abrdn National Municipal Income Fund Financial Ratios — VFL

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
As of date	03/31/2011	03/31/2012	03/31/2013	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	09/30/2024	09/30/2025

Return on Common Equity (%)	- -	- -	- -	-543.88	1,351.06	1,000.59	-0.45	9.33	116.3	-4.6	173.48	- -	- -	- -	- -
Return on Assets (%)	- -	15.37	7.55	-2.21	9.15	3.72	-0.14	2.99	3.29	-0.17	8.04	-5.02	-7.51	12.39	-2.09
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	24.47	11.51	- -	13.44	5.37	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	69.79	95.79	96.7	111.9	96.73	90.85	-124.86	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	69.79	95.79	96.7	111.9	96.73	90.85	-124.86	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	96.68	71.71	99.68	99.36	101.4	- -	4.53	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	69.79	95.79	96.7	111.9	96.73	90.85	-124.86	91.44	91.51	-83.45	96.4	103.38	123.75	85.84	746.45
Profit Margin (%)	69.79	95.79	96.7	111.9	96.73	90.85	-124.86	91.44	91.51	-83.45	96.4	103.38	123.75	85.84	746.45
Net Income to Common Margin (%)	69.79	95.56	91.5	111.9	96.73	90.85	-124.86	91.44	91.51	-83.45	96.4	103.38	123.75	85.84	746.45
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	-0.24	-5.69	-150.61	39.78	94.4	-2,094.67	103.34	85.04	-1,938.45	33.57	-31.81	-36.75	19.03	-143.66
Sustainable Growth Rate (%)	- -	- -	- -	-1,363.01	813.56	56	-9.8	-0.31	17.4	-93.83	115.23	- -	- -	- -	- -

Credit (USD)

API ChatGPT

	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
As of date	03/31/2011	03/31/2012	03/31/2013	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	09/30/2024	09/30/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	- -	0.84	0.52	0.22	63.89	0.31	5.28	2.01	7.16	-0.07	-14.04	-11.42	-17.19
Long-Term Debt/Equity (%)	- -	- -	- -	- -	0.01	- -	- -	0.34	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	1.75	- -	- -	42.32	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	0.01	- -	- -	0.23	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	0.01	- -	- -	0.34	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	1.75	- -	- -	42.32	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	0.01	- -	- -	0.23	- -	- -	- -	- -	- -	- -	- -
Net Debt to Equity	- -	-0.41	-0.11	-0.45	- -	-0.19	-0.41	- -	- -	-3.63	- -	-1.13	- -	- -	- -
Net Debt/Capital (%)	- -	100	100	-56.17	- -	-146.97	-0.44	- -	- -	596.26	- -	90.54	- -	0.02	- -
EBITDA	- -	8	8	-2	9	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	8	8	-2	9	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	8	8	-2	9	4	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	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
As of date	03/31/2011	03/31/2012	03/31/2013	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	09/30/2024	09/30/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	- -	- -	0.84	0.52	0.22	63.89	0.31	5.28	2.01	7.16	-0.07	-14.04	-11.42	-17.19
Long-Term Debt/Equity (%)	- -	- -	- -	- -	0.01	- -	- -	0.34	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	1.75	- -	- -	42.32	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	0.01	- -	- -	0.23	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	0.01	- -	- -	0.34	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	1.75	- -	- -	42.32	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	0.01	- -	- -	0.23	- -	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	- -	- -	- -	10.99	10.62	11.82	9.87	8.01	8.55	17.63	0.46	5.78	134.55	6.2	7.09
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	0.33	0.33	-0.08	0.4	0.17	- -	0.04	0.11	0.03	0.18	-0.03	-0.28	-0.02	-0.24

Working Capital (USD)

API ChatGPT

	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
As of date	03/31/2011	03/31/2012	03/31/2013	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	09/30/2024	09/30/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

- -

Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

API ChatGPT

	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
As of date	03/31/2011	03/31/2012	03/31/2013	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	09/30/2024	09/30/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	3	- -	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	-3	- -	- -	- -
Total Capital	- -	- -	- -	1	1	- -	61	1	5	2	7	- -	-35	-29	-41
Total Debt/Capital (%)	- -	- -	- -	- -	1.75	- -	- -	42.32	- -	- -	- -	- -	- -	- -	- -
Total Debt / EV	- -	- -	- -	- -	1	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	0.09	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	0.09	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	-3	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	0.05	- -	- -	- -	- -	- -	- -	- -
TTM Sales	- -	8	8	-2	9	4	- -	3	3	- -	8	-13	-21	36	-1
TTM EBITDA	- -	8	8	-2	9	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	8	8	-2	9	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	- -	- -	3	3	4	3	2	3	6	- -	10	145	6	7
TTM Free Cash Flow to Firm	- -	- -	- -	3	3	4	3	2	3	6	- -	10	145	6	7

Multiples (USD)

API ChatGPT

	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
As of date	03/31/2011	03/31/2012	03/31/2013	03/31/2014	03/31/2015	03/31/2016	03/31/2017	03/31/2018	03/31/2019	03/31/2020	03/31/2021	03/31/2022	03/31/2023	09/30/2024	09/30/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	-3	- -	- -	- -
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	- -	- -	- -	- -	- -
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	- -	- -	- -	- -	- -
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	0.07	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	-0.03	-0.01	0.13	- -	-0.04	1.95	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	-3	- -	- -	- -
Enterprise Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	-3	- -	- -	- -
Enterprise Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	-3	- -	- -	- -

Shares Outstanding	- -	5	5	5	5	5	5	5	5	5	5	21	12	12	12
Diluted Weighted Avg Shares	2	5	5	5	5	5	5	5	5	5	5	23	12	12	- -
Basic Weighted Avg Shares	2	5	5	5	5	5	5	5	5	5	5	23	12	12	- -
Revenue per Share	0.11	1.79	1.73	-0.42	2	0.89	0.02	0.69	0.76	0.04	1.76	-0.59	-1.75	2.98	- -
EBITDA per Share	0.08	1.72	1.67	-0.47	1.93	0.81	-0.03	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	0.08	1.72	1.67	-0.47	1.93	0.81	-0.03	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.08	1.71	1.58	-0.47	1.93	0.81	-0.03	0.63	0.7	-0.03	1.7	-0.61	-2.16	2.56	- -
Basic EPS from Cont Ops	0.08	1.72	1.67	-0.47	1.93	0.81	-0.03	0.63	0.7	-0.03	1.7	-0.61	-2.16	2.56	- -
Diluted EPS, GAAP	0.08	1.71	1.58	-0.47	1.93	0.81	-0.03	0.63	0.7	-0.03	1.7	-0.61	-2.16	2.56	- -
Diluted EPS from Cont Ops	0.08	1.72	1.67	-0.47	1.93	0.81	-0.03	0.63	0.7	-0.03	1.7	-0.61	-2.16	2.56	- -
Dividend per Share	- -	- -	- -	0.71	0.77	0.76	0.63	0.65	0.6	0.58	0.57	0.19	0.79	0.49	- -
Cash Flow per Share	- -	- -	- -	0.75	0.7	0.8	0.66	0.54	0.62	1.02	0.03	0.43	11.85	0.51	- -
Free Cash Flow per Basic Share	- -	- -	- -	0.75	0.7	0.8	0.66	0.54	0.62	1.02	0.03	0.43	11.85	0.51	- -
Cash & Equivalents per Share	- -	0.06	0.02	0.06	- -	0.03	0.06	- -	- -	0.42	- -	0.14	- -	- -	- -
Book Value per Share	- -	- -	- -	0.17	0.11	0.05	13.38	0.07	1.14	0.35	1.54	-0.01	-2.89	-2.36	- -
Tangible Book Value per Share	- -	14.02	15	13.77	14.93	15.11	14.27	14.36	14.34	11.46	14.88	12.56	11.79	12.38	- -

abrdn National Municipal Income Fund

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)