Sportsman's Warehouse Holdings, Inc. Financial Ratios — SPWH

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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	132.14	64.15	18.56	-14.64	-19.89	-40.15
Return on Assets (%)	- -	17.46	11.13	5.57	9.71	9.16	4.89	6.18	4.02	14.31	14.45	4.77	-3.32	-3.8	-6.2
Return on Capital (%)	- -	34.69	34.06	23.9	37.84	30.96	16.42	20.26	8.93	23.5	23.16	7.44	- -	- -	- -
Return on Invested Capital (%)	- -	30.24	31.89	17.6	20.53	18.38	10.48	13.21	6.83	18.58	11.78	7.16	- -	- -	- -
Gross Margin (%)	31.12	30.86	32.22	33.63	33.75	33.75	33.82	33.56	33.46	32.82	32.55	32.89	29.77	30.93	30.89
EBITDA Margin (%)	8.33	10.75	10.32	8.45	10.03	9.57	7.94	7.33	5.95	9.96	7.76	6.92	2.03	2.14	2.08
Operating Margin (%)	7.31	10.1	9.34	7.02	8.39	7.78	5.75	5.18	3.78	8.46	6.02	4.65	-1	-1.24	-1.15
Incremental Operating Margin (%)	- -	17.07	5.92	461.38	21.56	1.88	-47.51	-6.46	-28.32	15.79	-59.16	23.92	- -	- -	- -
Pretax Margin (%)	5.9	8.95	5.38	3.5	6.39	6.06	4.05	3.63	2.87	8.37	9.58	3.85	-2.97	-2.6	-4.23
Profit Margin (%)	8.95	5.33	3.38	2.15	3.93	3.8	2.19	2.8	2.28	6.29	7.2	2.9	-2.25	-2.76	-4.14
Net Income to Common Margin (%)	8.95	5.33	3.38	2.15	3.93	3.8	2.19	2.8	2.28	6.29	7.2	2.9	-2.25	-2.76	-4.14
Effective Tax Rate (%)	- -	40.46	37.12	38.5	38.5	37.25	45.96	22.92	20.63	24.77	24.8	24.78	- -	- -	- -
Dvd Payout Ratio (%)	- -	428.33	464.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	132.14	64.15	18.56	-14.64	-19.89	-40.15

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	59	125	260	200	180	196	193	180	398	264	343	393	482	455	427
ST Debt	38	4	31	43	34	62	61	152	157	36	107	133	175	124	102
LT Debt	21	121	229	157	146	134	132	28	241	228	236	260	307	331	325
Total Debt/EBITDA	1.9	2.2	3.92	3.7	2.54	2.62	3.01	2.89	7.53	1.83	2.94	4.06	18.44	17.75	16.95
Net Debt/EBITDA	1.89	1.56	3.9	3.67	2.51	2.6	2.98	2.86	2.73	-0.36	0.08	0.88	4.71	3.74	3.58
Total Debt/EBIT	2.16	2.35	4.33	4.45	3.04	3.22	4.15	4.09	11.88	2.15	3.79	6.04	-37.37	-30.65	-30.6
Net Debt/EBIT	2.15	1.66	4.31	4.41	3	3.19	4.11	4.05	4.31	-0.42	0.1	1.31	-9.53	-6.46	-6.46
EBITDA to Interest Expense	7.14	8.96	2.61	2.4	5.01	5.57	4.68	4.72	6.6	41.24	84.67	23.1	2.03	2.09	1.84
EBITDA-CapEx/Interest Expense	5.62	7.88	1.81	1.06	2.61	2.63	1.68	3.34	2.8	35.6	45.94	7.96	-4.18	0.9	0.2
EBIT to Interest Expense	6.27	8.42	2.36	2	4.19	4.53	3.39	3.33	4.19	35.01	65.67	15.53	-1	-1.21	-1.02
Interest Expense	4	6	25	22	14	13	14	13	8	4	1	4	13	12	14
Common Equity/Total Assets	26.52	-25.12	-54.17	-39.74	-26.49	-14.48	-8.53	-1.55	3.8	17.38	26.57	24.84	20.62	17.57	13.07
Long-Term Debt/Equity (%)	42.02	- -	- -	- -	- -	445.72	265.77	35.24	218.59	111.55	75.19	88.87	116.04	140.64	172.36
Long-Term Debt/Capital (%)	21.03	146.16	165.27	169.68	145.66	91.88	82.24	15.94	57.25	60.21	41.7	42.93	46.2	54.79	61.76
