Reading these tables
One table per measure. The rows are the
4 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.
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First Mills Modern Mills Arabian Mills Fourth Mills
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This is the rare sector where the cohort is the industry: all four milling companies licensed to process the Kingdom's subsidized wheat are listed, all four report to 31 December, and all four are covered here. A “sector median” on this site is therefore the median of the whole industry rather than of a sample. The histories are not equally long: the companies were carved out of the state grains organization and sold in 2020 and 2021, and the earliest years on each sheet are pre-privatization carve-out accounts, which is why several series begin part way across the period.
Growth Rates YoY Revenue Growth Rate# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills n/a 10.8% 11.2% 11.9% 14.1% 5.5% 8.8% 9.3% Modern Mills n/a -2.9% -3.2% 27.5% 76.2% -4.0% 8.1% 3.1% Arabian Mills n/a n/a n/a 4.6% 40.9% -4.5% 13.0% 2.4% Fourth Mills n/a n/a n/a -2.6% 72.0% -2.2% 9.2% 7.0% Industry n/a 4.7% 92.9% 10.6% 44.6% -1.3% 9.7% 5.4%
5Yr CAGR# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills n/a n/a n/a n/a 9.5% 8.4% 7.9% 7.4% Modern Mills n/a n/a n/a n/a 16.1% 15.9% 18.5% 13.5% Arabian Mills n/a n/a n/a n/a n/a n/a 9.7% 9.3% Fourth Mills n/a n/a n/a n/a n/a n/a 12.3% 14.5% Industry n/a n/a n/a n/a 26.4% 24.9% 11.6% 10.5%
YoY Free Cash Flows Growth Rate# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills n/a -35.4% 141.2% 26.2% -29.6% 1.7% 27.0% 3.1% Modern Mills n/a -71.2% 399.5% -18.9% 106.5% -44.4% -4.9% -26.2% Arabian Mills n/a n/a n/a -54.3% 254.6% 26.8% -5.7% 14.2% Fourth Mills n/a n/a n/a 446.2% 492.9% -31.6% 61.4% -21.8% Industry n/a -52.8% 353.5% -6.5% 85.9% -13.6% 13.8% -4.6%
YoY EPS Growth Rate# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills n/a -69.6% -99.9% 4.1% 6.5% 1.3% 14.6% 10.7% Modern Mills n/a -83.7% -99.9% -4.7% 318.1% -13.4% 2.4% 7.2% Arabian Mills n/a n/a n/a -7.1% 110.6% -21.5% 6.7% 11.0% Fourth Mills n/a n/a n/a 12.4% 225.7% -12.4% -89.5% 17.5% Industry n/a -74.9% -99.9% 0.2% 107.6% -11.9% -64.4% 11.3%
Working Capital Turnover Accounts Receivables Turnover# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 1,851.58 458.65 569.61 668.55 197.89 145.71 84.11 38.94 Modern Mills n/a n/a n/a n/a 10,295.72 1,307.89 175.43 55.38 Arabian Mills n/a n/a n/a n/a n/a 271.93 45.48 25.12 Fourth Mills n/a n/a n/a n/a 391.49 125.01 81.40 42.79 Industry 6,653.46 779.00 1,678.03 1,947.29 544.95 221.60 77.35 37.21
Inventory Turnover# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 1.76 1.95 2.11 2.17 2.53 2.87 2.99 2.96 Modern Mills 1.73 1.76 1.49 2.10 3.73 4.08 4.66 4.91 Arabian Mills n/a n/a 1.55 1.64 2.35 2.84 3.06 2.88 Fourth Mills n/a n/a 1.23 1.12 1.81 2.23 2.99 3.13 Industry 3.48 1.86 2.16 1.78 2.62 3.04 3.40 3.40
Accounts Payables Turnover# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 48.42 32.73 19.10 9.83 8.95 10.95 9.95 9.12 Modern Mills 32.36 26.83 20.43 11.16 12.01 12.63 12.29 12.25 Arabian Mills n/a n/a 6.97 8.16 9.05 7.14 9.82 10.37 Fourth Mills n/a n/a 2.05 2.62 7.37 10.21 10.47 9.82 Industry 79.61 30.01 11.20 6.90 9.43 10.07 10.62 10.32
