First Community Bankshares, Inc. Financial Ratios — FCBC

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 (%)	18.29	22.46	15.94	15.96	14.43	13.63	10.91	17.57	17.26	14.57	19.06	15.79	14.83	14.61	13.83
Return on Assets (%)	0.91	1.17	0.87	0.98	0.97	1.04	0.9	1.57	1.54	1.24	1.65	1.47	1.5	1.58	1.5
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 (%)	4.8	3.93	4.56	4.67	4.81	4.56	4.26	3.48	3.98	4.45	4.54	3.98	3.64	4.15	3.6
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	28.42	34.71	28.94	34	32.9	36.81	38.84	39.78	44.59	34.74	51	42.79	39.67	42.05	40.16
Profit Margin (%)	19.23	23.23	19.71	22.92	22.48	24.37	19.81	32.04	34.74	27.06	39.22	33.19	30.74	33.03	31.05
Net Income to Common Margin (%)	18.55	22.37	18.85	22.1	22.38	24.37	19.81	32.04	34.74	27.06	39.22	33.19	30.74	33.03	31.05
Effective Tax Rate (%)	32.34	33.08	31.88	32.59	31.68	33.78	48.98	19.46	22.08	22.09	23.09	22.43	22.52	21.45	22.7
Dvd Payout Ratio (%)	36.27	29.88	42.37	37.43	41.37	41.38	53.82	58.04	38.81	49.76	35.29	39.68	43.92	42.67	124.2
Sustainable Growth Rate (%)	11.66	15.74	9.19	9.99	8.46	7.99	5.04	7.37	10.56	7.32	12.33	9.53	8.32	8.38	-3.35

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	166	177	166	108	81	81	50	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	166	177	166	108	81	81	50	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	33.17	36.68	30.79	20.8	15.37	17.18	10.83	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	24.1	20.48	20.64	12.95	8.08	9.18	2.59	-10.48	-15.53	-10.29	-8.52	-11.64	-13.92	-12.42	-22.65
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.16	4.89	5.62	6.2	7.19	8.04	8.45	9.44	8.5	8.48	8.82	9.86	10.35	11.28	10.36
Long-Term Debt/Equity (%)	54.27	49.8	50.54	30.74	23.54	23.8	14.26	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	55.95	54.06	50.69	37.91	31.33	29.62	19.85	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	7.67	6.5	6.38	4.14	3.28	3.38	2.09	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	54.27	49.8	50.54	30.74	23.54	23.8	14.26	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	55.95	54.06	50.69	37.91	31.33	29.62	19.85	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	7.67	6.5	6.38	4.14	3.28	3.38	2.09	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt to Equity	39.43	27.81	33.88	19.13	12.38	12.72	3.4	-12.44	-16.09	-14.25	-11.78	-15.45	-15.72	-15.28	-25.59
Net Debt/Capital (%)	47.99	39.66	40.8	27.54	19.35	18.36	5.58	-24.31	-40.86	-31.26	-21.79	-26.73	-30.51	-28	-61.11
EBITDA	5	5	5	5	5	5	5	4	4	6	6	6	6	6	6
EBITDA-CapEx	2	-3	3	4	4	3	2	1	-4	3	3	4	3	4	3
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	5.16	4.89	5.62	6.2	7.19	8.04	8.45	9.44	8.5	8.48	8.82	9.86	10.35	11.28	10.36
