Constellation Software Inc. (CSU) 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	2,425.6	3,091.7	2,479.5	1,561.3	1,856	1,299	971.3	640.2	606.1	454.4	415.8
Total Shares Outstanding	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
Market Cap	51,841.5	65,637.4	52,489.9	33,016.2	39,350.1	27,515.9	20,551.3	13,651.6	12,839.5	9,628.6	8,812.9
Total Enterprise Value (TEV)	55,147.5	68,683.4	54,972.9	34,714.2	40,434.1	27,793.9	20,979.3	13,430.6	12,683.4	9,617.4	8,989.6
Dividend Yield	0.2%	0.1%	0.2%	0.3%	0.2%	0.3%	2.5%	0.6%	0.7%	0.9%	1%
Debt Paydown Yield	-0.5%	-0.9%	-1%	-2.1%	-0.3%	0.4%	-0.3%	-0.5%	0.3%	0.1%	-1.1%
Shareholder Yield	-0.5%	-0.9%	-1%	-2.1%	-0.3%	0.4%	-0.3%	-0.5%	0.3%	0.1%	-1.1%
P/S	4.6	6.5	6.2	5	7.7	6.9	5.9	4.5	5.2	4.5	4.8
P/Gross Profit	12.4	18.2	17.8	14.2	20.9	18.4	15.9	12	13.7	12.9	14
P/E	77.8	89.8	92.9	64.4	126.7	63.1	61.7	36	57.9	46.6	49.7
Earnings Yield	1.3%	1.1%	1.1%	1.6%	0.8%	1.6%	1.6%	2.8%	1.7%	2.1%	2%
P/OCF	19.8	29.9	29.5	25.5	30.3	23.2	26.8	20.6	24.3	19.6	22.3
P/FCF	20.3	30.8	30.2	26.3	31	23.7	28	21.4	25.3	20.4	23
FCF Yield	4.9%	3.2%	3.3%	3.8%	3.2%	4.2%	3.6%	4.7%	4%	4.9%	4.3%
P/B	14.9	23.5	28	19.3	37.1	26.3	29.9	15.8	21.3	21	26.1
EV/Sales	4.9	6.8	6.5	5.2	7.9	7	6	4.4	5.1	4.5	4.9
EV/Gross Profit	13.2	19	18.7	14.9	21.5	18.6	16.2	11.8	13.5	12.9	14.3
EV/EBITDA	17.5	25.4	24.9	20.4	26.7	22.6	22.5	17.1	19.7	17.4	19.4
EV/EBIT	30.6	46.9	46.3	39.4	46.3	38.4	41.1	28.1	32.5	28.3	33.9
EV/OCF	21	31.3	30.9	26.8	31.1	23.4	27.4	20.3	24	19.6	22.7
EV/FCF	21.6	32.3	31.6	27.6	31.8	23.9	28.6	21.1	25	20.4	23.5

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	0.2%	0.1%	0.2%	0.3%	0.2%	0.3%	2.5%	0.6%	0.7%	0.9%	1%
DPS	4	4	4	4	4	4	24	4	4	4	4
Payout Ratio	11.9%	11.1%	139.3%	15.5%	50.6%	19.5%	152.9%	22.4%	38.2%	41%	47.8%

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	37.4%	35.9%	35%	35.1%	36.8%	37.6%	37%	37.1%	37.8%	35%	34.3%
Operating Margin	16.1%	14.5%	14.1%	13.3%	17.1%	18.2%	14.6%	15.6%	15.8%	16%	14.4%
EBITDA Margin	28.3%	26.8%	26.3%	25.7%	29.6%	31%	26.8%	25.6%	26%	26%	25.2%
Net Profit Margin	6.3%	7.6%	0.7%	8.3%	3.3%	11%	9.5%	12.4%	8.9%	9.7%	9.6%
Effective Tax Rate	30.1%	24.1%	77%	24.1%	55.1%	27.7%	27%	21.8%	30.8%	27.8%	27.4%
Pre-Tax Profit Margin	9%	10%	3.2%	10.9%	7.3%	15.2%	13.1%	15.9%	12.9%	13.5%	13.3%
Free Cash Flow Margin	22.9%	21.2%	20.7%	19%	24.9%	29.3%	21%	20.8%	20.5%	22.2%	20.8%
OCF / Sales	23.5%	21.8%	21.2%	19.6%	25.5%	29.9%	22%	21.6%	21.3%	23.1%	21.5%
OCF / Net Income	372.1%	286.3%	2,916.4%	235.8%	773.8%	272%	230.3%	174.2%	237.9%	237.4%	223.4%
FCF / OCF	97.3%	96.9%	97.6%	96.8%	97.8%	97.9%	95.6%	96.2%	96.3%	96.1%	96.7%
FCF / Net Income	361.8%	277.6%	2,847.5%	228.4%	756.5%	266.3%	220.1%	167.6%	229%	228.2%	216.1%
FCF / EBITDA	80.8%	78.8%	78.7%	73.9%	84.1%	94.2%	78.5%	81.3%	78.9%	85.4%	82.8%

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	11.8%	12.9%	3.9%	13.4%	11.2%	19.1%	16.7%	23.1%	20.9%	20.7%	16.9%
Return on Assets	8.9%	9.4%	2.9%	9.8%	7.7%	13.3%	11.6%	14.3%	13%	13.9%	12.5%
Return on Equity	19.1%	29.2%	3.1%	31.8%	13.1%	50.3%	42.9%	51.7%	41.8%	52%	59.4%
Return on Total Capital	20.4%	24.7%	8.4%	29.3%	25.5%	52.9%	57%	83.1%	61.6%	54.4%	45.3%
Return on Capital Employed	18.7%	21.6%	25%	23.8%	31%	35.4%	30.5%	35.3%	36.7%	36.1%	34.3%
Return on Tangible Assets	9.7%	16%	1.6%	19.8%	7.7%	24.6%	23.1%	30.5%	22.2%	26.2%	28.8%
Receivables Turnover	6.5	6.4	6.5	7.2	7.7	7.1	7.2	7.4	7.9	9	8.6
Days Sales Outstanding	56.4	56.6	55.9	51	47.2	51.2	50.9	49.1	45.9	40.4	42.4
Payables Turnover	4.2	4.3	4.4	4.5	4.3	4.1	4.4	4.6	4.6	4.9	4.6
Days Payables Outstanding	86.5	85.4	83.9	81.3	84.7	88	82.4	79.9	79.4	74.9	78.5
Inventory Turnover	107.3	120.6	110.3	103.6	104.1	85.4	67.6	67.3	31	17.3	15.1
Days Inventory Outstanding	3.4	3	3.3	3.5	3.5	4.3	5.4	5.4	11.8	21.2	24.2
Cash Conversion Cycle	-26.7	-25.7	-24.7	-26.8	-34	-32.6	-26.1	-25.4	-21.7	-13.4	-11.9
Asset Turnover	0.8	0.8	0.9	1	1	1	1.1	1.2	1.2	1.2	1.2
Fixed Asset Turnover	19.1	20	19.4	17.7	15.1	12.2	18.4	50.7	49.5	48	46.4
Operating Cycle	59.8	59.6	59.2	54.5	50.7	55.5	56.3	54.5	57.7	61.5	66.6
CapEx to OCF	0	0	0	0	0	0	0	0	0	0	0
CapEx to Revenue	0	0	0	0	0	0	0	0	0	0	0
CapEx to Depreciation	0.1	0.1	0	0.1	0	0	0.1	0.1	0.1	0.1	0.1

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	5,442	4,533	3,682	2,288	1,387	1,036	744	368	332.9	346.6	355.2
Net Debt	2,672	2,553	2,398	1,477	624	278	428	-221	-156.1	-11.2	176.7
Current Ratio	1	0.9	0.6	0.7	0.7	0.8	0.6	0.9	0.8	0.9	0.7
Quick Ratio	0.8	0.8	0.5	0.5	0.6	0.7	0.5	0.8	0.7	0.7	0.5
Cash Ratio	0.5	0.4	0.2	0.2	0.3	0.4	0.2	0.4	0.4	0.4	0.2
Debt Ratio	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.1	0.1	0.2	0.2
Assets to Equity	3.7	3.9	5.5	4.1	3.8	4.2	5.1	3.4	3.8	4.1	4.9
Cash Flow to Debt Ratio	0.5	0.5	0.5	0.6	0.9	1.1	1	1.8	1.6	1.4	1.1
Long-term Debt to Assets	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.2	0.2
Intangibles to Total Assets	0.5	0.6	0.6	0.6	0.6	0.5	0.6	0.5	0.5	0.5	0.6
Net Current Asset Value	-6,070	-5,764	-5,647	-3,693	-2,870	-1,743	-1,738	-862	-691.1	-652.3	-745.7
Debt / Equity	1.3	1.4	1.9	1.2	0.9	1	1.1	0.4	0.6	0.8	1.1
Total Debt / Capitalization	0.9	0.9	1	0.9	0.7	0.9	0.9	0.8	0.8	0.8	0.8
Long Term Debt / Capitalization	0.7	0.7	0.6	0.5	0.6	0.7	0.7	0.7	0.5	0.8	0.8
Long-Term Debt / Equity	1	1.2	1.3	0.7	0.7	0.8	0.8	0.4	0.4	0.7	1
Net Debt / EBITDA	0.8	0.9	1.1	0.9	0.4	0.2	0.5	-0.3	-0.2	-0	0.4
EBIT / Interest Expense	6.2	5.2	6.2	8	12.8	15.7	12.2	18.4	15.8	15.7	13.2
EBITDA / Interest Expense	10.9	9.6	11.5	15.4	22.2	26.8	22.2	30.2	26	25.6	23
(EBITDA - Capex) / Interest Expense	10.7	9.4	11.3	15.1	21.8	26.2	21.4	29.2	25.2	24.7	22.4

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	526.1	475	396.7	312.5	240.9	187.3	164.7	144.4	117	100.3	86.7
Basic EPS	31.4	34.5	26.7	24.2	14.7	20.6	15.7	17.9	10.5	9.8	8.4
Diluted EPS	31.4	34.5	26.7	24.2	14.7	20.6	15.7	17.9	10.5	9.8	8.4
Book Value per Share	163.7	131.8	88.5	80.8	50	49.5	32.4	40.9	28.5	21.6	15.9
Tangible Book Value per Share	-215.9	-220.1	-226.5	-139.2	-111.7	-60.3	-61.8	-32.2	-27.2	-25.3	-29
Cash per Share	130.7	93.4	60.6	38.3	36	35.8	14.9	27.8	23.1	16.9	8.4
Operating Cash Flow per Share	123.8	103.6	83.9	61.2	61.3	56	36.2	31.2	24.9	23.2	18.7
Free Cash Flow per Share	120.4	100.5	82	59.3	60	54.8	34.6	30.1	24	22.3	18.1
CapEx per Share	3.4	3.2	2	1.9	1.4	1.2	1.6	1.2	0.9	0.9	0.6
Weighted Avg. Shares Outstanding	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
Weighted Avg. Shares Outstanding Diluted	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2

Common Size