City Holding Company Financial Ratios — CHCO 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 (%)	12.43	11.24	13.11	13.43	12.8	11.58	11.37	13.65	15.95	14.63	13.27	14.14	14.46	13.55	13.86
Return on Assets (%)	1.5	1.37	1.53	1.55	1.51	1.35	1.34	1.55	1.8	1.66	1.5	1.72	1.9	1.85	1.98
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 (%)	4.42	3.55	-3.07	0.83	0.9	4.08	3.71	3.28	2.54	4.61	6.68	6.41	3.8	4.63	3.66
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	42.32	39.4	40.78	44.75	49.33	44.55	48.84	45.31	50.6	48.1	50.83	51.75	50.67	50.7	52.91
Profit Margin (%)	28.11	25.9	26.75	30.69	32.35	30.08	29.23	36.03	39.84	38.71	40.26	41.48	40.49	41.08	42.76
Net Income to Common Margin (%)	28.11	25.9	26.75	30.69	32.35	30.08	29.23	36.03	39.84	38.71	40.26	41.48	40.49	41.08	42.76
Effective Tax Rate (%)	33.59	34.26	34.39	31.43	34.44	32.49	40.15	20.47	21.27	19.51	20.79	19.84	20.08	18.97	19.19
Dvd Payout Ratio (%)	50.72	53.18	47.45	46.24	46.78	49.34	49.94	42.26	39.78	40.93	41.03	35.96	34.97	37.13	36.24
Sustainable Growth Rate (%)	6.13	5.26	6.89	7.22	6.81	5.87	5.69	7.88	9.6	8.64	7.83	9.06	9.4	8.52	8.84

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	16	16	16	16	29	81	70	44	4	- -	- -	- -	125	150	150
ST Debt	- -	- -	- -	- -	13	64	54	40	- -	- -	- -	- -	25	- -	- -
LT Debt	16	16	16	16	16	16	16	4	4	- -	- -	- -	100	150	150
Total Debt/EBITDA	2.58	3.09	-2.98	11.51	19.68	11.39	10.23	6.92	0.71	- -	- -	- -	11.66	11.36	13.42
Net Debt/EBITDA	-20.29	-10.97	12.53	-91.93	-27.1	-1.07	-1.74	-12.4	-23.87	-49.54	-43.43	-12.68	-2.92	-5.71	-3.75
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	12.15	12.19	11.29	11.8	11.76	11.63	11.91	10.89	11.69	11.07	11.48	12.83	13.42	13.94	14.62
Long-Term Debt/Equity (%)	5.3	4.95	4.26	4.22	3.93	3.73	3.28	0.67	0.62	- -	- -	- -	14.77	20.53	18.53
Long-Term Debt/Capital (%)	4.66	4.43	4.16	3.88	3.54	3.03	2.93	0.7	0.69	- -	- -	- -	10.49	14.28	13.24
Long-Term Debt/Total Assets (%)	0.59	0.57	0.49	0.48	0.44	0.41	0.4	0.08	0.08	- -	- -	- -	1.62	2.32	2.23
Total Debt/Equity (%)	5.3	4.95	4.26	4.22	7.03	18.22	14.03	7.33	0.62	- -	- -	- -	18.46	20.53	18.53
Total Debt/Capital (%)	4.66	4.43	4.16	3.88	6.32	14.81	12.53	7.63	0.69	- -	- -	- -	13.12	14.28	13.24
Total Debt/Total Assets (%)	0.59	0.57	0.49	0.48	0.79	2.02	1.71	0.9	0.08	- -	- -	- -	2.03	2.32	2.23
Net Debt to Equity	-41.75	-17.55	-17.9	-33.7	-9.69	-1.71	-2.39	-13.14	-20.68	-75.4	-93.18	-34.61	-4.62	-10.32	-5.18
Net Debt/Capital (%)	-62.64	-19.7	-22.32	-47.6	-10.25	-1.65	-2.5	-17.36	-30.19	-485.24	-1,157.79	-36.08	-3.93	-9.14	-4.46
EBITDA	6	5	-6	1	1	7	7	6	6	11	15	16	11	13	11
EBITDA-CapEx	2	-2	-13	-1	-2	2	- -	-4	1	5	11	14	8	10	8
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	12.15	12.19	11.29	11.8	11.76	11.63	11.91	10.89	11.69	11.07	11.48	12.83	13.42	13.94	14.62
Long-Term Debt/Equity (%)	5.3	4.95	4.26	4.22	3.93	3.73	3.28	0.67	0.62	- -	- -	- -	14.77	20.53	18.53
Long-Term Debt/Capital (%)	4.66	4.43	4.16	3.88	3.54	3.03	2.93	0.7	0.69	- -	- -	- -	10.49	14.28	13.24
Long-Term Debt/Total Assets (%)	0.59	0.57	0.49	0.48	0.44	0.41	0.4	0.08	0.08	- -	- -	- -	1.62	2.32	2.23
Total Debt/Equity (%)	5.3	4.95	4.26	4.22	7.03	18.22	14.03	7.33	0.62	- -	- -	- -	18.46	20.53	18.53
Total Debt/Capital (%)	4.66	4.43	4.16	3.88	6.32	14.81	12.53	7.63	0.69	- -	- -	- -	13.12	14.28	13.24
Total Debt/Total Assets (%)	0.59	0.57	0.49	0.48	0.79	2.02	1.71	0.9	0.08	- -	- -	- -	2.03	2.32	2.23
CFO/Total Liabilities	2.41	2.08	2.55	1.74	1.45	1.84	2.1	1.8	2.41	1.78	1.92	2.19	2.51	2.3	2.22
CFO/CapEx	12.88	7.17	10.15	22.97	15.89	11.84	11.58	7.61	22.21	16.2	30.78	54.09	46.45	48.74	44.93
Altman's Z-Score	0.33	0.32	0.34	0.34	0.32	0.36	0.37	0.33	0.38	0.32	0.33	0.37	0.41	0.42	0.42

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	20.16	21.81	26.59	25.21	23.46	21.88	21.08	17.95	18.7	16.92	13.92	14.51	14.64	13.93	14.75
Days Sales Outstanding	18.1	16.73	13.73	14.48	15.56	16.68	17.32	20.34	19.52	21.58	26.21	25.15	24.93	26.21	24.74
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	510	513	721	717	690	1,007	1,040	1,042	1,337	1,111	1,258	1,382	1,639	1,739	1,725
- Cash & Cash Equivalents	146	75	86	148	70	88	83	123	140	529	635	200	156	225	192
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	16	16	16	16	29	81	70	44	4	- -	- -	- -	125	150	150
Enterprise Value	20	77	299	331	280	550	477	242	391	-594	-785	-323	270	936	896
Total Capital	354	372	397	425	466	544	563	578	591	638	689	754	953	1,050	1,133
Total Debt/Capital (%)	4.66	4.43	4.16	3.88	6.32	14.81	12.53	7.63	0.69	- -	- -	- -	13.12	14.28	13.24
Total Debt / EV	0.84	0.21	0.06	0.05	0.11	0.15	0.15	0.18	0.01	- -	- -	- -	0.46	0.16	0.17
EV/Sales	0.13	0.51	1.66	1.92	1.67	3.17	2.57	1.24	1.74	- -	- -	- -	0.96	3.28	2.94
EV/EBITDA	3.05	14.47	- -	230.93	186.88	77.71	69.31	37.94	68.53	- -	- -	- -	25.18	70.92	80.17
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	0.33	1.43	3.94	6.2	5.85	8.41	6.27	3.11	3.72	- -	- -	- -	1.96	7.1	6.82
EV/Free Cash Flow to Firm	0.3	1.26	3.59	5.94	5.5	7.76	5.77	2.75	3.56	- -	- -	- -	1.92	6.95	6.67
Diluted Market Cap	513	516	729	721	692	1,008	1,041	1,044	1,338	1,112	1,260	1,385	1,642	1,741	1,726
Diluted Enterprise Value	383	457	660	589	652	1,001	1,029	965	1,202	584	626	1,185	1,611	1,666	1,684
EV per Share	1.3	5.24	19.21	21.48	18.52	36.89	30.98	15.67	23.95	- -	- -	- -	18.16	63.79	61.91
TTM Sales	145	150	180	173	167	173	186	194	224	231	219	246	282	285	305
TTM EBITDA	6	5	-6	1	1	7	7	6	6	11	15	16	11	13	11
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	59	54	76	53	48	65	76	78	105	90	102	116	138	132	131
TTM Free Cash Flow to Firm	64	61	83	56	51	71	83	88	110	95	106	118	141	135	134

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	8.01	8.41	8.74	12.94	13.6	14.23	12.59	11.89	12.19	11.67	11.93	11.74	11.68	12.94	12.85
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	20	77	299	331	280	550	477	242	391	-594	-785	-323	270	936	896
Low Price	25.64	30.7	35.35	40.56	41.59	40.74	58.8	64.32	66.63	53.06	68.28	73.4	82.53	97.5	102.22
EV/Sales	0.13	0.51	1.66	1.92	1.67	3.17	2.57	1.24	1.74	- -	- -	- -	0.96	3.28	2.94
EV/EBITDA	3.05	14.47	- -	230.93	186.88	77.71	69.31	37.94	68.53	- -	- -	- -	25.18	70.92	80.17
Price/Earnings	12.54	13.17	14.96	13.53	12.76	19.32	19.15	14.89	14.96	12.4	14.28	13.54	14.33	14.85	13.22
Price/Earnings Average	12.01	12.91	13.4	12.78	13.21	14.21	18.89	16.31	13.97	11.78	13.59	12.42	12.22	13.97	13.39
Price/Earnings High	13.86	14.17	16	13.91	14.62	19.69	21.25	18.34	15.17	14.75	15.45	14.98	15.07	17.2	14.82
Price/Earnings Low	9.49	11.6	11.41	11.8	11.63	11.64	16.69	14.17	12.17	9.46	11.92	10.68	10.73	12.22	11.34
Price/Book Value	1.51	1.44	1.9	1.75	1.58	2.17	2.11	1.95	2.28	1.74	1.82	1.83	1.98	1.93	1.76
Price/Book Value Average	1.45	1.41	1.7	1.66	1.64	1.6	2.08	2.14	2.13	1.66	1.74	1.68	1.69	1.82	1.78
Price/Book Value High	1.67	1.55	2.03	1.8	1.81	2.21	2.35	2.41	2.31	2.07	1.97	2.03	2.08	2.24	1.97
Price/Book Value Low	1.14	1.27	1.45	1.53	1.44	1.31	1.84	1.86	1.85	1.33	1.52	1.44	1.48	1.59	1.51
Price/Tangible Book Value	2	1.91	2.31	2.26	2.03	2.77	2.45	2.18	2.49	1.91	2.23	2.99	3.19	3.05	2.65
Price/Tangible Book Value Average	1.92	1.87	2.07	2.14	2.11	2.04	2.42	2.39	2.32	1.81	2.12	2.74	2.72	2.87	2.68
Price/Tangible Book Value High	2.21	2.06	2.47	2.33	2.33	2.83	2.72	2.69	2.52	2.27	2.41	3.31	3.35	3.53	2.97
Price/Tangible Book Value Low	1.51	1.68	1.76	1.97	1.85	1.67	2.14	2.08	2.02	1.46	1.86	2.36	2.38	2.51	2.27
Price/Sales	3.53	3.41	4	4.15	4.13	5.81	5.6	5.37	5.96	4.8	5.75	5.62	5.8	6.1	5.65
Price/Sales Average	3.38	3.34	3.59	3.92	4.27	4.27	5.52	5.88	5.57	4.56	5.47	5.15	4.95	5.74	5.72
Price/Sales High	3.9	3.67	4.28	4.27	4.73	5.92	6.21	6.61	6.04	5.71	6.22	6.21	6.1	7.07	6.34
Price/Sales Low	2.67	3	3.05	3.62	3.76	3.5	4.88	5.11	4.85	3.66	4.8	4.43	4.34	5.02	4.85
Price/Cash Flow	8.58	9.53	9.5	13.43	14.41	15.42	13.66	13.44	12.73	12.37	12.3	11.93	11.92	13.18	13.13
Price/Cash Flow Average	8.22	9.34	8.52	12.69	14.92	11.34	13.48	14.72	11.88	11.75	11.71	10.94	10.16	12.4	13.3
Price/Cash Flow High	9.49	10.25	10.17	13.81	16.51	15.71	15.16	16.55	12.9	14.72	13.31	13.2	12.52	15.28	14.72
Price/Cash Flow Low	6.49	8.39	7.25	11.71	13.13	9.29	11.9	12.79	10.35	9.44	10.27	9.41	8.92	10.85	11.26
Price/Free Cash Flow Average	7.67	8.25	7.84	12.22	14.08	10.47	12.43	13.03	11.38	11.08	11.36	10.76	9.96	12.17	13.01
Price/Free Cash Flow High	8.85	9.05	9.36	13.31	15.58	14.5	13.98	14.65	12.36	13.88	12.91	12.99	12.28	14.99	14.41
