FIRST MILLS

First Milling Co.

2283StocksTadawulMaterials

Financials

1-5

	CurrentMar 10, 2026	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022
Market & Price
Market Capitalization	3.03B	2.70B	3.34B	4.17B	—
Market Cap Growth	-9.7%	-19.0%	-19.9%	—	—
Enterprise Value	4.27B	3.94B	4.59B	5.38B	—
Last Close Price	54.90	49.00	57.63	68.75	—
Valuation Multiples
Forward PE (Next 12M Est.)	10.34	16.38	16.38	16.78	—
PE Ratio	11.00	9.75	13.31	18.93	—
PS Ratio	2.64	2.36	3.18	4.32	—
PB Ratio	3.06	2.73	3.53	4.67	—
P/FCF Ratio	—	7.91	13.23	22.13	—
P/OCF Ratio	8.86	7.91	10.92	13.55	—
EV/Sales Ratio	3.72	3.44	4.37	5.58	—
EV/EBITDA Ratio	12.99	12.00	12.81	16.92	—
EV/EBIT Ratio	14.99	13.85	14.38	18.80	—
EV/FCF Ratio	—	11.53	18.17	28.58	—
Leverage & Capital
Debt / Equity Ratio	1.35	1.35	1.43	1.55	2.03
Debt / EBITDA Ratio	4.06	4.06	3.61	4.14	4.96
Debt / FCF Ratio	3.90	3.90	5.35	7.34	7.78
Net Debt / Equity Ratio	1.25	1.25	1.23	1.33	1.74
Net Debt / EBITDA Ratio	3.77	3.77	3.24	3.74	4.50
Net Debt / FCF Ratio	3.62	3.62	4.59	6.32	6.68
Efficiency & Liquidity
Asset Turnover	—	—	0.42	0.39	0.51
Inventory Turnover	—	—	3.82	4.12	4.39
Quick Ratio	—	—	0.59	0.68	0.68
Current Ratio	—	—	1.12	1.31	1.23
Returns & Yields
Return on Equity (ROE)	+28.7%	+28.7%	+27.3%	+26.8%	+30.7%
Return on Assets (ROA)	—	—	+8.0%	+7.3%	+8.9%
Return on Invested Capital (ROIC)	+12.5%	+12.8%	+14.9%	+13.5%	+17.0%
Return on Capital Employed (ROCE)	—	—	+14.9%	+13.1%	+12.2%
Earnings Yield	+9.2%	+10.3%	+7.5%	+5.3%	—
FCF Yield	—	+12.6%	+7.6%	+4.5%	—
Dividend Yield	+5.2%	—	+4.9%	+4.0%	—
Payout Ratio	—	—	+65.2%	+34.5%	+82.5%
Buyback Yield / Dilution	+0.2%	+0.2%	+0.1%	-524.1%	+83.4%
Total Shareholder Return	+5.4%	+0.2%	+5.0%	-520.0%	+83.4%

1-5

	CurrentMar 10, 2026	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022
Market & Price
Market Capitalization	3.03B	2.70B	3.34B	4.17B	—
Market Cap Growth	-9.7%	-19.0%	-19.9%	—	—
Enterprise Value	4.27B	3.94B	4.59B	5.38B	—
Last Close Price	54.90	49.00	57.63	68.75	—
Valuation Multiples
Forward PE (Next 12M Est.)	10.34	16.38	16.38	16.78	—
PE Ratio	11.00	9.75	13.31	18.93	—
PS Ratio	2.64	2.36	3.18	4.32	—
PB Ratio	3.06	2.73	3.53	4.67	—
P/FCF Ratio	—	7.91	13.23	22.13	—
P/OCF Ratio	8.86	7.91	10.92	13.55	—
EV/Sales Ratio	3.72	3.44	4.37	5.58	—
EV/EBITDA Ratio	12.99	12.00	12.81	16.92	—
EV/EBIT Ratio	14.99	13.85	14.38	18.80	—
EV/FCF Ratio	—	11.53	18.17	28.58	—
Leverage & Capital
Debt / Equity Ratio	1.35	1.35	1.43	1.55	2.03
Debt / EBITDA Ratio	4.06	4.06	3.61	4.14	4.96
Debt / FCF Ratio	3.90	3.90	5.35	7.34	7.78
Net Debt / Equity Ratio	1.25	1.25	1.23	1.33	1.74
Net Debt / EBITDA Ratio	3.77	3.77	3.24	3.74	4.50
Net Debt / FCF Ratio	3.62	3.62	4.59	6.32	6.68
Efficiency & Liquidity
Asset Turnover	—	—	0.42	0.39	0.51
Inventory Turnover	—	—	3.82	4.12	4.39
Quick Ratio	—	—	0.59	0.68	0.68
Current Ratio	—	—	1.12	1.31	1.23
Returns & Yields
Return on Equity (ROE)	+28.7%	+28.7%	+27.3%	+26.8%	+30.7%
Return on Assets (ROA)	—	—	+8.0%	+7.3%	+8.9%
Return on Invested Capital (ROIC)	+12.5%	+12.8%	+14.9%	+13.5%	+17.0%
Return on Capital Employed (ROCE)	—	—	+14.9%	+13.1%	+12.2%
Earnings Yield	+9.2%	+10.3%	+7.5%	+5.3%	—
FCF Yield	—	+12.6%	+7.6%	+4.5%	—
Dividend Yield	+5.2%	—	+4.9%	+4.0%	—
Payout Ratio	—	—	+65.2%	+34.5%	+82.5%
Buyback Yield / Dilution	+0.2%	+0.2%	+0.1%	-524.1%	+83.4%
Total Shareholder Return	+5.4%	+0.2%	+5.0%	-520.0%	+83.4%