Rand Capital Corporation Financial Ratios — RAND 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
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9.56	90.62	188.06	- -
Return on Assets (%)	4.06	5.92	7.77	10.65	3.33	-2.77	-1.72	-0.98	-4.35	1.18	24.95	-1.37	9.03	11.5	-12.8
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	2.21	- -	- -	1.56	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.51	23.95	4.6	1.96	28.14	43.65	3.32	2.04	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	22.18	3.24	1.47	27.24	44.28	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	31.58	-303.85	88.41	-0.22	-44.09	37.32	37.62	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	72.73	65.93	57.55	77.59	62.46	131.88	-78.42	-20.67	317.24	68.14	94	-91.16	84.29	86.72	125.5
Profit Margin (%)	34.45	53.19	101.32	78.47	40.58	22.48	-75.09	-27.08	230.04	24.46	95.22	-143.98	80.63	87.15	126.2
Net Income to Common Margin (%)	34.45	53.19	101.32	78.47	40.58	22.48	-75.09	-27.08	230.04	24.46	95.22	-143.98	80.63	87.15	126.2
Effective Tax Rate (%)	52.63	19.33	- -	- -	35.02	- -	- -	- -	- -	64.1	- -	- -	4.35	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	639.53	28.93	-242.93	52.6	24.27	-90.52
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-32.77	42.96	142.42	- -

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
Total Debt	4	5	7	8	8	8	8	9	11	11	- -	3	16	1	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	4	5	7	8	8	8	8	9	11	11	- -	3	16	1	- -
Total Debt/EBITDA	40.74	5.61	53.62	70.58	7.5	-3.35	249.9	288.16	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-5.28	0.77	-21.18	-46.15	2.07	1.91	50.68	152.28	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	6.06	76.27	93.92	7.75	-3.3	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	0.83	-30.12	-61.41	2.14	1.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-3.33	-1.04	-0.51	-0.4	1.48	-2.1	-2.27	-2.42	32.34	-7.14	16.2	12.32	8.12	3.87	-19.39
Long-Term Debt/Equity (%)	16.39	19.01	24.94	24.73	23.04	23.99	24.61	27.14	20.11	23.48	- -	4.42	26.72	0.92	- -
Long-Term Debt/Capital (%)	135.3	107.87	102.99	102.32	92.18	112.85	113.12	112.93	33.98	167.26	- -	24.58	71.18	17.61	- -
Long-Term Debt/Total Assets (%)	12.77	14.31	17.61	17.57	17.5	18.45	19.57	21.11	16.65	17.75	- -	4.02	20.06	0.83	- -
Total Debt/Equity (%)	16.39	19.01	24.94	24.73	23.04	23.99	24.61	27.14	20.11	23.48	- -	4.42	26.72	0.92	- -
Total Debt/Capital (%)	135.3	107.87	102.99	102.32	92.18	112.85	113.12	112.93	33.98	167.26	- -	24.58	71.18	17.61	- -
Total Debt/Total Assets (%)	12.77	14.31	17.61	17.57	17.5	18.45	19.57	21.11	16.65	17.75	- -	4.02	20.06	0.83	- -
Net Debt to Equity	-2.12	2.62	-9.85	-16.17	6.37	-13.65	4.99	14.34	-48.14	-44.17	-1.37	-2.37	-5.42	-1.28	-8.07
Net Debt/Capital (%)	33.17	212.51	93.16	96.65	82.34	83.32	233.5	127.65	-435.61	146.58	-8.51	-15.2	-16.87	-32.45	28.98
EBITDA	- -	1	- -	- -	1	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	1	- -	- -	1	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	1	- -	- -	1	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -

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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-3.33	-1.04	-0.51	-0.4	1.48	-2.1	-2.27	-2.42	32.34	-7.14	16.2	12.32	8.12	3.87	-19.39
Long-Term Debt/Equity (%)	16.39	19.01	24.94	24.73	23.04	23.99	24.61	27.14	20.11	23.48	- -	4.42	26.72	0.92	- -
Long-Term Debt/Capital (%)	135.3	107.87	102.99	102.32	92.18	112.85	113.12	112.93	33.98	167.26	- -	24.58	71.18	17.61	- -
Long-Term Debt/Total Assets (%)	12.77	14.31	17.61	17.57	17.5	18.45	19.57	21.11	16.65	17.75	- -	4.02	20.06	0.83	- -
Total Debt/Equity (%)	16.39	19.01	24.94	24.73	23.04	23.99	24.61	27.14	20.11	23.48	- -	4.42	26.72	0.92	- -
Total Debt/Capital (%)	135.3	107.87	102.99	102.32	92.18	112.85	113.12	112.93	33.98	167.26	- -	24.58	71.18	17.61	- -
Total Debt/Total Assets (%)	12.77	14.31	17.61	17.57	17.5	18.45	19.57	21.11	16.65	17.75	- -	4.02	20.06	0.83	- -
CFO/Total Liabilities	9.26	36.11	-4.35	20.94	-68.95	65.97	-73.26	-32.23	42.48	-4.15	-80.43	4.38	-41.28	215.18	1,111.98
CFO/CapEx	- -	- -	-67.33	244.17	-2,666.36	7,715.41	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.15	1.43	1.23	1.47	1.69	1.04	1.57	1.19	1.65	1.79	6.64	4.29	1.35	4.37	19.44

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
Accounts Receivable Turnover	6.89	62.4	62.25	32.93	14.54	-19.84	3.41	7.74	-13.68	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	52.96	5.85	5.86	11.08	25.11	-18.4	107.07	47.18	-26.68	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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
Market Capitalization	24	18	23	30	27	23	22	18	23	46	50	39	39	50	33
- Cash & Cash Equivalents	5	4	10	13	6	12	6	4	26	20	1	1	3	1	4
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	4	5	7	8	8	8	8	9	11	11	- -	3	16	1	- -
Enterprise Value	24	19	20	25	29	19	24	23	8	36	50	41	51	49	29
Total Capital	3	5	7	8	8	7	7	8	32	6	11	10	23	3	-10
Total Debt/Capital (%)	135.3	107.87	102.99	102.32	92.18	112.85	113.12	112.93	33.98	167.26	- -	24.58	71.18	17.61	- -
Total Debt / EV	0.17	0.26	0.35	0.32	0.27	0.42	0.33	0.38	1.32	0.3	- -	0.06	0.32	0.01	- -
EV/Sales	6.07	5.17	7.12	4.28	7.94	- -	24.84	15.56	- -	11.94	2.99	66.39	6.36	4.88	- -
EV/EBITDA	241.94	21.6	154.72	218.67	28.22	- -	747.93	763.66	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	23.32	220.05	291	29.15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	37.02	6.17	- -	8.98	- -	2.87	- -	- -	1.73	- -	- -	161.11	- -	3.23	2.6
EV/Free Cash Flow to Firm	37.02	6.17	- -	8.95	- -	2.86	- -	- -	1.73	- -	- -	161.11	- -	3.23	2.6
Diluted Market Cap	24	18	23	30	27	23	22	18	23	52	50	39	39	50	33
Diluted Enterprise Value	24	19	20	25	29	19	24	23	8	42	50	41	51	49	29
EV per Share	27.3	21.84	24.3	30.4	36.35	22.92	29.15	28.1	8.51	13.94	16.71	13.72	17.36	19.16	9.93
TTM Sales	4	4	3	6	4	-5	1	1	-1	3	17	1	8	10	-6
TTM EBITDA	- -	1	- -	- -	1	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	1	- -	- -	1	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1	3	-1	3	-7	6	-6	-3	5	-1	-4	- -	-8	15	11