Long-Term Debt/Equity (%)	54.27	49.8	50.54	30.74	23.54	23.8	14.26	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	55.95	54.06	50.69	37.91	31.33	29.62	19.85	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	7.67	6.5	6.38	4.14	3.28	3.38	2.09	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	54.27	49.8	50.54	30.74	23.54	23.8	14.26	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	55.95	54.06	50.69	37.91	31.33	29.62	19.85	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	7.67	6.5	6.38	4.14	3.28	3.38	2.09	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	2.91	2.39	1.96	1.85	2.76	2.1	1.78	2.59	2.39	1.77	1.74	2.18	2.24	2.11	2.27
CFO/CapEx	17.62	7.07	19.42	37.97	47.23	22.86	15.45	19.4	6.74	14.35	15.87	50.88	22.32	20.57	22.88
Altman's Z-Score	0.19	0.18	0.21	0.2	0.24	0.3	0.3	0.34	0.28	0.25	0.29	0.31	0.34	0.38	0.33

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	15.02	17.53	15.39	16.07	17.72	17.84	19.14	20.15	18.37	16.88	15.39	16.37	15.5	15.55	17.53
Days Sales Outstanding	24.3	20.82	23.71	22.71	20.6	20.46	19.07	18.12	19.87	21.63	23.72	22.3	23.55	23.47	20.82
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	223	305	331	303	345	522	488	522	487	384	579	560	668	764	618
- Cash & Cash Equivalents	45	78	55	41	38	38	38	41	69	61	50	65	79	80	128
+ Preferred Equity and Hybrid Capital	19	17	15	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	166	177	166	108	81	81	50	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-120	-112	-63	59	22	400	335	328	248	240	453	194	308	514	382
Total Capital	297	328	328	285	258	272	252	212	238	255	282	309	338	368	338
Total Debt/Capital (%)	55.95	54.06	50.69	37.91	31.33	29.62	19.85	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt / EV	-1.38	-1.58	-2.65	1.82	3.75	0.2	0.15	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	0.53	0.2	3.88	3.09	2.89	2.22	1.8	3.47	1.38	1.97	3.29	2.43
EV/EBITDA	- -	- -	- -	11.44	4.1	85.03	72.55	82.93	55.83	40.55	76.5	34.73	54.11	79.29	67.56
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	1.42	0.37	9.27	9.21	6.62	4.38	5.23	9.39	3.29	4.98	8.9	6.09
EV/Free Cash Flow to Firm	- -	- -	- -	1.39	0.36	8.88	8.65	6.29	3.81	4.89	8.83	3.23	4.76	8.49	5.84
Diluted Market Cap	233	327	350	321	349	523	491	525	489	384	582	561	669	767	621
Diluted Enterprise Value	373	444	477	403	391	567	503	483	420	324	531	496	590	687	493
EV per Share	- -	- -	- -	3.23	1.16	23.07	19.7	19.75	15.81	13.47	26.11	11.77	17.09	28	20.87
TTM Sales	104	123	118	111	109	103	108	113	112	133	130	141	156	156	157
TTM EBITDA	5	5	5	5	5	5	5	4	4	6	6	6	6	6	6
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	54	57	45	42	59	43	36	49	57	46	48	59	62	58	63
TTM Free Cash Flow to Firm	57	65	47	43	60	45	39	52	65	49	51	60	65	61	65

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	4.09	5.06	7.48	7.5	5.84	11.64	12.67	10.08	7.51	7.84	11.35	9.33	10.35	12.68	9.48
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-120	-112	-63	59	22	400	335	328	248	240	453	194	308	514	382
Low Price	8.7	11.66	14.62	13.31	14.94	16.67	23.23	25.85	29.71	17.21	21.26	26.51	22.55	31	31.21
EV/Sales	- -	- -	- -	0.53	0.2	3.88	3.09	2.89	2.22	1.8	3.47	1.38	1.97	3.29	2.43
EV/EBITDA	- -	- -	- -	11.44	4.1	85.03	72.55	82.93	55.83	40.55	76.5	34.73	54.11	79.29	67.56
Price/Earnings	11.55	11.1	14.83	12.33	14.13	20.78	22.74	14.37	12.54	10.68	11.32	12	13.9	14.81	12.66
Price/Earnings Average	11.89	9.74	14.2	11.59	13.43	15.46	21.7	14.56	13.35	11.12	10.12	11.15	11.45	13.69	14.07
Price/Earnings High	14.5	11.33	16.24	12.92	15.79	22.02	25.51	16.47	14.75	15.5	12.44	13.95	14.7	17.43	17.1
Price/Earnings Low	8.05	8.1	12.98	9.97	11.33	11.49	18.38	11.8	12.01	8.52	7.2	9.39	8.45	11.02	11.71
Price/Book Value	2	2.29	2.26	1.87	1.95	2.72	2.42	2.47	2.05	1.5	2.06	1.81	1.97	2.08	1.83
Price/Book Value Average	2.06	2.01	2.16	1.76	1.85	2.03	2.31	2.5	2.18	1.56	1.84	1.68	1.63	1.92	2.03
Price/Book Value High	2.51	2.34	2.47	1.96	2.18	2.88	2.71	2.83	2.41	2.18	2.26	2.1	2.09	2.45	2.47
Price/Book Value Low	1.39	1.67	1.98	1.52	1.56	1.51	1.96	2.02	1.96	1.2	1.31	1.42	1.2	1.55	1.69
Price/Tangible Book Value	1.12	1.33	1.61	1.32	1.45	2.21	1.96	2.22	1.67	1.32	1.98	1.94	1.94	2.07	1.79
Price/Tangible Book Value Average	1.15	1.16	1.54	1.24	1.38	1.65	1.87	2.25	1.78	1.38	1.77	1.81	1.6	1.91	1.99
Price/Tangible Book Value High	1.4	1.35	1.77	1.39	1.63	2.34	2.2	2.55	1.97	1.92	2.18	2.26	2.05	2.43	2.42
Price/Tangible Book Value Low	0.78	0.97	1.41	1.07	1.17	1.22	1.59	1.82	1.6	1.05	1.26	1.52	1.18	1.54	1.65
Price/Sales	2.14	2.48	2.8	2.73	3.16	5.06	4.5	4.6	4.36	2.89	4.44	3.98	4.27	4.89	3.93
Price/Sales Average	2.21	2.18	2.68	2.56	3.01	3.77	4.3	4.67	4.64	3.01	3.97	3.7	3.52	4.52	4.37
Price/Sales High	2.69	2.53	3.06	2.86	3.53	5.37	5.05	5.28	5.13	4.2	4.88	4.63	4.52	5.76	5.31
Price/Sales Low	1.49	1.81	2.45	2.2	2.54	2.8	3.64	3.78	4.17	2.31	2.83	3.12	2.6	3.64	3.64
Price/Cash Flow	4.13	5.39	7.42	7.27	5.9	12.12	13.43	10.55	8.59	8.37	12.02	9.49	10.8	13.23	9.84
Price/Cash Flow Average	4.26	4.73	7.11	6.84	5.61	9.01	12.82	10.69	9.15	8.71	10.74	8.82	8.9	12.23	10.94
Price/Cash Flow High	5.19	5.5	8.13	7.62	6.59	12.84	15.07	12.09	10.1	12.15	13.21	11.02	11.42	15.58	13.3
Price/Cash Flow Low	2.88	3.94	6.5	5.88	4.73	6.7	10.86	8.66	8.23	6.68	7.64	7.42	6.56	9.85	9.11
Price/Free Cash Flow Average	4.21	4.44	7.16	7.05	5.55	8.66	12.09	10.22	8	8.16	10.14	8.67	8.53	11.72	10.54
Price/Free Cash Flow High	5.13	5.16	8.19	7.85	6.52	12.33	14.22	11.56	8.83	11.38	12.47	10.84	10.95	14.92	12.81
