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Saudi equity research · Tadawul Main Market & Nomu
Research › Car Rental › Data

Data appendix

Every figure behind the car rental piece, as it comes out of the model. One table per measure, with all 3 companies and the industry aggregate in every one of them, FY2018 to FY2025.

Reading these tables

One table per measure. The rows are the 3 companies and then the industry, which is the benchmark the others are read against rather than another company. Figures are as the model carries them: ratios and multiples unscaled, days as days, per-share amounts in riyals, a minus sign for negatives. The last column is shaded because it is the year being reported on.

The cohort is the sector: all three listed car rental companies report to 31 December and all three are covered here, so a “sector median” on this site is the median of the whole listed industry rather than of a sample. Two qualifications. The histories are not equally long: Theeb and Lumi's sheets begin in FY2019, so the FY2018 industry column is Budget Saudi alone and is not a market total. And the share counts move: Theeb's rose by more than half in FY2025 and Lumi's pre-listing count was a fraction of today's, so per-share figures are not comparable across those boundaries even though the underlying profits are.

Growth Rates

YoY Revenue Growth Rate#

Company20182019202020212022202320242025
Budget Saudi-11.3%0.2%-7.5%2.4%3.7%34.4%43.0%22.7%
Theebn/an/a4.6%14.0%28.7%17.3%14.7%14.9%
Lumin/an/a35.7%21.1%50.1%41.3%40.2%7.7%
Industry-11.3%91.4%3.2%10.1%22.7%30.4%33.3%15.8%

5Yr Revenue CAGR#

Company20182019202020212022202320242025
Budget Saudin/an/an/a-3.4%-0.3%5.7%15.4%19.6%
Theebn/an/an/an/an/a12.5%14.6%14.8%
Lumin/an/an/an/an/a28.4%29.2%26.2%
Industryn/an/an/a14.0%21.7%12.7%18.6%19.8%

YoY Free Cash Flows Growth Rate#

Company20182019202020212022202320242025
Budget Saudin/a-27.6%51.5%-55.8%-344.9%-99.4%-2,021.3%188.4%
Theebn/an/a-192.1%-66.6%-274.6%40.1%-49.0%509.9%
Lumin/an/a-262.5%-159.7%-40.9%819.2%-71.8%-162.7%
Industryn/a-140.4%-734.5%-97.8%-3,386.0%98.3%-72.9%-70.3%

YoY EPS Growth Rate#

Company20182019202020212022202320242025
Budget Saudin/a5.1%13.3%8.6%14.6%10.0%2.4%9.7%
Theebn/an/a-98.0%98.8%53.6%-26.4%28.6%-35.7%
Lumin/an/a69.9%-99.9%35.4%11.8%12.3%9.9%
Industryn/a86.7%-37.9%-3.5%30.3%-1.5%11.7%-5.5%

Working Capital Turnover

Accounts Receivables Turnover#

Company20182019202020212022202320242025
Budget Saudi4.734.944.614.814.724.703.402.81
Theebn/a5.565.054.283.983.523.232.98
Lumin/a2.893.392.833.514.174.804.36
Industry9.466.164.404.004.074.113.703.20

Inventory Turnover#

Company20182019202020212022202320242025
Budget Saudi67.427.1011.4922.4220.1614.727.867.21
Theebn/a12.5418.8015.0425.4034.3721.6111.14
Lumin/an/an/a305.81156.54161.8379.8956.59
Industry134.8414.6216.9622.5829.8926.5414.9311.44

Accounts Payables Turnover#

Company20182019202020212022202320242025
Budget Saudi2.652.927.4410.494.384.394.364.01
Theebn/a61.4649.5319.9913.7911.9218.4834.52
Lumin/a1.121.770.990.830.821.312.11
Industry5.313.995.294.022.322.072.783.78

Cash Conversion Cycle

Days Sales Outstanding#

Company20182019202020212022202320242025
Budget Saudi777479767778108130
Theebn/a66738592104113123
Lumin/a126108129104887684
Industry39598391908999114

Days Inventory Outstanding#

Company20182019202020212022202320242025
Budget Saudi551321618254751
Theebn/a29192414111733
Lumin/an/an/a12256
Industry325221612142532

Days Payables Outstanding#

Company20182019202020212022202320242025
Budget Saudi138125493583838491
Theebn/a671826312011
Lumin/a325207369439444279173
Industry6992699115717713297

Cash Conversion Cycle#

Company20182019202020212022202320242025
Budget Saudi-550625712197089
Theeb08985918084110145
Lumi0-198-99-239-332-354-198-83
Industry-27-73616-55-74-849

