Stellus Capital Investment Corporation Financial Ratios — SCM

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
As of date	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	258.46	- -	- -	- -
Return on Assets (%)	- -	6.26	3.26	2.22	6.23	5.8	5.65	4.5	3.05	4.49	1.69	1.94	4.85	2.67
Return on Capital (%)	- -	20.68	11.6	8.06	- -	- -	16.52	8.09	5.35	7.3	2.56	- -	8.02	4.48
Return on Invested Capital (%)	- -	6.29	6.44	6.39	- -	- -	7.48	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	78.52	58.83	43.74	76.25	77.05	55.68	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	87.83	161.63	212.65	95.65	96.27	112.42	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	87.83	161.63	212.65	95.65	96.27	112.42	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	87.83	-43.31	-73.1	20.08	116.54	228.4	-5,520.49	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	88.83	82.82	74.78	86.28	82.92	86.31	86.49	81.87	87.02	75.74	75.41	92.68	89.42
Profit Margin (%)	- -	88.83	80.54	73.88	87.69	82.96	84.35	83.43	78.02	78.7	69.17	82.61	89.52	84.48
Net Income to Common Margin (%)	- -	88.83	80.54	73.88	87.69	82.96	84.35	83.43	78.02	78.7	69.17	82.61	89.52	84.48
Effective Tax Rate (%)	- -	- -	2.75	1.21	- -	- -	2.28	3.54	4.7	9.56	8.67	- -	3.41	5.52
Dvd Payout Ratio (%)	- -	88.34	154.13	221.22	73.14	88.14	82.44	93.34	120.55	62.68	183.51	202.63	81.93	167.37
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-215.84	- -	- -	- -

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
As of date	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	83	119	148	196	203	174	292	366	393	518	604	576	593	652
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	83	119	148	196	203	174	292	366	393	518	604	576	593	652
Total Debt/EBITDA	- -	6.86	7.23	8.86	8.03	6.65	8.37	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	6.07	7.13	8.54	7.66	5.69	7.87	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	6.86	7.23	8.86	8.03	6.65	8.37	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	6.07	7.13	8.54	7.66	5.69	7.87	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	5.55	3.84	3.57	3.17	3.34	2.83	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	5.55	3.84	3.57	3.17	3.34	2.83	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	5.55	3.84	3.57	3.17	3.34	2.83	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	3	5	6	8	8	12	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.33	-0.42	-0.23	-0.21	-0.11	-0.1	-0.63	-0.24	-0.4	1.28	0.07	-1.76	-0.98	-2.56
Long-Term Debt/Equity (%)	47.74	67.66	84.94	118.79	118.84	79.21	129.99	135.28	143.84	181.74	219.07	179.98	160.31	175.61
Long-Term Debt/Capital (%)	101.05	101.06	100.52	100.39	100.21	100.24	101.15	100.42	100.68	98	99.89	102.85	101.65	104.26
Long-Term Debt/Total Assets (%)	31.61	39.92	45.17	53.53	53.46	43.59	55.53	56.44	58.26	63.09	67.26	63.41	60.46	62.6
Total Debt/Equity (%)	47.74	67.66	84.94	118.79	118.84	79.21	129.99	135.28	143.84	181.74	219.07	179.98	160.31	175.61
Total Debt/Capital (%)	101.05	101.06	100.52	100.39	100.21	100.24	101.15	100.42	100.68	98	99.89	102.85	101.65	104.26
Total Debt/Total Assets (%)	31.61	39.92	45.17	53.53	53.46	43.59	55.53	56.44	58.26	63.09	67.26	63.41	60.46	62.6
Net Debt to Equity	12	59.89	83.76	114.56	113.46	67.81	122.22	-5.96	-6.76	-15.49	-17.42	-8.17	-5.42	-6.75
Net Debt/Capital (%)	104.31	101.2	100.53	102.54	100.22	100.28	101.22	-4.63	-4.97	-9.12	-8.63	-4.89	-3.56	-4.17
EBITDA	- -	17	20	22	25	26	35	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	17	20	22	25	26	35	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	17	20	22	25	26	35	- -	- -	- -	- -	- -	- -	- -