Long-Term Debt/Total Assets (%)	13.64	72.8	102.25	57.89	48.56	38.62	34.86	7.13	39.09	34.55	28.1	30.32	34.64	38.9	42.62
Total Debt/Equity (%)	118.19	-298.27	-214.86	-638.15	-8,755.66	652.23	388.23	228.75	360.52	129.15	109.24	134.23	182.09	193.15	226.23
Total Debt/Capital (%)	59.13	150.44	187.56	216.49	179.45	134.46	120.13	103.46	94.43	69.71	60.58	64.84	72.5	75.25	81.06
Total Debt/Total Assets (%)	38.37	74.93	116.03	73.86	59.83	56.51	50.92	46.27	64.47	40	40.83	45.81	54.36	53.43	55.94
Net Debt to Equity	117.7	-211.01	-213.74	-632.56	-8,653.23	645.86	384.68	226.79	130.69	-25.45	2.88	29.04	46.46	40.68	47.75
Net Debt/Capital (%)	59.03	190.09	188.42	218.75	181.15	134.92	120.36	103.49	34.37	-16.61	1.77	14.08	18.58	15.92	17.16
EBITDA	31	57	66	54	71	75	64	62	53	145	117	97	26	26	25
EBITDA-CapEx	25	50	46	24	37	35	23	44	22	125	63	33	-54	11	3
Operating Income (Loss)	28	53	60	45	59	61	47	44	33	123	91	65	-13	-15	-14

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	- -	0.56	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.29	0.2	0.01	0.01	0.01	0.01
Current Ratio	1.38	2.22	1.89	1.74	1.82	1.74	1.8	1.22	1.1	1.43	1.64	1.44	1.21	1.29	1.36
Quick Ratio	0.01	0.57	0.05	0.06	0.02	0.02	0.01	0.01	0.01	0.29	0.21	0.02	0.02	0.02	0.02
CFO/Avg Current Liab	- -	0.85	- -	0.19	0.29	0.11	0.2	0.16	0.31	0.97	-0.08	0.16	0.17	0.11	0.12
Common Equity/Total Assets	26.52	-25.12	-54.17	-39.74	-26.49	-14.48	-8.53	-1.55	3.8	17.38	26.57	24.84	20.62	17.57	13.07
Long-Term Debt/Equity (%)	42.02	- -	- -	- -	- -	445.72	265.77	35.24	218.59	111.55	75.19	88.87	116.04	140.64	172.36
Long-Term Debt/Capital (%)	21.03	146.16	165.27	169.68	145.66	91.88	82.24	15.94	57.25	60.21	41.7	42.93	46.2	54.79	61.76
Long-Term Debt/Total Assets (%)	13.64	72.8	102.25	57.89	48.56	38.62	34.86	7.13	39.09	34.55	28.1	30.32	34.64	38.9	42.62
Total Debt/Equity (%)	118.19	-298.27	-214.86	-638.15	-8,755.66	652.23	388.23	228.75	360.52	129.15	109.24	134.23	182.09	193.15	226.23
Total Debt/Capital (%)	59.13	150.44	187.56	216.49	179.45	134.46	120.13	103.46	94.43	69.71	60.58	64.84	72.5	75.25	81.06
Total Debt/Total Assets (%)	38.37	74.93	116.03	73.86	59.83	56.51	50.92	46.27	64.47	40	40.83	45.81	54.36	53.43	55.94
CFO/Total Liabilities	14.38	29.7	0.01	6.78	11.68	4.9	9.33	10.37	15.38	52.35	-4.11	8.27	8.41	5.54	5.46
CFO/CapEx	2.26	9.03	- -	0.68	1.04	0.39	0.75	1.77	2.56	12.09	-0.4	0.74	0.65	2.35	1.4
Altman's Z-Score	3.62	4.43	3.56	3.36	4.17	3.62	3.21	3.12	2.06	4.24	3.33	2.82	1.93	1.79	1.91

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	- -	1,410.82	1,692.53	1,527.13	1,581.13	1,772.63	2,218.28	2,989.89	1,537.56	1,955.24	1,196.24	701.51	617.44	528.87	355.64
Days Sales Outstanding	- -	0.26	0.22	0.24	0.23	0.21	0.16	0.12	0.24	0.19	0.31	0.52	0.59	0.69	1.03
