Heartland Financial USA, Inc. Financial Ratios — HTLF Stock

Profitability (USD)

	2009 Y	2010 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
As of date	12/31/2009	12/31/2010	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

Return on Common Equity (%)	0.64	9.51	9.81	19.83	13.31	13.68	17.21	19.69	15.78	20.79	22.05	16.97	23.04	18.83	6.12
Return on Assets (%)	0.17	0.6	0.68	1.07	0.67	0.7	0.87	1.01	0.83	1.1	1.21	0.89	1.18	1.07	0.4
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 (%)	4.91	4.64	5.73	5.62	6.88	6.27	7.12	7.56	7.01	5.91	5.41	4.5	3.9	3.36	3.51
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	7.37	18.67	19.63	26.71	18.84	19.42	23.96	28.74	27.71	27.86	32.34	28.67	39.96	36.8	16.67
Profit Margin (%)	3.56	13.27	14.37	19.78	14.69	14.8	17.77	19.75	17.51	22.44	26.19	22.73	31.92	29.16	13.77
Net Income to Common Margin (%)	0.66	10.3	10.45	18.43	14.25	14.51	17.53	19.68	17.5	22.44	26.19	21.99	30.75	28.06	12.38
Effective Tax Rate (%)	53.03	29.27	26.89	25.86	21.9	23.81	25.82	31.27	36.8	19.43	19	20.72	20.1	20.76	17.42
Dvd Payout Ratio (%)	574.58	28.71	17.37	17.83	19.28	17.98	15.8	15.71	19.28	16.52	16.5	20.57	19.12	22.63	71.1
Sustainable Growth Rate (%)	-3.01	6.78	8.11	16.29	10.74	11.22	14.49	16.59	12.74	17.36	18.41	13.48	18.64	14.56	1.77

Credit (USD)

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	2009 Y	2010 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
As of date	12/31/2009	12/31/2010	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

Total Debt	614	598	180	212	270	302	144	180	182	255	226	134	233	280	803
ST Debt	162	236	6	16	105	76	26	37	48	111	96	12	9	57	580
LT Debt	451	363	174	196	165	226	118	143	133	144	130	122	225	223	223
Total Debt/EBITDA	67.93	71.53	16.11	14.96	15.68	17	6.01	5.85	6.02	8.3	7.34	4.92	8.68	11.45	39.39
Net Debt/EBITDA	48.27	64.48	4.5	3.07	8.21	12.7	-4.85	0.62	-0.8	-0.74	-5.07	-7.57	-7.63	-3.45	23.48
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.71	5.03	4.99	5.07	4.79	5.24	4.82	5.36	5.21	5.38	5.6	4.66	5.22	5.75	6.1
Long-Term Debt/Equity (%)	143.28	109.27	49.42	48.39	37.6	45.5	17.84	19.34	13.43	10.87	8.26	5.86	10.3	12.88	11.54
Long-Term Debt/Capital (%)	51.13	41.16	36.38	35.66	26.01	32.23	19.82	22.98	19.19	16.57	13.51	11.3	16.66	14.38	10.64
Long-Term Debt/Total Assets (%)	11.25	9.06	4.05	3.92	2.79	3.73	1.54	1.74	1.36	1.26	0.99	0.68	1.17	1.1	1.15
Total Debt/Equity (%)	194.81	180.36	51.06	52.29	61.5	60.82	21.78	24.3	18.32	19.28	14.33	6.46	10.69	16.15	41.53
Total Debt/Capital (%)	69.52	67.94	37.59	38.52	42.53	43.07	24.19	28.87	26.17	29.39	23.42	12.45	17.29	18.03	38.27
Total Debt/Total Assets (%)	15.29	14.96	4.19	4.24	4.56	4.99	1.88	2.18	1.85	2.24	1.71	0.75	1.21	1.38	4.14
Net Debt to Equity	138.44	162.58	14.27	10.74	32.23	45.41	-17.6	2.59	-2.44	-1.72	-9.9	-9.94	-9.4	-4.87	24.76
Net Debt/Capital (%)	61.84	65.64	14.41	11.41	27.95	36.1	-34.73	4.14	-4.96	-3.86	-26.79	-28.02	-22.52	-7.11	26.99
EBITDA	9	8	11	14	17	18	24	31	30	31	31	27	27	24	20
EBITDA-CapEx	2	-1	4	14	17	18	24	31	30	31	31	27	27	24	20
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 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
As of date	12/31/2009	12/31/2010	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

