First Farmers Financial Corporation Financial Ratios — FFMR

Profitability (USD)

	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	12/31/2014	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 (%)	- -	14.65	13.39	15.34	17.25	16.28	15.04	16.09	16.3	16.6	11.83	15.26
Return on Assets (%)	- -	1.19	1.1	1.32	1.62	1.61	1.47	1.56	1.59	1.61	1.13	1.5
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	7.14	6.55	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	45	42.13	38.83	4.04	3.63	4.4	4.91	3.61	3.14	3.17	3.16	2.78
Operating Margin (%)	40.06	36.5	33.26	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	7.99	-12.55	-372.41	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	40.06	36.5	33.26	36.12	40.03	40.87	38	43.67	47.5	47.86	34.03	45.03
Profit Margin (%)	28.82	26.54	25.12	29.44	34.26	34.71	31.86	35.2	38.27	38.84	28.07	36.24
Net Income to Common Margin (%)	28.82	26.54	25.12	29.44	34.26	34.71	31.86	35.2	38.27	38.84	28.07	36.24
Effective Tax Rate (%)	28.06	27.29	24.48	18.49	14.41	15.07	16.18	19.4	19.43	18.85	17.51	19.51
Dvd Payout Ratio (%)	21.53	24.86	26.47	22.08	23.67	28.57	29.87	26.42	27.72	28.3	38.1	27.65
Sustainable Growth Rate (%)	- -	11.01	9.84	11.95	13.17	11.63	10.55	11.84	11.78	11.9	7.32	11.04

Credit (USD)

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	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	12/31/2014	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	114	120	140	173	158	173	209	81	143	89	117	209
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	114	120	140	173	158	173	209	81	143	89	117	209
Total Debt/EBITDA	4.51	4.49	5.32	57.96	53.92	46.14	44.43	21.61	42.18	23.59	29.27	54.23
Net Debt/EBITDA	1.37	2.51	1.12	28.55	36.18	30.03	3.67	-37.63	12.42	7.77	-0.98	22.18
Total Debt/EBIT	5.06	5.19	6.22	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	1.53	2.9	1.31	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.09	8.18	8.26	8.96	9.77	10.01	9.62	9.79	9.74	9.6	9.58	10.09
Long-Term Debt/Equity (%)	101.77	96.27	103.35	112.58	92	87.19	94.14	33.19	61.37	34.25	42.64	65.02
Long-Term Debt/Capital (%)	51.28	49.76	51.24	53.53	48.09	47.37	49.47	25.22	34.81	23.56	27.31	37.57
Long-Term Debt/Total Assets (%)	8.52	8.1	8.68	10.32	9.05	9.01	9.42	3.3	5.2	2.96	3.6	6.07
Total Debt/Equity (%)	101.77	96.27	103.35	112.58	92	87.19	94.14	33.19	61.37	34.25	42.64	65.02
Total Debt/Capital (%)	51.28	49.76	51.24	53.53	48.09	47.37	49.47	25.22	34.81	23.56	27.31	37.57
Total Debt/Total Assets (%)	8.52	8.1	8.68	10.32	9.05	9.01	9.42	3.3	5.2	2.96	3.6	6.07
Net Debt to Equity	30.85	53.8	21.82	55.46	61.73	56.75	7.77	-57.78	18.07	11.28	-1.42	26.6
Net Debt/Capital (%)	24.19	35.63	18.16	36.2	38.34	36.94	7.48	-142.22	13.59	9.21	-1.27	19.76
EBITDA	25	27	26	3	3	4	5	4	3	4	4	4
EBITDA-CapEx	24	24	25	1	-2	1	2	2	- -	-1	1	-1
Operating Income (Loss)	23	23	23	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	12/31/2014	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	8.09	8.18	8.26	8.96	9.77	10.01	9.62	9.79	9.74	9.6	9.58	10.09
Long-Term Debt/Equity (%)	101.77	96.27	103.35	112.58	92	87.19	94.14	33.19	61.37	34.25	42.64	65.02
Long-Term Debt/Capital (%)	51.28	49.76	51.24	53.53	48.09	47.37	49.47	25.22	34.81	23.56	27.31	37.57
Long-Term Debt/Total Assets (%)	8.52	8.1	8.68	10.32	9.05	9.01	9.42	3.3	5.2	2.96	3.6	6.07
Total Debt/Equity (%)	101.77	96.27	103.35	112.58	92	87.19	94.14	33.19	61.37	34.25	42.64	65.02
Total Debt/Capital (%)	51.28	49.76	51.24	53.53	48.09	47.37	49.47	25.22	34.81	23.56	27.31	37.57
Total Debt/Total Assets (%)	8.52	8.1	8.68	10.32	9.05	9.01	9.42	3.3	5.2	2.96	3.6	6.07
CFO/Total Liabilities	1.59	1.36	1.58	1.89	2.58	1.92	1.39	3.05	2.15	1.73	2.08	1.87
CFO/CapEx	10.68	8.45	18.41	14.88	8.7	11.64	11.14	43.7	15.63	10.96	20.75	13.11
Altman's Z-Score	0.21	0.21	0.26	0.23	0.25	0.26	0.24	0.25	0.24	0.25	0.23	0.24

