Solaris Oilfield Infrastructure, Inc. Financial Ratios — SOI

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	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

Return on Common Equity (%)	- -	- -	- -	- -	94.29	-61.53	-6.41	218.11	158.19
Return on Assets (%)	- -	- -	-2.21	11.19	10.79	-6.4	-0.21	4.87	5.23
Return on Capital (%)	- -	-3.91	-21.75	-0.47	6.75	- -	- -	7.56	8.16
Return on Invested Capital (%)	- -	3.92	4.68	28.22	23.31	- -	- -	10.4	11.96
Gross Margin (%)	35.35	44.16	65.1	59.77	52.59	9.9	10.38	21.81	26.94
EBITDA Margin (%)	8.32	36.64	47.62	59.69	55.8	14.52	16.85	22.57	29.87
Operating Margin (%)	-8.54	15.76	37.78	50.35	44.66	-11.72	-0.24	13.06	17.52
Incremental Operating Margin (%)	- -	103.09	45.9	56.88	19.43	- -	- -	26.24	-35.19
Pretax Margin (%)	-9.19	15.67	71.79	50.16	44.39	-58.33	-0.4	12.91	15.91
Profit Margin (%)	- -	- -	-6.19	21.52	21.52	-28.49	-0.55	6.61	8.31
Net Income to Common Margin (%)	- -	- -	-6.19	21.52	21.52	-28.49	-0.55	6.61	8.31
Effective Tax Rate (%)	- -	1.51	69.67	13.1	15.78	- -	- -	18.89	16.78
Dvd Payout Ratio (%)	- -	- -	77	3.64	14.96	-26.32	-820.82	30.1	26.44
Sustainable Growth Rate (%)	- -	- -	- -	- -	80.18	-77.73	-59.04	152.47	116.36

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	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

Total Debt	1	3	- -	13	9	8	8	20	48
ST Debt	- -	- -	- -	- -	1	1	1	3	4
LT Debt	- -	3	- -	13	8	8	7	18	44
Total Debt/EBITDA	0.45	0.46	0.01	0.11	0.06	0.55	0.28	0.28	0.55
Net Debt/EBITDA	-5.63	-0.12	-1.98	-0.1	-0.5	-4.04	-1.36	-0.01	0.28
Total Debt/EBIT	-0.44	1.06	0.01	0.13	0.08	-0.68	-19.43	0.49	0.93
Net Debt/EBIT	5.49	-0.27	-2.49	-0.12	-0.62	5	94.31	-0.02	0.47
EBITDA to Interest Expense	53.73	289.26	330.89	314.73	212.71	92.28	108.6	147.72	26.46
EBITDA-CapEx/Interest Expense	-1,209.45	-186.17	-638.02	-115.98	157.73	63.51	29.09	-18.76	6.99
EBIT to Interest Expense	-55.14	124.39	262.48	265.47	170.24	-74.52	-1.57	85.49	15.52
Interest Expense	- -	- -	- -	- -	1	- -	- -	- -	3
Common Equity/Total Assets	95.63	92.37	-1.33	7.8	14.76	5.06	1.54	2.85	3.76
Long-Term Debt/Equity (%)	0.61	3.95	0.07	3.86	1.95	2.38	2.27	5.56	13.92
Long-Term Debt/Capital (%)	0.61	3.78	0.13	6.87	3.49	5.25	6.24	13.06	25.11
Long-Term Debt/Total Assets (%)	0.59	3.64	0.06	2.87	1.58	1.83	1.67	3.81	9.38
Total Debt/Equity (%)	0.78	4.26	0.08	3.87	2.1	2.6	2.52	6.46	15.14
Total Debt/Capital (%)	0.78	4.09	0.15	6.89	3.76	5.72	6.93	15.17	27.31
Total Debt/Total Assets (%)	0.75	3.94	0.07	2.88	1.7	1.99	1.85	4.43	10.2
Net Debt to Equity	-9.87	-1.07	-24.95	-3.54	-16.33	-19.13	-12.25	-0.26	7.66
Net Debt/Capital (%)	-10.9	-1.08	-86.1	-7.25	-41.27	-72.82	-50.7	-0.66	14.29
EBITDA	1	7	32	118	135	15	27	72	88
EBITDA-CapEx	-27	-4	-62	-43	100	10	7	-9	23
Operating Income (Loss)	-1	3	25	99	108	-12	- -	42	51

