Bank of Marin Bancorp Financial Ratios — BMRC 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 (%)	15.65	12.56	8.61	10.39	8.93	10.32	5.99	10.52	10.49	8.92	8.33	9.93	4.07	-1.76	-8.12
Return on Assets (%)	1.2	1.26	0.88	1.1	0.97	1.14	0.71	1.31	1.31	1.08	0.92	1.1	0.5	-0.22	-0.94
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 (%)	2.88	1.93	2.19	2.96	3.39	2.86	2.97	3.01	2.97	2.85	2.5	2.41	3.28	3.5	7.4
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	35.32	40.84	33.23	39.59	37.88	44.31	34.69	42.7	43.81	38.58	39.01	45.97	24.8	-19.83	-181.53
Profit Margin (%)	22.21	25.34	21.35	24.87	24.14	28.1	19.22	32.08	32.68	28.74	28.88	33.72	18.95	-12.05	-123.4
Net Income to Common Margin (%)	22.21	25.34	21.35	24.87	24.14	28.1	19.22	32.08	32.68	28.74	28.88	33.72	18.95	-12.05	-123.4
Effective Tax Rate (%)	37.13	37.94	35.75	37.17	36.26	36.58	44.6	24.86	25.39	25.49	25.97	26.65	23.59	- -	- -
Dvd Payout Ratio (%)	22.21	21.05	27.82	23.94	29.23	26.9	43.16	27.16	32	41.35	39.45	33.64	80.96	-192.62	-45.2
Sustainable Growth Rate (%)	12.17	9.92	6.22	7.9	6.32	7.55	3.4	7.66	7.13	5.23	5.04	6.59	0.77	-5.14	-11.79

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	40	15	20	20	72	6	6	10	16	30	26	139	49	22	69
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	112	26	- -	1
LT Debt	40	15	20	20	72	6	6	10	16	30	25	27	23	22	69
Total Debt/EBITDA	19.82	11.07	13.64	8.57	27.98	2.37	2.32	3.15	4.99	9.96	8.99	41.78	14.27	8.87	32.4
Net Debt/EBITDA	-44.47	-9.85	-57.24	-8.99	17.8	-18.35	-80.08	-8.02	-57.94	-65.8	-120.92	53.64	6.25	-56.25	-84.83
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.61	10.44	10.06	11.13	10.55	11.56	12.14	12.71	12.27	11.87	10.49	11.71	12.94	12.58	10.58
Long-Term Debt/Equity (%)	29.51	9.88	11.04	10.09	33.75	2.42	1.93	3.05	4.61	8.33	5.65	6.46	5.22	4.94	17.38
Long-Term Debt/Capital (%)	22.99	9.11	9.91	9.21	25.25	2.33	1.88	2.92	4.47	7.95	5.32	4.26	4.23	4.42	14.22
Long-Term Debt/Total Assets (%)	2.87	1.05	1.11	1.13	3.56	0.28	0.23	0.38	0.57	1.02	0.59	0.64	0.6	0.58	1.76
Total Debt/Equity (%)	29.51	9.88	11.04	10.09	33.75	2.42	1.93	3.05	4.61	8.35	5.74	33.75	11.21	4.98	17.56
Total Debt/Capital (%)	22.99	9.11	9.91	9.21	25.25	2.33	1.88	2.92	4.47	7.96	5.4	22.26	9.09	4.45	14.37
Total Debt/Total Assets (%)	2.87	1.05	1.11	1.13	3.56	0.28	0.23	0.38	0.57	1.03	0.6	3.35	1.29	0.59	1.78
Net Debt to Equity	-66.21	-8.79	-46.33	-10.59	21.47	-18.74	-66.6	-7.77	-53.59	-55.14	-77.19	43.33	4.91	-31.53	-45.98
Net Debt/Capital (%)	-203	-9.79	-85.73	-11.92	17.69	-22.67	-194.49	-8.31	-109.75	-112.73	-266.19	30.82	4.22	-39.25	-70.58
EBITDA	2	1	1	2	3	2	2	3	3	3	3	3	3	2	2
EBITDA-CapEx	- -	- -	1	- -	1	1	1	2	3	2	2	1	2	2	- -
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	9.61	10.44	10.06	11.13	10.55	11.56	12.14	12.71	12.27	11.87	10.49	11.71	12.94	12.58	10.58
