First Financial Bankshares, Inc. Financial Ratios — FFIN

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	14.39	13.93	13.78	14.11	13.51	12.75	13.67	15.25	14.45	13.91	13.24	15.5	14.39	14.39	14.39
Return on Assets (%)	1.73	1.72	1.62	1.62	1.6	1.56	1.71	2.01	2.06	2.11	1.9	1.8	1.53	1.65	1.72
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 (%)	3.72	3.85	3.79	3.66	3.93	3.81	4.04	3.44	3.01	2.68	2.61	2.46	2.63	2.5	2.21
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	46.63	48.33	45.91	46.83	46.47	44.75	46.08	48.89	51.18	50.74	54.44	54.03	50.89	50.62	50.17
Profit Margin (%)	34.58	36.1	34.63	35.37	35.39	34.49	37.69	41.33	42.59	42.29	45.55	45.11	41.62	41.62	41.09
Net Income to Common Margin (%)	34.58	36.1	34.63	35.37	35.39	34.49	37.69	41.33	42.59	42.29	45.55	45.11	41.62	41.62	41.09
Effective Tax Rate (%)	25.84	25.3	24.58	24.48	23.85	22.92	18.22	15.46	16.78	16.64	16.33	16.52	18.22	17.78	18.1
Dvd Payout Ratio (%)	42.94	52.16	31.07	38.61	38.62	42.86	40.67	35.76	37.05	34.81	35.03	38.94	50.24	46.04	41.8
Sustainable Growth Rate (%)	8.21	6.66	9.5	8.66	8.29	7.29	8.11	9.79	9.1	9.07	8.6	9.47	7.16	7.77	8.38

Credit (USD)

Credit Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	208	260	464	368	299	75	- -	55	- -	- -	21	21	21	121	21
ST Debt	208	260	464	367	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	1	299	75	- -	55	- -	- -	21	21	21	121	21
Total Debt/EBITDA	28.26	32.79	53.7	39.75	26.83	6.48	- -	4.38	- -	- -	1.61	1.65	1.67	9.02	1.54
Net Debt/EBITDA	-14.18	-17.17	25.86	11.49	2.37	-15.56	-28.94	-15.55	-23.96	-56.99	-38.86	-24.26	-40.99	-47.84	-77.32
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	12.34	12.37	11.25	11.65	12.08	12.3	12.72	13.62	14.85	15.39	13.43	9.76	11.44	11.49	12.41
Long-Term Debt/Equity (%)	- -	- -	- -	0.15	37.15	8.95	- -	5.22	- -	- -	1.2	1.66	1.4	7.53	1.1
Long-Term Debt/Capital (%)	- -	- -	- -	0.1	27.08	8.22	- -	4.96	- -	- -	1.18	1.64	1.39	7.01	1.09
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.02	4.49	1.1	- -	0.71	- -	- -	0.16	0.16	0.16	0.87	0.14
Total Debt/Equity (%)	40.85	46.63	78.94	54.01	37.15	8.95	- -	5.22	- -	- -	1.2	1.66	1.4	7.53	1.1
Total Debt/Capital (%)	29	31.8	44.12	35.07	27.08	8.22	- -	4.96	- -	- -	1.18	1.64	1.39	7.01	1.09
Total Debt/Total Assets (%)	5.04	5.77	8.88	6.29	4.49	1.1	- -	0.71	- -	- -	0.16	0.16	0.16	0.87	0.14
Net Debt to Equity	-20.5	-24.42	38.01	15.61	3.29	-21.49	-40.51	-18.52	-22.77	-43.44	-28.85	-24.46	-34.39	-39.98	-55.04
Net Debt/Capital (%)	-25.79	-32.31	27.54	13.5	3.18	-27.37	-68.09	-22.73	-29.49	-76.82	-40.55	-32.38	-52.43	-66.62	-122.44
EBITDA	7	8	9	9	11	12	13	13	12	13	13	13	13	13	14
EBITDA-CapEx	-7	-8	-3	-8	-6	-9	-1	-5	3	-4	-6	-3	-5	-3	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	12.34	12.37	11.25	11.65	12.08	12.3	12.72	13.62	14.85	15.39	13.43	9.76	11.44	11.49	12.41
Long-Term Debt/Equity (%)	- -	- -	- -	0.15	37.15	8.95	- -	5.22	- -	- -	1.2	1.66	1.4	7.53	1.1
Long-Term Debt/Capital (%)	- -	- -	- -	0.1	27.08	8.22	- -	4.96	- -	- -	1.18	1.64	1.39	7.01	1.09
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.02	4.49	1.1	- -	0.71	- -	- -	0.16	0.16	0.16	0.87	0.14
Total Debt/Equity (%)	40.85	46.63	78.94	54.01	37.15	8.95	- -	5.22	- -	- -	1.2	1.66	1.4	7.53	1.1
Total Debt/Capital (%)	29	31.8	44.12	35.07	27.08	8.22	- -	4.96	- -	- -	1.18	1.64	1.39	7.01	1.09
Total Debt/Total Assets (%)	5.04	5.77	8.88	6.29	4.49	1.1	- -	0.71	- -	- -	0.16	0.16	0.16	0.87	0.14
CFO/Total Liabilities	2.63	2.36	2.37	2.54	1.86	2.69	3	2.79	2.88	2.28	3.13	2.77	2.45	2.5	2.21
CFO/CapEx	6.44	5.75	9.7	7.55	6.26	7.88	13.44	10.56	23.35	12.81	18.49	20.54	16.51	18.52	22.28
Altman's Z-Score	0.29	0.3	0.39	0.34	0.33	0.44	0.43	0.51	0.57	0.49	0.53	0.41	0.39	0.42	0.37

