FOURTH MILLING

Fourth Milling Company

2286StocksTadawulMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Ratios

1-5

	CurrentMar 10, 2026	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022
Market & Price
Market Capitalization	2.21B	1.91B	2.18B	—	—
Market Cap Growth	+2.8%	-12.6%	—	—	—
Enterprise Value	2.32B	2.11B	2.36B	—	—
Last Close Price	4.10	3.41	3.70	—	—
Valuation Multiples
Forward PE (Next 12M Est.)	10.79	10.16	11.71	—	—
PE Ratio	11.02	9.49	12.76	—	—
PEG Ratio	—	1.16	1.22	—	—
PS Ratio	3.31	2.89	3.53	—	—
PB Ratio	2.85	2.40	3.06	—	—
P/TBV Ratio	3.07	2.59	3.33	—	—
P/FCF Ratio	14.22	12.19	8.79	—	—
P/OCF Ratio	9.01	8.15	8.11	—	—
EV/Sales Ratio	3.46	3.20	3.82	—	—
EV/EBITDA Ratio	8.60	8.48	10.07	—	—
EV/EBIT Ratio	10.81	9.98	11.90	—	—
EV/FCF Ratio	14.89	13.51	9.51	—	—
Leverage & Capital
Debt / Equity Ratio	0.46	0.47	0.55	0.59	0.41
Debt / EBITDA Ratio	1.32	1.41	1.57	1.87	1.30
Debt / FCF Ratio	2.29	2.41	1.59	2.55	1.34
Net Debt / Equity Ratio	0.14	0.20	0.28	0.43	0.19
Net Debt / EBITDA Ratio	0.42	0.63	0.84	1.51	0.65
Net Debt / FCF Ratio	0.67	1.00	0.79	1.87	0.62
Efficiency & Liquidity
Asset Turnover	0.53	0.54	0.53	0.48	0.53
Inventory Turnover	6.38	5.98	5.96	4.60	3.59
Quick Ratio	1.74	2.86	2.36	1.58	1.56
Current Ratio	2.17	3.70	3.12	2.42	2.40
Returns & Yields
Return on Equity (ROE)	+27.1%	+26.6%	+24.5%	+19.9%	+23.4%
Return on Assets (ROA)	+10.6%	+10.8%	+10.5%	+8.7%	+10.9%
Return on Invested Capital (ROIC)	+21.9%	+21.6%	+19.3%	+15.4%	+19.6%
Return on Capital Employed (ROCE)	+18.9%	+18.1%	+17.9%	+14.9%	+18.4%
Earnings Yield	+9.1%	+10.5%	+7.8%	—	—
FCF Yield	+7.0%	+8.2%	+11.4%	—	—
Dividend Yield	+6.5%	+7.0%	+5.9%	—	—
Payout Ratio	+59.0%	+59.3%	+82.0%	+138.9%	+37.2%
Buyback Yield / Dilution	-0.9%	—	—	-13.9%	—
Total Shareholder Return	+5.6%	+7.0%	+5.9%	-13.9%	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Ratios

1-5

	CurrentMar 10, 2026	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022
Market & Price
Market Capitalization	2.21B	1.91B	2.18B	—	—
Market Cap Growth	+2.8%	-12.6%	—	—	—
Enterprise Value	2.32B	2.11B	2.36B	—	—
Last Close Price	4.10	3.41	3.70	—	—
Valuation Multiples
Forward PE (Next 12M Est.)	10.79	10.16	11.71	—	—
PE Ratio	11.02	9.49	12.76	—	—
PEG Ratio	—	1.16	1.22	—	—
PS Ratio	3.31	2.89	3.53	—	—
PB Ratio	2.85	2.40	3.06	—	—
P/TBV Ratio	3.07	2.59	3.33	—	—
P/FCF Ratio	14.22	12.19	8.79	—	—
P/OCF Ratio	9.01	8.15	8.11	—	—
EV/Sales Ratio	3.46	3.20	3.82	—	—
EV/EBITDA Ratio	8.60	8.48	10.07	—	—
EV/EBIT Ratio	10.81	9.98	11.90	—	—
EV/FCF Ratio	14.89	13.51	9.51	—	—
Leverage & Capital
Debt / Equity Ratio	0.46	0.47	0.55	0.59	0.41
Debt / EBITDA Ratio	1.32	1.41	1.57	1.87	1.30
Debt / FCF Ratio	2.29	2.41	1.59	2.55	1.34
Net Debt / Equity Ratio	0.14	0.20	0.28	0.43	0.19
Net Debt / EBITDA Ratio	0.42	0.63	0.84	1.51	0.65
Net Debt / FCF Ratio	0.67	1.00	0.79	1.87	0.62
Efficiency & Liquidity
Asset Turnover	0.53	0.54	0.53	0.48	0.53
Inventory Turnover	6.38	5.98	5.96	4.60	3.59
Quick Ratio	1.74	2.86	2.36	1.58	1.56
Current Ratio	2.17	3.70	3.12	2.42	2.40
Returns & Yields
Return on Equity (ROE)	+27.1%	+26.6%	+24.5%	+19.9%	+23.4%
Return on Assets (ROA)	+10.6%	+10.8%	+10.5%	+8.7%	+10.9%
Return on Invested Capital (ROIC)	+21.9%	+21.6%	+19.3%	+15.4%	+19.6%
Return on Capital Employed (ROCE)	+18.9%	+18.1%	+17.9%	+14.9%	+18.4%
Earnings Yield	+9.1%	+10.5%	+7.8%	—	—
FCF Yield	+7.0%	+8.2%	+11.4%	—	—
Dividend Yield	+6.5%	+7.0%	+5.9%	—	—
Payout Ratio	+59.0%	+59.3%	+82.0%	+138.9%	+37.2%
Buyback Yield / Dilution	-0.9%	—	—	-13.9%	—
Total Shareholder Return	+5.6%	+7.0%	+5.9%	-13.9%	—