Twin Disc, Incorporated Financial Ratios — TWIN Stock

Profitability (USD)

	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	2025 Y
Return on Common Equity (%)	11.6	14.86	1.97	1.85	5.6	-6.71	-3.43	5.15	4.94	-18.06	-16.18	6.53	6.58	6.57	-1.12
Return on Assets (%)	6.34	8.73	1.32	1.32	4.32	-5.65	-2.96	4.21	3.63	-12.42	-10.44	3.79	3.67	3.66	-0.57
Return on Capital (%)	10.1	12.95	1.83	1.76	5.27	- -	- -	4.93	4.8	- -	- -	5.79	5.98	5.79	-2.12
Return on Invested Capital (%)	13.64	17.34	3.26	2.72	8.23	- -	- -	9.18	7.45	- -	- -	5.83	6.84	4.63	-4.56
Gross Margin (%)	34.69	34.18	28.05	29.27	31.24	24.41	28.68	33.5	29.62	22.57	23.27	28.33	26.84	28.23	27.21
EBITDA Margin (%)	14.38	16.66	8.05	7.77	10.88	-4.35	1.47	10.8	9.59	1.79	2.91	8.87	9.24	7.35	7.39
Operating Margin (%)	11.18	13.64	4.25	3.73	7.06	-9.67	-2.7	8.12	6.5	-3.04	-2.24	4.94	5.86	3.96	3.02
Incremental Operating Margin (%)	37.58	30.4	51.59	10.66	474.22	- -	- -	33.2	0.21	- -	- -	69.46	12.42	-24.99	-3.07
Pretax Margin (%)	10.32	12.58	3.24	3.07	5.98	-15.21	-5.67	5.99	4.79	-17.72	-4.5	5.19	5.22	5.21	0.52
Profit Margin (%)	5.8	7.51	1.36	1.38	4.2	-7.88	-3.74	3.96	3.53	-16.13	-13.6	4.31	3.75	3.72	-0.56
Net Income to Common Margin (%)	5.8	7.51	1.36	1.38	4.2	-7.88	-3.74	3.96	3.53	-16.13	-13.6	4.31	3.75	3.72	-0.56
Effective Tax Rate (%)	43.39	39.8	53.98	52.2	28.4	- -	- -	33.1	25.58	- -	- -	14.47	26.19	26.82	190.39
Dvd Payout Ratio (%)	18.67	14.32	88.27	99.1	35.02	-15.79	- -	- -	- -	- -	- -	- -	- -	14.73	-175.15
Sustainable Growth Rate (%)	9.43	12.73	0.23	0.02	3.64	-7.77	-3.43	5.15	4.94	-18.06	-16.18	6.53	6.58	5.6	-3.07

Credit (USD)