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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)

Enterprise Value API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	1,043	1,218	2,098	1,899	1,976	2,965	2,963	3,882	4,737	5,108	7,199	4,875	4,296	5,120	4,250
- Cash & Cash Equivalents	312	396	240	262	273	255	374	250	279	729	529	331	537	763	1,076
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	208	260	464	368	299	75	- -	55	- -	- -	21	21	21	121	21
Enterprise Value	-902	-737	263	-410	-732	-76	-498	528	1,044	-14	118	-909	-952	2,405	429
Total Capital	716	817	1,052	1,050	1,104	913	923	1,108	1,227	1,678	1,780	1,287	1,520	1,728	1,938
Total Debt/Capital (%)	29	31.8	44.12	35.07	27.08	8.22	- -	4.96	- -	- -	1.18	1.64	1.39	7.01	1.09
Total Debt / EV	-0.23	-0.35	1.76	-0.9	-0.41	-0.98	- -	0.1	- -	- -	0.18	-0.02	-0.02	0.05	0.05
EV/Sales	- -	- -	1.16	- -	- -	- -	- -	1.45	2.7	0.03	0.24	- -	- -	4.48	0.7
EV/EBITDA	- -	- -	30.47	- -	- -	- -	- -	42.11	89.54	1.19	9.03	- -	- -	179.14	31.43
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	2.4	- -	- -	- -	- -	2.84	5.16	0.07	0.33	- -	- -	7.77	1.43
EV/Free Cash Flow to Firm	- -	- -	2.17	- -	- -	- -	- -	2.59	4.95	0.07	0.32	- -	- -	7.37	1.37
Diluted Market Cap	1,052	1,229	2,111	1,922	1,964	2,988	2,989	3,923	4,786	5,156	7,277	4,926	4,331	5,164	4,285
Diluted Enterprise Value	948	1,093	2,334	2,028	1,990	2,808	2,615	3,728	4,506	4,427	6,769	4,617	3,816	4,521	3,229
EV per Share	- -	- -	2.07	- -	- -	- -	- -	3.93	7.74	0.11	0.83	- -	- -	16.94	3.02
TTM Sales	198	206	228	253	284	304	319	364	387	478	500	520	478	537	617
TTM EBITDA	7	8	9	9	11	12	13	13	12	13	13	13	13	13	14
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	95	93	110	131	109	161	190	186	202	211	355	324	285	310	299
TTM Free Cash Flow to Firm	110	109	121	149	127	181	204	204	211	227	374	340	302	326	313

Multiples (USD)

Valuation Multiples API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	9.57	11.25	17.42	12.91	15.52	16.49	14.62	19.23	22.67	22.7	19.44	14.49	14.34	15.82	13.69
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-902	-737	263	-410	-732	-76	-498	528	1,044	-14	118	-909	-952	2,405	429
Low Price	6.14	7.63	9.97	13.29	12.23	12.06	18.43	22.03	27.13	20.7	35.17	32.53	22.84	27.06	29.8
EV/Sales	- -	- -	1.16	- -	- -	- -	- -	1.45	2.7	0.03	0.24	- -	- -	4.48	0.7
EV/EBITDA	- -	- -	30.47	- -	- -	- -	- -	42.11	89.54	1.19	9.03	- -	- -	179.14	31.43
Price/Earnings	15.38	16.54	26.65	21.37	19.51	28.48	24.75	25.9	28.89	25.43	31.79	20.92	21.73	23.04	16.85
Price/Earnings Average	14.86	14.9	22.05	21.6	19.85	21.37	23.38	24.31	26.05	21.41	29.86	25.77	21.27	21.55	19.56
Price/Earnings High	17.09	17.58	27.21	23.94	23.61	29.42	26.84	30	30	25.61	34.39	32.61	27.42	28.54	22.07
Price/Earnings Low	11.3	12.94	16.07	19.01	15.81	15.2	20.25	19.78	22.33	14.55	21.99	19.78	16.38	17.29	16.81
Price/Book Value	2.05	2.19	3.57	2.79	2.45	3.54	3.21	3.69	3.86	3.04	4.09	3.85	2.87	3.19	2.22
Price/Book Value Average	1.98	1.97	2.95	2.82	2.5	2.66	3.03	3.46	3.48	2.56	3.84	4.74	2.81	2.98	2.57
Price/Book Value High	2.28	2.32	3.64	3.12	2.97	3.66	3.48	4.27	4.01	3.07	4.43	6	3.62	3.95	2.9
Price/Book Value Low	1.51	1.71	2.15	2.48	1.99	1.89	2.63	2.81	2.98	1.74	2.83	3.64	2.16	2.39	2.21
Price/Tangible Book Value	2.39	2.51	4.28	3.25	2.99	4.27	3.79	4.42	4.5	3.76	4.99	5.13	3.63	3.96	2.65
Price/Tangible Book Value Average	2.31	2.26	3.54	3.29	3.04	3.2	3.58	4.15	4.05	3.16	4.69	6.32	3.55	3.7	3.08
Price/Tangible Book Value High	2.66	2.67	4.37	3.64	3.62	4.41	4.11	5.12	4.67	3.78	5.4	8	4.58	4.91	3.47
Price/Tangible Book Value Low	1.76	1.97	2.58	2.89	2.42	2.28	3.1	3.37	3.48	2.15	3.45	4.85	2.73	2.97	2.64
Price/Sales	5.32	5.97	9.23	7.56	6.9	9.82	9.33	10.7	12.3	10.75	14.48	9.44	9.04	9.59	6.92
Price/Sales Average	5.14	5.38	7.63	7.64	7.03	7.37	8.81	10.05	11.1	9.05	13.6	11.62	8.85	8.97	8.04
Price/Sales High	5.91	6.35	9.42	8.47	8.35	10.15	10.12	12.4	12.78	10.83	15.67	14.71	11.41	11.88	9.07
Price/Sales Low	3.91	4.67	5.57	6.72	5.6	5.24	7.63	8.17	9.51	6.15	10.02	8.92	6.82	7.2	6.91
Price/Cash Flow	11.06	13.19	19.13	14.56	17.95	18.56	15.66	20.93	23.52	24.39	20.37	15.13	15.18	16.63	14.27
Price/Cash Flow Average	10.68	11.88	15.83	14.72	18.27	13.93	14.79	19.65	21.21	20.53	19.13	18.63	14.86	15.55	16.57
Price/Cash Flow High	12.29	14.02	19.54	16.32	21.72	19.18	16.98	24.25	24.42	24.56	22.04	23.58	19.16	20.6	18.69
Price/Cash Flow Low	8.12	10.32	11.54	12.96	14.55	9.91	12.81	15.99	18.18	13.96	14.09	14.3	11.44	12.48	14.24
Price/Free Cash Flow Average	9.25	10.13	14.41	13.05	15.79	12.38	13.8	18.05	20.44	19.11	18.26	17.84	14.04	14.8	15.9
Price/Free Cash Flow High	10.64	11.95	17.79	14.47	18.78	17.04	15.85	22.27	23.54	22.86	21.03	22.58	18.09	19.6	17.94
Price/Free Cash Flow Low	7.03	8.8	10.51	11.49	12.58	8.8	11.96	14.68	17.52	12.99	13.45	13.7	10.81	11.88	13.66
EV/Sales Average	4.57	4.68	8.6	8	7.18	6.73	7.59	9.46	10.32	7.48	12.52	10.96	7.72	7.72	6.28
EV/Sales High	5.34	5.63	10.39	8.82	8.52	9.49	8.89	11.8	11.99	9.24	14.57	14.02	10.26	10.61	7.31
EV/Sales Low	3.35	3.97	6.54	7.09	5.74	4.61	6.42	7.6	8.74	4.59	8.95	8.27	5.7	5.96	5.16
EV/EBITDA Average	122.96	121.36	226.74	218.77	182.78	176.68	187.71	274.88	342.25	279.2	478.79	446.32	293.38	308.79	284.08
EV/EBITDA High	143.52	146.23	273.83	241.24	216.9	249.1	219.84	342.84	397.77	345.16	557.4	571.22	390.08	424.52	330.44
EV/EBITDA Low	90.05	103.17	172.32	193.89	146.06	121.14	158.74	220.69	289.94	171.52	342.42	337	216.48	238.37	233.3
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	8.36	9.75	16.53	14.94	15.09	22.6	22.53	28.85	35.1	36.17	50.84	34.4	30.3	36.05	29.87
High Price	9.29	10.36	16.88	16.74	18.26	23.35	24.43	33.42	36.45	36.43	55	53.62	38.24	44.66	39.12
Enterprise Value Average	904	961	1,959	2,026	2,037	2,045	2,424	3,449	3,992	3,572	6,253	5,696	3,690	4,146	3,878
Enterprise Value High	1,055	1,158	2,365	2,234	2,417	2,883	2,839	4,302	4,640	4,416	7,280	7,290	4,906	5,700	4,511
Enterprise Value Low	662	817	1,489	1,796	1,628	1,402	2,050	2,769	3,382	2,194	4,472	4,301	2,723	3,201	3,184

