Citizens Financial Services, Inc. Financial Ratios — CZFS

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 (%)	20.61	20.1	17.53	16.68	13.49	13.7	13.8	18.26	17.85	20.43	20.7	18.18	10.25	14.92	17.69
Return on Assets (%)	1.52	1.61	1.49	1.45	1.11	1.06	1.01	1.29	1.35	1.5	1.44	1.3	0.67	0.93	1.2
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 (%)	1.32	1.09	1.15	1.25	1.21	0.7	0.39	0.7	1.79	1.55	1.42	1.26	1.65	1.79	1.87
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	46.28	48.3	45.87	44.95	37.5	34.17	37.43	39.03	39.97	41.25	45.04	43.35	23.49	33.63	40.27
Profit Margin (%)	36.12	37.02	35.82	35.51	30.39	27.56	25.58	32.84	33.42	34.1	37.13	35.49	19.39	27.61	32.55
Net Income to Common Margin (%)	36.12	37.02	35.82	35.51	30.39	27.56	25.58	32.84	33.42	34.1	37.13	35.49	19.39	27.61	32.55
Effective Tax Rate (%)	21.96	23.35	21.91	21	18.97	19.36	31.65	15.87	16.39	17.33	17.55	18.13	17.45	17.9	19.16
Dvd Payout Ratio (%)	24.53	32.37	26.6	45.73	44.31	40.2	39.75	33.91	32.4	26.05	25.36	26.11	47.74	33.44	26.11
Sustainable Growth Rate (%)	15.56	13.59	12.87	9.05	7.52	8.19	8.31	12.07	12.07	15.11	15.45	13.43	5.36	9.93	13.07

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	54	46	67	42	42	80	115	91	85	89	74	257	284	280	294
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	8	- -
LT Debt	54	46	67	42	42	80	115	91	85	89	74	257	271	273	294
Total Debt/EBITDA	114.89	109.82	156.38	88.56	89.72	248.94	573.32	235.64	81.61	78.07	66.47	249.06	186.84	155.25	139.71
Net Debt/EBITDA	50	47.13	127.03	51.73	20.58	171.73	429.32	152.19	50.18	5.6	-98.73	217.82	149.41	129.77	121.6
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.57	8.5	8.48	8.96	7.69	7.77	6.89	7.24	7.82	6.92	7.02	7.26	5.99	6.43	7.14
Long-Term Debt/Equity (%)	66.14	51.55	72.71	41.58	34.76	64.63	88.88	65.5	54.99	45.73	34.81	128.54	97.05	91.02	86.95
Long-Term Debt/Capital (%)	44.77	38.09	46.3	33.53	31.76	45.61	54.99	46.81	42.59	40.41	32.97	60.3	58.73	57.43	57.32
Long-Term Debt/Total Assets (%)	6.13	5.23	7.32	4.52	3.58	6.51	8.42	6.37	5.8	4.7	3.45	11.03	9.12	9.02	9.59
Total Debt/Equity (%)	66.14	51.55	72.71	41.58	34.76	64.63	88.88	65.5	54.99	45.73	34.81	128.54	101.55	93.54	86.95
Total Debt/Capital (%)	44.77	38.09	46.3	33.53	31.76	45.61	54.99	46.81	42.59	40.41	32.97	60.3	61.45	59.02	57.32
Total Debt/Total Assets (%)	6.13	5.23	7.32	4.52	3.58	6.51	8.42	6.37	5.8	4.7	3.45	11.03	9.54	9.27	9.59
Net Debt to Equity	28.78	22.12	59.06	24.29	7.98	44.58	66.56	42.3	33.82	3.28	-51.71	112.42	81.21	78.19	75.68
Net Debt/Capital (%)	26.08	20.89	41.19	22.76	9.65	36.65	47.78	36.24	31.33	4.64	-271.2	57.06	56.04	54.63	53.89
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	2	2	2
EBITDA-CapEx	- -	- -	- -	-1	- -	- -	- -	- -	1	- -	- -	-1	-1	- -	1
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	7.57	8.5	8.48	8.96	7.69	7.77	6.89	7.24	7.82	6.92	7.02	7.26	5.99	6.43	7.14
Long-Term Debt/Equity (%)	66.14	51.55	72.71	41.58	34.76	64.63	88.88	65.5	54.99	45.73	34.81	128.54	97.05	91.02	86.95
Long-Term Debt/Capital (%)	44.77	38.09	46.3	33.53	31.76	45.61	54.99	46.81	42.59	40.41	32.97	60.3	58.73	57.43	57.32
Long-Term Debt/Total Assets (%)	6.13	5.23	7.32	4.52	3.58	6.51	8.42	6.37	5.8	4.7	3.45	11.03	9.12	9.02	9.59
Total Debt/Equity (%)	66.14	51.55	72.71	41.58	34.76	64.63	88.88	65.5	54.99	45.73	34.81	128.54	101.55	93.54	86.95
Total Debt/Capital (%)	44.77	38.09	46.3	33.53	31.76	45.61	54.99	46.81	42.59	40.41	32.97	60.3	61.45	59.02	57.32
Total Debt/Total Assets (%)	6.13	5.23	7.32	4.52	3.58	6.51	8.42	6.37	5.8	4.7	3.45	11.03	9.54	9.27	9.59
CFO/Total Liabilities	1.95	1.87	2.17	1.96	1.23	1.47	1.28	1.66	1.66	0.7	2	1.56	0.98	1.22	1.34
CFO/CapEx	22.82	33.82	54.32	12.36	16.51	27.59	75.67	42.97	45.07	12.55	35.02	20.34	10.14	25.25	28.19
Altman's Z-Score	0.22	0.25	0.29	0.28	0.23	0.24	0.24	0.23	0.25	0.21	0.21	0.22	0.18	0.19	0.2

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	10.04	10.33	9.9	10.23	9.74	11.05	12.29	12.7	12.95	13.95	13.96	13.03	10	9.44	10.7
Days Sales Outstanding	36.35	35.35	36.87	35.69	37.47	33.03	29.7	28.74	28.18	26.16	26.14	28.01	36.5	38.67	34.12
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	100	125	180	163	164	177	219	195	217	213	239	305	284	301	274
- Cash & Cash Equivalents	30	26	13	17	32	25	29	32	33	82	184	32	57	46	38
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	54	46	67	42	42	80	115	91	85	89	74	257	284	280	294
Enterprise Value	-195	-165	-83	-119	-186	-82	50	13	28	-76	-283	90	93	109	493
Total Capital	120	121	145	125	131	175	209	195	200	220	224	427	462	475	513
Total Debt/Capital (%)	44.77	38.09	46.3	33.53	31.76	45.61	54.99	46.81	42.59	40.41	32.97	60.3	61.45	59.02	57.32
Total Debt / EV	-0.28	-0.28	-0.81	-0.35	-0.22	-0.97	2.27	7.24	3.02	-1.17	-0.26	2.86	3.05	2.57	0.6
EV/Sales	- -	- -	- -	- -	- -	- -	0.99	0.23	0.48	- -	- -	1.1	1.01	1.08	4.39
EV/EBITDA	- -	- -	- -	- -	- -	- -	252.05	32.54	27.02	- -	- -	87.17	61.26	60.45	234.48
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	3.2	0.59	1.29	- -	- -	2.71	3.51	3.29	13.5
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	3.16	0.57	1.27	- -	- -	2.58	3.19	3.16	13.04
Diluted Market Cap	100	125	180	163	164	177	219	195	217	213	239	305	284	301	274
Diluted Enterprise Value	124	145	235	187	174	232	305	254	269	220	130	530	511	535	530
EV per Share	- -	- -	- -	- -	- -	- -	13.37	3.35	7.54	- -	- -	22.02	20.83	22.75	102.83
TTM Sales	36	38	37	38	38	46	51	55	58	74	78	82	92	101	112
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	2	2	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	16	15	18	16	13	16	16	21	22	12	39	33	27	33	37
TTM Free Cash Flow to Firm	16	15	18	17	14	17	16	22	22	13	40	35	29	34	38

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	6.18	8.22	9.94	9.33	12.07	10.56	13.76	8.86	9.74	16.7	6.02	8.73	9.73	8.73	7.24
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-195	-165	-83	-119	-186	-82	50	13	28	-76	-283	90	93	109	493
Low Price	26.63	27.44	34.53	42.33	39.62	40.93	44.55	51.78	51.81	33.91	51.85	57.71	42.25	38.14	49.96
EV/Sales	- -	- -	- -	- -	- -	- -	0.99	0.23	0.48	- -	- -	1.1	1.01	1.08	4.39
EV/EBITDA	- -	- -	- -	- -	- -	- -	252.05	32.54	27.02	- -	- -	87.17	61.26	60.45	234.48
Price/Earnings	7.83	8.81	13.48	12.18	14.1	14.01	16.84	10.8	11.11	8.49	8.22	10.48	15.92	10.81	7.48
Price/Earnings Average	8.52	8.56	11.17	12.55	13.33	13.38	14.89	12.22	10.91	7.82	8.17	9.41	17.04	8.96	7.67
Price/Earnings High	10.11	10.4	13.48	14.63	15.46	15.02	17.52	12.95	11.96	10.51	8.81	12.02	22.64	12.87	8.67
Price/Earnings Low	7.43	6.85	9.06	11.03	11.86	12.31	12.89	10.79	9.94	5.4	7.31	8.12	10.6	6.58	6.55
Price/Book Value	1.51	1.67	2.32	1.97	1.83	1.86	2.34	1.88	1.89	1.63	1.59	1.8	1.59	1.54	1.25
Price/Book Value Average	1.64	1.62	1.92	2.03	1.73	1.78	2.07	2.13	1.85	1.5	1.58	1.62	1.7	1.28	1.28
Price/Book Value High	1.95	1.97	2.32	2.36	2.01	2	2.43	2.25	2.03	2.01	1.7	2.06	2.26	1.84	1.45
Price/Book Value Low	1.43	1.3	1.56	1.78	1.54	1.64	1.79	1.88	1.69	1.04	1.42	1.39	1.06	0.94	1.1
Price/Tangible Book Value	1.41	1.58	2.2	1.82	1.7	1.77	2.11	1.7	1.66	1.32	1.33	1.82	1.49	1.42	1.09
Price/Tangible Book Value Average	1.53	1.54	1.83	1.87	1.61	1.69	1.87	1.93	1.63	1.22	1.32	1.63	1.59	1.18	1.12
Price/Tangible Book Value High	1.82	1.87	2.2	2.18	1.87	1.9	2.2	2.04	1.79	1.64	1.43	2.09	2.12	1.7	1.27
Price/Tangible Book Value Low	1.34	1.23	1.48	1.64	1.43	1.55	1.62	1.7	1.49	0.84	1.19	1.41	0.99	0.87	0.96
Price/Sales	2.83	3.26	4.83	4.32	4.28	3.86	4.31	3.55	3.71	2.9	3.05	3.72	3.09	2.98	2.43
Price/Sales Average	3.08	3.17	4	4.46	4.05	3.69	3.81	4.01	3.65	2.67	3.03	3.34	3.3	2.47	2.5
Price/Sales High	3.65	3.85	4.83	5.2	4.7	4.14	4.48	4.25	4	3.58	3.27	4.27	4.39	3.55	2.82
Price/Sales Low	2.68	2.53	3.24	3.92	3.61	3.39	3.3	3.54	3.32	1.84	2.71	2.88	2.06	1.82	2.13
Price/Cash Flow	6.45	8.45	10.12	10.08	12.8	10.94	13.94	9.06	9.95	18.03	6.19	9.16	10.69	9.06	7.49
Price/Cash Flow Average	7.02	8.22	8.39	10.38	12.1	10.44	12.32	10.26	9.77	16.6	6.15	8.23	11.44	7.51	7.67
Price/Cash Flow High	8.33	9.98	10.12	12.11	14.03	11.73	14.5	10.87	10.71	22.31	6.63	10.51	15.19	10.79	8.67
Price/Cash Flow Low	6.13	6.57	6.8	9.13	10.77	9.6	10.67	9.06	8.9	11.47	5.5	7.1	7.12	5.51	6.56
Price/Free Cash Flow Average	6.73	7.98	8.24	9.61	11.41	10.08	12.17	10.03	9.56	15.38	5.98	7.84	10.41	7.23	7.41
Price/Free Cash Flow High	7.98	9.7	9.94	11.2	13.24	11.32	14.32	10.62	10.48	20.67	6.44	10.02	13.83	10.39	8.38
Price/Free Cash Flow Low	5.87	6.38	6.68	8.45	10.16	9.27	10.54	8.86	8.71	10.63	5.35	6.77	6.48	5.31	6.34
EV/Sales Average	3.74	3.68	5.46	5.1	4.3	4.89	5.5	5.09	4.54	2.75	1.63	6.09	5.78	4.8	4.77
EV/Sales High	4.31	4.37	6.28	5.84	4.95	5.34	6.17	5.32	4.89	3.67	1.87	7.02	6.86	5.88	5.1
EV/Sales Low	3.34	3.05	4.7	4.57	3.85	4.59	4.99	4.62	4.22	1.93	1.31	5.63	4.53	4.14	4.41
EV/EBITDA Average	283.07	336.86	476.09	407.54	354.54	700.23	1,398.87	721.87	254.09	178.06	114.94	482.62	349.05	267.77	254.85
EV/EBITDA High	326.53	399.05	548.26	466.65	408.07	765.09	1,570.44	755.43	273.64	237.33	131.67	555.99	414.68	328.08	272.23
EV/EBITDA Low	253.31	278.81	410.12	364.64	317.82	657.74	1,269.05	655.02	235.84	124.79	92.53	446.32	273.68	231.09	235.52
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	28.05	35.31	51.38	46.72	47.09	46.61	58.18	51.81	57.94	53.28	58.32	74.46	63.44	62.68	57.02
High Price	36.22	41.68	51.38	56.13	51.65	49.97	60.54	62.12	62.36	65.93	62.46	85.41	90.19	74.65	66.06
Enterprise Value Average	133	141	204	192	165	224	280	279	265	203	128	499	531	484	536
Enterprise Value High	153	168	235	220	189	245	314	292	285	270	147	574	630	593	573
Enterprise Value Low	119	117	176	172	147	210	254	253	246	142	103	461	416	417	496

	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	4	4	3	3	4	4	4	4	4	4	4	4	5	5	5
Diluted Weighted Avg Shares	4	4	4	3	3	4	4	4	4	4	4	4	4	5	5
Basic Weighted Avg Shares	4	4	4	3	3	4	4	4	4	4	4	4	4	5	5
Revenue per Share	9.92	10.83	10.64	10.8	10.99	12.07	13.5	14.61	15.61	18.4	19.1	20.02	20.55	21	23.42
EBITDA per Share	0.13	0.12	0.12	0.14	0.13	0.08	0.05	0.1	0.28	0.28	0.27	0.25	0.34	0.38	0.44
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.58	4.01	3.81	3.84	3.34	3.33	3.46	4.8	5.21	6.28	7.09	7.11	3.98	5.8	7.62
Basic EPS from Cont Ops	3.58	4.01	3.81	3.84	3.34	3.33	3.46	4.8	5.21	6.28	7.09	7.11	3.98	5.8	7.62
Diluted EPS, GAAP	3.58	4.01	3.81	3.83	3.34	3.32	3.45	4.8	5.21	6.27	7.09	7.11	3.98	5.79	7.62
Diluted EPS from Cont Ops	3.58	4.01	3.81	3.83	3.34	3.32	3.45	4.8	5.21	6.27	7.09	7.11	3.98	5.79	7.62
Dividend per Share	0.88	1.3	1.01	1.75	1.48	1.34	1.37	1.63	1.69	1.63	1.8	1.86	1.9	1.94	1.99
Cash Flow per Share	4.35	4.18	5.08	4.64	3.68	4.26	4.18	5.72	5.82	2.96	9.42	8.13	5.94	6.92	7.62
Free Cash Flow per Basic Share	4.16	4.05	4.98	4.26	3.46	4.11	4.12	5.58	5.69	2.72	9.16	7.73	5.35	6.64	7.35
Cash & Equivalents per Share	97.54	94.91	94.01	92.73	112.56	89.14	75.22	72.72	73.17	94.42	145.23	115.35	106.13	98.37	15.46
Book Value per Share	18.56	21.14	22.12	23.74	25.7	25	24.9	27.58	30.7	32.75	36.63	41.41	39.85	40.57	45.62
Tangible Book Value per Share	19.89	22.34	23.31	25.74	27.65	26.34	27.52	30.42	34.82	40.31	43.72	40.95	42.56	44	52.13

Citizens Financial Services, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)