The First Bancshares, Inc. Financial Ratios — FBMS Stock

Profitability (USD)

	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	2024 Y
Return on Common Equity (%)	13.22	13.43	16.87	16.62	20.51	22.75	20.45	17.93	27.97	40.45	34.4	31.79	24.88	24.72	21.71
Return on Assets (%)	0.52	0.48	0.58	0.56	0.65	0.79	0.84	0.69	0.88	1.26	1.15	1.14	1	1.04	0.96
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 (%)	4.2	4.9	6.05	5.4	5.4	5.26	4.54	4.01	4.14	3.64	6.74	7.26	5.78	4.17	3.69
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	16.44	14.1	17.98	17.59	22.4	27.5	27.71	24.28	26.03	38.68	34.42	42.7	37.34	33.36	35.37
Profit Margin (%)	12.31	12.13	14.2	13.07	16.37	20.14	19.96	14.67	20.45	29.97	28.65	33.79	29.86	26	27.87
Net Income to Common Margin (%)	10.78	10.68	12.71	11.88	15.47	19.36	19.06	14.67	20.45	29.97	28.65	33.79	29.86	26	27.87
Effective Tax Rate (%)	25.12	13.99	21.02	25.69	26.92	26.75	27.97	39.58	21.44	22.5	16.75	20.86	20.04	22.05	21.2
Dvd Payout Ratio (%)	17.85	17.91	10.24	12.3	11.88	9.21	8.09	13.34	12.05	11.86	16.36	18.69	25.87	36.51	39.72
Sustainable Growth Rate (%)	10.86	11.02	15.14	14.58	18.07	20.65	18.8	15.54	24.6	35.65	28.77	25.85	18.44	15.7	13.09

Credit (USD)

API Chat

	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	2024 Y
Total Debt	10	22	42	57	95	110	74	114	166	305	276	157	295	140	342
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	8	6	10	8	- -
LT Debt	10	22	42	57	95	110	74	114	166	299	268	151	285	132	342
Total Debt/EBITDA	11.85	19.26	24.41	29.92	43.42	48.02	32.28	39.41	38.61	57.46	22.33	11.41	24.2	11.57	33.46
Net Debt/EBITDA	-16.77	-0.52	7.12	9.93	23.15	30.19	5.48	7.9	1.61	23.23	-24.55	-56.19	10.66	-19.16	11.1
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.53	2.92	3.2	2.94	3.05	3.58	4.19	3.58	2.89	3.28	3.41	3.75	4.3	4.16	4.73
Long-Term Debt/Equity (%)	18.06	36.97	63.87	67.34	98.49	106.63	48.09	51.42	45.7	54.96	41.49	22.33	44.05	13.87	33.97
Long-Term Debt/Capital (%)	22.9	37.76	51.2	56.16	65.26	65.48	58.14	63.8	65.65	68.73	59.23	39.2	49.76	27.87	47.43
Long-Term Debt/Total Assets (%)	2.05	3.28	5.83	6.09	8.66	9.63	5.82	6.31	5.53	7.58	5.19	2.48	4.41	1.65	4.27
Total Debt/Equity (%)	18.06	36.97	63.87	67.34	98.49	106.63	48.09	51.42	45.7	56.16	42.78	23.26	45.55	14.75	33.97
Total Debt/Capital (%)	22.9	37.76	51.2	56.16	65.26	65.48	58.14	63.8	65.65	70.22	61.07	40.84	51.46	29.62	47.43
Total Debt/Total Assets (%)	2.05	3.28	5.83	6.09	8.66	9.63	5.82	6.31	5.53	7.75	5.35	2.59	4.56	1.75	4.27
Net Debt to Equity	-25.54	-0.99	18.62	22.35	52.52	67.05	8.16	10.31	1.9	22.7	-47.04	-114.61	20.07	-24.42	11.27
Net Debt/Capital (%)	-72.43	-1.65	23.42	29.84	50.04	54.39	19.08	26.11	7.37	46.41	273.62	144.99	30.39	-197.57	22.68
EBITDA	1	1	2	2	2	2	2	3	4	5	12	14	12	12	10
EBITDA-CapEx	-1	- -	1	1	1	1	- -	-2	- -	-3	8	7	-3	8	7
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	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	2024 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.53	2.92	3.2	2.94	3.05	3.58	4.19	3.58	2.89	3.28	3.41	3.75	4.3	4.16	4.73
Long-Term Debt/Equity (%)	18.06	36.97	63.87	67.34	98.49	106.63	48.09	51.42	45.7	54.96	41.49	22.33	44.05	13.87	33.97
Long-Term Debt/Capital (%)	22.9	37.76	51.2	56.16	65.26	65.48	58.14	63.8	65.65	68.73	59.23	39.2	49.76	27.87	47.43
Long-Term Debt/Total Assets (%)	2.05	3.28	5.83	6.09	8.66	9.63	5.82	6.31	5.53	7.58	5.19	2.48	4.41	1.65	4.27
Total Debt/Equity (%)	18.06	36.97	63.87	67.34	98.49	106.63	48.09	51.42	45.7	56.16	42.78	23.26	45.55	14.75	33.97
Total Debt/Capital (%)	22.9	37.76	51.2	56.16	65.26	65.48	58.14	63.8	65.65	70.22	61.07	40.84	51.46	29.62	47.43
Total Debt/Total Assets (%)	2.05	3.28	5.83	6.09	8.66	9.63	5.82	6.31	5.53	7.75	5.35	2.59	4.56	1.75	4.27
CFO/Total Liabilities	2.25	1.15	1.56	2.1	0.71	0.72	0.71	1.36	1.19	1.32	1.14	1.77	1.55	1.54	1.22
CFO/CapEx	7.33	5.19	22.81	24.1	7.14	6.13	2.96	4.62	7.76	5.66	11.64	13.43	5.8	29.42	25.72
Altman's Z-Score	0.11	0.09	0.1	0.11	0.11	0.13	0.2	0.19	0.16	0.18	0.16	0.16	0.16	0.17	0.19

