The Bank of New York Mellon Corporation Financial Ratios — BK

Profitability	2009 Y	2010 Y	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
Return on Common Equity (%)	-14.27	25.39	21.2	17.62	13.33	14.82	16.2	16.07	16.22	15.09	14.11	10.35	10.01	6.34	7.87
Return on Assets (%)	-0.48	1.1	0.88	0.71	0.57	0.68	0.81	0.98	1.16	1.16	1.19	0.85	0.82	0.61	0.81
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 (%)	9.83	4.67	5.46	8.78	9.52	8.95	9.84	10.13	9.75	8.38	8.17	10.54	11.94	10.2	10.11
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-30.54	27.44	25.44	23.66	25.89	24.7	28.59	31.86	30.48	32.48	34.73	28.88	29.73	20.76	23.64
Profit Margin (%)	-14.99	18.71	17.7	17.18	14.42	17.79	21.32	23.91	27.04	26.69	27.6	23.38	24.05	16.05	19
Net Income to Common Margin (%)	-18.91	18.71	17.7	17.05	13.99	17.29	20.61	23.09	25.89	25.63	26.55	22.12	22.72	14.73	17.64
Effective Tax Rate (%)	- -	28.34	28.97	25.08	42.15	25.6	23.92	24.91	10.76	18.07	20.05	18.85	18.87	23.08	19.57
Dvd Payout Ratio (%)	-35.53	16.24	22.62	24.19	30.88	28.55	23.89	22.7	22.74	25.83	25.9	32.03	31.21	49.87	40.98
Sustainable Growth Rate (%)	-19.34	21.27	16.41	13.36	9.22	10.59	12.33	12.42	12.53	11.19	10.45	7.03	6.89	3.18	4.64

Credit	2009 Y	2010 Y	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
Total Debt	17,723	19,385	22,117	20,248	20,623	21,836	22,593	25,971	34,082	34,329	32,059	26,334	26,680	30,855	31,736
ST Debt	12	10	10	338	96	786	523	754	3,075	1,939	3,959	- -	- -	- -	- -
LT Debt	17,711	19,375	22,107	19,910	20,527	21,050	22,070	25,217	31,007	32,390	28,100	26,334	26,680	30,855	31,736
Total Debt/EBITDA	24.93	30.82	28.5	16.25	14.85	16.9	15.51	17.29	23.12	25.64	24.38	16.16	14.29	18.86	18.16
Net Debt/EBITDA	-69.86	-84.32	-139.98	-95.1	-90.35	-78.41	-77.07	-34.61	-50.74	-40.08	-62.83	-83.33	-50.7	-46.76	-53.46
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.2	4.41	3.94	4.08	4.26	4.59	5.08	6.79	6.9	7.9	8.36	7.29	8.25	9.33	9.68
Long-Term Debt/Equity (%)	61.07	58.43	64.64	53.18	53.3	54.39	56.63	63.71	74.28	79.26	67.34	57.1	61.49	75.53	77.39
Long-Term Debt/Capital (%)	66.4	62.3	61.88	53.87	52.41	49.7	47.91	47.65	48.62	48.51	41.47	40.24	38.92	41.87	41.82
Long-Term Debt/Total Assets (%)	8.35	7.84	6.8	5.55	5.48	5.46	5.6	7.56	8.34	8.93	7.37	5.61	6	7.6	7.74
Total Debt/Equity (%)	61.11	58.46	64.67	54.08	53.55	56.42	57.97	65.62	81.64	84	76.83	57.1	61.49	75.53	77.39
Total Debt/Capital (%)	66.45	62.34	61.91	54.78	52.66	51.55	49.04	49.08	53.45	51.42	47.32	40.24	38.92	41.87	41.82
Total Debt/Total Assets (%)	8.35	7.84	6.8	5.64	5.51	5.67	5.74	7.79	9.17	9.46	8.4	5.61	6	7.6	7.74
Net Debt to Equity	-171.27	-159.96	-317.6	-316.49	-325.88	-261.77	-288.12	-131.32	-179.15	-131.33	-198.01	-294.51	-218.15	-187.27	-227.89
Net Debt/Capital (%)	121.98	128.34	114.32	116.42	117.33	125.4	126.43	207.64	165.82	252.77	176.06	140.45	179.34	227.22	189.53
EBITDA	711	629	776	1,246	1,389	1,292	1,457	1,502	1,474	1,339	1,315	1,630	1,867	1,636	1,748
EBITDA-CapEx	393	399	134	594	780	501	856	677	277	231	105	408	652	290	528
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.2	4.41	3.94	4.08	4.26	4.59	5.08	6.79	6.9	7.9	8.36	7.29	8.25	9.33	9.68
Long-Term Debt/Equity (%)	61.07	58.43	64.64	53.18	53.3	54.39	56.63	63.71	74.28	79.26	67.34	57.1	61.49	75.53	77.39
Long-Term Debt/Capital (%)	66.4	62.3	61.88	53.87	52.41	49.7	47.91	47.65	48.62	48.51	41.47	40.24	38.92	41.87	41.82
Long-Term Debt/Total Assets (%)	8.35	7.84	6.8	5.55	5.48	5.46	5.6	7.56	8.34	8.93	7.37	5.61	6	7.6	7.74
Total Debt/Equity (%)	61.11	58.46	64.67	54.08	53.55	56.42	57.97	65.62	81.64	84	76.83	57.1	61.49	75.53	77.39
Total Debt/Capital (%)	66.45	62.34	61.91	54.78	52.66	51.55	49.04	49.08	53.45	51.42	47.32	40.24	38.92	41.87	41.82
Total Debt/Total Assets (%)	8.35	7.84	6.8	5.64	5.51	5.67	5.74	7.79	9.17	9.46	8.4	5.61	6	7.6	7.74
CFO/Total Liabilities	2.06	1.89	0.76	0.51	-0.19	1.29	1.16	2.13	1.41	1.86	0.03	1.19	0.71	4.13	1.6
CFO/CapEx	11.89	17.61	3.44	2.5	-1.05	5.67	6.87	7.6	3.9	5.41	0.08	4.12	2.34	11.19	4.85
Altman's Z-Score	0.18	0.2	0.14	0.15	0.16	0.17	0.18	0.23	0.23	0.24	0.24	0.19	0.23	0.24	0.25

