Ziff Davis, Inc. Financial Ratios — ZD 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 (%)	26.85	27.07	23.62	24.12	22.62	23.67	20.14	17.23	26.33	17.71	42.72	4.18	2.74	4.36	3.46
Return on Assets (%)	19.39	14.77	10.01	8.77	7.66	7.93	6.18	5.13	7.21	4.2	13.36	1.75	1.19	1.76	1.29
Return on Capital (%)	26.73	22.3	17.63	16.02	14.34	13.7	11.79	9.98	11.23	7.23	- -	3.21	2.19	2.98	2.91
Return on Invested Capital (%)	23.07	18.3	14.76	12.73	11.73	10.97	9.22	8.99	2.67	2.43	- -	4.24	4.42	3.96	4.73
Gross Margin (%)	81.64	81.96	83.32	82.31	82.94	83.17	84.59	83.35	82.17	84.6	86.73	86.73	86.39	85.71	85.76
EBITDA Margin (%)	47.16	49.63	41.32	41.59	40.59	41.71	36.48	35.74	30.49	31.68	32.35	33.05	31.26	29.31	28.37
Operating Margin (%)	41.18	43.66	33.68	31.08	27.66	27.75	21.98	20.23	8.4	11.94	14.11	16.27	13.89	14.19	12.62
Incremental Operating Margin (%)	42.84	63.56	8.88	13.78	10.82	28.14	1.29	-1.6	99.51	46.25	23.9	-102.39	136.63	25.12	-31.91
Pretax Margin (%)	41.53	41.71	27.4	25.9	21.77	24.19	17.89	14.71	5.22	6.76	24.8	9.43	5.5	6.65	5.56
Profit Margin (%)	34.76	32.74	20.65	20.92	18.54	17.44	12.47	10.66	20.83	13	35.06	4.58	3.04	4.5	3.26
Net Income to Common Margin (%)	34.76	32.74	20.65	20.92	18.54	17.44	12.47	10.66	20.83	13	35.06	4.58	3.04	4.5	3.26
Effective Tax Rate (%)	16.3	21.47	24.65	19.23	14.84	27.9	30.28	25.2	25.1	48.95	- -	44.19	32.2	44.39	31.51
Dvd Payout Ratio (%)	16.71	33.07	41.98	41.71	44.02	43.19	52.69	64.16	107.4	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	22.37	18.12	13.7	14.06	12.67	13.45	9.53	6.18	-1.95	17.71	42.72	4.18	2.74	4.36	3.46

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	- -	245	246	594	592	781	1,002	1,013	1,579	1,682	1,091	999	1,001	864	866
ST Debt	- -	- -	- -	- -	- -	179	- -	- -	412	426	55	- -	- -	- -	149
LT Debt	- -	245	246	593	592	602	1,002	1,013	1,167	1,256	1,036	999	1,001	864	718
Total Debt/EBITDA	- -	1.33	1.14	2.38	2.02	2.14	2.46	2.35	4.93	4.58	2.38	2.17	2.35	2.1	2.1
Net Debt/EBITDA	-0.9	0.14	0.18	0.64	1.15	1.8	1.6	1.86	2.73	3.82	0.86	0.75	0.62	0.87	0.63
Total Debt/EBIT	- -	1.51	1.4	3.19	2.97	3.22	4.08	4.15	17.9	12.16	5.45	4.41	5.29	4.34	4.73
Net Debt/EBIT	-1.03	0.16	0.22	0.86	1.69	2.71	2.65	3.29	9.89	10.14	1.98	1.53	1.39	1.8	1.42
EBITDA to Interest Expense	-247.55	24.09	10.13	7.98	6.89	8.81	6.02	6.96	11.91	6.53	6.36	13.58	21.29	29.37	15.89
EBITDA-CapEx/Interest Expense	-229.81	22.61	8.58	7.43	6.45	8.11	5.4	6.04	9.28	4.83	4.78	10.45	15.86	21.75	11.29
EBIT to Interest Expense	-216.14	21.2	8.25	5.97	4.7	5.86	3.63	3.94	3.28	2.46	2.78	6.69	9.46	14.22	7.07
Interest Expense	-1	8	21	31	42	41	68	62	27	56	72	34	20	14	26
