Associated Banc-Corp Financial Ratios — ASB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	10.47	14.28	13.71	12.82	11.71	11.63	12.1	15.67	13.65	11.91	13	12.71	5.86	3.8	15.07
Return on Assets (%)	0.64	0.79	0.79	0.75	0.69	0.7	0.77	1.04	0.99	0.93	1.02	0.98	0.45	0.29	1.08
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	14.66	13.44	11.91	9.59	10.11	10.04	9.05	6.32	8.62	8.63	6.71	5.58	8.59	9.96	6.9
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	20.7	27.09	27.95	28.4	26.83	27.13	31.76	33.67	33.66	26.01	41.59	37.25	18.78	13.06	39.07
Profit Margin (%)	15.77	19.05	19.68	19.6	18.72	18.89	21.49	27.17	27.06	24.41	33.46	29.68	16.67	11.96	32.1
Net Income to Common Margin (%)	12.97	18.5	19.15	19.09	18.01	18.05	20.62	26.29	25.8	22.95	31.83	28.74	15.62	10.85	31.32
Effective Tax Rate (%)	23.84	29.67	29.56	30.99	30.2	30.36	32.32	19.3	19.61	6.18	19.55	20.34	11.21	8.41	17.85
Dvd Payout Ratio (%)	-3.16	22.81	29.96	31.65	34.45	35.46	34.75	32.69	35.88	38.84	34.76	34.72	75.55	124.68	33.62
Sustainable Growth Rate (%)	10.8	11.02	9.6	8.76	7.67	7.5	7.9	10.55	8.75	7.28	8.48	8.3	1.43	-0.94	10

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	2,177	2,592	3,353	4,504	3,079	3,345	3,749	4,415	3,762	2,242	1,905	4,589	2,481	2,691	3,862
ST Debt	1,000	1,576	265	574	403	584	67	945	552	59	35	3,146	740	1,250	2,855
LT Debt	1,177	1,015	3,087	3,930	2,676	2,762	3,681	3,470	3,210	2,182	1,870	1,443	1,741	1,441	1,007
Total Debt/EBITDA	16.77	20.53	29.36	48.31	30.29	31.42	38.85	56.88	36.14	20.67	27.05	66.62	26.31	26.25	37.82
Net Debt/EBITDA	12.07	14.9	24.27	37.41	25.81	25.83	31.77	47.49	30.54	14.07	12.48	57.99	16.66	16.52	20.99
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.25	5.46	5.75	5.59	5.76	5.83	6.35	6.49	7.36	7.36	7.62	7.38	7.19	6.79	7.14
Long-Term Debt/Equity (%)	41.07	34.58	106.78	140.35	91.11	89.34	113.71	91.78	81.85	53.34	46.47	35.93	41.72	31.3	20.24
Long-Term Debt/Capital (%)	34.71	25.78	64.2	64.81	55.81	53.08	62.98	50.62	50.15	43.16	39.19	18.77	30.96	24.82	13.82
Long-Term Debt/Total Assets (%)	5.37	4.32	12.74	14.65	9.66	9.48	12.08	10.32	9.91	6.53	5.33	3.66	4.25	3.35	2.23
Total Debt/Equity (%)	75.97	88.27	115.96	160.86	104.83	108.22	115.8	116.78	95.93	54.79	47.33	114.28	59.45	58.44	77.63
Total Debt/Capital (%)	64.2	65.8	69.72	74.29	64.21	64.3	64.14	64.41	58.77	44.34	39.92	59.68	44.12	46.35	53.02
Total Debt/Total Assets (%)	9.93	11.03	13.84	16.79	11.11	11.48	12.3	13.14	11.62	6.71	5.43	11.64	6.05	6.26	8.54
Net Debt to Equity	54.7	64.06	95.85	124.57	89.35	88.95	94.69	97.52	81.06	37.29	21.85	99.48	37.65	36.77	43.08
Net Debt/Capital (%)	56.36	58.28	65.55	69.11	60.46	59.69	59.39	60.18	54.62	35.14	23.47	56.3	33.33	35.21	38.51
EBITDA	130	126	114	93	102	106	96	78	104	108	70	69	94	103	102
EBITDA-CapEx	53	42	46	43	47	3	49	12	37	54	18	6	32	58	66
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.25	5.46	5.75	5.59	5.76	5.83	6.35	6.49	7.36	7.36	7.62	7.38	7.19	6.79	7.14
Long-Term Debt/Equity (%)	41.07	34.58	106.78	140.35	91.11	89.34	113.71	91.78	81.85	53.34	46.47	35.93	41.72	31.3	20.24
Long-Term Debt/Capital (%)	34.71	25.78	64.2	64.81	55.81	53.08	62.98	50.62	50.15	43.16	39.19	18.77	30.96	24.82	13.82
Long-Term Debt/Total Assets (%)	5.37	4.32	12.74	14.65	9.66	9.48	12.08	10.32	9.91	6.53	5.33	3.66	4.25	3.35	2.23
Total Debt/Equity (%)	75.97	88.27	115.96	160.86	104.83	108.22	115.8	116.78	95.93	54.79	47.33	114.28	59.45	58.44	77.63
Total Debt/Capital (%)	64.2	65.8	69.72	74.29	64.21	64.3	64.14	64.41	58.77	44.34	39.92	59.68	44.12	46.35	53.02
Total Debt/Total Assets (%)	9.93	11.03	13.84	16.79	11.11	11.48	12.3	13.14	11.62	6.71	5.43	11.64	6.05	6.26	8.54
CFO/Total Liabilities	1.63	1.71	2.24	0.83	1.22	2.46	1.68	1.66	2.02	1.88	1.7	2.39	1.2	1.51	1.53
CFO/CapEx	4.04	4.17	7.06	3.96	5.51	6.17	9.68	7.54	8.51	10.02	10.13	13.5	7.16	12.9	16.93
Altman's Z-Score	0.16	0.17	0.18	0.17	0.17	0.19	0.19	0.19	0.21	0.19	0.2	0.19	0.18	0.18	0.2

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	26.48	13.85	12.28	10.97	6.99	6.1	9
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	13.78	26.35	29.71	33.28	52.22	59.81	40.58
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	1,314	1,562	2,033	2,112	2,063	2,770	2,948	2,611	2,882	2,226	3,012	3,158	3,083	3,631	4,252
- Cash & Cash Equivalents	610	711	582	1,016	455	596	683	728	581	715	1,026	594	909	998	1,719
+ Preferred Equity and Hybrid Capital	63	63	62	60	121	160	160	257	257	354	193	194	194	194	194
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2,177	2,592	3,353	4,504	3,079	3,345	3,749	4,415	3,762	2,242	1,905	4,589	2,481	2,691	3,862
Enterprise Value	-1,993	-1,420	-384	264	-159	1,000	2,130	2,607	3,057	1,021	-247	4,605	1,249	938	1,198
Total Capital	3,391	3,939	4,809	6,064	4,795	5,203	5,845	6,855	6,402	5,056	4,773	7,689	5,624	5,807	7,285
Total Debt/Capital (%)	64.2	65.8	69.72	74.29	64.21	64.3	64.14	64.41	58.77	44.34	39.92	59.68	44.12	46.35	53.02
Total Debt / EV	-1.09	-1.83	-8.73	17.09	-19.36	3.35	1.76	1.69	1.23	2.2	-7.72	1	1.99	2.87	3.23
EV/Sales	- -	- -	- -	0.27	- -	0.94	2	2.12	2.53	0.81	- -	3.73	1.14	0.91	0.81
EV/EBITDA	- -	- -	- -	2.83	- -	9.39	22.08	33.59	29.37	9.41	- -	66.86	13.24	9.15	11.73
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	1.32	- -	1.56	4.65	5.25	5.32	1.86	- -	5.44	2.82	1.62	1.95
EV/Free Cash Flow to Firm	- -	- -	- -	1.05	- -	1.34	4.21	4.64	4.76	1.69	- -	5.06	2.47	1.5	1.84
Diluted Market Cap	1,314	1,563	2,036	2,125	2,080	2,792	3,002	2,648	2,907	2,235	3,037	3,186	3,102	3,665	4,292
Diluted Enterprise Value	2,945	3,508	4,869	5,673	4,826	5,702	6,228	6,592	6,345	4,116	4,109	7,375	4,868	5,553	6,630
EV per Share	- -	- -	- -	1.68	- -	6.72	14.12	15.58	19.04	6.67	- -	30.87	8.33	6.17	7.25
TTM Sales	886	939	959	972	1,006	1,060	1,067	1,228	1,208	1,257	1,049	1,234	1,097	1,029	1,479
TTM EBITDA	130	126	114	93	102	106	96	78	104	108	70	69	94	103	102
