Phillips Edison & Co. Financial Ratios — PECO Stock

Profitability (USD)

	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
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-2.1	0.61	0.39	-1.3	0.9	-1.27	0.1	0.32	1.03	1.18	1.26	2.15
Return on Capital (%)	- -	- -	8.34	6.48	- -	5.16	- -	4.54	5.94	9.31	11.31	12.71	15.98
Return on Invested Capital (%)	- -	- -	2.39	1.58	- -	1.34	- -	1.56	2.3	2.88	3.3	3.56	3.97
Gross Margin (%)	70.54	69.09	69.56	69.54	68.77	69.2	69.99	68.98	70.29	71.63	71.3	71.22	71.13
EBITDA Margin (%)	63.6	48.36	61.4	53.38	56.1	56.57	60.17	60.03	60.46	63.02	63.18	63.06	62.66
Operating Margin (%)	22.9	7.64	21.11	13.78	14.99	13.05	16.81	15.55	19.57	22.71	25.27	25.8	27.19
Incremental Operating Margin (%)	- -	-2.05	68.14	-99.78	20.82	7.94	32.07	33.08	77.09	62.06	67.64	32.05	41.27
Pretax Margin (%)	-16.88	-12.03	5.6	3.51	-13.39	10.91	-13.57	1.1	3.23	9.48	10.45	10.54	16.92
Profit Margin (%)	-16.95	-12.03	5.52	3.47	-12.32	9.09	-11.84	0.96	2.84	8.4	9.32	9.48	15.32
Net Income to Common Margin (%)	-16.95	-12.03	5.52	3.47	-12.32	9.09	-11.84	0.96	2.84	8.4	9.32	9.48	15.32
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	8.99	1.9	- -	- -	- -	- -
Dvd Payout Ratio (%)	-156.97	-250.11	431.53	702.09	-164.72	147.28	-149.95	801.87	551.56	209.24	192.07	174.71	116.82
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	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
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	693	885	1,099	1,898	2,570	2,466	2,394	1,999	2,006	2,077	2,226	2,494
ST Debt	- -	292	141	177	62	73	- -	- -	- -	79	181	40	92
LT Debt	- -	401	744	922	1,836	2,497	2,466	2,394	1,999	1,927	1,896	2,186	2,402
Total Debt/EBITDA	- -	7.61	5.96	7.99	10.86	10.56	7.64	8.01	6.21	5.53	5.39	5.34	5.48
Net Debt/EBITDA	- -	6.97	5.41	7.62	10.31	9.95	7.23	7.32	5.58	5.21	5.1	5.05	5.21
Total Debt/EBIT	- -	48.16	17.32	30.95	40.62	45.77	27.33	30.92	19.17	15.35	13.47	13.04	12.62
Net Debt/EBIT	- -	44.12	15.75	29.51	38.56	43.12	25.88	28.25	17.24	14.47	12.74	12.33	12
EBITDA to Interest Expense	4.43	4.47	4.59	4.24	3.83	3.35	3.13	3.5	4.22	5.09	4.58	4.36	4.13
EBITDA-CapEx/Interest Expense	-67.97	-30.44	1.78	-1.96	0.33	3.35	3.13	3.5	4.22	5.09	4.58	4.36	4.13
EBIT to Interest Expense	1.59	0.71	1.58	1.09	1.02	0.77	0.87	0.91	1.37	1.84	1.83	1.78	1.79
Interest Expense	11	20	32	32	46	73	103	85	76	71	84	96	110
Common Equity/Total Assets	- -	-9.86	-14.46	-18.33	-17	-13.35	-19.56	-21.3	-23.34	-24.68	-25.63	-26.38	-26.07
Long-Term Debt/Equity (%)	- -	28.49	57.62	75.3	124.17	103.49	113.72	118.77	80.73	74.2	71.48	82.98	92.75
Long-Term Debt/Capital (%)	- -	79.68	126.47	134.38	106.09	108.75	131.41	138.95	161.71	160.77	161.61	180.85	169.31
Long-Term Debt/Total Assets (%)	- -	18.65	33.43	38.75	52.07	48.36	51.08	51.18	42.82	40.7	38.98	43.31	45.43
Total Debt/Equity (%)	- -	49.21	68.53	89.75	128.33	106.53	113.72	118.77	80.73	77.25	78.3	84.5	96.3
Total Debt/Capital (%)	- -	137.61	150.43	160.16	109.65	111.95	131.41	138.95	161.71	167.36	177.04	184.16	175.8
Total Debt/Total Assets (%)	- -	32.22	39.77	46.18	53.82	49.78	51.08	51.18	42.82	42.37	42.7	44.11	47.17
Net Debt to Equity	- -	45.08	62.3	85.56	121.82	100.36	107.7	108.54	72.62	72.78	74.02	79.9	91.58
Net Debt/Capital (%)	- -	130.12	146.91	154.55	104.42	106.24	125.65	135.16	157.23	158.42	168.07	174.86	167.59
EBITDA	47	91	149	138	175	243	323	299	322	363	385	417	455
EBITDA-CapEx	-714	-620	58	-64	15	243	323	299	322	363	385	417	455
Operating Income (Loss)	17	14	51	36	47	56	90	77	104	131	154	171	198

