The Baraboo Bancorporation, Inc. Financial Ratios — BAOB

Profitability (USD)

	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	13.14	13.07	13.01	12.34	16.39	17.39	13.26	5.76	6.33	6.85	6.84	7.15	7.51
Return on Assets (%)	- -	1.07	1.07	1.09	0.95	1.09	1.15	1.85	0.72	0.72	0.8	0.86	0.92	0.95
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	6.73	6.95	7.44	7.22	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	41.59	41.05	43.1	44.69	41.54	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	37.09	36.9	38.93	40.64	41.54	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	35.72	64.99	56.95	37.35	-668.55	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	37.09	36.9	38.93	40.64	41.54	41.27	31.39	28.51	24.46	29.73	34.7	29.96	33.1	32.75
Profit Margin (%)	26.12	24.76	25.28	25.19	26.4	26.54	23.03	20.97	17.41	21.88	25.61	23.9	26.71	26.29
Net Income to Common Margin (%)	26.12	24.76	25.28	25.19	26.4	26.54	23.03	20.97	17.41	21.88	25.61	23.9	26.71	26.29
Effective Tax Rate (%)	29.58	32.9	35.07	38	36.43	35.7	26.66	26.45	28.81	26.42	26.18	20.23	19.31	19.72
Dvd Payout Ratio (%)	23.07	22.11	22.45	23.46	- -	- -	4.03	10.42	20.51	20.33	20.05	25.38	22.71	19.8
Sustainable Growth Rate (%)	- -	10.24	10.13	9.96	12.34	16.39	16.69	11.88	4.58	5.04	5.47	5.11	5.53	6.03

Credit (USD)

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	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	42	45	44	40	15	8	- -	- -	11	5	5	5	14	9
ST Debt	- -	- -	22	- -	- -	4	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	42	45	22	40	15	5	- -	- -	11	5	5	5	14	9
Total Debt/EBITDA	4.81	4.51	3.9	3.08	1.56	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	2.74	2.88	2.38	1.25	-0.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	5.39	5.02	4.32	3.39	1.56	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	3.07	3.21	2.64	1.38	-0.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.99	8.23	8.14	8.54	6.65	6.64	- -	13.92	11.52	11.16	12.1	13.14	12.7	12.61
Long-Term Debt/Equity (%)	95.72	93.18	42.05	67.56	27.95	8.45	- -	- -	23.21	9.84	10.06	9.08	23.11	13.67
Long-Term Debt/Capital (%)	49.08	48.33	23.01	40.36	27.72	9.58	- -	- -	16.8	7.77	7.38	7.04	16.46	10.56
Long-Term Debt/Total Assets (%)	7.7	7.7	3.42	5.78	2.55	0.76	- -	- -	2.33	0.94	0.96	1	2.5	1.49
Total Debt/Equity (%)	95.72	93.18	82.72	67.56	27.95	14.89	- -	- -	23.21	9.84	10.06	9.08	23.11	13.67
Total Debt/Capital (%)	49.08	48.33	45.28	40.36	27.72	16.87	- -	- -	16.8	7.77	7.38	7.04	16.46	10.56
Total Debt/Total Assets (%)	7.7	7.7	6.73	5.78	2.55	1.35	- -	- -	2.33	0.94	0.96	1	2.5	1.49
Net Debt to Equity	54.43	59.58	50.46	27.46	-4.85	-15.29	- -	-69.71	-242.83	-380.08	-154.78	-93.03	-132.94	-101.08
Net Debt/Capital (%)	35.41	37.42	33.54	21.57	-7.13	-26.32	- -	-145.64	231.97	149.98	834.24	-258.53	-1,783.98	-356.65
EBITDA	9	10	11	13	9	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	9	10	11	13	9	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	8	9	10	12	9	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 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	7.99	8.23	8.14	8.54	6.65	6.64	- -	13.92	11.52	11.16	12.1	13.14	12.7	12.61
Long-Term Debt/Equity (%)	95.72	93.18	42.05	67.56	27.95	8.45	- -	- -	23.21	9.84	10.06	9.08	23.11	13.67
Long-Term Debt/Capital (%)	49.08	48.33	23.01	40.36	27.72	9.58	- -	- -	16.8	7.77	7.38	7.04	16.46	10.56
Long-Term Debt/Total Assets (%)	7.7	7.7	3.42	5.78	2.55	0.76	- -	- -	2.33	0.94	0.96	1	2.5	1.49
Total Debt/Equity (%)	95.72	93.18	82.72	67.56	27.95	14.89	- -	- -	23.21	9.84	10.06	9.08	23.11	13.67
Total Debt/Capital (%)	49.08	48.33	45.28	40.36	27.72	16.87	- -	- -	16.8	7.77	7.38	7.04	16.46	10.56
Total Debt/Total Assets (%)	7.7	7.7	6.73	5.78	2.55	1.35	- -	- -	2.33	0.94	0.96	1	2.5	1.49
CFO/Total Liabilities	1.77	1.64	1.53	1.24	- -	- -	- -	4.18	0.88	1	1.52	1.18	0.95	0.75
CFO/CapEx	- -	- -	- -	- -	- -	- -	12.87	29.94	13.82	25.65	44	14.01	10.99	24.53
Altman's Z-Score	0.19	0.2	0.2	0.22	0.3	0.25	- -	0.26	0.2	0.2	0.17	0.22	0.22	0.18

