Cohen & Company
Financial ratios & Valuation

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
-10.15-4.206.394.68-5.76-1.250.480.24-0.20-1.962.64-5.76
Price/Sales ratio
0.470.370.260.200.280.090.140.120.260.120.150.15
Price/Book Value ratio
0.540.430.370.240.390.130.420.280.250.240.380.38
Price/Cash Flow ratio
6.38-4.13-1.66-0.81-2.02-0.290.440.95-0.50-0.250.53-2.02
Price/Free Cash Flow ratio
6.67-3.98-1.62-0.80-1.77-0.280.441.01-0.49-0.250.66-1.77
Price/Earnings Growth ratio
0.12-0.06-0.03-0.460.03-0.01-0.000.000.000.020.160.03
Dividend Yield
4.86%6.95%6.57%10.17%6.80%11.56%0.14%3.81%21.59%17.38%9.66%6.80%
Profitability Indicator Ratios
Gross Profit Margin
46.61%39.27%43.75%52.61%48.59%47.70%53.96%41.89%-13.29%19.75%80.57%48.59%
Operating Profit Margin
0.51%-3.59%15.51%15.56%7.40%8.13%32.53%53.10%-62.99%8.26%29.25%7.40%
Pretax Profit Margin
-7.32%-12.09%6.95%2.57%-9.77%-8.24%22.89%48.16%-121.37%19.21%33.47%-9.77%
Net Profit Margin
-4.63%-8.83%4.09%4.34%-4.98%-7.19%29.55%49.26%-132.17%-6.16%5.01%-4.98%
Effective Tax Rate
10.13%-1.52%10.95%-98.93%17.41%12.76%-29.10%-2.28%-8.89%34.77%1.41%12.76%
Return on Assets
-0.87%-1.32%0.40%0.10%-0.04%-0.04%0.62%1.97%-6.61%-0.66%0.77%-0.04%
Return On Equity
-5.35%-10.25%5.84%5.17%-6.88%-10.72%87.57%117.41%-125.52%-12.26%14.91%-6.88%
Return on Capital Employed
0.20%-1.36%5.03%3.55%1.58%1.96%18.14%25.97%-9.71%0.89%4.58%1.58%
Liquidity Ratios
Current Ratio
2.512.883.008.8516.9022.6929.87N/AN/AN/A3.3922.69
Quick Ratio
1.661.521.391.101.031.061.061.111.391.953.391.03
Cash ratio
0.070.070.030.010.000.000.000.010.041.291.910.00
Days of Sales Outstanding
757.351.37K2.44K13.73K57.46K56.17K16.20K8.10K4.87K2.15K1.78K56.17K
Days of Inventory outstanding
-68.03-52.97-42.48-29.45-28.29-4.31K-1.48K-960.03-45.91N/AN/A-28.29
Operating Cycle
689.311.32K2.39K13.70K57.43K51.86K14.72K7.14K4.82K2.15K1.78K51.86K
Days of Payables Outstanding
67.236.433.8236.3988.875.080.980.5229.966.469.259.25
Cash Conversion Cycle
622.071.31K2.39K13.66K57.35K51.85K14.72K7.14K4.79K2.15K1.77K51.85K
Debt Ratios
Debt Ratio
0.430.500.570.850.920.030.000.010.040.030.000.03
Debt Equity Ratio
2.693.948.3743.55146.867.951.220.880.840.710.177.95
Long-term Debt to Capitalization
0.360.420.430.520.540.880.510.410.380.41N/A0.88
Total Debt to Capitalization
0.720.790.890.970.990.880.540.460.450.410.150.88
Interest Coverage Ratio
0.77-0.421.811.190.420.515.17N/AN/AN/A2.580.42
Cash Flow to Debt Ratio
0.03-0.02-0.02-0.00-0.00-0.050.770.33-0.59-1.334.01-0.00
Company Equity Multiplier
6.137.7614.4751.06158.06240.15140.0459.5018.9718.5318.69240.15
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.07-0.08-0.15-0.25-0.14-0.310.310.12-0.52-0.470.24-0.14
Free Cash Flow / Operating Cash Flow Ratio
0.951.031.021.011.141.000.990.941.021.000.971.00
Cash Flow Coverage Ratio
0.03-0.02-0.02-0.00-0.00-0.050.770.33-0.59-1.334.01-0.00
Short Term Coverage Ratio
0.04-0.03-0.02-0.00-0.00-2.016.341.69-2.24N/A4.01-0.00
Dividend Payout Ratio
-49.43%-29.24%42.08%47.72%-39.22%-14.52%0.07%0.93%-4.36%-34.22%28.97%-39.22%