REX American Resources Corporation Financial Ratios — REX

Profitability (USD)

	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	2026 Y
Return on Common Equity (%)	9.11	-0.71	10.32	21.78	6.83	6.57	7.51	5.61	1.27	0.51	8.71	4.42	9.07	9.22	14.17
Return on Assets (%)	6.95	-0.54	8.42	19.74	7.21	7.44	8.51	6.66	1.53	0.61	10.17	4.9	9.79	8.4	10.93
Return on Capital (%)	5.71	- -	7.04	15.2	5.05	4.67	- -	- -	- -	- -	6.52	2.5	6.09	6.17	- -
Return on Invested Capital (%)	4.3	- -	7.85	21.07	5.98	9.18	- -	- -	- -	- -	10.87	4	9.38	7.81	- -
Gross Margin (%)	8.52	2.1	9.65	24.8	11.65	15.65	9.76	6.21	4.88	5.24	11.7	5.68	11.79	14.24	14.41
EBITDA Margin (%)	8.94	2.72	9.57	24.34	11.38	15.24	9.34	7.09	6.56	6.81	11.96	5.74	11.02	13.39	12.95
Operating Margin (%)	5.98	0.19	6.97	21.41	7.11	10.94	4.59	1.99	0.21	0.51	8.92	3.01	8.26	10.01	9.39
Incremental Operating Margin (%)	-0.17	-9.37	477.86	-81.09	67.4	107.62	2,379.14	-32.65	12.75	-2.27	16.71	-54	-199.22	2.36	-40.51
Pretax Margin (%)	11.94	-0.55	9	26.7	11.8	12.54	5.61	3	1.55	1.13	9.79	5.55	11.82	14.45	13.62
Profit Margin (%)	6.91	-0.35	5.27	15.26	7.2	7.12	8.77	6.5	1.78	0.81	6.76	3.24	7.31	9.05	12.75
Net Income to Common Margin (%)	6.91	-0.35	5.27	15.26	7.2	7.12	8.77	6.5	1.78	0.81	6.76	3.24	7.31	9.05	12.75
Effective Tax Rate (%)	33.3	- -	34.63	32.49	27.38	30.56	- -	- -	- -	- -	25.09	20.1	22.91	23.03	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	9.11	-0.71	10.32	21.78	6.83	6.57	7.51	5.61	1.27	0.51	8.71	4.42	9.07	9.22	14.17

Credit (USD)

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	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	2026 Y
Total Debt	124	107	76	- -	- -	- -	- -	- -	16	12	11	15	13	21	21
ST Debt	15	16	12	- -	- -	- -	- -	- -	5	5	5	5	4	6	7
LT Debt	109	91	64	- -	- -	- -	- -	- -	11	7	6	10	8	15	14
Total Debt/EBITDA	3.39	5.99	1.19	- -	- -	- -	- -	- -	0.57	0.49	0.12	0.31	0.14	0.25	0.25
Net Debt/EBITDA	1.33	2.12	-0.46	-0.99	-2.73	-2.73	-4.52	-5.47	-6.56	-5.7	-2.48	-1.42	-2.43	-2.28	-2.24
Total Debt/EBIT	5.06	85.13	1.63	- -	- -	- -	- -	- -	17.96	6.5	0.16	0.58	0.19	0.33	0.35
Net Debt/EBIT	1.99	30.14	-0.63	-1.12	-4.38	-3.8	-9.19	-19.51	-206.5	-76.29	-3.33	-2.7	-3.25	-3.05	-3.09
EBITDA to Interest Expense	10.64	3.7	16.35	67.17	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	10.64	3.7	16.35	67.17	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	7.12	0.26	11.91	59.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	3	5	4	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	74.11	79.52	83.53	97.33	114.83	112	114.48	123.01	117.34	123.14	111.18	110.62	105.6	77.82	76.55
Long-Term Debt/Equity (%)	38.51	33.29	20.43	- -	- -	- -	- -	- -	2.36	1.7	1.31	1.93	1.43	2.39	1.98
Long-Term Debt/Capital (%)	22.72	19.97	13.67	- -	- -	- -	- -	- -	1.63	1.14	0.94	1.37	1.06	2.31	1.92
Long-Term Debt/Total Assets (%)	24.78	22.53	14.84	- -	- -	- -	- -	- -	2.14	1.55	1.16	1.7	1.26	2.13	1.74
Total Debt/Equity (%)	43.91	38.98	24.37	- -	- -	- -	- -	- -	3.44	2.82	2.25	2.94	2.19	3.28	3.03
Total Debt/Capital (%)	25.91	23.39	16.3	- -	- -	- -	- -	- -	2.38	1.88	1.62	2.09	1.63	3.18	2.94
Total Debt/Total Assets (%)	28.25	26.38	17.7	- -	- -	- -	- -	- -	3.12	2.57	2	2.59	1.93	2.93	2.67
Net Debt to Equity	17.29	13.8	-9.47	-35.04	-38.16	-48.57	-44.22	-42.34	-39.61	-33.05	-47.14	-13.62	-38.02	-30.49	-26.88
Net Debt/Capital (%)	12.1	9.75	-8.19	-39.34	-35.27	-51.28	-46.85	-42.49	-37.76	-28.31	-51.1	-10.72	-39.53	-41.89	-35.31
EBITDA	37	18	64	139	50	69	42	34	27	25	93	49	92	86	84
EBITDA-CapEx	37	18	64	139	50	69	42	34	27	25	93	49	92	86	84
Operating Income (Loss)	24	1	46	123	31	50	21	10	1	2	69	26	69	64	61

