PPL Corporation Financial Ratios — PPL Stock

Profitability	2009 Y	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 (%)	10.68	23.93	33.63	29.67	20.18	28.51	14.47	55.97	29.25	43.1	35.87	28.09	-37.45	28.7	27.37
Return on Assets (%)	1.87	3.41	3.96	3.54	2.51	3.66	1.55	4.9	2.83	4.31	3.92	3.13	-3.64	2.13	1.92
Return on Capital (%)	5.7	9.36	10.13	9.04	6.59	8.75	5.62	11.15	6.88	10.03	8.19	7.68	-8.28	7.53	7.23
Return on Invested Capital (%)	7.49	8.24	8.19	7.44	6.25	5.78	6.99	7.4	5.58	6.92	3.5	3.25	0.18	4.03	4.52
Gross Margin (%)	50.33	31.22	34.44	36.8	50.97	52.31	52.33	55.38	56.41	54.69	47.5	50.93	46.91	36.54	39.41
EBITDA Margin (%)	28.89	31.05	33.72	35.54	47.78	49.1	49.2	52.44	53.79	51.69	45.22	48.7	44.01	32.99	35.67
Operating Margin (%)	17.34	21.9	24.18	24.94	35.26	36.51	36.91	39.06	38.96	36.63	27.24	28.97	24.62	17.39	19.61
Incremental Operating Margin (%)	89.78	53.54	28.8	8.93	9.55	51.95	19.67	-69.08	50	-14.5	60.74	-46.88	-52.43	-2.36	62.44
Pretax Margin (%)	7.22	14.54	17.28	16.56	23.79	27.11	26.97	33.92	25.67	29.35	16.4	17.43	9.01	11.58	11.12
Profit Margin (%)	5.46	11.01	11.74	12.58	15.56	22.12	8.89	25.3	15.15	23.47	31.17	26.84	-25.59	9.57	8.9
Net Income to Common Margin (%)	5.46	11.01	11.74	12.58	15.56	22.12	8.89	25.3	15.15	23.47	31.17	26.84	-25.59	9.57	8.9
Effective Tax Rate (%)	19.52	21.23	31.39	25.78	20.83	32.5	22.49	25.41	41	20.04	19.91	32.91	96.55	21.97	19.91
Dvd Payout Ratio (%)	114.38	56.77	48.85	55.68	64.13	67.29	62.63	54.15	95.04	62.01	161.96	199.22	7,105.56	110.22	95.14
Sustainable Growth Rate (%)	-1.54	10.34	17.2	13.15	7.24	9.33	5.41	25.66	1.45	16.37	-22.22	-27.87	2,623.87	-2.93	1.33

Credit	2009 Y	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	7,782	13,357	18,571	20,128	21,608	18,890	19,964	19,249	21,275	22,029	23,044	15,857	11,209	14,228	15,604
ST Debt	639	1,196	578	1,403	1,016	1,836	1,401	1,441	1,428	1,960	2,323	2,242	543	1,339	993
LT Debt	7,143	12,161	17,993	18,725	20,592	17,054	18,563	17,808	19,847	20,069	20,721	13,615	10,666	12,889	14,611
Total Debt/EBITDA	3.62	5.05	4.32	4.67	6.23	4.9	5.29	4.88	5.31	5.47	9.1	5.95	4.4	5.46	5.26
Net Debt/EBITDA	3.24	4.7	4.04	4.46	5.91	4.54	5.07	4.8	5.19	5.32	8.78	5.78	3	5.32	5.15
Total Debt/EBIT	6.02	7.16	6.03	6.65	8.44	6.59	7.05	6.56	7.33	7.72	15.1	10	7.87	10.36	9.57
Net Debt/EBIT	5.4	6.66	5.64	6.35	8.01	6.1	6.76	6.44	7.17	7.51	14.57	9.72	5.36	10.1	9.37
EBITDA to Interest Expense	5.56	4.46	4.78	4.53	4.46	4.57	4.33	4.44	4.45	4.18	4.08	4.21	2.77	5.08	4.45
EBITDA-CapEx/Interest Expense	2.17	1.61	1.9	1.19	-0.27	0.16	0.23	1.11	0.93	0.82	-0.89	-0.92	2.77	5.08	4.45
EBIT to Interest Expense	3.34	3.15	3.43	3.18	3.29	3.4	3.25	3.31	3.22	2.96	2.46	2.5	1.55	2.68	2.45
Interest Expense	387	593	898	951	778	843	871	888	901	963	621	634	918	513	666
Common Equity/Total Assets	16.93	12.45	11.26	12.57	12.35	13.31	7.53	10.01	9.35	10.6	11.24	11.06	7.77	7.11	6.93
Long-Term Debt/Equity (%)	122.84	143.44	162.16	178.37	165.19	125.14	187.15	179.9	184.43	172.16	159.5	101.81	77.72	92.61	104.87
Long-Term Debt/Capital (%)	60.26	68.66	76.11	73.06	75.37	67.25	80.98	77.14	78.91	75.37	73.53	64.28	77.35	76.18	79.75
Long-Term Debt/Total Assets (%)	32.23	37.03	42.19	42.91	44.51	35.09	47.23	46.48	47.85	46.25	45.36	28.3	32.1	34.06	37.24
Total Debt/Equity (%)	133.83	157.55	167.37	191.73	173.34	138.61	201.27	194.45	197.7	188.98	177.38	118.57	81.68	102.23	111.99
Total Debt/Capital (%)	65.65	75.41	78.55	78.53	79.08	74.49	87.09	83.38	84.58	82.73	81.78	74.87	81.29	84.09	85.17
Total Debt/Total Assets (%)	35.11	40.68	43.54	46.13	46.71	38.86	50.8	50.24	51.29	50.76	50.45	32.96	33.74	37.6	39.77
Net Debt to Equity	120.05	146.64	156.53	183.15	164.5	128.35	192.84	191.01	193.2	183.65	171.11	115.27	55.66	99.67	109.62
Net Debt/Capital (%)	63.16	74.06	77.4	77.75	78.2	73	86.6	83.13	84.28	82.31	81.23	74.33	74.75	83.75	84.89
EBITDA	2,152	2,646	4,295	4,312	3,470	3,855	3,773	3,942	4,006	4,024	2,533	2,666	2,545	2,607	2,965
EBITDA-CapEx	839	957	1,706	1,136	-212	132	203	985	835	786	-550	-583	2,545	2,607	2,965
Operating Income (Loss)	1,292	1,866	3,080	3,026	2,561	2,867	2,831	2,936	2,901	2,852	1,526	1,586	1,424	1,374	1,630