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	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	2025 Y
Total Debt	30	32	27	18	14	9	6	11	55	55	45	47	29	43	49
ST Debt	4	4	4	4	4	- -	- -	- -	2	5	2	2	2	5	6
LT Debt	26	28	23	15	10	9	6	11	53	51	43	45	27	38	43
Total Debt/EBITDA	0.67	0.54	1.18	0.9	0.48	-1.18	2.55	0.44	1.9	12.53	7.08	2.19	1.15	1.97	1.95
Net Debt/EBITDA	0.21	0.28	0.28	-0.31	-0.32	1.35	-4.06	-0.4	1.04	7.23	3.11	1.11	0.21	0.26	0.61
Total Debt/EBIT	0.86	0.66	2.24	1.87	0.74	-0.53	-1.39	0.58	2.8	-7.37	-9.19	3.92	1.81	3.65	4.78
Net Debt/EBIT	0.27	0.34	0.53	-0.65	-0.49	0.61	2.21	-0.53	1.53	-4.25	-4.04	2	0.33	0.49	1.49
EBITDA to Interest Expense	25.96	40.2	16	21.91	47.74	-16.96	8.17	92.23	15.06	2.37	2.69	10.13	11.36	15.02	9.52
EBITDA-CapEx/Interest Expense	25.96	40.2	16	21.91	47.74	-16.96	8.17	92.23	15.06	2.37	2.69	7.91	7.85	8.99	3.79
EBIT to Interest Expense	20.2	32.91	8.45	10.52	30.97	-37.73	-14.99	69.31	10.21	-4.04	-2.08	5.64	7.21	8.11	3.89
Interest Expense	2	1	1	1	1	- -	- -	- -	2	2	2	2	2	1	3
Common Equity/Total Assets	52.68	64.86	69.11	73.29	81.27	87.61	85.25	78.95	69.63	67.8	60.97	55.14	56.42	54.92	47.16
Long-Term Debt/Equity (%)	18.68	20.81	16.35	9.72	7.3	7.26	5.12	7.9	29.07	36.18	32.89	34.39	18.85	24.63	26.04
Long-Term Debt/Capital (%)	13.32	12.34	10.41	6.89	4.7	4.33	3.39	5.61	17.88	19.83	20.14	22.56	14.21	17.81	19.7
Long-Term Debt/Total Assets (%)	8.34	9.35	8.22	5.54	4.09	3.97	3	4.71	15.32	17.22	15.6	16.32	9.48	12.24	12.04
Total Debt/Equity (%)	21.51	23.55	18.91	12.08	9.85	7.26	5.12	7.9	30.16	39.53	34.42	35.92	20.23	27.54	29.93
Total Debt/Capital (%)	15.35	13.96	12.04	8.57	6.35	4.33	3.39	5.61	18.55	21.67	21.08	23.56	15.25	19.92	22.64
Total Debt/Total Assets (%)	9.61	10.58	9.51	6.89	5.52	3.97	3	4.71	15.9	18.81	16.33	17.04	10.18	13.69	13.84
Net Debt to Equity	6.9	12.05	4.48	-4.17	-6.52	-8.35	-8.13	-7.2	16.48	22.79	15.11	18.31	3.69	3.7	9.33
Net Debt/Capital (%)	5.5	7.67	3.14	-3.34	-4.69	-5.48	-5.89	-5.53	10.58	13.04	9.82	12.81	2.98	2.95	7.62
EBITDA	45	59	23	21	29	-7	2	26	29	4	6	22	26	22	25
EBITDA-CapEx	45	59	23	21	29	-7	2	26	29	4	6	17	18	13	10
Operating Income (Loss)	35	49	12	10	19	-16	-5	20	20	-8	-5	12	16	12	10

Liquidity (USD)

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	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	2025 Y
Cash Ratio	0.24	0.24	0.33	0.43	0.4	0.51	0.37	0.24	0.16	0.16	0.16	0.15	0.13	0.2	0.13
Current Ratio	2.32	2.96	2.97	3.16	2.98	3.46	2.91	2.55	2.69	2.61	2.44	2.52	2.19	2.21	1.96
Quick Ratio	0.97	1.19	1.06	1.14	1.17	1.21	1.07	0.97	0.75	0.62	0.66	0.72	0.68	0.73	0.6
CFO/Avg Current Liab	0.19	0.19	0.38	0.43	0.3	0.07	0.08	0.12	-0.08	0.13	0.09	-0.1	0.25	0.34	0.21
Common Equity/Total Assets	52.68	64.86	69.11	73.29	81.27	87.61	85.25	78.95	69.63	67.8	60.97	55.14	56.42	54.92	47.16
Long-Term Debt/Equity (%)	18.68	20.81	16.35	9.72	7.3	7.26	5.12	7.9	29.07	36.18	32.89	34.39	18.85	24.63	26.04
Long-Term Debt/Capital (%)	13.32	12.34	10.41	6.89	4.7	4.33	3.39	5.61	17.88	19.83	20.14	22.56	14.21	17.81	19.7
Long-Term Debt/Total Assets (%)	8.34	9.35	8.22	5.54	4.09	3.97	3	4.71	15.32	17.22	15.6	16.32	9.48	12.24	12.04
Total Debt/Equity (%)	21.51	23.55	18.91	12.08	9.85	7.26	5.12	7.9	30.16	39.53	34.42	35.92	20.23	27.54	29.93
Total Debt/Capital (%)	15.35	13.96	12.04	8.57	6.35	4.33	3.39	5.61	18.55	21.67	21.08	23.56	15.25	19.92	22.64
Total Debt/Total Assets (%)	9.61	10.58	9.51	6.89	5.52	3.97	3	4.71	15.9	18.81	16.33	17.04	10.18	13.69	13.84
CFO/Total Liabilities	8.1	8.63	17.25	22.45	15.55	3.5	3.64	6.67	-3.33	5.91	4.51	-5.72	15.94	21.47	12.54
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1.76	2.89	3.87	1.58
Altman's Z-Score	4.29	4.01	3.86	4.74	4.26	3	3.63	4.56	3.38	2.36	2.78	2.72	2.96	2.82	2.43

Working Capital (USD)

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	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	2025 Y
Accounts Receivable Turnover	5.97	5.72	5.2	6.1	6.32	4.8	5.93	6.27	6.77	6.61	6.23	5.72	5.53	5.52	6.13
Days Sales Outstanding	61.16	63.82	70.22	59.85	57.75	76	61.59	58.23	53.93	55.23	58.59	63.82	66.03	66.15	59.53
Inventory Turnover	2.36	2.32	1.99	1.86	2.06	1.71	1.81	2.13	2.03	1.55	1.42	1.44	1.56	1.61	1.76
Days Inventory Outstanding	154.8	157.63	183.12	195.89	177.57	213.17	201.99	171.22	179.82	235.37	256.33	253.75	233.31	226.1	207.83
Accounts Payable Turnover	7.36	7.7	9.27	8.49	7.72	6.32	6.64	7.02	8.38	6.51	5.72	6.26	6.38	6.09	7.56
Accounts Payable Turnover Days	49.57	47.43	39.38	43.01	47.26	57.75	54.97	51.98	43.55	56.1	63.81	58.35	57.21	59.93	48.31
Cash Conversion Cycle	166.39	174.02	213.96	212.74	188.05	231.42	208.61	177.47	190.19	234.49	251.1	259.22	242.13	232.31	219.05
Inventory to Cash Days	-93.64	-93.81	-112.9	-136.04	-119.82	-137.17	-140.41	-112.98	-125.89	-180.14	-197.74	-189.94	-167.27	-159.96	-148.3
Inventories	99	103	103	98	80	67	66	84	126	121	115	127	132	130	152
Raw Materials	25	24	22	19	15	13	12	21	44	40	37	42	42	47	58
Work In Process	19	17	12	12	8	8	8	13	24	18	18	20	23	23	27
Finished Goods	56	63	69	66	57	46	46	49	58	62	60	66	67	60	67
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	2025 Y
Market Capitalization	437	211	268	372	210	120	181	280	190	73	189	121	152	161	122
- Cash & Cash Equivalents	20	16	21	25	23	18	16	15	12	11	12	13	13	20	16
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	1	1	1	1	1	1	1	1	1	1	- -	- -	- -	- -	- -
+ Total Debt	30	32	27	18	14	9	6	11	55	55	45	47	29	43	49
Enterprise Value	448	228	275	366	202	111	172	277	233	118	222	156	168	184	156
Total Capital	194	230	226	215	218	196	187	202	297	255	213	200	193	214	217
Total Debt/Capital (%)	15.35	13.96	12.04	8.57	6.35	4.33	3.39	5.61	18.55	21.67	21.08	23.56	15.25	19.92	22.64
Total Debt / EV	0.07	0.14	0.1	0.05	0.07	0.08	0.04	0.04	0.24	0.47	0.2	0.3	0.17	0.23	0.32
EV/Sales	1.44	0.64	0.97	1.39	0.76	0.67	1.02	1.15	0.77	0.48	1.01	0.64	0.61	0.62	0.46
EV/EBITDA	10.03	3.85	11.99	17.87	6.97	- -	69.47	10.66	8.04	26.74	34.9	7.24	6.57	8.5	6.18
EV/EBIT	12.9	4.71	22.71	37.21	10.74	- -	- -	14.18	11.85	- -	- -	12.99	10.36	15.75	15.14
EV/Cash Flow to Firm	30.19	14.9	10.96	13.99	11.53	30.78	51	41.37	- -	10.93	16.29	- -	6.85	5.3	7.22
EV/Free Cash Flow to Firm	30.19	14.9	10.96	13.99	11.53	30.78	51	41.37	- -	10.93	16.29	- -	5.18	4.24	4.24
Diluted Market Cap	443	214	270	372	210	120	181	283	192	73	189	121	156	163	122
Diluted Enterprise Value	453	231	277	367	202	111	172	280	235	118	222	156	172	186	156
EV per Share	39.56	20.02	24.36	32.55	17.89	9.92	15.3	24.54	18.55	8.98	16.73	11.68	12.49	13.46	11.25
TTM Sales	310	356	285	264	266	166	168	241	303	247	219	243	277	295	341
TTM EBITDA	45	59	23	21	29	-7	2	26	29	4	6	22	26	22	25
TTM Operating Income	35	49	12	10	19	-16	-5	20	20	-8	-5	12	16	12	10
TTM Cash Flow to Firm	15	15	25	26	17	4	3	7	-4	11	14	-6	25	35	22
TTM Free Cash Flow to Firm	15	15	25	26	17	4	3	7	-4	11	14	-2	32	43	37

Multiples (USD)

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	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	2025 Y
Price/Free Cash Flow	31.95	14.79	11.02	14.46	12.32	35.48	57.08	43.44	-35.09	7.99	28.88	-33.83	5.05	3.85	3.13
EV/EBIT	12.9	4.71	22.71	37.21	10.74	- -	- -	14.18	11.85	- -	- -	12.99	10.36	15.75	15.14
Enterprise Value	448	228	275	366	202	111	172	277	233	118	222	156	168	184	156
Low Price	10.52	16.55	13.7	18.67	15.66	8.19	9.35	15.58	13.33	4.84	4.66	8.35	7.91	10.89	6.16
EV/Sales	1.44	0.64	0.97	1.39	0.76	0.67	1.02	1.15	0.77	0.48	1.01	0.64	0.61	0.62	0.46
EV/EBITDA	10.03	3.85	11.99	17.87	6.97	- -	69.47	10.66	8.04	26.74	34.9	7.24	6.57	8.5	6.18
Price/Earnings	24.3	7.89	69.01	102.11	18.81	- -	- -	29.42	17.79	- -	- -	11.56	14.61	14.67	- -
Price/Earnings Average	15.44	13.32	60.39	82.39	22.87	-9.97	-26.85	27.61	22.53	-3.1	-3.73	16.09	13.57	17.9	-76.83
Price/Earnings High	24.8	20.22	80.72	106.09	34.69	-16.07	-38.84	37.88	32.94	-5.01	-6.7	23.22	18.76	22.41	-109.59
Price/Earnings Low	6.62	7.06	39.89	57.68	15.8	-7	-16.7	18.47	15.7	-1.6	-2.08	10.65	10.26	13.56	-45.06
Price/Book Value	2.68	1.07	1.36	1.9	1.03	0.64	1.01	1.47	0.79	0.37	1.12	0.79	0.93	0.94	0.73
Price/Book Value Average	1.71	1.81	1.19	1.53	1.26	0.7	0.94	1.38	1	0.62	0.66	1.1	0.86	1.15	0.87
Price/Book Value High	2.74	2.74	1.59	1.98	1.91	1.12	1.36	1.89	1.46	1	1.18	1.59	1.19	1.44	1.24
Price/Book Value Low	0.73	0.96	0.78	1.07	0.87	0.49	0.58	0.92	0.69	0.32	0.37	0.73	0.65	0.87	0.51
Price/Tangible Book Value	3.84	1.78	2.11	2.73	1.68	1.1	1.52	2.02	1.44	0.6	1.67	1.02	1.14	1.13	0.83
Price/Tangible Book Value Average	2.44	3.01	1.84	2.21	2.04	1.19	1.42	1.89	1.83	1.02	0.98	1.42	1.06	1.38	0.98
Price/Tangible Book Value High	3.92	4.57	2.46	2.84	3.1	1.92	2.05	2.6	2.67	1.65	1.76	2.06	1.47	1.73	1.4
Price/Tangible Book Value Low	1.05	1.59	1.22	1.54	1.41	0.84	0.88	1.27	1.27	0.53	0.55	0.94	0.8	1.05	0.58
Price/Sales	1.41	0.59	0.94	1.41	0.79	0.72	1.08	1.16	0.63	0.3	0.86	0.5	0.55	0.55	0.36
Price/Sales Average	0.9	1	0.82	1.14	0.96	0.79	1	1.09	0.79	0.5	0.51	0.69	0.51	0.67	0.43
Price/Sales High	1.44	1.52	1.1	1.46	1.46	1.27	1.45	1.5	1.16	0.81	0.91	1	0.7	0.83	0.61
Price/Sales Low	0.38	0.53	0.54	0.8	0.66	0.55	0.62	0.73	0.55	0.26	0.28	0.46	0.38	0.5	0.25
Price/Cash Flow	31.55	14.61	10.95	14.45	12.32	35.48	57.08	43.06	-34.76	7.99	28.88	-14.55	6.62	4.78	5.1
Price/Cash Flow Average	20.04	24.66	9.58	11.66	14.98	38.53	53.17	40.4	-44.03	13.54	16.97	-20.26	6.15	5.83	6.07
Price/Cash Flow High	32.2	37.44	12.8	15.01	22.72	62.11	76.92	55.43	-64.39	21.9	30.48	-29.23	8.5	7.3	8.66
Price/Cash Flow Low	8.59	13.07	6.33	8.16	10.35	27.06	33.07	27.03	-30.69	6.98	9.46	-13.41	4.65	4.42	3.56
Price/Free Cash Flow Average	20.3	24.97	9.64	11.67	14.99	38.53	53.17	40.76	-44.45	13.54	16.97	-47.09	4.69	4.7	3.72
Price/Free Cash Flow High	32.61	37.91	12.88	15.02	22.73	62.11	76.92	55.92	-65	21.9	30.48	-67.96	6.48	5.89	5.3
Price/Free Cash Flow Low	8.7	13.24	6.37	8.17	10.35	27.06	33.07	27.27	-30.98	6.98	9.46	-31.18	3.55	3.56	2.18
EV/Sales Average	0.93	1.05	0.85	1.12	0.93	0.73	0.95	1.08	0.94	0.68	0.66	0.84	0.57	0.74	0.53
EV/Sales High	1.47	1.57	1.12	1.44	1.43	1.21	1.4	1.49	1.31	0.99	1.06	1.14	0.76	0.91	0.71
EV/Sales Low	0.42	0.58	0.57	0.78	0.63	0.5	0.57	0.72	0.7	0.44	0.43	0.6	0.44	0.58	0.35
EV/EBITDA Average	6.46	6.3	10.53	14.37	8.54	-16.81	64.45	9.99	9.78	38.2	22.66	9.44	6.15	10.13	7.1
EV/EBITDA High	10.24	9.41	13.97	18.58	13.1	-27.87	94.93	13.75	13.61	55.46	36.54	12.9	8.26	12.42	9.57
EV/EBITDA Low	2.9	3.48	7.07	9.98	5.81	-11.42	38.65	6.64	7.27	24.66	14.93	6.8	4.81	7.93	4.72
EV/EBIT Average	8.31	7.7	19.95	29.92	13.16	-7.56	-35.14	13.29	14.43	-22.46	-29.4	16.94	9.69	18.78	17.38
EV/EBIT High	13.16	11.5	26.46	38.69	20.2	-12.53	-51.76	18.3	20.07	-32.61	-47.43	23.15	13.02	23.02	23.41
EV/EBIT Low	3.73	4.25	13.39	20.77	8.95	-5.14	-21.07	8.84	10.72	-14.5	-19.38	12.2	7.58	14.7	11.54
Last Price	38.63	18.49	23.7	33.05	18.64	10.74	16.14	24.82	15.1	5.54	14.23	9.06	11.26	11.78	8.83
High Price	39.43	47.39	27.72	34.34	34.38	18.8	21.75	31.95	27.97	15.18	15.02	18.2	14.46	18	14.98
Enterprise Value Average	288	374	242	295	247	121	160	260	284	169	144	203	157	220	179
Enterprise Value High	457	558	321	381	379	201	235	358	395	245	232	278	211	269	241
Enterprise Value Low	130	206	162	205	168	83	96	173	211	109	95	147	123	172	119

	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	2025 Y
Shares Outstanding	11	11	11	11	11	11	12	12	13	13	14	14	14	14	14
Diluted Weighted Avg Shares	11	12	11	11	11	11	11	11	13	13	13	13	14	14	14
Basic Weighted Avg Shares	11	11	11	11	11	11	11	11	13	13	13	13	13	14	14
Revenue per Share	27.42	31.19	25.24	23.44	23.58	14.84	14.96	21.31	24.08	18.77	16.5	18.19	20.56	21.57	24.59
EBITDA per Share	3.94	5.2	2.03	1.82	2.57	-0.65	0.22	2.3	2.31	0.34	0.48	1.61	1.9	1.58	1.82
Operating Income per Share	3.07	4.25	1.07	0.87	1.66	-1.43	-0.4	1.73	1.57	-0.57	-0.37	0.9	1.21	0.85	0.74
Basic EPS, GAAP	1.59	2.34	0.34	0.32	0.99	-1.17	-0.56	0.84	0.85	-3.03	-2.24	0.78	0.77	0.8	-0.14
Basic EPS from Cont Ops	1.6	2.36	0.38	0.34	1.01	-1.16	-0.54	0.85	0.86	-3.01	-2.23	0.81	0.79	0.82	-0.12
Diluted EPS, GAAP	1.57	2.31	0.34	0.32	0.99	-1.17	-0.56	0.84	0.84	-3.03	-2.24	0.78	0.75	0.79	-0.14
Diluted EPS from Cont Ops	1.58	2.33	0.37	0.34	1.01	-1.16	-0.54	0.85	0.85	-3.01	-2.23	0.81	0.77	0.81	-0.12
Dividend per Share	0.3	0.34	0.36	0.36	0.36	0.18	- -	- -	- -	- -	- -	- -	- -	0.12	0.16
Cash Flow per Share	1.22	1.27	2.17	2.29	1.51	0.3	0.28	0.58	-0.43	0.69	0.49	-0.62	1.7	2.46	1.73
Free Cash Flow per Basic Share	1.22	1.27	2.17	2.29	1.51	0.3	0.28	0.58	-0.43	0.69	0.49	-0.98	1.11	1.83	0.64
Cash & Equivalents per Share	1.78	1.38	1.83	2.2	2.03	1.63	1.46	1.34	0.98	0.81	0.93	0.94	0.98	1.47	1.16
Book Value per Share	14.39	17.27	17.45	17.38	18.01	16.73	16	16.86	19.21	15.16	12.68	11.42	12.11	12.53	12.1
Tangible Book Value per Share	10.05	10.38	11.25	12.08	11.11	9.8	10.59	12.31	10.48	9.2	8.54	8.85	9.87	10.4	10.69

Twin Disc, Incorporated

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)