Construction Partners, Inc. Financial Ratios — ROAD Stock

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	106.7	107.66	45.81	29.69	12.16	11.45	22.09	24.55	27.8
Return on Assets (%)	- -	8.05	12.32	8.39	6.95	2.81	2.25	4.23	4.99	4.26
Return on Capital (%)	- -	34.23	48.36	29.56	20.26	6.69	5.52	10.13	11.05	11.44
Return on Invested Capital (%)	- -	12.99	12.83	10.99	9.26	3.56	3.25	5.98	8.15	9.74
Gross Margin (%)	13.81	16.01	14.64	15.06	15.55	13.17	10.7	12.56	14.16	15.61
EBITDA Margin (%)	10.32	11.29	10.23	11.04	11.83	8.55	7.49	9.53	11.16	13.8
Operating Margin (%)	6.35	7.59	6.5	7.05	6.82	3.08	2.44	4.47	6.07	8.53
Incremental Operating Margin (%)	- -	33.44	1.01	10.66	-66.12	-20.44	0.94	14.56	15.66	13.07
Pretax Margin (%)	6	7.18	8.83	7.11	6.68	3.13	2.18	4.18	5.05	4.78
Profit Margin (%)	4.06	4.58	7.47	5.51	5.13	2.22	1.64	3.13	3.78	3.62
Net Income to Common Margin (%)	4.06	4.58	7.47	5.51	5.13	2.22	1.64	3.13	3.78	3.62
Effective Tax Rate (%)	32.37	36.15	17.53	24.97	24.33	29.28	24.42	25.08	25.15	24.34
Dvd Payout Ratio (%)	- -	120.17	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-21.52	107.66	45.81	29.69	12.16	11.45	22.09	24.55	27.8

Credit (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	61	57	63	50	100	223	390	391	553	1,689
ST Debt	15	10	15	8	15	11	15	17	36	58
LT Debt	46	47	48	42	85	211	375	373	518	1,631
Total Debt/EBITDA	1.09	0.89	0.9	0.58	1.07	2.86	4	2.62	2.72	4.35
Net Debt/EBITDA	0.18	0.46	-0.52	-0.35	-0.61	2.04	3.49	2.2	2.16	3.75
Total Debt/EBIT	1.77	1.33	1.42	0.91	1.86	7.94	12.28	5.59	5	7.04
Net Debt/EBIT	0.29	0.69	-0.82	-0.55	-1.05	5.66	10.71	4.69	3.97	6.07
EBITDA to Interest Expense	12.01	16.21	54.77	46.46	29.85	32.39	12.66	8.59	10.67	4.29
EBITDA-CapEx/Interest Expense	6.68	10.04	21.06	23.63	12.96	8.96	3.72	2.95	6.06	2.77
EBIT to Interest Expense	7.39	10.88	34.83	29.68	17.22	11.67	4.12	4.03	5.8	2.65
Interest Expense	5	4	1	2	3	2	8	17	19	90
Common Equity/Total Assets	8.49	6.63	14.62	21.76	24.8	21.81	18.01	20.2	20.44	12.88
Long-Term Debt/Equity (%)	29.5	30.97	16.07	12.36	21.96	51.72	82.29	72.28	90.22	178.82
Long-Term Debt/Capital (%)	52.39	59.73	35.52	25.62	33.12	53.02	63.89	58.61	59.6	77.43
Long-Term Debt/Total Assets (%)	14.48	14.35	9.69	7.98	13.47	26.22	34.24	30.61	33.57	50.35
Total Debt/Equity (%)	39.01	37.54	21	14.55	25.87	54.51	85.51	75.64	96.43	185.22
Total Debt/Capital (%)	69.28	72.4	46.42	30.17	39.01	55.88	66.39	61.33	63.7	80.2
Total Debt/Total Assets (%)	19.15	17.39	12.67	9.4	15.87	27.63	35.58	32.04	35.88	52.15
Net Debt to Equity	6.32	19.44	-12.1	-8.91	-14.61	38.87	74.59	63.4	76.49	159.66
Net Debt/Capital (%)	26.76	57.6	-99.78	-35.99	-52.53	46.53	61.64	55.62	55.28	74.66
EBITDA	56	64	70	86	93	78	97	149	204	388
EBITDA-CapEx	31	40	27	44	40	22	29	51	116	250
Operating Income (Loss)	34	43	44	55	54	28	32	70	111	240