Working Capital (USD)

API Chat

	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	2024 Y
Accounts Receivable Turnover	9.54	9.88	10.08	11.49	11.62	11.48	12.2	13.08	11.87	11.41	8.91	7.66	8.27	9.51	8.23
Days Sales Outstanding	38.27	36.96	36.21	31.78	31.4	31.8	29.91	27.9	30.75	31.99	40.98	47.67	44.15	38.38	44.34
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)

API Chat

	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	2024 Y
Market Capitalization	21	19	24	51	65	85	214	282	393	590	587	742	719	889	1,103
- Cash & Cash Equivalents	25	23	30	38	44	41	62	91	159	169	563	920	145	355	220
+ Preferred Equity and Hybrid Capital	17	17	17	17	17	17	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	10	22	42	57	95	110	74	114	166	305	276	157	295	140	342
Enterprise Value	20	-177	-161	-157	-123	-69	-16	-52	-92	-38	-722	-1,772	-389	-369	681
Total Capital	45	59	82	102	145	168	128	179	253	435	452	385	572	472	720
Total Debt/Capital (%)	22.9	37.76	51.2	56.16	65.26	65.48	58.14	63.8	65.65	70.22	61.07	40.84	51.46	29.62	47.43
Total Debt / EV	0.51	-0.13	-0.26	-0.37	-0.77	-1.61	-4.53	-2.21	-1.8	-7.98	-0.38	-0.09	-0.76	-0.38	0.5
EV/Sales	0.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.46
EV/EBITDA	23.43	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	66.71
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	2.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.96
EV/Free Cash Flow to Firm	1.78	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.67
Diluted Market Cap	21	19	24	52	65	86	214	285	393	590	587	747	719	894	1,107
Diluted Enterprise Value	23	36	54	88	133	172	227	308	400	727	300	-15	868	679	1,228
EV per Share	6.75	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.62
TTM Sales	21	24	29	35	40	44	51	72	104	146	183	190	211	290	277
TTM EBITDA	1	1	2	2	2	2	2	3	4	5	12	14	12	12	10
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	10	7	10	18	7	8	8	22	32	45	51	96	90	109	86
TTM Free Cash Flow to Firm	11	9	11	19	8	9	11	26	36	53	56	103	106	112	89

Multiples (USD)