Price/Free Cash Flow Low	6.06	7.41	6.67	11.28	12.39	8.58	10.98	11.31	9.91	8.9	9.96	9.25	8.74	10.65	11.02
EV/Sales Average	2.48	2.96	3.2	3.16	4.03	4.23	5.46	5.47	4.96	2.28	2.57	4.34	4.84	5.47	5.59
EV/Sales High	3	3.28	3.9	3.51	4.48	5.88	6.15	6.2	5.44	3.43	3.32	5.4	5.99	6.8	6.2
EV/Sales Low	1.77	2.62	2.67	2.86	3.52	3.46	4.81	4.7	4.24	1.38	1.9	3.62	4.23	4.76	4.71
EV/EBITDA Average	56.04	83.32	-104.18	380.39	449.67	103.67	147.19	166.92	195.07	49.36	38.51	67.66	127.45	118.21	152.52
EV/EBITDA High	67.8	92.5	-126.81	422.19	500.34	144.06	165.82	189.25	213.8	74.29	49.71	84.26	157.8	146.93	169.25
EV/EBITDA Low	40	73.73	-86.84	344.04	392.49	84.76	129.8	143.36	166.77	29.89	28.44	56.4	111.54	102.7	128.62
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	33.89	34.85	46.33	46.53	45.64	67.6	67.47	67.59	81.95	69.55	81.79	93.09	110.26	118.48	119.2
High Price	37.46	37.5	49.57	47.83	52.28	68.89	74.9	83.27	83.07	82.72	88.49	103	115.89	137.28	133.59
Enterprise Value Average	359	444	577	545	674	733	1,014	1,063	1,112	527	563	1,067	1,366	1,560	1,705
Enterprise Value High	434	493	702	605	750	1,019	1,142	1,205	1,219	793	726	1,329	1,692	1,939	1,892
Enterprise Value Low	256	393	481	493	588	599	894	913	951	319	416	890	1,196	1,356	1,438

	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	15	15	16	15	15	15	16	17	16	16	15	15	15	15	14
Diluted Weighted Avg Shares	15	15	16	15	15	15	15	15	16	16	15	15	15	15	14
Basic Weighted Avg Shares	15	15	16	15	15	15	15	15	16	16	15	15	15	15	14
Revenue per Share	9.61	10.22	11.58	11.2	11.06	11.63	12.06	12.6	13.75	14.49	14.22	16.57	19	19.42	21.08
EBITDA per Share	0.43	0.36	-0.36	0.09	0.1	0.47	0.45	0.41	0.35	0.67	0.95	1.06	0.72	0.9	0.77
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.7	2.65	3.1	3.44	3.58	3.5	3.52	4.54	5.48	5.61	5.73	6.87	7.69	7.98	9.02
Basic EPS from Cont Ops	2.7	2.65	3.1	3.44	3.58	3.5	3.52	4.54	5.48	5.61	5.73	6.87	7.69	7.98	9.02
Diluted EPS, GAAP	2.69	2.63	3.06	3.42	3.57	3.5	3.52	4.53	5.47	5.6	5.72	6.86	7.68	7.97	9.01
Diluted EPS from Cont Ops	2.69	2.63	3.06	3.42	3.57	3.5	3.52	4.53	5.47	5.6	5.72	6.86	7.68	7.97	9.01
Dividend per Share	1.37	1.41	1.47	1.59	1.67	1.73	1.76	1.92	2.18	2.3	2.35	2.47	2.69	2.96	3.27
Cash Flow per Share	3.95	3.66	4.88	3.46	3.17	4.38	4.94	5.03	6.44	5.62	6.65	7.8	9.25	8.99	9.08
Free Cash Flow per Basic Share	3.64	3.15	4.4	3.31	2.97	4.01	4.51	4.37	6.15	5.27	6.43	7.66	9.05	8.8	8.87
Cash & Equivalents per Share	33.69	30.73	28.18	26.12	29.07	36.12	41.07	54.78	58.25	106.76	132.81	114.87	100.51	64.92	67.66
Book Value per Share	22.4	24.16	24.43	26.52	28.89	31.11	31.93	34.6	35.97	39.91	44.82	50.81	55.68	61.35	67.89
Tangible Book Value per Share	16.94	18.23	20.08	20.56	22.45	24.38	27.51	30.99	32.96	36.46	36.67	31.13	34.6	38.88	45.03

City Holding Company

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)