Quad/Graphics, Inc. Financial Ratios — QUAD Stock

Profitability (USD)

	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	2025 Y
As of date	12/31/2011	12/31/2012	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 (%)	-6.83	14.08	5.65	3.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-0.97	1.98	0.79	0.46	-18.72	1.66	4.27	0.35	-6.4	-5.91	1.98	0.52	-3.45	-3.62	2.12
Return on Capital (%)	-5.65	- -	4.28	3.38	- -	10.04	- -	- -	- -	- -	20.03	12.12	- -	- -	-39.75
Return on Invested Capital (%)	-6.84	- -	5.3	4.05	- -	9.03	- -	- -	- -	- -	6.48	5.41	- -	- -	18.38
Gross Margin (%)	23.64	22.24	20.73	20.31	19.94	21.59	21.76	19.18	18.64	20.3	19.27	18.59	19.49	21.7	21.62
EBITDA Margin (%)	14.43	13.76	12.05	11.41	10.19	10.81	11.77	10.57	8.85	8.86	8.26	7.45	7.84	8.35	8.16
Operating Margin (%)	6.26	5.49	4.95	4.37	3.12	4.41	5.89	4.78	3.16	2.67	2.95	3.06	3.49	4.52	4.91
Incremental Operating Margin (%)	5.43	19.99	1.81	157.92	36.23	-17.83	-11.05	-121.68	106.57	4.63	29.55	4.33	-1.89	-6.13	0.75
Pretax Margin (%)	0.34	0.55	1.18	0.86	-19.98	1.37	2.76	0.66	-2.03	-3.62	1.59	0.55	-1.44	-1.67	1.34
Profit Margin (%)	-1.08	2.13	0.68	0.39	-13.96	1.04	2.71	0.21	-3.98	-4.38	1.28	0.29	-1.87	-1.9	1.12
Net Income to Common Margin (%)	-1.08	2.13	0.68	0.39	-13.96	1.04	2.71	0.21	-3.98	-4.38	1.28	0.29	-1.87	-1.9	1.12
Effective Tax Rate (%)	174.5	- -	41.09	49.03	- -	21.92	- -	- -	- -	- -	20.21	47.46	- -	- -	16.92
Dvd Payout Ratio (%)	-366.23	271.07	192.49	340	-9.71	136.08	52.92	214.68	-102.51	-8.93	3.7	15.05	-0.18	-18.47	53.33
Sustainable Growth Rate (%)	-31.83	-24.09	-5.23	-8.29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	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	1,509	1,374	1,425	1,415	1,356	1,131	965	941	1,213	1,011	932	685	625	465	444
ST Debt	103	124	135	96	100	92	48	48	78	52	276	90	180	53	70
LT Debt	1,406	1,251	1,290	1,318	1,257	1,039	917	893	1,135	959	656	595	446	412	374
Total Debt/EBITDA	2.42	2.44	2.47	2.6	2.9	2.42	2.07	2.23	3.49	3.89	3.81	2.86	2.7	2.08	2.25
Net Debt/EBITDA	2.3	2.36	2.42	2.55	2.84	2.34	1.89	2.03	2.94	3.34	2.54	2.26	1.99	1.56	1.55
Total Debt/EBIT	5.57	6.11	6	6.78	9.47	5.92	4.15	4.94	9.77	12.95	10.68	6.97	6.06	3.85	3.74
Net Debt/EBIT	5.31	5.92	5.89	6.67	9.29	5.74	3.79	4.49	8.22	11.12	7.12	5.52	4.47	2.88	2.58
EBITDA to Interest Expense	5.78	6.71	6.76	5.87	5.3	6.06	6.56	5.76	3.86	3.77	4.1	4.95	3.31	3.46	3.91
EBITDA-CapEx/Interest Expense	4.22	5.48	5.01	4.37	3.8	4.69	5.35	4.44	2.62	2.89	3.26	3.7	2.3	2.57	3.01