Working Capital (USD)

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	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	2.09	5.16	14.93	5.93	6.37	7.93	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	174.7	70.73	24.44	61.57	57.29	46.05	- -	- -	- -	- -	- -	- -	- -
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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	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	104	105	33	39	28	38	- -	26	31	- -
- Cash & Cash Equivalents	18	16	17	24	17	16	- -	32	119	193	77	51	79	65
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	42	45	44	40	15	8	- -	- -	11	5	5	5	14	9
Enterprise Value	24	29	27	16	102	97	33	7	-80	-150	-72	-20	-34	-56
Total Capital	86	94	98	99	53	48	- -	54	68	64	68	71	84	83
Total Debt/Capital (%)	49.08	48.33	45.28	40.36	27.72	16.87	- -	- -	16.8	7.77	7.38	7.04	16.46	10.56
Total Debt / EV	1.76	1.56	1.64	2.46	0.15	0.08	- -	- -	-0.14	-0.03	-0.07	-0.25	-0.4	-0.16
EV/Sales	1.14	1.18	1.03	0.56	4.46	4	2.16	0.42	- -	- -	- -	- -	- -	- -
EV/EBITDA	2.74	2.88	2.38	1.25	10.74	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	3.07	3.21	2.64	1.38	10.74	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	2.69	3.28	2.92	2.07	- -	- -	12.01	0.5	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	2.69	3.28	2.92	2.07	- -	- -	11.15	0.48	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	104	105	33	39	28	38	34	26	31	53
Diluted Enterprise Value	24	29	27	16	102	97	33	7	-80	-150	-38	-20	-34	-3
EV per Share	3.59	4.33	4.05	2.45	15.28	14.55	3.5	0.77	- -	- -	- -	- -	- -	- -
TTM Sales	21	24	26	29	23	24	15	17	18	17	16	18	18	21
TTM EBITDA	9	10	11	13	9	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	8	9	10	12	9	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	9	9	9	8	- -	- -	3	14	4	5	7	5	5	4
TTM Free Cash Flow to Firm	9	9	9	8	- -	- -	3	15	4	5	7	6	5	4

Multiples (USD)