Common Equity/Total Assets	72.66	42.73	42.06	32.49	35.17	32.04	29.5	30.07	25.44	22.09	40.2	43.54	43	37.83	36.52
Long-Term Debt/Equity (%)	- -	41.24	34.78	72.36	66.52	65.8	98.2	97.82	89	103.7	52.65	52.79	52.9	47.73	40.93
Long-Term Debt/Capital (%)	- -	36.58	33.61	51.71	48.55	41.75	58.07	56.82	47.22	50.4	39.75	39.37	40.15	38.15	32.56
Long-Term Debt/Total Assets (%)	- -	24.64	21.29	34.8	33.2	29.18	40.84	39.56	33.29	34.26	27.48	28.28	28.85	23.33	19.59
Total Debt/Equity (%)	- -	41.24	34.78	72.39	66.55	85.35	98.2	97.82	120.46	138.91	55.43	52.79	52.9	47.73	49.41
Total Debt/Capital (%)	- -	36.58	33.61	51.73	48.57	54.15	58.07	56.82	63.91	67.51	41.84	39.37	40.15	38.15	39.31
Total Debt/Total Assets (%)	- -	24.64	21.29	34.82	33.21	37.85	40.84	39.56	45.05	45.9	28.93	28.28	28.85	23.33	23.65
Net Debt to Equity	-25.14	4.46	5.36	19.47	37.8	71.8	63.8	77.59	66.57	115.82	20.11	18.3	13.93	19.79	14.8
Net Debt/Capital (%)	-41.75	5.87	7.24	22.36	34.9	49.84	47.36	51.07	46.04	60.58	20.7	18.37	15.02	20.37	16.24
EBITDA	156	184	215	249	293	365	408	431	320	367	458	460	426	411	412
EBITDA-CapEx	145	173	182	232	274	336	366	374	250	271	344	354	318	304	293
Operating Income (Loss)	136	162	175	186	199	243	246	244	88	138	200	226	189	199	183

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	3.08	4.1	2.6	3.32	1.7	0.27	1.32	0.68	0.69	0.2	1.86	1.64	1.77	0.56	0.56
Current Ratio	3.68	4.78	3.39	4.05	2.46	0.77	2.34	1.5	1.06	0.71	2.62	2.51	2.76	1.41	1.27
Quick Ratio	3.41	4.57	3.18	3.9	2.29	0.71	2.21	1.4	1.01	0.55	2.49	2.35	2.55	1.3	1.19
CFO/Avg Current Liab	2.61	2.49	1.99	1.29	1.29	0.87	0.74	1.4	0.72	0.56	0.75	0.72	0.74	0.59	0.41
Common Equity/Total Assets	72.66	42.73	42.06	32.49	35.17	32.04	29.5	30.07	25.44	22.09	40.2	43.54	43	37.83	36.52
Long-Term Debt/Equity (%)	- -	41.24	34.78	72.36	66.52	65.8	98.2	97.82	89	103.7	52.65	52.79	52.9	47.73	40.93
Long-Term Debt/Capital (%)	- -	36.58	33.61	51.71	48.55	41.75	58.07	56.82	47.22	50.4	39.75	39.37	40.15	38.15	32.56
Long-Term Debt/Total Assets (%)	- -	24.64	21.29	34.8	33.2	29.18	40.84	39.56	33.29	34.26	27.48	28.28	28.85	23.33	19.59
Total Debt/Equity (%)	- -	41.24	34.78	72.39	66.55	85.35	98.2	97.82	120.46	138.91	55.43	52.79	52.9	47.73	49.41
Total Debt/Capital (%)	- -	36.58	33.61	51.73	48.57	54.15	58.07	56.82	63.91	67.51	41.84	39.37	40.15	38.15	39.31
Total Debt/Total Assets (%)	- -	24.64	21.29	34.82	33.21	37.85	40.84	39.56	45.05	45.9	28.93	28.28	28.85	23.33	23.65
CFO/Total Liabilities	155.74	42.42	43.21	20.03	25.64	24.6	18.45	26.31	18.8	19.56	28.66	20.51	20.28	20.61	21.32
CFO/CapEx	13.51	14.96	5.89	10.33	12.22	9.72	6.32	7.03	5.84	5.02	4.54	3.17	2.94	3.66	3.42
Altman's Z-Score	5.93	4.41	4.46	3.4	4.17	5.78	4.37	5.01	2.02	1.69	3.1	3.43	3.12	2.63	2.5

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	18.09	13.18	9.96	7.54	6.99	5.56	5.15	5.3	4.34	4.06	4.53	4.48	4.25	2.81	2.19
Days Sales Outstanding	20.17	27.69	36.63	48.42	52.25	65.66	70.87	68.9	84.01	90	80.63	81.49	85.96	129.93	166.93
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	2.46	2.1	1.59	1.29	1.17	1.01	0.99	1.2	0.93	0.82	1.14	1.47	1.52	1.39	1.31
Accounts Payable Turnover Days	148.08	174.14	229.86	283.9	311.24	362.84	368.48	305.29	394.14	445.92	319.12	249.02	239.94	262.02	278.82
Cash Conversion Cycle	-127.91	-146.45	-193.23	-235.48	-258.99	-297.17	-297.61	-236.39	-310.14	-355.92	-238.5	-167.53	-153.99	-132.09	-111.89
Inventory to Cash Days	20.17	27.69	36.63	48.42	52.25	65.66	70.87	68.9	84.01	90	80.63	81.49	85.96	129.93	166.93
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	139	219	208	434	256	124	351	209	576	176	695	653	738	506	607
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	245	246	594	592	781	1,002	1,013	1,579	1,682	1,091	999	1,001	864	866
Enterprise Value	-178	-79	-53	64	257	657	651	804	1,004	1,505	167	288	237	358	259
Total Capital	473	670	731	1,148	1,220	1,441	1,725	1,783	2,471	2,492	2,606	2,537	2,494	2,266	2,204
Total Debt/Capital (%)	- -	36.58	33.61	51.73	48.57	54.15	58.07	56.82	63.91	67.51	41.84	39.37	40.15	38.15	39.31
Total Debt / EV	- -	-3.12	-4.64	9.29	2.3	1.19	1.54	1.26	1.57	1.12	6.55	3.47	4.23	2.41	3.34
EV/Sales	2.32	2.64	3.31	0.11	0.36	0.75	0.58	0.67	0.96	1.3	0.12	0.21	0.17	0.26	0.18
EV/EBITDA	4.93	5.32	8	0.26	0.88	1.8	1.6	1.86	3.13	4.1	0.36	0.63	0.55	0.87	0.63
EV/EBIT	5.64	6.05	9.82	0.34	1.29	2.71	2.65	3.29	11.38	10.88	0.83	1.27	1.25	1.8	1.42
EV/Cash Flow to Firm	5.11	5.58	8.23	0.32	0.97	2.1	2.09	1.8	2.32	2.96	0.28	0.81	0.71	0.9	0.61
EV/Free Cash Flow to Firm	4.75	5.24	7.11	0.29	0.91	1.92	1.84	1.59	1.99	2.49	0.24	0.62	0.53	0.71	0.48
Diluted Market Cap	1,135	1,218	2,006	2,540	3,442	3,412	3,175	2,952	3,995	4,003	5,306	3,720	3,122	2,419	1,445
Diluted Enterprise Value	996	1,245	2,044	2,700	3,779	4,068	3,826	3,755	4,999	5,509	5,702	4,066	3,386	2,778	1,704
EV per Share	16.75	21.58	37.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	330	371	521	599	721	874	1,118	1,207	1,050	1,159	1,417	1,391	1,364	1,402	1,451
TTM EBITDA	156	184	215	249	293	365	408	431	320	367	458	460	426	411	412
TTM Operating Income	136	162	175	186	199	243	246	244	88	138	200	226	189	199	183
TTM Cash Flow to Firm	150	176	209	202	265	312	312	448	433	509	591	355	334	398	425
TTM Free Cash Flow to Firm	161	187	242	220	284	341	354	505	503	604	705	462	442	505	544

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	7.01	6.72	8.87	13.06	13.89	10.95	10.37	6.44	8.27	6.95	8.42	8.4	7.28	4.87	2.75
EV/EBIT	5.64	6.05	9.82	0.34	1.29	2.71	2.65	3.29	11.38	10.88	0.83	1.27	1.25	1.8	1.42
Enterprise Value	-178	-79	-53	64	257	657	651	804	1,004	1,505	167	288	237	358	259
Low Price	21.87	20.48	26.51	35.73	49.13	48.2	61.82	56.58	58.16	46.3	81.55	66.85	57.96	37.76	28.55
EV/Sales	2.32	2.64	3.31	0.11	0.36	0.75	0.58	0.67	0.96	1.3	0.12	0.21	0.17	0.26	0.18
EV/EBITDA	4.93	5.32	8	0.26	0.88	1.8	1.6	1.86	3.13	4.1	0.36	0.63	0.55	0.87	0.63
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	7.17	6.26	7.66	10.71	11.82	9.16	11.15	7.4	7.7	5.57	8.42	9.14	7.65	4.95	2.92
Price/Free Cash Flow High	8.14	7.33	9.98	13.5	14.2	11.18	12.64	8.5	8.9	7.44	10.25	12.16	10.19	6.35	4.41
Price/Free Cash Flow Low	6.27	5.17	5.41	8.66	9.53	7.42	9.82	6.04	5.9	3.79	6.19	7.1	6.28	3.38	2.23
EV/Sales Average	2.47	0.07	0.07	0.27	0.47	0.75	0.58	0.67	0.96	1.3	0.28	0.25	0.19	0.26	0.18
EV/Sales High	3.52	0.07	0.07	0.27	0.47	0.75	0.58	0.67	0.96	1.3	0.28	0.25	0.19	0.26	0.18
EV/Sales Low	2.61	0.07	0.07	0.27	0.47	0.75	0.58	0.67	0.96	1.3	0.28	0.25	0.19	0.26	0.18
EV/EBITDA Average	-0.9	0.14	0.18	0.64	1.15	1.8	1.6	1.86	3.13	4.1	0.86	0.75	0.62	0.87	0.63
EV/EBITDA High	-0.9	0.14	0.18	0.64	1.15	1.8	1.6	1.86	3.13	4.1	0.86	0.75	0.62	0.87	0.63
EV/EBITDA Low	-0.9	0.14	0.18	0.64	1.15	1.8	1.6	1.86	3.13	4.1	0.86	0.75	0.62	0.87	0.63
EV/EBIT Average	-1.03	0.16	0.22	0.86	1.69	2.71	2.65	3.29	11.38	10.89	1.98	1.53	1.39	1.8	1.42
EV/EBIT High	-1.03	0.16	0.22	0.86	1.69	2.71	2.65	3.29	11.38	10.89	1.98	1.53	1.39	1.8	1.42
EV/EBIT Low	-1.03	0.16	0.22	0.86	1.69	2.71	2.65	3.29	11.38	10.89	1.98	1.53	1.39	1.8	1.42
Last Price	24.47	26.61	43.49	53.91	71.58	71.13	65.24	60.33	81.49	84.95	110.86	79.1	67.19	54.34	35.15
High Price	28.41	29.02	48.9	55.7	73.17	72.61	79.55	79.63	87.71	90.93	135	114.43	94.06	70.9	56.48
Enterprise Value Average	-139	26	38	160	337	657	651	804	1,004	1,506	396	346	264	358	259
Enterprise Value High	-139	26	38	160	337	657	651	804	1,004	1,506	396	346	264	358	259
Enterprise Value Low	-139	26	38	160	337	657	651	804	1,004	1,506	396	346	264	358	259

	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	47	45	46	47	48	47	48	47	48	44	47	47	46	43	38
Diluted Weighted Avg Shares	46	46	46	47	48	48	49	49	49	47	48	47	46	45	41
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	2.47	2.66	2.33	2.66	2.78	3.18	2.86	2.63	4.46	3.2	10.38	1.36	0.89	1.42	1.15
Diluted EPS from Cont Ops	2.47	2.66	2.33	2.66	2.78	3.18	2.86	2.63	0.83	0.61	8.39	1.39	0.89	1.42	1.15
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Ziff Davis, Inc.

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