Cash Conversion Cycle Days Sales Outstanding# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0 1 1 1 2 3 4 9 Modern Mills n/a n/a n/a n/a 0 0 2 7 Arabian Mills n/a n/a n/a n/a n/a 1 8 15 Fourth Mills n/a n/a n/a n/a 1 3 4 9 Industry 0 0 0 0 1 2 5 10
Days Inventory Outstanding# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 208 187 173 168 144 127 122 123 Modern Mills 211 207 246 174 98 89 79 74 Arabian Mills n/a n/a 236 223 155 129 120 127 Fourth Mills n/a n/a 297 327 202 163 123 117 Industry 105 196 169 205 140 120 108 107
Days Payables Outstanding# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 8 11 19 37 41 33 37 40 Modern Mills 11 14 18 33 30 29 30 30 Arabian Mills n/a n/a 53 45 40 51 37 35 Fourth Mills n/a n/a 178 139 50 36 35 37 Industry 5 12 33 53 39 36 34 35
Cash Conversion Cycle# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 201 177 155 131 105 97 90 93 Modern Mills 200 193 228 141 67 61 51 51 Arabian Mills 0 0 184 178 115 79 91 106 Fourth Mills 0 0 119 188 153 131 92 88 Industry 100 184 137 152 101 85 78 82
CapEx CapEx % of Revenues# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 1.1% 7.6% 4.9% 4.8% 4.2% 12.4% 5.5% 7.4% Modern Mills 2.2% 3.0% 4.7% 3.3% 3.5% 6.0% 10.6% 13.3% Arabian Mills n/a n/a 7.7% 14.5% 8.1% 2.3% 1.9% 5.8% Fourth Mills n/a n/a 7.5% 6.2% 12.8% 1.8% 2.5% 5.4% Industry 1.6% 5.7% 5.9% 7.0% 4.9% 6.1% 5.2% 8.1%
Tangibility# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 61.0% 61.5% 56.1% 74.2% 35.5% 39.7% 39.7% 43.1% Modern Mills 70.4% 70.4% 66.1% 78.8% 80.4% 79.3% 75.8% 84.1% Arabian Mills n/a n/a 67.5% 65.8% 44.7% 53.1% 50.7% 48.6% Fourth Mills n/a n/a 83.9% 83.4% 79.2% 82.2% 76.2% 70.5% Industry 66.1% 66.1% 66.7% 74.2% 35.2% 39.5% 38.6% 40.6%
Capex-to-CF Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.04 0.35 0.14 0.12 0.16 0.37 0.18 0.24 Modern Mills 0.07 0.26 0.08 0.10 0.09 0.24 0.38 0.52 Arabian Mills n/a n/a 0.22 0.53 0.21 0.05 0.05 0.13 Fourth Mills n/a n/a 0.78 0.32 0.09 0.06 0.05 0.15 Industry 0.06 0.33 0.17 0.23 0.14 0.19 0.16 0.25
CF-to-CapEx Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 23.50 2.86 7.24 8.38 6.27 2.67 5.71 4.18 Modern Mills 14.26 3.83 12.35 9.81 11.13 4.20 2.61 1.92 Arabian Mills n/a n/a 4.60 1.87 4.79 18.56 19.37 7.51 Fourth Mills n/a n/a 1.28 3.08 10.75 18.04 19.23 6.78 Industry 17.80 3.07 5.72 4.38 7.21 5.32 6.26 4.08
Price Multiples P/E Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 16.57 12.16 9.08 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 16.14 10.44 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 11.78 8.38 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 12.76 9.52 Industry 0.00 0.00 0.00 0.00 0.00 4.77 13.18 9.33
P/S Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 3.78 2.91 2.20 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 3.32 2.23 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 2.58 1.99 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 3.53 2.89 Industry 0.00 0.00 0.00 0.00 0.00 1.10 3.04 2.27
P/CF Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 11.48 9.97 7.37 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 12.21 8.89 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 7.31 4.62 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 8.11 8.17 Industry 0.00 0.00 0.00 0.00 0.00 3.36 9.31 6.90