Long-Term Debt/Equity (%)	29.51	9.88	11.04	10.09	33.75	2.42	1.93	3.05	4.61	8.33	5.65	6.46	5.22	4.94	17.38
Long-Term Debt/Capital (%)	22.99	9.11	9.91	9.21	25.25	2.33	1.88	2.92	4.47	7.95	5.32	4.26	4.23	4.42	14.22
Long-Term Debt/Total Assets (%)	2.87	1.05	1.11	1.13	3.56	0.28	0.23	0.38	0.57	1.02	0.59	0.64	0.6	0.58	1.76
Total Debt/Equity (%)	29.51	9.88	11.04	10.09	33.75	2.42	1.93	3.05	4.61	8.35	5.74	33.75	11.21	4.98	17.56
Total Debt/Capital (%)	22.99	9.11	9.91	9.21	25.25	2.33	1.88	2.92	4.47	7.96	5.4	22.26	9.09	4.45	14.37
Total Debt/Total Assets (%)	2.87	1.05	1.11	1.13	3.56	0.28	0.23	0.38	0.57	1.03	0.6	3.35	1.29	0.59	1.78
CFO/Total Liabilities	1.78	1.62	1.31	1.19	1.3	1.42	1.24	1.91	1.73	1.6	1.17	1.48	1.06	0.87	1.11
CFO/CapEx	9.05	17.04	22.13	8.08	16.7	24.47	18.79	46.42	75.52	41.64	43.35	24.39	20.39	54.55	21.48
Altman's Z-Score	0.22	0.23	0.2	0.25	0.23	0.28	0.24	0.3	0.3	0.25	0.19	0.21	0.19	0.19	0.15

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	1.72	1.63	1.3	1.32	1.25	1.25	1.17	1.37	1.38	1.88	2.62	2.11	2.63	- -	- -
Days Sales Outstanding	212.22	223.29	281.59	275.49	292.66	290.96	310.86	266.51	264.06	194.62	139.34	173.32	138.79	- -	- -
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	199	200	237	310	319	424	421	572	614	464	534	523	353	381	415
- Cash & Cash Equivalents	130	28	104	41	26	49	204	34	183	200	348	45	30	137	225
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	40	15	20	20	72	6	6	10	16	30	26	139	49	22	69
Enterprise Value	-25	33	-91	88	-53	347	-111	79	12	-99	-956	616	371	130	237
Total Capital	174	165	202	219	287	239	305	330	348	376	478	625	541	487	482
Total Debt/Capital (%)	22.99	9.11	9.91	9.21	25.25	2.33	1.88	2.92	4.47	7.96	5.4	22.26	9.09	4.45	14.37
Total Debt / EV	-1.57	0.46	-0.22	0.23	-1.36	0.02	-0.05	0.12	1.33	-0.3	-0.03	0.23	0.13	0.17	0.29
EV/Sales	- -	0.47	- -	1.11	- -	4.21	- -	0.77	0.11	- -	- -	4.46	3.54	1.86	8.19
EV/EBITDA	- -	24.18	- -	37.33	- -	147.28	- -	25.62	3.74	- -	- -	185.01	107.67	53.23	110.7
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	1.57	- -	4.66	- -	13.63	- -	1.86	0.28	- -	- -	11.14	10.41	4.58	6.06
EV/Free Cash Flow to Firm	- -	1.49	- -	4.15	- -	13.1	- -	1.83	0.28	- -	- -	10.7	9.92	4.5	5.79
Diluted Market Cap	202	204	241	316	324	427	427	579	621	468	537	525	353	381	415
Diluted Enterprise Value	113	190	157	295	370	383	229	554	454	297	215	619	372	266	259
EV per Share	- -	3.07	- -	7.46	- -	28.56	- -	5.66	0.86	- -	- -	38.68	23.18	8.1	14.85
TTM Sales	70	70	67	79	76	82	83	102	105	105	115	138	105	70	29
TTM EBITDA	2	1	1	2	3	2	2	3	3	3	3	3	3	2	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	22	21	21	19	24	25	27	42	41	41	45	55	36	28	39
TTM Free Cash Flow to Firm	25	22	22	21	25	26	28	43	41	42	46	58	37	29	41

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	8.15	9.25	10.89	14.91	12.9	16.11	15.03	13.45	14.98	11.18	11.6	9.12	9.43	13.2	10.14
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-25	33	-91	88	-53	347	-111	79	12	-99	-956	616	371	130	237
Low Price	15.9	17.25	18.45	20.8	22.91	22.83	29.53	31.75	38.74	23.8	30.69	29.88	12.89	14.11	19.14
EV/Sales	- -	0.47	- -	1.11	- -	4.21	- -	0.77	0.11	- -	- -	4.46	3.54	1.86	8.19
EV/EBITDA	- -	24.18	- -	37.33	- -	147.28	- -	25.62	3.74	- -	- -	185.01	107.67	53.23	110.7
Price/Earnings	12.81	11.23	16.6	15.68	17.28	18.31	26.37	17.53	17.92	15.36	16.07	11.24	17.72	- -	- -
Price/Earnings Average	12.18	11.38	15.64	13.76	16.36	13.72	25.72	16.69	16.99	15.26	15.71	11.47	17.2	-36.73	-10.61
Price/Earnings High	13.58	13.22	17.68	15.99	18.37	19.7	30.21	19.31	19	20.47	18.21	13.55	27.12	-51.72	-12.73
Price/Earnings Low	10.83	10.34	14.11	12.4	14.82	11.99	22.91	13.49	15.41	10.64	13.24	10.21	10.37	-26.92	-8.55
Price/Book Value	1.49	1.34	1.3	1.56	1.49	1.81	1.41	1.78	1.85	1.34	1.18	1.08	0.72	0.82	1
Price/Book Value Average	1.42	1.35	1.23	1.37	1.41	1.36	1.37	1.7	1.75	1.33	1.15	1.1	0.7	0.66	0.92
Price/Book Value High	1.58	1.57	1.39	1.59	1.58	1.95	1.61	1.97	1.96	1.79	1.34	1.3	1.1	0.93	1.1
Price/Book Value Low	1.26	1.23	1.11	1.23	1.28	1.19	1.22	1.37	1.59	0.93	0.97	0.98	0.42	0.49	0.74
Price/Tangible Book Value	1.47	1.32	1.39	1.63	1.55	1.91	1.62	2.04	2.03	1.43	1.44	1.57	0.97	1.06	1.3
Price/Tangible Book Value Average	1.4	1.34	1.31	1.43	1.47	1.43	1.58	1.94	1.93	1.42	1.41	1.6	0.94	0.86	1.18
Price/Tangible Book Value High	1.56	1.55	1.48	1.66	1.65	2.06	1.85	2.24	2.15	1.91	1.63	1.89	1.49	1.21	1.42
Price/Tangible Book Value Low	1.24	1.21	1.18	1.29	1.33	1.25	1.41	1.57	1.75	0.99	1.19	1.42	0.57	0.63	0.95
Price/Sales	2.84	2.85	3.54	3.9	4.17	5.15	5.07	5.62	5.86	4.41	4.64	3.79	3.36	5.47	14.34
Price/Sales Average	2.71	2.88	3.34	3.42	3.95	3.86	4.94	5.35	5.55	4.39	4.54	3.87	3.26	4.43	13.1
Price/Sales High	3.02	3.35	3.77	3.98	4.44	5.54	5.81	6.19	6.21	5.88	5.26	4.57	5.14	6.23	15.7
Price/Sales Low	2.41	2.62	3.01	3.08	3.58	3.37	4.4	4.33	5.04	3.06	3.83	3.44	1.97	3.24	10.55
Price/Cash Flow	8.91	9.62	11.17	16.44	13.45	16.65	15.64	13.58	14.99	11.37	11.8	9.47	9.89	13.44	10.61
Price/Cash Flow Average	8.47	9.74	10.52	14.42	12.74	12.47	15.25	12.93	14.21	11.3	11.54	9.66	9.59	10.89	9.69
Price/Cash Flow High	9.44	11.32	11.9	16.76	14.3	17.91	17.91	14.96	15.89	15.15	13.37	11.42	15.13	15.33	11.62
Price/Cash Flow Low	7.53	8.86	9.5	13	11.54	10.9	13.58	10.45	12.89	7.88	9.73	8.61	5.79	7.98	7.81
Price/Free Cash Flow Average	7.75	9.37	10.26	13.08	12.22	12.07	14.66	12.8	14.2	11.11	11.34	9.31	9.15	10.69	9.26
Price/Free Cash Flow High	8.64	10.89	11.59	15.2	13.72	17.33	17.22	14.82	15.89	14.9	13.14	11	14.44	15.06	11.1
Price/Free Cash Flow Low	6.89	8.52	9.26	11.79	11.07	10.54	13.05	10.36	12.88	7.75	9.56	8.29	5.52	7.84	7.46
EV/Sales Average	1.43	2.69	2.08	3.16	4.55	3.33	2.56	5.11	3.95	2.77	1.74	4.55	3.44	2.77	7.7
EV/Sales High	1.73	3.16	2.52	3.71	5.04	5.01	3.43	5.95	4.61	4.26	2.46	5.25	5.32	4.58	10.31
EV/Sales Low	1.13	2.43	1.76	2.82	4.18	2.84	2.02	4.09	3.43	1.44	1.03	4.12	2.14	1.59	5.16
EV/EBITDA Average	49.51	139.77	95.17	106.45	134.42	116.42	86.3	169.62	132.83	96.92	69.7	188.6	104.66	79.17	104.07
EV/EBITDA High	60.26	163.98	115.04	125.18	148.74	175.21	115.33	197.54	154.98	149.39	98.51	217.76	161.94	130.79	139.34
EV/EBITDA Low	39.08	126.14	80.3	95.06	123.47	99.39	68.07	135.64	115.5	50.46	41.15	171.03	65.3	45.36	69.72
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	18.8	18.73	21.7	26.3	26.7	34.88	34	41.24	45.05	34.34	37.23	32.88	22.02	23.77	26.01
High Price	19.93	22.05	23.11	26.82	28.39	37.53	38.95	45.43	47.77	45.76	42.19	39.65	33.7	27.11	28.48
Enterprise Value Average	100	189	139	251	348	274	213	520	414	291	200	628	361	193	223
Enterprise Value High	122	222	168	295	385	413	285	605	483	448	283	725	558	319	298
Enterprise Value Low	79	171	118	224	319	234	168	416	360	151	118	569	225	111	149

	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	11	11	12	12	12	12	14	14	14	14	16	16	16	16	16
Diluted Weighted Avg Shares	11	11	11	12	12	12	13	14	14	14	14	16	16	16	16
Basic Weighted Avg Shares	11	11	11	12	12	12	12	14	14	14	14	16	16	16	16
Revenue per Share	6.61	6.58	6.12	6.74	6.4	6.78	6.71	7.33	7.69	7.78	8.02	8.68	6.56	4.35	1.81
EBITDA per Share	0.19	0.13	0.13	0.2	0.22	0.19	0.2	0.22	0.23	0.22	0.2	0.21	0.22	0.15	0.13
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.47	1.67	1.31	1.68	1.55	1.9	1.29	2.35	2.51	2.24	2.32	2.93	1.24	-0.52	-2.24
Basic EPS from Cont Ops	1.47	1.67	1.31	1.68	1.55	1.9	1.29	2.35	2.51	2.24	2.32	2.93	1.24	-0.52	-2.24
Diluted EPS, GAAP	1.45	1.64	1.28	1.65	1.52	1.89	1.27	2.33	2.48	2.22	2.3	2.92	1.24	-0.52	-2.24
Diluted EPS from Cont Ops	1.45	1.64	1.28	1.65	1.52	1.89	1.27	2.33	2.48	2.22	2.3	2.92	1.24	-0.52	-2.24
Dividend per Share	0.33	0.35	0.36	0.4	0.45	0.51	0.56	0.64	0.8	0.92	0.91	0.98	1.01	1.01	1.01
Cash Flow per Share	2.11	1.95	1.94	1.6	1.98	2.1	2.17	3.04	3.01	3.02	3.16	3.47	2.23	1.77	2.45
Free Cash Flow per Basic Share	1.88	1.83	1.85	1.4	1.87	2.01	2.06	2.97	2.97	2.95	3.08	3.33	2.12	1.74	2.34
Cash & Equivalents per Share	24.98	17.07	31.86	20.55	37.22	6.78	43.43	36.27	45.33	43.84	105.67	2.93	1.91	17.02	15.51
Book Value per Share	12.63	14.02	16.64	16.88	17.96	19.25	24.17	23.12	24.4	25.56	31.55	30.52	30.73	29.02	25.91
Tangible Book Value per Share	12.78	14.21	15.57	16.11	17.17	18.24	21.01	20.25	22.17	23.98	25.87	20.99	22.64	22.43	20.07

Bank of Marin Bancorp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)