Portman Ridge Finance Corporation Financial Ratios — PTMN

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	2024 Y
Return on Common Equity (%)	-1,103.4	731.49	3,688.99	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-3.97	2.9	9.21	4.43	3.1	-4	-0.26	0.97	-3.16	-4.2	6.93	4.17	-3.31	1.95	-1.18
Return on Capital (%)	- -	16.44	32.09	19.83	8.07	- -	- -	5.9	- -	- -	-32.41	-33.51	- -	- -	- -
Return on Invested Capital (%)	- -	8.02	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	62.47	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-484.3	136.94	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	-484.3	136.94	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	8.55	-110.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	364.49	50.83	77.66	63.9	59.35	217.36	-13.44	19.82	-3,144.15	-2,059.47	84.28	70.89	173.3	60.77	6,926.53
Profit Margin (%)	364.49	50.83	77.66	63.9	59.35	217.36	-13.44	19.82	-3,144.15	-2,059.31	84.28	67.16	180.04	63.06	6,056.12
Net Income to Common Margin (%)	364.49	50.83	77.66	63.9	59.35	217.36	-13.44	19.82	-3,144.15	-2,059.31	84.28	67.16	180.04	63.06	6,056.12
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.25	- -	- -	- -
Dvd Payout Ratio (%)	-99.38	190.27	80.1	194.6	221.55	-166.45	-2,061.23	513.9	-153.3	-93.94	33.41	75.49	-112.16	225.21	-425.58
Sustainable Growth Rate (%)	-2,200.01	-660.3	733.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	2024 Y
Total Debt	87	60	101	193	224	201	176	101	100	154	373	347	373	322	265
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	87	60	101	193	224	201	176	101	100	154	373	347	373	322	265
Total Debt/EBITDA	4.57	2.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	4.03	2.79	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	4.57	2.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	4.03	2.79	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	2.68	4.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	2.68	4.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	2.68	4.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	7	5	- -	10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.37	0.42	0.12	-4.05	-4.94	-5.05	-3.74	-46.27	-52.11	-96.37	-70.46	-69.87	-81.46	-91.82	-118.12
Long-Term Debt/Equity (%)	46.41	33.24	48.78	76.92	87.69	93.06	90.08	55.78	63.54	101.09	172.62	123.94	160.82	151	148.54
Long-Term Debt/Capital (%)	98.81	98.28	99.64	110.67	112.69	111.83	108.84	-217.76	-207.6	-105.9	-753.2	-328.21	-284.2	-177.24	-97.95
Long-Term Debt/Total Assets (%)	31	24.18	31.76	41.94	43.86	47.74	46.04	31.71	35.17	49.57	62.2	53.55	60.26	58.7	58.45
Total Debt/Equity (%)	46.41	33.24	48.78	76.92	87.69	93.06	90.08	55.78	63.54	101.09	172.62	123.94	160.82	151	148.54
Total Debt/Capital (%)	98.81	98.28	99.64	110.67	112.69	111.83	108.84	-217.76	-207.6	-105.9	-753.2	-328.21	-284.2	-177.24	-97.95
Total Debt/Total Assets (%)	31	24.18	31.76	41.94	43.86	47.74	46.04	31.71	35.17	49.57	62.2	53.55	60.26	58.7	58.45
Net Debt to Equity	40.96	31.82	-0.36	75.55	-0.48	- -	-0.67	-1.12	-3.43	-0.09	-3.23	-10.32	-2.22	-12.6	-9.82
Net Debt/Capital (%)	98.66	98.21	-0.73	110.89	-0.62	- -	-0.82	4.18	10.07	0.09	12.36	21.47	3.77	12.89	6.08
EBITDA	19	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	19	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	19	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	2024 Y
Cash Ratio	1.65	0.34	- -	0.21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	14.41	1.1	- -	0.78	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	3.46	0.52	- -	0.53	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	29.35	-4.5	-5.47	-13.08	-0.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.37	0.42	0.12	-4.05	-4.94	-5.05	-3.74	-46.27	-52.11	-96.37	-70.46	-69.87	-81.46	-91.82	-118.12
Long-Term Debt/Equity (%)	46.41	33.24	48.78	76.92	87.69	93.06	90.08	55.78	63.54	101.09	172.62	123.94	160.82	151	148.54
Long-Term Debt/Capital (%)	98.81	98.28	99.64	110.67	112.69	111.83	108.84	-217.76	-207.6	-105.9	-753.2	-328.21	-284.2	-177.24	-97.95
Long-Term Debt/Total Assets (%)	31	24.18	31.76	41.94	43.86	47.74	46.04	31.71	35.17	49.57	62.2	53.55	60.26	58.7	58.45
Total Debt/Equity (%)	46.41	33.24	48.78	76.92	87.69	93.06	90.08	55.78	63.54	101.09	172.62	123.94	160.82	151	148.54
Total Debt/Capital (%)	98.81	98.28	99.64	110.67	112.69	111.83	108.84	-217.76	-207.6	-105.9	-753.2	-328.21	-284.2	-177.24	-97.95
Total Debt/Total Assets (%)	31	24.18	31.76	41.94	43.86	47.74	46.04	31.71	35.17	49.57	62.2	53.55	60.26	58.7	58.45
CFO/Total Liabilities	215.15	-45.81	-18.68	-50.76	-2.61	18.13	27.64	64.57	18.95	-10.15	31.69	16.61	-8.54	36.01	20.58
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.72	0.55	0.34	0.14	0.1	0.02	0.11	-0.41	-0.5	-1.19	-0.83	-0.69	-0.9	-0.99	-1.32

