Surmodics, Inc. Financial Ratios — SRDX 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 (%)	-22.36	-24.83	14.42	18.02	12.92	13.03	10.64	3.9	-4.43	7.24	1	3.7	-26.45	-1.73	-14.04
Return on Assets (%)	-11.85	-11.32	7.84	14.71	11.63	11.74	8.62	2.91	-2.96	4.69	0.68	2.33	-15.45	-0.89	-6.34
Return on Capital (%)	- -	-24.83	14.42	18.02	12.92	13.03	10.64	3.9	- -	- -	- -	3.6	- -	-3.27	- -
Return on Invested Capital (%)	- -	7.72	8.66	14.64	12.75	13.12	12.77	3.57	- -	- -	- -	3.59	- -	-2.51	- -
Gross Margin (%)	86.52	60.66	58.48	59.07	58.97	59.96	58.8	40.86	32.42	33.53	30.95	39.21	29.01	46.03	43.38
EBITDA Margin (%)	19.71	38.48	37.11	39.52	37.07	35.37	37.01	17.14	7.62	14.5	6.34	15	-12.95	10.65	2.42
Operating Margin (%)	8.53	32.49	31.47	34.38	32.34	30.84	30.18	9.54	-0.29	7.19	-1.32	7.38	-22.1	4.23	-4.48
Incremental Operating Margin (%)	109.43	-65.22	96.26	70.27	-55.09	11.5	25.87	-834.02	- -	39.67	- -	87.68	- -	84.85	- -
Pretax Margin (%)	-29.56	31.33	31.4	36.27	32.16	29.47	23.75	9.62	-9.26	7.55	-1.53	6.04	-22.5	1.88	-5.95
Profit Margin (%)	-30.17	-35.08	19.7	27.02	20.95	19.3	13.99	5.37	-5.48	7.59	1.18	4.03	-27.29	-1.16	-9.15
Net Income to Common Margin (%)	-30.17	-35.08	19.7	27.02	20.95	19.3	13.99	5.37	-5.48	7.59	1.18	4.03	-27.29	-1.16	-9.15
Effective Tax Rate (%)	- -	33.9	37.88	28.39	33.92	34.5	41.08	44.18	- -	- -	- -	33.23	- -	161.76	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	-22.36	-24.83	14.42	18.02	12.92	13.03	10.64	3.9	-4.43	7.24	1	3.7	-26.45	-1.73	-14.04

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	14	15	33	33
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	11	1	1
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	3	4	32	32
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.63	0.87	-1.14	2.35	10.9
Net Debt/EBITDA	-0.83	-1.14	-0.81	-0.7	-2.04	-2.54	-0.95	-1.32	-3.76	-2.09	-5.12	-1.34	0.7	-0.85	-2.15
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3.02	1.77	-0.67	5.93	-5.89
Net Debt/EBIT	-1.91	-1.35	-0.95	-0.8	-2.34	-2.91	-1.16	-2.37	98.81	-4.22	24.61	-2.73	0.41	-2.14	1.16
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	95.46	45.2	50.88	-21.64	4.05	0.86
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	51.07	17.6	30.62	-27.28	3.21	-0.13
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.36	-9.41	25.02	-36.93	1.61	-1.59
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	3	4
Common Equity/Total Assets	49.2	41.63	73.43	90	90.15	89.97	74.35	75.21	59.88	69.67	66.67	60	56.51	47.36	42.8
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.55	2.28	3.55	27	27.08
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.87	2.44	3.68	26.71	29.36
