Business First Bancshares, Inc. Financial Ratios — BFST

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	33.24	14.22	31.81	39.24	35.33	43.08	31.93	30.49	22.45	25.51
Return on Assets (%)	- -	0.92	0.4	0.82	1.09	0.93	1.17	1.01	1.13	0.9	1.09
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.19	3.02	2.36	1.67	1.78	2.16	2.23	2.12	1.89	1.94	1.78
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	15.06	15.63	17.91	24.81	33.41	25.08	34.6	30.15	36.61	30.72	34.49
Profit Margin (%)	10.97	11.88	9.7	20.13	26.6	20.45	27.95	23.84	28.71	24.08	27.47
Net Income to Common Margin (%)	10.97	11.88	9.7	20.13	26.6	20.45	27.95	23.25	26.53	22.08	25.78
Effective Tax Rate (%)	27.13	23.99	45.84	18.88	20.37	18.45	19.24	20.9	21.57	21.61	20.35
Dvd Payout Ratio (%)	- -	20.66	36.96	23.28	21.26	25.07	18.1	20.46	19.28	24.89	20.43
Sustainable Growth Rate (%)	- -	26.37	8.97	24.4	30.89	26.48	35.28	25.4	24.61	16.86	20.3

Credit (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	51	79	80	118	84	168	526	616	461	529
ST Debt	- -	1	1	- -	- -	5	- -	- -	- -	- -	256
LT Debt	- -	50	78	80	118	79	168	526	616	461	273
Total Debt/EBITDA	- -	39.2	66.52	68.26	74.31	26.6	40.47	109.14	131.95	87.62	93.09
Net Debt/EBITDA	- -	6.74	-24.58	-13.71	18.03	-20.53	24.04	77.44	83.53	26.92	20.7
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	2.78	2.83	2.44	3.08	2.4	3.01	3.16	3.67	3.7	4.33
Long-Term Debt/Equity (%)	- -	44.09	43.18	30.76	41.39	19.31	38.87	90.59	95.64	57.62	30.39
Long-Term Debt/Capital (%)	- -	61.29	67	60.98	62.77	43.02	54.21	66.83	66.29	55.97	28.49
Long-Term Debt/Total Assets (%)	- -	4.53	5.88	3.82	5.19	1.9	3.56	8.78	9.36	5.86	3.32
Total Debt/Equity (%)	- -	44.85	43.66	30.76	41.39	20.53	38.87	90.59	95.64	57.62	58.95
Total Debt/Capital (%)	- -	62.35	67.74	60.98	62.77	45.75	54.21	66.83	66.29	55.97	55.26
Total Debt/Total Assets (%)	- -	4.61	5.95	3.82	5.19	2.02	3.56	8.78	9.36	5.86	6.44
Net Debt to Equity	- -	7.71	-16.13	-6.18	10.04	-15.85	23.1	64.28	60.55	17.7	13.11
Net Debt/Capital (%)	- -	22.15	-346.49	-45.76	29.03	-186.53	41.3	58.84	55.45	28.08	21.55
EBITDA	1	1	1	1	2	3	4	5	5	5	6
EBITDA-CapEx	- -	- -	1	- -	-2	- -	- -	-3	-7	4	6
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	2.78	2.83	2.44	3.08	2.4	3.01	3.16	3.67	3.7	4.33
Long-Term Debt/Equity (%)	- -	44.09	43.18	30.76	41.39	19.31	38.87	90.59	95.64	57.62	30.39
Long-Term Debt/Capital (%)	- -	61.29	67	60.98	62.77	43.02	54.21	66.83	66.29	55.97	28.49
Long-Term Debt/Total Assets (%)	- -	4.53	5.88	3.82	5.19	1.9	3.56	8.78	9.36	5.86	3.32
Total Debt/Equity (%)	- -	44.85	43.66	30.76	41.39	20.53	38.87	90.59	95.64	57.62	58.95
Total Debt/Capital (%)	- -	62.35	67.74	60.98	62.77	45.75	54.21	66.83	66.29	55.97	55.26
Total Debt/Total Assets (%)	- -	4.61	5.95	3.82	5.19	2.02	3.56	8.78	9.36	5.86	6.44
CFO/Total Liabilities	- -	0.82	0.7	1.05	1.23	0.78	1.31	1.29	1.53	0.87	1.26
CFO/CapEx	3.53	5.86	15.78	20.97	6.17	9.88	14.21	8.94	7.81	39.31	1,395.2
Altman's Z-Score	- -	0.07	0.07	0.15	0.18	0.12	0.16	0.13	0.15	0.14	0.16

Working Capital (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	25.42	13.34	11.35	11	9.19	8.58	10.05	8.9	8.22	8.6
Days Sales Outstanding	- -	14.36	27.36	32.15	33.19	39.72	42.55	36.3	41	44.41	42.44
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)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	270	332	370	580	501	618	675	768
- Cash & Cash Equivalents	- -	42	108	96	89	149	68	153	226	319	411
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	72	72	72	72
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	51	79	80	118	84	168	526	616	461	529
Enterprise Value	- -	-190	-208	-56	82	-336	-341	55	201	-5	367
Total Capital	- -	82	116	131	188	184	311	787	930	823	957
Total Debt/Capital (%)	- -	62.35	67.74	60.98	62.77	45.75	54.21	66.83	66.29	55.97	55.26
Total Debt / EV	- -	-0.27	-0.38	-1.43	1.43	-0.25	-0.49	9.49	3.07	-85.97	1.44
EV/Sales	- -	- -	- -	- -	0.92	- -	- -	0.24	0.81	3.18	1.15
EV/EBITDA	- -	- -	- -	- -	51.81	- -	- -	11.5	42.96	163.5	64.61
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	3.37	- -	- -	0.8	2.21	14	3.99
EV/Free Cash Flow to Firm	- -	- -	- -	- -	2.9	- -	- -	0.72	1.96	13.65	3.98
Diluted Market Cap	- -	- -	- -	280	341	371	584	505	624	680	772
Diluted Enterprise Value	- -	9	-29	264	369	306	684	950	1,086	893	962
EV per Share	- -	- -	- -	- -	6.18	- -	- -	2.45	8	32.74	12.48
TTM Sales	37	43	50	70	89	147	187	228	247	270	320
TTM EBITDA	1	1	1	1	2	3	4	5	5	5	6
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	3	8	8	19	24	29	56	70	91	61	92
TTM Free Cash Flow to Firm	4	10	8	20	28	32	60	77	103	63	92

