Independent Bank Group, Inc. Financial Ratios — IBTX Stock

Profitability (USD)

	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	12/31/2010	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 (%)	- -	65.68	59.88	85.79	113.67	70.87	56.64	50.56	53.26	55.77	42.89	38.41	31.04	6.88
Return on Assets (%)	- -	1.16	1.16	1.01	0.92	0.84	0.98	1.05	1.38	1.55	1.23	1.23	1.06	0.23
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 (%)	7.58	7.17	6.14	5.84	4.77	4.59	4.29	4.22	3.84	4.25	4.23	4.25	4.49	6.09
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	30.13	25.39	25.54	28.45	31.86	33.88	39.4	40.05	43.44	42.41	41.98	48.07	40.37	10.31
Profit Margin (%)	20.16	25.39	25.54	23.03	21.03	22.74	26.33	25.18	34.82	33.19	33.47	38.28	32.17	8.51
Net Income to Common Margin (%)	20.16	25.39	25.54	23.03	20.91	22.6	26.32	25.18	34.82	33.19	33.47	38.28	32.17	8.51
Effective Tax Rate (%)	33.1	- -	- -	19.05	33.99	32.89	33.18	37.12	19.84	21.74	20.28	20.37	20.3	17.43
Dvd Payout Ratio (%)	48.36	44.45	49.96	34.36	12.99	14.47	11.73	13.37	12.4	22.47	22.5	25.3	32.35	145.15
Sustainable Growth Rate (%)	- -	36.48	29.97	56.31	98.91	60.61	50	43.8	46.65	43.24	33.24	28.7	21	-3.11

Credit (USD)

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	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	12/31/2010	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	90	133	219	213	320	377	586	695	455	581	741	488	621	676
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	24	6	17	- -	34
LT Debt	90	133	219	213	320	377	586	695	455	557	735	471	621	643
Total Debt/EBITDA	27.34	34.28	52.46	42.46	48.78	48.21	67.17	54.17	32.21	23.56	29.18	19.53	22.66	21.88
Net Debt/EBITDA	1.17	19.64	26.14	23.94	-0.57	2.84	10.14	19.57	22.87	0.41	-42.41	-85.08	-1.22	-1.48
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.55	1.97	1.92	0.59	0.92	1.4	2.02	2.12	3.02	2.63	3.07	3.34	3.5	3.24
Long-Term Debt/Equity (%)	118.61	154.22	176.1	91.27	59.22	60.14	87.18	52.04	28.33	23.79	29.21	18.26	26.05	26.75
Long-Term Debt/Capital (%)	84.1	84.32	86.79	94.35	83.82	79.91	83.23	79.03	60.5	57.07	57.16	42.26	49.31	49.68
Long-Term Debt/Total Assets (%)	8.21	10.57	12.6	9.86	7.75	7.46	10.02	8.01	4.62	3.72	4.14	2.51	3.4	3.38
Total Debt/Equity (%)	118.61	154.22	176.1	91.27	59.22	60.14	87.18	52.04	28.33	24.83	29.47	18.92	26.05	28.15
Total Debt/Capital (%)	84.1	84.32	86.79	94.35	83.82	79.91	83.23	79.03	60.5	59.59	57.66	43.79	49.31	52.29
Total Debt/Total Assets (%)	8.21	10.57	12.6	9.86	7.75	7.46	10.02	8.01	4.62	3.88	4.17	2.6	3.4	3.55
Net Debt to Equity	5.06	88.34	87.75	51.46	-0.7	3.55	13.16	18.8	20.12	0.44	-42.83	-82.44	-1.4	-1.91
Net Debt/Capital (%)	18.41	75.49	76.6	90.39	-6.48	19	42.82	57.65	52.1	2.52	202.1	141.78	-5.51	-8.02
EBITDA	3	4	4	5	7	8	9	13	14	25	25	25	27	31
EBITDA-CapEx	- -	2	-10	-2	2	-6	3	- -	-24	-7	4	-46	-36	10
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	12/31/2010	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	1.55	1.97	1.92	0.59	0.92	1.4	2.02	2.12	3.02	2.63	3.07	3.34	3.5	3.24
Long-Term Debt/Equity (%)	118.61	154.22	176.1	91.27	59.22	60.14	87.18	52.04	28.33	23.79	29.21	18.26	26.05	26.75
Long-Term Debt/Capital (%)	84.1	84.32	86.79	94.35	83.82	79.91	83.23	79.03	60.5	57.07	57.16	42.26	49.31	49.68
Long-Term Debt/Total Assets (%)	8.21	10.57	12.6	9.86	7.75	7.46	10.02	8.01	4.62	3.72	4.14	2.51	3.4	3.38
Total Debt/Equity (%)	118.61	154.22	176.1	91.27	59.22	60.14	87.18	52.04	28.33	24.83	29.47	18.92	26.05	28.15
Total Debt/Capital (%)	84.1	84.32	86.79	94.35	83.82	79.91	83.23	79.03	60.5	59.59	57.66	43.79	49.31	52.29
Total Debt/Total Assets (%)	8.21	10.57	12.6	9.86	7.75	7.46	10.02	8.01	4.62	3.88	4.17	2.6	3.4	3.55
CFO/Total Liabilities	1.11	1.69	1.1	1.59	0.99	0.98	1.55	1.13	1.93	1.37	1.01	1.72	1.37	0.99
CFO/CapEx	3.57	8.73	1.27	4.53	7.33	3.16	13.08	6.28	4.17	5.47	7.3	3.89	3.45	7.88
Altman's Z-Score	0.06	0.07	0.07	0.19	0.13	0.12	0.18	0.19	0.17	0.18	0.18	0.19	0.18	0.15

