ARC Resources Ltd. (ARX) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	26.3	26.1	19.7	18.3	11.5	6	8.2	8.1	14.8	23.1	16.7
Total Shares Outstanding	575.7	589.6	596.9	620.9	693.5	353.4	353.4	353.4	353.5	353.3	347.1
Market Cap	15,163.5	15,371.5	11,740.1	11,331.2	7,975.4	2,120.2	2,890.9	2,862.9	5,213.5	8,164.5	5,796.3
Total Enterprise Value (TEV)	19,008.3	17,760.2	13,947.7	13,059.4	10,550	2,870.9	3,806.2	3,512.5	5,904.6	8,518.3	6,740.1
Dividend Yield	2.8%	2.6%	3.3%	2.4%	1.8%	4.8%	7.3%	7.4%	4%	1.6%	3.7%
Buyback Yield	2.8%	1.2%	3.9%	11.1%	4.1%	—	—	—	-0%	-0%	-6.7%
Debt Paydown Yield	1%	-1.5%	-1.3%	6.4%	8.5%	8.4%	-0.3%	2.7%	1%	0.7%	2.4%
Shareholder Yield	3.9%	-0.2%	2.7%	17.6%	12.7%	9.2%	0.6%	3.6%	1.2%	0.7%	-4.1%
P/S	2.6	3	2.1	1.3	1.6	1.9	2.4	2.1	4.3	8.4	5.3
P/Gross Profit	4.4	5.4	3.5	2	2.5	3.1	4	3.5	7.4	13.8	8.3
P/E	11.1	13.9	7.5	5.3	9.2	-3.9	-102.3	13.5	13.4	40.5	-16.5
Earnings Yield	9%	7.2%	13.3%	19%	10.9%	-25.8%	-1%	7.4%	7.5%	2.5%	-6%
P/OCF	4.9	6.5	4.9	3	4	3.2	4.5	3.3	7.7	12.9	8.4
P/FCF	11.8	29.8	21.1	4.7	8.4	6.6	-61.6	15.7	-20.3	3,711.1	45.7
FCF Yield	8.5%	3.4%	4.7%	21.2%	11.9%	15.1%	-1.6%	6.4%	-4.9%	0%	2.2%
P/B	1.8	1.9	1.6	1.7	1.3	0.8	0.8	0.8	1.4	2.3	1.7
EV/Sales	3.2	3.5	2.5	1.5	2.1	2.6	3.1	2.5	4.9	8.7	6.2
EV/Gross Profit	5.6	6.3	4.2	2.4	3.2	4.2	5.3	4.2	8.3	14.4	9.7
EV/EBITDA	10.9	14.6	8.1	3.2	3.3	-16.8	6	4.7	9.4	17.4	11.6
EV/EBIT	10.9	14.6	8.1	3.2	4.9	-4.1	40.8	14.1	26.4	147.9	-13.9
EV/OCF	6.2	7.6	5.8	3.4	5.3	4.4	6	4.1	8.8	13.5	9.8
EV/FCF	14.8	34.4	25.1	5.4	11.1	9	-81.2	19.2	-23	3,871.9	53.2

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	2.8%	2.6%	3.3%	2.4%	1.8%	4.8%	7.3%	7.4%	4%	1.6%	3.7%
DPS	0.7	0.7	0.6	0.4	0.2	0.3	0.6	0.6	0.6	0.4	0.6
Payout Ratio	31.4%	36.1%	24.6%	12.8%	16.9%	-18.8%	-769.6%	99.3%	53.8%	63.6%	-61.9%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	58.3%	55.5%	58.9%	64.3%	63.7%	60.3%	59%	59.6%	59.1%	60.6%	63.8%
Operating Margin	29.8%	23.9%	30.3%	46.6%	41.8%	-61.7%	7.7%	17.9%	18.7%	5.9%	-44.5%
EBITDA Margin	29.8%	23.9%	30.3%	46.6%	62.6%	-15.2%	52.1%	53.5%	52.4%	50.2%	53.2%
Net Profit Margin	23.7%	22%	28.2%	26.6%	15.4%	-48.6%	-2.3%	15.4%	32.4%	20.7%	-31.4%