EBIT to Interest Expense	2.51	2.68	2.78	2.25	1.62	2.47	3.28	2.6	1.38	1.14	1.46	2.03	1.47	1.87	2.35
Interest Expense	108	84	86	93	88	77	71	73	90	69	60	48	70	64	50
Common Equity/Total Assets	13.76	14.38	13.45	12.89	-6.56	-7.98	-6.59	-8.51	-17.46	-29.29	-27.85	-30.39	-37.92	-48.78	-49.63
Long-Term Debt/Equity (%)	107.61	101.22	100.2	114.39	296.46	235.27	175.57	194.02	464.55	1,131.13	479.61	344.36	372.97	825.25	290.44
Long-Term Debt/Capital (%)	65.07	63.68	65.04	68.27	107.44	112.19	114.18	119.29	140.39	214.49	161.92	354.4	844.13	-243.52	-210.07
Long-Term Debt/Total Assets (%)	29.7	30.52	30.97	32.89	44.13	40.41	37.4	36.16	46.95	49.76	34.71	34.99	29.52	31.7	29.81
Total Debt/Equity (%)	115.48	111.23	110.66	122.74	319.98	256.13	184.69	204.43	496.44	1,192.33	680.99	396.24	523.26	931.06	345.26
Total Debt/Capital (%)	69.82	69.97	71.83	73.25	115.96	122.14	120.1	125.69	150.02	226.1	229.91	407.8	1,184.28	-274.75	-249.72
Total Debt/Total Assets (%)	31.87	33.53	34.2	35.29	47.63	44	39.34	38.1	50.18	52.45	49.29	40.26	41.42	35.77	35.44
Net Debt to Equity	110.03	107.79	108.59	120.7	313.94	248.13	168.66	186.01	417.44	1,023.82	453.65	313.82	386.03	697.19	238.41
Net Debt/Capital (%)	67.33	68.39	70.95	72.39	114.83	119.49	119.24	126.07	139.76	221.48	275.45	379.97	-461,300	-175.44	-127.17
EBITDA	624	563	578	545	468	468	465	421	347	260	244	240	232	223	197
EBITDA-CapEx	456	460	428	406	336	362	379	325	236	199	194	179	161	166	152
Operating Income (Loss)	271	225	238	209	143	191	233	191	124	78	87	98	103	121	119

Liquidity (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	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	0.03	0.02	0.01	0.01	0.01	0.01	0.09	0.08	0.1	0.08	0.19	0.03	0.07	0.04	0.1
Current Ratio	1.34	1.32	1.21	1.31	1.23	1.17	1.22	1.11	1.12	0.99	0.85	0.89	0.74	0.76	0.86
Quick Ratio	0.73	0.8	0.8	0.9	0.82	0.74	0.83	0.67	0.66	0.67	0.57	0.5	0.47	0.43	0.57
CFO/Avg Current Liab	0.41	0.42	0.54	0.33	0.42	0.45	0.45	0.33	0.19	0.25	0.17	0.18	0.19	0.15	0.14
Common Equity/Total Assets	13.76	14.38	13.45	12.89	-6.56	-7.98	-6.59	-8.51	-17.46	-29.29	-27.85	-30.39	-37.92	-48.78	-49.63
Long-Term Debt/Equity (%)	107.61	101.22	100.2	114.39	296.46	235.27	175.57	194.02	464.55	1,131.13	479.61	344.36	372.97	825.25	290.44
Long-Term Debt/Capital (%)	65.07	63.68	65.04	68.27	107.44	112.19	114.18	119.29	140.39	214.49	161.92	354.4	844.13	-243.52	-210.07
Long-Term Debt/Total Assets (%)	29.7	30.52	30.97	32.89	44.13	40.41	37.4	36.16	46.95	49.76	34.71	34.99	29.52	31.7	29.81
