Performant Financial Corporation Financial Ratios — PFMT

Profitability (USD)

	2010 Y	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
Return on Common Equity (%)	- -	- -	- -	- -	32.25	-5.45	-43.51	-89.45	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	13.57	11.65	15.5	3.61	-0.71	-5.36	-7.28	-5.3	-19.39	-10.55	-8.29	-5.43	-6.9
Return on Capital (%)	- -	32.28	22.76	29.42	9.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	39.84	20.33	22.89	7.32	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	52.95	100	60.49	62.1	52.05	44.74	44.21	37.76	38.24	23.42	35.45	100	100	100
EBITDA Margin (%)	31.54	33.42	31.07	32.72	20.33	12.6	14.78	3.7	7.34	-0.88	12.85	4.57	-1.1	0.51
Operating Margin (%)	25.71	28.65	26.55	28.54	13.96	4.36	5.31	-4.55	0.77	-8.28	8.36	-1.06	-6.32	-5.39
Incremental Operating Margin (%)	- -	37.87	19.26	37.81	76.1	56.46	-3.15	- -	30.47	- -	462.92	- -	- -	- -
Pretax Margin (%)	13.47	12.2	18.92	24.01	8.75	-1.37	-11.19	-10.64	-4.15	-18.08	-13.58	-8.22	-5.87	-6.91
Profit Margin (%)	8.08	7.59	10.93	14.23	4.81	-1.13	-8.1	-9.64	-5.15	-17.83	-8.97	-8.27	-5.99	-6.61
Net Income to Common Margin (%)	3.4	3.61	9.96	14.23	4.81	-1.13	-8.1	-9.64	-5.15	-17.83	-8.97	-8.27	-5.99	-6.61
Effective Tax Rate (%)	40.05	37.79	42.24	40.73	45.03	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-137.27	-110.52	-9.75	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	32.25	-5.45	-43.51	-89.45	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2010 Y	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
Total Debt	- -	103	148	133	112	92	54	41	43	70	66	23	21	6
ST Debt	- -	8	11	11	10	8	10	2	2	6	62	2	2	- -
LT Debt	- -	95	137	123	102	84	44	39	41	64	3	21	19	5
Total Debt/EBITDA	- -	1.9	2.26	1.6	2.81	4.59	2.57	8.31	3.79	-52.6	3.28	4.09	-17.92	9.48
Net Debt/EBITDA	- -	1.53	1.68	0.62	0.79	1.04	0.99	3.86	3.31	-44.19	2.19	0.39	3.52	-3.85
Total Debt/EBIT	- -	2.21	2.65	1.83	4.1	13.27	7.14	-6.76	36.38	-5.59	5.04	-17.66	-3.11	-0.9
Net Debt/EBIT	- -	1.79	1.97	0.71	1.16	3.02	2.75	-3.14	31.79	-4.7	3.37	-1.69	0.61	0.37
EBITDA to Interest Expense	2.56	4.03	5.26	7.22	3.91	2.26	2.65	0.7	2.43	-0.17	2.77	0.5	-1.19	0.3
EBITDA-CapEx/Interest Expense	2.24	3.57	4.34	6.14	2.91	1.37	1.65	-0.34	0.8	-0.81	2.25	0.2	-4.75	-1.8
EBIT to Interest Expense	2.08	3.45	4.49	6.3	2.68	0.78	0.95	-0.86	0.25	-1.64	1.8	-0.12	-6.85	-3.1
Interest Expense	15	14	12	12	10	9	8	7	5	8	7	11	1	2
Common Equity/Total Assets	- -	-18	-5.62	9.5	12.88	13.21	11.13	4.78	-0.1	-19.42	-32.44	-42	-48.62	-65.93
Long-Term Debt/Equity (%)	- -	223.89	567.98	165.07	111.85	89.65	50.88	48	53.23	118.5	8.2	25.34	22.8	6.56
Long-Term Debt/Capital (%)	- -	73.94	100.63	77.68	70.02	67.75	59.13	79.58	95.18	148.9	13.89	-74.59	-53.05	-8.86
Long-Term Debt/Total Assets (%)	- -	52.25	64.57	47.63	38.8	34.69	23.71	23.45	29.84	45.76	2.73	17.12	16.21	5.35
Total Debt/Equity (%)	- -	243.01	613.84	179.57	122.62	98.17	62.17	50.52	56.11	129.87	156.57	28.19	25.41	6.87
Total Debt/Capital (%)	- -	80.25	108.76	84.5	76.76	74.19	72.25	83.76	100.33	163.18	265.31	-82.99	-59.14	-9.28
Total Debt/Total Assets (%)	- -	56.71	69.79	51.82	42.54	37.99	28.97	24.68	31.45	50.15	52.07	19.05	18.07	5.6
Net Debt to Equity	- -	195.99	456.64	69.23	34.55	22.33	23.92	23.47	49.03	109.11	104.61	2.7	-4.99	-2.79
Net Debt/Capital (%)	- -	76.62	112.14	67.77	48.2	39.54	50.05	70.56	100.38	148.86	503.02	-4.91	7.06	3.36
EBITDA	39	54	65	84	40	20	21	5	11	-1	20	6	-1	1
EBITDA-CapEx	34	48	54	71	30	12	13	-2	4	-6	16	2	-5	-4
Operating Income (Loss)	32	47	56	73	27	7	8	-6	1	-12	13	-1	-7	-6