Effective Tax Rate	21.7%	22.7%	22.4%	22.7%	21%	27.5%	78.5%	33.6%	25.9%	17.1%	4.4%
Pre-Tax Profit Margin	30.2%	28.5%	36.4%	34.5%	19.5%	-67.1%	-10.6%	23.2%	43.7%	24.9%	-32.9%
Free Cash Flow Margin	22%	10.1%	9.8%	27.8%	18.6%	28.4%	-3.9%	13.1%	-21.4%	0.2%	11.6%
OCF / Sales	52.5%	46.1%	42.3%	44.4%	39.3%	58.2%	52.6%	62.1%	56%	64.7%	63.2%
OCF / Net Income	222%	208.9%	150%	166.5%	255.1%	-119.8%	-2,314.5%	403.6%	173%	313.3%	-201.1%
FCF / OCF	41.9%	22%	23.2%	62.7%	47.4%	48.8%	-7.3%	21.2%	-38.2%	0.3%	18.4%
FCF / Net Income	92.9%	45.9%	34.8%	104.4%	121%	-58.5%	169.9%	85.4%	-66%	1.1%	-37%
FCF / EBITDA	73.7%	42.3%	32.4%	59.7%	29.7%	-187.4%	-7.4%	24.6%	-40.8%	0.4%	21.8%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	9.1%	7.8%	11.6%	27.6%	20.6%	-9.3%	0.4%	2.9%	3%	0.9%	-7.9%
Return on Assets	9.7%	7.4%	11.1%	27.1%	20.7%	-9.4%	0.3%	2.7%	2.7%	0.8%	-7.6%
Return on Equity	17.2%	14.6%	22.7%	36.6%	18%	-17.6%	-0.8%	5.8%	10.9%	5.9%	-9.9%
Return on Total Capital	13.9%	11%	15.9%	34.4%	22.2%	-9.2%	0.4%	3%	3%	0.8%	-8.7%
Return on Capital Employed	12.9%	10.3%	16.1%	40.7%	29.6%	-13.9%	1.7%	4.3%	4%	1%	-8.4%
Return on Tangible Assets	9.6%	9.2%	13.9%	21%	10.3%	-11.2%	-0.5%	3.8%	7.1%	3.7%	-6.1%
Receivables Turnover	9.3	8	7.8	11.3	12.5	8	9.8	11.3	8.1	6.9	7.7
Days Sales Outstanding	39.1	45.6	46.7	32.4	29.2	45.4	37.4	32.4	45.2	52.7	47.1
Payables Turnover	3.2	3.3	2.4	3.2	4.2	3.2	3.1	3.3	3	2.6	1.7
Days Payables Outstanding	112.8	111.5	152.8	115.4	87.1	112.4	116.3	109.4	123.2	142.1	220.2
Inventory Turnover	126.8	109.4	129.7	212.9	155.4	559.1	—	—	—	—	—
Days Inventory Outstanding	2.9	3.3	2.8	1.7	2.3	0.7	—	—	—	—	—
Cash Conversion Cycle	-70.8	-62.6	-103.3	-81.3	-55.5	-66.3	-79	-77	-78	-89.4	-173.1
Asset Turnover	0.4	0.4	0.5	0.8	0.6	0.2	0.2	0.2	0.2	0.2	0.2
Fixed Asset Turnover	0.5	0.5	0.5	0.9	0.7	0.2	0.2	0.3	0.3	0.2	0.2
Operating Cycle	42	48.9	49.5	34.1	31.6	46.1	37.4	32.4	45.2	52.7	47.1
CapEx to OCF	0.6	0.8	0.8	0.4	0.5	0.5	1.1	0.8	1.4	1	0.8
CapEx to Revenue	0.3	0.4	0.3	0.2	0.2	0.3	0.6	0.5	0.8	0.6	0.5
CapEx to Depreciation	—	—	—	—	1	0.6	1.3	1.4	2.3	1.5	0.5

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	3,847.8	2,388.7	2,208.7	1,785.3	2,574.6	751.1	923.8	909.2	911.3	1,026	1,114.3
