Turning Point Brands, Inc. Financial Ratios — TPB Stock

Profitability (USD)

	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
As of date	12/31/2013	12/31/2014	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	109.03	15.47	40.16	30.62	33.5
Return on Assets (%)	- -	-10.81	3.71	10.2	7.12	8.14	4.13	8.1	9.49	1.98	6.74	7.49	9.25
Return on Capital (%)	- -	- -	19.22	- -	21.62	21.23	11.93	15.06	15.93	5.28	10.49	11.7	14.72
Return on Invested Capital (%)	- -	- -	18.42	- -	14.28	13.85	6.52	11.42	13.89	9.93	9.52	12.13	13.76
Gross Margin (%)	46.69	46.51	48.82	48.75	43.73	42.85	37.88	46.9	48.9	55.36	56.28	55.89	57.08
EBITDA Margin (%)	22.94	24.45	23.1	21.92	18.2	15.51	8.65	17.14	21.4	24.09	26.79	23.98	22.19
Operating Margin (%)	22.46	23.99	22.57	21.3	17.38	14.57	7.52	15.9	20.28	23.04	25.52	22.41	20.59
Incremental Operating Margin (%)	- -	66.11	115.36	-6.6	7.24	-2.55	-72.52	86.26	64.16	13.13	233.43	-5.98	14.15
Pretax Margin (%)	-0.58	-14.49	5.18	7.23	9.42	9.49	5.28	12.38	14.66	13.1	19.09	18.01	17.96
Profit Margin (%)	-0.83	-14.68	4.64	13.05	7.07	7.6	4.48	9.43	11.69	3.62	11.83	11.04	12.56
Net Income to Common Margin (%)	-0.83	-14.68	4.64	13.05	7.07	7.6	4.48	9.43	11.69	3.62	11.83	11.04	12.56
Effective Tax Rate (%)	- -	- -	10.54	- -	27.03	19.91	14.99	23.84	21.5	26.1	38.67	26.06	18.03
Dvd Payout Ratio (%)	- -	- -	- -	- -	4.02	9.17	21.75	9.95	8.12	13.89	12.03	10.07	7.06
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	100.18	13.32	35.33	27.54	31.13

Credit (USD)

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	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
As of date	12/31/2013	12/31/2014	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	301	313	292	218	202	221	297	333	430	420	378	261	309
ST Debt	- -	9	2	17	16	34	17	15	3	3	61	3	5
LT Debt	301	304	291	202	186	187	280	318	428	417	317	258	304
Total Debt/EBITDA	6.78	6.38	6.42	4.83	3.88	4.28	9.5	4.8	4.52	5.43	4.34	3.02	3.01
Net Debt/EBITDA	5.98	6.21	6.31	4.76	3.83	4.21	6.03	3.92	3	3.88	2.86	2.34	0.69
Total Debt/EBIT	6.92	6.5	6.57	4.97	4.07	4.55	10.92	5.18	4.77	5.68	4.55	3.23	3.24
Net Debt/EBIT	6.11	6.33	6.46	4.9	4.01	4.48	6.94	4.23	3.16	4.06	3	2.5	0.74
EBITDA to Interest Expense	1.01	1.43	1.33	1.69	3.08	3.48	2.17	5.15	4.65	3.96	4.14	4.67	4.05
EBITDA-CapEx/Interest Expense	1.01	1.43	1.33	1.69	3.08	3.48	2.17	5.15	4.65	3.96	4.14	4.67	4.05
EBIT to Interest Expense	0.98	1.4	1.3	1.64	2.94	3.27	1.89	4.78	4.41	3.79	3.95	4.36	3.76
Interest Expense	44	34	34	27	17	15	14	13	20	20	21	19	25
Common Equity/Total Assets	-23.8	-39.92	-37.42	-23.43	-16.77	-7.46	-3.38	4.81	11.91	13.79	19.78	29.87	26.17
Long-Term Debt/Equity (%)	- -	- -	- -	591.76	349.17	225.98	262.72	270.86	319.71	368.1	208.52	135.6	81.81
Long-Term Debt/Capital (%)	130.28	142.73	144.15	133.09	120.36	95.55	99.17	88.07	84.75	83.29	64.48	62.8	57.8
Long-Term Debt/Total Assets (%)	102.37	121.32	119.92	70.71	65.96	55.02	62.7	64.15	71.07	72.95	55.67	52.33	39.85
Total Debt/Equity (%)	-473.82	-341.32	-358.33	640.75	378.89	267.14	279.1	283.82	321.94	370.83	248.58	137.24	83.06
Total Debt/Capital (%)	130.28	146.96	144.98	144.1	130.6	112.95	105.35	92.28	85.34	83.91	76.87	63.56	58.68
Total Debt/Total Assets (%)	102.37	124.92	120.61	76.56	71.58	65.04	66.61	67.22	71.56	73.49	66.37	52.96	40.45
Net Debt to Equity	-418.05	-332.07	-352.41	632.33	374	263.13	177.27	231.81	213.78	264.91	163.57	106.34	19.05
Net Debt/Capital (%)	135.77	148.91	146.08	144.95	131.13	113.17	100.98	85.22	76	76.1	66.34	55.48	23.33
EBITDA	44	49	46	45	52	52	31	69	95	77	87	86	103
EBITDA-CapEx	44	49	46	45	52	52	31	69	95	77	87	86	103
Operating Income (Loss)	43	48	45	44	50	48	27	64	90	74	83	81	95

