Commercial National Financial Corporation Financial Ratios — CNAF

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 (%)	11.91	12.29	8.84	9.73	8.7	6.14	10.15	6.24	6.86	8.26	6.7	5.6	4.33	2.63	2.68
Return on Assets (%)	1.78	1.88	1.41	1.59	1.45	1.05	1.83	1.08	1.13	1.35	1.04	0.89	0.76	0.48	0.51
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	7.81	6.11	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.28	1.93	32.87	34.69	43.2	30.99	2.65	2.67	2.03	2.09	2.15	2.33	2.6	2.84	3.01
Operating Margin (%)	- -	- -	30.46	32.05	40.86	27.98	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-1,391.62	- -	-136.85	65.3	88.14	110.27	-620.08	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	42.25	44.7	30.46	32.05	40.86	27.98	28.03	28.05	30.48	35	29.39	26.16	20.9	12.34	12.34
Profit Margin (%)	35.58	36.43	33.05	36.33	28.04	23.62	38.4	25.93	27.24	30.44	25.5	24.52	19.79	12.67	12.69
Net Income to Common Margin (%)	35.58	36.43	33.05	36.33	28.04	23.62	38.4	25.93	27.24	30.44	25.5	24.52	19.79	12.67	12.69
Effective Tax Rate (%)	15.79	18.52	- -	- -	31.37	15.6	- -	7.55	10.62	13.03	13.26	6.24	5.28	- -	- -
Dvd Payout Ratio (%)	40.91	80.33	55.19	47.92	102.6	73.64	54.18	68.47	153.44	52.07	124.57	76.15	97.64	138.29	66.99
Sustainable Growth Rate (%)	7.04	2.42	3.96	5.07	-0.23	1.62	4.65	1.97	-3.67	3.96	-1.65	1.34	0.1	-1.01	0.89

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	38	- -	23	10	22	- -	1	32	18	- -	- -	7	25	39	18
ST Debt	28	- -	23	10	22	- -	1	32	18	- -	- -	7	25	39	18
LT Debt	10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	88.6	- -	4.35	1.69	2.53	- -	2.7	71.64	50.07	- -	- -	18.1	63.29	93.62	39.32
Net Debt/EBITDA	73.58	-100.47	2.1	0.78	1.49	-2.6	-7.84	58.88	37.16	-72.11	-84.17	1.02	49.68	81.36	26.49
Total Debt/EBIT	- -	- -	4.69	1.83	2.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	2.27	0.84	1.57	-2.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.56	16.03	15.78	16.89	16.35	18.11	17.9	16.75	16.15	16.57	14.69	17.21	18.01	18.58	19.39
Long-Term Debt/Equity (%)	19.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	10.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	2.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	72.5	- -	50.53	17.15	40.2	- -	2.12	53.79	28.09	- -	- -	20.69	70.06	117.97	46.45
Total Debt/Capital (%)	39.49	- -	27.25	13.25	25.33	- -	1.82	31.3	20.69	- -	- -	8.72	26.47	35.7	19.97
Total Debt/Total Assets (%)	9.5	- -	5.91	2.58	5.55	- -	0.33	7.63	4.21	- -	- -	1.64	6.48	10.31	4.84
Net Debt to Equity	60.21	-73.12	24.44	7.93	23.65	-25.1	-6.18	44.21	20.85	-40.82	-51.29	1.17	54.99	102.52	31.3
Net Debt/Capital (%)	35.15	-181.79	15.34	6.6	16.64	-26.24	-5.68	27.25	16.22	-67.23	-92.57	0.54	22.03	32.55	14.4
EBITDA	- -	- -	5	6	9	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	5	5	8	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	5	5	8	5	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	14.56	16.03	15.78	16.89	16.35	18.11	17.9	16.75	16.15	16.57	14.69	17.21	18.01	18.58	19.39
Long-Term Debt/Equity (%)	19.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	10.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	2.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	72.5	- -	50.53	17.15	40.2	- -	2.12	53.79	28.09	- -	- -	20.69	70.06	117.97	46.45
Total Debt/Capital (%)	39.49	- -	27.25	13.25	25.33	- -	1.82	31.3	20.69	- -	- -	8.72	26.47	35.7	19.97
Total Debt/Total Assets (%)	9.5	- -	5.91	2.58	5.55	- -	0.33	7.63	4.21	- -	- -	1.64	6.48	10.31	4.84
CFO/Total Liabilities	1.76	1.07	1.39	1.89	1.17	1.13	1.17	1.33	1.78	1.45	0.87	0.94	0.95	0.56	0.56
CFO/CapEx	65.07	8.91	12.74	11.04	7.13	9.5	14.45	15.92	27.97	8.86	20.71	11.45	4.47	5.62	4.19
Altman's Z-Score	0.34	0.36	0.38	0.41	0.43	0.44	0.39	0.35	0.34	0.33	0.3	0.31	0.31	0.31	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	9.29	9.91	8.88	8.15	10.36	10.16	10.41	8.15	8.6	10.26	10.59	8.12	7	6.6	6.68
Days Sales Outstanding	39.3	36.84	41.1	44.81	35.24	35.93	35.07	44.81	42.42	35.59	34.48	44.93	52.18	55.29	54.62
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	67	56	58	62	63	63	64	60	58	47	52	34	27	19	22
- Cash & Cash Equivalents	6	39	12	5	9	14	5	6	5	28	33	6	5	5	6
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	38	- -	23	10	22	- -	1	32	18	- -	- -	7	25	39	18
Enterprise Value	-91	-124	-116	-120	-108	-79	-86	-73	-79	-114	-176	-136	-114	37	31
Total Capital	96	60	86	75	87	66	70	102	85	70	69	77	96	108	88
Total Debt/Capital (%)	39.49	- -	27.25	13.25	25.33	- -	1.82	31.3	20.69	- -	- -	8.72	26.47	35.7	19.97
Total Debt / EV	-0.42	- -	-0.2	-0.08	-0.2	- -	-0.01	-0.44	-0.22	- -	- -	-0.05	-0.22	1.03	0.56
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.58	2.12
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	90.75	70.47
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.54	17.39
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.59	14.04
Diluted Market Cap	67	56	58	62	63	63	64	60	58	47	52	34	27	19	22
Diluted Enterprise Value	99	17	70	67	76	49	60	87	71	19	18	34	47	53	34
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13.1	10.99
TTM Sales	19	20	16	17	20	17	18	17	17	19	18	16	15	15	15
TTM EBITDA	- -	- -	5	6	9	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	5	5	8	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	6	3	5	6	4	4	4	5	6	5	4	4	3	2	2
TTM Free Cash Flow to Firm	6	4	5	7	5	4	4	5	7	6	4	4	4	2	2

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	10.82	14.59	11.18	9.16	13.71	16.16	15.6	11.83	8.87	8.24	13.95	8.84	6.7	8.56	9.77
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-91	-124	-116	-120	-108	-79	-86	-73	-79	-114	-176	-136	-114	37	31
Low Price	18.14	19.16	19.48	20.36	21.25	19.5	20.15	20.5	19.95	15.26	16.01	11.78	8	6.61	6.21
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.58	2.12
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	90.75	70.47
Price/Earnings	10.01	7.68	10.8	10.02	11.07	15.58	9.27	13.86	12.32	8.26	11.05	8.68	9.01	10.51	11.65
Price/Earnings Average	8.45	9.25	11.54	9.68	11.75	14.54	8.86	15.07	13.02	8.91	11.79	11.79	10.37	14.6	10.92
Price/Earnings High	10.56	11.03	12.87	11.35	12.7	15.93	9.55	18.44	14.48	10.37	13.13	13.96	12.89	17.31	12.56
Price/Earnings Low	7.73	7.55	10.34	9.38	10.69	13.81	8.4	13.5	12.05	7.64	9.78	8.63	7.51	10.27	9.45
Price/Book Value	1.15	0.93	0.94	0.95	0.96	0.95	0.92	0.86	0.86	0.67	0.75	0.48	0.39	0.28	0.31
Price/Book Value Average	0.97	1.12	1	0.92	1.02	0.89	0.88	0.93	0.91	0.72	0.8	0.66	0.45	0.39	0.29
Price/Book Value High	1.21	1.34	1.12	1.08	1.11	0.97	0.95	1.14	1.01	0.84	0.89	0.78	0.56	0.46	0.34
Price/Book Value Low	0.89	0.92	0.9	0.89	0.93	0.84	0.84	0.83	0.84	0.62	0.66	0.48	0.33	0.27	0.25
Price/Tangible Book Value	1.28	1.06	1.26	1.07	1.14	1.15	1.06	1.01	0.93	0.68	0.8	1.04	0.76	0.59	0.58
Price/Tangible Book Value Average	1.08	1.27	1.35	1.03	1.21	1.07	1.01	1.1	0.98	0.73	0.85	1.42	0.87	0.82	0.54
Price/Tangible Book Value High	1.35	1.52	1.5	1.21	1.31	1.17	1.09	1.35	1.09	0.85	0.95	1.68	1.09	0.97	0.62
Price/Tangible Book Value Low	0.99	1.04	1.21	1	1.1	1.02	0.96	0.99	0.91	0.63	0.7	1.04	0.63	0.58	0.47
Price/Sales	3.56	2.8	3.57	3.64	3.1	3.68	3.56	3.59	3.36	2.51	2.82	2.13	1.78	1.33	1.48
Price/Sales Average	3.01	3.37	3.81	3.52	3.3	3.43	3.4	3.91	3.55	2.71	3.01	2.89	2.05	1.85	1.39
Price/Sales High	3.76	4.02	4.25	4.12	3.56	3.76	3.67	4.78	3.94	3.16	3.35	3.42	2.55	2.19	1.59
Price/Sales Low	2.75	2.75	3.42	3.41	3	3.26	3.22	3.5	3.28	2.33	2.49	2.12	1.49	1.3	1.2
Price/Cash Flow	10.99	16.22	12.06	9.99	15.63	17.87	16.68	12.57	9.19	9.17	14.62	9.61	8.2	10.08	12.1
Price/Cash Flow Average	9.27	19.53	12.88	9.65	16.6	16.68	15.94	13.67	9.71	9.89	15.6	13.06	9.43	14.01	11.35
Price/Cash Flow High	11.59	23.29	14.37	11.31	17.94	18.27	17.18	16.72	10.8	11.5	17.37	15.47	11.73	16.62	13.05
Price/Cash Flow Low	8.48	15.94	11.54	9.35	15.1	15.84	15.11	12.24	8.99	8.48	12.94	9.56	6.83	9.86	9.83
Price/Free Cash Flow Average	9.13	17.56	11.94	8.85	14.56	15.09	14.91	12.86	9.37	8.89	14.88	12.01	7.71	11.9	9.16
Price/Free Cash Flow High	11.42	20.94	13.32	10.37	15.73	16.53	16.07	15.73	10.43	10.33	16.57	14.23	9.58	14.11	10.54
Price/Free Cash Flow Low	8.36	14.33	10.7	8.58	13.24	14.33	14.13	11.52	8.68	7.62	12.34	8.79	5.58	8.37	7.93
EV/Sales Average	4.68	1.43	4.5	3.79	3.94	2.63	3.19	5.48	4.3	1.2	1.19	2.92	3.34	4.16	2.18
EV/Sales High	5.43	2.08	4.94	4.39	4.2	2.96	3.46	6.35	4.7	1.65	1.53	3.45	3.84	4.51	2.39
EV/Sales Low	4.43	0.81	4.11	3.68	3.64	2.45	3.02	5.07	4.04	0.82	0.68	2.14	2.78	3.61	2
EV/EBITDA Average	205.47	74.48	13.7	10.92	9.12	8.48	120.76	205.39	211.82	57.48	55.34	125.19	128.67	146.42	72.48
EV/EBITDA High	238.52	108.14	15.04	12.66	9.73	9.54	130.8	238.09	231.43	78.58	71.16	148.08	147.88	158.53	79.38
EV/EBITDA Low	194.27	42.28	12.49	10.6	8.43	7.92	114.04	190.09	198.85	38.98	31.49	91.87	106.9	127.15	66.3
EV/EBIT Average	- -	- -	14.79	11.81	9.64	9.39	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	16.23	13.7	10.29	10.57	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	13.49	11.48	8.91	8.77	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	23.5	19.5	20.36	21.75	22	22	22.25	21.05	20.4	16.5	18.1	11.85	9.6	6.76	7.65
High Price	24.79	28	24.25	24.63	25.25	22.5	22.92	28	23.97	20.7	21.5	19.07	13.73	11.14	8.25
Enterprise Value Average	88	29	73	65	80	45	57	92	75	23	22	46	51	60	32
Enterprise Value High	103	42	81	75	85	51	62	106	82	31	28	55	59	65	35
Enterprise Value Low	84	16	67	63	74	42	54	85	70	15	12	34	43	53	30

