Palatin Technologies, Inc. Financial Ratios — PTN 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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-29.71	-14.01	-76.37	-129.95	-137.01	-74.02	-84.05	-256.43	-39.39	51.54	49.77	-23.63	-44.1	-70.04	-101.99
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	-7.87	-11.73	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	122.46	53.3	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	- -	100	- -	100	100	100	100	178.39	85.19	91.38
EBITDA Margin (%)	-52.3	-12.31	-848.23	-24,188.78	-149,341.92	- -	-132.56	- -	-23.56	38.7	59.37	-19,953.2	16,197.92	-2,483	-662.81
Operating Margin (%)	-64.32	-21.26	-925.37	-25,476.54	-150,421.39	- -	-133.47	- -	-23.63	38.62	59.28	-20,007.61	16,225.02	-2,491.63	-668.75
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	1,954.37	- -	246.79	- -	162.85	-143.65	- -	2,280.97	- -	- -
Pretax Margin (%)	-57.64	-19.68	-911.81	-24,847.31	-218,274.12	- -	-140.5	- -	-28.69	36.92	59.32	-19,006.88	17,813.91	-2,465.06	-663.76
Profit Margin (%)	-42.3	-12.64	-868.61	-23,398.58	-201,352.9	- -	-136.4	- -	-29.81	36.8	59.32	-19,006.88	17,813.91	-2,465.06	-567.44
Net Income to Common Margin (%)	-42.3	-12.64	-868.61	-23,398.58	-201,352.9	- -	-136.4	- -	-29.81	36.8	59.32	-19,006.88	17,813.91	-2,465.06	-567.44
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.33	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	10	20	14	6	- -	1	1	1	1
ST Debt	- -	- -	- -	- -	- -	- -	- -	5	8	6	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	10	14	6	- -	- -	1	1	1	1
Total Debt/EBITDA	-0.02	-0.02	-0.01	- -	- -	- -	-0.57	-0.4	-1.34	0.24	0.01	-0.05	-0.04	-0.03	-0.03
Net Debt/EBITDA	0.74	3.1	1.51	0.21	1.24	0.78	1.02	-0.23	2.48	-1.22	-1.21	3.52	1.97	0.82	0.25
Total Debt/EBIT	-0.02	-0.01	-0.01	- -	- -	- -	-0.57	-0.4	-1.34	0.24	0.01	-0.05	-0.04	-0.03	-0.03
Net Debt/EBIT	0.6	1.79	1.38	0.2	1.23	0.77	1.01	-0.23	2.47	-1.22	-1.21	3.51	1.96	0.82	0.25
EBITDA to Interest Expense	-226.97	-132.55	-1,180.01	-1,713.17	-1,839.65	-2,523.87	-25.95	-19.58	-4.6	17.89	85.74	-1,168.89	-1,303.28	-1,228.41	-1,607.48
EBITDA-CapEx/Interest Expense	-228.36	-133.08	-1,180.01	-1,714.61	-1,846.74	-2,524.87	-25.95	-19.59	-4.66	17.88	85.66	-1,172.01	-1,303.52	-1,237.22	-1,629.16
EBIT to Interest Expense	-279.13	-228.97	-1,287.33	-1,804.38	-1,852.95	-2,541.89	-26.12	-19.6	-4.62	17.86	85.6	-1,172.08	-1,305.46	-1,232.68	-1,621.89
Interest Expense	- -	- -	- -	- -	- -	- -	1	3	2	1	- -	- -	- -	- -	- -
Common Equity/Total Assets	-1,570.44	-1,687.46	-1,046.82	-4,440.01	-1,035.79	-2,178.82	-987.73	-3,156.42	-624.88	-845.89	-280.24	-371.42	-522.62	-1,075.39	-2,315.67
Long-Term Debt/Equity (%)	1.02	0.15	0.23	1.09	- -	- -	80.49	- -	- -	1.23	- -	1.19	1.81	4.19	440.31
Long-Term Debt/Capital (%)	-0.02	-0.01	-0.02	-0.01	- -	- -	-3.49	-4.37	-1.84	-0.1	- -	-0.3	-0.26	-0.18	-0.14
Long-Term Debt/Total Assets (%)	0.26	0.12	0.2	0.37	- -	- -	33.33	130.05	11.05	0.85	- -	1.12	1.34	1.89	3.29
Total Debt/Equity (%)	3.67	0.36	0.42	2.3	0.09	- -	80.7	-111.02	-273.42	23.3	0.33	1.58	2.52	7.09	783.74
Total Debt/Capital (%)	-0.06	-0.02	-0.03	-0.02	-0.01	- -	-3.5	-6.04	-4.14	-1.94	-0.11	-0.4	-0.36	-0.3	-0.25
Total Debt/Total Assets (%)	0.92	0.27	0.36	0.78	0.08	- -	33.41	179.8	24.85	16.1	0.32	1.49	1.86	3.2	5.86
Net Debt to Equity	-132.15	-58.01	-103.73	-209.03	-83.42	-124.47	-143.54	-65.27	505.24	-117.63	-42.94	-103.34	-121.05	-184.04	-5,959.13
Net Debt/Capital (%)	2.07	2.52	7.85	1.58	6.87	4.26	5.68	-3.47	6.84	8.77	12.82	20.84	14.64	7.19	1.89
EBITDA	-6	-2	-13	-18	-15	-16	-17	-49	-11	26	36	-24	-31	-36	-32
EBITDA-CapEx	-6	-2	-13	-18	-16	-16	-17	-49	-11	26	36	-24	-31	-37	-33
Operating Income (Loss)	-7	-3	-14	-19	-16	-16	-17	-49	-11	26	36	-24	-31	-37	-32

