Valhi, Inc. Financial Ratios — VHI 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
As of date	12/31/2011	12/31/2012	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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	21.23	21.11	37.16	19.73	-2.07	20.55	-10.63
Return on Assets (%)	7.83	5.32	-3.19	1.82	-4.87	-0.64	7.76	9.34	1.79	1.94	4.32	2.99	-0.36	3.9	-2.12
Return on Capital (%)	10.45	7.18	- -	3.68	- -	0.12	- -	- -	2.46	2.97	5.78	4.49	- -	6.1	- -
Return on Invested Capital (%)	17.09	10.37	- -	5.12	- -	2.81	- -	- -	5.81	5.93	11.18	7.8	- -	5.78	- -
Gross Margin (%)	36.87	27.56	7.2	21.63	15.35	20.26	32.61	33.47	22.9	22.28	25.27	22.07	12.76	20.17	14.22
EBITDA Margin (%)	26.74	17.79	-8.93	11.01	3.34	9.4	21.78	19.65	10.39	10.65	14.27	11.02	1.14	11.16	2.38
Operating Margin (%)	23.59	14.46	-12.93	6.8	-1.36	4.96	18.64	16.44	7.4	6.95	11.68	8.39	-1.68	8	-0.81
Incremental Operating Margin (%)	72.36	-282.8	- -	-36,760	- -	303.17	76.39	86.17	-205.17	24.9	31.3	110.83	- -	109.5	- -
Pretax Margin (%)	22.75	14.44	-11.69	6.01	-2.82	2.61	15.53	12.98	5.52	5.44	11.23	7.64	-1.01	11.6	-2.07
Profit Margin (%)	10.74	7.66	-5.26	2.89	-8.98	-1.05	11.04	14.41	2.59	2.98	5.54	3.92	-0.52	5.13	-2.77
Net Income to Common Margin (%)	10.74	7.66	-5.26	2.89	-8.98	-1.05	11.04	14.41	2.59	2.98	5.54	3.92	-0.52	5.13	-2.77
Effective Tax Rate (%)	36.87	34.77	- -	29.02	- -	46.97	- -	- -	25.31	15.81	23.31	21.66	- -	33.95	- -
Dvd Payout Ratio (%)	14.58	25.11	-43.58	35.46	-14.5	79.94	5.37	8.86	25.28	11.48	3.36	5.03	45.27	4.24	-17.43
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.86	18.69	35.91	18.74	-1.13	19.68	-12.49

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
As of date	12/31/2011	12/31/2012	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	736	910	752	929	960	894	1,043	800	823	814	672	581	569	584	612
ST Debt	19	30	11	9	10	4	2	3	11	9	7	6	5	82	5
LT Debt	717	880	742	920	951	889	1,042	798	812	805	666	575	564	502	607
Total Debt/EBITDA	1.36	2.45	-4.52	4.53	19.33	6.26	2.55	2.24	4.17	4.13	2.05	2.37	25.98	2.49	12.36
Net Debt/EBITDA	1.18	1.46	-3.66	3.28	15.26	5.14	1.48	0.84	1.37	1.37	-0.14	0.33	6.37	0.92	7.63
Total Debt/EBIT	1.54	3.01	-3.12	7.33	-47.55	11.87	2.98	2.68	5.86	6.34	2.51	3.12	-17.67	3.47	-36.19
Net Debt/EBIT	1.34	1.8	-2.53	5.31	-37.53	9.75	1.73	1	1.93	2.1	-0.17	0.43	-4.33	1.28	-22.35
EBITDA to Interest Expense	8.76	6.6	-2.97	3.62	0.93	2.46	6.95	6.42	4.83	5.44	10.08	8.78	0.77	4.71	0.87
EBITDA-CapEx/Interest Expense	8.76	6.6	-2.97	3.62	0.93	2.46	6.95	6.42	4.83	5.44	10.08	8.78	0.77	4.71	0.87