Net Debt	3,844.8	2,388.7	2,207.6	1,728.2	2,574.6	750.7	915.3	649.6	691.1	353.8	943.8
Current Ratio	0.5	1.1	0.9	0.6	0.5	0.4	0.5	2	1.6	2.6	2
Quick Ratio	0.4	0.8	0.6	0.5	0.4	0.4	0.4	1.3	0.7	1.9	1.1
Cash Ratio	0	—	0	0	—	0	0	0.9	0.4	1.5	0.7
Debt Ratio	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.2	0.2
Assets to Equity	1.9	1.6	1.7	1.7	1.9	1.8	1.7	1.6	1.7	1.7	1.8
Cash Flow to Debt Ratio	0.8	1	1.1	2.1	0.8	0.9	0.7	0.9	0.7	0.6	0.6
Long-term Debt to Assets	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.2
Intangibles to Total Assets	0	0	0	0	0	0.1	0.1	0.1	0.1	0.1	0.1
Net Current Asset Value	-6,113	-4,150.6	-4,061.7	-3,983.9	-4,722.8	-2,001.3	-2,145.2	-1,781	-1,736.4	-1,355.4	-2,034.8
Goodwill / Assets	0	0	0	0	0	0.1	0	0	0	0	0
Debt / Equity	0.5	0.3	0.3	0.3	0.4	0.3	0.3	0.2	0.2	0.3	0.3
Total Debt / Capitalization	0.4	0.3	0.3	0.2	0.3	0.1	0.2	0.2	0.2	0.2	0.2
Long Term Debt / Capitalization	0.3	0.3	0.3	0.2	0.3	0.1	0.1	0.1	0.2	0.2	0.2
Long-Term Debt / Equity	0.4	0.3	0.3	0.3	0.4	0.2	0.2	0.2	0.2	0.3	0.3
Net Debt / EBITDA	2.2	2	1.3	0.4	0.8	-4.4	1.4	0.9	1.1	0.7	1.6
EBIT / Interest Expense	12.5	9.1	16.3	41.4	17	-15.2	1.9	4.6	3.8	0.9	-7.5
EBITDA / Interest Expense	12.5	9.1	16.3	41.4	25.4	-3.7	13.1	13.8	10.8	7.8	9
(EBITDA - Capex) / Interest Expense	-0.3	-4.6	-1.2	26.7	17	-11.1	-1.1	1.2	-5.1	-2.2	0.3

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	10	8.5	9.3	13	8.1	3.2	3.4	3.9	3.4	2.8	3.2
Basic EPS	2.4	1.9	2.6	3.5	1.3	-1.6	-0.1	0.6	1.1	0.6	-1
Diluted EPS	2.4	1.9	2.6	3.5	1.3	-1.6	-0.1	0.6	1.1	0.6	-1
Book Value per Share	14	13.3	12.2	10	9.4	7.9	9.7	10.4	10.4	9.9	10
Tangible Book Value per Share	12.8	12.3	11.3	9.2	8.6	6.6	8.4	9.1	8.5	8.3	8.4
Cash per Share	0	—	0	0.1	—	0	0	0.7	0.6	1.9	0.5
Operating Cash Flow per Share	5.2	3.9	3.9	5.8	3.2	1.9	1.8	2.4	1.9	1.8	2
Free Cash Flow per Share	2.2	0.9	0.9	3.6	1.5	0.9	-0.1	0.5	-0.7	0	0.4
CapEx per Share	3	3.1	3	2.2	1.7	0.9	1.9	1.9	2.6	1.8	1.7
Weighted Avg. Shares Outstanding	586.3	594.9	608.8	661.2	626.3	353.4	353.4	353.5	353.4	350.9	340.5
Weighted Avg. Shares Outstanding Diluted	587.1	596.4	610.6	663.1	627.3	353.4	353.4	353.8	353.9	351.3	340.5

Common Size