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	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

Cash Ratio	2.59	1.16	3.09	0.71	3.28	2.99	1.25	0.16	0.16
Current Ratio	4.01	3.2	4.27	2.29	5.77	4.04	2.77	1.59	1.8
Quick Ratio	3.23	2.63	3.73	1.83	5.17	3.89	2.44	1.43	1.45
CFO/Avg Current Liab	- -	1.57	2.27	4.17	4.12	2.16	0.67	1.6	1.93
Common Equity/Total Assets	95.63	92.37	-1.33	7.8	14.76	5.06	1.54	2.85	3.76
Long-Term Debt/Equity (%)	0.61	3.95	0.07	3.86	1.95	2.38	2.27	5.56	13.92
Long-Term Debt/Capital (%)	0.61	3.78	0.13	6.87	3.49	5.25	6.24	13.06	25.11
Long-Term Debt/Total Assets (%)	0.59	3.64	0.06	2.87	1.58	1.83	1.67	3.81	9.38
Total Debt/Equity (%)	0.78	4.26	0.08	3.87	2.1	2.6	2.52	6.46	15.14
Total Debt/Capital (%)	0.78	4.09	0.15	6.89	3.76	5.72	6.93	15.17	27.31
Total Debt/Total Assets (%)	0.75	3.94	0.07	2.88	1.7	1.99	1.85	4.43	10.2
CFO/Total Liabilities	69.89	76.76	58.75	98.84	120.39	45.48	15.2	46.75	58.88
CFO/CapEx	0.08	0.41	0.28	0.72	3.3	9.41	0.84	0.84	1.4
Altman's Z-Score	0.33	0.6	3.42	2.65	3.78	1.65	1.57	2.33	2.04

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	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

Accounts Receivable Turnover	- -	5.97	7.71	7.48	6.17	3.63	6.2	6.24	5.02
Days Sales Outstanding	- -	61.17	47.36	48.8	59.13	100.66	58.88	58.51	72.74
Inventory Turnover	- -	6.63	5.29	8.81	13.01	22.92	109.41	72.07	35.79
Days Inventory Outstanding	- -	55.03	69.03	41.42	28.05	15.93	3.34	5.06	10.2
Accounts Payable Turnover	- -	14.33	10.41	11.65	17.18	16.21	17.08	14.16	11.16
Accounts Payable Turnover Days	- -	25.46	35.07	31.34	21.24	22.52	21.37	25.78	32.69
Cash Conversion Cycle	- -	90.73	81.32	58.87	65.94	94.06	40.85	37.79	50.25
Inventory to Cash Days	- -	6.15	-21.67	7.38	31.07	84.73	55.55	53.44	62.54
Inventories	2	1	8	10	7	1	2	5	7
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2	1	8	10	7	4	2	5	7

Enterprise Value (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	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

