Heartland BancCorp Financial Ratios — HLAN Stock

Profitability (USD)

	2008 Y	2009 Y	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
Return on Common Equity (%)	15.13	20.09	15.33	13.44	9.67	10.54	12.94	11.58	11.76	11.67	10.82	11	12.51	11.12	11.09
Return on Assets (%)	0.84	0.7	0.93	1.17	0.9	0.99	1.18	1.06	1.05	1.17	1.22	1.11	1.23	1.15	1.1
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	-9.34	5.65	- -	- -	5.99	6.97	8.54	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-34.33	23.23	2.75	2.46	28.18	32.24	37.7	- -	- -	- -	3.13	3.03	3.02	2.8	2.63
Operating Margin (%)	-34.33	23.23	- -	- -	28.18	32.24	37.7	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	522.35	-204.76	- -	-257.12	97.55	78.83	-577.55	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	31.16	23.23	28.63	30.33	28.18	32.24	37.7	35.55	36.28	33.83	33.41	29.82	35.74	32.51	32.42
Profit Margin (%)	21.58	16.56	20.98	24.7	21.35	23.43	27.65	25.51	24.86	27.69	27.36	24.43	28.69	26.43	26.56
Net Income to Common Margin (%)	21.58	16.56	20.98	24.7	21.35	23.43	27.65	25.51	24.86	27.69	27.36	24.43	28.69	26.43	26.56
Effective Tax Rate (%)	30.73	28.72	26.71	18.54	24.27	27.32	26.67	28.26	31.49	18.14	18.1	18.08	19.71	18.69	18.08
Dvd Payout Ratio (%)	- -	- -	39.05	36.97	- -	- -	- -	- -	- -	- -	31.08	30.3	26.33	29.96	30.62
Sustainable Growth Rate (%)	15.13	20.09	9.34	8.47	9.67	10.54	12.94	11.58	11.76	11.67	7.46	7.67	9.21	7.79	7.69

Credit (USD)

API Chat

	2008 Y	2009 Y	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
Total Debt	19	23	28	33	31	28	35	40	40	45	32	69	37	41	55
ST Debt	16	20	25	30	31	28	29	24	25	35	11	- -	- -	- -	- -
LT Debt	3	3	3	3	- -	- -	5	15	15	10	20	69	37	41	55
Total Debt/EBITDA	-2.85	4.5	41.95	49.43	4.52	3.39	3.12	- -	- -	- -	21.09	37.91	18.75	21.27	28.49
Net Debt/EBITDA	-0.38	2.43	3.53	16.17	2.21	0.7	-0.22	- -	- -	- -	8.18	-66	-14.44	9.31	9.5
Total Debt/EBIT	-2.85	4.5	- -	- -	4.52	3.39	3.12	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-0.38	2.43	- -	- -	2.21	0.7	-0.22	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.36	3.57	8.31	9.02	9.59	9.19	9.03	9.23	8.74	11.17	11.39	9.14	10.61	10.17	9.71
Long-Term Debt/Equity (%)	7.52	6.99	6.09	5.55	- -	- -	8.19	21.65	19.68	9.09	15.94	49.24	23.93	28.28	33.86
Long-Term Debt/Capital (%)	8.57	7.47	4.11	3.63	- -	- -	5.43	13.8	13	6.45	12.89	32.91	19.04	19.39	23.14
Long-Term Debt/Total Assets (%)	0.61	0.59	0.54	0.53	- -	- -	0.75	1.98	1.72	1	1.84	4.48	2.49	2.45	2.92
Total Debt/Equity (%)	46.27	51.28	54.81	59.2	57.4	46.77	51.92	55.9	51.08	39.32	24.77	49.24	23.93	28.28	33.86
Total Debt/Capital (%)	52.72	54.84	36.96	38.72	35.88	32.23	34.45	35.62	33.75	27.89	20.03	32.91	19.04	19.39	23.14
Total Debt/Total Assets (%)	3.75	4.33	4.87	5.7	5.36	4.37	4.74	5.11	4.45	4.32	2.85	4.48	2.49	2.45	2.92
Net Debt to Equity	6.19	27.71	4.61	19.37	28.01	9.61	-3.58	25.99	15.2	13.31	9.6	-85.72	-18.43	12.38	11.29
Net Debt/Capital (%)	12.98	39.61	4.7	17.13	21.45	8.9	-3.76	20.46	13.16	11.57	8.85	-583.69	-22.12	9.53	9.12
EBITDA	-7	5	1	1	7	8	11	- -	- -	- -	2	2	2	2	2
EBITDA-CapEx	-7	5	- -	-1	7	8	11	- -	- -	- -	-2	1	1	-1	-3
Operating Income (Loss)	-7	5	- -	- -	7	8	11	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	2008 Y	2009 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.36	3.57	8.31	9.02	9.59	9.19	9.03	9.23	8.74	11.17	11.39	9.14	10.61	10.17	9.71
Long-Term Debt/Equity (%)	7.52	6.99	6.09	5.55	- -	- -	8.19	21.65	19.68	9.09	15.94	49.24	23.93	28.28	33.86
Long-Term Debt/Capital (%)	8.57	7.47	4.11	3.63	- -	- -	5.43	13.8	13	6.45	12.89	32.91	19.04	19.39	23.14
Long-Term Debt/Total Assets (%)	0.61	0.59	0.54	0.53	- -	- -	0.75	1.98	1.72	1	1.84	4.48	2.49	2.45	2.92
Total Debt/Equity (%)	46.27	51.28	54.81	59.2	57.4	46.77	51.92	55.9	51.08	39.32	24.77	49.24	23.93	28.28	33.86
Total Debt/Capital (%)	52.72	54.84	36.96	38.72	35.88	32.23	34.45	35.62	33.75	27.89	20.03	32.91	19.04	19.39	23.14
Total Debt/Total Assets (%)	3.75	4.33	4.87	5.7	5.36	4.37	4.74	5.11	4.45	4.32	2.85	4.48	2.49	2.45	2.92
CFO/Total Liabilities	- -	- -	1.54	1.81	- -	- -	- -	- -	- -	- -	1.62	0.84	1.36	1.53	1.29
CFO/CapEx	- -	- -	7.48	4.78	- -	- -	- -	- -	- -	- -	5.01	11.28	14.56	7.77	4.31
Altman's Z-Score	0.06	0.14	0.13	0.16	0.2	0.21	0.22	0.19	0.2	0.2	0.23	0.18	0.21	0.2	0.19