Liquidity (USD)

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	2010 Y	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
Cash Ratio	- -	0.74	1.02	1.79	1.44	1.33	0.64	0.5	0.39	0.17	0.21	0.99	1.65	0.59
Current Ratio	- -	1.81	1.86	2.49	2.17	2.03	1.4	1.29	2.25	1.9	0.71	3.12	4.05	3.21
Quick Ratio	- -	1.46	1.65	2.22	1.79	1.66	0.9	0.95	1.88	1.65	0.63	2.82	3.78	2.91
CFO/Avg Current Liab	- -	2.15	1.16	1.48	0.55	0.3	0.34	0.06	-0.43	-0.92	0.43	0.02	-0.18	0.29
Common Equity/Total Assets	- -	-18	-5.62	9.5	12.88	13.21	11.13	4.78	-0.1	-19.42	-32.44	-42	-48.62	-65.93
Long-Term Debt/Equity (%)	- -	223.89	567.98	165.07	111.85	89.65	50.88	48	53.23	118.5	8.2	25.34	22.8	6.56
Long-Term Debt/Capital (%)	- -	73.94	100.63	77.68	70.02	67.75	59.13	79.58	95.18	148.9	13.89	-74.59	-53.05	-8.86
Long-Term Debt/Total Assets (%)	- -	52.25	64.57	47.63	38.8	34.69	23.71	23.45	29.84	45.76	2.73	17.12	16.21	5.35
Total Debt/Equity (%)	- -	243.01	613.84	179.57	122.62	98.17	62.17	50.52	56.11	129.87	156.57	28.19	25.41	6.87
Total Debt/Capital (%)	- -	80.25	108.76	84.5	76.76	74.19	72.25	83.76	100.33	163.18	265.31	-82.99	-59.14	-9.28
Total Debt/Total Assets (%)	- -	56.71	69.79	51.82	42.54	37.99	28.97	24.68	31.45	50.15	52.07	19.05	18.07	5.6
CFO/Total Liabilities	- -	20.74	19.72	33.44	16.23	10.88	17.99	3.54	-20.07	-18.09	24.7	2.32	-8.38	21.07
CFO/CapEx	3.7	4.74	3.26	4.9	2.75	2.05	2.26	0.41	-1.59	-3.18	5.49	0.27	-0.8	0.93
Altman's Z-Score	- -	4.63	5.84	5.88	3.85	2.53	2.99	2.37	4.44	1.84	1.8	3.46	5.4	8.48

Working Capital (USD)

