Comerica Incorporated Financial Ratios — CMA 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 (%)	6.07	7.57	7.45	7.73	6.47	5.71	8.49	13.03	11.67	4.49	10.18	9.39	6.79	5.19	- -
Return on Assets (%)	0.69	0.83	0.83	0.88	0.74	0.66	1.03	1.73	1.67	0.62	1.28	1.28	1.03	0.85	- -
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	- -
EBITDA Margin (%)	4.99	5.12	4.8	4.91	4.33	4.25	3.82	3.61	3.41	3.71	3.34	2.6	2.42	2.96	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	21.68	29.33	30.9	34.74	27.53	23.53	38.95	46.12	46.01	21.33	50.22	41.77	31.85	27.37	- -
Profit Margin (%)	16.07	20.05	21.27	23.68	19.13	16.75	23.45	37.11	35.96	17.07	39.37	32.57	24.53	21.52	- -
Net Income to Common Margin (%)	16.07	20.05	21.27	23.68	19.13	16.75	23.45	37.11	35.96	16.62	38.59	31.92	23.89	20.81	- -
Effective Tax Rate (%)	25.85	31.63	31.17	31.84	30.53	28.81	39.79	19.54	21.85	19.97	21.61	22.02	22.99	21.4	- -
Dvd Payout Ratio (%)	18.58	18.62	22.74	23.1	28.21	31.87	24.23	21.3	33.44	76.45	32.23	31.29	43.24	55.85	- -
Sustainable Growth Rate (%)	4.94	6.16	5.75	5.94	4.64	3.89	6.43	10.26	7.77	1.06	6.9	6.45	3.85	2.29	- -

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	5,014	4,830	3,796	2,791	3,081	5,185	4,632	6,507	7,340	5,728	2,796	6,235	9,771	6,673	- -
ST Debt	70	110	1,253	463	23	373	10	905	955	905	877	4,052	3,565	- -	- -
LT Debt	4,944	4,720	2,543	2,328	3,058	4,812	4,622	5,602	6,385	4,823	1,919	2,183	6,206	6,673	- -
Total Debt/EBITDA	41.1	36.32	31.11	22.69	26.11	42.85	38.28	54.22	64.39	53.04	28.24	67.77	112.31	69.51	- -
Net Debt/EBITDA	11.95	2.98	-21.76	-26.67	-25.98	-16.8	-10.02	16.22	13.35	-92.95	-200.84	-0.51	3.09	-1.36	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.96	10.87	11.44	11.4	11.44	11.61	12.61	14.01	14.55	12.33	12.3	14.52	14.99	16.59	- -
Long-Term Debt/Equity (%)	71.99	67.99	35.57	31.45	40.45	61.72	58.04	74.62	87.14	59.91	24.3	42.13	96.88	101.99	- -
Long-Term Debt/Capital (%)	42.25	39.66	22.59	21.81	27.05	35.23	33.84	34.1	35.43	28.39	12.94	11.47	26.94	32.99	- -
Long-Term Debt/Total Assets (%)	8.1	7.25	3.9	3.36	4.25	6.59	6.46	7.91	8.7	5.47	2.03	2.56	7.23	8.42	- -
Total Debt/Equity (%)	73.01	69.58	53.09	37.71	40.75	66.51	58.17	86.68	100.18	71.16	35.41	120.34	152.53	101.99	- -
Total Debt/Capital (%)	42.85	40.58	33.73	26.14	27.25	37.97	33.91	39.61	40.73	33.71	18.86	32.77	42.42	32.99	- -
Total Debt/Total Assets (%)	8.22	7.42	5.82	4.03	4.29	7.1	6.47	9.19	10	6.5	2.96	7.3	11.38	8.42	- -
Net Debt to Equity	21.23	5.7	-37.13	-44.31	-40.56	-26.08	-15.23	25.92	20.77	-124.71	-251.78	-0.91	4.2	-2	- -
Net Debt/Capital (%)	17.9	5.3	-55.27	-71.23	-59.43	-31.57	-15.52	16.4	12.47	-820.85	253.16	-0.37	1.99	-0.98	- -
EBITDA	122	133	122	123	118	121	121	120	114	108	99	92	87	96	- -
EBITDA-CapEx	1	58	20	53	-1	26	52	30	28	29	29	10	-66	-57	- -
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	10.96	10.87	11.44	11.4	11.44	11.61	12.61	14.01	14.55	12.33	12.3	14.52	14.99	16.59	- -
Long-Term Debt/Equity (%)	71.99	67.99	35.57	31.45	40.45	61.72	58.04	74.62	87.14	59.91	24.3	42.13	96.88	101.99	- -
Long-Term Debt/Capital (%)	42.25	39.66	22.59	21.81	27.05	35.23	33.84	34.1	35.43	28.39	12.94	11.47	26.94	32.99	- -
Long-Term Debt/Total Assets (%)	8.1	7.25	3.9	3.36	4.25	6.59	6.46	7.91	8.7	5.47	2.03	2.56	7.23	8.42	- -
Total Debt/Equity (%)	73.01	69.58	53.09	37.71	40.75	66.51	58.17	86.68	100.18	71.16	35.41	120.34	152.53	101.99	- -
Total Debt/Capital (%)	42.85	40.58	33.73	26.14	27.25	37.97	33.91	39.61	40.73	33.71	18.86	32.77	42.42	32.99	- -
Total Debt/Total Assets (%)	8.22	7.42	5.82	4.03	4.29	7.1	6.47	9.19	10	6.5	2.96	7.3	11.38	8.42	- -
CFO/Total Liabilities	1.47	1.19	1.44	1.03	1.34	0.75	1.71	2.55	1.65	1.16	0.73	0.8	1.58	0.83	- -
CFO/CapEx	6.58	9.23	8.2	9.13	7.27	5.12	15.72	17.96	12.67	11.75	9.06	7.78	8.18	3.93	- -
Altman's Z-Score	0.22	0.23	0.26	0.25	0.25	0.29	0.34	0.33	0.33	0.25	0.27	0.29	0.29	0.32	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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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	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	4,756	5,830	8,678	8,368	7,352	11,758	15,146	11,530	10,749	7,793	11,737	8,762	7,367	8,202	11,270
- Cash & Cash Equivalents	3,556	4,434	6,451	6,071	6,147	7,218	5,845	4,561	5,818	15,767	22,679	6,282	9,502	6,804	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	394	394	394	394	394	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	5,014	4,830	3,796	2,791	3,081	5,185	4,632	6,507	7,340	5,728	2,796	6,235	9,771	6,673	- -
Enterprise Value	-4,039	-4,196	-3,396	-3,127	-6,346	-1,154	2,899	1,297	-282	-17,052	-24,935	-10,060	-9,238	1,090	11,270
Total Capital	11,701	11,902	11,255	10,676	11,306	13,657	13,660	16,429	18,019	16,990	14,825	19,028	23,033	20,225	- -
Total Debt/Capital (%)	42.85	40.58	33.73	26.14	27.25	37.97	33.91	39.61	40.73	33.71	18.86	32.77	42.42	32.99	- -
Total Debt / EV	-1.24	-1.15	-1.12	-0.89	-0.49	-4.49	1.6	5.02	-26.02	-0.34	-0.11	-0.62	-1.06	6.12	- -
EV/Sales	- -	- -	- -	- -	- -	- -	0.91	0.39	- -	- -	- -	- -	1.8	0.34	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	23.96	10.81	- -	- -	- -	- -	74.34	11.35	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	2.67	0.8	- -	- -	- -	- -	5.17	1.81	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	2.51	0.76	- -	- -	- -	- -	4.61	1.45	- -
Diluted Market Cap	4,803	5,840	8,887	8,688	7,576	12,037	15,463	11,712	10,855	7,832	11,881	8,861	7,399	8,266	11,388
Diluted Enterprise Value	6,261	6,236	6,232	5,408	4,510	10,004	14,250	13,658	12,377	-1,813	-7,608	9,208	8,062	8,529	11,388
EV per Share	- -	- -	- -	- -	- -	- -	16.61	7.73	- -	- -	- -	- -	49	8.22	86.93
TTM Sales	2,445	2,598	2,544	2,504	2,724	2,848	3,168	3,328	3,343	2,912	2,967	3,534	3,592	3,244	- -
TTM EBITDA	122	133	122	123	118	121	121	120	114	108	99	92	87	96	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	796	692	836	639	865	486	1,085	1,616	1,090	928	634	638	1,251	601	- -
TTM Free Cash Flow to Firm	917	767	938	709	984	581	1,154	1,706	1,176	1,007	704	720	1,404	754	- -

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	5.24	7.61	9.47	12.25	7.7	20.72	13.4	6.86	9.23	7.78	16.88	12.31	5.27	10.96	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-4,039	-4,196	-3,396	-3,127	-6,346	-1,154	2,899	1,297	-282	-17,052	-24,935	-10,060	-9,238	1,090	11,270
Low Price	21.48	26.25	30.73	42.73	39.52	30.48	64.04	63.69	58.54	24.28	54.78	62.83	28.4	45.32	48.12
EV/Sales	- -	- -	- -	- -	- -	- -	0.91	0.39	- -	- -	- -	- -	1.8	0.34	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	23.96	10.81	- -	- -	- -	- -	74.34	11.35	- -
Price/Earnings	12.1	11.19	16.04	14.11	14.11	24.65	20.38	9.34	8.94	16.1	10.25	7.77	8.59	12.15	- -
Price/Earnings Average	14.93	11.19	13.29	14.62	15.4	16.54	17.15	12.44	9	12.7	8.77	9.38	7.58	10.99	- -
Price/Earnings High	20.42	12.54	16.43	16.12	18.03	25.49	20.72	13.95	11.09	20.82	10.8	11.86	11.9	14.43	- -
Price/Earnings Low	10.08	9.68	10.37	12.87	13.33	11.03	15.04	8.66	7.3	7	6.45	7.3	4.37	8.9	- -
Price/Book Value	0.71	0.82	1.16	1.06	0.89	1.39	1.68	1.16	1.01	0.72	1.01	0.71	0.57	0.62	- -
Price/Book Value Average	0.88	0.82	0.96	1.1	0.98	0.93	1.41	1.55	1.01	0.57	0.86	0.85	0.51	0.56	- -
Price/Book Value High	1.2	0.92	1.19	1.21	1.14	1.44	1.7	1.74	1.25	0.93	1.06	1.08	0.79	0.74	- -
Price/Book Value Low	0.59	0.71	0.75	0.97	0.84	0.62	1.24	1.08	0.82	0.31	0.64	0.66	0.29	0.46	- -
Price/Tangible Book Value	0.77	0.93	1.21	1.13	1.06	1.64	2.07	1.68	1.61	1.11	1.71	2.11	1.23	1.33	- -
Price/Tangible Book Value Average	0.95	0.93	1.01	1.17	1.16	1.1	1.74	2.24	1.62	0.88	1.46	2.55	1.08	1.21	- -
Price/Tangible Book Value High	1.29	1.04	1.24	1.29	1.36	1.7	2.1	2.51	1.99	1.44	1.8	3.22	1.7	1.58	- -
Price/Tangible Book Value Low	0.64	0.8	0.78	1.03	1	0.74	1.53	1.56	1.31	0.48	1.08	1.98	0.62	0.98	- -
Price/Sales	1.95	2.24	3.41	3.34	2.7	4.13	4.78	3.46	3.22	2.68	3.96	2.48	2.05	2.53	- -
Price/Sales Average	2.4	2.24	2.83	3.46	2.94	2.77	4.02	4.61	3.24	2.11	3.39	2.99	1.81	2.29	- -
Price/Sales High	3.28	2.51	3.49	3.82	3.45	4.27	4.86	5.18	3.99	3.46	4.17	3.79	2.84	3	- -
Price/Sales Low	1.62	1.94	2.2	3.05	2.55	1.85	3.53	3.21	2.62	1.16	2.49	2.33	1.04	1.85	- -
Price/Cash Flow	5.98	8.43	10.38	13.1	8.5	24.19	13.96	7.13	9.86	8.4	18.51	13.73	5.89	13.65	- -
Price/Cash Flow Average	7.37	8.43	8.6	13.56	9.27	16.24	11.75	9.5	9.93	6.62	15.84	16.59	5.2	12.34	- -
Price/Cash Flow High	10.08	9.44	10.63	14.96	10.86	25.02	14.19	10.66	12.23	10.86	19.5	20.97	8.16	16.21	- -
Price/Cash Flow Low	4.97	7.29	6.71	11.95	8.03	10.83	10.3	6.62	8.05	3.65	11.66	12.91	3	10	- -
Price/Free Cash Flow Average	6.46	7.61	7.85	12.69	8.4	13.91	11.27	9.14	9.29	6.13	14.44	14.86	4.65	9.91	- -
Price/Free Cash Flow High	8.84	8.53	9.7	14	9.84	21.43	13.62	10.26	11.44	10.06	17.77	18.8	7.3	13.02	- -