Total Debt/Equity (%)	115.48	111.23	110.66	122.74	319.98	256.13	184.69	204.43	496.44	1,192.33	680.99	396.24	523.26	931.06	345.26
Total Debt/Capital (%)	69.82	69.97	71.83	73.25	115.96	122.14	120.1	125.69	150.02	226.1	229.91	407.8	1,184.28	-274.75	-249.72
Total Debt/Total Assets (%)	31.87	33.53	34.2	35.29	47.63	44	39.34	38.1	50.18	52.45	49.29	40.26	41.42	35.77	35.44
CFO/Total Liabilities	10.82	12.37	15.33	10.27	14.36	16.61	17.82	12.97	7.16	10.32	7.79	10.11	10.62	9.04	8.53
CFO/CapEx	2.2	3.42	2.95	2.11	2.62	3.33	4	2.71	1.4	3.12	2.73	2.56	2.08	1.97	2.12
Altman's Z-Score	1.9	2.12	2.34	2.34	1.95	2.28	2.29	2.1	1.84	1.45	1.42	1.81	1.74	1.82	1.78

Working Capital (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	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	13.18	6.6	7.47	6.52	6.5	7.14	7.08	7.59	8.23	6.85	7.78	8.76	8.59	9.07	8.52
Days Sales Outstanding	27.69	55.33	48.86	55.97	56.17	51.1	51.55	48.08	44.36	53.27	46.92	41.67	42.5	40.25	42.84
Inventory Turnover	13.29	12.93	14.75	13.59	12.96	12.45	12.08	12.26	13.04	12.27	12.06	10.76	10.84	12.26	12.4
Days Inventory Outstanding	27.46	28.23	24.74	26.86	28.16	29.33	30.22	29.77	27.99	29.76	30.27	33.93	33.68	29.76	29.44
Accounts Payable Turnover	10.42	10.81	11.16	9.46	9.59	9.91	8.71	7.41	6.84	6.23	7.12	6.44	5.54	5.68	5.37
Accounts Payable Turnover Days	35.03	33.76	32.71	38.57	38.05	36.84	41.88	49.24	53.34	58.6	51.28	56.67	65.89	64.21	67.91
Cash Conversion Cycle	20.12	49.8	40.89	44.25	46.28	43.59	39.89	28.61	19.01	24.44	25.91	18.94	10.29	5.81	4.36
Inventory to Cash Days	0.23	27.1	24.12	29.11	28.01	21.78	21.33	18.31	16.38	23.52	16.65	7.74	8.82	10.49	13.4
Inventories	250	243	272	288	280	265	246	279	210	170	226	261	179	162	144
Raw Materials	125	154	175	185	155	142	129	158	112	91	149	174	103	88	77
Work In Process	72	45	47	54	51	45	44	45	41	33	32	38	30	28	22
Finished Goods	53	44	51	48	74	78	74	76	57	46	46	49	46	47	44
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	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	675	954	1,280	1,091	445	1,288	1,121	614	234	193	205	207	262	332	298
- Cash & Cash Equivalents	26	17	13	10	11	9	64	70	79	55	180	25	53	29	63
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	1	- -	-1	- -	- -	- -	- -	18	18	1	- -	- -	- -	- -	- -
+ Total Debt	1,509	1,374	1,425	1,415	1,356	1,131	965	941	1,213	1,011	932	685	625	465	444
Enterprise Value	2,160	2,312	2,690	2,496	1,791	2,409	2,021	1,503	1,385	1,150	957	867	835	767	679
Total Capital	2,162	1,964	1,984	1,931	1,170	926	803	748	808	447	405	168	53	-169	-178
Total Debt/Capital (%)	69.82	69.97	71.83	73.25	115.96	122.14	120.1	125.69	150.02	226.1	229.91	407.8	1,184.28	-274.75	-249.72
Total Debt / EV	0.7	0.59	0.53	0.57	0.76	0.47	0.48	0.63	0.88	0.88	0.97	0.79	0.75	0.61	0.65
EV/Sales	0.5	0.56	0.56	0.52	0.39	0.56	0.51	0.38	0.35	0.39	0.32	0.27	0.28	0.29	0.28
EV/EBITDA	3.46	4.1	4.65	4.58	3.82	5.15	4.35	3.57	3.99	4.43	3.91	3.62	3.6	3.44	3.44
EV/EBIT	7.97	10.29	11.33	11.96	12.51	12.62	8.69	7.88	11.16	14.72	10.97	8.82	8.09	6.36	5.72
EV/Cash Flow to Firm	7.43	4.16	5.47	7.33	4.38	5.82	4.8	4.41	6.36	4.44	5.2	4.81	3.5	4.11	4.93
EV/Free Cash Flow to Firm	4.71	3.51	4.2	5.2	3.3	4.63	3.99	3.44	4.21	3.59	4.09	3.61	2.7	3.15	3.71
Diluted Market Cap	675	962	1,307	1,114	445	1,339	1,171	636	234	193	212	214	262	332	313
Diluted Enterprise Value	2,160	2,320	2,717	2,519	1,791	2,460	2,071	1,525	1,385	1,150	964	874	835	767	694
EV per Share	45.85	49.4	57.24	52.54	37.39	50.3	40.75	30.17	27.71	22.73	18.65	17.1	17.25	16.12	14.27
TTM Sales	4,325	4,094	4,796	4,778	4,597	4,330	3,951	3,986	3,923	2,930	2,960	3,217	2,958	2,672	2,420
TTM EBITDA	624	563	578	545	468	468	465	421	347	260	244	240	232	223	197
TTM Operating Income	271	225	238	209	143	191	233	191	124	78	87	98	103	121	119
TTM Cash Flow to Firm	291	556	491	341	409	414	421	340	218	259	184	180	239	187	138
TTM Free Cash Flow to Firm	459	659	641	480	542	520	507	437	329	320	234	240	309	244	183

Multiples (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	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	1.25	2.1	2.21	2.58	0.93	2.91	2.72	1.78	0.88	0.77	1.14	1	1.2	1.95	2.22
EV/EBIT	7.97	10.29	11.33	11.96	12.51	12.62	8.69	7.88	11.16	14.72	10.97	8.82	8.09	6.36	5.72
Enterprise Value	2,160	2,312	2,690	2,496	1,791	2,409	2,021	1,503	1,385	1,150	957	867	835	767	679
Low Price	12.14	11.25	18.45	18.11	8.44	7.32	18.16	11.56	3.63	2	2.95	2.12	2.68	4.06	4.5
EV/Sales	0.5	0.56	0.56	0.52	0.39	0.56	0.51	0.38	0.35	0.39	0.32	0.27	0.28	0.29	0.28
EV/EBITDA	3.46	4.1	4.65	4.58	3.82	5.15	4.35	3.57	3.99	4.43	3.91	3.62	3.6	3.44	3.44
Price/Earnings	- -	10.92	39.38	58.63	- -	28.68	10.46	72.18	- -	- -	5.43	22.24	- -	- -	11.05
Price/Earnings Average	-31.65	8.17	37.19	56.19	-1.28	21.48	10.73	122.75	-3.14	-1.36	5.63	22.47	-3.97	-5.15	10.49
Price/Earnings High	-45.54	11.37	53.35	69.26	-1.8	31.47	13.44	183.32	-5.4	-2.75	8.63	41.16	-5.6	-8.54	14.17
Price/Earnings Low	-12.19	6.02	26.68	46.25	-0.63	7.81	8.4	67.73	-1.16	-0.79	4	11.56	-2.34	-3.8	7.93
Price/Book Value	1.04	1.62	2.28	2.11	-2.39	-6.28	-6.94	-2.92	-0.55	-0.34	-0.39	-0.4	-0.46	-0.52	-0.48
Price/Book Value Average	2.28	1.21	2.16	2.02	-4.42	-4.7	-7.12	-4.97	-1.16	-0.31	-0.4	-0.4	-0.38	-0.41	-0.46
Price/Book Value High	3.28	1.69	3.1	2.49	-6.19	-6.89	-8.92	-7.42	-2	-0.62	-0.62	-0.74	-0.54	-0.69	-0.62
Price/Book Value Low	0.88	0.89	1.55	1.67	-2.17	-1.71	-5.58	-2.74	-0.43	-0.18	-0.29	-0.21	-0.23	-0.3	-0.34
Price/Tangible Book Value	3.01	4.02	4.37	4.79	1.42	3.37	2.34	2.02	56.95	-1.58	-8.24	5.22	-49.5	-5.76	40.88
Price/Tangible Book Value Average	6.62	3.01	4.13	4.59	2.63	2.53	2.4	3.44	119.83	-1.43	-8.55	5.28	-41.45	-4.55	38.8
Price/Tangible Book Value High	9.53	4.19	5.92	5.65	3.69	3.7	3.01	5.14	205.85	-2.88	-13.1	9.67	-58.54	-7.54	52.43
Price/Tangible Book Value Low	2.55	2.22	2.96	3.77	1.29	0.92	1.88	1.9	44.27	-0.83	-6.08	2.71	-24.47	-3.36	29.34
Price/Sales	0.16	0.23	0.27	0.23	0.1	0.3	0.28	0.15	0.06	0.07	0.07	0.06	0.09	0.12	0.12
Price/Sales Average	0.34	0.17	0.25	0.22	0.18	0.22	0.29	0.26	0.13	0.06	0.07	0.06	0.07	0.1	0.12
Price/Sales High	0.49	0.24	0.36	0.27	0.25	0.33	0.36	0.39	0.22	0.12	0.11	0.12	0.1	0.16	0.16
Price/Sales Low	0.13	0.13	0.18	0.18	0.09	0.08	0.23	0.14	0.05	0.03	0.05	0.03	0.04	0.07	0.09
Price/Cash Flow	1.82	2.69	2.9	3.72	1.28	3.64	3.26	2.35	1.5	1.02	1.5	1.34	1.78	2.94	3.11
Price/Cash Flow Average	4	2.02	2.74	3.56	2.37	2.73	3.34	4	3.16	0.92	1.56	1.35	1.49	2.32	2.95
Price/Cash Flow High	5.76	2.81	3.93	4.39	3.32	4	4.19	5.98	5.43	1.85	2.39	2.48	2.1	3.85	3.99
Price/Cash Flow Low	1.54	1.49	1.97	2.93	1.16	0.99	2.62	2.21	1.17	0.53	1.11	0.7	0.88	1.71	2.23
Price/Free Cash Flow Average	2.75	1.57	2.09	2.47	1.71	2.18	2.79	3.03	1.84	0.7	1.18	1.01	1.01	1.54	2.1
Price/Free Cash Flow High	3.96	2.19	3	3.04	2.4	3.2	3.5	4.52	3.17	1.4	1.81	1.84	1.42	2.55	2.84
Price/Free Cash Flow Low	1.06	1.16	1.5	2.03	0.84	0.79	2.19	1.67	0.68	0.4	0.84	0.52	0.59	1.14	1.59
EV/Sales Average	0.69	0.51	0.55	0.51	0.47	0.48	0.52	0.48	0.42	0.39	0.33	0.27	0.27	0.26	0.27
EV/Sales High	0.84	0.57	0.66	0.56	0.54	0.59	0.59	0.61	0.51	0.45	0.36	0.32	0.3	0.33	0.32
EV/Sales Low	0.48	0.46	0.47	0.47	0.38	0.34	0.46	0.37	0.34	0.36	0.31	0.24	0.24	0.24	0.25
EV/EBITDA Average	4.76	3.68	4.53	4.5	4.63	4.46	4.41	4.59	4.73	4.36	3.94	3.63	3.41	3.13	3.36
EV/EBITDA High	5.8	4.17	5.44	4.94	5.34	5.42	5.03	5.81	5.75	5.04	4.41	4.35	3.8	3.9	3.87