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	310	350	478	200	301	641	458	497	574	550	530	847	443	580	616
TTM Free Cash Flow to Firm	386	434	546	250	356	745	506	562	642	605	582	909	505	625	652

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	3.4	3.6	3.73	8.5	5.84	3.75	5.94	4.71	4.53	3.7	5.22	3.5	6.15	5.86	6.58
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-1,993	-1,420	-384	264	-159	1,000	2,130	2,607	3,057	1,021	-247	4,605	1,249	938	1,198
Low Price	8.74	11.17	12.6	15.54	16.5	15.45	20.95	18.53	18.52	10.23	16.87	17.45	14.47	19.4	18.32
EV/Sales	- -	- -	- -	0.27	- -	0.94	2	2.12	2.53	0.81	- -	3.73	1.14	0.91	0.81
EV/EBITDA	- -	- -	- -	2.83	- -	9.39	22.08	33.59	29.37	9.41	- -	66.86	13.24	9.15	11.73
Price/Earnings	11.44	8.99	11.08	11.39	11.39	14.47	13.41	8.09	9.25	7.72	9.02	8.9	17.98	32.52	9.18
Price/Earnings Average	12.97	8.79	9.84	10.73	11.4	11.04	12.78	10.32	8.76	6.61	8.36	8.28	15.13	29.43	8.72
Price/Earnings High	23.54	14.6	15.97	16.48	17.27	19.77	18.32	15.05	12.28	11.74	10.86	10.84	21.18	38.35	9.83
Price/Earnings Low	13.19	11.07	11.37	13.18	13.6	12.01	14.37	9.61	9.54	5.43	7.62	7.34	12.66	26.4	6.53
Price/Book Value	1.14	1.22	1.46	1.41	1.29	1.63	1.52	1.2	1.21	0.9	1.13	1.09	1.05	1.24	1.32
Price/Book Value Average	1.3	1.19	1.3	1.33	1.29	1.24	1.45	1.53	1.15	0.77	1.04	1.01	0.88	1.12	1.25
Price/Book Value High	2.35	1.98	2.1	2.04	1.96	2.23	2.08	2.23	1.61	1.38	1.36	1.32	1.23	1.47	1.41
Price/Book Value Low	1.32	1.5	1.5	1.63	1.55	1.35	1.63	1.42	1.25	0.64	0.95	0.9	0.74	1.01	0.94
Price/Tangible Book Value	0.73	0.83	1.11	1.21	1.17	1.47	1.45	1.18	1.23	0.88	1.15	1.22	1.12	1.14	1.19
Price/Tangible Book Value Average	0.83	0.81	0.99	1.14	1.17	1.12	1.39	1.51	1.17	0.76	1.07	1.13	0.94	1.03	1.13
Price/Tangible Book Value High	1.5	1.35	1.61	1.75	1.77	2.01	1.99	2.2	1.64	1.34	1.39	1.48	1.32	1.34	1.28
Price/Tangible Book Value Low	0.84	1.02	1.14	1.4	1.39	1.22	1.56	1.4	1.27	0.62	0.97	1.01	0.79	0.92	0.85
Price/Sales	1.48	1.66	2.12	2.17	2.05	2.61	2.76	2.13	2.39	1.77	2.87	2.56	2.81	3.53	2.87
Price/Sales Average	1.68	1.63	1.88	2.05	2.05	1.99	2.64	2.71	2.26	1.52	2.66	2.38	2.36	3.19	2.73
Price/Sales High	3.05	2.7	3.06	3.15	3.11	3.57	3.78	3.96	3.17	2.69	3.46	3.12	3.31	4.16	3.08
Price/Sales Low	1.71	2.05	2.18	2.52	2.45	2.17	2.96	2.53	2.46	1.25	2.42	2.11	1.98	2.86	2.04
Price/Cash Flow	4.24	4.46	4.25	10.59	6.85	4.32	6.43	5.26	5.02	4.05	5.69	3.73	6.96	6.26	6.91
Price/Cash Flow Average	4.81	4.36	3.78	9.98	6.85	3.29	6.13	6.71	4.75	3.46	5.27	3.47	5.86	5.66	6.56
Price/Cash Flow High	8.73	7.24	6.13	15.33	10.39	5.9	8.79	9.78	6.66	6.16	6.85	4.54	8.2	7.38	7.39
Price/Cash Flow Low	4.89	5.49	4.37	12.25	8.18	3.58	6.9	6.24	5.18	2.85	4.8	3.07	4.9	5.08	4.91
Price/Free Cash Flow Average	3.86	3.52	3.31	8.01	5.85	2.86	5.66	6.01	4.29	3.16	4.84	3.26	5.17	5.3	6.26
Price/Free Cash Flow High	7	5.84	5.38	12.31	8.87	5.12	8.11	8.76	6.02	5.62	6.28	4.27	7.24	6.91	7.05