	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	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Basic Weighted Avg Shares	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Revenue per Share	6.6	6.97	5.7	5.98	7.09	5.98	6.25	5.86	6.08	6.56	6.42	5.57	5.38	5.08	5.18
EBITDA per Share	0.15	0.13	1.87	2.07	3.06	1.85	0.17	0.16	0.12	0.14	0.14	0.13	0.14	0.14	0.16
Operating Income per Share	- -	- -	1.74	1.92	2.9	1.67	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.35	2.54	1.88	2.17	1.99	1.41	2.4	1.52	1.66	2	1.64	1.37	1.07	0.64	0.66
Basic EPS from Cont Ops	2.35	2.54	1.88	2.17	1.99	1.41	2.4	1.52	1.66	2	1.64	1.37	1.07	0.64	0.66
Diluted EPS, GAAP	2.35	2.54	1.88	2.17	1.99	1.41	2.4	1.52	1.66	2	1.64	1.37	1.07	0.64	0.66
Diluted EPS from Cont Ops	2.35	2.54	1.88	2.17	1.99	1.41	2.4	1.52	1.66	2	1.64	1.37	1.07	0.64	0.66
Dividend per Share	0.96	2.04	1.04	1.04	2.04	1.04	1.3	1.04	2.54	1.04	2.04	1.04	1.04	0.89	0.44
Cash Flow per Share	2.14	1.2	1.69	2.18	1.41	1.23	1.33	1.67	2.22	1.8	1.24	1.23	1.17	0.67	0.63
Free Cash Flow per Basic Share	2.11	1.07	1.56	1.98	1.21	1.1	1.24	1.57	2.14	1.6	1.18	1.13	0.91	0.55	0.48
Cash & Equivalents per Share	68.63	62.88	69.03	67.27	67.66	49.63	52.66	57.83	54.32	56.5	79.79	61.73	58.47	7.17	2.79
Book Value per Share	20.4	20.9	21.75	22.88	22.83	23.2	24.09	24.57	23.68	24.64	24.24	24.56	24.59	24.34	24.58
Tangible Book Value per Share	18.37	18.44	16.13	20.38	19.27	19.21	20.98	20.81	21.99	24.27	22.71	11.35	12.63	11.46	13.2

Commercial National Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)