Codorus Valley Bancorp, Inc. Financial Ratios — CVLY Stock

Profitability (USD)

	2009 Y	2010 Y	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
Return on Common Equity (%)	15.54	27.58	23.03	32.68	31.67	30.46	24.62	26.6	25.24	42.67	38.9	16.5	25.4	28.84	29.35
Return on Assets (%)	0.43	0.67	0.69	0.91	0.96	1	0.83	0.85	0.72	1.11	1.01	0.42	0.64	0.87	1.14
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 (%)	4.56	3.71	3.53	3.6	3.41	3.56	4.05	3.75	3.37	3.19	4.68	4.57	4.12	1.56	1.86
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	10.31	19.39	21.12	28.75	31.95	33.06	28.48	30.39	31.3	32.56	30.91	13.96	23.8	29.01	34.06
Profit Margin (%)	10.92	16.4	17.05	21.61	23.31	23.67	19.89	20.97	17.15	25.74	24.35	11.25	18.77	22.73	26.71
Net Income to Common Margin (%)	7.88	13.81	13.38	20.73	22.76	23.32	19.67	20.94	17.15	25.74	24.35	11.25	18.77	22.73	26.71
Effective Tax Rate (%)	- -	15.43	19.26	24.83	27.05	28.4	30.18	31	45.21	20.96	21.23	19.39	21.13	21.66	21.57
Dvd Payout Ratio (%)	31.97	16.58	14.44	21.53	20.1	22.8	27.15	31.9	37.98	28.34	32.27	60.19	35.95	28.44	25.38
Sustainable Growth Rate (%)	10.57	23.01	19.7	25.64	25.3	23.51	17.93	18.11	15.66	30.58	26.35	6.57	16.27	20.64	21.9

Credit (USD)

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	2009 Y	2010 Y	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
Total Debt	93	69	47	31	86	90	120	182	151	122	93	80	54	46	45
ST Debt	8	7	- -	- -	16	- -	- -	57	20	7	8	- -	- -	- -	- -
LT Debt	84	62	47	31	70	90	120	125	130	115	85	80	54	46	45
Total Debt/EBITDA	64.68	49.04	33.19	19.66	55.79	51.02	53.09	77.66	63.98	50.49	25.89	23.26	16.82	33.08	25.98
Net Debt/EBITDA	48.51	20.34	10.04	-12.25	45.93	33.42	27.73	46.06	30.24	10.54	-12.1	-75.81	-153.81	-57.68	4.29
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.88	2.21	2.48	2.84	3.05	3.38	3.33	3.1	2.64	2.57	2.62	2.45	2.58	3.5	4.25
Long-Term Debt/Equity (%)	117.04	81.06	50.01	30.41	65.48	76.33	75.6	80.87	79.35	64.51	44.37	40.27	27.65	25.67	22.65
Long-Term Debt/Capital (%)	67.23	58.58	48.22	35.88	48.17	63.02	66.56	54.03	66.51	68.31	59.67	60.1	46.39	37.2	32.63
Long-Term Debt/Total Assets (%)	9.44	6.48	4.61	2.91	6.13	7.45	8.26	7.78	7.62	6.38	4.5	3.69	2.24	2.07	2.06
Total Debt/Equity (%)	128.8	89.9	50.01	30.41	80.13	76.33	75.6	117.42	91.83	68.44	48.51	40.27	27.65	25.67	22.65
Total Debt/Capital (%)	73.99	64.96	48.22	35.88	58.95	63.02	66.56	78.45	76.97	72.47	65.24	60.1	46.39	37.2	32.63
Total Debt/Total Assets (%)	10.39	7.19	4.61	2.91	7.5	7.45	8.26	11.29	8.82	6.77	4.92	3.69	2.24	2.07	2.06
Net Debt to Equity	96.61	37.28	15.13	-18.95	65.97	50	39.48	69.64	43.41	14.29	-22.68	-131.28	-252.94	-44.76	3.74
Net Debt/Capital (%)	68.09	43.47	21.87	-53.14	54.1	52.7	50.97	68.35	61.23	35.48	-410.61	127.93	115.28	-4,103.67	7.12
EBITDA	1	1	1	2	2	2	2	2	2	2	4	3	3	1	2
EBITDA-CapEx	- -	- -	- -	- -	-3	-4	-4	- -	- -	- -	- -	1	1	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.88	2.21	2.48	2.84	3.05	3.38	3.33	3.1	2.64	2.57	2.62	2.45	2.58	3.5	4.25
Long-Term Debt/Equity (%)	117.04	81.06	50.01	30.41	65.48	76.33	75.6	80.87	79.35	64.51	44.37	40.27	27.65	25.67	22.65
Long-Term Debt/Capital (%)	67.23	58.58	48.22	35.88	48.17	63.02	66.56	54.03	66.51	68.31	59.67	60.1	46.39	37.2	32.63
Long-Term Debt/Total Assets (%)	9.44	6.48	4.61	2.91	6.13	7.45	8.26	7.78	7.62	6.38	4.5	3.69	2.24	2.07	2.06
Total Debt/Equity (%)	128.8	89.9	50.01	30.41	80.13	76.33	75.6	117.42	91.83	68.44	48.51	40.27	27.65	25.67	22.65
Total Debt/Capital (%)	73.99	64.96	48.22	35.88	58.95	63.02	66.56	78.45	76.97	72.47	65.24	60.1	46.39	37.2	32.63
Total Debt/Total Assets (%)	10.39	7.19	4.61	2.91	7.5	7.45	8.26	11.29	8.82	6.77	4.92	3.69	2.24	2.07	2.06
CFO/Total Liabilities	0.63	1.04	1.78	1.72	1.69	1.4	1.08	1.27	1.08	1.29	0.98	0.61	1.25	1.68	1.11
CFO/CapEx	4.17	9.99	11.64	8.17	3.79	2.72	2.35	7.99	7.74	7.61	5.36	5.28	13.7	18.45	10.5
Altman's Z-Score	0.06	0.07	0.08	0.1	0.11	0.12	0.11	0.14	0.14	0.12	0.13	0.1	0.11	0.14	0.16

Working Capital (USD)

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	2009 Y	2010 Y	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
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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	2009 Y	2010 Y	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
Market Capitalization	14	27	25	49	70	86	101	195	203	169	198	150	194	217	243
- Cash & Cash Equivalents	23	40	32	50	15	31	57	74	80	97	132	336	545	120	34
+ Preferred Equity and Hybrid Capital	16	16	25	25	25	12	12	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	93	69	47	31	86	90	120	182	151	122	93	80	54	46	45
Enterprise Value	100	71	-170	-179	-62	-56	-38	108	116	45	- -	-291	-551	-204	-95
Total Capital	125	106	97	86	146	143	181	232	196	169	142	133	117	122	139
Total Debt/Capital (%)	73.99	64.96	48.22	35.88	58.95	63.02	66.56	78.45	76.97	72.47	65.24	60.1	46.39	37.2	32.63
Total Debt / EV	0.93	0.96	-0.27	-0.17	-1.38	-1.61	-3.2	1.68	1.3	2.71	-515.03	-0.27	-0.1	-0.22	-0.48
EV/Sales	3.17	1.89	- -	- -	- -	- -	- -	1.74	1.65	0.6	- -	- -	- -	- -	- -
EV/EBITDA	69.55	50.91	- -	- -	- -	- -	- -	46.28	49.06	18.66	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	19.42	7.82	- -	- -	- -	- -	- -	5.87	6.93	2.16	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	15.67	7.11	- -	- -	- -	- -	- -	5.21	6.14	1.91	- -	- -	- -	- -	- -
Diluted Market Cap	14	27	25	50	72	87	102	197	205	171	200	150	195	217	244
Diluted Enterprise Value	100	71	64	56	168	158	177	305	277	196	161	-106	-296	142	255
EV per Share	16.7	11.81	- -	- -	- -	- -	- -	11.18	11.82	4.59	- -	- -	- -	- -	- -
TTM Sales	31	38	40	43	45	50	56	62	70	76	77	75	78	88	93
TTM EBITDA	1	1	1	2	2	2	2	2	2	2	4	3	3	1	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	5	9	16	16	18	15	14	18	17	21	17	12	28	34	22
TTM Free Cash Flow to Firm	6	10	18	19	22	21	20	21	19	24	20	14	30	36	24

Multiples (USD)