Shares Outstanding	125	125	127	127	131	131	132	135	135	141	142	142	142	142	142
Diluted Weighted Avg Shares	126	126	128	129	130	132	133	136	136	143	143	143	143	143	143
Basic Weighted Avg Shares	126	126	127	128	130	132	132	135	136	142	142	143	143	143	143
Revenue per Share	1.57	1.63	1.79	1.98	2.19	2.3	2.41	2.7	2.85	3.36	3.51	3.65	3.35	3.76	4.31
EBITDA per Share	0.06	0.06	0.07	0.07	0.09	0.09	0.1	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.1
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.54	0.59	0.62	0.7	0.77	0.79	0.91	1.11	1.22	1.42	1.6	1.64	1.39	1.56	1.77
Basic EPS from Cont Ops	0.54	0.59	0.62	0.7	0.77	0.79	0.91	1.11	1.22	1.42	1.6	1.64	1.39	1.56	1.77
Diluted EPS, GAAP	0.54	0.59	0.62	0.7	0.77	0.79	0.91	1.11	1.21	1.42	1.59	1.64	1.39	1.56	1.77
Diluted EPS from Cont Ops	0.54	0.59	0.62	0.7	0.77	0.79	0.91	1.11	1.21	1.42	1.59	1.64	1.39	1.56	1.77
Dividend per Share	0.23	0.31	0.19	0.27	0.3	0.34	0.37	0.4	0.45	0.5	0.56	0.64	0.7	0.72	0.74
Cash Flow per Share	0.76	0.74	0.86	1.03	0.84	1.22	1.44	1.38	1.49	1.48	2.5	2.27	2	2.17	2.09
Free Cash Flow per Basic Share	0.64	0.61	0.77	0.89	0.71	1.06	1.33	1.25	1.43	1.37	2.36	2.16	1.88	2.05	2
Cash & Equivalents per Share	17.25	17.73	18.11	21.06	22.96	23.75	26.32	25.33	27.36	36.27	50.16	40.96	37.16	19.97	27
Book Value per Share	4.07	4.46	4.63	5.36	6.15	6.39	7.02	7.83	9.09	11.88	12.42	8.93	10.57	11.31	13.48
Tangible Book Value per Share	3.5	3.88	3.86	4.6	5.04	5.29	5.94	6.53	7.81	9.63	10.19	6.7	8.35	9.1	11.27

First Financial Bankshares, Inc.