Wheeler Real Estate Investment Trust, Inc. Financial Ratios — WHLRP

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 (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-2.33	-3.44	-4.11	-6.39	-6.81	-2.81	-2.55	-3.42	-1.62	0.05	-1.98	-2.17	-0.69	-1.46	1.4
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.37	- -	- -	2.96	2.7	11.09
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.12	- -	- -	4.15	5.23	5.29
Gross Margin (%)	72.97	78.67	78.21	72.23	69.76	73.06	73.71	71.7	69.72	69.04	68	66.43	65.92	66.26	66.77
EBITDA Margin (%)	51.75	23.94	37.88	34.34	32.3	50.71	57.38	57.99	57.18	59.2	56.38	52.47	49.7	55.93	55
Operating Margin (%)	13.06	-9.84	7.03	-16.03	-31.07	3.91	11.79	17.55	25.42	31.61	32.22	29.69	26.58	31.72	31.93
Incremental Operating Margin (%)	57.66	- -	14.96	- -	- -	62.3	36.01	67.52	-217.84	-149.51	152.77	19.56	17.32	265.58	27.84
Pretax Margin (%)	-28.81	-49.53	-50.69	-81.16	-77.41	-29.34	-24.19	-27.22	-12.87	0.47	-15.25	-11.05	5.99	0.68	14.95
Profit Margin (%)	-28.81	-47.73	-48.09	-71.04	-63.44	-25.37	-20.66	-25.28	-12.73	0.4	-15.4	-16.25	-4.58	-9.21	8.82
Net Income to Common Margin (%)	-28.81	-47.73	-49.95	-89.35	-375.86	-36.04	-37.69	-44.93	-35.89	-16.41	-29.82	-28.06	-13.63	-17.12	2.14
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.78	0.14	0.17
Dvd Payout Ratio (%)	-50.74	-10.09	-58.23	-17	66.19	-69	-43.18	-5.68	63.94	103.31	48.83	66.87	-122.01	-296.63	-46.55
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	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	12	32	95	122	185	319	317	370	360	352	350	506	506	504	484
ST Debt	- -	- -	- -	- -	- -	13	10	10	25	5	3	24	18	11	7
LT Debt	12	32	95	122	185	306	307	360	335	347	346	483	488	493	476
Total Debt/EBITDA	12.18	54.66	32.8	23.98	20.7	14.23	9.44	9.78	9.96	9.75	10.12	12.59	9.94	8.61	8.84
Net Debt/EBITDA	12.08	51.13	32.39	22.03	19.52	13.45	9.04	9.42	9.29	9.04	8.98	10.88	9.03	7.52	8.13
Total Debt/EBIT	48.28	-132.93	176.67	-51.38	-21.52	184.51	45.91	32.32	22.39	18.25	17.7	22.26	18.59	15.19	15.24
Net Debt/EBIT	47.87	-124.36	174.52	-47.19	-20.3	174.35	43.99	31.13	20.89	16.93	15.71	19.23	16.88	13.25	14
EBITDA to Interest Expense	1.24	0.6	1.37	0.86	0.99	1.68	1.96	1.87	1.9	2.11	1.05	1.88	1.84	1.95	1.76
EBITDA-CapEx/Interest Expense	1.24	-8.46	-9.01	-2.12	0.99	1.68	1.96	1.87	1.9	2.11	1.05	1.88	1.84	1.95	1.76
EBIT to Interest Expense	0.31	-0.25	0.25	-0.4	-0.95	0.13	0.4	0.57	0.85	1.13	0.6	1.06	0.98	1.11	1.02
Interest Expense	1	1	2	6	9	13	17	20	19	17	33	21	28	30	31
Common Equity/Total Assets	-17.48	-10.27	-8.96	-13.46	-45.16	-34.82	-44.76	-45.88	-51.92	-53.29	-58.89	-43.18	-48.61	-53.09	-58.31
Long-Term Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	194	248.22	297.16	295.81	309.1	359.44	316.29	344.74	422.39	503.09
Long-Term Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	121.21	143.74	139.75	140.2	150.83	163.48	113.81	125.38	143.2	180.39
Long-Term Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	62.57	67.16	70.89	69.15	71	74.43	70.49	73	75.38	79.17
Total Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	202.03	255.98	305.45	317.53	313.15	362.97	332	357.33	431.93	510.87
Total Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	126.23	148.23	143.64	150.49	152.81	165.09	119.47	129.96	146.43	183.18
Total Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	65.16	69.26	72.87	74.23	71.93	75.16	73.99	75.67	77.08	80.39
Net Debt to Equity	1,797.64	183.52	364.78	211.44	162.2	190.91	245.25	294.24	296.26	290.54	322.14	286.81	324.44	376.88	469.42
Net Debt/Capital (%)	120.98	93.31	102.82	83.59	284.81	121.62	144.5	140.3	143.69	146.65	164.27	110.64	123.86	146	184.88
EBITDA	1	1	3	5	9	22	34	38	36	36	35	40	51	58	55
EBITDA-CapEx	1	-8	-19	-13	9	22	34	38	36	36	35	40	51	58	55
Operating Income (Loss)	- -	- -	1	-2	-9	2	7	11	16	19	20	23	27	33	32

Liquidity (USD)

API Chat

	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	0.05	2.19	0.46	1.96	1.39	0.19	0.14	0.13	0.15	0.26	1.28	0.67	0.53	1.52	1.01
Current Ratio	0.34	3	1.09	7.68	3.08	1.27	1.28	1.3	0.84	2.25	2.9	1.64	1.52	2.67	2.95
Quick Ratio	0.34	3	1.09	2.35	1.85	0.88	0.61	0.53	0.34	0.58	1.8	0.99	0.9	2.04	1.68
CFO/Avg Current Liab	0.19	-0.2	-1.41	-0.65	-0.84	0.68	0.92	0.83	0.49	0.48	0.73	1.02	0.54	0.82	0.82
Common Equity/Total Assets	-17.48	-10.27	-8.96	-13.46	-45.16	-34.82	-44.76	-45.88	-51.92	-53.29	-58.89	-43.18	-48.61	-53.09	-58.31
Long-Term Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	194	248.22	297.16	295.81	309.1	359.44	316.29	344.74	422.39	503.09
Long-Term Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	121.21	143.74	139.75	140.2	150.83	163.48	113.81	125.38	143.2	180.39
Long-Term Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	62.57	67.16	70.89	69.15	71	74.43	70.49	73	75.38	79.17
Total Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	202.03	255.98	305.45	317.53	313.15	362.97	332	357.33	431.93	510.87
Total Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	126.23	148.23	143.64	150.49	152.81	165.09	119.47	129.96	146.43	183.18
Total Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	65.16	69.26	72.87	74.23	71.93	75.16	73.99	75.67	77.08	80.39
CFO/Total Liabilities	2.47	-0.8	-2.46	-1.63	-2.64	3.35	7.13	5.69	4.11	4.19	4.62	5.78	3.97	4.84	4.17
CFO/CapEx	- -	-0.03	-0.11	-0.14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.17	-0.07	-0.05	0.05	-0.6	-0.43	-0.48	-0.45	-0.53	-0.42	-0.48	-0.35	-0.37	-0.34	-0.39

Working Capital (USD)

API Chat

	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	8.87	5	6.46	8.3	11.14	12.7	12.19	11.7	10.15	7.6	6.67	6.73	7.67	7.52	6.53
Days Sales Outstanding	41.17	72.94	56.49	44	32.75	28.74	29.94	31.2	35.96	48.04	54.73	54.23	47.57	48.55	55.88
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.91	0.65	4.43	- -	- -	3.08	1.68	1.63	1.77	3.95	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	400.11	560.79	82.39	- -	- -	118.64	217.19	224.21	206.79	92.35	- -	- -	- -	- -	- -
Cash Conversion Cycle	-358.94	-487.85	-25.9	44	32.75	-89.9	-187.25	-193.01	-170.84	-44.31	54.73	54.23	47.57	48.55	55.88
Inventory to Cash Days	41.17	72.94	56.49	44	32.75	28.74	29.94	31.2	35.96	48.04	54.73	54.23	47.57	48.55	55.88
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	2	1	10	10	5	4	4	5	8	23	28	18	43	24
+ Preferred Equity and Hybrid Capital	1	- -	1	39	18	94	95	118	129	137	134	147	142	130	100
+ Minority/Non Controlling Interest	- -	8	7	11	9	10	7	2	2	2	2	66	66	57	31
+ Total Debt	12	32	95	122	185	319	317	370	360	352	350	506	506	504	484
Enterprise Value	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Total Capital	10	34	92	144	72	252	214	258	239	230	212	424	389	344	264
Total Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	126.23	148.23	143.64	150.49	152.81	165.09	119.47	129.96	146.43	183.18
Total Debt / EV	0.97	0.85	0.93	0.76	0.92	0.76	0.76	0.76	0.74	0.73	0.76	0.73	0.73	0.78	0.82
EV/Sales	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/EBITDA	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBIT	49.87	- -	190.7	- -	- -	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
EV/Cash Flow to Firm	10.85	55.21	- -	47.18	54.01	17.01	10.09	11.53	14.15	14.71	9.24	13.25	14.37	11.6	11.34
EV/Free Cash Flow to Firm	10.85	3.96	4.74	7.69	54.01	17.01	10.09	11.53	14.15	14.71	9.24	13.25	14.37	11.6	11.34
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2	2	8	15	28	44	59	65	63	61	61	77	102	105	99
TTM EBITDA	1	1	3	5	9	22	34	38	36	36	35	40	51	58	55
TTM Operating Income	- -	- -	1	-2	-9	2	7	11	16	19	20	23	27	33	32
TTM Cash Flow to Firm	1	1	- -	3	4	25	41	42	34	33	50	52	48	56	52
TTM Free Cash Flow to Firm	1	9	22	21	4	25	41	42	34	33	50	52	48	56	52

Multiples (USD)

API Chat

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	49.87	- -	190.7	- -	- -	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
Enterprise Value	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Low Price	- -	- -	- -	14.78	13.22	14.71	17.69	6.2	7.67	3.63	5.25	1.26	1.18	1.11	2.6
EV/Sales	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/EBITDA	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
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	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/Sales High	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/Sales Low	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/EBITDA Average	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBITDA High	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBITDA Low	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBIT Average	49.87	-155.86	190.7	-68.04	-23.4	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
EV/EBIT High	49.87	-155.86	190.7	-68.04	-23.4	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
EV/EBIT Low	49.87	-155.86	190.7	-68.04	-23.4	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
Last Price	- -	- -	- -	22.25	17.09	22.15	21.89	7.78	10.99	13	6.73	1.52	1.3	3.05	5.19
High Price	- -	- -	- -	27.43	25.45	23.14	24.89	21.6	15.13	13.09	15.37	7.88	2.33	3.74	5.19
Enterprise Value Average	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Enterprise Value High	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Enterprise Value Low	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Wheeler Real Estate Investment Trust, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)