EBIT to Interest Expense	7.73	5.36	-4.29	2.23	-0.38	1.3	5.95	5.37	3.44	3.55	8.26	6.68	-1.14	3.37	-0.3
Interest Expense	62	56	56	57	54	58	59	56	41	36	32	28	28	50	57
Common Equity/Total Assets	-0.56	2.49	-1.21	0.29	-5.99	-7.98	-0.49	8.26	8.58	9.8	13.36	17.02	17.39	20.53	19.31
Long-Term Debt/Equity (%)	72.25	80.65	74.72	113	180.49	200.11	135.84	80.64	82.81	79.95	57.47	44.01	44.23	36.36	44.48
Long-Term Debt/Capital (%)	41.62	43.71	41.78	47.38	54.84	55.25	51.09	38.99	39.21	56.62	47.46	40.74	41.17	33.39	41.54
Long-Term Debt/Total Assets (%)	25.28	27.77	25	31.23	37.48	36.4	35.82	29.43	29.04	27.86	22.15	20.28	20.62	17.91	23.04
Total Debt/Equity (%)	74.16	83.37	75.8	114.14	182.29	201.13	136.05	80.93	83.94	80.85	58.05	44.44	44.59	42.35	44.85
Total Debt/Capital (%)	42.72	45.18	42.39	47.86	55.39	55.53	51.17	39.14	39.75	57.26	47.94	41.14	41.51	38.88	41.88
Total Debt/Total Assets (%)	25.95	28.71	25.36	31.54	37.85	36.58	35.88	29.54	29.44	28.18	22.38	20.48	20.79	20.86	23.23
Net Debt to Equity	64.45	49.76	61.41	82.71	143.9	165.19	79.22	30.39	27.6	26.81	-3.92	6.2	10.93	15.6	27.7
Net Debt/Capital (%)	39.33	32.97	37.35	39.95	49.5	50.63	37.9	19.45	17.5	29.9	-6.45	8.68	14.47	18.64	30.3
EBITDA	542	371	-166	205	50	143	409	358	197	197	328	245	22	235	50
EBITDA-CapEx	542	371	-166	205	50	143	409	358	197	197	328	245	22	235	50
Operating Income (Loss)	478	302	-241	127	-20	75	350	299	140	128	268	186	-32	168	-17

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
As of date	12/31/2011	12/31/2012	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	0.29	0.92	0.37	0.79	0.71	0.56	1.32	1.43	1.63	1.64	1.51	1.12	0.91	0.54	0.48
Current Ratio	2.27	3.42	2.4	3.2	3.13	2.85	3.81	4.01	4.42	4.57	3.61	3.23	2.91	2.26	2.8
Quick Ratio	1.05	1.68	1.14	1.72	1.57	1.44	2.43	2.39	2.65	2.72	2.38	1.7	1.58	1.05	1.19
CFO/Avg Current Liab	0.81	0.18	0.3	0.19	0.07	0.27	0.83	0.49	0.53	0.48	1.18	0.07	0.01	0.08	-0.06
Common Equity/Total Assets	-0.56	2.49	-1.21	0.29	-5.99	-7.98	-0.49	8.26	8.58	9.8	13.36	17.02	17.39	20.53	19.31
Long-Term Debt/Equity (%)	72.25	80.65	74.72	113	180.49	200.11	135.84	80.64	82.81	79.95	57.47	44.01	44.23	36.36	44.48
Long-Term Debt/Capital (%)	41.62	43.71	41.78	47.38	54.84	55.25	51.09	38.99	39.21	56.62	47.46	40.74	41.17	33.39	41.54
Long-Term Debt/Total Assets (%)	25.28	27.77	25	31.23	37.48	36.4	35.82	29.43	29.04	27.86	22.15	20.28	20.62	17.91	23.04
Total Debt/Equity (%)	74.16	83.37	75.8	114.14	182.29	201.13	136.05	80.93	83.94	80.85	58.05	44.44	44.59	42.35	44.85
Total Debt/Capital (%)	42.72	45.18	42.39	47.86	55.39	55.53	51.17	39.14	39.75	57.26	47.94	41.14	41.51	38.88	41.88
Total Debt/Total Assets (%)	25.95	28.71	25.36	31.54	37.85	36.58	35.88	29.54	29.44	28.18	22.38	20.48	20.79	20.86	23.23
CFO/Total Liabilities	15.85	3.46	5.93	3.16	1.1	3.99	12.11	9.62	9.77	8.09	24.89	2.28	0.27	3.1	-2.8
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.02	2.83	2.49	1.87	1.06	1.39	2.22	2.11	1.88	1.74	2.24	2.21	1.72	2.12	1.81

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
As of date	12/31/2011	12/31/2012	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	8.01	8.26	7.66	7.57	6.49	6.81	6.83	6.06	6.65	6.26	7.05	7.6	7.22	7.31	7.3
Days Sales Outstanding	45.56	44.18	47.64	48.22	56.27	53.63	53.41	60.21	54.92	58.29	51.78	48.05	50.56	49.91	49.98
Inventory Turnover	3.37	2.71	3.2	3.34	2.97	3.17	3.34	2.65	2.82	2.71	3.44	3.15	2.71	2.62	2.65
Days Inventory Outstanding	108.41	134.55	114.07	109.21	122.9	115.15	109.17	137.78	129.48	134.6	106.01	115.85	134.65	139.23	137.84
Accounts Payable Turnover	8.89	9.28	9.97	10.93	10.14	11.8	12.5	11.67	11.47	11.08	12.11	10.87	7.63	7.4	7.3
Accounts Payable Turnover Days	41.08	39.33	36.6	33.4	36	30.94	29.2	31.27	31.82	32.93	30.14	33.57	47.86	49.34	50.03
Cash Conversion Cycle	112.89	139.4	125.1	124.04	143.18	137.84	133.38	166.72	152.57	159.96	127.65	130.33	137.35	139.8	137.78
Inventory to Cash Days	-62.85	-90.37	-66.42	-61	-66.63	-61.52	-55.76	-77.57	-74.56	-76.31	-54.23	-67.79	-84.09	-89.32	-87.86
Inventories	464	650	431	443	405	359	398	516	522	538	459	641	596	686	660
Raw Materials	153	219	140	143	139	128	173	160	197	216	161	233	290	302	319
Work In Process	25	33	25	43	30	31	31	35	51	48	47	52	50	70	67
Finished Goods	287	398	266	256	236	200	195	321	274	274	250	356	256	313	274
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
As of date	12/31/2011	12/31/2012	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	6,896	4,275	6,012	2,192	458	1,183	2,110	660	640	433	819	627	433	667	343
- Cash & Cash Equivalents	96	367	143	256	202	160	436	500	524	519	698	478	407	348	214
+ Preferred Equity and Hybrid Capital	667	667	667	667	667	667	667	667	667	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	336	358	392	336	258	244	342	354	340	324	329	348	326	343	340
+ Total Debt	736	910	752	929	960	894	1,043	800	823	814	672	581	569	584	612
Enterprise Value	8,516	5,843	7,677	3,866	2,140	2,824	3,724	1,979	1,944	1,049	1,120	1,002	865	1,243	1,079
Total Capital	1,724	2,014	1,775	1,941	1,734	1,610	2,038	2,045	2,070	1,422	1,403	1,412	1,371	1,502	1,460