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	2024 Y
Accounts Receivable Turnover	-1.02	17.6	78.32	17.25	16.21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	-357.76	20.74	4.66	21.16	22.52	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	0.95	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	385.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	-363.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	21.16	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	2024 Y
Market Capitalization	23	23	43	52	53	38	43	42	48	41	58	142	167	150	152
- Cash & Cash Equivalents	10	3	1	3	1	- -	1	2	5	- -	7	29	5	27	18
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	87	60	101	193	224	201	176	101	100	154	373	347	373	322	265
Enterprise Value	99	81	144	241	276	239	218	142	143	194	424	460	535	445	399
Total Capital	88	61	102	174	199	180	161	-47	-48	-145	-50	-106	-131	-182	-271
Total Debt/Capital (%)	98.81	98.28	99.64	110.67	112.69	111.83	108.84	-217.76	-207.6	-105.9	-753.2	-328.21	-284.2	-177.24	-97.95
Total Debt / EV	0.87	0.74	0.71	0.8	0.81	0.84	0.81	0.72	0.7	0.79	0.88	0.75	0.7	0.72	0.66
EV/Sales	- -	5.35	4.27	8.95	10.89	- -	28.15	8.28	471.17	320.35	11.33	11.88	- -	24.66	- -
EV/EBITDA	5.24	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	5.24	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	0.48	- -	- -	- -	- -	6.43	4.22	1.59	5.94	- -	3.49	7.53	- -	3.68	7.05
EV/Free Cash Flow to Firm	0.48	- -	- -	- -	- -	6.43	4.22	1.59	5.94	- -	3.49	7.53	- -	3.68	7.05
Diluted Market Cap	23	23	55	52	53	38	43	42	48	41	58	142	167	150	152
Diluted Enterprise Value	99	81	156	241	276	239	218	142	143	194	424	460	535	445	399
EV per Share	43.98	35.22	55.18	74.76	80.5	64.68	58.61	38.03	38.4	51.66	84.88	53.94	55.5	46.8	43.04
TTM Sales	-4	15	34	27	25	-9	8	17	- -	1	37	39	-12	18	- -
TTM EBITDA	19	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	19	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	207	-26	-21	-96	-7	37	52	89	24	-16	122	61	-33	121	57
TTM Free Cash Flow to Firm	207	-26	-21	-96	-7	37	52	89	24	-16	122	61	-33	121	57