Working Capital	2009 Y	2010 Y	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
Accounts Receivable Turnover	1.7	3.29	3.2	2.92	3.26	3.25	3.34	3.4	3.08	3.34	3.66	3.62	3.57	3.08	2.56
Days Sales Outstanding	214.58	110.92	114.02	124.97	111.96	112.23	109.28	107.36	118.59	109.17	99.7	100.91	102.31	118.57	142.46
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	2009 Y	2010 Y	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
Market Capitalization	23,507	26,447	17,885	22,525	30,896	35,886	36,235	40,945	45,943	40,958	40,761	33,656	45,239	34,826	39,901
- Cash & Cash Equivalents	67,396	72,424	130,739	138,747	146,119	123,147	134,886	77,949	108,871	88,000	114,683	162,160	121,336	107,355	125,191
+ Preferred Equity and Hybrid Capital	- -	- -	- -	1,068	1,562	1,562	2,552	3,542	3,542	3,542	3,542	4,541	4,838	4,838	4,343
+ Minority/Non Controlling Interest	26	803	784	1,011	1,013	1,262	938	769	495	230	245	319	357	116	135
+ Total Debt	17,723	19,385	22,117	20,248	20,623	21,836	22,593	25,971	34,082	34,329	32,059	26,334	26,680	30,855	31,736
Enterprise Value	-77,772	-88,441	-168,420	-186,514	-171,334	-160,931	-148,435	-80,544	-104,352	-94,750	-126,626	-205,805	-146,061	-123,342	-93,193
Total Capital	26,673	31,098	35,725	36,962	39,163	42,356	46,070	52,916	63,768	66,767	67,754	65,449	68,556	73,687	75,881
Total Debt/Capital (%)	66.45	62.34	61.91	54.78	52.66	51.55	49.04	49.08	53.45	51.42	47.32	40.24	38.92	41.87	41.82
Total Debt / EV	-0.23	-0.22	-0.13	-0.11	-0.12	-0.14	-0.15	-0.32	-0.33	-0.36	-0.25	-0.13	-0.18	-0.25	-0.34
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	23,507	26,526	17,917	22,525	30,997	36,126	36,490	41,165	46,210	41,195	40,912	33,719	45,481	34,987	40,091
Diluted Enterprise Value	-26,140	-25,710	-89,921	-93,895	-91,924	-62,361	-72,313	-6,502	-24,542	-8,704	-37,925	-97,247	-43,980	-36,559	-48,886
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	7,230	13,461	14,216	14,189	14,586	14,428	14,813	14,832	15,124	15,986	16,088	15,472	15,633	16,034	17,293
TTM EBITDA	711	629	776	1,246	1,389	1,292	1,457	1,502	1,474	1,339	1,315	1,630	1,867	1,636	1,748
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	3,781	4,050	2,211	1,629	-642	4,484	4,127	6,267	4,667	5,996	96	5,038	2,838	15,068	5,912
TTM Free Cash Flow to Firm	4,099	4,280	2,853	2,281	-33	5,275	4,728	7,092	5,864	7,104	1,306	6,260	4,053	16,414	7,132

Multiples	2009 Y	2010 Y	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
Price/Earnings	- -	10.5	7.11	9.31	15.15	14.39	11.87	11.95	11.74	10	9.54	9.83	12.74	14.74	13.08
Price/Earnings Average	-16.7	9.6	8.84	8.11	12.86	12.83	11.81	10.09	10.83	11.14	8.93	8.75	11.06	14.88	11.24
Price/Earnings High	-28.99	15.72	15.77	12.63	19.74	18.93	16.45	15.42	14.64	14.89	11.94	13.43	14.51	22.19	13.45

The Bank of New York Mellon Corporation

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples