Heartland Financial USA, Inc. Financial Ratios — HTLFP 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)

API ChatGPT

	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)

API ChatGPT

	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	0.11	0.11	0.11	0.12	0.11	0.12	0.11	0.12	0.12	0.12	0.12	0.1	0.11	0.12	0.12

Working Capital (USD)

API ChatGPT

	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)

API ChatGPT

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- 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	516	621	-1,133	-1,362	-1,411	-1,095	-1,613	-1,825	-2,240	-2,474	-156	-96	-94	26	589
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	1.19	0.96	-0.16	-0.16	-0.19	-0.28	-0.09	-0.1	-0.08	-0.1	-1.45	-1.4	-2.47	10.71	1.36
EV/Sales	2.8	3.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.04	1.02
EV/EBITDA	57.12	74.18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.07	28.91
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	12.94	6.73	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	2.1
EV/Free Cash Flow to Firm	11.11	6.1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.07	2.1
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	516	621	135	128	223	307	-35	21	-23	-23	-156	-96	-94	26	589
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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)

API ChatGPT

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	516	621	-1,133	-1,362	-1,411	-1,095	-1,613	-1,825	-2,240	-2,474	-156	-96	-94	26	589
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.84	26.17	24.02	18.53
EV/Sales	2.8	3.45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.04	1.02
EV/EBITDA	57.12	74.18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.07	28.91
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	2.8	3.45	0.69	0.51	0.89	1.08	- -	0.05	- -	- -	- -	- -	- -	0.04	1.02
EV/Sales High	2.8	3.45	0.69	0.51	0.89	1.08	- -	0.05	- -	- -	- -	- -	- -	0.04	1.02
EV/Sales Low	2.8	3.45	0.69	0.51	0.89	1.08	- -	0.05	- -	- -	- -	- -	- -	0.04	1.02
EV/EBITDA Average	57.12	74.18	12.05	9.04	12.95	17.3	-1.46	0.67	-0.77	-0.74	-5.07	-3.52	-3.51	1.07	28.91
EV/EBITDA High	57.12	74.18	12.05	9.04	12.95	17.3	-1.46	0.67	-0.77	-0.74	-5.07	-3.52	-3.51	1.07	28.91
EV/EBITDA Low	57.12	74.18	12.05	9.04	12.95	17.3	-1.46	0.67	-0.77	-0.74	-5.07	-3.52	-3.51	1.07	28.91
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.16	22.87	22.2	22.76
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.5	29.14	30.32	26.49
Enterprise Value Average	516	621	135	128	223	307	-35	21	-23	-23	-156	-96	-94	26	589
Enterprise Value High	516	621	135	128	223	307	-35	21	-23	-23	-156	-96	-94	26	589
Enterprise Value Low	516	621	135	128	223	307	-35	21	-23	-23	-156	-96	-94	26	589

Shares Outstanding	16	16	16	17	18	19	22	26	30	34	37	42	42	42	43
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Heartland Financial USA, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)