Price/Free Cash Flow Low	4.36	6.59	6.12	11.18	7.27	9.27	9.88	6.37	7.53	3.38	10.63	11.57	2.68	8.03	- -
EV/Sales Average	3	2.4	1.78	2.15	1.82	2.06	3.64	5.2	3.69	- -	- -	3.09	1.99	2.37	- -
EV/Sales High	3.88	2.67	2.45	2.51	2.32	3.56	4.48	5.76	4.44	0.15	- -	3.88	3.03	3.08	- -
EV/Sales Low	2.22	2.09	1.16	1.74	1.42	1.13	3.14	3.8	3.08	- -	- -	2.43	1.23	1.93	- -
EV/EBITDA Average	60.05	46.82	37.17	43.8	41.99	48.42	95.29	144.2	108.26	-32.4	-95.4	118.8	82.35	79.98	- -
EV/EBITDA High	77.73	52.1	51.09	51.04	53.63	83.69	117.18	159.81	130.26	4	-72	149.22	124.96	104.2	- -
EV/EBITDA Low	44.41	40.9	24.22	35.4	32.88	26.68	82.31	105.3	90.28	-57.94	-122.21	93.29	50.71	65.34	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	25.8	30.34	47.54	46.84	41.83	68.11	86.81	68.69	71.75	55.86	87	66.85	55.81	61.85	86.93
High Price	43.53	34	48.69	53.5	53.45	70.44	88.22	102.66	88.96	72.23	91.62	102.09	77.34	73.45	90.44
Enterprise Value Average	7,327	6,227	4,534	5,387	4,955	5,858	11,530	17,304	12,342	-3,499	-9,445	10,929	7,165	7,678	8,655
Enterprise Value High	9,483	6,930	6,233	6,278	6,329	10,127	14,179	19,178	14,849	432	-7,128	13,728	10,871	10,003	11,725
Enterprise Value Low	5,418	5,440	2,954	4,354	3,880	3,229	9,960	12,637	10,292	-6,258	-12,099	8,582	4,412	6,273	6,238

	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	197	188	182	179	176	175	173	160	142	139	131	131	132	131	- -
Diluted Weighted Avg Shares	186	192	187	185	181	177	178	170	151	140	137	133	133	134	131
Basic Weighted Avg Shares	184	192	183	179	176	173	174	168	150	140	135	131	132	133	130
Revenue per Share	13.26	13.52	13.94	14.02	15.5	16.5	18.16	19.83	22.31	20.87	21.99	26.96	27.21	24.46	- -
EBITDA per Share	0.66	0.69	0.67	0.69	0.67	0.7	0.69	0.71	0.76	0.77	0.73	0.7	0.66	0.72	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.13	2.71	2.96	3.32	2.96	2.76	4.26	7.36	8.02	3.47	8.49	8.61	6.5	5.09	- -
Basic EPS from Cont Ops	2.13	2.71	2.96	3.32	2.96	2.76	4.26	7.36	8.02	3.56	8.66	8.78	6.67	5.26	- -
Diluted EPS, GAAP	2.11	2.71	2.89	3.2	2.88	2.7	4.17	7.24	7.94	3.45	8.38	8.51	6.47	5.05	- -
Diluted EPS from Cont Ops	2.11	2.71	2.89	3.2	2.88	2.7	4.17	7.24	7.94	3.54	8.55	8.68	6.65	5.22	- -
Dividend per Share	0.4	0.5	0.67	0.77	0.84	0.88	1.03	1.57	2.68	2.75	2.91	2.87	2.98	3.02	- -
Cash Flow per Share	4.32	3.6	4.58	3.58	4.92	2.82	6.22	9.63	7.28	6.65	4.7	4.87	9.48	4.53	- -
Free Cash Flow per Basic Share	3.66	3.21	4.02	3.18	4.24	2.26	5.82	9.09	6.7	6.09	4.18	4.24	8.32	3.38	- -
Cash & Equivalents per Share	74.9	77.31	86.94	79.96	95.46	104.83	96.75	99.73	122.63	221.96	295.47	194.17	202.81	106.92	- -
Book Value per Share	36.27	36.8	40.86	44.13	46.79	49.08	51.75	59.11	71.28	77.9	86.24	94.59	97.49	99.22	- -
Tangible Book Value per Share	33.65	32.72	39.17	41.43	39.34	41.44	41.97	40.92	44.66	50.32	50.91	31.68	45.55	46.37	- -

Comerica Incorporated

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)