Liquidity	2009 Y	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	0.19	0.21	0.23	0.16	0.22	0.2	0.22	0.09	0.12	0.14	0.17	0.03	1.54	0.09	0.1
Current Ratio	1.14	1.19	1.22	0.9	1.05	0.81	0.68	0.54	0.57	0.53	0.56	1.39	2.16	0.75	0.88
Quick Ratio	0.45	0.5	0.55	0.46	0.6	0.38	0.52	0.4	0.45	0.41	0.43	0.1	1.95	0.52	0.59
CFO/Avg Current Liab	0.44	0.43	0.48	0.51	0.54	0.55	0.46	0.75	0.63	0.66	0.51	0.28	0.26	0.57	0.49
Common Equity/Total Assets	16.93	12.45	11.26	12.57	12.35	13.31	7.53	10.01	9.35	10.6	11.24	11.06	7.77	7.11	6.93
Long-Term Debt/Equity (%)	122.84	143.44	162.16	178.37	165.19	125.14	187.15	179.9	184.43	172.16	159.5	101.81	77.72	92.61	104.87
Long-Term Debt/Capital (%)	60.26	68.66	76.11	73.06	75.37	67.25	80.98	77.14	78.91	75.37	73.53	64.28	77.35	76.18	79.75
Long-Term Debt/Total Assets (%)	32.23	37.03	42.19	42.91	44.51	35.09	47.23	46.48	47.85	46.25	45.36	28.3	32.1	34.06	37.24
Total Debt/Equity (%)	133.83	157.55	167.37	191.73	173.34	138.61	201.27	194.45	197.7	188.98	177.38	118.57	81.68	102.23	111.99
Total Debt/Capital (%)	65.65	75.41	78.55	78.53	79.08	74.49	87.09	83.38	84.58	82.73	81.78	74.87	81.29	84.09	85.17
Total Debt/Total Assets (%)	35.11	40.68	43.54	46.13	46.71	38.86	50.8	50.24	51.29	50.76	50.45	32.96	33.74	37.6	39.77
CFO/Total Liabilities	11.33	8.35	7.95	8.34	8.45	9.73	8.9	10.17	8.01	8.89	7.42	7.9	11.64	7.23	6.95
CFO/CapEx	1.41	1.2	0.97	0.87	0.78	0.91	0.73	0.98	0.78	0.87	0.79	0.85	- -	- -	- -
Altman's Z-Score	1.06	0.85	0.98	0.92	0.77	0.8	0.87	0.93	0.84	0.82	0.75	0.85	1.17	0.93	0.92

