Steel Partners Holdings L.P. Financial Ratios — SPLP Stock

Profitability (USD)

	2010 Y	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
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	6.28	3.27	1.34	-0.5	8.61	0.36	- -	-1.44	-0.07	2.32	3.98	6.97	4.17	6.91
Return on Capital (%)	- -	- -	8.77	0.19	-1.49	- -	2.01	-2.73	- -	10.71	7.15	9.56	52.01	- -	- -
Return on Invested Capital (%)	- -	- -	3.56	1.32	0.26	- -	-0.42	-1.82	- -	11.91	5.04	5.89	11.93	- -	- -
Gross Margin (%)	31.73	29.35	33.92	31.11	30.58	30.57	29.91	30.14	29.95	34.57	34.39	34.15	35.3	42.11	43.17
EBITDA Margin (%)	11.17	11.58	11.44	7.39	12.89	11.75	11.64	10.36	11.56	13.14	15.52	18.18	14.49	15.86	18.74
Operating Margin (%)	7.86	8.25	7.51	3.09	8.35	6.72	5.58	5.11	6.49	8.59	10.53	14.21	11.32	12.89	15.81
Incremental Operating Margin (%)	- -	8.98	-62.71	-27.75	38.39	-5	0.02	2.53	15.34	-17.18	-9.01	36.7	-14.49	25.57	61.26
Pretax Margin (%)	3.11	6.96	5.07	2.29	2.98	2.42	1.93	2.95	-0.59	7.02	9.57	13.17	16.25	8.46	11.03
Profit Margin (%)	7.81	5.68	6.5	2.7	-0.89	14.17	0.57	- -	-2.06	-0.11	5.55	8.62	12.15	7.92	12.9
Net Income to Common Margin (%)	7.81	5.68	6.5	2.7	-0.89	14.17	0.57	- -	-2.06	-0.11	5.55	8.62	12.15	7.92	12.9
Effective Tax Rate (%)	19.94	- -	40.89	39.2	96.1	- -	106.75	126.91	- -	14.27	30.41	41.86	26.84	- -	- -
Dvd Payout Ratio (%)	155.87	24	- -	- -	- -	- -	- -	32.58	- -	- -	47.57	7.21	4.67	6.13	3.39
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2010 Y	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
Total Debt	- -	164	154	250	316	239	394	415	482	365	2,446	632	258	268	174
ST Debt	- -	33	14	27	20	3	64	2	4	16	11	1	1	- -	- -
LT Debt	- -	131	140	223	296	236	330	413	478	349	2,435	631	257	268	174
Total Debt/EBITDA	- -	2.26	2.14	4.69	2.89	2.11	2.91	2.92	2.63	1.91	12.03	2.28	1.05	0.89	0.46
Net Debt/EBITDA	- -	0.51	-0.61	0.86	1.16	0.47	-0.41	-0.03	0.8	1.05	11.25	1.01	-0.05	-1.23	-0.75
Total Debt/EBIT	- -	3.18	3.25	11.2	4.46	3.69	6.08	5.91	4.69	2.92	17.72	2.92	1.34	1.09	0.54
Net Debt/EBIT	- -	0.71	-0.92	2.06	1.79	0.82	-0.86	-0.06	1.43	1.6	16.58	1.29	-0.06	-1.51	-0.88
EBITDA to Interest Expense	3.21	5.16	4.51	4.78	9.18	11	9.93	5.17	3.7	3.47	4.93	9.26	6.54	3.06	3.92
EBITDA-CapEx/Interest Expense	2.69	3.68	2.6	2.91	6.76	8.74	7.42	3.18	2.75	2.75	4.37	7.51	5.28	2.54	3.25
EBIT to Interest Expense	2.26	3.68	2.97	2	5.95	6.29	4.76	2.55	2.08	2.27	3.35	7.24	5.11	2.49	3.3
Interest Expense	14	14	16	11	12	10	14	27	50	55	41	30	38	99	97
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	27.26	18.03	25.59	44.53	31.86	46.88	72.76	97.07	74.69	451.66	94.36	32.04	26.67	14.86
Long-Term Debt/Capital (%)	- -	57.37	34.7	44.13	60.96	55.95	60.03	94.72	98.43	94.62	99.37	98.92	99.23	85.13	80.96
Long-Term Debt/Total Assets (%)	- -	11.59	10.16	14.67	19.84	14	16.78	19.07	20.29	14.95	61.9	23.6	7.94	6.72	4.87
Total Debt/Equity (%)	- -	34.06	19.85	28.65	47.56	32.33	56.01	73.13	97.86	78.12	453.66	94.54	32.13	26.68	14.86
Total Debt/Capital (%)	- -	71.69	38.21	49.4	65.11	56.76	71.72	95.19	99.23	98.97	99.81	99.11	99.52	85.15	80.96
Total Debt/Total Assets (%)	- -	14.48	11.19	16.43	21.19	14.21	20.05	19.16	20.46	15.63	62.18	23.64	7.96	6.72	4.87
Net Debt to Equity	- -	7.62	-5.64	5.28	19.1	7.23	-7.91	-0.72	29.87	42.89	424.42	41.79	-1.55	-36.95	-24.14
Net Debt/Capital (%)	- -	36.17	-21.31	15.24	42.84	22.69	-55.78	-24.27	97.53	86.86	98.86	89.38	-51.18	141.29	149.79
EBITDA	45	72	72	53	109	113	135	142	183	191	203	277	246	302	380
EBITDA-CapEx	38	52	42	32	80	90	101	87	136	151	180	225	198	251	315
Operating Income (Loss)	32	52	47	22	71	65	65	70	103	125	138	217	192	246	321