CapEx

CapEx % of Revenues#

Company20182019202020212022202320242025
Budget Saudi0.5%4.4%0.4%2.7%1.3%0.8%2.2%1.3%
Theebn/a0.6%0.6%0.8%0.6%1.0%0.9%0.7%
Lumin/a0.6%0.6%0.5%0.3%1.1%1.5%1.9%
Industry0.4%2.6%0.5%1.4%0.7%0.9%1.6%1.1%

Tangibility#

Company20182019202020212022202320242025
Budget Saudi84.1%87.3%78.7%83.0%88.0%86.4%81.0%81.8%
Theebn/a84.2%84.0%82.0%76.2%79.0%82.4%80.8%
Lumin/a80.4%79.8%79.9%84.1%86.8%88.2%86.6%
Industry84.1%82.6%77.0%78.4%79.0%81.0%79.3%79.1%

Capex-to-CF Ratio#

Company20182019202020212022202320242025
Budget Saudi0.020.200.010.15-0.041.200.560.23
Theebn/a-0.030.030.13-0.08-0.12-0.32-0.04
Lumin/a-0.010.01-0.02-0.03-0.01-0.100.13
Industry0.02-1.000.020.69-0.04-0.03-0.43-3.90

CF-to-CapEx Ratio#

Company20182019202020212022202320242025
Budget Saudi58.675.0474.356.56-26.080.831.774.34
Theebn/a-33.2932.567.50-12.32-8.23-3.17-28.55
Lumin/a-82.9893.37-59.69-36.75-79.41-9.887.99
Industry58.67-1.0063.781.45-23.51-28.59-2.32-0.26

Share Performance

Earnings per Share#

Company20182019202020212022202320242025
Budget Saudi2.3892.5102.8453.0903.5413.8953.9884.375
Theebn/a75.3891.4712.9244.4913.3044.2492.732
Lumin/a1,974.2513,354.9581.9292.6122.9203.2783.602
Industry2.3894.4592.7682.6703.4803.4283.8303.617

Sales per Share#

Company20182019202020212022202320242025
Budget Saudi14.62714.66313.55813.88514.40519.36525.21730.945
Theebn/a410.09215.34917.49722.51126.40530.29522.693
Lumin/a21,150.94128,699.8559.48114.23020.10128.17830.341
Industry14.62727.39118.00113.37116.40821.39427.38128.044

Cash Flow per Share#

Company20182019202020212022202320242025
Budget Saudi3.6453.2383.9852.049-4.0960.1180.9421.537
Theebn/a-83.7242.9341.095-1.533-2.070-0.901-4.550
Lumin/a-10,212.10516,971.804-2.688-1.571-14.649-3.8002.999
Industry3.645-0.7095.8180.266-2.623-5.240-0.988-0.076

Book Value per Share#

Company20182019202020212022202320242025
Budget Saudi15.82719.46921.28722.46124.23226.73735.06238.145
Theebn/a291.49311.19813.19415.46216.96919.31313.864
Lumin/a36,178.80039,551.68012.70815.33718.64222.04125.597
Industry15.82732.68422.68116.93519.11121.62227.15326.635

Price Multiples

P/E Ratio#

Company20182019202020212022202320242025
Budget Saudi0.000.000.0011.309.6715.2115.4010.70
Theebn/a0.000.0013.8910.2413.2812.0213.76
Lumin/a0.000.000.000.0034.2421.7213.86
Industry0.000.000.009.367.5020.0116.1712.33

P/S Ratio#

Company20182019202020212022202320242025
Budget Saudi0.000.000.002.512.383.062.441.51
Theebn/a0.000.002.322.041.661.691.66
Lumin/a0.000.000.000.004.972.531.65
Industry0.000.000.001.871.593.212.261.59

P/CF Ratio#

Company20182019202020212022202320242025
Budget Saudi0.000.000.0017.04-8.36503.8465.1830.44
Theebn/a0.000.0037.06-30.01-21.19-56.68-8.26
Lumin/a0.000.000.000.00-6.83-18.7416.65
Industry0.000.000.0093.84-9.95-13.09-62.70-588.65

P/B Ratio#

Company20182019202020212022202320242025
Budget Saudi0.000.000.001.551.412.221.751.23
Theebn/a0.000.003.082.982.592.642.71
Lumin/a0.000.000.000.005.363.231.95
Industry0.000.000.001.481.373.172.281.67

Dividends

Dividends per Share#

Company20182019202020212022202320242025
Budget Saudi1.5002.0001.7501.9002.0001.5001.4501.500
Theebn/a32.4880.6980.9102.1501.8201.9301.460
Lumin/a0.0000.0000.0000.0000.0000.0000.000
Industry1.5002.6451.3531.0311.3881.0941.1151.072

Dividends Payout Ratio#

Company20182019202020212022202320242025
Budget Saudi62.8%79.7%61.5%61.5%56.5%38.5%36.4%34.3%
Theebn/a43.1%47.4%31.1%47.9%55.1%45.4%53.4%
Lumin/a0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Industry62.8%59.3%48.9%38.6%39.9%31.9%29.1%29.6%

