11.45	6.86	11.52	19.88	17.13	25.37	25.79	23.17	34.1	17.62	12.74	9.38	21.44	18.59	17.38
Current Ratio	15.69	10.69	17.09	24.85	21.02	32.13	33.03	32.84	43.19	23.71	16.9	16.8	32.05	28.4	28.21
Quick Ratio	13.06	8.28	13.49	21.87	18.54	28.51	28.7	26.76	37.48	19.54	14.65	12.93	24.47	21.66	20.37
CFO/Avg Current Liab	7.25	7.33	8.37	11.14	9.31	9.22	14.53	15.58	19.48	14.66	7.18	8.9	12.72	12.98	14.42
Common Equity/Total Assets	71.45	74.38	78.26	78.78	78.93	78.07	77.5	75.29	73.08	69.59	67.63	70.75	70.07	66.15	63.54
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.91	0.82	0.69	0.51	0.27	1.35	1.27
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.2	1.14	0.96	0.69	0.37	1.93	1.89
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.89	0.8	0.66	0.5	0.26	1.3	1.23
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.07	1.03	0.93	0.77	0.54	1.48	1.55
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.41	1.43	1.3	1.05	0.75	2.12	2.31
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.05	1.01	0.89	0.75	0.53	1.43	1.5
CFO/Total Liabilities	768.14	710.06	806.65	844.09	900.24	1,130.19	1,530.92	1,701.5	1,057.74	830.73	430.81	877.5	1,506.16	712.99	782.05
CFO/CapEx	8.66	6.93	77.16	80.38	49.81	23.81	25.05	208.29	305.45	213.06	25.8	20.4	1,090.63	11.38	7.61
Altman's Z-Score	93.71	94.06	110.01	116.32	105.79	221.79	246.48	342.83	103.15	128.61	57.27	113.83	218.77	94.88	92.06

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	9.1	10.39	10.69	11.55	10.64	9.97	9.44	9	8.93	9.17	8.09	6.81	6.17	7.68	7.53
Days Sales Outstanding	40.11	35.15	34.15	31.6	34.29	36.6	38.66	40.57	40.86	39.79	45.1	53.57	59.2	47.5	48.5
Inventory Turnover	2.84	2.14	1.75	1.73	1.9	1.85	1.79	1.32	1.2	1.06	1.39	1.4	1	0.58	0.77
Days Inventory Outstanding	128.64	170.57	208.78	210.69	191.63	197.07	203.85	276.94	304.19	344.73	261.94	260.44	365.82	629.38	473.63
Accounts Payable Turnover	13.2	13.14	14.04	17.89	17.97	17.95	16.6	14.76	16.04	15.81	11.64	15.33	36.76	26.48	21.22
Accounts Payable Turnover Days	27.65	27.78	25.99	20.41	20.32	20.33	21.99	24.73	22.75	23.09	31.35	23.81	9.93	13.78	17.2
Cash Conversion Cycle	141.1	177.93	216.94	221.89	205.6	213.34	220.51	292.77	322.29	361.43	275.69	290.2	415.09	663.09	504.93
Inventory to Cash Days	-88.53	-135.42	-174.63	-179.09	-157.33	-160.47	-165.19	-236.37	-263.32	-304.94	-216.84	-206.88	-306.62	-581.88	-425.13
Inventories	3	3	3	4	3	3	4	4	4	4	5	6	7	7	7
Raw Materials	1	1	1	1	1	1	1	1	1	1	1	2	2	2	1
Work In Process	2	2	2	2	2	2	2	2	2	2	3	4	3	4	3
Finished Goods	1	1	1	1	1	1	1	1	1	1	1	1	3	2	2
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	254	273	277	335	274	400	402	474	252	339	263	401	436	308	317
- Cash & Cash Equivalents	2	3	1	9	8	8	5	7	8	10	10	2	10	8	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	- -	1	1
Enterprise Value	235	261	263	305	247	373	377	455	226	321	233	384	414	287	298
Total Capital	59	71	82	87	80	73	68	63	59	51	46	50	47	43	39
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.41	1.43	1.3	1.05	0.75	2.12	2.31
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	8.23	9.65	10.14	9.98	8.91	13.15	12.62	17.18	8.89	15.05	8.62	10.04	13.89	11.11	11.31
EV/EBITDA	15.91	16.46	17.27	15.11	14.41	20.04	19.39	27.35	14.06	24.2	13.88	14.87	21.99	17.61	18.19
EV/EBIT	16.47	17.16	18.28	15.85	15.16	21.36	20.42	28.56	14.55	25.23	14.25	14.98	22.36	17.97	18.71
EV/Cash Flow to Firm	18.35	20.63	21.22	20.52	17.26	30.1	24.87	31.99	14.21	24.06	18.6	20.13	22.69	20.08	17.88
EV/Free Cash Flow to Firm	16.45	18.03	20.94	20.27	16.92	28.89	23.92	31.83	14.16	23.94	17.91	19.19	22.67	18.46	15.81
Diluted Market Cap	258	274	278	336	274	401	403	475	252	339	263	401	436	308	317
Diluted Enterprise Value	256	272	276	326	267	392	398	468	245	329	254	400	427	301	316
EV per Share	49.02	53.89	54.23	62.84	50.92	77.04	77.84	93.89	46.6	66.51	48.12	79.54	85.66	59.44	61.59
TTM Sales	29	27	26	31	28	28	30	26	25	21	27	38	30	26	26
TTM EBITDA	15	16	15	20	17	19	19	17	16	13	17	26	19	16	16
TTM Operating Income	14	15	14	19	16	17	18	16	16	13	16	26	19	16	16
TTM Cash Flow to Firm	13	13	12	15	14	12	15	14	16	13	13	19	18	14	17
TTM Free Cash Flow to Firm	14	14	13	15	15	13	16	14	16	13	13	20	18	16	19