API Chat

	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	2024 Y
Price/Free Cash Flow	1.81	2.25	2.3	2.75	8.09	9.75	19.97	10.84	11.05	11.23	10.56	7.27	6.81	7.97	12.46
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	20	-177	-161	-157	-123	-69	-16	-52	-92	-38	-722	-1,772	-389	-369	681
Low Price	7.02	6.95	7.1	9.42	13.76	13.74	15.32	26	27.85	28.07	15.27	29.17	26.95	22.82	22.96
EV/Sales	0.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.46
EV/EBITDA	23.43	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	66.71
Price/Earnings	9.24	7.56	6.7	12.09	10.33	10	22.16	26.59	18.51	13.5	11.18	11.56	11.43	11.77	14.28
Price/Earnings Average	9.38	8.61	6.47	11.14	10.28	8.91	14.96	22.55	21.41	12.02	8.8	11.2	11.43	10.9	11.71
Price/Earnings High	16.42	13.41	9.42	17.01	12.96	12.27	26.51	30.98	30.42	15.42	14.32	14.05	15.58	13.45	15.95
Price/Earnings Low	9.5	8.42	6.07	9.65	11.51	8.72	14.25	23.21	19.46	12.06	6.14	9.56	10.29	9.49	9.37
Price/Book Value	1.16	0.96	1.05	1.84	1.94	2.06	4	4.35	4.52	4.56	3.34	3.25	2.59	2.67	2.91
Price/Book Value Average	1.18	1.1	1.02	1.7	1.93	1.84	2.7	3.69	5.23	4.06	2.63	3.15	2.59	2.47	2.39
Price/Book Value High	2.06	1.71	1.48	2.59	2.43	2.53	4.79	5.07	7.43	5.21	4.28	3.96	3.53	3.05	3.25
Price/Book Value Low	1.19	1.07	0.95	1.47	2.16	1.8	2.58	3.8	4.76	4.08	1.83	2.69	2.33	2.15	1.91
Price/Tangible Book Value	0.52	0.56	0.61	0.89	0.97	1.17	1.52	1.39	1.44	1.53	1.2	1.43	1.54	1.31	1.64
Price/Tangible Book Value Average	0.53	0.64	0.59	0.82	0.96	1.04	1.03	1.18	1.66	1.37	0.95	1.38	1.54	1.22	1.34
Price/Tangible Book Value High	0.93	0.99	0.86	1.25	1.21	1.43	1.82	1.62	2.36	1.75	1.54	1.74	2.1	1.5	1.83
Price/Tangible Book Value Low	0.54	0.62	0.56	0.71	1.08	1.02	0.98	1.22	1.51	1.37	0.66	1.18	1.39	1.06	1.07
Price/Sales	1	0.81	0.85	1.44	1.6	1.94	4.22	3.9	3.79	4.05	3.2	3.91	3.41	3.06	3.98
Price/Sales Average	1.01	0.92	0.82	1.32	1.59	1.73	2.85	3.31	4.38	3.6	2.52	3.79	3.41	2.84	3.26
Price/Sales High	1.77	1.43	1.2	2.02	2.01	2.37	5.05	4.55	6.22	4.62	4.1	4.75	4.65	3.5	4.45
Price/Sales Low	1.02	0.9	0.77	1.15	1.78	1.69	2.72	3.41	3.98	3.62	1.76	3.23	3.07	2.47	2.61
Price/Cash Flow	2.05	2.68	2.38	2.83	9.15	11.2	26.72	13.07	12.47	13.21	11.47	7.75	7.98	8.19	12.9
Price/Cash Flow Average	2.08	3.05	2.29	2.61	9.11	9.99	18.04	11.08	14.42	11.77	9.03	7.51	7.99	7.58	10.57
Price/Cash Flow High	3.65	4.75	3.34	3.98	11.48	13.74	31.97	15.23	20.49	15.09	14.69	9.42	10.89	9.36	14.4
Price/Cash Flow Low	2.11	2.98	2.15	2.26	10.19	9.77	17.18	11.41	13.11	11.81	6.3	6.41	7.19	6.6	8.46
Price/Free Cash Flow Average	1.84	2.57	2.21	2.54	8.05	8.69	13.48	9.19	12.78	10	8.31	7.04	6.81	7.38	10.21
Price/Free Cash Flow High	3.21	4	3.23	3.87	10.15	11.96	23.9	12.63	18.16	12.83	13.53	8.83	9.29	9.1	13.91
Price/Free Cash Flow Low	1.86	2.51	2.08	2.2	9.01	8.5	12.85	9.46	11.62	10.04	5.8	6.01	6.13	6.42	8.17
EV/Sales Average	1.13	1.61	1.85	2.34	3.27	3.7	3.1	3.62	4.45	4.54	0.96	- -	4.12	2.09	3.7
EV/Sales High	1.88	2.12	2.22	3.04	3.68	4.35	5.3	4.86	6.29	5.56	2.54	0.73	5.36	2.76	4.88
EV/Sales Low	1.14	1.59	1.8	2.16	3.45	3.67	2.97	3.72	4.05	4.55	0.2	- -	3.78	1.73	3.05
EV/EBITDA Average	26.79	32.87	30.58	43.38	60.45	70.46	68.29	90.38	107.27	124.66	14.19	-3.15	71.33	50.21	100.42
EV/EBITDA High	44.86	43.33	36.79	56.3	68.12	82.81	116.8	121.24	151.74	152.63	37.67	10.08	92.81	66.13	132.47
EV/EBITDA Low	27.08	32.45	29.74	40.11	63.95	69.76	65.32	92.82	97.66	125	2.89	-10.82	65.45	41.39	82.72
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	6.83	6.24	7.84	11.8	12.35	15.75	23.82	29.78	26.49	31.4	27.8	35.29	29.92	28.32	35
High Price	12.14	11.07	11.02	16.6	15.5	19.32	28.5	34.7	43.53	35.88	35.62	42.89	40.81	32.36	39.08
Enterprise Value Average	23	38	53	83	132	162	157	262	461	662	175	-44	868	608	1,025
Enterprise Value High	39	50	63	108	149	190	269	352	652	811	465	139	1,130	800	1,352
Enterprise Value Low	24	38	51	77	140	160	150	269	420	664	36	-149	797	501	845