Liquidity (USD)

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	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
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.05	0.21	0.04	0.03	0.08	0.13	0.54	0.84	0.06	0.04	0.05	0.07
Current Ratio	- -	0.07	0.25	0.42	0.54	0.88	1.27	1.11	1.72	0.55	0.4	0.6	0.66
Quick Ratio	- -	0.05	0.21	0.23	0.41	0.47	0.67	0.96	1.51	0.49	0.38	0.58	0.52
CFO/Avg Current Liab	- -	0.44	0.4	0.49	0.54	0.8	1.29	1.27	1.71	1.78	1.11	1.23	1.33
Common Equity/Total Assets	- -	-9.86	-14.46	-18.33	-17	-13.35	-19.56	-21.3	-23.34	-24.68	-25.63	-26.38	-26.07
Long-Term Debt/Equity (%)	- -	28.49	57.62	75.3	124.17	103.49	113.72	118.77	80.73	74.2	71.48	82.98	92.75
Long-Term Debt/Capital (%)	- -	79.68	126.47	134.38	106.09	108.75	131.41	138.95	161.71	160.77	161.61	180.85	169.31
Long-Term Debt/Total Assets (%)	- -	18.65	33.43	38.75	52.07	48.36	51.08	51.18	42.82	40.7	38.98	43.31	45.43
Total Debt/Equity (%)	- -	49.21	68.53	89.75	128.33	106.53	113.72	118.77	80.73	77.25	78.3	84.5	96.3
Total Debt/Capital (%)	- -	137.61	150.43	160.16	109.65	111.95	131.41	138.95	161.71	167.36	177.04	184.16	175.8
Total Debt/Total Assets (%)	- -	32.22	39.77	46.18	53.82	49.78	51.08	51.18	42.82	42.37	42.7	44.11	47.17
CFO/Total Liabilities	- -	10.19	11.35	8.92	5.32	5.57	8.53	7.91	11.99	13.61	13.15	13.88	12.91
CFO/CapEx	0.02	0.11	1.16	0.51	0.68	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	-0.21	-0.1	-0.17	-0.14	-0.08	-0.09	-0.13	0.79	0.87	0.99	1	0.86

Working Capital (USD)