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	2024 Y
Price/Free Cash Flow	0.11	-0.75	-2.64	-0.49	-7.96	1.02	0.84	0.47	2.01	-2.54	0.48	2.32	-5.03	1.24	2.68
EV/EBIT	5.24	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	99	81	144	241	276	239	218	142	143	194	424	460	535	445	399
Low Price	36.3	34.2	55.1	74.9	66.2	36.8	26.2	33	28.7	19.9	7.5	18	19.26	16.27	15.94
EV/Sales	- -	5.35	4.27	8.95	10.89	- -	28.15	8.28	471.17	320.35	11.33	11.88	- -	24.66	- -
EV/EBITDA	5.24	3.91	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	3.02	1.64	3.03	3.53	- -	- -	12.46	- -	- -	1.84	5.46	- -	13.14	- -
Price/Earnings Average	-1.18	3.16	1.26	3.37	3.8	-2.66	-37.78	12.61	-4.48	-3.72	1.26	4.88	-7.45	13.28	-26.96
Price/Earnings High	-11.31	26.04	9.66	21.52	19.98	-15.23	-174.72	45.28	-13.97	-11.44	3.78	8.52	-11.67	19.82	-32.56
Price/Earnings Low	-5.74	10.22	5.49	14.04	15.08	-7.3	-93.61	36.27	-11.2	-5.99	1.19	5.9	-8.84	13.59	-24.9
Price/Book Value	21.88	22.03	116.53	-2.81	-2.1	-1.79	-3.05	-0.29	-0.33	-0.14	-0.14	-0.31	-0.33	-0.3	-0.28
Price/Book Value Average	16.18	23.06	89.82	-3.13	-2.27	-2.33	-2.76	-0.29	-0.29	-0.16	-0.09	-0.28	-0.31	-0.3	-0.3
Price/Book Value High	154.92	189.96	685.88	-19.95	-11.91	-13.35	-12.74	-1.04	-0.9	-0.48	-0.28	-0.49	-0.49	-0.45	-0.36
Price/Book Value Low	78.65	74.59	389.61	-13.02	-8.99	-6.4	-6.83	-0.83	-0.72	-0.25	-0.09	-0.34	-0.37	-0.31	-0.28
Price/Tangible Book Value	0.12	0.13	0.21	0.21	0.21	0.18	0.22	0.23	0.31	0.27	0.27	0.51	0.72	0.7	0.85
Price/Tangible Book Value Average	0.09	0.13	0.16	0.23	0.22	0.23	0.2	0.24	0.27	0.31	0.18	0.45	0.67	0.71	0.9
Price/Tangible Book Value High	0.86	1.1	1.21	1.48	1.18	1.31	0.93	0.84	0.85	0.94	0.55	0.79	1.06	1.06	1.08
Price/Tangible Book Value Low	0.44	0.43	0.69	0.97	0.89	0.63	0.5	0.68	0.68	0.49	0.17	0.55	0.8	0.72	0.83
Price/Sales	-5.82	1.53	1.27	1.94	2.09	-4.43	5.62	2.47	159.16	67.1	1.55	3.67	-14.28	8.29	-1,546.1
Price/Sales Average	-4.31	1.61	0.98	2.16	2.26	-5.79	5.08	2.5	140.71	76.68	1.06	3.27	-13.4	8.37	-1,632.46
Price/Sales High	-41.22	13.24	7.5	13.75	11.86	-33.11	23.49	8.97	439.31	235.65	3.19	5.72	-21.01	12.5	-1,971.89
Price/Sales Low	-20.93	5.2	4.26	8.97	8.95	-15.87	12.58	7.19	352.18	123.41	1	3.97	-15.91	8.57	-1,508.25
Price/Cash Flow	0.11	-0.75	-2.06	-0.49	-7.96	1.02	0.84	0.47	2.01	-2.54	0.48	2.32	-5.03	1.24	2.68
Price/Cash Flow Average	0.08	-0.78	-1.59	-0.55	-8.57	1.33	0.76	0.48	1.77	-2.9	0.33	2.07	-4.72	1.25	2.82
Price/Cash Flow High	0.81	-6.43	-12.13	-3.5	-45.04	7.63	3.52	1.72	5.54	-8.9	0.98	3.63	-7.4	1.87	3.41
Price/Cash Flow Low	0.41	-2.53	-6.89	-2.28	-34	3.66	1.89	1.38	4.44	-4.66	0.31	2.51	-5.61	1.28	2.61
Price/Free Cash Flow Average	0.08	-0.78	-2.04	-0.55	-8.57	1.33	0.76	0.48	1.77	-2.9	0.33	2.07	-4.72	1.25	2.82
Price/Free Cash Flow High	0.81	-6.43	-15.56	-3.5	-45.06	7.63	3.52	1.72	5.54	-8.9	0.98	3.63	-7.4	1.87	3.41
Price/Free Cash Flow Low	0.41	-2.53	-8.84	-2.28	-34.01	3.66	1.89	1.38	4.44	-4.66	0.31	2.51	-5.61	1.28	2.61
EV/Sales Average	- -	5.42	3.97	9.17	11.05	- -	27.61	8.31	452.72	329.94	10.84	11.49	- -	24.74	- -
EV/Sales High	- -	17.05	10.49	20.77	20.65	- -	46.02	14.79	751.32	488.9	12.97	13.93	- -	28.87	- -
EV/Sales Low	- -	9.01	7.25	15.99	17.74	- -	35.12	13	664.19	376.66	10.78	12.18	- -	24.95	- -
EV/EBITDA Average	4.92	3.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	12.54	12.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	8.35	6.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	4.92	3.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	12.54	12.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	8.35	6.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	10.1	10.1	16.48	16.16	15.49	10.28	11.7	11.34	12.97	10.82	11.6	16.65	17.29	15.73	16.34
High Price	71.5	87.1	97	114.8	87.7	76.8	48.9	41.2	35.8	38	23.9	25.97	25.43	23.72	20.84
Enterprise Value Average	93	82	134	247	280	251	214	142	138	200	406	445	524	447	408
Enterprise Value High	238	257	353	560	523	485	356	253	229	297	486	540	613	521	441
Enterprise Value Low	159	136	244	431	449	337	272	222	202	229	404	472	554	450	395

