Pioneer High Income Fund
Financial ratios & Valuation

Historical Multiples (2016 – 2022)

2016 2017 2019 2020 2022 TTM Median
Valuation Ratios
Price/Earnings ratio
-8.284.2450.16-3.4745.023.7626.96
Price/Sales ratio
7.3417.4746.52-3.4939.117.4827.00
Price/Book Value ratio
1.070.920.880.880.900.940.90
Price/Cash Flow ratio
4.839.8212.033.5314.928.6110.32
Price/Free Cash Flow ratio
4.839.8212.033.5314.928.6110.32
Price/Earnings Growth ratio
-0.11-0.01-0.710.00-0.470.03-0.36
Dividend Yield
13.30%9.40%8.98%12.61%10.20%8.56%10.79%
Profitability Indicator Ratios
Gross Profit Margin
87.64%83.14%49.96%-56.58%56.39%92.64%66.55%
Operating Profit Margin
91.94%85.89%504.00%-51.33%407.34%106.57%305.29%
Pretax Profit Margin
-88.63%411.90%92.74%100.63%86.88%101.70%252.32%
Net Profit Margin
-88.63%411.90%92.74%100.63%86.88%198.81%252.32%
Effective Tax Rate
203.73%45.84%-443.42%151.00%-368.82%14.56%-214.43%
Return on Assets
-8.83%15.31%1.20%-17.20%1.39%17.03%8.26%
Return On Equity
-12.97%21.73%1.75%-25.49%2.02%25.87%11.74%
Return on Capital Employed
9.21%3.23%6.65%8.83%6.55%9.24%4.94%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/A2.02N/A
Quick Ratio
8.252.532.130.083.072.022.08
Cash ratio
0.850.180.170.870.000.430.18
Days of Sales Outstanding
127.38231.73586.62-54.43404.3778.83332.72
Days of Inventory outstanding
0.00N/A-4.64-47.630.00N/A-2.32
Operating Cycle
127.38231.73581.97-102.06404.3778.83330.40
Days of Payables Outstanding
117.67638.92334.95-7.00283.50555.41486.94
Cash Conversion Cycle
9.70-407.18247.02-95.06120.86-476.5875.98
Debt Ratios
Debt Ratio
0.310.28N/A0.310.300.300.15
Debt Equity Ratio
0.450.39N/A0.460.440.450.23
Long-term Debt to Capitalization
0.310.28N/AN/A0.300.31N/A
Total Debt to Capitalization
0.310.28N/A0.310.300.310.15
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/A
Cash Flow to Debt Ratio
0.480.23N/A0.530.130.240.26
Company Equity Multiplier
1.461.411.451.481.451.461.43
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
1.511.773.86-0.982.620.862.36
Free Cash Flow / Operating Cash Flow Ratio
1111111
Cash Flow Coverage Ratio
0.480.23N/A0.530.130.240.26
Short Term Coverage Ratio
N/AN/AN/A0.53N/AN/A0.26
Dividend Payout Ratio
-110.21%39.90%450.56%-43.83%459.52%44.69%247.62%