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	2010 Y	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
Accounts Receivable Turnover	- -	16.8	9.9	11.96	11.26	9.66	9.6	11.01	9.33	6.26	6.19	5.65	5.97	6.82
Days Sales Outstanding	- -	21.72	36.87	30.52	32.41	37.8	38.02	33.14	39.13	58.29	58.97	64.59	61.18	53.55
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	113.47	51.12	49.92	76.62	101.3	76.6	65.85	58.56	68.5	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	3.22	7.14	7.31	4.76	3.6	4.77	5.54	6.23	5.33	- -	- -	- -
Cash Conversion Cycle	- -	- -	33.65	23.38	25.1	33.04	34.42	28.37	33.58	52.06	53.64	- -	- -	- -
Inventory to Cash Days	- -	- -	36.87	30.52	32.41	37.8	38.02	33.14	39.13	58.29	58.97	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	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
Market Capitalization	- -	- -	444	489	325	88	118	84	117	55	48	146	263	238
- Cash & Cash Equivalents	- -	20	38	82	80	71	33	22	5	3	16	17	23	7
+ Preferred Equity and Hybrid Capital	- -	58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	103	148	133	112	92	54	41	43	70	66	23	21	6
Enterprise Value	- -	142	554	541	356	109	138	102	155	121	98	152	261	237
Total Capital	- -	129	136	158	146	124	74	48	43	43	25	-28	-36	-60
Total Debt/Capital (%)	- -	80.25	108.76	84.5	76.76	74.19	72.25	83.76	100.33	163.18	265.31	-82.99	-59.14	-9.28
Total Debt / EV	- -	0.73	0.27	0.25	0.31	0.84	0.39	0.4	0.28	0.58	0.67	0.15	0.08	0.02
EV/Sales	- -	0.87	2.64	2.12	1.82	0.69	0.98	0.78	1	0.8	0.63	1.22	2.39	2.08
EV/EBITDA	- -	2.6	8.49	6.47	8.97	5.45	6.62	20.99	13.57	- -	4.87	26.69	- -	404.55
EV/EBIT	- -	3.03	9.94	7.42	13.06	15.76	18.4	- -	130.15	- -	7.49	- -	- -	- -
EV/Cash Flow to Firm	- -	3.79	12.54	7.94	10.64	4.66	5.88	11.03	- -	- -	3.81	12.33	- -	41.17
EV/Free Cash Flow to Firm	- -	3.25	9.98	6.71	8.17	3.49	4.41	6.19	117.86	- -	3.32	9.65	150.59	23.93
Diluted Market Cap	- -	- -	481	509	331	88	118	84	117	55	48	146	263	238
Diluted Enterprise Value	- -	142	591	560	363	109	138	102	155	121	98	152	261	237
EV per Share	- -	3.14	12.6	11.38	7.3	2.21	2.76	2.02	2.98	2.26	1.79	2.51	3.58	3.11
TTM Sales	124	163	210	255	195	159	141	132	156	150	156	124	109	114
TTM EBITDA	39	54	65	84	40	20	21	5	11	-1	20	6	-1	1
TTM Operating Income	32	47	56	73	27	7	8	-6	1	-12	13	-1	-7	-6
TTM Cash Flow to Firm	27	37	44	68	33	23	24	9	-6	-8	26	12	-2	6
TTM Free Cash Flow to Firm	32	44	56	81	44	31	31	17	1	-3	29	16	2	10

Multiples (USD)

