Reddit, Inc.

NYSE-RDDT

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	220.5	163.4	—	—	—	—
Total Shares Outstanding	189.5	180.3	61	57.8	56.4	50.2
Market Cap	41,780	29,470.8	—	—	—	—
Total Enterprise Value (TEV)	39,579.2	27,656.7	—	—	—	—
Buyback Yield	0.1%	-1.3%	—	—	—	—
Shareholder Yield	0.1%	-1.3%	—	—	—	—
P/S	21.9	22.7	—	—	—	—
P/Gross Profit	24	25	—	—	—	—
P/E	126.7	-49.1	—	—	—	—
Earnings Yield	0.8%	-2%	—	—	—	—
P/OCF	81.3	132.7	—	—	—	—
P/FCF	82	136.6	—	—	—	—
FCF Yield	1.2%	0.7%	—	—	—	—
P/B	16	13.8	—	—	—	—
EV/Sales	20.8	21.3	—	—	—	—
EV/Gross Profit	22.8	23.5	—	—	—	—
EV/EBITDA	141.9	-50.8	—	—	—	—
EV/EBIT	150.5	-49.3	—	—	—	—
EV/OCF	77	124.5	—	—	—	—
EV/FCF	77.7	128.1	—	—	—	—

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	91.2%	90.5%	86.2%	84.3%	85%	76%
Operating Margin	13.8%	-43.1%	-17.4%	-25.8%	-26.2%	-27.3%
EBITDA Margin	14.6%	-41.9%	-15.7%	-24.6%	-25.7%	-26.5%
Net Profit Margin	18.3%	-37.2%	-11.3%	-23.8%	-26.3%	-25.9%
Effective Tax Rate	-1.5%	0.2%	-4.4%	-0.4%	-0%	-0.2%
Pre-Tax Profit Margin	18.1%	-37.3%	-10.8%	-23.7%	-26.3%	-25.8%
Free Cash Flow Margin	26.8%	16.6%	-10.6%	-15%	-27.3%	-28.3%
OCF / Sales	27%	17.1%	-9.3%	-14.1%	-26.8%	-27%
OCF / Net Income	147.2%	-45.9%	82.7%	59.3%	102%	104.5%
FCF / OCF	99.1%	97.2%	112.9%	106.6%	101.8%	104.9%
FCF / Net Income	146%	-44.6%	93.4%	63.2%	103.8%	109.7%
FCF / EBITDA	182.7%	-39.6%	67.1%	61.1%	106.5%	107%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	62.2%	-193.1%	-60%	-85.8%	-88.8%	-53%
Return on Assets	10.2%	-28.5%	-9.2%	-10.7%	-11.7%	-12%
Return on Equity	14.7%	-27.1%	-6.2%	-10.4%	-12.6%	-12.9%
Return on Total Capital	1,066.1%	-58.7%	-7.8%	-9.2%	-10.2%	-9.9%
Return on Capital Employed	9.9%	-30.9%	-9.5%	-11.2%	-12.4%	-13.2%
Return on Tangible Assets	12.4%	-25.4%	-5.9%	-10%	-11.9%	-11.4%
Receivables Turnover	4.6	4.4	3.7	3.8	3.9	2.6
Days Sales Outstanding	80.2	83.5	99.3	96.8	93.4	138
Payables Turnover	2.8	2.7	2.8	3.8	4.5	5.9
Days Payables Outstanding	129.2	135.8	130.6	97.2	81.1	62
Cash Conversion Cycle	-49	-52.3	-31.4	-0.4	12.3	75.9
Asset Turnover	0.7	0.7	0.5	0.4	0.4	0.4
Fixed Asset Turnover	53.4	34.7	23.1	25	18.6	7.8
Operating Cycle	80.2	83.5	99.3	96.8	93.4	138
CapEx to OCF	0	0	-0.1	-0.1	-0	-0
CapEx to Revenue	0	0	0	0	0	0
CapEx to Depreciation	0.3	0.4	0.7	0.8	0.8	1.6

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	25	26.7	25.7	19.5	13.5	19.9
Net Debt	-2,200.8	-1,814.1	-1,187.4	-1,247.1	-1,399.7	-342.7
Current Ratio	12.1	12.6	11.1	13.9	22.7	9.5
Quick Ratio	11.9	12.4	10.9	13.7	22.4	9
Cash Ratio	9.7	10.5	9.1	11.9	20.1	7.3
Debt Ratio	0	0	0	0	0	0
Assets to Equity	1.1	1.1	1.1	1.1	1	1.1
Cash Flow to Debt Ratio	20.5	8.3	-2.9	-4.8	-9.7	-3.1
Long-term Debt to Assets	0	0	0	0	0	0
Intangibles to Total Assets	0	0	0	0	0	0
Net Current Asset Value	2,503.9	2,017.6	-529.7	-494.8	-330.3	-202
Goodwill / Assets	0	0	0	0	0	0
Debt / Equity	0	0	0	0	0	0
Total Debt / Capitalization	1	1	0	0	0	0
Long Term Debt / Capitalization	0.7	0.8	0	0	0	0
Long-Term Debt / Equity	0	0	0	0	0	0
Net Debt / EBITDA	-7.9	3.3	9.4	7.6	11.3	5.7

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	9.5	8.9	13.6	11.6	9.4	4.7
Basic EPS	1.9	-3.3	-1.5	-2.8	-2.5	-1.2
Diluted EPS	1.7	-3.3	-1.5	-2.8	-2.5	-1.2
Book Value per Share	13	14.6	24.4	25.8	30.3	9.5
Tangible Book Value per Share	12.7	14.2	23.4	24.6	30.1	9.4
Cash per Share	11.1	12.7	20.5	22.1	27.3	7.5
Operating Cash Flow per Share	2.6	1.5	-1.3	-1.6	-2.5	-1.3
Free Cash Flow per Share	2.5	1.5	-1.4	-1.8	-2.6	-1.3
CapEx per Share	0	0	0.2	0.1	0	0.1
Weighted Avg. Shares Outstanding	183.2	145.5	59.1	57.3	51.7	48.3
Weighted Avg. Shares Outstanding Diluted	200.6	145.5	59.1	57.3	51.7	48.3

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
R&D to Revenue	40.6%	71.9%	54.5%	54.8%	53%	51.3%
SG&A to Revenue	36.8%	61.7%	49.1%	55.3%	58.3%	51.9%
Stock-based Comp to Revenue	18%	61.7%	5.9%	8.3%	10%	9.3%