Working Capital (USD)

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	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	12/31/2010	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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	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	12/31/2010	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	- -	- -	- -	459	503	465	978	1,478	1,165	2,100	2,420	2,841	2,341	2,035
- Cash & Cash Equivalents	86	57	110	93	324	355	498	444	132	571	1,818	2,612	655	722
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	24	24	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	90	133	219	213	320	377	586	695	455	581	741	488	621	676
Enterprise Value	-49	-18	-4	385	317	238	750	966	803	1,024	189	-1,289	616	396
Total Capital	107	157	253	226	382	472	704	880	752	975	1,285	1,114	1,260	1,294
Total Debt/Capital (%)	84.1	84.32	86.79	94.35	83.82	79.91	83.23	79.03	60.5	59.59	57.66	43.79	49.31	52.29
Total Debt / EV	-1.85	-7.36	-53.48	0.55	1.01	1.58	0.78	0.72	0.57	0.57	3.92	-0.38	1.01	1.71
EV/Sales	- -	- -	- -	4.48	2.3	1.4	3.69	3.18	2.18	1.76	0.31	- -	1.01	0.78
EV/EBITDA	- -	- -	- -	76.63	48.3	30.43	85.98	75.27	56.8	41.51	7.45	- -	22.47	12.8
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	12.52	8.91	5.47	9.35	11.67	5.06	5.91	1.23	- -	2.84	2.39
EV/Free Cash Flow to Firm	- -	- -	- -	10.25	7.84	4.16	8.68	10.06	4.08	4.99	1.08	- -	2.2	2.13
Diluted Market Cap	- -	- -	- -	462	506	468	983	1,484	1,165	2,100	2,420	2,845	2,346	2,040
Diluted Enterprise Value	4	76	109	582	526	514	1,071	1,735	1,488	2,110	1,343	721	2,313	1,994
EV per Share	- -	- -	- -	34.55	20.52	13.75	40.56	37.68	27.11	23.67	4.39	- -	14.77	9.59
TTM Sales	44	54	68	86	138	171	203	304	368	581	601	587	610	508
TTM EBITDA	3	4	4	5	7	8	9	13	14	25	25	25	27	31
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	11	20	18	31	36	44	80	83	159	173	154	277	217	165
TTM Free Cash Flow to Firm	15	22	32	38	40	57	86	96	197	205	175	349	280	186

Multiples (USD)

