Cowen
Financial ratios & Valuation

Historical Multiples (2014 – 2022)

2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM Median
Valuation Ratios
Price/Earnings ratio
3.299.64-21.59-6.619.578.813.543.9815.93N/A1.48
Price/Sales ratio
1.280.900.880.610.420.460.470.550.79N/A0.51
Price/Book Value ratio
0.810.530.530.530.510.600.791.031.02N/A0.52
Price/Cash Flow ratio
-8.26-6.26-1.17-3.451.26-2.731.473.847.09N/A-1.09
Price/Free Cash Flow ratio
-8.00-5.66-1.12-3.281.29-2.521.503.997.65N/A-0.99
Price/Earnings Growth ratio
0.00-0.130.14-0.03-0.050.300.010.10-0.20N/A-0.04
Dividend Yield
N/AN/AN/AN/AN/AN/A1.62%1.54%1.80%0.92%N/A
Profitability Indicator Ratios
Gross Profit Margin
5.64%11.81%11.93%9.62%17.06%20.75%25.13%31.97%22.07%N/A13.34%
Operating Profit Margin
-10.48%-5.21%-12.88%-10.90%-0.28%-16.72%1.36%17.67%4.63%N/A-5.59%
Pretax Profit Margin
13.52%2.47%-6.67%1.05%10.23%6.73%18.32%19.21%4.98%N/A5.64%
Net Profit Margin
39.08%9.41%-4.08%-9.24%4.42%5.32%13.32%13.99%4.97%N/A-2.40%
Effective Tax Rate
-216.03%-413.76%60.63%632.76%15.88%21.00%30.38%25.13%14.07%N/A324.32%
Return on Assets
6.95%2.43%-0.95%-1.84%1.27%1.08%2.76%3.37%0.86%N/A-0.28%
Return On Equity
24.67%5.53%-2.49%-8.13%5.39%6.89%22.31%26.00%6.45%N/A-1.37%
Return on Capital Employed
-2.50%-1.67%-3.68%-3.07%-0.13%-4.45%0.44%7.69%1.59%N/A-1.60%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/A4.84N/A
Quick Ratio
0.601.381.011.281.351.331.090.911.00N/A1.32
Cash ratio
0.210.500.350.150.240.270.220.230.26N/A0.20
Days of Sales Outstanding
183.77223.99168.19464.25398.99378.33469.07392.27668.39N/A431.62
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
183.77223.99168.19464.25398.99378.33469.07392.27668.39N/A431.62
Days of Payables Outstanding
5.925.133.4448.3253.8241.1348.4730.3951.51N/A51.07
Cash Conversion Cycle
177.84218.85164.75415.92345.16337.20420.59361.87616.88N/A380.54
Debt Ratios
Debt Ratio
0.360.210.200.320.360.420.380.270.23N/A0.34
Debt Equity Ratio
1.280.490.531.451.522.703.122.081.72N/A1.48
Long-term Debt to Capitalization
0.540.190.210.500.500.720.750.670.61N/A0.50
Total Debt to Capitalization
0.560.330.340.590.600.720.750.670.63N/A0.59
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/A1.42N/A
Cash Flow to Debt Ratio
-0.07-0.17-0.85-0.100.26-0.080.170.120.08N/A0.08
Company Equity Multiplier
3.542.262.614.404.216.378.077.697.45N/A4.30
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
-0.15-0.14-0.75-0.170.33-0.170.320.140.11N/A0.07
Free Cash Flow / Operating Cash Flow Ratio
1.031.101.041.050.971.080.970.960.92N/A1.01
Cash Flow Coverage Ratio
-0.07-0.17-0.85-0.100.26-0.080.170.120.08N/A0.08
Short Term Coverage Ratio
-0.99-0.34-1.71-0.360.81-7.74103.514.831.28N/A0.22
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/A5.77%6.14%28.70%23.00%N/A