P/B Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 4.09 3.23 2.35 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 12.83 7.23 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 2.43 1.60 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 3.06 2.41 Industry 0.00 0.00 0.00 0.00 0.00 1.38 3.76 2.55
Dividends Dividends per Share# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.000 0.000 0.000 11.394 3.234 1.370 2.976 2.785 Modern Mills 0.000 0.000 0.000 3.001 1.882 1.728 2.000 2.000 Arabian Mills n/a n/a 0.000 0.000 0.000 0.000 0.590 1.000 Fourth Mills n/a n/a 0.000 0.000 1.294 4.185 0.260 0.220 Industry 0.000 0.000 0.000 3.646 1.672 1.762 0.685 0.669
Dividends Payout Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.0% 0.0% 0.0% 309.6% 82.5% 34.5% 65.5% 55.3% Modern Mills 0.0% 0.0% 0.0% 436.3% 65.4% 69.4% 78.4% 73.1% Arabian Mills n/a n/a 0.0% 0.0% 0.0% 0.0% 14.2% 21.6% Fourth Mills n/a n/a 0.0% 0.0% 37.6% 138.9% 82.1% 59.2% Industry 0.0% 0.0% 0.0% 204.9% 45.3% 54.2% 59.1% 51.9%
Dividends Coverage Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills n/a n/a n/a 0.323 1.212 2.896 1.527 1.807 Modern Mills n/a n/a n/a 0.229 1.528 1.442 1.275 1.367 Arabian Mills n/a n/a n/a n/a n/a n/a 7.056 4.619 Fourth Mills n/a n/a n/a n/a 2.658 0.720 1.217 1.690 Industry n/a n/a n/a 0.488 2.209 1.846 1.693 1.927
Dividends Yield# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills n/a n/a n/a n/a n/a 2.1% 5.4% 6.1% Modern Mills n/a n/a n/a n/a n/a n/a 4.9% 7.0% Arabian Mills n/a n/a n/a n/a n/a n/a 1.2% 2.6% Fourth Mills n/a n/a n/a n/a n/a n/a 6.4% 6.2% Industry n/a n/a n/a n/a n/a 11.4% 4.5% 5.6%
Liquidity Current Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 3.01 5.37 8.37 2.10 1.23 1.24 1.12 0.85 Modern Mills 3.09 6.10 9.17 1.64 1.15 1.24 1.61 0.89 Arabian Mills n/a n/a 4.29 5.51 1.78 1.74 2.02 2.49 Fourth Mills n/a n/a 1.15 1.94 2.40 2.42 3.12 3.70 Industry 3.05 5.67 4.68 2.59 1.55 1.48 1.63 1.43
Quick Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 1.99 3.80 6.42 1.05 0.83 0.81 0.67 0.44 Modern Mills 2.06 4.19 6.48 0.73 0.55 0.70 1.08 0.44 Arabian Mills n/a n/a 2.67 3.61 1.48 1.06 1.08 1.80 Fourth Mills n/a n/a 0.30 0.63 1.47 1.57 2.33 2.83 Industry 2.02 3.96 3.12 1.37 1.09 0.92 1.03 0.92
Cash ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 1.97 3.60 6.67 1.10 0.64 0.66 0.53 0.23 Modern Mills 2.18 4.27 6.82 0.65 0.60 0.58 0.94 0.32 Arabian Mills n/a n/a 2.65 3.64 1.43 0.88 0.87 1.56 Fourth Mills n/a n/a 0.37 0.76 1.52 1.25 1.39 0.73 Industry 2.07 3.88 3.24 1.39 1.03 0.75 0.79 0.54
Operating Cash Flow Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 1.03 1.58 3.28 2.21 0.69 1.10 0.85 0.86 Modern Mills 1.16 0.81 4.13 1.20 1.79 1.21 1.41 1.15 Arabian Mills n/a n/a 2.12 1.84 0.86 2.51 2.31 2.84 Fourth Mills n/a n/a 0.24 0.65 2.35 1.97 3.05 2.71 Industry 1.09 1.26 1.95 1.53 1.13 1.52 1.51 1.47
Solvency & Capital Structure Debt ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 20.8% 21.7% 22.4% 31.0% 62.7% 55.9% 54.1% 47.2% Modern Mills 10.6% 14.0% 13.6% 78.4% 72.2% 67.6% 67.7% 63.6% Arabian Mills n/a n/a 15.0% 13.6% 73.6% 59.5% 49.5% 41.0% Fourth Mills n/a n/a 25.2% 30.6% 33.8% 34.8% 32.9% 29.9% Industry 15.3% 17.8% 18.6% 36.7% 63.4% 55.6% 51.6% 45.2%
Debt-to-equity ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.30 0.30 0.31 0.54 2.02 1.55 1.43 1.15 Modern Mills 0.13 0.17 0.16 7.79 4.66 3.19 3.36 2.51 Arabian Mills n/a n/a 0.19 0.17 3.31 1.66 1.09 0.77 Fourth Mills n/a n/a 0.40 0.49 0.57 0.59 0.55 0.47 Industry 0.20 0.23 0.25 0.67 2.11 1.49 1.27 0.98
Interest coverage ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 11.12 12.58 17.90 21.74 8.32 3.58 3.89 4.93 Modern Mills 11.94 9.41 12.42 5.26 9.04 6.47 5.81 9.67 Arabian Mills n/a n/a 16.80 17.12 16.94 3.11 4.52 5.54 Fourth Mills n/a n/a 7.83 6.95 15.89 27.74 22.00 24.02 Industry 11.46 11.26 13.77 10.67 11.25 4.59 5.37 7.03
Fixed Charge Coverage Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 11.12 -3.16 -26.52 -20.53 8.32 3.74 4.36 6.08 Modern Mills 11.94 -2.24 -24.08 9.98 11.08 7.66 6.62 12.77 Arabian Mills n/a n/a -35.06 -32.98 22.28 3.35 4.95 6.22 Fourth Mills n/a n/a -16.10 -19.43 30.16 -29.10 -279.85 -200.28 Industry 11.46 -2.80 -25.49 -71.87 13.53 5.23 6.29 9.02
Efficiency Fixed Assets Turnover# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.86 0.84 0.86 0.94 1.70 1.44 1.54 1.40 Modern Mills 0.51 0.48 0.48 0.64 1.41 1.33 1.31 1.20 Arabian Mills n/a n/a 0.68 0.68 1.00 0.97 1.15 1.19 Fourth Mills n/a n/a 0.43 0.39 1.06 1.06 1.22 1.32 Industry 0.66 0.64 0.61 0.66 1.26 1.19 1.30 1.27
Total Assets Turnover# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.53 0.52 0.48 0.69 0.38 0.39 0.42 0.44 Modern Mills 0.36 0.34 0.32 0.50 0.85 0.80 0.78 0.82 Arabian Mills n/a n/a 0.46 0.44 0.32 0.38 0.43 0.43 Fourth Mills n/a n/a 0.36 0.32 0.46 0.49 0.52 0.52 Industry 0.44 0.43 0.41 0.49 0.44 0.47 0.50 0.52
Goodwill to Assets Ratio# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.0% 0.0% 0.0% 0.0% 45.0% 44.1% 43.7% 43.8% Modern Mills 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Arabian Mills n/a n/a 0.0% 0.0% 29.6% 35.9% 36.1% 35.3% Fourth Mills n/a n/a 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Industry 0.0% 0.0% 0.0% 0.0% 25.2% 27.0% 26.3% 26.3%
Profit Margins Gross Profits# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 34.6% 36.6% 41.1% 46.1% 48.6% 47.2% 48.3% 46.9% Modern Mills 36.5% 36.3% 41.1% 38.0% 42.6% 42.4% 43.4% 42.6% Arabian Mills n/a n/a 44.6% 43.5% 52.0% 56.2% 53.5% 54.8% Fourth Mills n/a n/a 40.2% 42.5% 52.1% 54.2% 53.6% 53.9% Industry 35.5% 36.5% 42.0% 43.0% 48.4% 49.4% 49.2% 49.0%
EBITDA# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 25.3% 26.4% 33.2% 32.1% 33.6% 34.8% 35.7% 35.1% Modern Mills 24.1% 20.1% 26.8% 24.6% 33.1% 33.2% 31.4% 30.6% Arabian Mills n/a n/a 29.1% 27.7% 38.9% 44.0% 38.8% 39.1% Fourth Mills n/a n/a 28.4% 31.6% 41.0% 38.7% 40.7% 40.4% Industry 24.8% 23.8% 29.9% 29.0% 36.1% 37.4% 36.2% 35.8%
EBIT# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 19.9% 20.9% 27.8% 26.6% 28.0% 29.8% 30.4% 29.6% Modern Mills 14.9% 10.1% 16.2% 16.2% 27.6% 27.0% 25.5% 24.7% Arabian Mills n/a n/a 22.1% 20.3% 32.0% 35.5% 30.6% 30.7% Fourth Mills n/a n/a 16.8% 19.0% 32.8% 29.0% 32.1% 32.1% Industry 17.7% 16.5% 22.0% 21.3% 29.8% 30.3% 29.4% 29.0%
NOPAT# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 22.2% 23.0% 29.7% 28.2% 29.3% 31.0% 31.7% 30.9% Modern Mills 14.9% 10.1% 18.4% 17.9% 28.3% 27.8% 26.2% 25.3% Arabian Mills n/a n/a 22.1% 20.3% 33.0% 36.3% 31.6% 31.7% Fourth Mills n/a n/a 20.5% 23.5% 33.3% 29.1% 32.5% 32.5% Industry 19.0% 17.7% 23.7% 22.9% 30.7% 31.0% 30.2% 29.9%
EBT# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 17.8% 19.5% 26.6% 25.4% 24.5% 23.5% 24.5% 24.8% Modern Mills 13.2% 8.9% 14.9% 11.6% 24.1% 22.3% 20.9% 21.8% Arabian Mills n/a n/a 21.3% 19.2% 30.3% 23.8% 22.5% 24.4% Fourth Mills n/a n/a 12.9% 14.9% 30.6% 27.9% 30.1% 32.1% Industry 15.8% 15.1% 20.4% 18.9% 27.0% 24.0% 23.9% 25.1%
Net Profits# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 17.8% 19.5% 26.6% 24.8% 23.8% 22.8% 23.9% 24.2% Modern Mills 13.2% 8.9% 14.9% 11.2% 23.8% 21.5% 20.6% 21.4% Arabian Mills n/a n/a 21.3% 18.9% 28.3% 23.2% 21.9% 23.8% Fourth Mills n/a n/a 12.9% 14.9% 28.2% 25.2% 27.7% 30.4% Industry 15.8% 15.1% 20.4% 18.5% 25.8% 23.0% 23.1% 24.4%
Returns ROIC# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 13.0% 12.8% 15.0% 22.0% 11.8% 12.9% 14.3% 15.1% Modern Mills 5.9% 3.6% 6.0% 10.0% 27.3% 25.0% 23.1% 23.2% Arabian Mills n/a n/a 10.8% 9.5% 11.2% 14.3% 14.2% 14.3% Fourth Mills n/a n/a 8.4% 8.2% 16.6% 15.1% 17.9% 18.1% Industry 9.2% 8.0% 10.3% 12.3% 14.5% 15.6% 16.3% 16.7%
Weighted Average Cost of Capital (WACC)# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 11.1% 9.6% 8.1% 6.7% 5.4% 10.0% 9.6% 9.2% Modern Mills 6.8% 5.2% 5.1% 3.0% 4.3% 6.1% 9.9% 9.5% Arabian Mills n/a n/a 6.6% 6.2% 2.7% 8.8% 8.5% 9.7% Fourth Mills n/a n/a 6.6% 6.1% 6.8% 6.4% 8.3% 8.7% Industry 10.6% 8.7% 8.0% 6.4% 5.0% 8.6% 7.1% 9.0%
Return on Assets# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 9.4% 10.1% 12.9% 17.2% 9.0% 8.9% 10.1% 10.7% Modern Mills 4.7% 3.0% 4.7% 5.6% 20.2% 17.3% 16.0% 17.6% Arabian Mills n/a n/a 9.7% 8.4% 9.2% 8.7% 9.4% 10.2% Fourth Mills n/a n/a 4.6% 4.8% 13.1% 12.3% 14.3% 15.9% Industry 6.9% 6.5% 8.4% 9.1% 11.4% 10.8% 11.6% 12.6%
Return on Equity# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 13.5% 14.1% 17.6% 29.8% 29.0% 24.7% 26.5% 25.9% Modern Mills 5.9% 3.7% 5.7% 55.2% 130.6% 81.5% 79.5% 69.3% Arabian Mills n/a n/a 12.4% 10.3% 41.2% 24.3% 20.6% 19.1% Fourth Mills n/a n/a 7.4% 7.7% 22.1% 20.9% 24.0% 25.3% Industry 9.2% 8.4% 11.1% 16.6% 38.0% 28.9% 28.6% 27.4%
Valuation Multiples EV/Revenues# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 5.02 4.01 3.19 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 4.01 2.94 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 3.61 2.71 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 3.97 3.37 Industry -0.18 -0.13 -0.11 0.47 1.11 2.12 3.90 3.03
EV/EBITDA# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 14.43 11.25 9.09 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 12.75 9.60 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 9.31 6.93 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 9.75 8.33 Industry -0.71 -0.53 -0.35 1.62 3.07 5.66 10.77 8.45
EV/Book Value# Company 2018 2019 2020 2021 2022 2023 2024 2025 First Mills 0.00 0.00 0.00 0.00 0.00 5.42 4.45 3.41 Modern Mills 0.00 0.00 0.00 0.00 0.00 0.00 15.49 9.52 Arabian Mills n/a n/a 0.00 0.00 0.00 0.00 3.40 2.18 Fourth Mills n/a n/a 0.00 0.00 0.00 0.00 3.44 2.80 Industry -0.10 -0.07 -0.06 0.42 1.64 2.66 4.82 3.40