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	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
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	16.61	7.95	7.93	9.93	10.56	12.55	15.29	14.68	14.26	14.39
Days Sales Outstanding	- -	- -	- -	21.97	45.89	46.03	36.75	34.55	29.08	23.87	24.87	25.6	25.36
Inventory Turnover	- -	- -	- -	- -	- -	15.27	13.76	51.18	203.33	209.66	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	23.91	26.52	7.13	1.8	1.74	- -	- -	- -
Accounts Payable Turnover	- -	2.34	1.49	1.49	1.22	1.33	1.21	0.99	1.17	1.54	1.53	1.36	1.22
Accounts Payable Turnover Days	- -	155.94	244.89	244.92	298.01	274.74	301.15	369.99	313.02	237.53	239.33	268.65	299.35
Cash Conversion Cycle	- -	-155.94	-244.89	-222.95	-252.12	-204.81	-237.88	-328.31	-282.14	-211.92	-214.46	-243.05	-273.99
Inventory to Cash Days	- -	- -	- -	21.97	45.89	22.12	10.24	27.42	27.29	22.13	24.87	25.6	25.36
Inventories	- -	- -	- -	- -	- -	17	6	- -	2	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	17	6	- -	2	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	3,331	3,663	4,320	4,604	4,448
- Cash & Cash Equivalents	- -	16	41	8	6	17	18	104	93	5	5	5	4
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	23	25	23	432	415	355	326	327	361	343	314	303
+ Total Debt	- -	693	885	1,099	1,898	2,570	2,466	2,394	1,999	2,006	2,077	2,226	2,494
Enterprise Value	- -	700	870	1,114	2,324	2,969	2,803	2,616	5,559	6,017	6,728	7,132	7,225
Total Capital	- -	504	589	686	1,731	2,296	1,877	1,723	1,236	1,199	1,173	1,209	1,418
Total Debt/Capital (%)	- -	137.61	150.43	160.16	109.65	111.95	131.41	138.95	161.71	167.36	177.04	184.16	175.8
Total Debt / EV	- -	0.99	1.02	0.99	0.82	0.87	0.88	0.92	0.36	0.33	0.31	0.31	0.35
EV/Sales	- -	3.72	3.59	4.32	7.46	6.9	5.22	5.25	10.43	10.46	11.03	10.78	9.94
EV/EBITDA	- -	7.69	5.85	8.1	13.3	12.19	8.68	8.75	17.25	16.6	17.45	17.1	15.87
EV/EBIT	- -	48.65	17.02	31.38	49.76	52.86	31.06	33.77	53.3	46.04	43.63	41.8	36.57
EV/Cash Flow to Firm	- -	7.29	6.28	8.22	15.04	13.14	8.47	9.08	16.45	16.62	17.93	16.57	15.76
EV/Free Cash Flow to Firm	- -	0.87	3.79	3.31	7.4	13.14	8.47	9.08	16.45	16.62	17.93	16.57	15.76
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	3,855	4,150	4,851	5,125	4,941
Diluted Enterprise Value	- -	700	870	1,114	2,324	2,969	2,803	2,616	6,088	6,512	7,266	7,660	7,734
EV per Share	- -	11.53	14.32	18.18	37.94	45.3	29.12	32.89	55.14	52.3	56.8	58.02	57.77
TTM Sales	73	188	242	258	312	430	537	498	533	575	610	661	727
TTM EBITDA	47	91	149	138	175	243	323	299	322	363	385	417	455
TTM Operating Income	17	14	51	36	47	56	90	77	104	131	154	171	198
TTM Cash Flow to Firm	29	96	138	136	155	226	331	288	338	362	375	430	458
TTM Free Cash Flow to Firm	790	807	230	337	314	226	331	288	338	362	375	430	458

Multiples (USD)

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	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
As of date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	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	- -	- -	- -	- -	- -	- -	- -	- -	14.66	14.27	16.67	15.31	14.19
EV/EBIT	- -	48.65	17.02	31.38	49.76	52.86	31.06	33.77	53.3	46.04	43.63	41.8	36.57
Enterprise Value	- -	700	870	1,114	2,324	2,969	2,803	2,616	5,559	6,017	6,728	7,132	7,225
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	17.25	27.07	27.85	30.62	32.4
EV/Sales	- -	3.72	3.59	4.32	7.46	6.9	5.22	5.25	10.43	10.46	11.03	10.78	9.94
EV/EBITDA	- -	7.69	5.85	8.1	13.3	12.19	8.68	8.75	17.25	16.6	17.45	17.1	15.87
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	220.27	75.81	76	73.45	39.97
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	170.27	77.6	69.55	69.49	39.55
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	233.13	86.55	79	78.67	42.43
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	115	64.45	58.02	60.04	36.4
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	-3.06	-3.14	-3.46	-3.46	-3.23
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	-2.36	-3.21	-3.17	-3.27	-3.19
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	-3.24	-3.58	-3.6	-3.7	-3.43
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	-1.6	-2.67	-2.64	-2.83	-2.94
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	1.36	1.43	1.65	1.77	1.74
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	1.05	1.46	1.51	1.68	1.72
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	1.44	1.63	1.72	1.9	1.85
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	0.71	1.22	1.26	1.45	1.59
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	6.25	6.37	7.08	6.96	6.12
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	4.83	6.52	6.48	6.59	6.06
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	6.62	7.27	7.36	7.46	6.5
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	3.26	5.41	5.41	5.69	5.58
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	12.67	12.59	14.85	13.76	12.78
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	9.79	12.89	13.59	13.01	12.64
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	13.41	14.38	15.43	14.73	13.56
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	6.61	10.71	11.34	11.24	11.64
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	11.33	14.6	15.26	14.49	14.04
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	15.52	16.29	17.33	16.4	15.06
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	7.66	12.13	12.73	12.52	12.93
EV/Sales Average	- -	3.72	3.59	4.32	7.46	6.9	5.22	5.25	9.02	10.62	10.44	10.42	9.9
EV/Sales High	- -	3.72	3.59	4.32	7.46	6.9	5.22	5.25	10.81	11.37	11.32	11.29	10.34
EV/Sales Low	- -	3.72	3.59	4.32	7.46	6.9	5.22	5.25	7.46	9.52	9.37	9.52	9.42
EV/EBITDA Average	- -	7.69	5.85	8.1	13.3	12.19	8.68	8.75	14.93	16.86	16.52	16.52	15.8
EV/EBITDA High	- -	7.69	5.85	8.1	13.3	12.19	8.68	8.75	17.88	18.05	17.92	17.9	16.51
EV/EBITDA Low	- -	7.69	5.85	8.1	13.3	12.19	8.68	8.75	12.33	15.1	14.82	15.1	15.03
EV/EBIT Average	- -	48.65	17.02	31.38	49.76	52.86	31.06	33.77	46.1	46.77	41.31	40.39	36.42
EV/EBIT High	- -	48.65	17.02	31.38	49.76	52.86	31.06	33.77	55.21	50.07	44.79	43.76	38.04
EV/EBIT Low	- -	48.65	17.02	31.38	49.76	52.86	31.06	33.77	38.09	41.9	37.06	36.91	34.65
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	33.04	31.84	36.48	37.46	35.57
High Price	- -	- -	- -	- -	- -	- -	- -	- -	34.97	36.35	37.92	40.12	37.76
Enterprise Value Average	- -	700	870	1,114	2,324	2,969	2,803	2,616	4,808	6,112	6,369	6,891	7,195
Enterprise Value High	- -	700	870	1,114	2,324	2,969	2,803	2,616	5,759	6,544	6,907	7,466	7,515
Enterprise Value Low	- -	700	870	1,114	2,324	2,969	2,803	2,616	3,972	5,476	5,714	6,298	6,845