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.98	1.64	2.43	17.43	18.03
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.88	9.78	13.66	27.73	27.96
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.25	10.51	14.2	27.43	30.31
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.24	7.04	9.35	17.9	18.62
Net Debt to Equity	-7.38	-16.63	-16.36	-16.52	-44.06	-60.51	-23.39	-14.82	-21.47	-24.78	-23.49	-15.1	-8.3	-10.02	-5.52
Net Debt/Capital (%)	-15.74	-55.21	-25.45	-20.33	-85.23	-167.33	-33.85	-19.18	-31.1	-37.47	-36	-21.3	-10.55	-15.06	-8.92
EBITDA	14	20	19	22	21	22	26	13	6	15	6	16	-13	14	3
EBITDA-CapEx	4	19	19	20	19	20	18	6	-8	8	2	9	-16	11	- -
Operating Income (Loss)	6	17	16	19	19	19	22	7	- -	7	-1	8	-22	6	-6

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	2.68	3.48	4.3	4.3	11.45	11.83	4.63	4.93	1.84	2.74	3.23	1.3	0.59	1.89	1.95
Current Ratio	4.9	4.94	5.79	5.99	13.59	14.42	5.78	6.21	2.32	4.03	4.58	2.36	1.8	3.62	3.96
Quick Ratio	3.86	3.88	5.03	5.19	12.61	13.42	5.38	5.73	2.13	3.61	4.15	2.07	1.35	2.89	3.09
CFO/Avg Current Liab	2.82	2.14	1.8	2.74	3.62	3.43	3.39	1.41	1.52	0.29	0.72	0.63	-0.56	0.38	0.01
Common Equity/Total Assets	49.2	41.63	73.43	90	90.15	89.97	74.35	75.21	59.88	69.67	66.67	60	56.51	47.36	42.8
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.55	2.28	3.55	27	27.08
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.87	2.44	3.68	26.71	29.36
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.98	1.64	2.43	17.43	18.03
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.88	9.78	13.66	27.73	27.96
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.25	10.51	14.2	27.43	30.31
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.24	7.04	9.35	17.9	18.62
CFO/Total Liabilities	138.24	116.19	172.67	217.92	296.24	219.7	96.57	56.13	61.33	21.52	37.15	28.23	-34.47	15.97	0.42
CFO/CapEx	2.23	12.87	21.12	9.21	7.98	8	3.07	2.18	2.42	1.19	3.82	2.45	-5.11	3.6	0.07
Altman's Z-Score	9.45	7.29	25.26	28.6	27.52	28.66	13.04	13.16	12.9	12.79	10.95	11.48	7.11	7.09	8.11

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	6.88	7.89	10.99	10.79	11.39	10.12	9.95	10.39	10.11	11.2	11.38	12.48	10.19	12.45	10.44
Days Sales Outstanding	53.02	46.26	33.23	33.82	32.04	36.06	36.69	35.15	36.1	32.59	32.07	29.24	35.83	29.32	34.95
Inventory Turnover	2.96	6.67	6.43	6.71	7.67	8.55	8.97	12.19	14.6	15.62	12.52	10.04	7.64	5.37	4.76
Days Inventory Outstanding	123.48	54.76	56.75	54.42	47.59	42.68	40.7	29.95	25.01	23.37	29.16	36.34	47.79	67.99	76.71
Accounts Payable Turnover	2.69	8.5	13.57	17.45	23.26	27.58	24.97	21.49	22.45	28.94	37.21	39.24	30.9	24.34	24.82
Accounts Payable Turnover Days	135.93	42.92	26.9	20.92	15.69	13.23	14.62	16.98	16.26	12.61	9.81	9.3	11.81	15	14.71
Cash Conversion Cycle	40.57	58.1	63.08	67.32	63.94	65.5	62.77	48.11	44.84	43.34	51.42	56.28	71.8	82.31	96.95
Inventory to Cash Days	-70.46	-8.51	-23.53	-20.61	-15.55	-6.62	-4.01	5.2	11.09	9.22	2.9	-7.1	-11.96	-38.66	-41.77
Inventories	3	3	4	3	3	3	4	4	4	5	6	7	12	15	15
Raw Materials	1	1	1	1	1	1	2	2	2	2	4	4	6	8	9
Work In Process	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	2	3	2
Finished Goods	2	2	2	2	2	2	1	1	1	2	1	1	4	4	4
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	207	159	350	344	248	285	391	408	982	612	527	765	423	450	549
- Cash & Cash Equivalents	11	23	16	15	44	56	25	17	23	30	31	31	19	41	36
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	14	15	33	33
Enterprise Value	187	120	321	318	201	229	344	359	918	557	470	740	419	438	542
Total Capital	84	65	77	92	95	89	99	103	98	111	116	130	104	121	110
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.25	10.51	14.2	27.43	30.31
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	0.02	0.04	0.08	0.06
EV/Sales	2.67	2.28	6.17	5.67	3.5	3.7	4.82	4.92	11.28	5.57	4.95	7.04	4.19	3.3	4.3
EV/EBITDA	13.54	5.92	16.63	14.35	9.44	10.46	13.03	28.68	148.1	38.4	78.17	46.93	- -	31.02	177.76
EV/EBIT	31.31	7.01	19.61	16.49	10.82	11.99	15.98	51.52	- -	77.4	- -	95.44	- -	78.2	- -
EV/Cash Flow to Firm	8.48	6.02	19.89	18.02	11.05	15.24	13.68	25.58	26.94	68.02	33.79	47.46	- -	52.42	95.23
EV/Free Cash Flow to Firm	5.85	5.58	18.99	16.25	9.82	13.55	10.32	17.54	19.06	37.29	26.74	33.84	- -	38.85	59.02
Diluted Market Cap	207	159	352	350	252	290	398	415	982	630	537	778	423	450	549
Diluted Enterprise Value	196	135	337	335	208	235	373	399	959	600	510	760	419	442	546
EV per Share	10.74	6.89	18.51	22	14.75	17.57	26.48	27.33	69.73	41.61	34.68	53.77	30.1	31.23	38.29
TTM Sales	70	53	52	56	57	62	71	73	81	100	95	105	100	133	126
TTM EBITDA	14	20	19	22	21	22	26	13	6	15	6	16	-13	14	3
TTM Operating Income	6	17	16	19	19	19	22	7	- -	7	-1	8	-22	6	-6
TTM Cash Flow to Firm	22	20	16	18	18	15	25	14	34	8	14	16	-16	8	6
TTM Free Cash Flow to Firm	32	22	17	20	20	17	33	20	48	15	18	22	-13	11	9

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	6.49	7.37	20.89	17.89	12.32	17.18	11.92	20.26	20.4	42.62	30.4	35.9	-30.54	33.52	146.75
EV/EBIT	31.31	7.01	19.61	16.49	10.82	11.99	15.98	51.52	- -	77.4	- -	95.44	- -	78.2	- -
Enterprise Value	187	120	321	318	201	229	344	359	918	557	470	740	419	438	542
Low Price	10.62	8.28	8.73	17.36	18.01	18	17.45	21.9	25	38.06	22.06	35.17	28.28	16	25.17
EV/Sales	2.67	2.28	6.17	5.67	3.5	3.7	4.82	4.92	11.28	5.57	4.95	7.04	4.19	3.3	4.3
EV/EBITDA	13.54	5.92	16.63	14.35	9.44	10.46	13.03	28.68	148.1	38.4	78.17	46.93	- -	31.02	177.76
Price/Earnings	- -	- -	34.23	22.68	20.58	23.82	39.17	103.86	- -	80.67	469.55	180.63	- -	- -	- -
Price/Earnings Average	-15.92	-11.1	25.12	21.77	25.3	25.5	29.16	85.55	-130.63	86.67	483.14	162.11	-21.33	-265.4	-42.73
Price/Earnings High	-25.54	-14.59	35.53	26.68	29.45	30.19	39.42	106.54	-243.1	132.21	591.32	202.3	-30.08	-360	-52.04
Price/Earnings Low	-8.75	-7.8	14.78	16.56	20.41	19.63	22.72	73.37	-73.8	67.12	266.21	114.26	-14.43	-146.16	-30.86
Price/Book Value	2.47	2.43	4.57	3.75	2.62	3.2	3.96	3.97	9.99	5.5	4.69	6.55	4.73	5.12	7.18
Price/Book Value Average	4.01	3.15	3.36	3.6	3.22	3.43	2.95	3.27	5.92	5.91	4.82	5.88	6.5	4.63	6.45
Price/Book Value High	6.43	4.14	4.75	4.41	3.75	4.06	3.98	4.07	11.02	9.01	5.9	7.34	9.17	6.29	7.86
Price/Book Value Low	2.2	2.21	1.97	2.74	2.6	2.64	2.3	2.8	3.35	4.58	2.66	4.15	4.4	2.55	4.66
Price/Tangible Book Value	1.58	1.25	4.24	4.19	2.82	3.51	6.77	6.4	15.37	7.46	5.82	13.33	10.7	8.87	10.83
Price/Tangible Book Value Average	2.56	1.63	3.11	4.02	3.47	3.76	5.04	5.27	9.11	8.01	5.99	11.96	14.72	8.03	9.73
Price/Tangible Book Value High	4.11	2.14	4.4	4.93	4.04	4.45	6.81	6.56	16.96	12.22	7.33	14.93	20.75	10.89	11.85
Price/Tangible Book Value Low	1.41	1.14	1.83	3.06	2.8	2.89	3.93	4.52	5.15	6.21	3.3	8.43	9.95	4.42	7.03
Price/Sales	2.96	3	6.74	6.13	4.31	4.6	5.48	5.58	12.08	6.12	5.56	7.28	4.23	3.4	4.35
Price/Sales Average	4.8	3.89	4.95	5.88	5.3	4.92	4.08	4.59	7.16	6.57	5.72	6.53	5.82	3.07	3.91
Price/Sales High	7.7	5.12	7	7.21	6.17	5.83	5.51	5.72	13.32	10.03	7	8.15	8.21	4.17	4.76
Price/Sales Low	2.64	2.74	2.91	4.47	4.27	3.79	3.18	3.94	4.04	5.09	3.15	4.6	3.94	1.69	2.83
Price/Cash Flow	9.41	7.94	21.73	19.47	13.61	18.94	15.54	29.01	28.84	76.19	37.64	49.73	-24.56	42.82	2,213.12
Price/Cash Flow Average	15.25	10.3	15.95	18.69	16.74	20.28	11.57	23.9	17.1	81.86	38.73	44.63	-33.78	38.77	1,988.89
Price/Cash Flow High	24.47	13.53	22.56	22.91	19.48	24.01	15.64	29.76	31.82	124.88	47.4	55.7	-47.63	52.59	2,421.99
Price/Cash Flow Low	8.38	7.23	9.38	14.21	13.5	15.61	9.01	20.5	9.66	63.4	21.34	31.46	-22.85	21.35	1,436.42
Price/Free Cash Flow Average	10.52	9.55	15.33	17.17	15.14	18.39	8.88	16.69	12.09	45.8	31.28	32.21	-42	30.35	131.88
Price/Free Cash Flow High	16.88	12.55	21.68	21.05	17.63	21.77	12	20.78	22.5	69.86	38.28	40.2	-59.22	41.17	160.6
Price/Free Cash Flow Low	5.78	6.71	9.02	13.06	12.21	14.16	6.92	14.31	6.83	35.47	17.23	22.71	-28.4	16.71	95.25
EV/Sales Average	4.64	3.45	4.65	5.61	4.54	4.02	3.73	4.37	6.87	6.27	5.43	6.37	5.78	3.01	3.89
EV/Sales High	7.54	4.68	6.7	6.93	5.41	4.93	5.16	5.49	13.03	9.73	6.72	7.99	8.17	4.11	4.74
EV/Sales Low	2.48	2.3	2.61	4.2	3.52	2.89	2.83	3.71	3.76	4.79	2.87	4.44	3.89	1.63	2.8
EV/EBITDA Average	23.54	8.98	12.53	14.19	12.25	11.37	10.08	25.48	90.22	43.26	85.76	42.44	-44.63	28.28	160.83
EV/EBITDA High	38.26	12.16	18.06	17.55	14.6	13.93	13.96	32.06	171.13	67.09	105.96	53.24	-63.06	38.57	196.06
EV/EBITDA Low	12.56	5.97	7.04	10.62	9.49	8.17	7.64	21.67	49.33	33.03	45.23	29.59	-30.08	15.32	115.89
EV/EBIT Average	54.42	10.63	14.78	16.31	14.04	13.04	12.36	45.78	-2,368.23	87.2	-412.12	86.32	-26.16	71.3	-86.87
EV/EBIT High	88.46	14.4	21.29	20.17	16.73	15.98	17.11	57.59	-4,492.21	135.23	-509.22	108.28	-36.96	97.23	-105.9
EV/EBIT Low	29.05	7.07	8.3	12.21	10.87	9.37	9.37	38.92	-1,294.94	66.58	-217.38	60.18	-17.63	38.61	-62.6
Last Price	11.92	9.1	20.22	23.78	18.16	21.84	30.09	31	74.65	45.74	38.91	55.6	30.4	32.09	38.78
High Price	31	15.5	20.99	27.98	25.99	27.68	30.28	31.8	82.35	74.97	49	62.27	58.95	39.41	42.44
Enterprise Value Average	324	182	241	315	261	249	266	319	559	628	516	669	578	399	490
Enterprise Value High	527	247	348	389	311	305	369	402	1,060	973	637	840	816	545	598
Enterprise Value Low	173	121	136	236	202	179	202	272	306	479	272	467	389	216	353

	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	17	18	15	14	14	13	13	13	13	14	14	14	14	14	14
Diluted Weighted Avg Shares	17	17	17	15	14	13	13	13	13	14	14	14	14	14	14
Basic Weighted Avg Shares	17	17	17	14	14	13	13	13	13	13	14	14	14	14	14
Revenue per Share	4.02	3.03	3	3.88	4.21	4.75	5.49	5.56	6.18	7.47	7	7.64	7.18	9.45	8.91
EBITDA per Share	0.79	1.17	1.11	1.53	1.56	1.68	2.03	0.95	0.47	1.08	0.44	1.15	-0.93	1.01	0.22
Operating Income per Share	0.34	0.98	0.94	1.33	1.36	1.47	1.66	0.53	-0.02	0.54	-0.09	0.56	-1.59	0.4	-0.4
Basic EPS, GAAP	-1.21	-1.06	0.59	1.05	0.88	0.92	0.77	0.3	-0.34	0.57	0.08	0.31	-1.96	-0.11	-0.82
Basic EPS from Cont Ops	-1.21	0.63	0.58	1.01	0.9	0.92	0.77	0.3	-0.34	0.57	0.08	0.31	-1.96	-0.11	-0.82
Diluted EPS, GAAP	-1.21	-1.06	0.59	1.03	0.87	0.9	0.76	0.29	-0.34	0.55	0.08	0.3	-1.96	-0.11	-0.82
Diluted EPS from Cont Ops	-1.21	0.63	0.58	0.99	0.88	0.9	0.76	0.29	-0.34	0.55	0.08	0.3	-1.96	-0.11	-0.82
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.27	1.15	0.93	1.22	1.33	1.15	1.94	1.07	2.59	0.6	1.03	1.12	-1.24	0.75	0.02
Free Cash Flow per Basic Share	0.7	1.06	0.89	1.09	1.17	1.01	1.31	0.58	1.52	0.1	0.76	0.66	-1.48	0.54	-0.23
Cash & Equivalents per Share	1.18	2.21	1.71	1.78	3.41	4.27	3.61	3.67	4.92	4.13	4.51	2.82	1.37	3.23	2.83
Book Value per Share	4.82	3.75	4.42	6.34	6.94	6.82	7.6	7.81	7.47	8.32	8.3	8.48	6.43	6.27	5.4
Tangible Book Value per Share	7.55	7.26	4.77	5.68	6.44	6.22	4.44	4.84	4.86	6.13	6.68	4.17	2.84	3.62	3.58

Surmodics, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)