Liquidity (USD)

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	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
As of date	12/31/2013	12/31/2014	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	0.82	0.33	0.23	0.07	0.07	0.05	1.7	0.74	3.18	2.57	1.16	1.03	2.97
Current Ratio	2.58	2.64	3.03	1.9	2.08	1.75	3.39	2.89	6.18	6.23	2.67	4.42	5.56
Quick Ratio	0.89	0.43	0.42	0.12	0.15	0.09	1.83	0.9	3.34	2.77	1.45	1.58	3.52
CFO/Avg Current Liab	- -	0.17	1.04	0.29	0.74	0.26	0.63	0.78	1.41	0.74	0.94	0.92	0.96
Common Equity/Total Assets	-23.8	-39.92	-37.42	-23.43	-16.77	-7.46	-3.38	4.81	11.91	13.79	19.78	29.87	26.17
Long-Term Debt/Equity (%)	- -	- -	- -	591.76	349.17	225.98	262.72	270.86	319.71	368.1	208.52	135.6	81.81
Long-Term Debt/Capital (%)	130.28	142.73	144.15	133.09	120.36	95.55	99.17	88.07	84.75	83.29	64.48	62.8	57.8
Long-Term Debt/Total Assets (%)	102.37	121.32	119.92	70.71	65.96	55.02	62.7	64.15	71.07	72.95	55.67	52.33	39.85
Total Debt/Equity (%)	-473.82	-341.32	-358.33	640.75	378.89	267.14	279.1	283.82	321.94	370.83	248.58	137.24	83.06
Total Debt/Capital (%)	130.28	146.96	144.98	144.1	130.6	112.95	105.35	92.28	85.34	83.91	76.87	63.56	58.68
Total Debt/Total Assets (%)	102.37	124.92	120.61	76.56	71.58	65.04	66.61	67.22	71.56	73.49	66.37	52.96	40.45
CFO/Total Liabilities	0.85	1.76	7.54	3.64	12.97	5.1	11.12	11.54	14.58	6.6	16.02	22.13	14.64
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.05	2.39	2.55	2.93	4.62	4.49	3.27	4.4	4.03	3.17	3.32	5.68	5.69

Working Capital (USD)