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	2010 Y	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
Price/Free Cash Flow	- -	- -	9.94	6.9	8.72	3.68	4.58	8.17	-26.01	-5.16	1.95	33.64	371.9	29.78
EV/EBIT	- -	3.03	9.94	7.42	13.06	15.76	18.4	- -	130.15	- -	7.49	- -	- -	- -
Enterprise Value	- -	142	554	541	356	109	138	102	155	121	98	152	261	237
Low Price	- -	- -	7.55	9.24	5.95	1.65	1.51	1.5	1.25	0.79	0.54	0.83	1.72	2
EV/Sales	- -	0.87	2.64	2.12	1.82	0.69	0.98	0.78	1	0.8	0.63	1.22	2.39	2.08
EV/EBITDA	- -	2.6	8.49	6.47	8.97	5.45	6.62	20.99	13.57	- -	4.87	26.69	- -	404.55
Price/Earnings	- -	- -	21.24	13.46	34.53	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	21.23	14.52	45.11	-91.46	-9.67	-7.85	-14.62	-2.93	-3.29	-17.15	-26.5	-28.65
Price/Earnings High	- -	- -	25.61	18.41	60.03	-184.17	-17.78	-11.95	-22.88	-5.71	-8.44	-31.09	-40.39	-40.21
Price/Earnings Low	- -	- -	15.88	12.08	30.9	-45.42	-6.6	-5.97	-8.12	-1.57	-2.1	-4.88	-19.19	-20.26
Price/Book Value	- -	- -	-37.34	20.01	9.59	2.76	5.71	10.63	-813.5	-2.02	-1.17	-2.84	-4.56	-3.65
Price/Book Value Average	- -	- -	-37.32	21.58	12.53	5.12	5.38	12.71	-812.98	-2.92	-1.12	-3.44	-3	-3.3
Price/Book Value High	- -	- -	-45.02	27.38	16.67	10.32	9.89	19.33	-1,272.68	-5.68	-2.88	-6.24	-4.57	-4.63
Price/Book Value Low	- -	- -	-27.91	17.96	8.58	2.54	3.67	9.67	-451.94	-1.57	-0.72	-0.98	-2.17	-2.33
Price/Tangible Book Value	- -	- -	-4.74	-12.27	-15.88	-6.44	-54.14	-13.69	-21.28	-2.52	-7.87	4.16	7.09	7.15
Price/Tangible Book Value Average	- -	- -	-4.74	-13.24	-20.74	-11.95	-50.99	-16.36	-21.26	-3.63	-7.56	5.03	4.67	6.46
Price/Tangible Book Value High	- -	- -	-5.71	-16.79	-27.6	-24.06	-93.76	-24.88	-33.28	-7.07	-19.42	9.12	7.11	9.07
Price/Tangible Book Value Low	- -	- -	-3.54	-11.02	-14.21	-5.93	-34.79	-12.44	-11.82	-1.95	-4.83	1.43	3.38	4.57
Price/Sales	- -	- -	2.11	1.92	1.66	0.55	0.83	0.63	0.75	0.36	0.31	1.17	2.41	2.1
Price/Sales Average	- -	- -	2.11	2.07	2.17	1.03	0.78	0.76	0.75	0.52	0.29	1.42	1.59	1.89
Price/Sales High	- -	- -	2.55	2.62	2.89	2.07	1.44	1.15	1.18	1.02	0.76	2.57	2.42	2.66
Price/Sales Low	- -	- -	1.58	1.72	1.49	0.51	0.53	0.58	0.42	0.28	0.19	0.4	1.15	1.34
Price/Cash Flow	- -	- -	12.01	7.99	11.65	5.47	6.61	28.12	-9.64	-3.54	2.3	159.07	-91.52	61.75
Price/Cash Flow Average	- -	- -	12	8.62	15.22	10.15	6.23	33.62	-9.64	-5.1	2.21	192.59	-60.22	55.8
Price/Cash Flow High	- -	- -	14.47	10.93	20.25	20.44	11.45	51.13	-15.08	-9.93	5.67	349.17	-91.77	78.33
Price/Cash Flow Low	- -	- -	8.97	7.17	10.42	5.04	4.25	25.57	-5.36	-2.74	1.41	54.78	-43.61	39.46
Price/Free Cash Flow Average	- -	- -	9.93	7.44	11.39	6.82	4.32	9.77	-25.99	-7.44	1.87	40.72	244.69	26.92
Price/Free Cash Flow High	- -	- -	11.98	9.44	15.16	13.74	7.94	14.86	-40.69	-14.49	4.8	73.83	372.93	37.78
Price/Free Cash Flow Low	- -	- -	7.43	6.19	7.8	3.39	2.95	7.43	-14.45	-4	1.19	11.58	177.19	19.03
EV/Sales Average	- -	0.87	2.64	2.27	2.33	1.16	0.93	0.9	1	0.96	0.61	1.47	1.57	1.88
EV/Sales High	- -	0.87	3.07	2.82	3.05	2.21	1.59	1.29	1.42	1.46	1.08	2.62	2.4	2.64
EV/Sales Low	- -	0.87	2.1	1.92	1.65	0.64	0.68	0.72	0.66	0.72	0.51	0.45	1.13	1.32
EV/EBITDA Average	- -	2.6	8.49	6.93	11.47	9.22	6.29	24.34	13.56	-109.46	4.77	32.1	-143.01	365.29
EV/EBITDA High	- -	2.6	9.89	8.63	15	17.51	10.74	35	19.36	-165.71	8.37	57.35	-218.8	513.9
EV/EBITDA Low	- -	2.6	6.77	5.87	8.11	5.11	4.6	19.43	9.01	-81.95	3.95	9.87	-103.12	257.44
EV/EBIT Average	- -	3.03	9.93	7.94	16.71	26.66	17.49	-19.79	130.09	-11.64	7.34	-138.53	-24.83	-34.87
EV/EBIT High	- -	3.03	11.57	9.89	21.85	50.63	29.86	-28.46	185.67	-17.62	12.87	-247.51	-37.99	-49.06
EV/EBIT Low	- -	3.03	7.93	6.73	11.81	14.76	12.81	-15.8	86.44	-8.72	6.07	-42.61	-17.9	-24.58
Last Price	- -	- -	10.1	10.3	6.65	1.79	2.35	1.65	2.25	1.02	0.88	2.41	3.61	3.13
High Price	- -	- -	12.18	14.09	11.56	6.69	4.07	3	3.52	2.86	2.17	5.29	3.62	3.97
Enterprise Value Average	- -	142	554	579	456	185	131	119	155	145	96	182	171	214
Enterprise Value High	- -	142	645	721	596	352	224	171	221	219	168	326	262	301
Enterprise Value Low	- -	142	442	490	322	102	96	95	103	109	79	56	124	151