Liquidity (USD)

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	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	2026 Y
Cash Ratio	2.01	2.2	3.27	7.04	6.91	8.37	8.73	11.96	6.51	5.88	5.07	5.15	5.71	7.12	4.99
Current Ratio	3.41	3.65	4.63	8.99	9.13	10.06	10.93	14.73	8.58	8.42	6.84	6.83	6.82	8.64	5.94
Quick Ratio	2.41	2.61	3.79	7.64	7.88	8.95	9.63	13.09	7.11	6.72	5.71	5.66	6.15	7.67	5.34
CFO/Avg Current Liab	1.13	0.5	2.03	5.31	2.05	3.28	1.85	2.47	0.43	0.28	2.26	1.04	2.12	1.1	1.87
Common Equity/Total Assets	74.11	79.52	83.53	97.33	114.83	112	114.48	123.01	117.34	123.14	111.18	110.62	105.6	77.82	76.55
Long-Term Debt/Equity (%)	38.51	33.29	20.43	- -	- -	- -	- -	- -	2.36	1.7	1.31	1.93	1.43	2.39	1.98
Long-Term Debt/Capital (%)	22.72	19.97	13.67	- -	- -	- -	- -	- -	1.63	1.14	0.94	1.37	1.06	2.31	1.92
Long-Term Debt/Total Assets (%)	24.78	22.53	14.84	- -	- -	- -	- -	- -	2.14	1.55	1.16	1.7	1.26	2.13	1.74
Total Debt/Equity (%)	43.91	38.98	24.37	- -	- -	- -	- -	- -	3.44	2.82	2.25	2.94	2.19	3.28	3.03
Total Debt/Capital (%)	25.91	23.39	16.3	- -	- -	- -	- -	- -	2.38	1.88	1.62	2.09	1.63	3.18	2.94
Total Debt/Total Assets (%)	28.25	26.38	17.7	- -	- -	- -	- -	- -	3.12	2.57	2	2.59	1.93	2.93	2.67
CFO/Total Liabilities	22.34	13.01	55.02	214.46	68.2	105.11	87.28	183.49	22.06	20.45	146.04	79.89	165.75	84.01	123.09
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	3.3	3.82	5.12	8.13	7.34	8.46	10.12	14.2	9.15	9.8	9.53	8.88	9.39	8.7	9.74

Working Capital (USD)