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.71	5.03	4.99	5.07	4.79	5.24	4.82	5.36	5.21	5.38	5.6	4.66	5.22	5.75	6.1
Long-Term Debt/Equity (%)	143.28	109.27	49.42	48.39	37.6	45.5	17.84	19.34	13.43	10.87	8.26	5.86	10.3	12.88	11.54
Long-Term Debt/Capital (%)	51.13	41.16	36.38	35.66	26.01	32.23	19.82	22.98	19.19	16.57	13.51	11.3	16.66	14.38	10.64
Long-Term Debt/Total Assets (%)	11.25	9.06	4.05	3.92	2.79	3.73	1.54	1.74	1.36	1.26	0.99	0.68	1.17	1.1	1.15
Total Debt/Equity (%)	194.81	180.36	51.06	52.29	61.5	60.82	21.78	24.3	18.32	19.28	14.33	6.46	10.69	16.15	41.53
Total Debt/Capital (%)	69.52	67.94	37.59	38.52	42.53	43.07	24.19	28.87	26.17	29.39	23.42	12.45	17.29	18.03	38.27
Total Debt/Total Assets (%)	15.29	14.96	4.19	4.24	4.56	4.99	1.88	2.18	1.85	2.24	1.71	0.75	1.21	1.38	4.14
CFO/Total Liabilities	1.08	2.51	1.48	1.06	2.47	1.45	1.45	1.98	1.77	2.41	1.39	1.2	1.91	2.1	1.6
CFO/CapEx	6.05	9.59	8.7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.14	0.15	0.14	0.16	0.15	0.16	0.16	0.21	0.21	0.2	0.2	0.16	0.18	0.18	0.17

Working Capital (USD)

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	2009 Y	2010 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
As of date	12/31/2009	12/31/2010	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

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)

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	2009 Y	2010 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
As of date	12/31/2009	12/31/2010	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

Market Capitalization	173	218	198	352	430	414	588	1,063	1,376	1,312	1,605	1,528	1,962	1,858	1,564
- Cash & Cash Equivalents	178	59	130	168	129	76	261	161	206	278	382	341	438	365	324
+ Preferred Equity and Hybrid Capital	77	78	82	82	82	82	82	1	1	- -	- -	111	111	111	111
+ Minority/Non Controlling Interest	3	3	3	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	614	598	180	212	270	302	144	180	182	255	226	134	233	280	803
Enterprise Value	690	839	-936	-1,011	-980	-681	-1,025	-763	-864	-1,161	1,449	1,432	1,868	1,884	2,153
Total Capital	883	881	479	549	635	701	597	624	694	869	965	1,079	1,349	1,554	2,098
Total Debt/Capital (%)	69.52	67.94	37.59	38.52	42.53	43.07	24.19	28.87	26.17	29.39	23.42	12.45	17.29	18.03	38.27
Total Debt / EV	0.89	0.71	-0.19	-0.21	-0.28	-0.44	-0.14	-0.24	-0.21	-0.22	0.16	0.09	0.12	0.15	0.37
EV/Sales	3.74	4.66	- -	- -	- -	- -	- -	- -	- -	- -	2.54	2.36	2.71	2.59	3.71
EV/EBITDA	76.31	100.25	- -	- -	- -	- -	- -	- -	- -	- -	47.03	52.48	69.44	76.97	105.62
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	17.29	9.1	- -	- -	- -	- -	- -	- -	- -	- -	8.99	7.52	5.73	4.86	7.68
EV/Free Cash Flow to Firm	14.84	8.24	- -	- -	- -	- -	- -	- -	- -	- -	8.99	7.52	5.73	4.86	7.68
Diluted Market Cap	174	219	199	352	430	419	588	1,063	1,376	1,312	1,605	1,528	1,968	1,865	1,567
Diluted Enterprise Value	690	839	334	480	653	726	553	1,083	1,353	1,289	1,449	1,432	1,874	1,891	2,157
EV per Share	42.31	51.06	- -	- -	- -	- -	- -	- -	- -	- -	39.46	34.02	44.18	44.37	50.44
TTM Sales	184	180	195	252	250	283	338	407	430	521	569	607	689	728	580
TTM EBITDA	9	8	11	14	17	18	24	31	30	31	31	27	27	24	20
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	40	92	58	49	136	80	102	149	156	243	161	190	326	388	280
TTM Free Cash Flow to Firm	46	102	65	49	136	80	102	149	156	243	161	190	326	388	280

Multiples (USD)

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	2009 Y	2010 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
As of date	12/31/2009	12/31/2010	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