	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	2024 Y
Shares Outstanding	2	2	3	3	4	4	4	4	4	4	8	10	10	9	9
Diluted Weighted Avg Shares	2	2	3	3	3	4	4	4	4	4	5	9	10	10	9
Basic Weighted Avg Shares	2	2	3	3	3	4	4	4	4	4	5	9	10	10	9
Revenue per Share	-1.73	6.58	12.93	8.35	7.4	-2.32	2.08	4.59	0.08	0.16	7.49	4.54	-1.21	1.9	-0.01
EBITDA per Share	8.4	9.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	8.4	9.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-6.32	3.34	10.04	5.34	4.39	-5.04	-0.28	0.91	-2.56	-3.32	6.32	3.05	-2.18	1.2	-0.64
Basic EPS from Cont Ops	-6.32	3.34	10.04	5.34	4.39	-5.04	-0.28	0.91	-2.56	-3.32	6.32	3.05	-2.18	1.2	-0.64
Diluted EPS, GAAP	-6.32	3.34	7.83	5.33	4.39	-5.04	-0.28	0.91	-2.56	-3.32	6.32	3.05	-2.18	1.2	-0.64
Diluted EPS from Cont Ops	-6.32	3.34	7.83	5.33	4.39	-5.04	-0.28	0.91	-2.56	-3.32	6.32	3.05	-2.18	1.2	-0.64
Dividend per Share	6.28	6.36	8.05	10.38	9.73	8.39	5.77	4.68	3.93	3.12	2.11	2.3	2.44	2.7	2.72
Cash Flow per Share	88.44	-13.54	-8	-32.83	-1.95	10.06	13.87	23.93	6.47	-4.27	24.34	7.16	-3.44	12.71	6.11
Free Cash Flow per Basic Share	88.44	-13.54	-8	-32.83	-1.95	10.06	13.87	23.93	6.47	-4.27	24.34	7.16	-3.44	12.71	6.11
Cash & Equivalents per Share	4.5	1.12	0.28	1.06	0.36	- -	0.35	0.55	1.45	0.04	1.4	3.39	0.53	2.83	1.89
Book Value per Share	0.46	0.46	0.14	-5.75	-7.36	-5.75	-3.84	-39.74	-39.82	-79.47	-84.6	-53.07	-52.38	-53.03	-57.79
Tangible Book Value per Share	82.72	78.94	79.92	77.56	74.55	58.46	52.47	48.83	42.3	40.43	43.26	32.82	24.09	22.45	19.25

Portman Ridge Finance Corporation

Profitability (USD)

Credit (USD)

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Per Share Data Items (USD)