Liquidity (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.51	0.24	0.74	0.63	1.09	0.36	0.16	0.17	0.2	0.27
Current Ratio	1.77	1.53	1.99	2.18	2.44	1.9	1.84	1.7	1.54	1.61
Quick Ratio	1.61	1.34	1.76	1.87	2.12	1.51	1.46	1.36	1.19	1.29
CFO/Avg Current Liab	- -	0.44	0.53	0.42	0.8	0.33	0.09	0.62	0.63	0.61
Common Equity/Total Assets	8.49	6.63	14.62	21.76	24.8	21.81	18.01	20.2	20.44	12.88
Long-Term Debt/Equity (%)	29.5	30.97	16.07	12.36	21.96	51.72	82.29	72.28	90.22	178.82
Long-Term Debt/Capital (%)	52.39	59.73	35.52	25.62	33.12	53.02	63.89	58.61	59.6	77.43
Long-Term Debt/Total Assets (%)	14.48	14.35	9.69	7.98	13.47	26.22	34.24	30.61	33.57	50.35
Total Debt/Equity (%)	39.01	37.54	21	14.55	25.87	54.51	85.51	75.64	96.43	185.22
Total Debt/Capital (%)	69.28	72.4	46.42	30.17	39.01	55.88	66.39	61.33	63.7	80.2
Total Debt/Total Assets (%)	19.15	17.39	12.67	9.4	15.87	27.63	35.58	32.04	35.88	52.15
CFO/Total Liabilities	31.91	26.61	33.59	29.37	43.3	12.19	2.58	22.35	21.59	12.52
CFO/CapEx	2.08	1.92	1.54	1.3	2	0.86	0.24	1.61	2.38	2.11
Altman's Z-Score	2.75	2.75	4.05	5.23	4.76	4.58	3.29	3.9	4.47	3.88

Working Capital (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	5.08	5.64	6.02	5.78	6.28	6.15	5.5	5.57	6.24
Days Sales Outstanding	- -	71.88	64.74	60.62	63.1	58.1	59.36	66.4	65.49	58.45
Inventory Turnover	- -	31.06	27.62	22.61	18.21	17.13	18.16	17.28	16.42	18.13
Days Inventory Outstanding	- -	11.75	13.22	16.14	20.04	21.31	20.09	21.12	22.23	20.13
Accounts Payable Turnover	- -	10.34	10.14	10.08	9.88	10.67	10.91	9.77	9.51	10.38
Accounts Payable Turnover Days	- -	35.31	36	36.22	36.94	34.22	33.46	37.36	38.37	35.18
Cash Conversion Cycle	- -	48.32	41.96	40.55	46.2	45.2	45.99	50.17	49.35	43.41
Inventory to Cash Days	- -	60.13	51.53	44.48	43.06	36.79	39.26	45.28	43.26	38.31
Inventories	13	17	25	34	39	54	74	84	107	155
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	13	17	25	34	39	54	74	84	107	155