Shares Outstanding	- -	61	61	62	62	93	96	93	113	117	122	125	126
Diluted Weighted Avg Shares	61	61	61	62	65	80	96	80	117	130	133	137	139
Basic Weighted Avg Shares	61	61	61	61	61	66	96	80	101	115	118	123	125
Revenue per Share	1.2	3.1	3.99	4.2	5.09	6.57	5.58	6.26	5.29	5	5.15	5.38	5.81
EBITDA per Share	0.77	1.5	2.45	2.24	2.85	3.72	3.35	3.76	3.2	3.15	3.25	3.39	3.64
Operating Income per Share	0.28	0.24	0.84	0.58	0.76	0.86	0.94	0.97	1.03	1.14	1.3	1.39	1.58
Basic EPS, GAAP	-0.2	-0.37	0.22	0.15	-0.63	0.6	-0.66	0.06	0.15	0.42	0.48	0.51	0.89
Basic EPS from Cont Ops	-0.2	-0.37	0.22	0.15	-0.68	0.72	-0.76	0.07	0.17	0.47	0.54	0.57	0.98
Diluted EPS, GAAP	-0.2	-0.37	0.22	0.14	-0.59	0.49	-0.66	0.06	0.13	0.37	0.43	0.46	0.8
Diluted EPS from Cont Ops	-0.2	-0.37	0.22	0.15	-0.64	0.58	-0.76	0.07	0.15	0.42	0.48	0.51	0.89
Dividend per Share	0.32	0.93	0.98	1.05	1.21	1.23	1.28	0.62	1.06	1.1	1.15	1.09	1.26
Cash Flow per Share	0.31	1.25	1.75	1.68	1.78	2.34	2.36	2.65	2.61	2.53	2.46	2.72	2.78
Free Cash Flow per Basic Share	-12.22	-10.46	0.25	-1.6	-0.83	2.34	2.36	2.65	2.61	2.53	2.46	2.72	2.78
Cash & Equivalents per Share	- -	0.26	0.67	0.13	0.09	0.26	0.19	1.31	0.97	0.12	0.11	0.1	0.16
Book Value per Share	- -	-3.49	-5.3	-7.12	-9.78	-10.52	-9.81	-12.53	-10.81	-10.16	-10.53	-10.83	-11.02
Tangible Book Value per Share	- -	23.19	21.27	19.98	22.76	36.16	22.18	24.9	24.21	22.26	22.1	21.14	20.42

Phillips Edison & Co.

Profitability (USD)

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Enterprise Value (USD)

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Per Share Data Items (USD)