Inventory Turnover	- -	3.56	3.35	2.45	2.32	2.23	2.07	2.06	2.14	3.76	3.22	2.39	2.4	2.37	2.55
Days Inventory Outstanding	- -	102.63	108.97	149.23	157.35	163.91	176.05	177	170.85	97.1	113.19	152.66	152.09	153.71	143.01
Accounts Payable Turnover	- -	15.77	18.46	16	13.3	13.94	16.39	18.47	18.66	16.32	17	15.75	14.57	13.56	14.8
Accounts Payable Turnover Days	- -	23.14	19.78	22.82	27.44	26.19	22.27	19.76	19.57	22.37	21.47	23.17	25.05	26.93	24.66
Cash Conversion Cycle	- -	79.75	89.41	126.65	130.14	137.92	153.95	157.36	151.52	74.92	92.02	130	127.63	127.47	119.37
Inventory to Cash Days	- -	-102.37	-108.76	-148.99	-157.12	-163.7	-175.89	-176.88	-170.61	-96.92	-112.88	-152.14	-151.5	-153.02	-141.98
Inventories	106	99	161	186	218	246	271	277	276	243	387	399	355	342	313
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	106	99	161	186	218	246	271	277	276	243	387	399	355	342	313
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	- -	- -	- -	285	550	314	215	220	280	763	480	382	144	77	53
- Cash & Cash Equivalents	- -	37	1	2	2	2	2	2	2	66	57	2	3	3	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	59	125	260	200	180	196	193	180	398	264	343	393	482	455	427
Enterprise Value	59	88	259	483	728	508	407	399	676	961	767	773	623	530	478
Total Capital	101	83	139	92	100	146	161	174	421	379	567	607	664	605	526
Total Debt/Capital (%)	59.13	150.44	187.56	216.49	179.45	134.46	120.13	103.46	94.43	69.71	60.58	64.84	72.5	75.25	81.06
Total Debt / EV	1	1.41	1.01	0.41	0.25	0.39	0.47	0.45	0.59	0.27	0.45	0.51	0.77	0.86	0.89
EV/Sales	0.16	0.17	0.4	0.76	1.03	0.65	0.5	0.47	0.76	0.66	0.51	0.55	0.48	0.44	0.39
EV/EBITDA	1.89	1.56	3.9	8.94	10.28	6.8	6.33	6.4	12.8	6.65	6.56	7.98	23.85	20.65	18.98
EV/EBIT	2.15	1.66	4.31	10.76	12.28	8.36	8.74	9.06	20.19	7.83	8.46	11.87	- -	- -	- -
EV/Cash Flow to Firm	2.73	1.34	16.14	14.09	16.5	21.25	10.66	9.42	8.02	3.98	- -	15.47	10.04	11.22	10.67
EV/Free Cash Flow to Firm	2.09	1.22	7.1	7.49	9.33	8.02	5.13	6.59	5.9	3.68	23.32	6.81	4.39	8.58	7.11
Diluted Market Cap	- -	- -	- -	286	555	316	216	221	282	778	488	384	144	77	53
Diluted Enterprise Value	59	88	259	484	733	510	407	399	678	977	774	775	623	530	478
EV per Share	1.43	2.13	6.27	12.09	17.36	12.03	9.58	9.3	15.65	22.09	17.49	19.09	16.62	14.01	12.44
TTM Sales	377	527	643	640	707	780	810	849	886	1,452	1,506	1,400	1,288	1,198	1,209
TTM EBITDA	31	57	66	54	71	75	64	62	53	145	117	97	26	26	25
TTM Operating Income	28	53	60	45	59	61	47	44	33	123	91	65	-13	-15	-14
TTM Cash Flow to Firm	22	66	16	34	44	24	38	42	84	241	-21	50	62	47	45
TTM Free Cash Flow to Firm	28	73	36	64	78	63	79	61	115	261	33	113	142	62	67

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	- -	- -	- -	5.65	8	5.76	3	4.39	2.61	3.01	15.34	3.48	1.09	1.58	0.98
EV/EBIT	2.15	1.66	4.31	10.76	12.28	8.36	8.74	9.06	20.19	7.83	8.46	11.87	- -	- -	- -
Enterprise Value	59	88	259	483	728	508	407	399	676	961	767	773	623	530	478
Low Price	- -	- -	- -	5.43	6.81	7.12	3.4	3.66	3.41	4.08	9.72	7.75	2.98	1.81	0.92
EV/Sales	0.16	0.17	0.4	0.76	1.03	0.65	0.5	0.47	0.76	0.66	0.51	0.55	0.48	0.44	0.39
EV/EBITDA	1.89	1.56	3.9	8.94	10.28	6.8	6.33	6.4	12.8	6.65	6.56	7.98	23.85	20.65	18.98
Price/Earnings	- -	- -	- -	20.67	19.81	10.58	12.14	9.28	13.84	8.34	4.43	9.42	- -	- -	- -
Price/Earnings Average	- -	- -	- -	21.47	16.42	14.52	11.7	9.08	11.58	5.86	6.71	9.8	-7.52	-3.17	-1.74
Price/Earnings High	- -	- -	- -	31.89	22.53	20.17	18.16	11.66	19.02	8.79	7.29	12.27	-13.14	-5.08	-3.32
Price/Earnings Low	- -	- -	- -	15.74	10.28	10.12	8.14	6.61	7.28	1.94	3.93	7.74	-3.85	-2.07	-0.71
Price/Book Value	- -	- -	- -	-2.65	-6.89	-6.26	-6.65	-36.66	11.92	6.64	2.15	1.79	0.79	0.52	0.53
Price/Book Value Average	- -	- -	- -	-2.75	-5.71	-8.59	-6.41	-35.86	9.98	4.66	3.26	1.86	1.19	0.7	0.87
Price/Book Value High	- -	- -	- -	-4.09	-7.84	-11.93	-9.94	-46.08	16.38	7	3.54	2.33	2.09	1.12	1.67
Price/Book Value Low	- -	- -	- -	-2.02	-3.58	-5.99	-4.46	-26.11	6.27	1.55	1.91	1.47	0.61	0.46	0.35
Price/Tangible Book Value	- -	- -	- -	-7.69	-91.97	11.26	4.35	2.81	2.58	3.76	1.54	1.31	0.55	0.33	0.28
Price/Tangible Book Value Average	- -	- -	- -	-7.99	-76.24	15.45	4.19	2.75	2.16	2.64	2.33	1.36	0.83	0.45	0.47
Price/Tangible Book Value High	- -	- -	- -	-11.86	-104.6	21.46	6.5	3.53	3.54	3.96	2.53	1.71	1.45	0.72	0.89
Price/Tangible Book Value Low	- -	- -	- -	-5.85	-47.74	10.77	2.92	2	1.36	0.88	1.36	1.08	0.43	0.29	0.19
Price/Sales	- -	- -	- -	0.45	0.78	0.4	0.27	0.26	0.32	0.53	0.32	0.27	0.11	0.06	0.04
Price/Sales Average	- -	- -	- -	0.46	0.65	0.55	0.26	0.25	0.26	0.37	0.48	0.28	0.17	0.09	0.07
Price/Sales High	- -	- -	- -	0.69	0.89	0.77	0.4	0.33	0.43	0.55	0.53	0.36	0.3	0.14	0.14
Price/Sales Low	- -	- -	- -	0.34	0.4	0.38	0.18	0.18	0.17	0.12	0.28	0.22	0.09	0.06	0.03
Price/Cash Flow	- -	- -	- -	13.92	15.53	20.27	7	6.85	3.59	3.19	-22.21	8.16	2.76	2.26	1.68
Price/Cash Flow Average	- -	- -	- -	14.46	12.87	27.82	6.74	6.7	3.01	2.24	-33.64	8.49	4.17	3.07	2.78
Price/Cash Flow High	- -	- -	- -	21.47	17.66	38.65	10.47	8.61	4.94	3.36	-36.58	10.63	7.29	4.92	5.31
Price/Cash Flow Low	- -	- -	- -	10.6	8.06	19.39	4.69	4.88	1.89	0.74	-19.71	6.71	2.14	2	1.13
Price/Free Cash Flow Average	- -	- -	- -	5.87	6.63	7.9	2.89	4.29	2.18	2.11	23.23	3.62	1.65	2.15	1.62
Price/Free Cash Flow High	- -	- -	- -	8.72	9.1	10.98	4.48	5.51	3.59	3.17	25.26	4.53	2.88	3.45	3.09
Price/Free Cash Flow Low	- -	- -	- -	4.3	4.15	5.51	2.01	3.12	1.37	0.7	13.61	2.86	0.85	1.41	0.66
EV/Sales Average	0.16	0.17	0.4	0.77	0.9	0.8	0.49	0.46	0.71	0.51	0.67	0.56	0.54	0.47	0.42