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	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
As of date	12/31/2013	12/31/2014	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	- -	69.75	60.95	67.38	105.28	113.45	76.02	49.9	56.29	43.2	35.37	36.75	26.2
Days Sales Outstanding	- -	5.23	5.99	5.42	3.47	3.22	4.8	7.31	6.48	8.45	10.32	9.93	13.93
Inventory Turnover	- -	1.97	2.23	1.98	2.56	2.46	2.77	2.74	2.62	1.38	1.34	1.69	1.95
Days Inventory Outstanding	- -	185.19	163.97	183.95	142.41	148.34	131.65	133.05	139.07	264.11	271.73	215.6	187.54
Accounts Payable Turnover	- -	12.38	30.96	18.66	25.22	41.43	19.52	19.72	27.7	22.36	14.11	16.81	13.12
Accounts Payable Turnover Days	- -	29.48	11.79	19.56	14.47	8.81	18.7	18.51	13.18	16.32	25.87	21.71	27.83
Cash Conversion Cycle	- -	160.95	158.17	169.81	131.4	142.74	117.75	121.86	132.38	256.23	256.18	203.82	173.65
Inventory to Cash Days	- -	-179.96	-157.98	-178.54	-138.94	-145.12	-126.85	-125.74	-132.58	-255.66	-261.42	-205.67	-173.61
Inventories	62	46	44	62	63	91	71	86	88	120	92	96	108
Raw Materials	24	20	23	30	33	38	40	41	43	51	40	43	53
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	42	29	24	35	34	58	36	44	43	67	50	51	52
Other Inventory	1	1	1	1	1	1	1	7	2	2	2	2	3

Enterprise Value (USD)

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	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
As of date	12/31/2013	12/31/2014	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	- -	- -	- -	202	401	527	561	864	715	387	463	1,066	1,985
- Cash & Cash Equivalents	35	8	5	3	3	3	95	42	128	106	117	46	223
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	4	2	2	1	2	18
+ Total Debt	301	313	292	218	202	221	297	333	430	420	378	261	309
Enterprise Value	265	304	288	417	601	744	764	1,160	1,019	703	725	1,283	2,089
Total Capital	231	213	202	151	155	195	282	361	504	501	492	411	527
Total Debt/Capital (%)	130.28	146.96	144.98	144.1	130.6	112.95	105.35	92.28	85.34	83.91	76.87	63.56	58.68
Total Debt / EV	1.13	1.03	1.02	0.52	0.34	0.3	0.39	0.29	0.42	0.6	0.52	0.2	0.15
EV/Sales	1.37	1.52	1.46	2.02	2.1	2.24	2.11	2.86	2.29	2.19	2.23	3.56	4.51
EV/EBITDA	5.98	6.21	6.31	9.23	11.55	14.43	24.38	16.71	10.69	9.08	8.32	14.84	20.33
EV/EBIT	6.11	6.33	6.46	9.5	12.09	15.35	28.04	18.01	11.28	9.5	8.74	15.88	21.92
EV/Cash Flow to Firm	4.01	7.46	5.22	7.27	14.3	29.82	15.25	21.5	12.09	15.73	9.09	15.89	26.72
EV/Free Cash Flow to Firm	4.01	7.46	5.22	7.27	14.3	29.82	15.25	21.5	12.09	15.73	9.09	15.89	26.72
Diluted Market Cap	- -	- -	- -	221	412	540	573	879	846	391	539	1,164	2,030
Diluted Enterprise Value	265	304	288	436	612	757	775	1,175	1,150	706	801	1,381	2,134
EV per Share	17.06	19.56	18.5	25.33	31.63	38.45	38.9	59.81	53.87	39.27	41.23	72.37	114.07
TTM Sales	193	200	197	206	286	333	362	405	445	321	325	361	463
TTM EBITDA	44	49	46	45	52	52	31	69	95	77	87	86	103
TTM Operating Income	43	48	45	44	50	48	27	64	90	74	83	81	95
TTM Cash Flow to Firm	66	41	55	57	42	25	50	54	84	45	80	81	78
TTM Free Cash Flow to Firm	66	41	55	57	42	25	50	54	84	45	80	81	78

Multiples (USD)

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	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
As of date	12/31/2013	12/31/2014	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	- -	- -	- -	24.18	13.89	41.23	15.16	20.13	12.4	12.9	8.05	17.35	35.39
EV/EBIT	6.11	6.33	6.46	9.5	12.09	15.35	28.04	18.01	11.28	9.5	8.74	15.88	21.92
Enterprise Value	265	304	288	417	601	744	764	1,160	1,019	703	725	1,283	2,089
Low Price	- -	- -	- -	6.46	12.03	19.11	20.1	14.09	35.06	18.81	19.67	21.98	51.48
EV/Sales	1.37	1.52	1.46	2.02	2.1	2.24	2.11	2.86	2.29	2.19	2.23	3.56	4.51
EV/EBITDA	5.98	6.21	6.31	9.23	11.55	14.43	24.38	16.71	10.69	9.08	8.32	14.84	20.33
Price/Earnings	- -	- -	- -	7.5	19.85	20.83	34.58	22.63	13.73	33.26	12.03	26.77	34.13
Price/Earnings Average	- -	- -	- -	7.35	14.87	22.3	45.18	14.45	16.76	41.94	10.48	16.55	25.17
Price/Earnings High	- -	- -	- -	9.88	20.18	35.97	68.99	24.35	22.2	59.4	12.14	29.48	35.68
Price/Earnings Low	- -	- -	- -	3.95	11.3	14.63	24.3	7.16	12.74	28.92	8.99	9.79	16.21
Price/Book Value	- -	- -	- -	-3.02	-8.48	-20.82	-37.15	36.26	9.97	4.91	4.11	7.23	9.93
Price/Book Value Average	- -	- -	- -	-2.96	-6.35	-22.28	-48.53	23.15	12.17	6.19	3.58	4.47	7.32
Price/Book Value High	- -	- -	- -	-3.98	-8.62	-35.95	-74.11	39.02	16.13	8.77	4.14	7.96	10.38
Price/Book Value Low	- -	- -	- -	-1.59	-4.83	-14.62	-26.11	11.46	9.26	4.27	3.07	2.65	4.72
Price/Tangible Book Value	- -	- -	- -	-1.58	-3.72	-5.34	-6.92	-7.11	-6.16	-3.61	-8.17	-58.51	12.28
Price/Tangible Book Value Average	- -	- -	- -	-1.55	-2.79	-5.72	-9.04	-4.54	-7.51	-4.55	-7.12	-36.17	9.05
Price/Tangible Book Value High	- -	- -	- -	-2.09	-3.79	-9.22	-13.8	-7.65	-9.95	-6.44	-8.24	-64.43	12.83
Price/Tangible Book Value Low	- -	- -	- -	-0.83	-2.12	-3.75	-4.86	-2.25	-5.71	-3.14	-6.1	-21.4	5.83
Price/Sales	- -	- -	- -	0.98	1.4	1.58	1.55	2.13	1.6	1.21	1.42	2.96	4.29
Price/Sales Average	- -	- -	- -	0.96	1.05	1.7	2.03	1.36	1.96	1.52	1.24	1.83	3.16
Price/Sales High	- -	- -	- -	1.29	1.43	2.73	3.09	2.3	2.59	2.15	1.44	3.25	4.48
Price/Sales Low	- -	- -	- -	0.52	0.8	1.11	1.09	0.67	1.49	1.05	1.06	1.08	2.04
Price/Cash Flow	- -	- -	- -	22.1	13.51	40.25	14.85	19.79	10.48	12.79	6.92	15.89	34.6
Price/Cash Flow Average	- -	- -	- -	21.66	10.12	43.08	19.4	12.63	12.79	16.13	6.03	9.82	25.52
Price/Cash Flow High	- -	- -	- -	29.12	13.74	69.5	29.63	21.3	16.94	22.84	6.98	17.5	36.17
Price/Cash Flow Low	- -	- -	- -	11.66	7.69	28.26	10.44	6.26	9.72	11.12	5.17	5.81	16.43
Price/Free Cash Flow Average	- -	- -	- -	23.69	10.4	44.13	19.81	12.85	15.13	16.27	7.02	10.73	26.1
Price/Free Cash Flow High	- -	- -	- -	31.85	14.12	71.19	30.25	21.66	20.04	23.04	8.13	19.11	36.99
Price/Free Cash Flow Low	- -	- -	- -	12.75	7.91	28.95	10.66	6.37	11.5	11.22	6.02	6.35	16.81
EV/Sales Average	1.37	1.52	1.46	2	1.75	2.35	2.58	2.09	2.64	2.5	2.05	2.43	3.39
EV/Sales High	1.37	1.52	1.46	2.33	2.13	3.39	3.65	3.03	3.28	3.14	2.24	3.86	4.71
EV/Sales Low	1.37	1.52	1.46	1.56	1.5	1.77	1.65	1.4	2.17	2.03	1.87	1.68	2.26
EV/EBITDA Average	5.98	6.21	6.31	9.14	9.61	15.14	29.87	12.2	12.34	10.39	7.64	10.13	15.26
EV/EBITDA High	5.98	6.21	6.31	10.64	11.68	21.85	42.22	17.65	15.31	13.02	8.37	16.08	21.21
EV/EBITDA Low	5.98	6.21	6.31	7.12	8.23	11.38	19.05	8.19	10.15	8.43	6.98	7.02	10.19
EV/EBIT Average	6.11	6.33	6.46	9.41	10.06	16.12	34.36	13.16	13.03	10.86	8.02	10.84	16.45
EV/EBIT High	6.11	6.33	6.46	10.96	12.22	23.25	48.55	19.03	16.16	13.61	8.79	17.21	22.86
EV/EBIT Low	6.11	6.33	6.46	7.33	8.61	12.11	21.91	8.83	10.71	8.82	7.33	7.51	10.98
Last Price	- -	- -	- -	12.25	21.13	27.22	28.6	44.56	37.78	21.63	26.32	60.1	108.4
High Price	- -	- -	- -	16.14	21.48	47	57.06	47.95	61.08	38.63	26.56	66.18	113.31
Enterprise Value Average	265	304	288	413	500	781	936	848	1,177	804	665	876	1,568
Enterprise Value High	265	304	288	481	607	1,127	1,322	1,226	1,460	1,007	729	1,391	2,179
Enterprise Value Low	265	304	288	322	428	587	597	569	968	652	608	607	1,047

Shares Outstanding	17	17	17	18	19	20	20	19	18	17	18	18	19
Diluted Weighted Avg Shares	17	17	17	18	20	20	20	20	22	18	20	19	19
Basic Weighted Avg Shares	16	16	16	16	19	19	20	19	19	18	18	18	18
Revenue per Share	12.44	12.89	12.69	12.52	15.05	17.19	18.44	20.88	23.55	17.95	18.49	20.34	25.28
EBITDA per Share	2.85	3.15	2.93	2.74	2.74	2.67	1.6	3.58	5.04	4.32	4.95	4.88	5.61
Operating Income per Share	2.79	3.09	2.86	2.67	2.62	2.5	1.39	3.32	4.77	4.13	4.72	4.56	5.21
Basic EPS, GAAP	-0.1	-1.89	0.59	1.63	1.06	1.31	0.83	1.97	2.75	0.65	2.19	2.24	3.18
Basic EPS from Cont Ops	-0.1	-1.89	0.59	1.63	1.03	1.31	0.83	1.97	2.71	1.74	2.17	2.71	3.72
Diluted EPS, GAAP	-0.1	-1.76	0.55	1.49	1.04	1.28	0.81	1.94	2.33	0.64	1.88	2.06	3.11
Diluted EPS from Cont Ops	-0.1	-1.76	0.55	1.49	1.01	1.28	0.81	1.94	2.29	1.72	1.86	2.48	3.64
Dividend per Share	- -	- -	- -	- -	0.04	0.12	0.18	0.2	0.22	0.24	0.26	0.28	0.3
Cash Flow per Share	0.19	0.39	1.57	0.55	1.56	0.68	1.93	2.25	3.61	1.69	3.8	3.78	3.13
Free Cash Flow per Basic Share	0.19	0.39	1.57	0.55	1.56	0.68	1.93	2.25	3.61	1.69	3.8	3.78	3.13
Cash & Equivalents per Share	2.28	0.54	0.31	0.17	0.14	0.17	4.85	2.15	6.78	5.94	6.64	2.6	12.16
Book Value per Share	-4.49	-6.43	-5.84	-4.06	-2.49	-1.31	-0.77	1.23	3.79	4.41	6.41	8.31	10.91
Tangible Book Value per Share	-12.91	-14.72	-14.08	-7.74	-5.67	-5.1	-4.14	-6.27	-6.14	-6	-3.22	-1.03	8.83

Turning Point Brands, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)