Ratios	Dec 24	Dec 23	Dec 22	Dec 21
Liquidity Ratios
Current Ratio	―	0.03	0.04	0.04	0.10
Quick Ratio	―	0.03	0.04	0.04	0.10
Cash Ratio	―	0.03	0.03	0.04	0.09
Solvency Ratio	―	<0.01	<0.01	0.01	0.01
Operating Cash Flow Ratio	―	<0.01	<0.01	0.02	0.01
Short-Term Operating Cash Flow Coverage	―	0.00	0.00	0.00	0.00
Net Current Asset Value	$ ―	$ -499.47M	$ -450.98M	$ -435.02M	$ -374.83M
Leverage Ratios
Debt-to-Assets Ratio	―	0.04	0.02	0.06	0.04
Debt-to-Equity Ratio	―	0.51	0.28	0.73	0.40
Debt-to-Capital Ratio	―	0.34	0.22	0.42	0.29
Long-Term Debt-to-Capital Ratio	―	0.34	0.22	0.42	0.29
Financial Leverage Ratio	―	11.91	11.19	11.43	9.17
Debt Service Coverage Ratio	―	-0.05	-0.10	-0.89	3.61
Interest Coverage Ratio	―	0.32	0.61	4.88	3.84
Debt to Market Cap	―	0.71	0.39	0.88	0.52
Interest Debt Per Share	―	31.19	17.03	28.41	18.31
Net Debt to EBITDA	―	0.00	0.00	0.00	-3.07
Profitability Margins
Gross Profit Margin	―	100.00%	100.00%	100.00%	94.16%
EBIT Margin	―	-4.39%	-3.47%	-3.23%	22.43%
EBITDA Margin	―	0.00%	0.00%	0.00%	25.58%
Operating Profit Margin	―	18.42%	21.66%	32.11%	22.43%
Pretax Profit Margin	―	16.10%	19.28%	29.86%	22.43%
Net Profit Margin	―	12.94%	15.86%	23.97%	17.89%
Continuous Operations Profit Margin	―	12.94%	15.86%	23.97%	17.89%
Net Income Per EBT	―	80.41%	82.24%	80.29%	79.74%
EBT Per EBIT	―	87.38%	89.01%	93.00%	100.00%
Return on Assets (ROA)	―	0.45%	0.61%	0.98%	0.79%
Return on Equity (ROE)	―	5.41%	6.78%	11.26%	7.22%
Return on Capital Employed (ROCE)	―	4.80%	6.80%	8.30%	6.12%
Return on Invested Capital (ROIC)	―	3.86%	5.59%	6.66%	4.88%
Return on Tangible Assets	―	0.45%	0.61%	0.98%	0.79%
Earnings Yield	―	7.44%	9.64%	13.50%	9.36%
Efficiency Ratios
Receivables Turnover	―	8.80	9.90	11.61	14.88
Payables Turnover	―	0.00	0.00	0.00	90.64
Inventory Turnover	―	0.00	0.00	0.00	0.00
Fixed Asset Turnover	―	1.37	1.56	2.02	2.44
Asset Turnover	―	0.04	0.04	0.04	0.04
Working Capital Turnover Ratio	―	-0.04	-0.05	-0.05	-0.06
Cash Conversion Cycle	―	41.46	36.85	31.43	20.51
Days of Sales Outstanding	―	41.46	36.85	31.43	24.53
Days of Inventory Outstanding	―	0.00	0.00	0.00	0.00
Days of Payables Outstanding	―	0.00	0.00	0.00	4.03
Operating Cycle	―	41.46	36.85	31.43	24.53
Cash Flow Ratios
Operating Cash Flow Per Share	―	3.31	3.06	5.83	3.78
Free Cash Flow Per Share	―	1.05	0.24	3.71	3.56
CapEx Per Share	―	2.27	2.82	2.12	0.22
Free Cash Flow to Operating Cash Flow	―	0.32	0.08	0.64	0.94
Dividend Paid and CapEx Coverage Ratio	―	1.07	0.84	1.98	3.71
Capital Expenditure Coverage Ratio	―	1.46	1.08	2.75	17.32
Operating Cash Flow Coverage Ratio	―	0.16	0.28	0.21	0.22
Operating Cash Flow to Sales Ratio	―	0.19	0.18	0.33	0.22
Free Cash Flow Yield	―	3.49%	0.86%	11.98%	10.80%
Valuation Ratios
Price-to-Earnings (P/E) Ratio	―	13.44	10.38	7.41	10.69
Price-to-Sales (P/S) Ratio	―	1.74	1.65	1.78	1.91
Price-to-Book (P/B) Ratio	―	0.73	0.70	0.83	0.77
Price-to-Free Cash Flow (P/FCF) Ratio	―	28.68	116.61	8.35	9.26
Price-to-Operating Cash Flow Ratio	―	9.05	9.12	5.32	8.72
Price-to-Earnings Growth (PEG) Ratio	―	-0.79	-0.29	0.22	1.54
Price-to-Fair Value	―	0.73	0.70	0.83	0.77
Enterprise Value Multiple	―	0.00	0.00	0.00	4.41
Enterprise Value	―	46.15M	30.48M	51.89M	22.99M
EV to EBITDA	―	0.00	0.00	0.00	4.41
EV to Sales	―	2.34	1.55	2.54	1.13
EV to Free Cash Flow	―	38.64	110.13	11.96	5.46
EV to Operating Cash Flow	―	12.20	8.61	7.62	5.14
Tangible Book Value Per Share	―	41.26	39.73	37.18	42.76
Shareholders’ Equity Per Share	―	41.26	39.73	37.18	42.76
Tax and Other Ratios
Effective Tax Rate	―	0.20	0.18	0.20	0.20
Revenue Per Share	―	17.25	16.99	17.46	17.26
Net Income Per Share	―	2.23	2.69	4.19	3.09
Tax Burden	―	0.80	0.82	0.80	0.80
Interest Burden	―	-3.66	-5.56	-9.25	1.00
Research & Development to Revenue	―	0.00	0.00	0.00	0.00
SG&A to Revenue	―	0.06	0.06	0.05	0.06
Stock-Based Compensation to Revenue	―	0.00	0.00	<0.01	<0.01
Income Quality	―	1.48	1.14	1.39	1.23

HFB Financial (HFBA) Ratios

HFB Financial Ratios