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	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	11.15	2.65	6.71	7.62	4.67	4.6	6.15	12.84
EV/EBIT	3.07	3.21	2.64	1.38	10.74	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	24	29	27	16	102	97	33	7	-80	-150	-72	-20	-34	-56
Low Price	- -	- -	- -	- -	15.51	15.59	3.3	3.45	2.2	3	3.15	2.45	2.44	3.4
EV/Sales	1.14	1.18	1.03	0.56	4.46	4	2.16	0.42	- -	- -	- -	- -	- -	- -
EV/EBITDA	2.74	2.88	2.38	1.25	10.74	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	17.32	16.36	9.4	10.94	8.79	10.42	- -	5.92	6.44	- -
Price/Earnings Average	- -	- -	- -	- -	17.37	16.53	10.26	10.04	8.9	9.81	- -	6.61	5.47	- -
Price/Earnings High	- -	- -	- -	- -	17.92	17.84	11.01	11.72	12.6	10.93	- -	7.72	6.57	- -
Price/Earnings Low	- -	- -	- -	- -	17.14	16.14	8.86	8.99	6.45	7.62	- -	5.18	4.62	- -
Price/Book Value	- -	- -	- -	- -	2.71	2.64	- -	0.73	0.49	0.64	- -	0.4	0.45	- -
Price/Book Value Average	- -	- -	- -	- -	2.71	2.66	- -	0.67	0.5	0.61	- -	0.44	0.38	- -
Price/Book Value High	- -	- -	- -	- -	2.8	2.88	- -	0.78	0.71	0.67	- -	0.52	0.46	- -
Price/Book Value Low	- -	- -	- -	- -	2.68	2.6	- -	0.6	0.36	0.47	- -	0.35	0.32	- -
Price/Tangible Book Value	- -	- -	- -	- -	2.16	2.13	- -	0.87	0.58	0.77	- -	0.48	0.53	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	2.17	2.16	- -	0.8	0.59	0.72	- -	0.54	0.45	- -
Price/Tangible Book Value High	- -	- -	- -	- -	2.24	2.33	- -	0.93	0.83	0.81	- -	0.63	0.54	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	2.14	2.11	- -	0.72	0.42	0.56	- -	0.42	0.38	- -
Price/Sales	- -	- -	- -	- -	4.57	4.34	2.16	2.29	1.53	2.28	- -	1.42	1.72	- -
Price/Sales Average	- -	- -	- -	- -	4.59	4.39	2.36	2.11	1.55	2.15	- -	1.58	1.46	- -
Price/Sales High	- -	- -	- -	- -	4.73	4.73	2.53	2.46	2.19	2.39	- -	1.85	1.76	- -
Price/Sales Low	- -	- -	- -	- -	4.53	4.28	2.04	1.88	1.12	1.67	- -	1.24	1.23	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	12.01	2.74	7.2	7.92	- -	4.93	6.71	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	13.11	2.52	7.28	7.46	- -	5.5	5.69	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	14.07	2.94	10.31	8.31	- -	6.42	6.84	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	11.33	2.25	5.28	5.8	- -	4.31	4.81	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	12.17	2.43	6.79	7.18	5.06	5.13	5.22	9.61
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	13.06	2.84	9.62	8	5.75	6	6.27	12.84
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	10.51	2.18	4.92	5.58	4.03	4.03	4.41	7.43
EV/Sales Average	1.14	1.18	1.03	0.56	4.47	4.04	2.36	0.23	- -	- -	- -	- -	- -	- -
EV/Sales High	1.14	1.18	1.03	0.56	4.62	4.39	2.53	0.58	- -	- -	- -	- -	- -	- -
EV/Sales Low	1.14	1.18	1.03	0.56	4.41	3.94	2.04	0.01	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	2.74	2.88	2.38	1.25	10.77	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	2.74	2.88	2.38	1.25	11.12	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	2.74	2.88	2.38	1.25	10.63	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	3.07	3.21	2.64	1.38	10.77	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	3.07	3.21	2.64	1.38	11.12	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	3.07	3.21	2.64	1.38	10.63	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	15.67	15.8	3.5	4.2	3	4.1	3.65	2.8	3.4	5.87
High Price	- -	- -	- -	- -	16.21	17.23	4.1	4.5	4.3	4.3	4.5	3.65	3.47	5.87
Enterprise Value Average	24	29	27	16	102	98	36	4	-80	-152	-72	-17	-39	-56
Enterprise Value High	24	29	27	16	105	106	38	10	-68	-148	-72	-12	-33	-56
Enterprise Value Low	24	29	27	16	101	96	31	- -	-87	-160	-72	-23	-43	-56

	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	20	20	7	7	7	7	- -	9	9	9	9	9	9	9
Diluted Weighted Avg Shares	7	7	7	7	7	7	9	9	9	9	9	9	9	9
Basic Weighted Avg Shares	7	7	7	7	7	7	9	9	9	9	- -	9	9	- -
Revenue per Share	3.15	3.66	3.95	4.37	3.43	3.64	1.62	1.83	1.96	1.8	- -	1.98	1.98	- -
EBITDA per Share	1.31	1.5	1.7	1.95	1.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.17	1.35	1.54	1.78	1.42	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.82	0.91	1	1.1	0.9	0.97	0.37	0.38	0.34	0.39	- -	0.47	0.53	- -
Basic EPS from Cont Ops	0.82	0.91	1	1.1	0.9	0.97	0.37	0.38	0.34	0.39	- -	0.47	0.53	- -
Diluted EPS, GAAP	0.82	0.91	1	1.1	0.9	0.97	0.37	0.38	0.34	0.39	0.45	0.47	0.53	0.6
Diluted EPS from Cont Ops	0.82	0.91	1	1.1	0.9	0.97	0.37	0.38	0.34	0.39	0.45	0.47	0.53	0.6
Dividend per Share	0.19	0.2	0.22	0.26	- -	- -	0.02	0.04	0.07	0.08	- -	0.12	0.12	- -
Cash Flow per Share	1.34	1.32	1.39	1.18	- -	- -	0.29	1.53	0.42	0.52	- -	0.57	0.51	- -
Free Cash Flow per Basic Share	1.34	1.32	1.39	1.18	- -	- -	0.27	1.48	0.39	0.5	- -	0.53	0.46	- -
Cash & Equivalents per Share	2.72	2.44	2.59	3.57	2.61	2.46	- -	3.43	12.8	20.74	- -	5.5	8.6	- -
Book Value per Share	6.55	7.25	8.03	8.89	5.79	5.99	- -	5.79	6.06	6.37	- -	7.09	7.58	- -
Tangible Book Value per Share	6.14	6.82	7.45	8.34	7.24	7.4	- -	4.82	5.18	5.33	- -	5.82	6.38	- -

The Baraboo Bancorporation, Inc.

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Per Share Data Items (USD)