Working Capital (USD)

API Chat

	2008 Y	2009 Y	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
Accounts Receivable Turnover	19.31	10.88	12.58	14.48	13.26	14.38	15.63	14.92	13.33	11.32	6.86	4.85	4.47	4.3	8.25
Days Sales Outstanding	18.9	33.55	29.01	25.21	27.53	25.39	23.35	24.47	27.38	32.25	53.24	75.33	81.72	84.84	44.26
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)

API Chat

	2008 Y	2009 Y	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
Market Capitalization	17	17	26	34	39	47	55	81	108	113	164	147	166	177	172
- Cash & Cash Equivalents	16	10	25	22	16	23	37	21	28	30	19	190	65	23	37
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	19	23	28	33	31	28	35	40	40	45	32	69	37	41	55
Enterprise Value	20	30	-103	-88	-58	-49	-62	-4	3	-12	38	-118	-19	42	-21
Total Capital	36	41	75	85	87	88	100	112	119	162	159	211	193	210	238
Total Debt/Capital (%)	52.72	54.84	36.96	38.72	35.88	32.23	34.45	35.62	33.75	27.89	20.03	32.91	19.04	19.39	23.14
Total Debt / EV	0.95	0.77	-0.27	-0.38	-0.54	-0.59	-0.56	-10.17	15.66	-3.85	0.85	-0.59	-1.94	0.96	-2.68
EV/Sales	1.03	1.36	- -	- -	- -	- -	- -	- -	0.07	- -	0.78	- -	- -	0.62	- -
EV/EBITDA	- -	5.87	- -	- -	- -	- -	- -	- -	- -	- -	24.92	- -	- -	22.14	- -
EV/EBIT	- -	5.87	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.35	- -	- -	1.82	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.96	- -	- -	1.61	- -
Diluted Market Cap	18	17	26	35	40	48	56	82	111	116	167	148	168	179	174
Diluted Enterprise Value	20	30	28	45	55	54	53	101	123	131	179	28	140	197	192
EV per Share	12.89	19.18	- -	- -	- -	- -	- -	- -	1.61	- -	18.63	- -	- -	21.09	- -
TTM Sales	19	22	24	27	24	26	29	31	36	41	48	60	65	68	73
TTM EBITDA	-7	5	1	1	7	8	11	- -	- -	- -	2	2	2	2	2
TTM Operating Income	-7	5	- -	- -	7	8	11	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	- -	8	9	- -	- -	- -	- -	- -	- -	16	12	18	23	22
TTM Free Cash Flow to Firm	- -	- -	9	11	- -	- -	- -	- -	- -	- -	19	13	19	26	27