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
As of date	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	0.7	0.11	0.02	0.09	0.08	0.56	2.01	- -	- -	- -	- -	- -	- -	- -
Current Ratio	0.76	0.17	0.1	0.17	0.12	0.63	2.47	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	0.73	0.15	0.06	0.14	0.11	0.63	2.47	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	-0.65	-0.23	-0.22	0.07	0.23	-3.82	-21.45	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-0.33	-0.42	-0.23	-0.21	-0.11	-0.1	-0.63	-0.24	-0.4	1.28	0.07	-1.76	-0.98	-2.56
Long-Term Debt/Equity (%)	47.74	67.66	84.94	118.79	118.84	79.21	129.99	135.28	143.84	181.74	219.07	179.98	160.31	175.61
Long-Term Debt/Capital (%)	101.05	101.06	100.52	100.39	100.21	100.24	101.15	100.42	100.68	98	99.89	102.85	101.65	104.26
Long-Term Debt/Total Assets (%)	31.61	39.92	45.17	53.53	53.46	43.59	55.53	56.44	58.26	63.09	67.26	63.41	60.46	62.6
Total Debt/Equity (%)	47.74	67.66	84.94	118.79	118.84	79.21	129.99	135.28	143.84	181.74	219.07	179.98	160.31	175.61
Total Debt/Capital (%)	101.05	101.06	100.52	100.39	100.21	100.24	101.15	100.42	100.68	98	99.89	102.85	101.65	104.26
Total Debt/Total Assets (%)	31.61	39.92	45.17	53.53	53.46	43.59	55.53	56.44	58.26	63.09	67.26	63.41	60.46	62.6
CFO/Total Liabilities	- -	-55.96	-17.74	-12.18	4.23	10.47	-33.98	-24.68	-0.87	-14.19	-9.04	-2.94	-4.69	-3.65
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.1	0.73	0.44	0.27	0.38	0.88	0.71	0.46	0.35	0.35	0.27	0.29	0.38	0.32

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
As of date	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	- -	- -	36,318.42	2,477.83	6,274.77	1,972.54	2,309.79	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	0.01	0.15	0.06	0.19	0.16	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	1.68	5.22	3.12	2.87	2.4	4.24	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	217.25	69.95	116.99	127.01	152.15	86.16	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	-217.25	-69.94	-116.84	-126.96	-151.97	-86.01	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	0.01	0.15	0.06	0.19	0.16	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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
As of date	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	- -	180	145	120	151	195	207	260	212	254	259	283	352	360
- Cash & Cash Equivalents	62	14	2	11	9	25	17	16	18	44	48	26	20	25
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	83	119	148	196	203	174	292	366	393	518	604	576	593	652
Enterprise Value	21	286	290	305	344	345	481	610	587	728	815	832	925	986
Total Capital	82	118	147	195	203	174	289	364	391	529	605	560	583	625
Total Debt/Capital (%)	101.05	101.06	100.52	100.39	100.21	100.24	101.15	100.42	100.68	98	99.89	102.85	101.65	104.26
Total Debt / EV	3.98	0.42	0.51	0.64	0.59	0.51	0.61	0.6	0.67	0.71	0.74	0.69	0.64	0.66
EV/Sales	- -	14.46	22.97	29.38	13.02	12.65	15.5	19.25	22.66	17.06	38.92	39.22	18.07	30.81
EV/EBITDA	- -	16.46	14.21	13.82	13.61	13.14	13.79	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	16.46	14.21	13.82	13.61	13.14	13.79	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	20.31	12.91	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	20.31	12.91	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	180	145	120	151	195	207	260	212	254	259	283	352	360
Diluted Enterprise Value	21	286	290	305	344	345	481	610	587	728	815	832	925	986
EV per Share	- -	23.68	23.64	24.44	27.6	23.18	30.17	33.38	30.12	37.34	41.7	37.83	36.14	34.78
TTM Sales	- -	20	13	10	26	27	31	32	26	43	21	21	51	32
TTM EBITDA	- -	17	20	22	25	26	35	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	17	20	22	25	26	35	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	-65	-22	-18	17	27	-90	-93	-3	-76	-56	-17	-29	-24
TTM Free Cash Flow to Firm	- -	-65	-22	-18	17	27	-90	-93	-3	-76	-56	-17	-29	-24