Working Capital	2009 Y	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	14.88	14.08	17.28	16.43	8.71	9.46	10.88	11.23	11.06	11.58	8.3	8.49	9.75	10.69	9.01
Days Sales Outstanding	24.52	25.92	21.12	22.22	41.91	38.58	33.55	32.51	33.01	31.51	43.98	43.01	37.43	34.16	40.53
Inventory Turnover	10.66	11.72	12.88	11.56	5.18	6.92	9.91	9.41	9.6	11.32	9.26	8.47	9.84	13.11	10.62
Days Inventory Outstanding	34.23	31.14	28.35	31.59	70.47	52.78	36.84	38.8	38.01	32.24	39.4	43.08	37.09	27.84	34.35
Accounts Payable Turnover	5.37	7.46	7.68	6.4	2.8	2.97	4.02	4.11	3.68	3.67	3.05	3.12	4.34	5.46	4.42
Accounts Payable Turnover Days	67.95	48.9	47.54	57.03	130.14	122.75	90.8	88.83	99.15	99.47	119.52	116.88	84.1	66.8	82.52
Cash Conversion Cycle	-9.19	8.16	1.93	-3.23	-17.76	-31.39	-20.4	-17.52	-28.14	-35.72	-36.13	-30.79	-9.58	-4.81	-7.63
Inventory to Cash Days	-9.71	-5.22	-7.23	-9.37	-28.56	-14.19	-3.29	-6.29	-5	-0.73	4.58	-0.07	0.33	6.32	6.18
Inventories	357	643	654	673	702	381	357	356	320	303	332	302	322	443	505
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	357	643	654	673	702	381	357	356	320	303	332	302	322	443	505

Enterprise Value	2009 Y	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	5,574	5,487	8,228	8,884	10,286	13,926	15,151	15,957	15,301	15,258	21,047	18,462	20,682	20,027	19,296
- Cash & Cash Equivalents	801	925	1,202	901	1,102	1,399	836	341	485	621	815	442	3,571	356	331
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	319	268	268	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	- -
+ Total Debt	7,782	13,357	18,571	20,128	21,608	18,890	19,964	19,249	21,275	22,029	23,044	15,857	11,209	14,228	15,604
Enterprise Value	12,874	18,024	25,849	28,129	30,792	31,297	34,279	34,865	36,091	36,666	43,276	33,877	28,320	33,902	34,569
Total Capital	11,854	17,712	23,642	25,630	27,323	25,359	22,924	23,085	25,153	26,629	28,179	21,180	13,789	16,920	18,322
Total Debt/Capital (%)	65.65	75.41	78.55	78.53	79.08	74.49	87.09	83.38	84.58	82.73	81.78	74.87	81.29	84.09	85.17
Total Debt / EV	0.6	0.74	0.72	0.72	0.7	0.6	0.58	0.55	0.59	0.6	0.53	0.47	0.4	0.42	0.45
EV/Sales	1.73	2.12	2.03	2.32	4.24	3.99	4.47	4.64	4.85	4.71	7.73	6.19	4.9	4.29	4.16
EV/EBITDA	5.98	6.81	6.02	6.52	8.87	8.12	9.09	8.84	9.01	9.11	17.08	12.71	11.13	13	11.66
EV/EBIT	9.96	9.66	8.39	9.3	12.02	10.92	12.11	11.88	12.44	12.86	28.36	21.36	19.89	24.67	21.21
EV/Cash Flow to Firm	5.95	7.21	8.28	8.11	8.87	7.88	10.42	9.81	12.06	10.21	14.8	10.68	12.3	15.91	15.09
EV/Free Cash Flow to Firm	3.7	4.3	4.53	4.23	4.3	4.07	5	5.36	5.86	5.37	7.2	5.28	12.3	15.91	15.09
Diluted Market Cap	5,578	5,490	8,237	8,905	11,199	14,192	15,214	16,025	15,348	15,349	21,285	18,481	20,734	20,051	19,325
Diluted Enterprise Value	12,878	18,190	25,874	28,150	31,705	31,683	34,342	34,933	36,138	36,757	43,514	33,896	28,372	33,926	34,598
EV per Share	34.23	41.78	46.97	48.48	50.56	47.89	51.18	51.45	52.67	52.05	59.4	44.08	37.12	46.06	46.9
TTM Sales	7,449	8,521	12,737	12,132	7,263	7,852	7,669	7,517	7,447	7,785	5,602	5,474	5,783	7,902	8,312
TTM EBITDA	2,152	2,646	4,295	4,312	3,470	3,855	3,773	3,942	4,006	4,024	2,533	2,666	2,545	2,607	2,965
TTM Operating Income	1,292	1,866	3,080	3,026	2,561	2,867	2,831	2,936	2,901	2,852	1,526	1,586	1,424	1,374	1,630
TTM Cash Flow to Firm	2,163	2,500	3,123	3,470	3,472	3,972	3,290	3,552	2,993	3,591	2,924	3,171	2,302	2,130	2,291
TTM Free Cash Flow to Firm	3,476	4,189	5,712	6,646	7,154	7,695	6,860	6,509	6,164	6,829	6,007	6,420	2,302	2,130	2,291

Multiples		2009 Y	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/Earnings		13.69	5.85	5.5	5.82	9.1<

PPL Corporation

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples