Citizens Bancshares Corporation Financial Ratios — CZBS

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
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
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
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	0.16	0.15	0.16	0.18	0.19	0.2	0.22	0.2	0.18	0.18	0.23	0.24	0.18

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
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
Market Capitalization	5	6	9	7	10	13	19	17	22	20	20	54	77	101	- -
- 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	16	-1	-5	-15	-19	-4	-17	1	-44	-105	-234	-129	-47	-36	-122
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	1.85	-12.17	-0.06	-0.02	-0.02	-0.07	-0.01	4.19	-0.47	-0.26	-0.12	-0.22	-0.53	-0.7	-0.2
EV/Sales	0.83	- -	- -	- -	- -	- -	- -	0.08	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	7.68	- -	- -	- -	- -	- -	- -	0.34	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	14.72	- -	- -	- -	- -	- -	- -	0.59	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4	- -	- -	- -	- -	- -	- -	0.53	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	3.51	- -	- -	- -	- -	- -	- -	0.47	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	5	6	9	7	10	13	19	18	23	21	21	56	77	104	- -
Diluted Enterprise Value	18	1	-3	-14	-18	-4	-17	2	-44	-105	-233	-127	-47	-32	-122
EV per Share	7.46	- -	- -	- -	- -	- -	- -	0.57	- -	- -	- -	- -	- -	- -	- -
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
Price/Free Cash Flow	1.23	-6.48	1.38	1.05	1.02	2.74	4.77	6.71	2.81	3.55	1.3	4.61	6.09	8.42	- -
EV/EBIT	14.72	- -	- -	- -	- -	- -	- -	0.59	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	16	-1	-5	-15	-19	-4	-17	1	-44	-105	-234	-129	-47	-36	-122
Low Price	2.5	2.51	2.75	2.59	3.24	3.81	6.15	7.51	9.4	8.25	9.8	10.01	27.1	37.25	39.01
EV/Sales	0.83	- -	- -	- -	- -	- -	- -	0.08	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	7.68	- -	- -	- -	- -	- -	- -	0.34	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	5.35	8.86	27.12	234	18.25	11.91	12.2	11.04	3.95	3.37	3.08	7.36	6.88	9.81	- -
Price/Earnings Average	14.98	13.07	26.06	269.45	16.43	10.93	11.4	12.38	3.87	3.4	3.5	4.47	6.61	9.29	- -
Price/Earnings High	21	17.65	33.39	306.66	20.28	12.78	12.41	14.16	4.1	4.73	4.81	8.03	8.65	12.08	- -
Price/Earnings Low	5.12	7.39	18.37	172.66	13.14	7.38	8.48	10.38	3.28	2.77	2.96	2.68	4.78	7.14	- -
Price/Book Value	0.2	0.23	0.3	0.26	0.34	0.45	0.62	0.54	0.36	0.29	0.28	0.68	0.87	1.03	- -
Price/Book Value Average	0.55	0.33	0.29	0.3	0.31	0.41	0.58	0.61	0.35	0.3	0.31	0.41	0.83	0.97	- -
Price/Book Value High	0.77	0.45	0.37	0.35	0.38	0.48	0.63	0.69	0.37	0.41	0.43	0.74	1.09	1.27	- -
Price/Book Value Low	0.19	0.19	0.21	0.2	0.25	0.28	0.43	0.51	0.3	0.24	0.26	0.25	0.6	0.75	- -
Price/Tangible Book Value	0.16	0.18	0.25	0.2	0.26	0.38	0.51	0.45	0.42	0.33	0.31	1.29	1.44	1.63	- -
Price/Tangible Book Value Average	0.46	0.27	0.24	0.23	0.23	0.35	0.47	0.51	0.41	0.33	0.35	0.78	1.38	1.54	- -
Price/Tangible Book Value High	0.64	0.36	0.31	0.27	0.29	0.41	0.52	0.58	0.43	0.46	0.49	1.41	1.81	2	- -
Price/Tangible Book Value Low	0.16	0.15	0.17	0.15	0.19	0.24	0.35	0.43	0.35	0.27	0.3	0.47	1	1.18	- -
Price/Sales	0.29	0.3	0.4	0.37	0.48	0.76	1.13	1.05	0.82	0.68	0.69	1.52	1.77	2.34	- -
Price/Sales Average	0.81	0.44	0.39	0.43	0.43	0.7	1.06	1.18	0.81	0.69	0.78	0.92	1.7	2.21	- -
Price/Sales High	1.14	0.6	0.49	0.49	0.53	0.82	1.15	1.34	0.86	0.96	1.08	1.66	2.22	2.88	- -
Price/Sales Low	0.28	0.25	0.27	0.27	0.34	0.47	0.79	0.99	0.69	0.56	0.66	0.55	1.23	1.7	- -
Price/Cash Flow	1.4	-3.08	1.47	1.11	1.06	2.88	5.18	7.42	2.87	5.61	1.4	4.7	6.26	9.53	- -
Price/Cash Flow Average	3.92	-4.54	1.41	1.27	0.95	2.64	4.84	8.32	2.82	5.67	1.59	2.86	6.01	9.03	- -
Price/Cash Flow High	5.5	-6.13	1.81	1.45	1.18	3.09	5.27	9.52	2.98	7.87	2.18	5.13	7.87	11.74	- -
Price/Cash Flow Low	1.34	-2.57	1	0.82	0.76	1.78	3.6	6.97	2.38	4.61	1.34	1.71	4.35	6.94	- -
Price/Free Cash Flow Average	3.44	-9.57	1.33	1.21	0.92	2.52	4.46	7.53	2.76	3.59	1.48	2.8	5.85	7.97	- -
Price/Free Cash Flow High	4.82	-12.92	1.7	1.37	1.13	2.95	4.85	8.61	2.92	4.98	2.03	5.03	7.65	10.37	- -
Price/Free Cash Flow Low	1.18	-5.4	0.94	0.77	0.74	1.7	3.31	6.31	2.34	2.92	1.25	1.68	4.23	6.13	- -
EV/Sales Average	1.47	0.19	- -	- -	- -	- -	- -	0.2	- -	- -	- -	- -	- -	- -	- -
EV/Sales High	1.79	0.35	- -	- -	- -	- -	- -	0.37	- -	- -	- -	- -	- -	- -	- -
EV/Sales Low	0.94	- -	- -	- -	- -	- -	- -	0.01	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	13.63	1.78	-2.37	-7.53	-9.87	-1.66	-5.41	0.93	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	16.66	3.2	-0.83	-6.84	-8.83	-1.01	-4.95	1.71	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	8.69	0.01	-3.98	-9.34	-10.76	-2.91	-6.74	0.06	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	26.15	4.79	12.99	- -	146.8	-4.38	-9.65	1.59	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	31.94	8.64	4.54	- -	131.31	-2.67	-8.84	2.91	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	16.66	0.02	21.87	- -	160.02	-7.68	-12.02	0.09	- -	- -	- -	- -	- -	- -	- -
Last Price	2.61	3.01	4.06	3.51	4.5	6.15	8.85	7.99	11.3	10.05	10.22	27.5	39	51.15	44.89
High Price	10.25	6	5	4.6	5	6.6	9	10.25	11.75	14.09	15.95	30.01	49	63	56.5
Enterprise Value Average	28	4	-4	-13	-19	-5	-19	3	-45	-105	-232	-150	-50	-41	-122
Enterprise Value High	34	7	-1	-12	-17	-3	-17	6	-43	-97	-223	-124	-27	-13	-122
Enterprise Value Low	18	- -	-6	-16	-21	-9	-23	- -	-48	-109	-235	-164	-71	-63	-122

	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
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	- -
Basic Weighted Avg Shares	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	- -
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	- -
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	- -
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	- -
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	- -
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	- -
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	- -
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	- -
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	- -
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	- -
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	- -

Citizens Bancshares Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)