Enterprise Value (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	552	801	937	1,723	1,358	1,895	3,621	6,978
- Cash & Cash Equivalents	51	28	99	81	148	57	36	48	75	156
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	61	57	63	50	100	223	390	391	553	1,689
Enterprise Value	10	30	516	771	888	1,889	1,712	2,237	4,100	8,511
Total Capital	88	79	135	166	255	399	587	637	869	2,106
Total Debt/Capital (%)	69.28	72.4	46.42	30.17	39.01	55.88	66.39	61.33	63.7	80.2
Total Debt / EV	6.17	1.93	0.12	0.06	0.11	0.12	0.23	0.17	0.13	0.2
EV/Sales	0.02	0.05	0.76	0.98	1.13	2.07	1.32	1.43	2.25	3.03
EV/EBITDA	0.18	0.46	7.41	8.91	9.56	24.26	17.57	15.02	20.14	21.93
EV/EBIT	0.29	0.69	11.66	13.95	16.57	67.32	53.95	32.02	37.06	35.49
EV/Cash Flow to Firm	0.18	0.6	7.68	13.6	8.26	37.62	76.72	13.15	18.36	23.66
EV/Free Cash Flow to Firm	0.12	0.4	4.69	7.77	5.55	17.73	18.78	8.35	13.17	17.1
Diluted Market Cap	- -	- -	556	801	940	1,728	1,363	1,911	3,670	7,032
Diluted Enterprise Value	10	30	519	771	891	1,893	1,717	2,253	4,148	8,565
EV per Share	0.19	0.58	11.31	14.98	17.25	36.58	33.07	43.17	79.02	154.9
TTM Sales	542	568	680	783	786	911	1,302	1,564	1,824	2,812
TTM EBITDA	56	64	70	86	93	78	97	149	204	388
TTM Operating Income	34	43	44	55	54	28	32	70	111	240
TTM Cash Flow to Firm	55	49	67	57	108	50	22	170	223	360
TTM Free Cash Flow to Firm	80	74	110	99	160	107	91	268	311	498

Multiples (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	5.1	8.2	5.96	16.48	15.97	7.49	12.36	16.38
EV/EBIT	0.29	0.69	11.66	13.95	16.57	67.32	53.95	32.02	37.06	35.49
Enterprise Value	10	30	516	771	888	1,889	1,712	2,237	4,100	8,511
Low Price	- -	- -	10.31	7.7	11.96	18.01	18.89	24.12	35.46	64.79
EV/Sales	0.02	0.05	0.76	0.98	1.13	2.07	1.32	1.43	2.25	3.03
EV/EBITDA	0.18	0.46	7.41	8.91	9.56	24.26	17.57	15.02	20.14	21.93
Price/Earnings	- -	- -	10.86	18.58	23.25	85.4	63.53	38.67	52.53	68.56
Price/Earnings Average	- -	- -	11.09	14.72	22.09	75.68	67.4	31.08	38.67	50.52
Price/Earnings High	- -	- -	12.62	19.96	28.3	93.6	108.97	39.27	57.75	74.98
Price/Earnings Low	- -	- -	9.26	9.18	15.28	46.09	45.75	25.51	26.69	34.98
Price/Book Value	- -	- -	7.6	6.92	6.02	9.79	6.88	7.69	11.49	16.73
Price/Book Value Average	- -	- -	7.76	5.49	5.72	8.68	7.3	6.18	8.46	12.33
Price/Book Value High	- -	- -	8.83	7.44	7.32	10.73	11.8	7.81	12.63	18.3
Price/Book Value Low	- -	- -	6.48	3.42	3.95	5.29	4.96	5.08	5.84	8.54
Price/Tangible Book Value	- -	- -	2.1	2.66	2.79	5.4	4.37	5.61	11.26	-63.1
Price/Tangible Book Value Average	- -	- -	2.14	2.11	2.65	4.78	4.64	4.51	8.29	-46.5
Price/Tangible Book Value High	- -	- -	2.44	2.85	3.4	5.91	7.5	5.7	12.38	-69.02
Price/Tangible Book Value Low	- -	- -	1.79	1.31	1.83	2.91	3.15	3.7	5.72	-32.19
Price/Sales	- -	- -	0.81	1.02	1.19	1.89	1.04	1.21	1.99	2.48
Price/Sales Average	- -	- -	0.83	0.81	1.13	1.68	1.11	0.97	1.46	1.83
Price/Sales High	- -	- -	0.94	1.1	1.45	2.07	1.79	1.23	2.18	2.71
Price/Sales Low	- -	- -	0.69	0.51	0.78	1.02	0.75	0.8	1.01	1.27
Price/Cash Flow	- -	- -	8.35	14.49	8.91	35.53	82.31	12.06	17.32	23.95
Price/Cash Flow Average	- -	- -	8.52	11.49	8.47	31.48	87.32	9.69	12.75	17.65
Price/Cash Flow High	- -	- -	9.7	15.57	10.84	38.94	141.19	12.24	19.04	26.2
Price/Cash Flow Low	- -	- -	7.11	7.16	5.86	19.18	59.28	7.95	8.8	12.22
Price/Free Cash Flow Average	- -	- -	5.21	6.5	5.66	14.6	16.94	6.02	9.09	12.07
Price/Free Cash Flow High	- -	- -	5.93	8.81	7.25	18.06	27.39	7.61	13.58	17.92
Price/Free Cash Flow Low	- -	- -	4.35	4.05	3.91	8.9	11.5	4.94	6.28	8.36
EV/Sales Average	0.02	0.05	0.78	0.77	1.07	1.86	1.38	1.19	1.72	2.37
EV/Sales High	0.02	0.05	0.89	1.06	1.39	2.26	2.06	1.45	2.45	3.26
EV/Sales Low	0.02	0.05	0.64	0.47	0.72	1.2	1.02	1.02	1.27	1.81
EV/EBITDA Average	0.18	0.46	7.58	6.99	9.06	21.74	18.42	12.52	15.45	17.2
EV/EBITDA High	0.18	0.46	8.7	9.6	11.75	26.38	27.53	15.22	21.91	23.62
EV/EBITDA Low	0.18	0.46	6.24	4.23	6.1	14.07	13.67	10.69	11.39	13.12
EV/EBIT Average	0.29	0.69	11.92	10.94	15.7	60.32	56.55	26.7	28.42	27.84
EV/EBIT High	0.29	0.69	13.68	15.03	20.36	73.21	84.55	32.44	40.3	38.22
EV/EBIT Low	0.29	0.69	9.81	6.61	10.58	39.05	41.98	22.79	20.95	21.24
Last Price	- -	- -	12.1	15.58	18.2	33.37	26.23	36.56	69.8	127
High Price	- -	- -	14.06	16.74	22.15	36.58	44.99	37.13	76.73	138.9
Enterprise Value Average	10	30	527	604	842	1,693	1,795	1,866	3,144	6,675
Enterprise Value High	10	30	605	830	1,092	2,054	2,684	2,267	4,460	9,165
Enterprise Value Low	10	30	434	365	567	1,096	1,332	1,593	2,318	5,093