Price/Free Cash Flow Low	3.92	4.43	3.83	9.84	6.98	3.11	6.36	5.59	4.67	2.6	4.41	2.89	4.33	4.76	4.68
EV/Sales Average	3.52	3.7	4.84	5.7	4.78	4.74	5.66	5.93	5.11	3.01	3.68	5.78	3.97	5.03	4.31
EV/Sales High	4.89	4.77	6.01	6.8	5.84	6.31	6.8	7.17	6.02	4.19	4.48	6.51	4.92	5.99	4.66
EV/Sales Low	3.55	4.12	5.13	6.17	5.18	4.91	5.99	5.74	5.31	2.74	3.45	5.51	3.59	4.7	3.62
EV/EBITDA Average	24.04	27.5	40.62	59.4	47.31	47.17	62.56	93.72	59.24	34.91	54.85	103.46	46.23	50.47	62.46
EV/EBITDA High	33.39	35.5	50.47	70.85	57.78	62.86	75.18	113.38	69.79	48.56	66.73	116.65	57.23	60.18	67.46
EV/EBITDA Low	24.23	30.64	43.08	64.27	51.25	48.92	66.19	90.75	61.59	31.77	51.34	98.61	41.74	47.17	52.5
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	7.58	9.07	12.28	13.43	13.81	18.62	19.54	15.6	17.95	14.55	19.98	21.17	20.56	23.9	25.76
High Price	15.6	14.73	17.7	19.44	20.95	25.43	26.7	29.03	23.84	22.13	24.06	25.78	24.21	28.18	27.58
Enterprise Value Average	3,121	3,471	4,639	5,538	4,810	5,022	6,036	7,276	6,167	3,786	3,864	7,126	4,360	5,174	6,379
Enterprise Value High	4,335	4,482	5,764	6,606	5,875	6,693	7,254	8,802	7,265	5,266	4,700	8,035	5,397	6,169	6,891
Enterprise Value Low	3,146	3,868	4,919	5,992	5,210	5,208	6,386	7,045	6,411	3,445	3,616	6,792	3,936	4,835	5,362

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	175	170	164	152	151	152	153	164	157	154	149	150	151	166	166
Diluted Weighted Avg Shares	173	172	166	158	151	150	154	170	162	154	152	150	151	153	167
Basic Weighted Avg Shares	173	172	166	157	149	149	151	167	161	153	151	149	150	152	165
Revenue per Share	5.11	5.45	5.79	6.18	6.73	7.13	7.07	7.34	7.52	8.22	6.96	8.27	7.32	6.78	8.96
EBITDA per Share	0.75	0.73	0.69	0.59	0.68	0.72	0.64	0.46	0.65	0.71	0.47	0.46	0.63	0.67	0.62
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.66	1.01	1.11	1.18	1.21	1.29	1.46	1.93	1.94	1.88	2.21	2.38	1.14	0.73	2.81
Basic EPS from Cont Ops	0.81	1.04	1.14	1.21	1.26	1.35	1.52	1.99	2.04	2	2.33	2.45	1.22	0.81	2.88
Diluted EPS, GAAP	0.66	1.01	1.11	1.17	1.2	1.28	1.43	1.9	1.92	1.88	2.2	2.36	1.14	0.73	2.78
Diluted EPS from Cont Ops	0.81	1.04	1.14	1.2	1.25	1.34	1.49	1.97	2.02	2	2.31	2.43	1.21	0.8	2.85
Dividend per Share	0.12	0.26	0.36	0.41	0.47	0.52	0.57	0.69	0.79	0.85	0.88	0.9	0.94	0.99	1.01
Cash Flow per Share	1.79	2.03	2.89	1.27	2.02	4.31	3.04	2.97	3.58	3.59	3.51	5.68	2.95	3.82	3.73
Free Cash Flow per Basic Share	1.34	1.55	2.48	0.95	1.65	3.61	2.72	2.57	3.16	3.24	3.17	5.26	2.54	3.52	3.51
Cash & Equivalents per Share	32	32.73	35.22	40.77	36.3	35.46	31.33	27.94	23.94	24.84	35.53	22.36	30.08	36.72	43.08
Book Value per Share	6.64	7.45	8.42	9.53	10.68	11.41	12.83	13.05	14.84	16.08	17.74	19.49	19.66	19.23	19.56
Tangible Book Value per Share	10.42	10.93	11.03	11.09	11.85	12.65	13.44	13.21	14.54	16.46	17.34	17.36	18.34	20.98	21.61

Associated Banc-Corp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)