Total Debt/Capital (%)	42.72	45.18	42.39	47.86	55.39	55.53	51.17	39.14	39.75	57.26	47.94	41.14	41.51	38.88	41.88
Total Debt / EV	0.09	0.16	0.1	0.24	0.45	0.32	0.28	0.4	0.42	0.78	0.6	0.58	0.66	0.47	0.57
EV/Sales	4.21	2.8	4.12	2.08	1.44	1.86	1.98	1.09	1.02	0.57	0.49	0.45	0.45	0.59	0.52
EV/EBITDA	15.72	15.74	- -	18.85	43.06	19.77	9.1	5.53	9.86	5.32	3.42	4.09	39.48	5.29	21.79
EV/EBIT	17.82	19.35	- -	30.52	- -	37.5	10.63	6.61	13.85	8.16	4.17	5.38	- -	7.39	- -
EV/Cash Flow to Firm	25.7	53.79	51.26	35.95	10.04	25.53	10.88	8.66	9.36	5.74	2.31	17.66	- -	16.16	28.84
EV/Free Cash Flow to Firm	25.7	53.79	51.26	35.95	10.04	25.53	10.88	8.66	9.36	5.74	2.31	17.66	- -	16.16	28.84
Diluted Market Cap	6,896	4,275	6,012	2,192	458	1,183	2,110	660	640	433	819	627	433	667	343
Diluted Enterprise Value	8,539	5,844	7,681	3,869	2,142	2,828	3,727	1,982	1,946	1,053	1,122	1,077	921	1,245	1,082
EV per Share	298.73	205.01	269.37	135.66	75.09	99.08	130.67	69.44	68.19	36.8	39.29	35.17	30.33	43.63	37.85
TTM Sales	2,025	2,087	1,864	1,863	1,488	1,519	1,879	1,820	1,898	1,850	2,296	2,222	1,922	2,105	2,077
TTM EBITDA	542	371	-166	205	50	143	409	358	197	197	328	245	22	235	50
TTM Operating Income	478	302	-241	127	-20	75	350	299	140	128	268	186	-32	168	-17
TTM Cash Flow to Firm	331	109	150	108	213	111	342	228	208	183	485	57	-4	77	37
TTM Free Cash Flow to Firm	331	109	150	108	213	111	342	228	208	183	485	57	-4	77	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
As of date	12/31/2011	12/31/2012	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	23.58	59.46	51.34	32.57	20.74	14.83	8.14	3.99	3.61	2.85	1.78	17.97	111	15.15	-9.67
EV/EBIT	17.82	19.35	- -	30.52	- -	37.5	10.63	6.61	13.85	8.16	4.17	5.38	- -	7.39	- -
Enterprise Value	8,516	5,843	7,677	3,866	2,140	2,824	3,724	1,979	1,944	1,049	1,120	1,002	865	1,243	1,079
Low Price	76.08	128.04	146.76	56.52	14.28	10.2	25.56	19.56	20.16	9.02	15.05	20.83	10.8	12.12	11.44
EV/Sales	4.21	2.8	4.12	2.08	1.44	1.86	1.98	1.09	1.02	0.57	0.49	0.45	0.45	0.59	0.52
EV/EBITDA	15.72	15.74	- -	18.85	43.06	19.77	9.1	5.53	9.86	5.32	3.42	4.09	39.48	5.29	21.79
Price/Earnings	31.7	26.75	- -	40.75	- -	- -	10.17	2.52	13	7.85	6.44	7.19	- -	6.17	- -
Price/Earnings Average	22.62	31.36	-57.68	50.77	-11.41	-42.11	5.83	6.19	16.39	7.1	5.25	10.61	-45.99	5.6	-8.1
Price/Earnings High	34.12	45.01	-73.56	111.31	-18.76	-81.74	12	12.05	31.36	11.88	7.75	17.67	-76.58	11.02	-12.49
Price/Earnings Low	9.97	22.84	-42.68	29.94	-3.05	-18.28	3.51	2.13	11.68	4.66	3.37	6.81	-31.09	3.2	-5.66
Price/Book Value	-436.43	54.11	-167.01	257.91	-3.01	-6.07	-147.56	2.95	2.67	1.53	2.04	1.3	0.91	1.16	0.68
Price/Book Value Average	-311.36	63.43	-157.01	321.36	-10.03	-3.44	-84.63	7.25	3.36	1.38	1.66	1.92	0.96	1.05	0.92
Price/Book Value High	-469.63	91.04	-200.26	704.52	-16.49	-6.67	-174.11	14.11	6.44	2.32	2.46	3.19	1.59	2.07	1.42
Price/Book Value Low	-137.27	46.19	-116.18	189.51	-2.68	-1.49	-50.94	2.49	2.4	0.91	1.07	1.23	0.65	0.6	0.64
Price/Tangible Book Value	-48.19	-201.65	-50.57	-7.52	-0.8	-1.96	-7.53	-11.38	-9.56	0.69	1.05	0.68	0.48	0.67	0.35
Price/Tangible Book Value Average	-34.38	-236.38	-47.54	-9.37	-2.66	-1.11	-4.32	-28	-12.06	0.62	0.86	1	0.51	0.61	0.48
Price/Tangible Book Value High	-51.85	-339.26	-60.63	-20.55	-4.37	-2.16	-8.88	-54.48	-23.06	1.05	1.27	1.66	0.85	1.19	0.73
Price/Tangible Book Value Low	-15.16	-172.13	-35.18	-5.53	-0.71	-0.48	-2.6	-9.61	-8.59	0.41	0.55	0.64	0.34	0.35	0.33
Price/Sales	3.41	2.05	3.23	1.18	0.31	0.78	1.12	0.36	0.34	0.23	0.36	0.28	0.23	0.32	0.17
Price/Sales Average	2.43	2.4	3.03	1.47	1.02	0.44	0.64	0.89	0.43	0.21	0.29	0.42	0.24	0.29	0.22
Price/Sales High	3.66	3.45	3.87	3.22	1.68	0.86	1.32	1.74	0.81	0.35	0.43	0.69	0.39	0.57	0.35
Price/Sales Low	1.07	1.75	2.24	0.86	0.27	0.19	0.39	0.31	0.3	0.14	0.19	0.27	0.16	0.16	0.16
Price/Cash Flow	23.58	59.46	51.34	32.57	20.74	14.83	8.14	3.99	3.61	2.85	1.78	17.97	111	15.15	-9.67
Price/Cash Flow Average	16.82	69.7	48.27	40.59	68.99	8.39	4.67	9.81	4.55	2.57	1.45	26.52	116.74	13.74	-13.14
Price/Cash Flow High	25.38	100.03	61.57	88.98	113.43	16.29	9.6	19.09	8.71	4.31	2.15	44.15	194.38	27.04	-20.27
Price/Cash Flow Low	7.42	50.75	35.72	23.93	18.42	3.64	2.81	3.37	3.24	1.69	0.93	17.01	78.92	7.85	-9.18
Price/Free Cash Flow Average	16.82	69.7	48.27	40.59	68.99	8.39	4.67	9.81	4.55	2.57	1.45	26.52	116.74	13.74	-13.14
Price/Free Cash Flow High	25.38	100.03	61.57	88.98	113.43	16.29	9.6	19.09	8.71	4.31	2.15	44.15	194.38	27.04	-20.27
Price/Free Cash Flow Low	7.42	50.75	35.72	23.93	18.42	3.64	2.81	3.37	3.24	1.69	0.93	17.01	78.92	7.85	-9.18
EV/Sales Average	3.24	3.15	3.93	2.37	2.16	1.52	1.5	1.62	1.11	0.55	0.42	0.62	0.49	0.56	0.58
EV/Sales High	4.48	4.2	4.76	4.12	2.82	1.94	2.19	2.46	1.5	0.69	0.56	0.9	0.65	0.84	0.7
EV/Sales Low	1.88	2.5	3.14	1.77	1.41	1.27	1.25	1.03	0.99	0.47	0.32	0.47	0.41	0.44	0.51
EV/EBITDA Average	12.12	17.72	-44	21.49	64.56	16.21	6.91	8.24	10.71	5.13	2.96	5.62	43.06	5.04	24.33
EV/EBITDA High	16.73	23.6	-53.35	37.37	84.32	20.62	10.03	12.53	14.45	6.48	3.93	8.13	56.89	7.53	29.45