Price/Free Cash Flow	3.74	2.15	3.05	7.23	3.17	5.21	5.76	7.15	8.83	5.41	9.96	8.03	6.04	4.81	5.59
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	690	839	-936	-1,011	-980	-681	-1,025	-763	-864	-1,161	1,449	1,432	1,868	1,884	2,153
Low Price	8.5	13.25	12.21	14.53	22.4	22.38	25.68	25.95	42.1	41.88	40.8	25.26	38.02	39.27	26.1
EV/Sales	3.74	4.66	- -	- -	- -	- -	- -	- -	- -	- -	2.54	2.36	2.71	2.59	3.71
EV/EBITDA	76.31	100.25	- -	- -	- -	- -	- -	- -	- -	- -	47.03	52.48	69.44	76.97	105.62
Price/Earnings	142.36	11.75	9.69	7.58	12.05	10.07	9.93	13.27	18.3	11.22	10.76	11.45	9.26	9.1	21.76
Price/Earnings Average	140.06	10.76	9.56	6.31	11.13	9.31	10.8	9.67	16.27	13.98	9.78	10.13	8.77	8.98	19.76
Price/Earnings High	282.44	18.45	14.95	10.52	15.97	12.96	14.94	16.04	22.46	18.26	12.37	16.35	10.78	11.23	30.29
Price/Earnings Low	113.72	11.73	9.86	5.27	11.55	10.08	9.73	8.47	16.77	12.35	10.04	7.97	7.59	8.17	15.5
Price/Book Value	0.92	1.08	0.92	1.39	1.52	1.3	1.59	2.4	2.69	2.14	2.17	1.83	1.95	1.6	1.32
Price/Book Value Average	0.9	0.99	0.91	1.16	1.4	1.21	1.72	1.75	2.39	2.66	1.97	1.62	1.85	1.58	1.2
Price/Book Value High	1.82	1.7	1.42	1.93	2.01	1.68	2.39	2.9	3.3	3.48	2.49	2.62	2.27	1.97	1.84
Price/Book Value Low	0.73	1.08	0.94	0.97	1.45	1.31	1.55	1.53	2.47	2.35	2.03	1.28	1.6	1.43	0.94
Price/Tangible Book Value	0.88	1.02	0.85	1.29	1.49	1.2	1.38	1.92	1.99	1.53	1.49	1.14	1.35	1.83	1.27
Price/Tangible Book Value Average	0.86	0.93	0.84	1.07	1.37	1.11	1.5	1.4	1.77	1.91	1.36	1.01	1.28	1.81	1.16
Price/Tangible Book Value High	1.74	1.6	1.31	1.78	1.97	1.54	2.07	2.32	2.44	2.5	1.71	1.62	1.57	2.26	1.77
Price/Tangible Book Value Low	0.7	1.02	0.87	0.89	1.43	1.2	1.35	1.23	1.82	1.69	1.39	0.79	1.1	1.64	0.91
Price/Sales	0.94	1.21	1.01	1.4	1.72	1.46	1.74	2.61	3.2	2.52	2.82	2.52	2.85	2.55	2.69
Price/Sales Average	0.93	1.11	1	1.16	1.59	1.35	1.89	1.9	2.85	3.14	2.56	2.23	2.7	2.52	2.45
Price/Sales High	1.87	1.9	1.56	1.94	2.28	1.88	2.62	3.16	3.93	4.1	3.24	3.6	3.32	3.15	3.75
Price/Sales Low	0.75	1.21	1.03	0.97	1.65	1.46	1.71	1.67	2.93	2.77	2.63	1.75	2.33	2.29	1.92
Price/Cash Flow	4.35	2.37	3.38	7.23	3.17	5.15	5.76	7.15	8.83	5.41	9.96	8.03	6.02	4.79	5.58
Price/Cash Flow Average	4.28	2.17	3.33	6.01	2.93	4.76	6.26	5.21	7.85	6.73	9.05	7.1	5.7	4.72	5.07
Price/Cash Flow High	8.63	3.72	5.21	10.02	4.21	6.62	8.66	8.64	10.83	8.8	11.44	11.46	7.01	5.91	7.77
Price/Cash Flow Low	3.47	2.36	3.44	5.02	3.04	5.15	5.64	4.56	8.09	5.95	9.29	5.59	4.93	4.3	3.97
Price/Free Cash Flow Average	3.68	1.97	3.01	6.01	2.93	4.82	6.26	5.21	7.85	6.73	9.05	7.1	5.72	4.74	5.08
Price/Free Cash Flow High	7.42	3.37	4.71	10.02	4.21	6.7	8.66	8.64	10.83	8.8	11.44	11.46	7.03	5.93	7.79
Price/Free Cash Flow Low	2.99	2.14	3.11	5.02	3.04	5.22	5.64	4.56	8.09	5.95	9.29	5.59	4.95	4.31	3.98
EV/Sales Average	3.73	4.55	1.69	1.67	2.48	2.44	1.79	1.95	2.79	3.09	2.29	2.07	2.56	2.56	3.46
EV/Sales High	4.67	5.35	2.25	2.45	3.17	2.96	2.52	3.21	3.88	4.05	2.96	3.44	3.18	3.19	4.77
EV/Sales Low	3.55	4.65	1.72	1.48	2.54	2.55	1.6	1.72	2.88	2.73	2.36	1.59	2.2	2.33	2.94
EV/EBITDA Average	76	98.05	29.48	29.76	36	38.85	25.15	25.85	39.83	52.35	42.29	46.02	65.6	75.95	98.58
EV/EBITDA High	95.19	115.12	39.32	43.57	46.03	47.29	35.35	42.41	55.27	68.63	54.81	76.46	81.44	94.72	135.71
EV/EBITDA Low	72.45	100.2	30.04	26.34	36.86	40.64	22.5	22.71	41.06	46.15	43.55	35.45	56.25	69.2	83.57
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	10.64	13.28	11.99	20.91	23.38	22.36	26.22	40.68	45.95	38.06	43.72	36.3	46.41	43.75	36.63
High Price	21.11	20.85	18.5	29.01	30.99	28.76	39.45	49.15	56.4	61.95	50.24	51.85	54.04	53.98	51
Enterprise Value Average	687	820	330	421	621	690	605	795	1,201	1,612	1,302	1,256	1,764	1,859	2,009
Enterprise Value High	860	963	440	616	794	839	850	1,304	1,666	2,113	1,688	2,087	2,190	2,319	2,766
Enterprise Value Low	655	838	336	372	635	721	541	698	1,238	1,421	1,341	967	1,513	1,694	1,704

Shares Outstanding	16	16	16	17	18	19	22	26	30	34	37	42	42	42	43
Diluted Weighted Avg Shares	16	16	17	17	18	19	22	26	30	34	37	42	42	43	43
Basic Weighted Avg Shares	16	16	16	17	18	19	22	26	30	34	37	42	42	42	43
Revenue per Share	11.3	10.97	11.84	14.96	13.61	15.3	15.06	15.57	14.35	15.12	15.51	14.42	16.3	17.13	13.6
EBITDA per Share	0.55	0.51	0.68	0.84	0.94	0.96	1.07	1.18	1.01	0.89	0.84	0.65	0.64	0.58	0.48
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.07	1.13	1.24	2.76	1.94	2.22	2.64	3.06	2.51	3.39	4.06	3.17	5.01	4.81	1.68
Basic EPS from Cont Ops	0.39	1.45	1.7	2.96	2	2.26	2.68	3.08	2.51	3.39	4.06	3.28	5.2	5	1.87
Diluted EPS, GAAP	0.07	1.13	1.23	2.76	1.94	2.19	2.64	3.06	2.51	3.39	4.06	3.17	5	4.79	1.68
Diluted EPS from Cont Ops	0.39	1.45	1.69	2.96	2	2.24	2.68	3.08	2.51	3.39	4.06	3.28	5.19	4.98	1.87
Dividend per Share	0.62	0.65	0.68	0.69	0.43	0.44	0.45	0.49	0.49	0.56	0.67	0.76	1.15	1.28	1.39
Cash Flow per Share	2.45	5.61	3.55	2.89	7.37	4.34	4.55	5.69	5.21	7.04	4.39	4.52	7.71	9.14	6.57
Free Cash Flow per Basic Share	2.04	5.03	3.14	2.89	7.37	4.34	4.55	5.69	5.21	7.04	4.39	4.52	7.71	9.14	6.57
Cash & Equivalents per Share	10.9	3.59	84.8	98.55	95.79	79.86	81.99	76.83	80.88	79.15	10.42	8.1	10.37	8.59	7.6
Book Value per Share	11.6	12.25	13.03	15.04	15.41	17.14	16.54	16.93	17.07	17.8	20.14	19.81	23.78	27.39	27.74
Tangible Book Value per Share	12.14	13.02	14.09	16.27	15.72	18.64	19.02	21.18	23.13	24.8	29.33	31.93	34.43	23.91	28.77

Heartland Financial USA, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)