Market Capitalization	- -	- -	197	238	332	197	178	286	227
- Cash & Cash Equivalents	7	4	63	25	67	60	36	9	6
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	141	142	146	114	95	101	110
+ Total Debt	1	3	- -	13	9	8	8	20	48
Enterprise Value	-6	-1	275	368	420	260	243	399	379
Total Capital	68	74	137	191	229	143	108	135	175
Total Debt/Capital (%)	0.78	4.09	0.15	6.89	3.76	5.72	6.93	15.17	27.31
Total Debt / EV	-0.08	-5.77	- -	0.04	0.02	0.03	0.03	0.05	0.13
EV/Sales	- -	- -	4.08	1.87	1.74	2.52	1.53	1.25	1.29
EV/EBITDA	- -	- -	8.56	3.13	3.11	17.36	9.07	5.52	4.33
EV/EBIT	- -	- -	10.79	3.71	3.89	- -	- -	9.54	7.38
EV/Cash Flow to Firm	- -	- -	10.27	3.16	3.64	5.9	14.35	5.83	4.09
EV/Free Cash Flow to Firm	- -	- -	2.28	1.33	2.8	5.33	6.65	2.66	2.41
Diluted Market Cap	- -	- -	197	239	333	197	178	286	227
Diluted Enterprise Value	-6	-1	275	370	420	260	243	399	379
EV per Share	- -	- -	22.68	14.34	13.93	8.98	7.91	12.67	12.75
TTM Sales	14	18	67	197	242	103	159	320	293
TTM EBITDA	1	7	32	118	135	15	27	72	88
TTM Operating Income	-1	3	25	99	108	-12	- -	42	51
TTM Cash Flow to Firm	2	5	27	117	115	44	17	68	93
TTM Free Cash Flow to Firm	30	15	121	278	150	49	37	150	157

Multiples (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	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

Price/Free Cash Flow	- -	- -	1.63	0.86	2.22	4.07	4.92	1.91	1.47
EV/EBIT	- -	- -	10.79	3.71	3.89	- -	- -	9.54	7.38
Enterprise Value	-6	-1	275	368	420	260	243	399	379
Low Price	- -	- -	9.9	10.5	10.24	4.5	6.11	6.6	7.15
EV/Sales	- -	- -	4.08	1.87	1.74	2.52	1.53	1.25	1.29
EV/EBITDA	- -	- -	8.56	3.13	3.11	17.36	9.07	5.52	4.33
Price/Earnings	- -	- -	- -	5.6	6.39	- -	- -	13.51	9.33
Price/Earnings Average	- -	- -	-31.93	7.55	6.45	-6.28	-282.49	14.12	10.53
Price/Earnings High	- -	- -	-63.89	14.51	11.19	-14.4	-534.85	21.74	13.82
Price/Earnings Low	- -	- -	-28.74	6.35	5.93	-4.43	-216.71	9.82	8.72
Price/Book Value	- -	- -	-49.48	6.65	4.46	9.48	28.48	21.71	12.9
Price/Book Value Average	- -	- -	-33.45	8.95	4.5	8.84	39.31	22.69	14.56
Price/Book Value High	- -	- -	-66.94	17.21	7.81	20.27	74.44	34.94	19.11
Price/Book Value Low	- -	- -	-30.11	7.54	4.14	6.24	30.16	15.78	12.06
Price/Tangible Book Value	- -	- -	0.85	0.75	0.86	0.66	0.63	0.94	0.75
Price/Tangible Book Value Average	- -	- -	0.58	1	0.86	0.62	0.87	0.99	0.85
Price/Tangible Book Value High	- -	- -	1.15	1.93	1.5	1.41	1.64	1.52	1.11
Price/Tangible Book Value Low	- -	- -	0.52	0.84	0.79	0.43	0.67	0.69	0.7
Price/Sales	- -	- -	2.93	1.21	1.38	1.92	1.12	0.89	0.78
Price/Sales Average	- -	- -	1.98	1.62	1.39	1.79	1.54	0.93	0.87
Price/Sales High	- -	- -	3.96	3.12	2.41	4.1	2.92	1.44	1.15
Price/Sales Low	- -	- -	1.78	1.37	1.28	1.26	1.18	0.65	0.72
Price/Cash Flow	- -	- -	7.38	2.04	2.89	4.5	10.78	4.2	2.53
Price/Cash Flow Average	- -	- -	4.99	2.75	2.92	4.2	14.89	4.39	2.85
Price/Cash Flow High	- -	- -	9.98	5.29	5.07	9.63	28.18	6.76	3.74
Price/Cash Flow Low	- -	- -	4.49	2.32	2.69	2.97	11.42	3.06	2.36
Price/Free Cash Flow Average	- -	- -	1.1	1.16	2.24	3.8	6.79	2	1.66
Price/Free Cash Flow High	- -	- -	2.21	2.23	3.89	8.71	12.86	3.08	2.18
Price/Free Cash Flow Low	- -	- -	0.99	0.98	2.06	2.68	5.21	1.39	1.38
EV/Sales Average	- -	- -	3.13	2.29	1.75	2.39	1.95	1.29	1.39
EV/Sales High	- -	- -	5.11	3.78	2.77	4.71	3.33	1.79	1.67
EV/Sales Low	- -	- -	2.93	2.03	1.64	1.87	1.59	1	1.24
EV/EBITDA Average	-5.41	-0.08	6.57	3.83	3.14	16.48	11.59	5.7	4.66
EV/EBITDA High	-5.41	-0.08	10.73	6.34	4.97	32.41	19.76	7.93	5.58
EV/EBITDA Low	-5.41	-0.08	6.16	3.4	2.94	12.86	9.46	4.44	4.16
EV/EBIT Average	5.27	-0.18	8.28	4.54	3.92	-20.4	-803.5	9.85	7.95
EV/EBIT High	5.27	-0.18	13.52	7.52	6.2	-40.13	-1,369.52	13.71	9.51
EV/EBIT Low	5.27	-0.18	7.76	4.03	3.67	-15.92	-655.95	7.67	7.09
Last Price	- -	- -	16.27	9.26	11.03	6.83	5.77	9.08	7.65
High Price	- -	- -	22.01	23.98	19.31	14.61	15.08	14.61	11.33
Enterprise Value Average	-6	-1	211	451	423	246	311	412	408
Enterprise Value High	-6	-1	344	746	670	485	530	573	488
Enterprise Value Low	-6	-1	198	400	396	192	254	321	364