EV/EBITDA Low	7.04	14.05	-35.16	16.03	42.07	13.55	5.73	5.25	9.54	4.45	2.23	4.26	36.32	3.93	21.5
EV/EBIT Average	13.74	21.8	-30.39	34.79	-158.83	30.74	8.07	9.84	15.05	7.87	3.62	7.38	-29.29	7.03	-71.27
EV/EBIT High	18.97	29.02	-36.85	60.5	-207.45	39.1	11.72	14.98	20.29	9.93	4.8	10.68	-38.69	10.51	-86.26
EV/EBIT Low	7.98	17.28	-24.29	25.95	-103.5	25.71	6.7	6.28	13.4	6.82	2.73	5.6	-24.7	5.49	-62.97
Last Price	241.88	150	210.96	76.92	16.08	41.52	74.04	23.16	22.44	15.2	28.75	22	15.19	23.39	12.05
High Price	260.28	252.36	252.96	210.12	87.96	45.6	87.36	110.88	54.12	23.01	34.6	54.06	26.6	41.75	25.25
Enterprise Value Average	6,563	6,580	7,321	4,408	3,208	2,314	2,827	2,945	2,113	1,012	971	1,376	943	1,183	1,205
Enterprise Value High	9,063	8,761	8,878	7,665	4,191	2,944	4,107	4,482	2,849	1,276	1,289	1,991	1,246	1,769	1,458
Enterprise Value Low	3,812	5,218	5,851	3,288	2,091	1,936	2,345	1,879	1,881	877	732	1,044	796	924	1,064

Shares Outstanding	28	28	28	28	28	28	29	29	29	28	28	28	28	28	28
Diluted Weighted Avg Shares	29	28	28	28	28	28	28	28	29	28	28	28	28	28	28
Basic Weighted Avg Shares	29	28	28	28	28	28	28	28	29	28	28	28	28	28	28
Revenue per Share	71.04	73.24	65.39	65.35	52.21	53.31	65.94	63.86	66.56	64.9	80.58	77.98	67.43	73.85	72.88
EBITDA per Share	19	13.03	-5.84	7.2	1.74	5.01	14.36	12.55	6.92	6.91	11.49	8.59	0.77	8.25	1.74
Operating Income per Share	16.76	10.59	-8.45	4.45	-0.71	2.64	12.29	10.5	4.92	4.51	9.41	6.54	-1.13	5.91	-0.59
Basic EPS, GAAP	7.63	5.61	-3.44	1.89	-4.69	-0.56	7.28	9.2	1.73	1.94	4.46	3.06	-0.35	3.79	-2.02
Basic EPS from Cont Ops	10.2	6.9	-4.45	2.79	-5.24	0.74	14.45	9.36	2.74	2.97	6.94	4.67	0.18	5.66	-1.93
Diluted EPS, GAAP	7.63	5.61	-3.44	1.89	-4.69	-0.56	7.28	9.2	1.73	1.94	4.46	3.06	-0.35	3.79	-2.02
Diluted EPS from Cont Ops	10.2	6.9	-4.45	2.79	-5.24	0.74	14.45	9.36	2.74	2.97	6.94	4.67	0.18	5.66	-1.93
Dividend per Share	1.88	2.28	2.38	1.31	0.95	0.95	0.95	0.95	0.95	0.48	0.32	0.32	0.32	0.32	0.32
Cash Flow per Share	10.26	2.52	4.11	2.36	0.78	2.8	9.1	5.81	6.22	5.34	16.13	1.22	0.14	1.54	-1.25
Free Cash Flow per Basic Share	10.26	2.52	4.11	2.36	0.78	2.8	9.1	5.81	6.22	5.34	16.13	1.22	0.14	1.54	-1.25
Cash & Equivalents per Share	4.17	12.91	5.14	9.07	7.17	5.76	15.39	17.62	18.45	18.35	24.6	19.42	16.25	12.29	7.61
Book Value per Share	-0.55	2.77	-1.26	0.3	-5.33	-6.84	-0.5	7.86	8.41	9.94	14.08	16.93	16.71	20.18	17.84
Tangible Book Value per Share	-5.02	-0.74	-4.17	-10.22	-20.12	-21.14	-9.84	-2.04	-2.35	22.01	27.32	32.53	31.46	34.98	34.44

Valhi, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)