Citizens Bancshares Corp. Financial Ratios — CITZ Stock

Profitability (USD)

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	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 (%)	3.71	2.56	1.12	0.11	1.88	3.83	5.2	5	11.96	9.09	9.31	9.64	13.29	11	10.7
Return on Assets (%)	0.3	0.28	0.16	0.07	0.19	0.34	0.46	0.46	1.16	0.93	0.88	0.82	1.14	1.03	1.03
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	1.78	- -	- -	- -	- -	- -	3.75	3.45	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	10.77	10.86	7.06	8.51	9.63	18.2	20.42	21.78	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	5.62	4.02	-1.28	- -	-0.65	6.91	11.45	12.75	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	4,273.74	-9.44	- -	-21.6	- -	-43.14	-198.84	-60.84	-20.56	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	5.62	4.02	-1.28	-4.06	-0.65	6.91	11.45	12.75	27.19	24.4	28.09	26	32.34	30.09	28.12
Profit Margin (%)	5.41	4.85	2.95	1.34	3.76	7.78	10.66	10.91	20.88	20.29	22.43	20.66	25.66	23.81	22.84
Net Income to Common Margin (%)	5.41	3.38	1.48	0.16	2.6	6.41	9.26	9.49	20.88	20.29	22.43	20.66	25.66	23.81	22.84
Effective Tax Rate (%)	3.72	- -	- -	- -	- -	- -	6.88	14.39	23.21	16.82	20.17	20.57	20.65	20.85	18.78
Dvd Payout Ratio (%)	38.9	48.32	58.76	530.29	31.81	15.45	10.93	10.89	11.15	11.4	10.88	10.15	7.07	8	7.78
Sustainable Growth Rate (%)	2.27	1.32	0.46	-0.49	1.28	3.24	4.63	4.46	10.62	8.05	8.3	8.66	12.35	10.12	9.87

Credit (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	29	14	- -	- -	- -	- -	- -	5	21	28	28	28	25	25	25
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	29	14	- -	- -	- -	- -	- -	5	21	28	28	28	25	25	25
Total Debt/EBITDA	14.21	6.31	0.22	0.18	0.15	0.09	0.07	1.44	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	6.11	-5.54	-15.72	-19.51	-20.34	-9.27	-14	-7.73	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	27.24	17.02	-1.2	- -	-2.21	0.23	0.13	2.46	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	11.73	-14.94	86.34	- -	302.42	-24.41	-24.97	-13.21	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.98	7.25	7.27	7.09	7.21	7.61	7.82	8.32	10.69	9.83	9.18	7.96	9.18	9.48	9.74
Long-Term Debt/Equity (%)	85.31	34.32	0.72	0.64	0.59	0.59	0.51	10.39	33.83	40.46	37.97	42	32.15	29.52	24.74
Long-Term Debt/Capital (%)	50.61	28.96	0.81	0.77	0.72	0.66	0.59	10.59	25.26	29.08	27.38	25.98	21.91	20.38	18.8
Long-Term Debt/Total Assets (%)	8.25	3.74	0.08	0.08	0.07	0.07	0.06	1.35	3.61	4.03	3.46	2.79	2.58	2.43	2.26
Total Debt/Equity (%)	86.02	34.32	0.72	0.64	0.59	0.59	0.51	10.39	33.83	40.46	37.97	42	32.15	29.52	24.74
Total Debt/Capital (%)	51.03	28.96	0.81	0.77	0.72	0.66	0.59	10.59	25.26	29.08	27.38	25.98	21.91	20.38	18.8
Total Debt/Total Assets (%)	8.32	3.74	0.08	0.08	0.07	0.07	0.06	1.35	3.61	4.03	3.46	2.79	2.58	2.43	2.26
Net Debt to Equity	37.02	-30.13	-51.55	-68.49	-81.37	-63.15	-97.86	-55.7	-141.45	-224.1	-388.96	-317.65	-192.67	-190.25	-145.84
Net Debt/Capital (%)	30.96	-55.71	-144	-492.16	-10,609.91	-241.47	844.89	-174.09	1,880.63	263.7	155.42	203.63	419.54	418.92	1,026.55
EBITDA	2	2	2	2	2	3	3	4	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	1	1	1	1	2	3	3	3	- -	-2	-2	-1	- -	-2	-1
Operating Income (Loss)	1	1	- -	- -	- -	1	2	2	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	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	7.98	7.25	7.27	7.09	7.21	7.61	7.82	8.32	10.69	9.83	9.18	7.96	9.18	9.48	9.74
Long-Term Debt/Equity (%)	85.31	34.32	0.72	0.64	0.59	0.59	0.51	10.39	33.83	40.46	37.97	42	32.15	29.52	24.74
Long-Term Debt/Capital (%)	50.61	28.96	0.81	0.77	0.72	0.66	0.59	10.59	25.26	29.08	27.38	25.98	21.91	20.38	18.8
Long-Term Debt/Total Assets (%)	8.25	3.74	0.08	0.08	0.07	0.07	0.06	1.35	3.61	4.03	3.46	2.79	2.58	2.43	2.26
Total Debt/Equity (%)	86.02	34.32	0.72	0.64	0.59	0.59	0.51	10.39	33.83	40.46	37.97	42	32.15	29.52	24.74
Total Debt/Capital (%)	51.03	28.96	0.81	0.77	0.72	0.66	0.59	10.59	25.26	29.08	27.38	25.98	21.91	20.38	18.8
Total Debt/Total Assets (%)	8.32	3.74	0.08	0.08	0.07	0.07	0.06	1.35	3.61	4.03	3.46	2.79	2.58	2.43	2.26
CFO/Total Liabilities	1.24	-0.6	1.7	1.93	2.64	1.35	1.07	0.7	1.5	0.57	1.99	1.23	1.38	1.11	1.53
CFO/CapEx	7.13	-1.91	13.91	15.94	23.56	18.51	10.48	8.07	17.4	1.56	8.69	17.2	35.99	5.78	18
Altman's Z-Score	0.18	0.17	0.17	0.16	0.17	0.2	0.16	0.17	0.25	0.22	0.21	0.19	0.21	0.21	0.23