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	0.9	3.7	6.72	1.11	11.85	4.4	3.71	0.68	0.74	3.53	10.39	21.1	5.72	1.84	0.73
Current Ratio	1.02	3.87	6.86	1.37	12.01	4.45	3.97	0.77	1.03	3.58	24.94	21.28	6.27	2.13	1.08
Quick Ratio	0.96	3.7	6.77	1.12	11.85	4.4	3.71	0.68	1.01	3.53	24.79	21.1	5.87	1.95	0.92
CFO/Avg Current Liab	-0.8	-1.04	-4.24	-4.95	-4.95	-5.05	-2.64	-4.46	0.37	0.05	-2.91	10.19	-3.14	-2.24	-1.81
Common Equity/Total Assets	-1,570.44	-1,687.46	-1,046.82	-4,440.01	-1,035.79	-2,178.82	-987.73	-3,156.42	-624.88	-845.89	-280.24	-371.42	-522.62	-1,075.39	-2,315.67
Long-Term Debt/Equity (%)	1.02	0.15	0.23	1.09	- -	- -	80.49	- -	- -	1.23	- -	1.19	1.81	4.19	440.31
Long-Term Debt/Capital (%)	-0.02	-0.01	-0.02	-0.01	- -	- -	-3.49	-4.37	-1.84	-0.1	- -	-0.3	-0.26	-0.18	-0.14
Long-Term Debt/Total Assets (%)	0.26	0.12	0.2	0.37	- -	- -	33.33	130.05	11.05	0.85	- -	1.12	1.34	1.89	3.29
Total Debt/Equity (%)	3.67	0.36	0.42	2.3	0.09	- -	80.7	-111.02	-273.42	23.3	0.33	1.58	2.52	7.09	783.74
Total Debt/Capital (%)	-0.06	-0.02	-0.03	-0.02	-0.01	- -	-3.5	-6.04	-4.14	-1.94	-0.11	-0.4	-0.36	-0.3	-0.25
Total Debt/Total Assets (%)	0.92	0.27	0.36	0.78	0.08	- -	33.41	179.8	24.85	16.1	0.32	1.49	1.86	3.2	5.86
CFO/Total Liabilities	-55.06	-186.6	-370.01	-436.3	-651.27	-440.67	-77.35	-166.52	20.78	14.13	-520.39	846.7	-128.35	-151.1	-159.61
CFO/CapEx	-149.62	-819.12	- -	-1,032.46	-228.99	-1,956.67	- -	-2,676.68	96.56	75.86	-602.75	657.23	-3,958.06	-114.48	-65.49
Altman's Z-Score	-21.64	-19.16	-10.63	-70.52	1.84	-10.91	-10.72	-58.15	-7.81	2.42	33.43	9.68	-2.93	-15.73	-37.28

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	44.15	55.46	22.02	0.93	0.75	- -	- -	- -	5.92	8.88	2	- -	-0.24	0.87	2.07
Days Sales Outstanding	8.27	6.58	16.58	392.99	486.7	- -	- -	- -	61.69	41.09	182.4	93,216.65	-1,529.35	417.64	176.56
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.25	0.21	0.57
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,434.42	1,767.26	641.29
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.93	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	188.98	- -	-1,361,658,780
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-283.9	- -	1,361,659,597.85
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2,963.77	-1,349.62	-464.73
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	22	18	26	17	61	106	108	69	79	192	241	120	144	67	23
- Cash & Cash Equivalents	4	5	19	4	19	12	27	8	40	38	44	83	60	30	8
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	10	20	14	6	- -	1	1	1	1
Enterprise Value	14	9	7	14	36	93	90	79	53	160	198	38	86	38	13
Total Capital	-207	-209	-222	-239	-260	-274	-281	-323	-341	-324	-293	-315	-350	-387	-414
Total Debt/Capital (%)	-0.06	-0.02	-0.03	-0.02	-0.01	- -	-3.5	-6.04	-4.14	-1.94	-0.11	-0.4	-0.36	-0.3	-0.25
Total Debt / EV	0.01	- -	0.01	- -	- -	- -	0.11	0.25	0.27	0.04	- -	0.03	0.01	0.03	0.08
EV/Sales	1.22	0.63	4.69	185.33	3,486.75	- -	6.97	- -	1.18	2.39	3.28	322.94	- -	25.89	2.67
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.17	5.52	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.19	5.53	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	3.46	50.93	- -	0.92	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	3.43	50.57	- -	0.92	- -	- -	- -
Diluted Market Cap	22	18	26	17	61	106	108	69	79	201	252	120	144	67	23
Diluted Enterprise Value	17	12	7	14	41	93	90	80	53	169	209	38	86	38	16
EV per Share	40.22	22.61	8.61	9.79	9.25	21.89	18.64	12.62	7.17	20.25	23.8	4.06	9.03	3.98	1.19
TTM Sales	11	14	1	- -	- -	- -	13	- -	45	67	60	- -	- -	1	5
TTM EBITDA	-6	-2	-13	-18	-15	-16	-17	-49	-11	26	36	-24	-31	-36	-32
TTM Operating Income	-7	-3	-14	-19	-16	-16	-17	-49	-11	26	36	-24	-31	-37	-32
TTM Cash Flow to Firm	-5	-6	-11	-15	-14	-12	-13	-45	15	3	-21	41	-23	-30	-28
TTM Free Cash Flow to Firm	-5	-6	-11	-15	-14	-12	-13	-45	15	3	-21	41	-23	-30	-28

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y

Palatin Technologies, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples