Seritage Growth Properties Financial Ratios — SRG Stock

Profitability (USD)

	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	12/31/2015	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-1.86	-2.69	-2.6	-2.11	-3.89	-1.11	-3.47	-11	-18.59	-12.73
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	73.78	72.88	66.87	52.13	33.1	31.21	38.61	-31.91	-15.05	9.7
EBITDA Margin (%)	- -	66.38	60.94	50.19	28.62	6.8	-4.59	-5.68	-252.38	-184.34	-164.97
Operating Margin (%)	- -	-4.57	-47.53	-55	-33.1	-74.07	-48.62	-44.29	-322.87	-259.85	-200.32
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	-44.29	- -	- -
Pretax Margin (%)	- -	-36.39	-50.01	-53.34	-53.61	-131.09	-33.24	-111.75	-745.33	-862.29	-374.73
Profit Margin (%)	- -	-20.73	-30.6	-34.21	-35.22	-90.15	-24.12	-69.07	-745.52	-871.27	-374.73
Net Income to Common Margin (%)	- -	-20.73	-30.7	-36.5	-38.13	-94.36	-28.32	-73.65	-769.1	-899.08	-401.64
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	-30.17	-20.23	-21.59	-14.18	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API ChatGPT

	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	12/31/2015	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	1,142	1,167	1,346	1,598	1,598	1,619	1,460	1,030	360	240	48
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	1,142	1,167	1,346	1,598	1,598	1,619	1,460	1,030	360	240	48
Total Debt/EBITDA	- -	7.07	9.16	14.83	33.12	204.44	-272.74	-169.48	-6.86	-7.39	-1.59
Net Debt/EBITDA	- -	6.75	7.52	9.88	30.23	183.71	-248.97	-147.51	-4.31	-4.77	0.01
Total Debt/EBIT	- -	-102.59	-11.74	-13.53	-28.64	-18.77	-25.74	-21.72	-5.37	-5.24	-1.31
Net Debt/EBIT	- -	-98.02	-9.64	-9.02	-26.14	-16.87	-23.49	-18.9	-3.37	-3.38	0.01
EBITDA to Interest Expense	- -	2.6	2.09	1.2	0.51	0.09	-0.05	-0.07	-1.18	-1.3	-1.48
EBITDA-CapEx/Interest Expense	- -	1.55	-1.37	1.2	0.51	0.09	-0.05	-0.07	-1.18	-1.3	-1.48
EBIT to Interest Expense	- -	-0.18	-1.63	-1.31	-0.59	-0.94	-0.53	-0.55	-1.51	-1.83	-1.8
Interest Expense	- -	64	70	90	95	91	108	87	45	25	20
Common Equity/Total Assets	-1.33	-4.46	-8.26	-11.95	-15.21	-19.94	-22.92	-34.75	-82.12	-141.38	-261.91
Long-Term Debt/Equity (%)	72.76	81.93	101.87	138.91	153.2	183.45	172.82	142.51	63.92	59.14	14.33
Long-Term Debt/Capital (%)	63.89	70.06	86.79	98.4	107.13	122.23	137.25	262.73	-82.08	-33.48	-4.85
Long-Term Debt/Total Assets (%)	40.32	43.02	48.47	55.56	58.11	61.13	60.48	55.91	36.97	35.41	12.11
Total Debt/Equity (%)	72.76	81.93	101.87	138.91	153.2	183.45	172.82	142.51	63.92	59.14	14.33
Total Debt/Capital (%)	63.89	70.06	86.79	98.4	107.13	122.23	137.25	262.73	-82.08	-33.48	-4.85
Total Debt/Total Assets (%)	40.32	43.02	48.47	55.56	58.11	61.13	60.48	55.91	36.97	35.41	12.11
Net Debt to Equity	68.76	78.27	83.58	92.59	139.86	164.85	157.76	124.03	40.13	38.15	-0.12
Net Debt/Capital (%)	62.58	69.09	84.35	97.62	107.86	123.21	139.25	346.77	-39.47	-19.3	0.04
EBITDA	- -	165	147	108	48	8	-5	-6	-52	-32	-30
EBITDA-CapEx	- -	99	-96	108	48	8	-5	-6	-52	-32	-30
Operating Income (Loss)	- -	-11	-115	-118	-56	-86	-57	-47	-67	-46	-36

Liquidity (USD)

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	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	12/31/2015	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	0.79	0.59	2.98	4.18	1.28	0.98	0.97	1.49	2.64	2.67	3.62
Current Ratio	2.36	2.01	5.78	4.73	2.45	1.79	1.31	7.18	3.97	3.3	5.61
Quick Ratio	0.91	0.85	3.36	4.47	1.78	1.3	1.24	1.96	2.88	2.91	3.89
CFO/Avg Current Liab	- -	1.16	0.7	0.53	-0.49	-0.37	-1.06	-1.19	-0.76	-1.3	-1.54
Common Equity/Total Assets	-1.33	-4.46	-8.26	-11.95	-15.21	-19.94	-22.92	-34.75	-82.12	-141.38	-261.91
Long-Term Debt/Equity (%)	72.76	81.93	101.87	138.91	153.2	183.45	172.82	142.51	63.92	59.14	14.33
Long-Term Debt/Capital (%)	63.89	70.06	86.79	98.4	107.13	122.23	137.25	262.73	-82.08	-33.48	-4.85
Long-Term Debt/Total Assets (%)	40.32	43.02	48.47	55.56	58.11	61.13	60.48	55.91	36.97	35.41	12.11
Total Debt/Equity (%)	72.76	81.93	101.87	138.91	153.2	183.45	172.82	142.51	63.92	59.14	14.33
Total Debt/Capital (%)	63.89	70.06	86.79	98.4	107.13	122.23	137.25	262.73	-82.08	-33.48	-4.85
Total Debt/Total Assets (%)	40.32	43.02	48.47	55.56	58.11	61.13	60.48	55.91	36.97	35.41	12.11
CFO/Total Liabilities	- -	7.55	4.1	3.18	-3.38	-2.68	-8.67	-10.54	-12.92	-19.69	-57.24
CFO/CapEx	- -	1.47	0.25	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.03	0.69	0.57	0.37	0.36	-0.1	-0.12	0.16	-0.41	-1.54	-1.94

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	2024 Y	2025 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	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	15.1	8.93	6.34	3.69	2.31	3.08	3.03	0.77	1.75	3.15
Days Sales Outstanding	- -	24.18	40.86	57.54	98.91	158.29	118.37	120.36	472	208.58	115.88
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	4.37	5.1	3.78	5.75	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	83.56	71.61	96.58	63.45	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	-59.38	-30.75	-39.04	35.46	158.29	118.37	120.36	472	208.58	115.88
Inventory to Cash Days	- -	24.18	40.86	57.54	98.91	158.29	118.37	120.36	472	208.58	115.88
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	12/31/2015	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	- -	1,342	1,368	1,150	1,459	562	563	588	525	232	183
- Cash & Cash Equivalents	63	52	242	533	139	144	107	133	134	85	48
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	683	620	434	370	312	234	157	2	1	1	1
+ Total Debt	1,142	1,167	1,346	1,598	1,598	1,619	1,460	1,030	360	240	48
Enterprise Value	1,763	3,076	2,906	2,585	3,231	2,272	2,073	1,487	752	388	184
Total Capital	1,788	1,666	1,550	1,624	1,492	1,325	1,064	392	-439	-717	-982
Total Debt/Capital (%)	63.89	70.06	86.79	98.4	107.13	122.23	137.25	262.73	-82.08	-33.48	-4.85
Total Debt / EV	0.65	0.38	0.46	0.62	0.49	0.71	0.7	0.69	0.48	0.62	0.26
EV/Sales	- -	12.37	12.06	12.04	19.16	19.5	17.77	13.89	36.2	22.01	10.11
EV/EBITDA	- -	18.64	19.78	23.98	66.94	286.77	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	19.09	22.37	17.8	87.16	51.45	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	13.53	7.79	17.8	87.16	51.45	- -	- -	- -	- -	- -
Diluted Market Cap	- -	1,342	1,368	1,150	1,459	562	563	588	525	232	183
Diluted Enterprise Value	1,763	3,076	2,906	2,585	3,231	2,272	2,073	1,487	752	388	184
EV per Share	- -	97.92	85.96	72.68	88.72	59.31	48.9	29.9	13.4	6.9	3.27
TTM Sales	- -	249	241	215	169	116	117	107	21	18	18
TTM EBITDA	- -	165	147	108	48	8	-5	-6	-52	-32	-30
TTM Operating Income	- -	-11	-115	-118	-56	-86	-57	-47	-67	-46	-36
TTM Cash Flow to Firm	- -	161	130	145	37	44	-27	-31	-8	-28	-15
TTM Free Cash Flow to Firm	- -	227	373	145	37	44	-27	-31	-8	-28	-15

Multiples (USD)

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	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	12/31/2015	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	- -	8.21	4.52	20.94	-25.31	-11.88	-4.14	-4.99	-9.89	-4.33	-5.24
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	1,763	3,076	2,906	2,585	3,231	2,272	2,073	1,487	752	388	184
Low Price	33.34	36.28	38.49	30.6	31.5	5	11.95	4.9	7.07	3.63	2.43
EV/Sales	- -	12.37	12.06	12.04	19.16	19.5	17.77	13.89	36.2	22.01	10.11
EV/EBITDA	- -	18.64	19.78	23.98	66.94	286.77	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	-28.47	-19.76	-18.6	-23.92	-5.92	-21.35	-6.7	-3.15	-2.26	-2.66
Price/Earnings High	- -	-34.92	-22.84	-23.54	-26.68	-14.16	-30.84	-9.22	-4.49	-3.5	-3.51
Price/Earnings Low	- -	-22.11	-17.58	-13.89	-17.84	-1.74	-15.33	-3.09	-2.48	-1.29	-1.87
Price/Book Value	- -	-11.09	-5.96	-3.34	-3.49	-1.06	-1.02	-0.92	-0.66	-0.24	-0.18
Price/Book Value Average	- -	-12.13	-6.37	-4.24	-3.68	-1.23	-1.28	-0.83	-0.63	-0.37	-0.19
Price/Book Value High	- -	-14.88	-7.37	-5.37	-4.1	-2.95	-1.84	-1.14	-0.9	-0.58	-0.25
Price/Book Value Low	- -	-9.42	-5.67	-3.17	-2.74	-0.36	-0.92	-0.38	-0.5	-0.21	-0.13
Price/Tangible Book Value	- -	1.4	1.35	1.12	1.5	0.65	0.68	0.82	0.93	0.57	0.55
Price/Tangible Book Value Average	- -	1.53	1.45	1.42	1.58	0.75	0.85	0.73	0.9	0.89	0.59
Price/Tangible Book Value High	- -	1.88	1.67	1.8	1.76	1.8	1.23	1.01	1.28	1.37	0.77
Price/Tangible Book Value Low	- -	1.19	1.29	1.06	1.18	0.22	0.61	0.34	0.71	0.5	0.41
Price/Sales	- -	5.4	5.67	5.35	8.65	4.83	4.82	5.5	25.27	13.15	10.05
Price/Sales Average	- -	5.9	6.07	6.79	9.12	5.58	6.05	4.94	24.22	20.33	10.7
Price/Sales High	- -	7.24	7.01	8.59	10.17	13.36	8.73	6.79	34.56	31.51	14.11
Price/Sales Low	- -	4.58	5.4	5.07	6.8	1.64	4.34	2.28	19.11	11.59	7.52
Price/Cash Flow	- -	13.8	22.94	20.94	-25.31	-11.88	-4.14	-4.99	-9.89	-4.33	-5.24
Price/Cash Flow Average	- -	15.1	24.53	26.55	-26.68	-13.75	-5.19	-4.48	-9.49	-6.69	-5.58
Price/Cash Flow High	- -	18.52	28.35	33.61	-29.75	-32.89	-7.49	-6.17	-13.53	-10.37	-7.36
Price/Cash Flow Low	- -	11.72	21.83	19.82	-19.89	-4.05	-3.73	-2.07	-7.48	-3.81	-3.92
Price/Free Cash Flow Average	- -	8.98	4.83	26.55	-26.68	-13.75	-5.19	-4.48	-9.49	-6.69	-5.58
Price/Free Cash Flow High	- -	11.02	5.58	33.61	-29.75	-32.89	-7.49	-6.17	-13.53	-10.37	-7.36
Price/Free Cash Flow Low	- -	6.98	4.3	19.82	-19.89	-4.05	-3.73	-2.07	-7.48	-3.81	-3.92
EV/Sales Average	- -	12.88	12.45	13.47	19.62	20.26	18.99	13.33	35.16	29.19	10.76
EV/Sales High	- -	14.22	13.39	15.27	20.68	28.03	21.68	15.18	45.5	40.37	14.16
EV/Sales Low	- -	11.56	11.78	11.75	17.31	16.32	17.29	10.67	30.04	20.45	7.57
EV/EBITDA Average	- -	19.4	20.43	26.83	68.57	297.92	-413.99	-234.84	-13.93	-15.84	-6.52
EV/EBITDA High	- -	21.42	21.98	30.43	72.24	412.24	-472.55	-267.52	-18.03	-21.9	-8.58
EV/EBITDA Low	- -	17.41	19.33	23.41	60.46	239.97	-376.81	-187.97	-11.9	-11.09	-4.59
EV/EBIT Average	- -	-281.54	-26.19	-24.49	-59.28	-27.35	-39.07	-30.1	-10.89	-11.24	-5.37
EV/EBIT High	- -	-310.8	-28.18	-27.77	-62.46	-37.84	-44.59	-34.28	-14.09	-15.54	-7.07
EV/EBIT Low	- -	-252.71	-24.78	-21.36	-52.28	-22.03	-35.56	-24.09	-9.3	-7.87	-3.78
Last Price	40.22	42.71	40.46	32.33	40.08	14.68	13.27	11.83	9.35	4.12	3.25
High Price	44.31	57.31	50	51.89	47.11	40.63	24.04	14.62	12.79	9.87	4.56
Enterprise Value Average	1,763	3,202	3,000	2,892	3,309	2,360	2,216	1,427	731	514	196
Enterprise Value High	1,763	3,535	3,228	3,280	3,487	3,265	2,530	1,625	945	711	258
Enterprise Value Low	1,763	2,874	2,839	2,523	2,918	1,901	2,017	1,142	624	360	138

Shares Outstanding	32	32	36	36	37	39	44	56	56	56	56
Diluted Weighted Avg Shares	- -	31	34	36	36	38	42	50	56	56	56
Basic Weighted Avg Shares	- -	31	34	36	36	38	42	50	56	56	56
Revenue per Share	- -	7.92	7.13	6.04	4.63	3.04	2.75	2.15	0.37	0.31	0.32
EBITDA per Share	- -	5.25	4.35	3.03	1.33	0.21	-0.13	-0.12	-0.93	-0.58	-0.53
Operating Income per Share	- -	-0.36	-3.39	-3.32	-1.53	-2.25	-1.34	-0.95	-1.19	-0.81	-0.65
Basic EPS, GAAP	- -	-1.64	-2.19	-2.2	-1.77	-2.87	-0.78	-1.59	-2.85	-2.82	-1.3
Basic EPS from Cont Ops	- -	-2.9	-3.57	-3.23	-2.49	-3.99	-0.92	-2.42	-2.76	-2.73	-1.21
Diluted EPS, GAAP	- -	-1.64	-2.19	-2.2	-1.77	-2.87	-0.78	-1.59	-2.85	-2.82	-1.3
Diluted EPS from Cont Ops	- -	-2.9	-3.57	-3.23	-2.49	-3.99	-0.92	-2.42	-2.76	-2.73	-1.21
Dividend per Share	- -	1.25	1.01	1.12	0.63	0.13	0.12	0.1	0.09	0.09	0.09
Cash Flow per Share	- -	3.09	1.76	1.54	-1.58	-1.24	-3.21	-2.37	-0.94	-0.95	-0.62
Free Cash Flow per Basic Share	- -	0.99	-5.43	1.54	-1.58	-1.24	-3.21	-2.37	-0.94	-0.95	-0.62
Cash & Equivalents per Share	- -	1.66	7.15	14.98	3.82	3.75	2.51	2.68	2.39	1.51	0.85
Book Value per Share	- -	-3.85	-6.79	-9.67	-11.49	-13.79	-13.05	-12.87	-14.24	-17.03	-18.31
Tangible Book Value per Share	- -	30.55	29.9	28.87	26.78	22.56	19.58	14.49	10.01	7.19	5.91

Seritage Growth Properties

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)