Working Capital (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

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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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	8	7	11	9	14	27	- -	- -	47	44	55	59	55	58	82
- Cash & Cash Equivalents	16	27	24	34	40	30	49	33	88	153	282	211	149	162	147
+ Preferred Equity and Hybrid Capital	- -	7	12	12	12	12	12	12	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	29	14	- -	- -	- -	- -	- -	5	21	28	28	28	25	25	25
Enterprise Value	18	-1	-3	-14	-16	10	-37	-16	-20	-81	-199	-124	-69	-79	-41
Total Capital	57	50	40	40	41	42	43	49	83	95	101	108	113	123	133
Total Debt/Capital (%)	51.03	28.96	0.81	0.77	0.72	0.66	0.59	10.59	25.26	29.08	27.38	25.98	21.91	20.38	18.8
Total Debt / EV	1.58	-19.9	-0.12	-0.02	-0.02	0.03	-0.01	-0.32	-1.05	-0.34	-0.14	-0.22	-0.36	-0.32	-0.62
EV/Sales	0.97	1.23	0.95	0.96	1.15	0.55	0.71	1.02	2.39	2.41	2.77	0.78	- -	- -	- -
EV/EBITDA	9	11.29	13.49	11.3	11.99	3.03	3.49	4.7	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	17.26	30.47	- -	- -	- -	7.97	6.23	8.04	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.7	- -	3.48	2.86	2.58	2.07	3.27	7.25	8.33	19.75	5.6	2.42	- -	- -	- -
EV/Free Cash Flow to Firm	4.12	- -	3.25	2.69	2.47	1.97	2.98	6.45	7.88	12.05	5.02	2.29	- -	- -	- -
Diluted Market Cap	8	7	11	9	14	27	- -	- -	48	46	57	61	55	60	85
Diluted Enterprise Value	21	2	-1	-12	-15	10	-37	-16	-18	-79	-197	-122	-69	-77	-38
EV per Share	8.75	12.34	9.62	9.08	10.93	4.44	5.58	7.81	32.84	35.35	40.91	- -	- -	- -	- -
TTM Sales	19	21	21	20	20	17	17	17	27	29	29	36	44	43	48
TTM EBITDA	2	2	2	2	2	3	3	4	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	1	1	- -	- -	- -	1	2	2	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	4	-2	6	7	9	5	4	2	8	4	14	12	12	11	15
TTM Free Cash Flow to Firm	4	-1	6	7	10	5	4	3	8	6	16	12	13	12	16