EV/EBITDA Low	3.3	3.34	3.94	4.16	3.74	3.15	3.87	3.48	3.84	4.07	3.69	3.2	3.03	2.82	3.01
EV/EBIT Average	10.96	9.22	11.03	11.75	15.15	10.93	8.81	10.14	13.24	14.49	11.06	8.84	7.68	5.78	5.59
EV/EBIT High	13.36	10.46	13.24	12.91	17.47	13.28	10.06	12.84	16.08	16.76	12.36	10.61	8.55	7.21	6.43
EV/EBIT Low	7.59	8.38	9.59	10.86	12.22	7.71	7.74	7.68	10.74	13.54	10.36	7.81	6.8	5.21	5.01
Last Price	14.34	20.39	27.23	22.96	9.3	26.88	22.6	12.32	4.67	3.82	4	4.08	5.42	6.97	6.27
High Price	45.35	21.23	36.89	27.12	24.13	29.5	29.04	31.29	16.88	6.97	6.36	7.55	6.41	9.13	8.04
Enterprise Value Average	2,969	2,072	2,619	2,450	2,170	2,086	2,050	1,932	1,643	1,132	964	869	792	698	664
Enterprise Value High	3,620	2,351	3,144	2,693	2,501	2,535	2,341	2,447	1,996	1,309	1,078	1,043	883	870	763
Enterprise Value Low	2,056	1,884	2,278	2,265	1,750	1,472	1,801	1,465	1,333	1,058	903	767	702	629	595

Shares Outstanding	47	47	48	49	50	51	52	52	53	53	54	52	51	52	51
Diluted Weighted Avg Shares	47	47	48	48	48	50	52	52	50	51	53	52	48	48	50
Basic Weighted Avg Shares	47	47	47	48	48	48	50	50	50	51	51	51	48	48	48
Revenue per Share	91.82	87.48	102.04	100.58	95.97	90.39	79.66	80.04	78.47	57.9	57.71	63.45	61.11	56.14	50.84
EBITDA per Share	13.25	12.04	12.3	11.47	9.78	9.77	9.38	8.46	6.94	5.13	4.77	4.73	4.79	4.69	4.15
Operating Income per Share	5.75	4.8	5.05	4.39	2.99	3.99	4.69	3.83	2.48	1.54	1.7	1.94	2.13	2.54	2.5
Basic EPS, GAAP	-1	1.87	0.69	0.39	-13.4	0.94	2.16	0.17	-3.13	-2.54	0.74	0.18	-1.14	-1.07	0.57
Basic EPS from Cont Ops	-0.17	1.2	0.66	0.39	-13.4	0.94	2.38	0.6	-1.11	-2.11	0.74	0.18	-1.14	-1.07	0.57
Diluted EPS, GAAP	-1	1.85	0.68	0.38	-13.4	0.9	2.07	0.16	-3.13	-2.54	0.71	0.18	-1.14	-1.07	0.54
Diluted EPS from Cont Ops	-0.17	1.19	0.64	0.38	-13.4	0.9	2.28	0.58	-1.11	-2.11	0.71	0.18	-1.14	-1.07	0.54
Dividend per Share	0.6	3.24	1.2	1.29	1.3	1.28	1.26	1.26	1.14	0.19	0.03	0.03	- -	0.2	0.3
Cash Flow per Share	7.88	7.57	9.39	6.17	7.27	7.38	6.94	5.23	3.11	3.76	2.66	3.05	3.05	2.37	2.01
Free Cash Flow per Basic Share	4.31	5.36	6.2	3.24	4.49	5.17	5.2	3.3	0.89	2.55	1.69	1.86	1.59	1.17	1.07
Cash & Equivalents per Share	0.54	0.36	0.28	0.2	0.23	0.19	1.3	1.4	1.57	1.09	3.51	0.5	1.09	0.61	1.33
Book Value per Share	13.83	12.6	11.92	10.88	-3.9	-4.28	-3.26	-4.22	-8.44	-11.16	-10.26	-10.2	-11.83	-13.31	-13.06
Tangible Book Value per Share	4.76	5.07	6.23	4.8	6.54	7.97	9.66	6.09	0.08	-2.42	-0.49	0.78	-0.11	-1.21	0.15

Quad/Graphics, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)