Price/Free Cash Flow Low	2.85	3.69	6.55	6.06	4.68	6.44	10.24	8.28	7.19	6.25	7.22	7.3	6.29	9.44	8.77
EV/Sales Average	3.55	3.13	3.75	3.3	3.39	4.19	4.41	4.3	4.02	2.55	3.58	3.24	3.01	4.01	3.55
EV/Sales High	4.03	3.48	4.13	3.6	3.92	5.78	5.17	4.91	4.51	3.74	4.49	4.16	4.01	5.24	4.49
EV/Sales Low	2.83	2.76	3.52	2.94	2.92	3.22	3.75	3.42	3.56	1.85	2.44	2.65	2.09	3.13	2.82
EV/EBITDA Average	73.83	79.5	82.11	70.75	70.55	91.83	103.57	123.48	101.04	57.33	78.97	81.28	82.84	96.59	98.71
EV/EBITDA High	83.89	88.52	90.56	77.02	81.53	126.9	121.34	141.03	113.25	83.97	99.09	104.55	110.27	126.39	124.89
EV/EBITDA Low	58.98	70.18	77.1	63.05	60.79	70.62	88.15	98.04	89.35	41.51	53.77	66.56	57.47	75.37	78.4
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	12.48	15.97	16.7	16.47	18.63	30.14	28.73	31.48	31.02	21.58	33.42	33.9	37.1	41.64	33.73
High Price	15.67	16.3	18.29	17.25	20.82	31.94	32.24	36.09	36.48	31.32	36.73	39.39	39.23	49.02	45.57
Enterprise Value Average	369	385	443	367	371	432	478	488	449	339	467	455	471	626	558
Enterprise Value High	420	428	489	400	428	596	560	557	503	496	586	586	627	819	706
Enterprise Value Low	295	340	416	327	319	332	407	387	397	245	318	373	327	488	443

	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	18	20	19	18	18	17	17	16	18	18	17	16	19	18	18
Diluted Weighted Avg Shares	19	20	21	19	19	17	17	17	16	18	17	17	18	18	18
Basic Weighted Avg Shares	18	19	20	18	19	17	17	17	16	18	17	17	18	18	18
Revenue per Share	5.83	6.43	5.97	6.04	5.89	5.95	6.38	6.84	7.12	7.46	7.53	8.51	8.68	8.51	8.58
EBITDA per Share	0.28	0.25	0.27	0.28	0.28	0.27	0.27	0.24	0.28	0.33	0.34	0.34	0.32	0.35	0.31
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.08	1.44	1.13	1.34	1.32	1.45	1.26	2.19	2.47	2.02	2.95	2.82	2.67	2.81	2.66
Basic EPS from Cont Ops	1.12	1.49	1.18	1.38	1.32	1.45	1.26	2.19	2.47	2.02	2.95	2.82	2.67	2.81	2.66
Diluted EPS, GAAP	1.03	1.34	1.06	1.26	1.3	1.45	1.26	2.18	2.46	2.02	2.94	2.82	2.66	2.8	2.65
Diluted EPS from Cont Ops	1.07	1.4	1.11	1.31	1.31	1.45	1.26	2.18	2.46	2.02	2.94	2.82	2.66	2.8	2.65
Dividend per Share	0.43	0.49	0.53	0.55	0.55	0.6	0.68	1.27	0.96	1.01	1.04	1.12	1.17	1.2	3.31
Cash Flow per Share	3.02	2.96	2.25	2.26	3.16	2.49	2.14	2.98	3.61	2.58	2.78	3.57	3.44	3.15	3.43
Free Cash Flow per Basic Share	2.85	2.54	2.13	2.21	3.09	2.38	2	2.83	3.07	2.4	2.61	3.5	3.28	2.99	3.28
Cash & Equivalents per Share	29.52	32.03	29.03	19.93	21.83	11.73	11.97	11.73	15.21	8.11	7.31	22.13	20.01	13.64	12.86
Book Value per Share	6.25	6.97	7.39	8.79	9.55	11.07	11.88	12.77	15.16	14.36	16.25	18.72	18.8	20.04	18.44
Tangible Book Value per Share	11.16	12.05	10.36	12.45	12.8	13.63	14.63	14.17	18.53	16.31	16.88	17.45	19.13	20.13	18.87

First Community Bankshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)