Waves Corporation Ratios and Metrics

Market cap in millions PKR. Fiscal year is January - December.

Millions PKR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr '26 Apr 16, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	3,160	3,762	2,558	2,226	2,429	4,387
Market Cap Growth	40.37%	47.09%	14.92%	-8.34%	-44.64%	-17.04%
Enterprise Value	14,050	14,518	10,924	9,683	10,629	10,622
Last Close Price	11.23	13.37	9.09	7.91	8.63	12.50
PE Ratio	6.07	8.80	2.44	9.82	10.27	13.77
Forward PE	-	3.80	3.80	3.80	3.80	3.80
PS Ratio	0.66	0.79	0.65	0.43	0.24	0.42
PB Ratio	0.23	0.28	0.20	0.20	0.23	0.43
P/TBV Ratio	0.42	0.50	0.35	0.33	0.38	0.75
P/FCF Ratio	-	-	-	29.51	3.17	-
P/OCF Ratio	9.72	11.58	-	1.13	0.73	-
EV/Sales Ratio	2.94	3.04	2.77	1.86	1.07	1.02
EV/EBITDA Ratio	9.26	9.57	7.07	11.32	9.82	11.24
EV/EBIT Ratio	12.21	12.61	8.80	19.30	13.90	16.63
EV/FCF Ratio	-282.51	-	-	128.40	13.86	-
Debt / Equity Ratio	0.55	0.55	0.54	0.56	0.62	0.73
Debt / EBITDA Ratio	4.97	4.97	4.53	7.24	5.87	7.21
Debt / FCF Ratio	-	-	-	84.00	8.69	-
Net Debt / Equity Ratio	0.55	0.55	0.54	0.56	0.61	0.72
Net Debt / EBITDA Ratio	4.92	4.92	4.54	7.33	6.05	7.80
Net Debt / FCF Ratio	-149.94	-149.94	-9.14	83.17	8.53	-7.67
Asset Turnover	0.19	0.19	0.17	0.24	0.47	0.54
Inventory Turnover	1.36	1.36	0.63	0.63	1.57	2.27
Quick Ratio	1.10	1.10	1.05	0.44	0.60	0.83
Current Ratio	1.66	1.66	1.69	1.14	1.30	1.32
Return on Equity (ROE)	3.91%	3.91%	8.97%	2.33%	2.25%	3.50%
Return on Assets (ROA)	2.90%	2.90%	3.34%	1.43%	2.25%	2.06%
Return on Invested Capital (ROIC)	5.43%	5.59%	6.60%	2.88%	3.31%	2.45%
Return on Capital Employed (ROCE)	5.90%	5.90%	6.60%	4.10%	6.40%	5.30%
Earnings Yield	13.53%	11.37%	40.91%	10.18%	9.73%	7.26%
FCF Yield	-1.57%	-1.32%	-30.02%	3.39%	31.57%	-21.91%
Payout Ratio	-	-	-	-	-	0.03%
Buyback Yield / Dilution	17.86%	17.86%	-	-	-	-50.00%
Total Shareholder Return	17.86%	17.86%	-	-	-	-50.00%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.