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	2009 Y	2010 Y	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
Price/Free Cash Flow	2.25	2.68	1.41	2.7	3.21	4.15	5.12	9.47	10.89	7.21	10.12	10.62	6.53	6.07	10.09
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	100	71	-170	-179	-62	-56	-38	108	116	45	- -	-291	-551	-204	-95
Low Price	3.47	3.38	5.57	5.6	9.41	12.76	14.65	16.17	20.7	19.3	18.71	10.62	15.29	18.66	16
EV/Sales	3.17	1.89	- -	- -	- -	- -	- -	1.74	1.65	0.6	- -	- -	- -	- -	- -
EV/EBITDA	69.55	50.91	- -	- -	- -	- -	- -	46.28	49.06	18.66	- -	- -	- -	- -	- -
Price/Earnings	5.79	5.15	4.66	5.47	6.81	7.39	9.17	14.92	16.91	8.66	10.64	17.77	13.25	10.78	9.75
Price/Earnings Average	7.88	4.14	5.54	4.67	5.91	7.56	8.96	10.69	16.3	11.05	9.75	15.89	12.27	9.81	7.85
Price/Earnings High	17	8.25	9.89	8.55	10.37	11.71	13.63	18.77	24.73	15.31	12.48	26.71	15.81	11.61	9.98
Price/Earnings Low	8.37	3.91	6.43	3.88	5.8	7.88	10.09	11.98	16.86	9.74	9.9	12.31	10.13	8.85	6.16
Price/Book Value	0.85	1.27	0.99	1.64	2	2.09	2.09	3.91	4.5	3.64	4.01	2.83	3.11	2.82	2.61
Price/Book Value Average	1.16	1.02	1.18	1.4	1.74	2.14	2.04	2.8	4.34	4.65	3.68	2.53	2.88	2.57	2.1
Price/Book Value High	2.51	2.04	2.1	2.56	3.05	3.31	3.1	4.92	6.58	6.44	4.71	4.26	3.71	3.04	2.67
Price/Book Value Low	1.24	0.97	1.37	1.16	1.71	2.23	2.3	3.14	4.49	4.09	3.73	1.96	2.38	2.31	1.65
Price/Tangible Book Value	0.26	0.44	0.36	0.65	0.85	0.8	0.7	1.28	1.25	0.96	1.05	0.77	1.01	1.24	1.23
Price/Tangible Book Value Average	0.35	0.36	0.43	0.55	0.74	0.82	0.68	0.92	1.21	1.22	0.96	0.69	0.93	1.13	0.99
Price/Tangible Book Value High	0.75	0.71	0.77	1.01	1.29	1.28	1.04	1.61	1.83	1.7	1.23	1.15	1.2	1.33	1.26
Price/Tangible Book Value Low	0.37	0.34	0.5	0.46	0.72	0.86	0.77	1.03	1.25	1.08	0.98	0.53	0.77	1.02	0.78
Price/Sales	0.46	0.71	0.62	1.13	1.55	1.72	1.8	3.12	2.9	2.23	2.59	2	2.49	2.45	2.6
Price/Sales Average	0.62	0.57	0.74	0.97	1.34	1.76	1.76	2.24	2.79	2.84	2.37	1.79	2.3	2.23	2.1
Price/Sales High	1.34	1.14	1.32	1.77	2.36	2.73	2.68	3.93	4.24	3.94	3.04	3	2.97	2.64	2.67
Price/Sales Low	0.66	0.54	0.86	0.81	1.32	1.84	1.99	2.51	2.89	2.51	2.41	1.38	1.9	2.01	1.64
Price/Cash Flow	2.79	2.95	1.52	2.99	3.98	5.58	7.21	10.57	12.16	8.08	11.92	12.59	6.98	6.38	11.03
Price/Cash Flow Average	3.8	2.37	1.81	2.55	3.45	5.71	7.05	7.57	11.72	10.31	10.93	11.26	6.46	5.81	8.88
Price/Cash Flow High	8.2	4.72	3.22	4.67	6.06	8.85	10.73	13.29	17.79	14.28	13.99	18.93	8.32	6.87	11.3
Price/Cash Flow Low	4.04	2.24	2.1	2.12	3.39	5.96	7.94	8.48	12.13	9.08	11.09	8.72	5.34	5.24	6.97
Price/Free Cash Flow Average	3.07	2.16	1.67	2.31	2.79	4.25	5	6.79	10.5	9.2	9.27	9.49	6.05	5.52	8.12
Price/Free Cash Flow High	6.62	4.3	2.99	4.22	4.89	6.58	7.61	11.92	15.94	12.74	11.87	15.95	7.79	6.54	10.33
Price/Free Cash Flow Low	3.26	2.04	1.94	1.92	2.74	4.43	5.63	7.6	10.87	8.1	9.41	7.35	4.99	4.98	6.37
EV/Sales Average	3.34	1.75	1.73	1.11	3.47	3.2	3.1	3.97	3.81	3.18	1.87	- -	- -	1.38	2.22
EV/Sales High	4.05	2.31	2.31	1.91	4.48	4.17	4.02	5.66	5.26	4.28	2.53	- -	- -	1.79	2.79
EV/Sales Low	3.37	1.72	1.85	0.94	3.44	3.27	3.32	4.24	3.91	2.84	1.9	- -	- -	1.16	1.77
EV/EBITDA Average	73.16	47.16	49.06	30.74	101.66	89.73	76.57	105.77	113.25	99.67	39.9	-35.58	-96.92	88.84	119.26
EV/EBITDA High	88.92	62.47	65.5	53	131.4	116.88	99.29	150.91	156.17	133.98	54.14	-8.93	-80.79	115.13	149.91
EV/EBITDA Low	74.01	46.3	52.42	26.2	100.92	91.82	82.08	112.97	116.13	89.07	40.67	-44.39	-106.65	74.82	94.97
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	2.4	4.45	4.03	7.89	11.05	11.96	13.31	20.14	20.75	17.17	20.11	15.34	20	22.73	25.33
High Price	7.05	7.13	8.56	12.32	16.82	18.96	19.79	25.34	30.35	30.34	23.6	23.05	23.85	24.48	25.95
Enterprise Value Average	105	66	69	48	157	159	174	248	267	242	143	-122	-312	122	208
Enterprise Value High	128	88	92	83	203	207	225	354	368	325	194	-31	-260	158	261
Enterprise Value Low	106	65	74	41	156	163	186	265	274	216	146	-152	-343	103	165

	2009 Y	2010 Y	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
Shares Outstanding	6	6	6	6	6	7	10	10	10	10	10	10	9	10	10
Diluted Weighted Avg Shares	6	6	6	6	6	7	8	10	10	10	10	10	10	10	10
Basic Weighted Avg Shares	6	6	6	6	6	7	8	10	10	10	10	10	10	10	10
Revenue per Share	5.27	6.26	6.47	6.95	7.13	6.94	7.38	6.45	7.16	7.7	7.77	7.67	8.04	9.27	9.73
EBITDA per Share	0.24	0.23	0.23	0.25	0.24	0.25	0.3	0.24	0.24	0.25	0.36	0.35	0.33	0.14	0.18
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.41	0.86	0.87	1.44	1.62	1.62	1.45	1.35	1.23	1.98	1.89	0.86	1.51	2.11	2.6
Basic EPS from Cont Ops	0.57	1.03	1.1	1.5	1.66	1.64	1.47	1.35	1.23	1.98	1.89	0.86	1.51	2.11	2.6
Diluted EPS, GAAP	0.41	0.86	0.86	1.42	1.59	1.59	1.44	1.34	1.21	1.96	1.88	0.86	1.5	2.1	2.59
Diluted EPS from Cont Ops	0.57	1.03	1.1	1.48	1.63	1.62	1.45	1.34	1.21	1.96	1.88	0.86	1.5	2.1	2.59
Dividend per Share	0.29	0.31	0.36	0.37	0.37	0.39	0.41	0.43	0.47	0.56	0.61	0.52	0.54	0.6	0.66
Cash Flow per Share	0.86	1.51	2.66	2.64	2.78	2.14	1.85	1.91	1.71	2.13	1.69	1.22	2.86	3.56	2.3
Free Cash Flow per Basic Share	0.65	1.36	2.43	2.31	2.04	1.35	1.06	1.67	1.49	1.85	1.37	0.99	2.66	3.37	2.08
Cash & Equivalents per Share	3.88	6.66	43.3	45.41	38.34	34.11	35.71	27.72	24.35	24.99	29.53	53.24	82.32	48.88	39.91
Book Value per Share	2.81	3.49	4.08	4.81	5.52	5.73	6.38	5.15	4.61	4.71	5.01	5.41	6.43	8.06	9.72
Tangible Book Value per Share	9.41	10.01	11.11	12.21	13	14.86	19.09	15.75	16.56	17.9	19.15	20	19.89	18.36	20.54

Codorus Valley Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)