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	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	2026 Y
Accounts Receivable Turnover	36.5	53.93	47.48	45.27	38.87	35.5	36.48	40.07	34.31	22.81	34.03	33.54	34.48	28.75	35.95
Days Sales Outstanding	10	6.77	7.69	8.06	9.39	10.28	10.01	9.11	10.64	16	10.73	10.88	10.59	12.7	10.15
Inventory Turnover	19.6	23.26	27.17	22.99	21.89	22.36	21.6	23.27	14.68	9.67	17.18	17.73	19.42	18.79	18.53
Days Inventory Outstanding	18.62	15.69	13.43	15.88	16.68	16.32	16.9	15.69	24.86	37.76	21.25	20.59	18.8	19.43	19.7
Accounts Payable Turnover	83.12	109.51	105.7	54.18	39.62	39.48	47.59	58.18	31.44	20.01	28.21	24.5	18.73	15.78	16.59
Accounts Payable Turnover Days	4.39	3.33	3.45	6.74	9.21	9.24	7.67	6.27	11.61	18.24	12.94	14.9	19.48	23.12	22
Cash Conversion Cycle	24.23	19.13	17.67	17.2	16.86	17.36	19.23	18.52	23.89	35.52	19.03	16.57	9.9	9	7.85
Inventory to Cash Days	-8.62	-8.92	-5.75	-7.81	-7.29	-6.04	-6.89	-6.58	-14.22	-21.75	-10.52	-9.71	-8.21	-6.73	-9.54
Inventories	30	25	19	18	17	17	21	18	36	37	42	49	27	32	28
Raw Materials	21	13	13	12	11	9	10	10	22	15	24	26	13	22	17
Work In Process	4	4	3	3	3	2	3	3	3	4	5	10	5	5	5
Finished Goods	5	7	4	3	3	5	8	6	11	18	13	13	9	5	6
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	2026 Y
Market Capitalization	234	181	333	450	390	547	539	469	476	472	577	577	723	736	1,123
- Cash & Cash Equivalents	75	69	105	138	136	189	191	189	180	145	230	70	223	196	189
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	29	28	31	43	44	48	50	52	53	52	57	63	74	83	91
+ Total Debt	124	107	76	- -	- -	- -	- -	- -	16	12	11	15	13	21	21
Enterprise Value	312	246	336	355	298	406	398	318	339	356	389	374	431	481	860
Total Capital	478	457	465	488	521	556	599	632	656	655	680	719	789	665	723
Total Debt/Capital (%)	25.91	23.39	16.3	- -	- -	- -	- -	- -	2.38	1.88	1.62	2.09	1.63	3.18	2.94
Total Debt / EV	0.4	0.43	0.23	- -	- -	- -	- -	- -	0.05	0.03	0.03	0.04	0.03	0.04	0.02
EV/Sales	0.76	0.38	0.5	0.62	0.68	0.9	0.88	0.65	0.81	0.95	0.5	0.44	0.52	0.75	1.32
EV/EBITDA	8.54	13.8	5.26	2.55	6.01	5.87	9.42	9.23	12.36	14.03	4.2	7.62	4.69	5.59	10.2
EV/EBIT	12.77	196.22	7.22	2.9	9.62	8.18	19.15	32.94	389.21	187.85	5.63	14.52	6.26	7.48	14.07
EV/Cash Flow to Firm	8.4	12.45	5.01	2.56	7.42	5.88	9.72	6.64	32.74	41.26	4.24	6.83	3.37	7.49	7.29
EV/Free Cash Flow to Firm	8.4	12.45	5.01	2.56	7.42	5.88	9.72	6.64	32.74	41.26	4.24	6.83	3.37	7.49	7.29
Diluted Market Cap	236	181	335	451	390	547	539	469	476	472	577	577	727	736	1,123
Diluted Enterprise Value	314	246	337	356	299	406	398	333	365	392	415	586	590	644	1,047
EV per Share	5.71	4.97	6.87	7.3	6.82	10.28	10.06	8.24	8.93	9.62	10.83	10.61	12.33	13.64	25.88
TTM Sales	409	657	666	572	436	454	453	487	418	373	775	855	833	642	650
TTM EBITDA	37	18	64	139	50	69	42	34	27	25	93	49	92	86	84
TTM Operating Income	24	1	46	123	31	50	21	10	1	2	69	26	69	64	61
TTM Cash Flow to Firm	37	20	67	139	40	69	41	48	10	9	92	55	128	64	118
TTM Free Cash Flow to Firm	37	20	67	139	40	69	41	48	10	9	92	55	128	64	118

Multiples (USD)