Dividends Coverage Ratio#

Company20182019202020212022202320242025
Budget Saudi1.5921.2551.6261.6261.7712.5972.7502.917
Theebn/a2.3212.1083.2132.0891.8152.2021.871
Lumin/an/an/an/an/an/an/an/a
Industry1.5921.6862.0452.5912.5083.1343.4363.373

Dividends Yield#

Company20182019202020212022202320242025
Budget Saudin/an/an/a5.4%5.8%2.5%2.4%3.2%
Theebn/an/an/a2.2%4.7%4.1%3.8%3.9%
Lumin/an/an/an/an/a0.0%0.0%0.0%
Industryn/an/an/a4.1%5.3%1.6%1.8%2.4%

Liquidity

Current Ratio#

Company20182019202020212022202320242025
Budget Saudi0.900.932.291.480.550.580.760.68
Theebn/a0.440.450.470.680.550.470.51
Lumin/a0.830.710.420.510.320.340.40
Industry0.900.650.870.590.580.450.530.54

Quick Ratio#

Company20182019202020212022202320242025
Budget Saudi0.900.822.201.440.530.520.670.62
Theebn/a0.420.430.460.670.540.450.48
Lumin/a0.830.710.420.510.320.330.39
Industry0.900.610.840.590.570.440.490.50

Cash ratio#

Company20182019202020212022202320242025
Budget Saudi0.060.020.900.510.040.050.080.04
Theebn/a0.130.090.100.150.060.040.02
Lumin/a0.030.060.030.090.030.030.02
Industry0.060.080.230.130.100.050.050.03

Operating Cash Flow Ratio#

Company20182019202020212022202320242025
Budget Saudi1.041.001.740.71-0.560.010.060.10
Theebn/a-0.280.270.08-0.10-0.10-0.04-0.25
Lumin/a-0.840.97-0.23-0.15-0.66-0.190.15
Industry1.04-0.060.750.03-0.25-0.32-0.05-0.00

Solvency & Capital Structure

Debt ratio#

Company20182019202020212022202320242025
Budget Saudi7.3%5.3%1.6%1.4%17.6%21.3%33.3%32.6%
Theebn/a50.9%51.5%47.7%53.8%55.0%57.0%62.9%
Lumin/a12.9%9.2%1.6%30.8%44.2%50.1%46.5%
Industry7.3%22.3%19.7%16.2%32.4%38.9%44.1%44.7%

Debt-to-equity ratio#

Company20182019202020212022202320242025
Budget Saudi0.090.060.020.020.260.340.610.58
Theebn/a1.451.401.281.511.691.772.19
Lumin/a0.190.140.030.671.401.391.13
Industry0.090.350.300.270.620.901.011.00

Interest coverage ratio#

Company20182019202020212022202320242025
Budget Saudi84.38132.06184.03235.3856.9217.4410.919.39
Theebn/a13.5010.2415.7715.748.797.076.35
Lumin/a32.0380.41114.6317.807.885.466.66
Industry84.3832.6627.6538.6022.3110.407.367.44

Fixed Charge Coverage Ratio#

Company20182019202020212022202320242025
Budget Saudi84.38-357.31-82.27-49.83-37.6742.1019.2516.54
Theebn/a38.6057.70-50.12-36.8125.0023.4210.89
Lumin/a431.44-117.02-118.18179.3214.537.2210.70
Industry84.38159.24-407.78-59.28-57.8323.6812.7912.60

Efficiency

Fixed Assets Turnover#

Company20182019202020212022202320242025
Budget Saudi0.860.720.720.650.480.560.520.60
Theebn/a0.610.670.650.730.680.640.60
Lumin/a0.490.590.500.530.410.540.58
Industry0.860.640.670.610.560.530.550.59

Total Assets Turnover#

Company20182019202020212022202320242025
Budget Saudi0.720.620.550.520.410.460.390.46
Theebn/a0.490.500.500.520.510.510.47
Lumin/a0.390.470.380.420.340.460.49
Industry0.720.530.520.470.450.430.440.47

Goodwill to Assets Ratio#

Company20182019202020212022202320242025
Budget Saudi0.0%0.0%0.0%0.0%0.0%0.0%1.4%1.3%
Theebn/a0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Lumin/a0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Industry0.0%0.0%0.0%0.0%0.0%0.0%0.6%0.6%

Profit Margins

Gross Profits#

Company20182019202020212022202320242025
Budget Saudi69.9%72.5%59.7%56.3%60.6%55.5%49.8%50.7%
Theebn/a65.6%60.2%66.5%65.9%60.7%58.5%59.0%
Lumin/a57.4%59.4%70.7%66.8%58.6%52.6%53.4%
Industry69.9%67.9%59.8%63.0%64.2%58.1%53.0%53.7%

