First Foundation Inc. Financial Ratios — FFWM Stock

Profitability (USD)

	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 (%)	- -	97.26	51.83	49.39	51.29	38.68	40.14	36.96	39.84	37.2	28.79	-61.69	-53.76	- -
Return on Assets (%)	- -	0.84	0.7	0.68	0.71	0.65	0.83	0.93	1.27	1.28	0.95	-1.51	-0.71	-1.26
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	1.33	1.87	1.82	1.76	1.86	2.29	3.33	3.41	2.72	2.32	2.65	4.69	14.99	4.01
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	17.61	17.08	21.94	26.25	31.34	34.82	34.08	41.01	48.71	51.46	45.57	-114.42	-258.3	-37.52
Profit Margin (%)	13.08	14.15	12.42	15.38	19.05	18.98	24.37	29.01	34.6	37.13	33.62	-113.85	-173.74	-81.38
Net Income to Common Margin (%)	13.08	14.15	12.42	15.38	19.05	18.98	24.37	29.01	34.6	37.13	33.62	-113.85	-173.74	-81.38
Effective Tax Rate (%)	25.7	17.19	43.36	41.41	39.21	45.49	28.51	29.26	28.96	27.85	26.23	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	15.87	14.82	14.77	22.47	-4.53	-1.22	- -
Sustainable Growth Rate (%)	- -	97.26	51.83	49.39	51.29	38.68	40.14	31.09	33.94	31.71	22.32	-64.49	-54.42	- -

Credit (USD)

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	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	100	141	283	796	1,250	678	708	743	269	210	1,370	1,582	1,599	1,604
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	100	141	283	796	1,250	678	708	743	269	210	1,370	1,582	1,599	1,604
Total Debt/EBITDA	169.2	135.67	229.81	519.58	548.01	203.42	120.61	112.49	40.54	30.7	157.32	193.01	200.48	209.79
Net Debt/EBITDA	62.42	80.91	205.69	378.75	285.86	167.3	109.15	102.59	-54.36	-133.2	81.93	31.2	73.07	-2.72
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.5	1.16	1.5	1.3	1.44	1.88	2.2	2.78	3.56	3.34	3.28	1.64	0.99	-0.25
Long-Term Debt/Equity (%)	135.91	162.63	284.33	306.47	439.73	171.67	126.61	121.04	38.67	19.75	120.77	171.01	151.78	175.77
Long-Term Debt/Capital (%)	96.02	92.16	93.28	95.93	95.63	88.8	84.64	80.86	52.06	38.12	76.25	87.86	88.26	96.58
Long-Term Debt/Total Assets (%)	12.04	13.6	20.87	30.7	31.44	14.93	12.12	11.77	3.87	2.06	10.53	11.87	12.64	13.47
Total Debt/Equity (%)	135.91	162.63	284.33	306.47	439.73	171.67	126.61	121.04	38.67	19.75	120.77	171.01	151.78	175.77
Total Debt/Capital (%)	96.02	92.16	93.28	95.93	95.63	88.8	84.64	80.86	52.06	38.12	76.25	87.86	88.26	96.58
Total Debt/Total Assets (%)	12.04	13.6	20.87	30.7	31.44	14.93	12.12	11.77	3.87	2.06	10.53	11.87	12.64	13.47
Net Debt to Equity	50.14	96.98	254.49	223.4	229.38	141.18	114.58	110.38	-51.85	-85.68	62.89	27.65	55.32	-2.28
Net Debt/Capital (%)	89.9	87.52	92.55	94.5	91.95	86.7	83.29	79.4	319.14	159.77	62.57	53.92	73.25	-57.98
EBITDA	1	1	1	2	2	3	6	7	7	7	9	8	8	8
EBITDA-CapEx	-1	-1	1	- -	-4	1	3	4	4	4	4	- -	5	4
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	0.5	1.16	1.5	1.3	1.44	1.88	2.2	2.78	3.56	3.34	3.28	1.64	0.99	-0.25
Long-Term Debt/Equity (%)	135.91	162.63	284.33	306.47	439.73	171.67	126.61	121.04	38.67	19.75	120.77	171.01	151.78	175.77
Long-Term Debt/Capital (%)	96.02	92.16	93.28	95.93	95.63	88.8	84.64	80.86	52.06	38.12	76.25	87.86	88.26	96.58
Long-Term Debt/Total Assets (%)	12.04	13.6	20.87	30.7	31.44	14.93	12.12	11.77	3.87	2.06	10.53	11.87	12.64	13.47
Total Debt/Equity (%)	135.91	162.63	284.33	306.47	439.73	171.67	126.61	121.04	38.67	19.75	120.77	171.01	151.78	175.77
Total Debt/Capital (%)	96.02	92.16	93.28	95.93	95.63	88.8	84.64	80.86	52.06	38.12	76.25	87.86	88.26	96.58
Total Debt/Total Assets (%)	12.04	13.6	20.87	30.7	31.44	14.93	12.12	11.77	3.87	2.06	10.53	11.87	12.64	13.47
CFO/Total Liabilities	1.11	0.84	0.74	0.59	0.54	0.91	0.97	1.06	1.08	1.06	0.85	0.06	-0.08	-0.29
CFO/CapEx	6.15	4.18	55.36	7.91	3.33	16.94	18.81	27.11	23.56	30.23	22.14	0.97	-3.2	-9.62
Altman's Z-Score	0.06	0.07	0.14	0.12	0.13	0.15	0.12	0.15	0.17	0.15	0.11	0.06	0.04	0.04

Working Capital (USD)

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	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.8	3.31	0.98	3.79
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.51	110.14	373.9	96.32
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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	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	- -	- -	140	263	461	639	541	776	893	1,110	809	546	407	508
- Cash & Cash Equivalents	63	57	30	216	598	120	67	65	630	1,122	656	1,327	1,016	1,625
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	88	87
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	100	141	283	796	1,250	678	708	743	269	210	1,370	1,582	1,599	1,604
Enterprise Value	31	25	255	278	604	678	372	439	-275	-993	1,296	99	-236	-1,856
Total Capital	104	153	303	830	1,307	764	837	919	517	551	1,797	1,801	1,812	1,661
Total Debt/Capital (%)	96.02	92.16	93.28	95.93	95.63	88.8	84.64	80.86	52.06	38.12	76.25	87.86	88.26	96.58
Total Debt / EV	3.22	5.64	1.11	2.86	2.07	1	1.9	1.69	-0.98	-0.21	1.06	16.02	-6.77	-0.86
EV/Sales	0.7	0.45	3.78	3.2	4.93	4.66	2.11	2.26	- -	- -	3.94	0.57	- -	- -
EV/EBITDA	52.59	24.07	207.38	181.71	264.66	203.29	63.45	66.46	- -	- -	148.81	12.05	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	3.69	3.14	27.29	20.07	30.54	17.89	7.31	7.26	- -	- -	12.77	12.37	- -	- -
EV/Free Cash Flow to Firm	3.17	2.54	26.8	17.82	23.49	16.89	6.94	7.01	- -	- -	12.22	6.1	- -	- -
Diluted Market Cap	- -	- -	148	273	477	655	547	781	898	1,116	810	546	407	508
Diluted Enterprise Value	37	84	401	853	1,129	1,213	1,188	1,459	537	205	1,523	802	1,078	574
EV per Share	1.56	1.26	16.5	12.48	18.65	19.65	8.85	9.84	- -	- -	22.97	1.75	- -	- -
TTM Sales	44	55	68	87	122	145	176	194	244	295	329	175	53	191
TTM EBITDA	1	1	1	2	2	3	6	7	7	7	9	8	8	8
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	8	8	9	14	20	38	51	60	67	97	101	8	-9	-32
TTM Free Cash Flow to Firm	10	10	10	16	26	40	54	63	70	100	106	16	-6	-29

Multiples (USD)

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	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	- -	- -	15.55	17.49	18.56	16.33	10.2	12.47	12.77	11.15	7.63	33.72	-67.94	-17.78
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	31	25	255	278	604	678	372	439	-275	-993	1,296	99	-236	-1,856
Low Price	- -	- -	8.75	8.78	10	13.64	11.79	12.69	8.01	19.55	13.17	3.69	4.84	4.42
EV/Sales	0.7	0.45	3.78	3.2	4.93	4.66	2.11	2.26	- -	- -	3.94	0.57	- -	- -
EV/EBITDA	52.59	24.07	207.38	181.71	264.66	203.29	63.45	66.46	- -	- -	148.81	12.05	- -	- -
Price/Earnings	- -	- -	16.72	19.68	19.79	23.18	12.6	13.8	10.58	10.13	7.32	- -	- -	- -
Price/Earnings Average	- -	- -	17.12	17.11	16.43	20.84	17.05	11.65	8	9.88	10.63	-2.23	-5.01	-2.87
Price/Earnings High	- -	- -	21.2	20.76	20.81	24.8	20.02	13.99	10.88	11.99	14.3	-4.73	-8.14	-3.44
Price/Earnings Low	- -	- -	16.13	14.64	13.89	17.05	11.55	10.07	4.24	7.97	6.72	-1.05	-3.44	-2.35
Price/Book Value	- -	- -	6.88	7.79	8.08	7.47	4.21	4.42	3.6	3.25	1.89	2.5	3.26	-16.92
Price/Book Value Average	- -	- -	7.05	6.77	6.71	6.72	5.7	3.73	2.72	3.17	2.75	2.03	3.7	-14.84
Price/Book Value High	- -	- -	8.73	8.22	8.49	8	6.69	4.48	3.71	3.85	3.7	4.31	6.01	-17.77
Price/Book Value Low	- -	- -	6.64	5.8	5.67	5.5	3.86	3.22	1.44	2.56	1.74	0.95	2.54	-12.14
Price/Tangible Book Value	- -	- -	1.41	1.02	1.64	1.77	1.18	1.5	1.49	1.32	0.89	0.59	0.42	0.62
Price/Tangible Book Value Average	- -	- -	1.45	0.89	1.36	1.59	1.59	1.27	1.12	1.29	1.29	0.48	0.48	0.54
Price/Tangible Book Value High	- -	- -	1.79	1.08	1.72	1.89	1.87	1.52	1.53	1.56	1.73	1.02	0.78	0.65
Price/Tangible Book Value Low	- -	- -	1.36	0.76	1.15	1.3	1.08	1.1	0.6	1.04	0.81	0.23	0.33	0.44
Price/Sales	- -	- -	2.08	3.03	3.77	4.4	3.07	4	3.66	3.76	2.46	3.12	7.66	2.67
Price/Sales Average	- -	- -	2.13	2.63	3.13	3.96	4.15	3.38	2.77	3.67	3.57	2.54	8.71	2.34
Price/Sales High	- -	- -	2.63	3.19	3.96	4.71	4.88	4.06	3.76	4.45	4.81	5.39	14.15	2.8
Price/Sales Low	- -	- -	2	2.25	2.65	3.24	2.81	2.92	1.47	2.96	2.26	1.19	5.97	1.91
Price/Cash Flow	- -	- -	15	18.98	23.33	16.88	10.62	12.85	13.24	11.45	7.97	68.4	-46.71	-15.93
Price/Cash Flow Average	- -	- -	15.36	16.5	19.37	15.18	14.37	10.84	10.01	11.16	11.58	55.51	-53.11	-13.97
Price/Cash Flow High	- -	- -	19.02	20.03	24.52	18.06	16.87	13.02	13.61	13.54	15.57	118	-86.27	-16.73
Price/Cash Flow Low	- -	- -	14.47	14.12	16.37	12.42	9.73	9.37	5.3	9	7.32	26.07	-36.4	-11.43
Price/Free Cash Flow Average	- -	- -	15.93	15.2	15.41	14.68	13.79	10.52	9.65	10.87	11.09	27.37	-77.25	-15.59
Price/Free Cash Flow High	- -	- -	19.72	18.45	19.51	17.48	16.2	12.64	13.13	13.19	14.92	58.18	-125.49	-18.67
Price/Free Cash Flow Low	- -	- -	15.01	13.01	13.02	12.02	9.35	9.09	5.12	8.77	7.01	12.85	-52.95	-12.76
EV/Sales Average	0.83	1.52	5.87	9.3	8.46	7.79	7.79	6.87	1.29	0.58	5.74	4	21.31	2.68
EV/Sales High	0.83	1.52	6.38	9.87	9.29	8.55	8.51	7.55	2.28	1.36	6.98	6.85	26.75	3.15
EV/Sales Low	0.83	1.52	5.75	8.92	7.98	7.07	6.45	6.42	- -	- -	4.43	2.65	18.57	2.26
EV/EBITDA Average	62.42	80.91	322.44	528.13	453.74	339.75	233.92	201.77	47.34	24.93	216.87	85.27	142.14	66.92
EV/EBITDA High	62.42	80.91	350.25	560.06	498.42	372.56	255.64	221.75	83.96	58.62	263.42	146.13	178.4	78.44
EV/EBITDA Low	62.42	80.91	315.68	506.61	427.76	308.42	193.69	188.31	-0.47	-5.69	167.26	56.6	123.87	56.32
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	9.07	11.8	14.25	18.54	12.86	17.4	20	24.86	14.33	9.68	6.21	6.16
High Price	- -	- -	11.5	12.45	14.98	19.84	20.43	17.64	20.56	29.41	28.01	16.7	11.47	6.47
Enterprise Value Average	37	84	397	809	1,035	1,132	1,373	1,333	314	171	1,889	699	1,134	512
Enterprise Value High	37	84	431	858	1,137	1,242	1,501	1,465	557	401	2,294	1,198	1,423	600
Enterprise Value Low	37	84	389	776	976	1,028	1,137	1,244	-3	-39	1,457	464	988	431

	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	30	16	16	32	33	38	44	45	45	56	56	56	82	83
Diluted Weighted Avg Shares	20	20	16	23	33	35	43	45	45	45	56	56	66	83
Basic Weighted Avg Shares	20	20	15	22	32	34	42	45	45	45	56	56	66	83
Revenue per Share	2.23	2.79	4.37	3.9	3.78	4.21	4.19	4.35	5.46	6.61	5.83	3.1	0.81	2.31
EBITDA per Share	0.03	0.05	0.08	0.07	0.07	0.1	0.14	0.15	0.15	0.15	0.15	0.15	0.12	0.09
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.29	0.39	0.54	0.6	0.72	0.8	1.02	1.26	1.89	2.45	1.96	-3.53	-1.41	-1.88
Basic EPS from Cont Ops	0.29	0.39	0.54	0.6	0.72	0.8	1.02	1.26	1.89	2.45	1.96	-3.53	-1.41	-1.88
Diluted EPS, GAAP	0.29	0.39	0.51	0.58	0.7	0.78	1.01	1.25	1.88	2.44	1.96	-3.53	-1.41	-1.88
Diluted EPS from Cont Ops	0.29	0.39	0.51	0.58	0.7	0.78	1.01	1.25	1.88	2.44	1.96	-3.53	-1.41	-1.88
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	0.2	0.28	0.36	0.44	0.16	0.02	- -
Cash Flow per Share	0.42	0.4	0.6	0.62	0.61	1.1	1.21	1.35	1.51	2.17	1.8	0.14	-0.13	-0.39
Free Cash Flow per Basic Share	0.35	0.3	0.59	0.54	0.43	1.03	1.15	1.3	1.45	2.1	1.72	- -	-0.17	-0.43
Cash & Equivalents per Share	3.46	5.83	10.85	35	34.22	18.55	20.83	24.21	32.19	51.82	15.64	35.97	35.52	49.15
Book Value per Share	0.21	0.6	1.32	1.51	1.76	2.48	3.05	3.94	5.55	7.64	7.56	3.87	1.91	-0.36
Tangible Book Value per Share	3.7	4.36	6.42	11.53	8.72	10.48	10.92	11.58	13.45	18.86	16.17	16.31	14.67	9.98

First Foundation Inc.

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Per Share Data Items (USD)