	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	2024 Y
Shares Outstanding	3	3	3	5	5	5	9	11	15	19	21	21	24	31	31
Diluted Weighted Avg Shares	3	3	3	4	5	5	9	10	15	19	21	21	24	32	32
Basic Weighted Avg Shares	3	3	3	4	5	5	9	9	15	19	21	21	24	31	32
Revenue per Share	6.86	7.73	9.21	8.21	7.73	8.14	5.64	7.63	7	7.76	8.68	9.03	8.77	9.25	8.79
EBITDA per Share	0.29	0.38	0.56	0.44	0.42	0.43	0.26	0.31	0.29	0.28	0.59	0.66	0.51	0.39	0.32
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.74	0.83	1.17	0.98	1.2	1.57	1.08	1.12	1.43	2.33	2.49	3.05	2.62	2.41	2.45
Basic EPS from Cont Ops	0.84	0.94	1.31	1.07	1.27	1.64	1.13	1.12	1.43	2.33	2.49	3.05	2.62	2.41	2.45
Diluted EPS, GAAP	0.74	0.82	1.16	0.96	1.19	1.56	1.08	1.11	1.43	2.33	2.49	3.03	2.62	2.39	2.44
Diluted EPS from Cont Ops	0.84	0.93	1.3	1.06	1.25	1.62	1.13	1.11	1.43	2.33	2.49	3.03	2.62	2.39	2.44
Dividend per Share	0.24	0.26	0.26	0.22	0.21	0.21	0.14	0.15	0.17	0.28	0.41	0.57	0.68	0.88	0.97
Cash Flow per Share	3.33	2.33	3.3	4.17	1.35	1.41	0.89	2.28	2.12	2.38	2.42	4.55	3.75	3.46	2.71
Free Cash Flow per Basic Share	2.87	1.88	3.16	3.99	1.16	1.18	0.59	1.79	1.85	1.96	2.22	4.21	3.1	3.34	2.61
Cash & Equivalents per Share	9.1	76.87	78.84	65.36	57.19	52.27	33.91	47.3	43.92	49.67	75.05	127.1	58.37	44.54	24.22
Book Value per Share	5.89	6.49	7.45	6.4	6.37	7.64	5.95	6.85	5.86	6.89	8.33	10.84	11.57	10.6	12.02
Tangible Book Value per Share	13.07	11.14	12.75	13.29	12.78	13.51	15.65	21.36	18.44	20.48	23.11	24.72	19.41	21.56	21.38

The First Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)