Multiples (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	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	1.83	-6.96	1.78	1.29	1.42	5.59	- -	- -	5.91	7.95	3.57	5.03	4.37	4.82	5.23
EV/EBIT	17.26	30.47	- -	- -	- -	7.97	6.23	8.04	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	18	-1	-3	-14	-16	10	-37	-16	-20	-81	-199	-124	-69	-79	-41
Low Price	3.3	1.71	2.93	4.11	4.22	6.1	- -	- -	22	21	22.5	27.8	28	28	29
EV/Sales	0.97	1.23	0.95	0.96	1.15	0.55	0.71	1.02	2.39	2.41	2.77	0.78	- -	- -	- -
EV/EBITDA	9	11.29	13.49	11.3	11.99	3.03	3.49	4.7	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	7.99	9.5	34.93	287.33	25.43	24.24	- -	- -	8.29	7.55	8.45	8.04	4.94	5.62	7.44
Price/Earnings Average	23.3	11.39	31.35	347.25	22.03	19.31	- -	- -	8.36	7.6	7.87	8.13	5.71	5.88	5.77
Price/Earnings High	30.6	16.33	41.74	406.66	26.08	24.68	- -	- -	8.8	8.55	8.75	10.44	7.94	6.28	7.44
Price/Earnings Low	6.76	5.03	19.57	274	17.12	11.81	- -	- -	7.68	7.04	6.79	7.44	4.94	5.37	5.13
Price/Book Value	0.29	0.24	0.39	0.32	0.47	0.91	- -	- -	0.75	0.66	0.76	0.74	0.62	0.59	0.76
Price/Book Value Average	0.86	0.29	0.35	0.39	0.41	0.73	- -	- -	0.76	0.66	0.7	0.75	0.72	0.62	0.59
Price/Book Value High	1.13	0.42	0.47	0.46	0.49	0.93	- -	- -	0.8	0.75	0.78	0.96	1	0.66	0.76
Price/Book Value Low	0.25	0.13	0.22	0.31	0.32	0.44	- -	- -	0.7	0.62	0.61	0.69	0.62	0.56	0.52
Price/Tangible Book Value	0.24	0.2	0.32	0.25	0.36	0.78	- -	- -	0.87	0.74	0.85	1.41	1.03	0.93	1.06
Price/Tangible Book Value Average	0.71	0.23	0.29	0.3	0.31	0.62	- -	- -	0.88	0.74	0.8	1.42	1.19	0.97	0.83
Price/Tangible Book Value High	0.93	0.34	0.39	0.35	0.37	0.8	- -	- -	0.93	0.84	0.89	1.83	1.66	1.04	1.06
Price/Tangible Book Value Low	0.21	0.1	0.18	0.24	0.24	0.38	- -	- -	0.81	0.69	0.69	1.3	1.03	0.89	0.73
Price/Sales	0.43	0.32	0.52	0.46	0.66	1.55	- -	- -	1.73	1.53	1.89	1.66	1.27	1.34	1.7
Price/Sales Average	1.26	0.38	0.46	0.55	0.57	1.24	- -	- -	1.75	1.54	1.76	1.68	1.46	1.4	1.32
Price/Sales High	1.65	0.55	0.62	0.65	0.68	1.58	- -	- -	1.84	1.74	1.96	2.16	2.04	1.5	1.7
Price/Sales Low	0.37	0.17	0.29	0.44	0.45	0.76	- -	- -	1.6	1.43	1.52	1.54	1.27	1.28	1.17
Price/Cash Flow	2.09	-3.3	1.89	1.36	1.48	5.85	- -	- -	6.03	12.57	3.83	5.13	4.5	5.46	5.32
Price/Cash Flow Average	6.1	-3.96	1.7	1.64	1.28	4.66	- -	- -	6.08	12.65	3.57	5.19	5.19	5.71	4.13
Price/Cash Flow High	8.01	-5.67	2.26	1.92	1.52	5.96	- -	- -	6.39	14.25	3.97	6.66	7.23	6.1	5.32
Price/Cash Flow Low	1.77	-1.75	1.06	1.3	0.99	2.85	- -	- -	5.58	11.73	3.08	4.75	4.5	5.22	3.68
Price/Free Cash Flow Average	5.35	-8.34	1.6	1.56	1.23	4.45	- -	- -	5.96	8.01	3.32	5.09	5.05	5.04	4.05
Price/Free Cash Flow High	7.03	-11.95	2.13	1.82	1.46	5.69	- -	- -	6.27	9.01	3.69	6.53	7.03	5.39	5.23
Price/Free Cash Flow Low	1.55	-3.68	1	1.23	0.96	2.72	- -	- -	5.47	7.42	2.87	4.66	4.37	4.61	3.61
EV/Sales Average	1.92	0.14	1	1.11	1.12	0.23	0.71	1.02	2.39	2.4	2.62	0.78	- -	- -	- -
EV/Sales High	2.31	0.3	0.07	1.25	1.27	0.58	0.71	1.02	2.61	2.69	2.91	0.78	- -	- -	- -
EV/Sales Low	1.02	1.21	0.86	1.04	1.04	1.46	0.71	1.02	2.38	2.38	2.47	0.78	- -	- -	- -
EV/EBITDA Average	17.81	1.25	-1.25	-6.08	-8.36	1.29	-10.58	-4.47	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	21.48	2.79	0.93	-4.97	-7.26	3.18	-10.58	-4.47	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	9.51	-0.73	-3.73	-7.45	-9.69	-1.35	-10.58	-4.47	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	34.16	3.38	6.89	- -	124.27	3.39	-18.88	-7.63	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	41.19	7.52	-5.1	- -	107.98	8.39	-18.88	-7.63	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	18.23	-1.96	20.48	- -	144.03	-3.56	-18.88	-7.63	- -	- -	- -	- -	- -	- -	- -
Last Price	3.9	3.23	5.23	4.31	6.27	12.52	- -	- -	23.75	22.5	28	30.05	28	29.3	42
High Price	14.94	5.55	6.25	6.1	6.43	12.75	- -	- -	25.2	25.5	29	38.99	45	32.75	42
Enterprise Value Average	36	3	-2	-10	-16	4	-37	-16	-19	-80	-203	-124	-60	-76	-59
Enterprise Value High	44	6	1	-8	-14	10	-37	-16	-17	-75	-197	-107	-35	-72	-41
Enterprise Value Low	19	-2	-6	-13	-19	-4	-37	-16	-23	-84	-210	-129	-69	-81	-66

Shares Outstanding	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Diluted Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Basic Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Revenue per Share	9.03	10.06	10.1	9.45	9.47	8.06	7.83	7.62	13.71	14.69	14.78	18.09	22.08	21.89	24.73
EBITDA per Share	0.97	1.09	0.71	0.8	0.91	1.47	1.6	1.66	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	0.51	0.4	-0.13	- -	-0.06	0.56	0.9	0.97	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.49	0.34	0.15	0.02	0.25	0.52	0.73	0.72	2.86	2.98	3.31	3.74	5.67	5.21	5.65
Basic EPS from Cont Ops	0.49	0.49	0.3	0.13	0.36	0.63	0.83	0.83	2.86	2.98	3.31	3.74	5.67	5.21	5.65
Diluted EPS, GAAP	0.49	0.34	0.15	0.01	0.25	0.51	0.72	0.71	2.76	2.87	3.19	3.6	5.67	5.03	5.45
Diluted EPS from Cont Ops	0.49	0.49	0.3	0.13	0.36	0.62	0.83	0.82	2.76	2.87	3.19	3.6	5.67	5.03	5.45
Dividend per Share	0.19	0.31	0.24	0.19	0.19	0.19	0.19	0.19	0.32	0.34	0.36	0.38	0.4	0.42	0.44
Cash Flow per Share	1.86	-0.98	2.76	3.17	4.24	2.14	1.71	1.08	3.94	1.79	7.3	5.85	6.23	5.37	7.89
Free Cash Flow per Basic Share	1.6	-1.49	2.56	2.97	4.06	2.02	1.55	0.94	3.72	0.65	6.46	5.51	6.06	4.44	7.45
Cash & Equivalents per Share	8.96	14.02	12.34	16.44	19.13	13.71	22.5	15.23	44.47	77.5	143.17	107.34	75.51	82.14	75.58
Book Value per Share	13.26	13.37	13.37	13.28	13.22	13.71	14.27	14.79	31.47	34.12	37.07	40.43	44.91	49.79	55.4
Tangible Book Value per Share	16.06	16.54	16.12	17.3	17.29	16.01	17.41	17.62	27.18	30.42	32.75	21.35	27.12	31.44	39.48

Citizens Bancshares Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)