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	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	2026 Y
Price/Free Cash Flow	6.76	10.6	5.2	3.28	9.71	7.91	13.15	9.79	46.03	54.71	6.29	10.53	5.68	11.46	9.53
EV/EBIT	12.77	196.22	7.22	2.9	9.62	8.18	19.15	32.94	389.21	187.85	5.63	14.52	6.26	7.48	14.07
Enterprise Value	312	246	336	355	298	406	398	318	339	356	389	374	431	481	860
Low Price	2.23	2.4	2.85	6.22	7.25	7.76	12.68	10.28	10.85	5.64	12.01	13.02	13.71	19.51	16.73
EV/Sales	0.76	0.38	0.5	0.62	0.68	0.9	0.88	0.65	0.81	0.95	0.5	0.44	0.52	0.75	1.32
EV/EBITDA	8.54	13.8	5.26	2.55	6.01	5.87	9.42	9.23	12.36	14.03	4.2	7.62	4.69	5.59	10.2
Price/Earnings	8.28	- -	9.51	5.15	12.4	16.92	13.57	14.84	64.11	157.21	11.01	20.84	11.87	12.65	13.54
Price/Earnings Average	5.57	-77.72	7.02	6.35	13.22	14.39	14.96	15.23	66.74	142.43	10.18	19.31	10.37	14.14	10.67
Price/Earnings High	8.44	-122.4	11.58	10.27	15.78	20.9	17.92	18.32	84.06	199.62	13.35	23.13	14.68	18.43	14.61
Price/Earnings Low	4.32	-51.9	3.97	3.47	10.1	9.49	12.64	12.55	55.38	69.54	8.23	16.58	7.87	11.83	6.7
Price/Book Value	0.72	0.56	0.93	1.01	0.82	1.08	0.98	0.81	0.81	0.8	0.94	0.9	1.03	1.31	1.84
Price/Book Value Average	0.49	0.55	0.69	1.25	0.87	0.92	1.08	0.83	0.84	0.72	0.87	0.83	0.9	1.47	1.45
Price/Book Value High	0.73	0.87	1.14	2.02	1.04	1.33	1.3	1	1.06	1.01	1.14	1	1.27	1.91	1.98
Price/Book Value Low	0.38	0.37	0.39	0.68	0.67	0.6	0.92	0.69	0.7	0.35	0.7	0.72	0.68	1.23	0.91
Price/Tangible Book Value	0.83	0.66	1.07	1.15	1.1	1.41	1.25	1.05	1.05	1.08	1.18	1.13	1.23	1.14	1.6
Price/Tangible Book Value Average	0.56	0.65	0.79	1.41	1.17	1.2	1.37	1.08	1.09	0.98	1.09	1.05	1.08	1.28	1.26
Price/Tangible Book Value High	0.85	1.02	1.31	2.28	1.39	1.74	1.65	1.3	1.38	1.37	1.43	1.25	1.52	1.67	1.73
Price/Tangible Book Value Low	0.43	0.43	0.45	0.77	0.89	0.79	1.16	0.89	0.91	0.48	0.88	0.9	0.82	1.07	0.79
Price/Sales	0.57	0.28	0.5	0.79	0.89	1.21	1.19	0.96	1.14	1.27	0.74	0.67	0.87	1.15	1.73
Price/Sales Average	0.39	0.27	0.37	0.97	0.95	1.03	1.31	0.99	1.19	1.15	0.69	0.63	0.76	1.28	1.36
Price/Sales High	0.58	0.43	0.61	1.57	1.14	1.49	1.57	1.19	1.49	1.61	0.9	0.75	1.07	1.67	1.86
Price/Sales Low	0.3	0.18	0.21	0.53	0.73	0.68	1.11	0.82	0.98	0.56	0.56	0.54	0.58	1.07	0.85
Price/Cash Flow	6.71	10.6	5.18	3.28	9.7	7.91	13.15	9.79	46.03	54.71	6.29	10.53	5.65	11.46	9.53
Price/Cash Flow Average	4.51	10.46	3.82	4.04	10.34	6.73	14.49	10.06	47.92	49.57	5.81	9.76	4.94	12.81	7.51
Price/Cash Flow High	6.83	16.48	6.3	6.54	12.34	9.78	17.37	12.09	60.36	69.47	7.62	11.69	6.99	16.7	10.29
Price/Cash Flow Low	3.5	6.99	2.16	2.21	7.9	4.44	12.25	8.29	39.77	24.2	4.7	8.38	3.75	10.72	4.72
Price/Free Cash Flow Average	4.55	10.46	3.84	4.05	10.36	6.73	14.49	10.06	47.92	49.57	5.81	9.76	4.97	12.81	7.51
Price/Free Cash Flow High	6.89	16.48	6.34	6.55	12.36	9.78	17.37	12.09	60.36	69.47	7.62	11.69	7.03	16.7	10.29
Price/Free Cash Flow Low	3.52	6.99	2.17	2.21	7.91	4.44	12.25	8.29	39.77	24.2	4.7	8.38	3.77	10.72	4.72
EV/Sales Average	0.58	0.37	0.37	0.8	0.74	0.72	1	0.71	0.92	0.93	0.48	0.64	0.59	1.14	1.24
EV/Sales High	0.77	0.53	0.61	1.4	0.93	1.18	1.26	0.91	1.23	1.39	0.69	0.76	0.91	1.53	1.75
EV/Sales Low	0.49	0.28	0.21	0.36	0.52	0.37	0.8	0.54	0.72	0.35	0.35	0.55	0.41	0.93	0.74
EV/EBITDA Average	6.45	13.67	3.89	3.3	6.53	4.69	10.73	10.03	14.03	13.7	4	11.07	5.39	8.49	9.6
EV/EBITDA High	8.66	19.41	6.41	5.76	8.15	7.74	13.51	12.86	18.73	20.47	5.8	13.22	8.25	11.39	13.48
EV/EBITDA Low	5.47	10.35	2.22	1.49	4.55	2.4	8.55	7.57	10.95	5.08	2.9	9.53	3.73	6.93	5.69
EV/EBIT Average	9.63	194.39	5.34	3.75	10.46	6.54	21.8	35.79	441.67	183.55	5.37	21.08	7.19	11.36	13.24
EV/EBIT High	12.94	276.04	8.79	6.55	13.05	10.78	27.46	45.88	589.55	274.17	7.77	25.18	11.01	15.24	18.59
EV/EBIT Low	8.18	147.22	3.04	1.7	7.29	3.34	17.38	27.01	344.67	68.06	3.89	18.15	4.98	9.27	7.85
Last Price	4.28	3.64	6.83	9.25	8.9	13.84	13.61	12.15	12.56	12.75	16.07	16.36	20.69	20.86	33.81
High Price	4.36	5.66	8.32	18.44	11.33	17.1	17.98	15	16.47	16.19	19.48	18.16	25.59	30.4	36.5
Enterprise Value Average	236	244	248	460	324	325	453	346	384	348	371	543	495	731	809
Enterprise Value High	317	347	408	802	405	535	571	443	513	519	537	649	758	980	1,136
Enterprise Value Low	200	185	141	208	226	166	361	261	300	129	269	468	342	596	479