EBITDA#

Company20182019202020212022202320242025
Budget Saudi61.1%62.3%50.5%46.0%51.9%46.6%41.9%41.8%
Theebn/a54.3%49.6%53.7%53.1%47.4%46.8%46.5%
Lumin/a45.4%50.4%59.4%55.0%45.5%45.3%45.8%
Industry61.1%57.1%50.2%51.6%53.2%46.5%44.3%44.2%

EBIT#

Company20182019202020212022202320242025
Budget Saudi17.5%18.1%21.9%23.3%26.2%23.4%20.2%18.9%
Theebn/a23.7%13.9%20.2%23.5%18.1%20.3%18.7%
Lumin/a11.1%12.7%20.0%21.1%21.1%20.5%19.2%
Industry17.5%18.8%17.4%21.5%23.8%21.0%20.3%18.9%

NOPAT#

Company20182019202020212022202320242025
Budget Saudi17.6%18.3%22.0%23.5%26.4%23.6%20.8%19.7%
Theebn/a24.1%14.6%20.9%24.0%18.6%20.7%19.0%
Lumin/a11.2%12.8%20.2%21.4%21.4%20.9%19.5%
Industry17.6%19.0%17.7%21.9%24.2%21.4%20.8%19.4%

EBT#

Company20182019202020212022202320242025
Budget Saudi16.8%17.6%21.6%23.1%25.3%20.7%16.4%14.5%
Theebn/a19.7%10.2%17.6%21.0%13.3%14.4%12.3%
Lumin/a9.7%12.1%20.9%19.0%15.0%11.9%12.2%
Industry16.8%17.0%16.0%20.8%22.0%16.6%14.4%13.2%

Net Profits#

Company20182019202020212022202320242025
Budget Saudi16.3%17.1%21.0%22.3%24.6%20.1%15.8%14.1%
Theebn/a18.4%9.6%16.7%19.9%12.5%14.0%12.0%
Lumin/a9.3%11.7%20.3%18.4%14.5%11.6%11.9%
Industry16.3%16.3%15.4%20.0%21.2%16.0%14.0%12.9%

Returns

ROIC#

Company20182019202020212022202320242025
Budget Saudi14.3%12.5%13.3%13.8%12.1%12.4%9.1%9.9%
Theebn/a13.5%8.2%11.9%13.6%10.6%11.5%9.6%
Lumin/a5.5%8.0%14.4%11.8%9.5%11.1%10.7%
Industry14.3%11.5%10.5%13.2%12.5%10.9%10.2%10.0%

Weighted Average Cost of Capital (WACC)#

Company20182019202020212022202320242025
Budget Saudi5.5%4.9%3.8%5.3%6.7%9.5%7.8%9.7%
Theebn/a4.3%4.3%4.8%6.5%7.7%8.6%8.6%
Lumin/a4.8%3.6%3.9%4.4%7.6%9.7%10.2%
Industry7.2%4.1%4.8%5.1%6.4%9.4%8.8%9.5%

Return on Assets#

Company20182019202020212022202320242025
Budget Saudi11.8%10.5%11.6%11.7%10.0%9.2%6.2%6.5%
Theebn/a9.1%4.8%8.3%10.3%6.3%7.1%5.7%
Lumin/a3.7%5.5%7.8%7.8%4.9%5.3%5.8%
Industry11.8%8.6%7.9%9.5%9.4%6.8%6.2%6.1%

Return on Equity#

Company20182019202020212022202320242025
Budget Saudi15.1%12.9%13.4%13.8%14.6%14.6%11.4%11.5%
Theebn/a25.9%13.1%22.2%29.0%19.5%22.0%19.7%
Lumin/a5.5%8.5%15.2%17.0%15.7%14.9%14.1%
Industry15.1%13.6%12.2%15.8%18.2%15.9%14.1%13.6%

Valuation Multiples

EV/Revenues#

Company20182019202020212022202320242025
Budget Saudi0.000.000.002.432.793.503.242.20
Theebn/a0.000.003.212.982.702.792.98
Lumin/a0.000.000.000.006.243.602.58
Industry0.090.390.282.132.264.083.232.52

EV/EBITDA#

Company20182019202020212022202320242025
Budget Saudi0.000.000.005.305.387.517.735.27
Theebn/a0.000.005.975.615.705.956.41
Lumin/a0.000.000.000.0013.717.945.64
Industry0.140.680.574.134.248.787.295.70

EV/Book Value#

Company20182019202020212022202320242025
Budget Saudi0.000.000.001.501.662.542.331.79
Theebn/a0.000.004.254.344.204.374.87
Lumin/a0.000.000.000.006.724.603.06
Industry0.080.330.231.681.944.043.262.66