	2010 Y	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
Shares Outstanding	- -	45	45	48	49	49	50	51	53	54	55	69	76	77
Diluted Weighted Avg Shares	45	45	48	49	50	49	50	51	52	53	54	60	73	76
Basic Weighted Avg Shares	45	45	44	47	49	49	50	51	52	53	54	60	73	76
Revenue per Share	2.74	3.61	4.78	5.38	4	3.23	2.83	2.61	2.99	2.81	2.87	2.06	1.5	1.49
EBITDA per Share	0.86	1.21	1.48	1.76	0.81	0.41	0.42	0.1	0.22	-0.02	0.37	0.09	-0.02	0.01
Operating Income per Share	0.7	1.03	1.27	1.53	0.56	0.14	0.15	-0.12	0.02	-0.23	0.24	-0.02	-0.09	-0.08
Basic EPS, GAAP	0.09	0.13	0.48	0.77	0.19	-0.04	-0.23	-0.25	-0.15	-0.5	-0.26	-0.17	-0.09	-0.1
Basic EPS from Cont Ops	0.22	0.27	0.52	0.77	0.19	-0.04	-0.23	-0.25	-0.15	-0.5	-0.26	-0.17	-0.09	-0.1
Diluted EPS, GAAP	0.09	0.13	0.44	0.74	0.19	-0.04	-0.23	-0.25	-0.15	-0.5	-0.26	-0.17	-0.09	-0.1
Diluted EPS from Cont Ops	0.22	0.27	0.48	0.74	0.19	-0.04	-0.23	-0.25	-0.15	-0.5	-0.26	-0.17	-0.09	-0.1
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.4	0.64	0.84	1.29	0.57	0.33	0.36	0.06	-0.23	-0.29	0.38	0.02	-0.04	0.05
Free Cash Flow per Basic Share	0.29	0.51	0.58	1.03	0.36	0.17	0.2	-0.08	-0.38	-0.38	0.31	-0.04	-0.09	- -
Cash & Equivalents per Share	- -	0.44	0.86	1.72	1.64	1.44	0.66	0.43	0.1	0.06	0.29	0.29	0.32	0.1
Book Value per Share	- -	-0.73	-0.27	0.51	0.69	0.65	0.41	0.16	- -	-0.5	-0.75	-0.85	-0.79	-0.86
Tangible Book Value per Share	- -	-2.96	-2.13	-0.84	-0.42	-0.28	-0.04	-0.12	-0.11	-0.41	-0.11	0.58	0.51	0.44

Performant Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)