Working Capital (USD)

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	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	12/31/2014	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	- -	3.55	3.41	3.35	3.39	3.4	3.47	3.44	2.34	1.86	3.76	- -
Days Sales Outstanding	- -	102.83	106.89	109.02	107.65	107.29	105.26	106.23	155.9	196.5	97.12	- -
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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	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	12/31/2014	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	- -	- -	155	171	201	224	207	258	285	372	314	317
- Cash & Cash Equivalents	80	53	111	88	52	60	191	221	101	60	121	123
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	114	120	140	173	158	173	209	81	143	89	117	209
Enterprise Value	-182	-201	-83	-31	-10	-31	-170	-300	-132	-168	-292	-267
Total Capital	223	241	274	323	329	364	422	319	411	377	427	555
Total Debt/Capital (%)	51.28	49.76	51.24	53.53	48.09	47.37	49.47	25.22	34.81	23.56	27.31	37.57
Total Debt / EV	-0.63	-0.6	-1.69	-5.55	-16.26	-5.56	-1.22	-0.27	-1.08	-0.53	-0.4	-0.78
EV/Sales	- -	- -	- -	0.73	1.12	0.95	- -	- -	0.1	0.16	- -	- -
EV/EBITDA	- -	- -	- -	18.16	30.84	21.65	- -	- -	3.16	4.92	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	1.88	2.23	2.45	- -	- -	0.2	0.39	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	1.76	2	2.26	- -	- -	0.19	0.36	- -	- -
Diluted Market Cap	- -	- -	155	171	201	224	207	258	285	372	314	317
Diluted Enterprise Value	35	67	185	256	307	336	224	118	328	402	310	402
EV per Share	- -	- -	- -	7.56	12.64	11.33	- -	- -	1.53	2.64	- -	- -
TTM Sales	56	63	68	74	81	85	96	103	108	119	126	138
TTM EBITDA	25	27	26	3	3	4	5	4	3	4	4	4
TTM Operating Income	23	23	23	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	19	18	23	29	41	33	28	67	54	48	62	58
TTM Free Cash Flow to Firm	21	21	25	31	45	36	30	68	58	52	65	63

Multiples (USD)

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	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	12/31/2014	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	- -	- -	6.28	5.55	4.43	6.25	6.87	3.77	4.96	7.17	4.85	5.06
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-182	-201	-83	-31	-10	-31	-170	-300	-132	-168	-292	-267
Low Price	- -	- -	10.83	9.78	10.2	13.34	14.25	13.33	17.36	19.33	21.37	21.54
EV/Sales	- -	- -	- -	0.73	1.12	0.95	- -	- -	0.1	0.16	- -	- -
EV/EBITDA	- -	- -	- -	18.16	30.84	21.65	- -	- -	3.16	4.92	- -	- -
Price/Earnings	- -	- -	9.1	7.86	7.24	7.59	6.79	7.11	6.92	8.06	8.86	6.32
Price/Earnings Average	- -	- -	9.1	7.18	6.89	6.95	7.09	5.84	6.54	6.36	8.93	6.18
Price/Earnings High	- -	- -	9.1	8.79	7.59	7.59	7.61	7.11	7.82	9.13	10.51	6.33
Price/Earnings Low	- -	- -	9.1	6.45	5.28	6.46	6.64	5.17	5.91	5.88	8.48	6.01
Price/Book Value	- -	- -	1.16	1.14	1.17	1.17	0.97	1.08	1.07	1.29	1.01	0.91
Price/Book Value Average	- -	- -	1.16	1.04	1.12	1.07	1.01	0.89	1.01	1.02	1.02	0.89
Price/Book Value High	- -	- -	1.16	1.27	1.23	1.17	1.09	1.08	1.21	1.46	1.2	0.92
Price/Book Value Low	- -	- -	1.16	0.93	0.86	0.99	0.95	0.79	0.91	0.94	0.97	0.87
Price/Tangible Book Value	- -	- -	1.25	1.2	1.24	1.19	0.97	1.11	1.27	1.48	1.19	1.02
Price/Tangible Book Value Average	- -	- -	1.25	1.09	1.18	1.09	1.02	0.91	1.2	1.17	1.2	0.99
Price/Tangible Book Value High	- -	- -	1.25	1.34	1.3	1.19	1.09	1.11	1.44	1.68	1.41	1.02
Price/Tangible Book Value Low	- -	- -	1.25	0.98	0.9	1.01	0.95	0.8	1.09	1.08	1.13	0.97
Price/Sales	- -	- -	2.29	2.31	2.48	2.63	2.16	2.5	2.65	3.13	2.49	2.29
Price/Sales Average	- -	- -	2.29	2.11	2.36	2.41	2.26	2.06	2.5	2.47	2.51	2.24
Price/Sales High	- -	- -	2.29	2.59	2.6	2.63	2.43	2.5	2.99	3.55	2.95	2.29
Price/Sales Low	- -	- -	2.29	1.9	1.81	2.24	2.12	1.82	2.26	2.29	2.38	2.18
Price/Cash Flow	- -	- -	6.62	5.93	4.94	6.79	7.49	3.86	5.28	7.83	5.08	5.45
Price/Cash Flow Average	- -	- -	6.62	5.41	4.7	6.22	7.82	3.17	5	6.17	5.13	5.32
Price/Cash Flow High	- -	- -	6.62	6.63	5.17	6.79	8.39	3.86	5.97	8.87	6.03	5.45
Price/Cash Flow Low	- -	- -	6.62	4.86	3.6	5.78	7.33	2.81	4.51	5.71	4.87	5.18
Price/Free Cash Flow Average	- -	- -	6.28	5.07	4.21	5.73	7.17	3.1	4.69	5.66	4.89	4.95
Price/Free Cash Flow High	- -	- -	6.28	6.21	4.64	6.25	7.7	3.77	5.61	8.13	5.75	5.06
Price/Free Cash Flow Low	- -	- -	6.28	4.56	3.23	5.32	6.72	2.74	4.24	5.24	4.64	4.81
EV/Sales Average	0.61	1.06	2.72	3.27	3.67	3.73	2.44	0.7	2.89	2.72	2.48	2.86
EV/Sales High	0.61	1.06	2.72	3.74	3.91	3.95	2.61	1.15	3.38	3.79	2.92	2.91
EV/Sales Low	0.61	1.06	2.72	3.05	3.12	3.56	2.3	0.46	2.65	2.53	2.35	2.8
EV/EBITDA Average	1.37	2.51	7.01	80.83	101.14	84.87	49.65	19.35	92.06	85.64	78.45	102.71
EV/EBITDA High	1.37	2.51	7.01	92.56	107.76	89.91	53.05	31.74	107.63	119.64	92.5	104.63
EV/EBITDA Low	1.37	2.51	7.01	75.51	85.95	81.01	46.76	12.82	84.31	79.85	74.43	100.52
EV/EBIT Average	1.53	2.9	8.19	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	1.53	2.9	8.19	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	1.53	2.9	8.19	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	10.83	11.92	14	15.67	14.57	18.33	20.33	26.49	22.32	22.66
High Price	- -	- -	10.83	13.33	14.67	15.67	16.33	18.33	22.99	30	26.49	22.67
Enterprise Value Average	35	67	185	241	297	317	233	72	312	323	313	395
Enterprise Value High	35	67	185	276	316	336	249	118	365	451	369	402
Enterprise Value Low	35	67	185	225	252	303	219	48	286	301	297	387

Shares Outstanding	- -	14	14	14	14	14	14	14	14	14	14	14
Diluted Weighted Avg Shares	14	14	14	14	14	14	14	14	14	14	14	14
Basic Weighted Avg Shares	14	14	14	14	14	14	14	14	14	14	14	14
Revenue per Share	3.95	4.43	4.74	5.15	5.64	5.95	6.73	7.32	7.68	8.46	8.97	9.89
EBITDA per Share	1.78	1.87	1.84	0.21	0.2	0.26	0.33	0.26	0.24	0.27	0.28	0.27
Operating Income per Share	1.58	1.62	1.58	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.14	1.18	1.19	1.52	1.93	2.07	2.15	2.58	2.94	3.29	2.52	3.58
Basic EPS from Cont Ops	1.14	1.18	1.19	1.52	1.93	2.07	2.15	2.58	2.94	3.29	2.52	3.58
Diluted EPS, GAAP	1.14	1.18	1.19	1.52	1.93	2.07	2.15	2.58	2.94	3.29	2.52	3.58
Diluted EPS from Cont Ops	1.14	1.18	1.19	1.52	1.93	2.07	2.15	2.58	2.94	3.29	2.52	3.58
Dividend per Share	0.24	0.29	0.31	0.33	0.46	0.59	0.64	0.68	0.81	0.93	0.96	0.99
Cash Flow per Share	1.37	1.29	1.64	2.01	2.84	2.31	1.95	4.75	3.85	3.38	4.39	4.16
Free Cash Flow per Basic Share	1.24	1.14	1.55	1.88	2.51	2.11	1.77	4.64	3.6	3.07	4.18	3.84
Cash & Equivalents per Share	20.74	22.44	26.43	26.16	25.73	29.91	41.26	45.3	39.92	44.74	51.42	56.69
Book Value per Share	7.6	8.47	9.32	10.48	11.93	13.42	15.01	16.93	19.07	20.53	22.07	24.77
Tangible Book Value per Share	7.03	7.82	8.63	9.95	11.29	13.17	14.95	16.57	15.97	17.84	18.83	22.31

First Farmers Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)