Multiples (USD)

API Chat

	2008 Y	2009 Y	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
Price/Free Cash Flow	- -	- -	2.85	3.02	- -	- -	- -	- -	- -	- -	8.7	11.61	8.82	6.82	6.33
EV/EBIT	- -	5.87	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	20	30	-103	-88	-58	-49	-62	-4	3	-12	38	-118	-19	42	-21
Low Price	20	11	21	24.25	30.75	33.1	40	44.55	64	79	78	53.6	78.44	87	81
EV/Sales	1.03	1.36	- -	- -	- -	- -	- -	- -	0.07	- -	0.78	- -	- -	0.62	- -
EV/EBITDA	- -	5.87	- -	- -	- -	- -	- -	- -	- -	- -	24.92	- -	- -	22.14	- -
Price/Earnings	4.17	4.82	5.05	5.14	7.52	7.75	6.73	10.08	12.15	9.94	12.46	9.97	8.92	9.8	8.82
Price/Earnings Average	5.63	5.42	5.28	4.29	7.11	7.37	6.66	8.42	11.17	10.85	10.8	8.41	8.82	9.33	8.62
Price/Earnings High	12.96	13.07	8.95	7.36	10.95	11.48	9.64	14.42	15.47	15.42	15.47	13	10.37	10.55	10.52
Price/Earnings Low	7.41	4.72	6.37	5.58	9.1	8.44	7.68	8.77	11.51	11.6	11.93	7.26	8.43	9.67	8.36
Price/Book Value	1.02	0.93	0.54	0.66	0.71	0.79	0.83	1.12	1.37	0.97	1.3	1.04	1.06	1.05	0.94
Price/Book Value Average	1.38	1.04	0.56	0.55	0.67	0.75	0.82	0.93	1.26	1.06	1.12	0.88	1.05	1	0.92
Price/Book Value High	3.19	2.51	0.96	0.94	1.03	1.17	1.19	1.6	1.74	1.51	1.61	1.36	1.24	1.13	1.12
Price/Book Value Low	1.82	0.91	0.68	0.72	0.85	0.86	0.95	0.97	1.3	1.13	1.24	0.76	1.01	1.03	0.89
Price/Tangible Book Value	0.43	0.39	0.51	0.62	0.73	0.78	0.83	1.13	1.38	1	1.31	1.18	1.21	1.39	1.18
Price/Tangible Book Value Average	0.58	0.44	0.53	0.52	0.69	0.74	0.82	0.95	1.27	1.09	1.13	1	1.2	1.32	1.15
Price/Tangible Book Value High	1.34	1.07	0.9	0.89	1.06	1.16	1.18	1.62	1.76	1.55	1.62	1.54	1.41	1.49	1.4
Price/Tangible Book Value Low	0.76	0.39	0.64	0.68	0.88	0.85	0.94	0.99	1.31	1.17	1.25	0.86	1.15	1.37	1.12
Price/Sales	0.9	0.8	1.06	1.27	1.61	1.82	1.86	2.57	3.02	2.75	3.41	2.44	2.56	2.59	2.34
Price/Sales Average	1.21	0.9	1.11	1.06	1.52	1.73	1.84	2.15	2.78	3.01	2.96	2.05	2.53	2.47	2.29
Price/Sales High	2.8	2.16	1.88	1.82	2.34	2.69	2.67	3.68	3.84	4.27	4.23	3.18	2.98	2.79	2.8
Price/Sales Low	1.6	0.78	1.34	1.38	1.94	1.98	2.12	2.24	2.86	3.21	3.26	1.77	2.42	2.55	2.22
Price/Cash Flow	- -	- -	3.2	3.63	- -	- -	- -	- -	- -	- -	10.3	12.54	9.28	7.62	7.73
Price/Cash Flow Average	- -	- -	3.34	3.03	- -	- -	- -	- -	- -	- -	8.93	10.57	9.18	7.25	7.56
Price/Cash Flow High	- -	- -	5.66	5.2	- -	- -	- -	- -	- -	- -	12.79	16.35	10.8	8.21	9.22
Price/Cash Flow Low	- -	- -	4.03	3.94	- -	- -	- -	- -	- -	- -	9.85	9.13	8.78	7.51	7.32
Price/Free Cash Flow Average	- -	- -	2.98	2.52	- -	- -	- -	- -	- -	- -	7.54	9.79	8.72	6.5	6.18
Price/Free Cash Flow High	- -	- -	5.04	4.33	- -	- -	- -	- -	- -	- -	10.8	15.13	10.26	7.35	7.54
Price/Free Cash Flow Low	- -	- -	3.59	3.28	- -	- -	- -	- -	- -	- -	8.32	8.45	8.33	6.73	5.99
EV/Sales Average	1.35	1.46	1.21	1.46	2.14	1.95	1.76	2.74	3.11	3.38	3.21	0.06	2.1	2.73	2.54
EV/Sales High	2.93	2.73	1.97	2.22	2.96	2.91	2.58	4.27	4.18	4.64	4.49	1.18	2.54	3.05	3.04
EV/Sales Low	1.73	1.35	1.43	1.78	2.56	2.2	2.04	2.83	3.2	3.58	3.52	- -	1.98	2.82	2.47
EV/EBITDA Average	-3.92	6.3	43.92	59.22	7.59	6.05	4.67	- -	- -	- -	102.72	1.83	69.45	97.43	96.6
EV/EBITDA High	-8.53	11.75	71.92	90.04	10.5	9.04	6.86	- -	- -	- -	143.58	38.89	84.22	109.01	115.8
EV/EBITDA Low	-5.04	5.8	52.21	72.15	9.1	6.83	5.42	- -	- -	- -	112.53	-7.43	65.74	100.61	93.91
EV/EBIT Average	-3.92	6.3	- -	- -	7.59	6.05	4.67	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	-8.53	11.75	- -	- -	10.5	9.04	6.86	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	-5.04	5.8	- -	- -	9.1	6.83	5.42	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	11.25	11.23	16.66	22.35	25.42	30.39	35.04	51.23	67.58	67.71	81.52	73.63	82.98	88.18	85.54
High Price	35	30.45	29.5	32	37	44.99	50.24	73.24	86	105	101.21	96	96.52	95	102
Enterprise Value Average	26	32	29	40	52	51	52	86	111	139	155	3	136	186	187
Enterprise Value High	57	59	48	60	72	76	76	134	149	191	217	71	165	209	224
Enterprise Value Low	34	29	35	48	63	57	60	89	114	148	170	-14	129	192	181

	2008 Y	2009 Y	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
Shares Outstanding	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Diluted Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Basic Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Revenue per Share	12.51	14.07	15.71	17.6	15.83	16.73	18.85	19.92	22.37	24.59	23.91	30.23	32.43	34.06	36.49
EBITDA per Share	-4.29	3.27	0.43	0.43	4.46	5.39	7.1	- -	- -	- -	0.75	0.92	0.98	0.95	0.96
Operating Income per Share	-4.29	3.27	- -	- -	4.46	5.39	7.1	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.7	2.33	3.3	4.35	3.38	3.92	5.21	5.08	5.56	6.81	6.54	7.39	9.3	9	9.69
Basic EPS from Cont Ops	2.7	2.33	3.3	4.35	3.38	3.92	5.21	5.08	5.56	6.81	6.54	7.39	9.3	9	9.69
Diluted EPS, GAAP	2.68	2.32	3.27	4.32	3.34	3.87	5.13	4.97	5.4	6.68	6.45	7.33	9.17	8.9	9.62
Diluted EPS from Cont Ops	2.68	2.32	3.27	4.32	3.34	3.87	5.13	4.97	5.4	6.68	6.45	7.33	9.17	8.9	9.62
Dividend per Share	- -	- -	1.29	1.61	- -	- -	- -	- -	- -	- -	2.03	2.24	2.45	2.7	2.97
Cash Flow per Share	- -	- -	5.21	6.16	- -	- -	- -	- -	- -	- -	7.92	5.87	8.94	11.58	11.06
Free Cash Flow per Basic Share	- -	- -	4.51	4.87	- -	- -	- -	- -	- -	- -	6.33	5.35	8.32	10.09	8.49
Cash & Equivalents per Share	10.6	6.77	101.62	100.85	83.18	79.96	97.11	79.11	91.12	101.7	78.66	167.31	110.78	87.36	123.08
Book Value per Share	10.98	12.13	30.86	33.9	36.06	38.5	42.22	45.88	49.36	69.76	62.92	70.75	78	84.26	90.79
Tangible Book Value per Share	26.18	28.44	32.75	35.9	34.88	38.86	42.46	45.14	48.96	67.64	62.47	62.31	68.4	63.55	72.62

Heartland BancCorp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)