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	18.04	18.96	22.1	22.3	18.79	31.05	25.56	33.23	15.81	25.24	20.28	20.02	23.9	19.81	16.82
EV/EBIT	16.47	17.16	18.28	15.85	15.16	21.36	20.42	28.56	14.55	25.23	14.25	14.98	22.36	17.97	18.71
Enterprise Value	235	261	263	305	247	373	377	455	226	321	233	384	414	287	298
Low Price	49.5	46.35	46.33	50.06	45.47	52.16	68.5	76.5	42.85	45.32	53.55	43.35	64.14	62.96	51.5
EV/Sales	8.23	9.65	10.14	9.98	8.91	13.15	12.62	17.18	8.89	15.05	8.62	10.04	13.89	11.11	11.31
EV/EBITDA	15.91	16.46	17.27	15.11	14.41	20.04	19.39	27.35	14.06	24.2	13.88	14.87	21.99	17.61	18.19
Price/Earnings	22.34	23.08	24.85	23.29	22.31	30.92	28.92	32.68	17.36	28.98	18.15	17.67	25.45	20.46	20.85
Price/Earnings Average	24.24	22.1	23.13	21.4	23.45	23.83	27.94	33.58	23.52	23.9	22.49	12.45	22.96	24.74	21.33
Price/Earnings High	29.27	25.15	26.35	25.66	32.18	33	32.71	45.07	34.63	31.42	27.13	17.67	28.28	28.88	26.19
Price/Earnings Low	20.86	18.96	20.18	16.92	17.94	19.48	23.84	25.54	14.29	18.73	17.84	9.23	18.1	20.21	16.39
Price/Book Value	4.28	3.83	3.36	3.86	3.44	5.47	5.94	7.53	4.34	6.72	5.77	8.18	9.31	7.25	8.26
Price/Book Value Average	4.64	3.67	3.13	3.54	3.62	4.22	5.74	7.74	5.88	5.54	7.15	5.77	8.4	8.77	8.45
Price/Book Value High	5.61	4.18	3.56	4.25	4.97	5.84	6.72	10.39	8.66	7.28	8.63	8.18	10.35	10.23	10.38
Price/Book Value Low	4	3.15	2.73	2.8	2.77	3.45	4.89	5.89	3.57	4.34	5.67	4.27	6.63	7.16	6.49
Price/Tangible Book Value	3.12	2.91	2.67	3.09	2.76	4.32	4.65	5.73	3.23	4.78	4.08	5.98	6.65	4.95	5.44
Price/Tangible Book Value Average	3.39	2.78	2.48	2.84	2.9	3.33	4.5	5.89	4.38	3.94	5.05	4.21	6	5.99	5.57
Price/Tangible Book Value High	4.09	3.17	2.83	3.4	3.98	4.61	5.26	7.9	6.45	5.18	6.1	5.98	7.39	6.99	6.83
Price/Tangible Book Value Low	2.91	2.39	2.17	2.24	2.22	2.72	3.84	4.48	2.66	3.09	4.01	3.12	4.73	4.89	4.28
Price/Sales	8.89	10.1	10.67	10.94	9.89	14.14	13.47	17.91	9.92	15.86	9.76	10.48	14.62	11.91	12.03
Price/Sales Average	9.65	9.67	9.93	10.05	10.4	10.89	13.02	18.4	13.44	13.08	12.09	7.38	13.19	14.4	12.31
Price/Sales High	11.66	11.01	11.32	12.06	14.27	15.08	15.24	24.7	19.8	17.19	14.58	10.48	16.25	16.81	15.12
Price/Sales Low	8.31	8.3	8.67	7.95	7.96	8.91	11.1	14	8.17	10.25	9.59	5.47	10.4	11.77	9.46
Price/Cash Flow	19.84	21.59	22.31	22.5	19.16	32.35	26.56	33.35	15.86	25.36	21.06	21	23.89	21.54	19.02
Price/Cash Flow Average	21.53	20.68	20.77	20.68	20.15	24.93	25.65	34.26	21.49	20.91	26.1	14.8	21.55	26.04	19.47
Price/Cash Flow High	26	23.53	23.66	24.8	27.64	34.51	30.03	45.99	31.65	27.49	31.48	21	26.54	30.4	23.9
Price/Cash Flow Low	18.53	17.74	18.12	16.35	15.41	20.38	21.89	26.06	13.06	16.39	20.7	10.97	16.99	21.27	14.95
Price/Free Cash Flow Average	19.57	18.16	20.57	20.49	19.76	23.93	24.69	34.15	21.43	20.82	25.14	14.11	21.56	23.96	17.21
Price/Free Cash Flow High	23.64	20.66	23.44	24.57	27.11	33.14	28.91	45.83	31.56	27.36	30.31	20.03	26.55	27.97	21.13
Price/Free Cash Flow Low	16.84	15.58	17.95	16.2	15.12	19.57	21.07	25.97	13.02	16.32	19.94	10.46	17	19.57	13.22
EV/Sales Average	9.6	9.58	9.88	9.74	10.13	10.6	12.86	18.14	13.16	12.63	11.73	7.35	12.86	14.13	12.28
EV/Sales High	11.6	10.91	11.27	11.75	14	14.79	15.08	24.44	19.51	16.74	14.22	10.45	15.91	16.54	15.09
EV/Sales Low	8.25	8.21	8.62	7.64	7.68	8.62	10.95	13.74	7.89	9.8	9.23	5.44	10.07	11.49	9.43
EV/EBITDA Average	18.57	16.34	16.82	14.76	16.38	16.16	19.76	28.88	20.81	20.31	18.89	10.89	20.36	22.4	19.75
EV/EBITDA High	22.45	18.62	19.18	17.8	22.64	22.54	23.18	38.91	30.87	26.92	22.9	15.47	25.19	26.22	24.25
EV/EBITDA Low	15.97	14	14.67	11.57	12.43	13.13	16.82	21.87	12.47	15.76	14.86	8.06	15.94	18.22	15.16
EV/EBIT Average	19.22	17.04	17.81	15.48	17.24	17.22	20.81	30.16	21.55	21.17	19.38	10.97	20.7	22.86	20.32
EV/EBIT High	23.23	19.41	20.3	18.66	23.82	24.02	24.41	40.63	31.96	28.07	23.5	15.59	25.61	26.76	24.95
EV/EBIT Low	16.53	14.6	15.53	12.14	13.08	13.99	17.72	22.84	12.92	16.43	15.25	8.12	16.2	18.59	15.6
Last Price	53	56.42	57.04	68.92	56.53	82.79	83.11	97.89	52.03	70.1	54.47	82.99	90.18	63.74	65.5
High Price	69.46	61.47	60.49	75.94	81.55	88.34	94	135	103.82	76	81.42	83	100.19	89.98	82.3
Enterprise Value Average	274	259	256	298	281	300	384	480	334	270	316	281	383	366	323
Enterprise Value High	332	295	292	359	388	419	450	647	496	358	384	400	474	428	397
Enterprise Value Low	236	222	224	234	213	244	327	364	200	209	249	208	300	297	248

	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	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5
Diluted Weighted Avg Shares	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5
Basic Weighted Avg Shares	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5
Revenue per Share	5.96	5.59	5.35	6.3	5.71	5.86	6.17	5.46	5.24	4.42	5.58	7.92	6.17	5.35	5.44
EBITDA per Share	3.08	3.27	3.14	4.16	3.53	3.84	4.01	3.43	3.32	2.75	3.47	5.35	3.9	3.38	3.39
Operating Income per Share	2.98	3.14	2.97	3.96	3.36	3.61	3.81	3.29	3.2	2.64	3.38	5.31	3.83	3.31	3.29
Basic EPS, GAAP	2.37	2.44	2.3	2.96	2.53	2.68	2.87	3	3	2.42	3	4.7	3.54	3.12	3.14
Basic EPS from Cont Ops	2.37	2.44	2.3	2.96	2.53	2.68	2.87	3	3	2.42	3	4.7	3.54	3.12	3.14
Diluted EPS, GAAP	2.34	2.43	2.29	2.95	2.53	2.68	2.87	2.99	3	2.42	3	4.7	3.54	3.11	3.14
Diluted EPS from Cont Ops	2.34	2.43	2.29	2.95	2.53	2.68	2.87	2.99	3	2.42	3	4.7	3.54	3.11	3.14
Dividend per Share	- -	- -	- -	2.06	4	4	4	4	4	4	4	4	4	4	4
Cash Flow per Share	2.67	2.61	2.56	3.06	2.95	2.56	3.13	2.94	3.28	2.76	2.59	3.95	3.78	2.96	3.44
Free Cash Flow per Basic Share	2.36	2.24	2.52	3.02	2.89	2.45	3	2.92	3.27	2.75	2.49	3.76	3.77	2.7	2.99
Cash & Equivalents per Share	3.98	2.53	2.81	6.08	5.61	5.75	5.27	4	5.6	3.75	6.47	3.56	4.59	4.49	4.1
Book Value per Share	12.38	14.72	16.98	17.86	16.41	15.14	14	13	11.99	10.44	9.44	10.14	9.68	8.79	7.93
Tangible Book Value per Share	16.98	19.42	21.38	22.31	20.47	19.16	17.85	17.09	16.1	14.67	13.36	13.89	13.57	12.88	12.04

NVE Corporation

Profitability (USD)

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Enterprise Value (USD)

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Per Share Data Items (USD)