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
As of date	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	- -	-2.64	-5.32	-4.92	17.03	10.37	-2.02	-2.79	-60.74	-3.33	-4.61	-16.38	-12.29	-14.71
EV/EBIT	- -	16.46	14.21	13.82	13.61	13.14	13.79	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	21	286	290	305	344	345	481	610	587	728	815	832	925	986
Low Price	14.09	14.1	11.78	9.49	7.15	11.57	11.07	12.65	4.1	10.12	11.02	12.2	12.48	11.19
EV/Sales	- -	14.46	22.97	29.38	13.02	12.65	15.5	19.25	22.66	17.06	38.92	39.22	18.07	30.81
EV/EBITDA	- -	16.46	14.21	13.82	13.61	13.14	13.79	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	10.28	14.21	15.68	6.49	8.64	7.89	9.84	10.49	7.56	17.89	16.13	7.68	13.3
Price/Earnings Average	- -	10.27	16.95	18.46	5.61	8.99	7.82	9.68	9.17	7.45	17.79	17.52	7.62	14.25
Price/Earnings High	- -	11.67	18.24	20.7	6.86	9.75	8.53	10.58	14.5	8.56	19.16	20.18	8.2	16.32
Price/Earnings Low	- -	9.69	14.21	15.44	3.85	7.61	6.74	8.74	3.95	5.87	14.87	15.31	6.97	11.74
Price/Book Value	- -	-144.16	-188.58	-156.82	-355.55	-465.42	-62.31	-168.23	-79.46	24.05	391.71	-17.7	-36.58	-13.5
Price/Book Value Average	- -	-144.13	-224.85	-184.55	-307.29	-484.22	-61.77	-165.6	-69.46	23.69	389.4	-19.23	-36.26	-14.46
Price/Book Value High	- -	-163.74	-242.05	-206.92	-375.89	-524.92	-67.37	-180.88	-109.85	27.22	419.48	-22.14	-39.03	-16.56
Price/Book Value Low	- -	-135.97	-188.58	-154.38	-210.79	-409.81	-53.27	-149.55	-29.94	18.69	325.54	-16.8	-33.18	-11.91
Price/Tangible Book Value	- -	1.02	0.83	0.73	0.88	0.89	0.92	0.96	0.77	0.89	0.94	0.88	0.95	0.97
Price/Tangible Book Value Average	- -	1.02	0.99	0.86	0.76	0.92	0.91	0.95	0.68	0.88	0.93	0.96	0.94	1.04
Price/Tangible Book Value High	- -	1.16	1.07	0.96	0.93	1	0.99	1.03	1.07	1.01	1.01	1.11	1.02	1.19
Price/Tangible Book Value Low	- -	0.97	0.83	0.72	0.52	0.78	0.79	0.85	0.29	0.69	0.78	0.84	0.86	0.86
Price/Sales	- -	9.13	11.45	11.59	5.69	7.17	6.65	8.21	8.19	5.95	12.38	13.32	6.88	11.24
Price/Sales Average	- -	9.13	13.65	13.64	4.92	7.46	6.59	8.08	7.16	5.86	12.3	14.48	6.82	12.04
Price/Sales High	- -	10.37	14.69	15.29	6.01	8.08	7.19	8.82	11.32	6.73	13.25	16.67	7.34	13.79
Price/Sales Low	- -	8.61	11.45	11.41	3.37	6.31	5.69	7.3	3.08	4.62	10.29	12.65	6.24	9.92
Price/Cash Flow	- -	-2.64	-5.32	-4.92	17.03	10.37	-2.02	-2.79	-60.74	-3.33	-4.61	-16.38	-12.29	-14.71
Price/Cash Flow Average	- -	-2.63	-6.35	-5.79	14.72	10.78	-2	-2.74	-53.1	-3.29	-4.58	-17.8	-12.19	-15.76
Price/Cash Flow High	- -	-2.99	-6.83	-6.49	18.01	11.69	-2.18	-3	-83.97	-3.77	-4.93	-20.49	-13.12	-18.05
Price/Cash Flow Low	- -	-2.49	-5.32	-4.85	10.1	9.13	-1.72	-2.48	-22.89	-2.59	-3.83	-15.55	-11.15	-12.98
Price/Free Cash Flow Average	- -	-2.63	-6.35	-5.79	14.72	10.78	-2	-2.74	-53.1	-3.29	-4.58	-17.8	-12.19	-15.76
Price/Free Cash Flow High	- -	-2.99	-6.83	-6.49	18.01	11.69	-2.18	-3	-83.97	-3.77	-4.93	-20.49	-13.12	-18.05
Price/Free Cash Flow Low	- -	-2.49	-5.32	-4.85	10.1	9.13	-1.72	-2.48	-22.89	-2.59	-3.83	-15.55	-11.15	-12.98
EV/Sales Average	- -	14.46	25.18	31.43	12.25	12.94	15.44	19.12	21.63	16.97	38.85	40.37	18.01	31.62
EV/Sales High	- -	15.7	26.22	33.08	13.34	13.56	16.04	19.87	25.79	17.85	39.8	42.57	18.53	33.37
EV/Sales Low	- -	13.94	22.97	29.2	10.7	11.79	14.54	18.34	17.56	15.73	36.83	38.55	17.43	29.49
EV/EBITDA Average	- -	16.46	15.58	14.78	12.8	13.44	13.74	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	17.88	16.22	15.56	13.95	14.09	14.27	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	15.87	14.21	13.73	11.19	12.25	12.93	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	16.46	15.58	14.78	12.8	13.44	13.74	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	17.88	16.22	15.56	13.95	14.09	14.27	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	15.87	14.21	13.73	11.19	12.25	12.93	- -	- -	- -	- -	- -	- -	- -
Last Price	16.38	14.95	11.78	9.64	12.06	13.14	12.95	14.23	10.88	13.02	13.26	12.85	13.76	12.68
High Price	18.21	16.98	15.12	12.72	12.75	14.82	14	15.3	15.04	14.74	14.2	16.08	14.68	15.56
Enterprise Value Average	21	286	318	326	324	353	480	606	560	724	814	857	922	1,012
Enterprise Value High	21	310	331	343	353	370	498	630	668	761	834	904	949	1,068
Enterprise Value Low	21	275	290	303	283	321	451	581	455	671	772	818	892	944

