Navitas Semiconductor Corporation

NasdaqGM-NVTS

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	9.4	3.6	8.1	3.5	17	—
Total Shares Outstanding	230.5	188.1	179.2	153.6	117.8	21.7
Market Cap	2,164.4	671.6	1,446.1	539.2	2,002.9	—
Total Enterprise Value (TEV)	2,020.7	592.2	1,302.8	439.1	1,741.6	—
Buyback Yield	-0.2%	-0.5%	-6.2%	-0.2%	-14.9%	—
Debt Paydown Yield	—	—	—	1.3%	-0%	—
Shareholder Yield	-0.2%	-0.5%	-6.2%	1.1%	-15%	—
P/S	38.2	8.1	18.2	14.2	84.4	—
P/Gross Profit	158.1	23.7	46.6	45.1	187.4	—
P/E	-14.7	-7.8	-9.4	6.9	-4.4	—
Earnings Yield	-6.8%	-12.9%	-10.7%	14.5%	-22.9%	—
P/OCF	-48.1	-11.4	-34.9	-12.1	-48	—
P/FCF	-46.1	-10.2	-31.3	-11	-45.8	—
FCF Yield	-2.2%	-9.8%	-3.2%	-9.1%	-2.2%	—
P/B	5.8	1.9	3.8	1.4	30.6	—
EV/Sales	35.7	7.1	16.4	11.6	73.4	—
EV/Gross Profit	147.6	20.9	41.9	36.8	163	—
EV/EBITDA	-19.8	-5.4	-13.4	-3.8	-25.7	—
EV/EBIT	-19.2	-4.5	-11	-3.6	-25.4	—
EV/OCF	-44.9	-10.1	-31.5	-9.9	-41.8	—
EV/FCF	-43	-9	-28.2	-8.9	-39.8	—

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	24.2%	34%	39.1%	31.5%	45%	31.4%
Operating Margin	-186.2%	-156.9%	-148.7%	-325.8%	-288.6%	-158.7%
EBITDA Margin	-180.4%	-130.6%	-122.3%	-305.2%	-285.4%	-154.4%
Net Profit Margin	-220.9%	-101.6%	-183.7%	192.1%	-643.3%	-160.7%
Effective Tax Rate	0.4%	0.4%	0.4%	-45.6%	-0%	-0%
Pre-Tax Profit Margin	-227.2%	-106.7%	-184.3%	132%	-643.1%	-160.7%
Free Cash Flow Margin	-83%	-78.7%	-58.1%	-129.5%	-184.4%	-175.9%
OCF / Sales	-79.5%	-70.6%	-52.1%	-117.3%	-175.7%	-174.1%
OCF / Net Income	36%	69.5%	28.4%	-61%	27.3%	108.3%
FCF / OCF	104.4%	111.5%	111.6%	110.4%	105%	101.1%
FCF / Net Income	37.6%	77.5%	31.6%	-67.4%	28.7%	109.5%
FCF / EBITDA	46%	60.3%	47.5%	42.4%	64.6%	114%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	-40.5%	-44.7%	-39.6%	-113.8%	-568.2%	-440.3%
Return on Assets	-25.6%	-29.7%	-25.8%	-49.9%	-39.8%	-38.8%
Return on Equity	-34.8%	-23.2%	-38.1%	32.4%	4,433.4%	26.3%
Return on Total Capital	-1,507.4%	-1,636.6%	-1,253.6%	-2,099.3%	-112%	-16.3%
Return on Capital Employed	-25.8%	-32.4%	-28.1%	-35.8%	-41.9%	-44.6%
Return on Tangible Assets	-59.8%	-43.9%	-75%	32.1%	-88.9%	-39.7%
Receivables Turnover	4.8	4.2	4.5	4.4	3.8	2.9
Days Sales Outstanding	76.6	87.3	80.4	83.6	95.5	127.9
Payables Turnover	3.5	3.1	2.5	2.7	3	2.2
Days Payables Outstanding	105.5	117.9	148.6	137	119.7	165.9
Inventory Turnover	2.8	2.9	2.3	1.7	1.7	2.4
Days Inventory Outstanding	128.2	125.2	155.7	217.9	215.1	152.7
Cash Conversion Cycle	99.3	94.6	87.5	164.6	190.9	114.7
Asset Turnover	0.1	0.2	0.2	0.1	0.1	0.2
Fixed Asset Turnover	2.6	4.2	5.2	5	15.7	16.4
Operating Cycle	204.8	212.5	236.1	301.5	310.6	280.6
CapEx to OCF	-0	-0.1	-0.1	-0.1	-0	-0
CapEx to Revenue	0	0.1	0.1	0.1	0.1	0
CapEx to Depreciation	0.6	0.3	0.2	0.6	2.7	0.4

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	6.9	7.3	8.5	6.6	6.9	6
Net Debt	-143.6	-79.4	-143.3	-103.8	-261.3	-32.9
Current Ratio	7.9	5.7	4.3	7	27.2	7.4
Quick Ratio	7.1	4.8	3.7	5.9	25.8	6.8
Cash Ratio	6.7	4.1	3.1	5.4	25	6.1
Debt Ratio	0	0	0	0	0	0.1
Assets to Equity	1.2	1.1	1.3	1.1	4.5	-0.7
Cash Flow to Debt Ratio	-6.5	-8	-4.8	-6.8	-6	-3.5
Long-term Debt to Assets	0	0	0	0	0	0.1
Intangibles to Total Assets	0.5	0.6	0.5	0.6	0	0
Net Current Asset Value	119.6	78.3	101.2	98	61.3	-74
Goodwill / Assets	0.4	0.4	0.3	0.4	—	—
Debt / Equity	0	0	0	0	0.1	-0.1
Total Debt / Capitalization	1	1	1	0.6	1	0.1
Long Term Debt / Capitalization	0.7	0.8	0.8	0.5	0.5	0
Long-Term Debt / Equity	0	0	0	0	0.1	-0.1
Net Debt / EBITDA	1.4	0.7	1.5	0.9	3.9	1.8

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	0.3	0.5	0.5	0.3	0.6	0.7
Basic EPS	-0.6	-0.5	-0.9	0.6	-3.9	-1.2
Diluted EPS	-0.6	-0.5	-0.9	0.5	-3.9	-1.2
Book Value per Share	1.9	1.9	2.3	2.6	1.7	-4.5
Tangible Book Value per Share	0.8	0.6	0.7	0.8	1.7	-4.5
Cash per Share	0.8	0.5	0.9	0.8	6.8	2.4
Operating Cash Flow per Share	-0.2	-0.3	-0.2	-0.3	-1.1	-1.3
Free Cash Flow per Share	-0.2	-0.4	-0.3	-0.3	-1.1	-1.3
CapEx per Share	0	0	0	0	0.1	0
Weighted Avg. Shares Outstanding	196.6	182.5	168.9	133.7	39.2	16.2
Weighted Avg. Shares Outstanding Diluted	196.6	182.5	168.9	145.7	39.2	16.2

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
R&D to Revenue	99.7%	91.2%	86.6%	132.6%	115.8%	110.1%
SG&A to Revenue	72.6%	75.5%	77.5%	206.5%	216.4%	79.9%
Stock-based Comp to Revenue	20.4%	51.7%	68%	166.8%	174.4%	8.7%