EV/Sales High	0.16	0.17	0.4	1	1.14	1.02	0.63	0.54	0.88	0.69	0.72	0.63	0.67	0.52	0.49
EV/Sales Low	0.16	0.17	0.4	0.65	0.66	0.63	0.42	0.39	0.61	0.26	0.47	0.5	0.46	0.43	0.38
EV/EBITDA Average	1.89	1.56	3.9	9.14	8.95	8.36	6.21	6.33	11.94	5.08	8.68	8.13	26.67	21.73	20.35
EV/EBITDA High	1.89	1.56	3.9	11.8	11.34	10.61	7.99	7.31	14.78	6.93	9.22	9.17	32.91	24.19	23.49
EV/EBITDA Low	1.89	1.56	3.9	7.68	6.54	6.62	5.23	5.39	10.29	2.6	6.1	7.27	22.6	20.31	18.29
EV/EBIT Average	2.15	1.66	4.31	11.01	10.69	10.29	8.57	8.95	18.83	5.98	11.19	12.1	-54.04	-37.52	-36.73
EV/EBIT High	2.15	1.66	4.31	14.21	13.55	13.05	11.03	10.35	23.32	8.17	11.89	13.64	-66.69	-41.76	-42.41
EV/EBIT Low	2.15	1.66	4.31	9.25	7.82	8.14	7.22	7.62	16.23	3.07	7.86	10.82	-45.79	-35.07	-33.02
Last Price	- -	- -	- -	7.13	13.11	7.44	5.07	5.14	6.48	17.52	10.96	9.43	3.85	2.04	1.37
High Price	- -	- -	- -	11	14.91	14.18	7.58	6.46	8.9	18.46	18.05	12.28	10.16	4.44	4.33
Enterprise Value Average	59	88	259	494	634	624	399	394	630	734	1,014	788	697	557	512
Enterprise Value High	59	88	259	638	804	792	514	455	780	1,002	1,077	888	860	620	591
Enterprise Value Low	59	88	259	415	464	494	336	335	543	376	712	705	590	521	460

	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	41	41	41	42	42	42	43	43	43	44	44	38	38	38	39
Diluted Weighted Avg Shares	42	42	41	40	42	42	43	43	44	44	45	41	37	38	38
Basic Weighted Avg Shares	42	42	41	40	42	42	42	43	43	44	44	40	37	38	38
Revenue per Share	9.07	12.69	15.58	16.01	16.84	18.49	19.05	19.8	20.53	33.35	34.36	34.57	34.36	31.68	31.5
EBITDA per Share	0.76	1.36	1.61	1.35	1.69	1.77	1.51	1.45	1.22	3.32	2.67	2.39	0.7	0.68	0.66
Operating Income per Share	0.66	1.28	1.46	1.12	1.41	1.44	1.1	1.03	0.78	2.82	2.07	1.61	-0.34	-0.39	-0.36
Basic EPS, GAAP	0.81	0.68	0.53	0.34	0.66	0.7	0.42	0.55	0.47	2.1	2.47	1	-0.77	-0.87	-1.3
Basic EPS from Cont Ops	0.81	0.68	0.53	0.34	0.66	0.7	0.42	0.55	0.47	2.1	2.47	1	-0.77	-0.87	-1.3
Diluted EPS, GAAP	0.81	0.68	0.53	0.34	0.66	0.7	0.42	0.55	0.46	2.06	2.44	1	-0.77	-0.87	-1.3
Diluted EPS from Cont Ops	0.81	0.68	0.53	0.34	0.66	0.7	0.42	0.55	0.46	2.06	2.44	1	-0.77	-0.87	-1.3
Dividend per Share	- -	2.9	2.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.36	1.49	- -	0.51	0.84	0.37	0.72	0.75	1.8	5.49	-0.49	1.16	1.39	0.9	0.82
Free Cash Flow per Basic Share	0.2	1.33	-0.49	-0.24	0.03	-0.57	-0.24	0.33	1.1	5.03	-1.71	-0.41	-0.74	0.52	0.23
Cash & Equivalents per Share	0.01	0.88	0.03	0.04	0.05	0.05	0.04	0.04	0.04	1.51	1.3	0.06	0.08	0.07	0.04
Book Value per Share	0.99	-1.01	-2.94	-2.69	-1.9	-1.19	-0.76	-0.14	0.54	2.64	5.1	5.27	4.87	3.96	2.6
Tangible Book Value per Share	1.21	-1.01	-3.12	-0.93	-0.14	0.66	1.17	1.83	2.51	4.66	7.13	7.19	7.01	6.19	4.87

Sportsman's Warehouse Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)