Shares Outstanding	11	11	19	27	31	29	31	32	29
Diluted Weighted Avg Shares	10	10	12	26	30	29	31	31	30
Basic Weighted Avg Shares	10	10	12	26	30	29	31	31	30
Revenue per Share	1.41	1.8	5.56	7.68	8.02	3.56	5.17	10.17	9.87
EBITDA per Share	0.12	0.66	2.65	4.58	4.47	0.52	0.87	2.29	2.95
Operating Income per Share	-0.12	0.28	2.1	3.87	3.58	-0.42	-0.01	1.33	1.73
Basic EPS, GAAP	- -	- -	-0.34	1.65	1.73	-1.01	-0.03	0.67	0.82
Basic EPS from Cont Ops	-0.14	0.28	1.21	3.35	3	-1.77	-0.04	1.06	1.31
Diluted EPS, GAAP	- -	- -	-0.34	1.64	1.72	-1.01	-0.03	0.67	0.82
Diluted EPS from Cont Ops	-0.14	0.28	1.21	3.33	2.99	-1.77	-0.04	1.06	1.31
Dividend per Share	- -	- -	2.13	0.18	0.64	0.66	0.44	0.44	0.47
Cash Flow per Share	0.21	0.45	2.21	4.53	3.81	1.52	0.54	2.16	3.03
Free Cash Flow per Basic Share	-2.54	-0.64	-5.55	-1.74	2.65	1.36	-0.1	-0.43	0.86
Cash & Equivalents per Share	0.69	0.35	5.23	0.98	2.22	2.09	1.19	0.28	0.2
Book Value per Share	6.68	7.06	-0.33	1.39	2.47	0.72	0.2	0.42	0.59
Tangible Book Value per Share	5.39	5.77	19.12	12.43	12.89	10.36	9.18	9.62	10.17

Solaris Oilfield Infrastructure, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)