F & M Bank Corp. Financial Ratios — FMBM Stock

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 (%)	10.37	9.86	9.16	10.26	12.81	13.42	11.62	10.63	5.14	10.07	11.54	8.5	2.79	7.27	10.61
Return on Assets (%)	0.85	0.84	0.82	1	1.32	1.36	1.2	1.15	0.57	0.99	0.98	0.67	0.22	0.56	0.84
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 (%)	2.7	2.42	2.31	2.3	2.28	2.37	2.54	2.98	3.33	3.01	2.92	2.49	3.26	3.17	2.53
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	30.1	28.91	23.29	30.54	35.9	36.89	34.54	24.49	10.64	23.27	28.49	19.25	4.89	17.86	24.89
Profit Margin (%)	19.4	19.84	18.69	21.77	26.35	27.44	23.27	21.89	10.93	20.38	25.37	18.2	6.7	16.42	21.54
Net Income to Common Margin (%)	19.4	19.84	18.69	21.29	24.76	26.05	22.2	20.86	10.17	19.77	24.91	18.2	6.7	16.42	21.54
Effective Tax Rate (%)	34.69	29.34	17.9	28.17	25.17	24.1	32.38	10.54	- -	11.38	10.97	5.46	- -	8.05	13.47
Dvd Payout Ratio (%)	30.48	30.77	34.6	36.5	29.2	27.75	34.33	46.14	73.46	38.1	32.22	43.16	130.35	50.1	32.89
Sustainable Growth Rate (%)	7.21	6.82	5.99	6.52	9.07	9.69	7.63	5.72	1.36	6.23	7.82	4.83	-0.85	3.63	7.12

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	72	70	22	20	73	104	70	70	63	33	22	77	67	7	10
ST Debt	15	22	- -	10	25	40	20	30	10	- -	- -	70	60	- -	- -
LT Debt	57	48	22	10	48	64	50	40	53	33	22	7	7	7	10
Total Debt/EBITDA	110.73	117.75	37.29	32.48	100.57	126.04	70.94	58.37	46.03	25.54	17.63	67.57	49.65	4.97	7.52
Net Debt/EBITDA	98.48	64.66	26.04	4.45	88.85	67.48	38.48	24.36	32.01	15.98	8.35	-10.3	-9.67	-8.88	-7.9
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.47	8.62	9.32	9.75	9.69	9.51	10.23	10.41	10.08	9.02	7.83	8.04	7.59	7.84	7.98
Long-Term Debt/Equity (%)	124.08	97.01	40.06	12.69	58.06	74.11	54.49	44	58.1	34.72	21.67	9.73	8.85	8.1	9.46
Long-Term Debt/Capital (%)	47.54	39.2	29.45	11.13	32.63	35.03	32.1	25.52	35.35	26.57	18.58	3.89	4.2	6.4	8.29
Long-Term Debt/Total Assets (%)	10.11	8.03	3.92	1.63	7.24	8.62	6.6	5.16	6.54	3.43	1.79	0.55	0.54	0.54	0.72
Total Debt/Equity (%)	156.56	142.57	40.06	25.55	88.14	120.25	76.4	76.82	69.02	34.72	21.67	108.61	85.46	8.1	9.46
Total Debt/Capital (%)	59.98	57.62	29.45	22.4	49.54	56.84	45.01	44.55	42	26.57	18.58	43.41	40.51	6.4	8.29
Total Debt/Total Assets (%)	12.76	11.8	3.92	3.28	10.99	13.99	9.26	9.01	7.76	3.43	1.79	6.17	5.17	0.54	0.72
Net Debt to Equity	139.23	78.29	27.98	3.5	77.87	64.38	41.44	32.06	48	21.73	10.27	-16.56	-16.64	-14.47	-9.93
Net Debt/Capital (%)	57.14	34.23	22.57	3.34	46.45	31.9	26.45	19.98	31.12	18.46	9.76	-7.4	-8.97	-13.91	-10.49
EBITDA	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
EBITDA-CapEx	- -	- -	- -	- -	-1	-3	-6	-2	-1	1	1	-3	-4	1	1
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	8.47	8.62	9.32	9.75	9.69	9.51	10.23	10.41	10.08	9.02	7.83	8.04	7.59	7.84	7.98
Long-Term Debt/Equity (%)	124.08	97.01	40.06	12.69	58.06	74.11	54.49	44	58.1	34.72	21.67	9.73	8.85	8.1	9.46
Long-Term Debt/Capital (%)	47.54	39.2	29.45	11.13	32.63	35.03	32.1	25.52	35.35	26.57	18.58	3.89	4.2	6.4	8.29
Long-Term Debt/Total Assets (%)	10.11	8.03	3.92	1.63	7.24	8.62	6.6	5.16	6.54	3.43	1.79	0.55	0.54	0.54	0.72
Total Debt/Equity (%)	156.56	142.57	40.06	25.55	88.14	120.25	76.4	76.82	69.02	34.72	21.67	108.61	85.46	8.1	9.46
Total Debt/Capital (%)	59.98	57.62	29.45	22.4	49.54	56.84	45.01	44.55	42	26.57	18.58	43.41	40.51	6.4	8.29
Total Debt/Total Assets (%)	12.76	11.8	3.92	3.28	10.99	13.99	9.26	9.01	7.76	3.43	1.79	6.17	5.17	0.54	0.72
CFO/Total Liabilities	1.65	1.46	3.67	1.58	1.68	2.37	1.04	1.73	2.13	0.21	1.9	1.5	0.18	0.59	1.3
CFO/CapEx	42.54	14.14	27.66	15.31	5.4	4.39	1.06	3.96	6.46	2.49	37.8	4.82	0.4	25.29	22.79
Altman's Z-Score	0.15	0.16	0.18	0.19	0.2	0.21	0.24	0.23	0.23	0.19	0.17	0.17	0.15	0.16	0.18

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	12.66	14.04	15.76	16.8	18.88	19.96	20.42	19.74	20.02	18.08	14.49	12.85	9.17	8.89	10.37
Days Sales Outstanding	28.83	25.99	23.16	21.73	19.33	18.29	17.88	18.49	18.24	20.19	25.2	28.4	39.82	41.04	35.21
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	20	24	30	41	53	61	81	74	73	61	85	71	64	71	102
- Cash & Cash Equivalents	8	9	7	7	9	8	12	11	9	12	11	19	20	19	20
+ Preferred Equity and Hybrid Capital	- -	- -	- -	9	9	8	8	6	5	5	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	1	1	1	1	1	- -	- -	- -	- -	- -	- -
+ Total Debt	72	70	22	20	73	104	70	70	63	33	22	77	67	7	10
Enterprise Value	71	77	15	50	115	141	119	132	128	-20	-309	-263	-258	-269	68
Total Capital	121	122	74	89	148	183	155	158	150	125	117	177	165	109	120
Total Debt/Capital (%)	59.98	57.62	29.45	22.4	49.54	56.84	45.01	44.55	42	26.57	18.58	43.41	40.51	6.4	8.29
Total Debt / EV	1.01	0.92	1.42	0.4	0.64	0.74	0.59	0.53	0.49	-1.64	-0.07	-0.29	-0.26	-0.03	0.15
EV/Sales	2.95	3.1	0.61	1.88	3.59	4.04	3.06	3.27	3.11	- -	- -	- -	- -	0.45	1.31
EV/EBITDA	109.36	127.96	26.26	82.01	157.63	170.18	120.58	109.45	93.42	- -	- -	- -	- -	14.35	51.79
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	8.3	9.56	0.83	6	11.72	9.03	17.29	11.08	8.34	- -	- -	- -	- -	2.69	4.14
EV/Free Cash Flow to Firm	8.11	8.93	0.81	5.64	9.89	7.35	8.89	8.85	7.23	- -	- -	- -	- -	2.59	3.96
Diluted Market Cap	20	24	30	41	53	61	81	74	74	61	85	71	64	71	102
Diluted Enterprise Value	85	85	46	63	128	166	147	140	134	87	95	129	111	59	92
EV per Share	29.15	30.65	6.1	16.09	34.82	42.88	36.25	40.69	40.22	- -	- -	- -	- -	5.72	19.21
TTM Sales	24	25	25	27	32	35	39	40	41	43	42	46	41	44	52
TTM EBITDA	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	9	8	18	8	10	16	7	12	15	2	21	18	2	7	17
TTM Free Cash Flow to Firm	9	9	19	9	12	19	13	15	18	3	22	21	8	7	17

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	2.27	2.76	1.58	4.58	4.58	3.21	6.09	5	4.19	23.67	3.88	3.34	8.42	9.6	5.93
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	71	77	15	50	115	141	119	132	128	-20	-309	-263	-258	-269	68
Low Price	11.75	13.61	15.05	17.15	19.11	21.3	26.45	28.11	25.15	16.15	23	22.07	15	15.15	17.76
EV/Sales	2.95	3.1	0.61	1.88	3.59	4.04	3.06	3.27	3.11	- -	- -	- -	- -	0.45	1.31
EV/EBITDA	109.36	127.96	26.26	82.01	157.63	170.18	120.58	109.45	93.42	- -	- -	- -	- -	14.35	51.79
Price/Earnings	4.27	4.83	6.36	7.2	6.71	6.76	9.45	8.85	17.51	7.19	8.05	8.53	23.14	9.77	9.1
Price/Earnings Average	4.16	4.85	5.9	6.74	6.18	6.3	8.24	10.35	17.44	6.51	7.73	9.75	23.77	9.03	7.21
Price/Earnings High	8.1	9.65	10.09	10.94	10.24	9.76	13.12	15.39	27.15	11.35	9.62	13.27	28.99	11.52	9.1
Price/Earnings Low	6.14	6.93	7.99	9.43	7.95	7.7	10.06	10.82	19.13	6.06	7.45	9.15	18.99	7.32	5.62
Price/Book Value	0.42	0.46	0.58	0.69	0.82	0.87	1.05	0.92	0.9	0.7	0.89	0.71	0.65	0.7	0.93
Price/Book Value Average	0.41	0.46	0.54	0.65	0.76	0.81	0.92	1.07	0.89	0.64	0.85	0.81	0.67	0.64	0.74
Price/Book Value High	0.79	0.92	0.92	1.05	1.26	1.25	1.46	1.59	1.39	1.11	1.06	1.1	0.82	0.82	0.93
Price/Book Value Low	0.6	0.66	0.73	0.91	0.98	0.99	1.12	1.12	0.98	0.59	0.82	0.76	0.54	0.52	0.58
Price/Tangible Book Value	0.46	0.51	0.58	0.62	0.75	0.8	1	0.9	0.87	0.7	0.87	1.05	0.85	0.86	1
Price/Tangible Book Value Average	0.45	0.51	0.54	0.58	0.69	0.75	0.88	1.05	0.87	0.63	0.84	1.2	0.88	0.79	0.8
Price/Tangible Book Value High	0.87	1.01	0.92	0.94	1.14	1.16	1.39	1.56	1.35	1.1	1.04	1.63	1.07	1.01	1
Price/Tangible Book Value Low	0.66	0.73	0.73	0.81	0.89	0.92	1.07	1.1	0.95	0.59	0.81	1.12	0.7	0.64	0.62
Price/Sales	0.83	0.96	1.19	1.53	1.66	1.76	2.1	1.85	1.78	1.42	2	1.55	1.55	1.61	1.96
Price/Sales Average	0.81	0.96	1.1	1.44	1.53	1.64	1.83	2.16	1.77	1.29	1.93	1.78	1.59	1.48	1.55
Price/Sales High	1.57	1.91	1.89	2.33	2.53	2.54	2.91	3.21	2.76	2.24	2.4	2.41	1.94	1.89	1.96
Price/Sales Low	1.19	1.38	1.49	2.01	1.97	2.01	2.23	2.26	1.94	1.2	1.86	1.67	1.27	1.2	1.21
Price/Cash Flow	2.33	2.96	1.64	4.88	5.43	3.94	11.85	6.26	4.78	33.18	3.99	4.04	29.62	9.98	6.19
Price/Cash Flow Average	2.27	2.97	1.52	4.58	5	3.67	10.33	7.33	4.76	30.01	3.83	4.62	30.42	9.23	4.91
Price/Cash Flow High	4.41	5.91	2.6	7.43	8.28	5.69	16.46	10.89	7.41	52.38	4.77	6.28	37.1	11.76	6.19
Price/Cash Flow Low	3.34	4.25	2.06	6.4	6.43	4.49	12.62	7.65	5.22	27.96	3.69	4.33	24.3	7.47	3.82
Price/Free Cash Flow Average	2.21	2.77	1.47	4.29	4.22	2.99	5.31	5.85	4.18	21.41	3.73	3.82	8.64	8.87	4.7
Price/Free Cash Flow High	4.31	5.52	2.51	6.97	6.99	4.63	8.46	8.7	6.5	37.37	4.64	5.2	10.54	11.31	5.93
Price/Free Cash Flow Low	3.27	3.97	1.99	6.01	5.43	3.65	6.48	6.12	4.58	19.95	3.59	3.59	6.91	7.19	3.66
EV/Sales Average	3.48	3.45	1.72	2.28	3.87	4.63	3.53	3.78	3.21	1.87	2.17	3.05	2.73	1.2	1.35
EV/Sales High	4.24	4.41	2.5	3.18	4.87	5.53	4.62	4.84	4.19	2.83	2.64	3.69	3.08	1.61	1.76
EV/Sales Low	3.86	3.87	2.11	2.85	4.3	4.99	3.94	3.88	3.38	1.79	2.1	2.94	2.41	0.92	1.01
EV/EBITDA Average	128.68	142.62	74.58	99.39	169.81	195.07	139.08	126.83	96.38	62.15	74.37	122.49	83.69	37.99	53.55
EV/EBITDA High	156.97	182.01	108.56	138.32	213.96	233.05	181.83	162.07	126.03	93.95	90.46	148.17	94.43	50.88	69.6
EV/EBITDA Low	142.9	159.72	91.56	124.3	189.11	210.43	155.05	130.09	101.52	59.24	71.94	118.11	73.87	29.1	39.98
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	8.17	9.48	11.97	13.09	16.12	18.71	24.84	23	23.03	19.16	24.85	20.56	18.28	20.23	28.75
High Price	15.5	18.95	19	19.9	24.6	27	34.5	40	35.7	30.25	29.7	31.99	22.9	23.84	28.75
Enterprise Value Average	84	85	43	61	123	161	137	153	132	81	92	139	113	53	71
Enterprise Value High	102	109	63	85	156	193	179	195	173	122	112	169	127	71	92
Enterprise Value Low	93	95	53	76	137	174	152	156	139	77	89	134	100	41	53

	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	2	2	3	3	3	3	3	3	3	3	3	3	3	4	4
Diluted Weighted Avg Shares	2	2	3	3	3	3	3	3	3	3	3	3	4	4	4
Basic Weighted Avg Shares	2	2	3	3	3	3	3	3	3	3	3	3	4	4	4
Revenue per Share	9.86	9.9	10.07	8.54	9.71	10.62	11.84	12.46	12.93	13.48	12.4	13.25	11.8	12.6	14.67
EBITDA per Share	0.27	0.24	0.23	0.2	0.22	0.25	0.3	0.37	0.43	0.41	0.36	0.33	0.38	0.4	0.37
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.91	1.96	1.88	1.82	2.4	2.77	2.63	2.6	1.32	2.66	3.09	2.41	0.79	2.07	3.16
Basic EPS from Cont Ops	1.94	2.02	1.93	1.87	2.61	2.97	2.77	2.73	1.45	2.78	3.15	2.41	0.79	2.07	3.16
Diluted EPS, GAAP	1.91	1.96	1.88	1.82	2.4	2.77	2.63	2.6	1.3	2.66	3.09	2.41	0.79	2.07	3.16
Diluted EPS from Cont Ops	1.94	2.02	1.93	1.87	2.61	2.97	2.77	2.73	1.44	2.78	3.15	2.41	0.79	2.07	3.16
Dividend per Share	0.6	0.64	0.68	0.72	0.89	0.95	1.04	1.33	1.12	1.12	1.05	1.04	1.03	1.04	1.04
Cash Flow per Share	3.51	3.21	7.31	2.68	2.97	4.75	2.1	3.67	4.82	0.58	6.23	5.09	0.62	2.03	4.65
Free Cash Flow per Basic Share	3.43	2.98	7.04	2.51	2.42	3.67	0.11	2.74	4.07	0.35	6.07	4.04	-0.94	1.95	4.44
Cash & Equivalents per Share	8.62	7.18	14.7	6.53	6.55	10.12	12.39	5.93	4.27	37.29	121.65	119.07	110.8	98.63	12.33
Book Value per Share	19.6	20.6	20.58	18.92	19.59	21.59	23.58	25.08	25.73	27.26	27.95	29.06	28.02	29	30.86
Tangible Book Value per Share	17.76	18.71	20.56	21.06	21.53	23.28	24.73	25.6	26.37	27.56	28.52	19.63	21.45	23.6	28.63

F & M Bank Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)