	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	2026 Y
Shares Outstanding	50	49	49	47	40	39	39	38	38	36	36	35	35	34	33
Diluted Weighted Avg Shares	55	50	49	49	44	40	40	39	38	37	36	35	35	35	33
Basic Weighted Avg Shares	55	50	49	49	44	40	40	39	38	37	36	35	35	35	33
Revenue per Share	7.47	13.23	13.64	11.76	9.97	11.48	11.44	12.6	11.02	10.07	21.59	24.24	23.84	18.22	19.59
EBITDA per Share	0.67	0.36	1.31	2.86	1.13	1.75	1.07	0.89	0.72	0.69	2.58	1.39	2.63	2.44	2.54
Operating Income per Share	0.45	0.03	0.95	2.52	0.71	1.26	0.53	0.25	0.02	0.05	1.92	0.73	1.97	1.82	1.84
Basic EPS, GAAP	0.52	-0.05	0.72	1.8	0.72	0.82	1	0.82	0.2	0.08	1.46	0.79	1.74	1.65	2.5
Basic EPS from Cont Ops	0.6	-0.04	0.8	2.12	0.85	1	1.13	0.97	0.22	0.13	1.58	1.08	2.17	2.03	2.86
Diluted EPS, GAAP	0.51	-0.05	0.71	1.79	0.72	0.82	1	0.82	0.2	0.08	1.46	0.79	1.73	1.65	2.5
Diluted EPS from Cont Ops	0.59	-0.04	0.8	2.12	0.85	1	1.13	0.97	0.22	0.13	1.58	1.08	2.16	2.03	2.86
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.64	0.34	1.32	2.82	0.92	1.75	1.04	1.24	0.27	0.23	2.56	1.55	3.66	1.82	3.55
Free Cash Flow per Basic Share	0.64	0.34	1.32	2.82	0.92	1.75	1.04	1.24	0.27	0.23	2.56	1.55	3.66	1.82	3.55
Cash & Equivalents per Share	1.37	1.39	2.15	2.83	3.1	4.77	4.83	5.27	5.43	4.88	7.12	7.96	10.83	10.18	11.32
Book Value per Share	5.93	6.49	7.32	9.14	10.88	12.87	13.85	15.01	15.49	15.95	17.05	18.17	20.08	15.89	18.39
Tangible Book Value per Share	5.15	5.53	6.37	8.08	8.13	9.82	10.91	11.52	11.97	11.82	13.58	14.49	16.81	18.25	21.14

REX American Resources Corporation

Profitability (USD)

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Per Share Data Items (USD)