Multiples (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	13.85	12.01	11.5	9.67	6.53	6.08	10.8	8.38
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	-190	-208	-56	82	-336	-341	55	201	-5	367
Low Price	- -	- -	- -	20.64	21.56	9.17	20	20.19	13.05	18.97	20.07
EV/Sales	- -	- -	- -	- -	0.92	- -	- -	0.24	0.81	3.18	1.15
EV/EBITDA	- -	- -	- -	- -	51.81	- -	- -	11.5	42.96	163.5	64.61
Price/Earnings	- -	- -	- -	19.13	13.96	12.33	11.13	9.47	9.42	11.3	9.32
Price/Earnings Average	- -	- -	- -	20.15	13.71	10.28	9.46	10.11	7.14	10.33	8.85
Price/Earnings High	- -	- -	- -	23.68	14.53	16.14	11.47	12.62	9.77	13.32	10.15
Price/Earnings Low	- -	- -	- -	16.29	12.07	5.55	7.86	8.64	4.99	8.34	7.15
Price/Book Value	- -	- -	- -	5.27	4.74	3.71	4.08	2.65	2.56	2.32	2.16
Price/Book Value Average	- -	- -	- -	5.55	4.66	3.09	3.47	2.83	1.94	2.12	2.05
Price/Book Value High	- -	- -	- -	6.52	4.94	4.85	4.2	3.53	2.66	2.74	2.35
Price/Book Value Low	- -	- -	- -	4.49	4.1	1.67	2.88	2.42	1.36	1.71	1.66
Price/Tangible Book Value	- -	- -	- -	1.33	1.44	1.07	1.61	1.23	1.31	1.15	1.11
Price/Tangible Book Value Average	- -	- -	- -	1.4	1.42	0.89	1.37	1.32	0.99	1.05	1.06
Price/Tangible Book Value High	- -	- -	- -	1.65	1.5	1.4	1.66	1.64	1.36	1.35	1.21
Price/Tangible Book Value Low	- -	- -	- -	1.13	1.25	0.48	1.14	1.13	0.69	0.85	0.86
Price/Sales	- -	- -	- -	3.85	3.71	2.52	3.11	2.2	2.5	2.5	2.4
Price/Sales Average	- -	- -	- -	4.06	3.65	2.1	2.65	2.35	1.89	2.28	2.28
Price/Sales High	- -	- -	- -	4.77	3.87	3.3	3.21	2.93	2.59	2.94	2.62
Price/Sales Low	- -	- -	- -	3.28	3.21	1.14	2.2	2.01	1.32	1.84	1.84
Price/Cash Flow	- -	- -	- -	13.98	13.59	12.61	10.28	7.2	6.8	10.99	8.34
Price/Cash Flow Average	- -	- -	- -	14.73	13.35	10.51	8.74	7.69	5.15	10.04	7.93
Price/Cash Flow High	- -	- -	- -	17.31	14.15	16.5	10.6	9.6	7.05	12.95	9.09
Price/Cash Flow Low	- -	- -	- -	11.91	11.75	5.68	7.26	6.57	3.6	8.11	6.41
Price/Free Cash Flow Average	- -	- -	- -	14.59	11.8	9.59	8.22	6.97	4.61	9.87	7.96
Price/Free Cash Flow High	- -	- -	- -	17.15	12.5	15.04	9.97	8.7	6.3	12.73	9.13
Price/Free Cash Flow Low	- -	- -	- -	11.8	10.39	5.18	6.83	5.96	3.22	7.97	6.44
EV/Sales Average	- -	0.2	- -	3.83	3.97	1.66	3.18	4.31	3.76	3.07	2.87
EV/Sales High	- -	0.2	- -	4.54	4.19	2.86	3.74	4.89	4.46	3.73	3.21
EV/Sales Low	- -	0.2	- -	3.05	3.53	0.69	2.73	3.96	3.19	2.63	2.44
EV/EBITDA Average	- -	6.74	-24.58	228.56	223.31	76.95	142.58	203.38	199.32	157.92	161.85
EV/EBITDA High	- -	6.74	-24.58	271.05	235.54	132.45	167.75	230.95	236.25	191.93	180.65
EV/EBITDA Low	- -	6.74	-24.58	182.2	198.74	32.13	122.54	187.22	169.01	135.34	137.23
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	24.23	24.93	20.36	28.31	22.14	24.65	25.7	26.14
High Price	- -	- -	- -	30	25.95	26.64	29.18	29.5	25.57	30.3	28.46
Enterprise Value Average	- -	9	-29	268	355	243	594	980	931	830	919
Enterprise Value High	- -	9	-29	318	374	419	698	1,113	1,103	1,009	1,026
Enterprise Value Low	- -	9	-29	214	316	102	510	902	789	712	779

Shares Outstanding	- -	7	12	13	13	21	20	25	25	30	30
Diluted Weighted Avg Shares	7	7	12	12	14	18	21	23	25	26	30
Basic Weighted Avg Shares	7	7	12	11	13	18	21	23	25	26	29
Revenue per Share	5.3	6.22	4.33	6.29	6.71	8.07	9.1	10.05	9.87	10.3	10.88
EBITDA per Share	0.17	0.19	0.1	0.11	0.12	0.17	0.2	0.21	0.19	0.2	0.19
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.58	0.74	0.42	1.27	1.79	1.65	2.54	2.34	2.62	2.27	2.81
Basic EPS from Cont Ops	0.58	0.74	0.42	1.27	1.79	1.65	2.54	2.4	2.83	2.48	2.99
Diluted EPS, GAAP	0.58	0.74	0.42	1.22	1.74	1.64	2.53	2.32	2.59	2.26	2.79
Diluted EPS from Cont Ops	0.58	0.74	0.42	1.22	1.74	1.64	2.53	2.38	2.81	2.46	2.97
Dividend per Share	- -	0.15	0.16	0.29	0.38	0.41	0.46	0.54	0.72	0.77	0.76
Cash Flow per Share	0.48	1.18	0.69	1.73	1.83	1.61	2.75	3.07	3.63	2.34	3.13
Free Cash Flow per Basic Share	0.35	0.98	0.65	1.65	1.54	1.45	2.56	2.73	3.16	2.28	3.13
Cash & Equivalents per Share	- -	34.77	24.86	36.46	27.61	43.46	53.14	46.1	44.09	46.19	34.09
Book Value per Share	- -	4.45	3.24	4.6	5.26	5.49	6.94	8.35	9.63	11.07	12.11
Tangible Book Value per Share	- -	15.1	14.84	18.22	17.27	19.06	17.62	17.94	18.82	22.42	23.45

Business First Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)