Liquidity (USD)

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	2010 Y	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
Cash Ratio	- -	0.64	2.21	1.61	1.42	0.83	1.08	0.93	0.48	0.15	0.26	0.46	0.14	0.28	0.22
Current Ratio	- -	2.13	3.86	2.95	2.76	2.24	1.97	2	1.57	1.16	1.55	1.8	1.09	1.27	1.34
Quick Ratio	- -	1.09	2.68	2	1.81	1.21	1.45	1.38	1	0.68	1.01	1.19	0.58	0.73	0.8
CFO/Avg Current Liab	- -	0.06	0.35	0.46	0.33	-0.05	0.5	-0.03	0.09	0.14	0.45	0.13	-0.18	0.01	0.19
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	27.26	18.03	25.59	44.53	31.86	46.88	72.76	97.07	74.69	451.66	94.36	32.04	26.67	14.86
Long-Term Debt/Capital (%)	- -	57.37	34.7	44.13	60.96	55.95	60.03	94.72	98.43	94.62	99.37	98.92	99.23	85.13	80.96
Long-Term Debt/Total Assets (%)	- -	11.59	10.16	14.67	19.84	14	16.78	19.07	20.29	14.95	61.9	23.6	7.94	6.72	4.87
Total Debt/Equity (%)	- -	34.06	19.85	28.65	47.56	32.33	56.01	73.13	97.86	78.12	453.66	94.54	32.13	26.68	14.86
Total Debt/Capital (%)	- -	71.69	38.21	49.4	65.11	56.76	71.72	95.19	99.23	98.97	99.81	99.11	99.52	85.15	80.96
Total Debt/Total Assets (%)	- -	14.48	11.19	16.43	21.19	14.21	20.05	19.16	20.46	15.63	62.18	23.64	7.96	6.72	4.87
CFO/Total Liabilities	- -	0.85	10.89	14.62	9.44	-1.47	15.48	-0.99	2.83	5.91	9.55	3.88	-8.64	0.71	15.09
CFO/CapEx	6.4	0.26	2.14	4.55	2.71	-0.6	5.72	-0.29	1.12	2.77	13.95	1.49	-4.42	0.41	5.59
Altman's Z-Score	- -	1.1	1.53	1.51	1.55	1.43	1.41	1.43	1.32	1.11	0.63	1.48	1.08	1.08	1.36

Working Capital (USD)

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	2010 Y	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
Accounts Receivable Turnover	- -	14.55	7.43	8.35	9.62	9.57	8.4	7.81	7.96	7.67	7.85	8.52	8.97	9.52	9.13
Days Sales Outstanding	- -	25.08	49.13	43.7	37.93	38.13	43.46	46.74	45.84	47.58	46.5	42.86	40.67	38.34	40
Inventory Turnover	- -	17.57	8.42	9.12	9.48	8.06	7.37	7.32	7.36	6.2	6.02	6.25	5.51	5.3	5.79
Days Inventory Outstanding	- -	20.77	43.35	40	38.52	45.31	49.56	49.86	49.57	58.91	60.6	58.41	66.28	68.89	63.02
Accounts Payable Turnover	- -	28.09	12.05	14.99	17.29	14.96	11.15	10.1	10.65	9.69	8.98	9.38	9.68	9.04	8.69
Accounts Payable Turnover Days	- -	12.99	30.29	24.35	21.11	24.4	32.73	36.16	34.27	37.68	40.63	38.89	37.72	40.39	42
Cash Conversion Cycle	- -	32.86	62.19	59.34	55.34	59.05	60.29	60.44	61.14	68.81	66.47	62.37	69.23	66.84	61.01
Inventory to Cash Days	- -	4.31	5.78	3.69	-0.59	-7.17	-6.1	-3.12	-3.73	-11.32	-14.11	-15.55	-25.6	-30.55	-23.02
Inventories	- -	50	49	60	64	102	119	143	159	148	137	184	214	202	196
Raw Materials	- -	17	14	12	12	29	43	53	59	46	40	62	79	69	60
Work In Process	- -	17	18	28	27	34	34	42	46	57	59	75	78	71	71
Finished Goods	- -	19	19	20	24	39	43	49	56	48	42	49	57	63	64
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	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
Market Capitalization	- -	- -	347	514	502	443	408	509	348	302	267	906	976	857	851
- Cash & Cash Equivalents	- -	127	198	204	189	186	450	419	335	138	136	325	234	578	404
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	65	249	256	169	182	156	21	4	4	5	6	1	47	41
+ Total Debt	- -	164	154	250	316	239	394	415	482	365	2,446	632	258	268	174
Enterprise Value	- -	101	354	638	660	598	455	468	498	532	2,582	1,218	1,001	594	662
Total Capital	- -	228	404	506	485	422	550	436	486	368	2,451	638	259	315	215
Total Debt/Capital (%)	- -	71.69	38.21	49.4	65.11	56.76	71.72	95.19	99.23	98.97	99.81	99.11	99.52	85.15	80.96
Total Debt / EV	- -	1.62	0.44	0.39	0.48	0.4	0.87	0.89	0.97	0.68	0.95	0.52	0.26	0.45	0.26
EV/Sales	- -	0.16	0.56	0.88	0.78	0.62	0.39	0.34	0.31	0.37	1.97	0.8	0.59	0.31	0.33
EV/EBITDA	- -	1.4	4.9	11.96	6.04	5.27	3.36	3.29	2.72	2.78	12.69	4.4	4.07	1.97	1.74
EV/EBIT	- -	1.97	7.47	28.57	9.33	9.22	7.01	6.67	4.84	4.26	18.7	5.62	5.21	2.42	2.07
EV/Cash Flow to Firm	- -	2.51	4.72	6.27	8.41	19.17	2.34	- -	2.96	3.38	7.32	12.8	- -	4.91	1.37
EV/Free Cash Flow to Firm	- -	1.66	3.35	5.2	6.15	10.98	1.99	14.82	2.31	2.7	6.87	8.26	- -	3.45	1.21
Diluted Market Cap	- -	- -	348	529	502	445	411	509	348	302	552	1,215	1,150	1,014	1,024
Diluted Enterprise Value	- -	101	553	831	798	681	510	526	499	532	2,867	1,527	1,174	751	835
EV per Share	- -	4.01	11.89	21.32	22.98	21.9	17.25	17.96	19.15	21.32	104.06	56.51	43.87	27.73	33.11
TTM Sales	406	624	631	721	847	965	1,164	1,372	1,585	1,455	1,311	1,525	1,695	1,905	2,028
TTM EBITDA	45	72	72	53	109	113	135	142	183	191	203	277	246	302	380
TTM Operating Income	32	52	47	22	71	65	65	70	103	125	138	217	192	246	321
TTM Cash Flow to Firm	58	40	75	102	78	31	195	-23	168	157	353	95	-183	121	483
TTM Free Cash Flow to Firm	65	61	106	123	107	54	229	32	215	197	376	148	-135	173	548

Multiples (USD)

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	2010 Y	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
Price/Free Cash Flow	- -	- -	3.62	4.57	4.7	47.3	1.79	13.07	3.49	2.01	1.59	9.34	-7.07	13.96	2.39
EV/EBIT	- -	1.97	7.47	28.57	9.33	9.22	7.01	6.67	4.84	4.26	18.7	5.62	5.21	2.42	2.07
Enterprise Value	- -	101	354	638	660	598	455	468	498	532	2,582	1,218	1,001	594	662
Low Price	- -	- -	10.14	11.16	14.95	15.82	12.86	15.2	13.3	11.25	4.31	10.25	32.01	37.5	33.12
EV/Sales	- -	0.16	0.56	0.88	0.78	0.62	0.39	0.34	0.31	0.37	1.97	0.8	0.59	0.31	0.33
EV/EBITDA	- -	1.4	4.9	11.96	6.04	5.27	3.36	3.29	2.72	2.78	12.69	4.4	4.07	1.97	1.74
Price/Earnings	- -	- -	8.47	26.41	- -	3.24	61.61	- -	- -	- -	3.67	6.89	4.74	5.68	3.26
Price/Earnings Average	- -	- -	8.32	21.59	-62.78	3.46	56.71	-29,889.84	-13.67	-208.74	2.46	4.14	4.6	6.1	2.98
Price/Earnings High	- -	- -	9.79	27.21	-70.53	3.9	65.55	-32,729.2	-16.5	-224.63	4.23	7.22	5.27	6.82	3.71
Price/Earnings Low	- -	- -	7.35	17.16	-56.81	3.16	51.12	-24,750.44	-10.6	-175.86	1.47	1.68	3.55	5.33	2.53
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	0.59	0.79	1.01	0.89	1.32	2.58	2.79	1.91	1.07	2.26	1.68	1.15	0.92
Price/Tangible Book Value Average	- -	- -	0.58	0.64	0.95	0.95	1.21	2.42	3.56	2.1	0.72	1.36	1.63	1.24	0.84
Price/Tangible Book Value High	- -	- -	0.68	0.81	1.07	1.07	1.4	2.65	4.3	2.26	1.23	2.36	1.87	1.39	1.04
Price/Tangible Book Value Low	- -	- -	0.51	0.51	0.86	0.86	1.09	2	2.76	1.77	0.43	0.55	1.26	1.08	0.71
Price/Sales	- -	- -	0.55	0.71	0.59	0.46	0.35	0.37	0.22	0.21	0.2	0.59	0.58	0.45	0.42
Price/Sales Average	- -	- -	0.54	0.58	0.56	0.49	0.32	0.35	0.28	0.23	0.14	0.36	0.56	0.48	0.38
Price/Sales High	- -	- -	0.64	0.73	0.63	0.55	0.37	0.38	0.34	0.25	0.23	0.62	0.64	0.54	0.48
Price/Sales Low	- -	- -	0.48	0.46	0.51	0.45	0.29	0.29	0.22	0.19	0.08	0.14	0.43	0.42	0.33
Price/Cash Flow	- -	- -	5.3	5.41	6.43	-32.02	2.09	-32.3	6.6	2.74	0.82	11.64	-4.64	40.4	2.34
Price/Cash Flow Average	- -	- -	5.21	4.42	6.08	-34.23	1.92	-30.33	8.45	3.02	0.55	7	-4.5	43.37	2.15
Price/Cash Flow High	- -	- -	6.13	5.58	6.83	-38.49	2.22	-33.21	10.2	3.25	0.95	12.2	-5.17	48.48	2.67
Price/Cash Flow Low	- -	- -	4.61	3.52	5.5	-31.22	1.73	-25.11	6.55	2.55	0.33	2.84	-3.47	37.87	1.82
Price/Free Cash Flow Average	- -	- -	3.55	3.73	4.44	50.56	1.65	12.27	4.46	2.22	1.07	5.61	-6.85	14.98	2.19
Price/Free Cash Flow High	- -	- -	4.18	4.71	4.99	56.86	1.9	13.44	5.39	2.39	1.83	9.78	-7.86	16.75	2.72
Price/Free Cash Flow Low	- -	- -	3.14	2.97	4.02	46.11	1.48	10.16	3.46	1.87	0.64	2.28	-5.29	13.08	1.86
EV/Sales Average	- -	0.16	0.87	1	0.91	0.74	0.41	0.36	0.38	0.39	1.9	0.56	0.57	0.35	0.29
EV/Sales High	- -	0.16	0.96	1.15	0.98	0.8	0.46	0.39	0.43	0.4	2	0.83	0.66	0.4	0.38
EV/Sales Low	- -	0.16	0.8	0.88	0.86	0.69	0.38	0.3	0.31	0.35	1.85	0.35	0.45	0.28	0.23
EV/EBITDA Average	- -	1.4	7.58	13.55	7.06	6.26	3.51	3.48	3.26	2.95	12.26	3.09	3.95	2.18	1.56
EV/EBITDA High	- -	1.4	8.42	15.6	7.59	6.78	3.95	3.8	3.76	3.08	12.89	4.55	4.52	2.53	2.05
EV/EBITDA Low	- -	1.4	7.03	11.93	6.64	5.89	3.24	2.91	2.71	2.67	11.91	1.93	3.07	1.79	1.25
EV/EBIT Average	- -	1.97	11.54	32.37	10.89	10.94	7.33	7.05	5.8	4.51	18.07	3.96	5.06	2.68	1.84
EV/EBIT High	- -	1.97	12.81	37.26	11.72	11.85	8.23	7.7	6.7	4.71	19	5.82	5.79	3.12	2.43
EV/EBIT Low	- -	1.97	10.7	28.5	10.25	10.3	6.76	5.88	4.83	4.09	17.54	2.46	3.93	2.2	1.48
Last Price	- -	- -	11.68	17.18	17.49	16.22	15.5	19.55	13.4	12.1	10.75	42	42.8	40	42.56
High Price	- -	- -	13.5	17.7	18.56	19.5	16.49	20.1	20.7	14.37	12.39	43.99	47.62	48	48.45
Enterprise Value Average	- -	101	547	722	770	710	476	495	596	564	2,494	857	971	658	591
Enterprise Value High	- -	101	607	832	829	769	534	541	689	589	2,622	1,261	1,111	766	780
Enterprise Value Low	- -	101	507	636	725	668	439	413	496	511	2,422	534	755	541	474

	2010 Y	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
Shares Outstanding	- -	32	31	31	28	27	26	26	25	25	23	21	22	21	19
Diluted Weighted Avg Shares	32	30	30	31	29	27	26	26	26	25	51	29	27	25	24
Basic Weighted Avg Shares	32	25	30	30	29	27	26	26	26	25	25	22	23	21	20
Revenue per Share	12.87	24.74	21.2	24.11	29.51	35.33	44.15	52.66	60.98	58.28	52.83	70.72	74.32	88.9	101.36
EBITDA per Share	1.44	2.86	2.42	1.78	3.8	4.15	5.14	5.45	7.05	7.66	8.2	12.86	10.77	14.1	18.99
Operating Income per Share	1.01	2.04	1.59	0.75	2.46	2.37	2.46	2.69	3.96	5.01	5.56	10.05	8.41	11.46	16.03
Basic EPS, GAAP	1.01	1.41	1.38	0.65	-0.26	5.01	0.25	- -	-1.25	-0.06	2.93	6.09	9.03	7.04	13.07
Basic EPS from Cont Ops	0.53	3.12	1.47	1.28	-0.61	2.57	0.1	0.23	-1.21	3.18	3.36	6.14	9.04	7.18	13.56
Diluted EPS, GAAP	1.01	1.2	1.38	0.63	-0.26	4.98	0.25	- -	-1.25	-0.06	1.41	4.54	7.67	5.95	10.87
Diluted EPS from Cont Ops	0.53	2.65	1.47	1.25	-0.61	2.56	0.1	0.23	-1.21	3.18	1.62	4.58	7.67	6.07	11.28
Dividend per Share	1.55	1.18	- -	- -	- -	- -	- -	0.15	- -	- -	1.61	0.45	0.42	0.45	0.48
Cash Flow per Share	1.48	0.22	2.2	3.17	2.72	-0.51	7.42	-0.61	2.03	4.42	13.06	3.61	-9.22	0.99	18.16
Free Cash Flow per Basic Share	1.25	-0.6	1.17	2.48	1.72	-1.36	6.12	-2.71	0.22	2.82	12.13	1.18	-11.3	-1.41	14.91
Cash & Equivalents per Share	- -	5.03	13.35	12.79	11.4	9.76	19.12	18.31	12.94	5.53	5.48	15.09	10.28	26.96	20.22
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	12.69	19.74	21.87	17.4	18.29	11.75	7.58	4.81	6.35	10.07	18.61	25.46	34.64	46.51

Steel Partners Holdings L.P.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)