TTM Free Cash Flow to Firm	1	3	-1	3	-7	6	-6	-3	5	-1	-4	- -	-8	15	11

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
Price/Free Cash Flow	37.83	5.95	-45.87	10.84	-3.71	3.55	-3.64	-6.26	4.89	-84.02	-12.78	156.43	-4.62	3.24	2.97
EV/EBIT	- -	23.32	220.05	291	29.15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	24	19	20	25	29	19	24	23	8	36	50	41	51	49	29
Low Price	22.41	19.44	20.61	26.28	31.59	27.45	24.75	18.45	19.26	10.25	14.06	13.04	12.5	12.81	10.56
EV/Sales	6.07	5.17	7.12	4.28	7.94	- -	24.84	15.56	- -	11.94	2.99	66.39	6.36	4.88	- -
EV/EBITDA	241.94	21.6	154.72	218.67	28.22	- -	747.93	763.66	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	18	9.38	7.99	6.61	18.26	- -	- -	- -	- -	61.64	3.19	- -	5.9	5.63	- -
Price/Earnings Average	17.16	11.29	7.56	5.27	18.9	-22.67	-30.22	-46.83	-10.28	55.09	3.2	-49.99	6.1	4.6	-6.37
Price/Earnings High	20.33	16.79	8.33	6.87	20.59	-31.71	-35.75	-58.52	-13.6	129.86	5.06	-63.19	6.61	7.05	-11.68
Price/Earnings Low	14.46	8.66	5.96	4.72	17	-18.42	-28.09	-37.73	-8.08	35.9	2.64	-43.83	5.68	3.75	-3.87
Price/Book Value	-23.26	-50.89	-113.11	-165.68	41.4	-25.75	-24.06	-18.53	1.11	-10.53	4.74	5.05	5.85	17.7	-3.24
Price/Book Value Average	-22.17	-61.25	-106.93	-131.98	42.85	-30.59	-23.58	-18.87	1.12	-9.41	4.75	5.63	6.05	14.47	-4.97
Price/Book Value High	-26.26	-91.12	-117.9	-172.16	46.68	-42.78	-27.9	-23.58	1.49	-22.19	7.52	7.12	6.55	22.16	-9.11
Price/Book Value Low	-18.68	-46.98	-84.37	-118.28	38.55	-24.85	-21.92	-15.2	0.88	-6.13	3.92	4.94	5.63	11.78	-3.02
Price/Tangible Book Value	0.99	0.71	0.82	0.93	0.81	0.7	0.69	0.58	0.43	0.99	0.83	0.68	0.63	0.76	0.64
Price/Tangible Book Value Average	0.95	0.85	0.77	0.74	0.84	0.84	0.67	0.59	0.44	0.89	0.83	0.76	0.65	0.62	0.98
Price/Tangible Book Value High	1.12	1.26	0.85	0.96	0.91	1.17	0.8	0.73	0.58	2.09	1.32	0.97	0.71	0.95	1.8
Price/Tangible Book Value Low	0.8	0.65	0.61	0.66	0.75	0.68	0.63	0.47	0.35	0.58	0.69	0.67	0.61	0.51	0.6
Price/Sales	6.2	4.99	8.1	5.19	7.41	-4.29	23.16	12.46	-23.32	15.08	3.04	64.46	4.76	4.9	-5.25
Price/Sales Average	5.91	6	7.65	4.13	7.67	-5.1	22.69	12.68	-23.64	13.48	3.05	71.98	4.92	4.01	-8.04
Price/Sales High	7	8.93	8.44	5.39	8.36	-7.13	26.85	15.85	-31.28	31.77	4.82	90.98	5.33	6.14	-14.74
Price/Sales Low	4.98	4.6	6.04	3.7	6.9	-4.14	21.09	10.22	-18.6	8.78	2.51	63.1	4.58	3.26	-4.88
Price/Cash Flow	37.83	5.95	-45.19	10.88	-3.71	3.55	-3.64	-6.26	4.89	-74.31	-12.78	156.43	-4.62	3.24	2.97
Price/Cash Flow Average	36.06	7.16	-42.72	8.67	-3.84	4.22	-3.57	-6.37	4.96	-66.41	-12.82	174.69	-4.77	2.65	4.55
Price/Cash Flow High	42.71	10.65	-47.1	11.31	-4.18	5.91	-4.22	-7.96	6.57	-156.55	-20.3	220.79	-5.17	4.06	8.35
Price/Cash Flow Low	30.39	5.49	-33.71	7.77	-3.45	3.43	-3.32	-5.13	3.9	-43.28	-10.58	153.15	-4.44	2.16	2.76
Price/Free Cash Flow Average	36.06	7.16	-43.36	8.63	-3.84	4.22	-3.57	-6.37	4.96	-75.09	-12.82	174.69	-4.77	2.65	4.55
Price/Free Cash Flow High	42.71	10.65	-47.81	11.26	-4.18	5.9	-4.22	-7.96	6.57	-177	-20.3	220.79	-5.17	4.06	8.35
Price/Free Cash Flow Low	30.39	5.49	-34.21	7.74	-3.46	3.43	-3.32	-5.13	3.9	-48.93	-10.58	153.15	-4.44	2.16	2.76
EV/Sales Average	5.78	6.19	6.68	3.23	8.2	- -	24.37	15.79	- -	10.34	2.99	73.91	6.52	3.99	- -
EV/Sales High	6.87	9.12	7.46	4.49	8.88	- -	28.53	18.95	- -	28.63	4.77	92.91	6.93	6.12	- -
EV/Sales Low	4.85	4.79	5.06	2.8	7.43	- -	22.78	13.32	- -	5.64	2.46	65.03	6.18	3.24	- -
EV/EBITDA Average	230.37	25.84	145.12	164.81	29.14	-9.77	733.92	774.63	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	273.83	38.07	162.17	229.03	31.58	-14.42	859.04	929.96	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	193.29	20	110.03	142.91	26.4	-7.58	685.82	653.61	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	27.9	206.39	219.32	30.1	-9.63	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	41.1	230.65	304.79	32.61	-14.22	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	21.59	156.49	190.19	27.27	-7.47	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	27.9	21.06	27.63	36.81	33.93	28.44	27.17	22.5	24.15	17.6	16.99	13.32	12.99	19.25	11.36
High Price	31.5	37.71	28.8	38.25	38.25	47.25	31.5	28.62	32.4	37.08	26.98	18.8	14.55	24.1	31.89
Enterprise Value Average	23	23	19	19	30	23	23	23	9	31	50	45	53	40	47
Enterprise Value High	27	33	21	26	33	34	27	28	16	87	79	57	56	62	90
Enterprise Value Low	19	17	14	16	27	18	22	19	3	17	41	40	50	33	27

	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
Shares Outstanding	1	1	1	1	1	1	1	1	2	3	3	3	3	3	3
Diluted Weighted Avg Shares	1	1	1	1	1	1	1	1	1	3	3	3	3	3	3
Basic Weighted Avg Shares	1	1	1	1	1	1	1	1	1	3	3	3	3	3	3
Revenue per Share	4.5	4.22	3.41	7.1	4.58	-6.63	1.17	1.81	-1.04	1.17	5.6	0.21	2.73	3.92	-2.16
EBITDA per Share	0.11	1.01	0.16	0.14	1.29	-2.89	0.04	0.04	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	0.94	0.11	0.1	1.25	-2.94	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.55	2.25	3.46	5.57	1.86	-1.49	-0.88	-0.49	-2.38	0.29	5.33	-0.3	2.2	3.42	-2.73
Basic EPS from Cont Ops	1.55	2.25	3.46	5.57	1.86	-1.49	-0.88	-0.49	-2.38	0.29	5.33	-0.3	2.2	3.42	-2.73
Diluted EPS, GAAP	1.55	2.25	3.46	5.57	1.86	-1.49	-0.88	-0.49	-2.38	0.25	5.33	-0.3	2.2	3.42	-2.73
Diluted EPS from Cont Ops	1.55	2.25	3.46	5.57	1.86	-1.49	-0.88	-0.49	-2.38	0.25	5.33	-0.3	2.2	3.42	-2.73
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.83	1.54	0.72	1.16	0.83	2.47
Cash Flow per Share	0.74	3.54	-0.61	3.38	-9.14	8	-7.46	-3.6	4.93	-0.24	-1.33	0.09	-2.81	5.94	3.82
Free Cash Flow per Basic Share	0.74	3.54	-0.62	3.37	-9.15	8	-7.46	-3.6	4.93	-0.24	-1.33	0.09	-2.81	5.94	3.82
Cash & Equivalents per Share	5.19	4.89	11.75	16.22	7.24	15.21	7.76	5	26.86	7.82	0.28	0.46	1.11	0.32	1.43
Book Value per Share	-1.2	-0.41	-0.24	-0.22	0.82	-1.1	-1.13	-1.21	21.8	-1.67	3.59	2.64	2.22	1.09	-3.5
Tangible Book Value per Share	28.04	29.85	33.78	39.67	41.93	40.43	39.57	39.08	55.8	17.7	20.49	19.47	20.52	25.31	17.72

Rand Capital Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)