Shares Outstanding	12	12	12	12	12	16	16	19	19	20	20	24	27	29
Diluted Weighted Avg Shares	- -	12	12	12	12	15	16	18	19	19	20	22	26	28
Basic Weighted Avg Shares	- -	12	12	12	12	15	16	18	19	19	20	22	26	28
Revenue per Share	- -	1.64	1.03	0.83	2.12	1.83	1.95	1.73	1.33	2.19	1.07	0.96	2	1.13
EBITDA per Share	- -	1.44	1.66	1.77	2.03	1.76	2.19	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	1.44	1.66	1.77	2.03	1.76	2.19	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	1.45	0.83	0.61	1.86	1.52	1.64	1.45	1.04	1.72	0.74	0.8	1.79	0.95
Basic EPS from Cont Ops	- -	1.45	0.83	0.61	1.86	1.52	1.64	1.45	1.04	1.72	0.74	0.8	1.79	0.95
Diluted EPS, GAAP	- -	1.45	0.83	0.61	1.86	1.52	1.64	1.45	1.04	1.72	0.74	0.8	1.79	0.95
Diluted EPS from Cont Ops	- -	1.45	0.83	0.61	1.86	1.52	1.64	1.45	1.04	1.72	0.74	0.8	1.79	0.95
Dividend per Share	- -	1.29	1.28	1.36	1.36	1.34	1.35	1.35	1.25	1.08	1.36	1.61	1.47	1.6
Cash Flow per Share	- -	-5.67	-2.21	-1.96	0.71	1.27	-6.42	-5.1	-0.18	-3.9	-2.88	-0.78	-1.12	-0.86
Free Cash Flow per Basic Share	- -	-5.67	-2.21	-1.96	0.71	1.27	-6.42	-5.1	-0.18	-3.9	-2.88	-0.78	-1.12	-0.86
Cash & Equivalents per Share	- -	1.13	0.17	0.87	0.74	1.69	1.09	0.88	0.95	2.27	2.46	1.19	0.78	0.88
Book Value per Share	- -	-0.1	-0.06	-0.06	-0.03	-0.03	-0.21	-0.08	-0.14	0.54	0.03	-0.73	-0.38	-0.94
Tangible Book Value per Share	- -	14.59	14.16	13.19	13.69	14.81	14.09	14.8	14.04	14.63	14.1	14.54	14.45	13.09

Stellus Capital Investment Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)