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	42	42	51	52	52	52	53	53	53	56
Diluted Weighted Avg Shares	51	51	46	51	52	52	52	52	53	55
Basic Weighted Avg Shares	51	51	46	51	51	52	52	52	52	55
Revenue per Share	10.67	11.18	14.91	15.23	15.26	17.64	25.14	30.17	35.15	51.19
EBITDA per Share	1.1	1.26	1.53	1.68	1.8	1.51	1.88	2.87	3.92	7.06
Operating Income per Share	0.68	0.85	0.97	1.07	1.04	0.54	0.61	1.35	2.13	4.36
Basic EPS, GAAP	0.43	0.51	1.11	0.84	0.78	0.39	0.41	0.95	1.33	1.85
Basic EPS from Cont Ops	0.43	0.51	1.11	0.84	0.78	0.39	0.41	0.95	1.33	1.85
Diluted EPS, GAAP	0.43	0.51	1.11	0.84	0.78	0.39	0.41	0.94	1.31	1.84
Diluted EPS from Cont Ops	0.43	0.51	1.11	0.84	0.78	0.39	0.41	0.94	1.31	1.84
Dividend per Share	- -	0.62	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.02	0.92	1.45	1.07	2.04	0.94	0.32	3.03	4.03	5.3
Free Cash Flow per Basic Share	0.53	0.44	0.51	0.25	1.02	-0.15	-1.01	1.15	2.34	2.79
Cash & Equivalents per Share	1.01	0.54	2.17	1.57	2.88	1.11	0.69	0.93	1.44	2.84
Book Value per Share	0.53	0.43	1.59	2.25	3.03	3.41	3.81	4.75	6.08	7.59
Tangible Book Value per Share	2.43	2.34	5.76	5.86	6.52	6.18	6	6.52	6.2	-2.01

Construction Partners, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)