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	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	12/31/2010	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	- -	- -	- -	12.29	12.52	8.16	11.37	15.46	5.92	10.24	13.8	8.16	8.37	10.95
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-49	-18	-4	385	317	238	750	966	803	1,024	189	-1,289	616	396
Low Price	- -	- -	- -	27.54	38.13	29.73	25.5	51.7	44.14	44.99	20.35	60.47	57.25	28.81
EV/Sales	- -	- -	- -	4.48	2.3	1.4	3.69	3.18	2.18	1.76	0.31	- -	1.01	0.78
EV/EBITDA	- -	- -	- -	76.63	48.3	30.43	85.98	75.27	56.8	41.51	7.45	- -	22.47	12.8
Price/Earnings	- -	- -	- -	23.17	17.46	12.07	18.28	19.32	9.08	10.89	12.03	12.64	11.93	47.11
Price/Earnings Average	- -	- -	- -	16.22	22.15	14.75	11.82	17.48	13.33	10.55	8.47	12.5	13.66	39.77
Price/Earnings High	- -	- -	- -	28.47	33	20.97	22.69	24.22	18.23	14.17	13.83	15.47	16.93	62.3
Price/Earnings Low	- -	- -	- -	15.5	20.46	13.36	8.81	17.32	10.19	10.09	4.36	11.59	12.17	27.52
Price/Book Value	- -	- -	- -	35.88	13.27	6.57	8.28	8.01	3.92	5.33	4.45	4.54	3.67	3.3
Price/Book Value Average	- -	- -	- -	25.12	16.84	8.02	5.36	7.25	5.75	5.16	3.13	4.49	4.2	2.78
Price/Book Value High	- -	- -	- -	44.08	25.08	11.4	10.28	10.04	7.87	6.93	5.11	5.55	5.2	4.36
Price/Book Value Low	- -	- -	- -	24	15.55	7.27	3.99	7.18	4.4	4.94	1.61	4.16	3.74	1.93
Price/Tangible Book Value	- -	- -	- -	2.34	1.83	1.42	2.45	2.2	1.39	1.69	1.69	1.89	1.76	1.5
Price/Tangible Book Value Average	- -	- -	- -	1.64	2.32	1.73	1.58	1.99	2.04	1.63	1.19	1.86	2.02	1.27
Price/Tangible Book Value High	- -	- -	- -	2.88	3.46	2.46	3.04	2.76	2.79	2.19	1.94	2.31	2.5	1.98
Price/Tangible Book Value Low	- -	- -	- -	1.57	2.14	1.57	1.18	1.97	1.56	1.56	0.61	1.73	1.8	0.88
Price/Sales	- -	- -	- -	5.34	3.65	2.73	4.81	4.86	3.16	3.62	4.03	4.84	3.84	4.01
Price/Sales Average	- -	- -	- -	3.74	4.63	3.33	3.11	4.4	4.64	3.5	2.83	4.78	4.4	3.38
Price/Sales High	- -	- -	- -	6.56	6.9	4.74	5.97	6.1	6.35	4.7	4.63	5.92	5.45	5.3
Price/Sales Low	- -	- -	- -	3.57	4.28	3.02	2.32	4.36	3.55	3.35	1.46	4.44	3.91	2.34
Price/Cash Flow	- -	- -	- -	14.91	14.13	10.7	12.19	17.85	7.34	12.11	15.69	10.24	10.78	12.32
Price/Cash Flow Average	- -	- -	- -	10.44	17.93	13.07	7.88	16.16	10.77	11.73	11.04	10.13	12.35	10.4
Price/Cash Flow High	- -	- -	- -	18.32	26.71	18.57	15.13	22.38	14.73	15.76	18.04	12.53	15.3	16.29
Price/Cash Flow Low	- -	- -	- -	9.98	16.56	11.83	5.88	16.01	8.23	11.23	5.69	9.39	10.99	7.19
Price/Free Cash Flow Average	- -	- -	- -	8.6	15.88	9.97	7.36	13.99	8.69	9.91	9.71	8.06	9.59	9.25
Price/Free Cash Flow High	- -	- -	- -	15.1	23.65	14.17	14.12	19.38	11.88	13.32	15.86	9.98	11.88	14.48
Price/Free Cash Flow Low	- -	- -	- -	8.22	14.67	9.03	5.49	13.87	6.64	9.49	5	7.48	8.54	6.4
EV/Sales Average	0.09	1.41	1.61	5.14	4.78	3.6	3.55	5.23	5.52	3.52	1.04	1.17	4.34	3.29
EV/Sales High	0.09	1.41	1.61	7.96	7.04	5.01	6.41	6.92	7.23	4.72	2.84	2.3	5.39	5.21
EV/Sales Low	0.09	1.41	1.61	4.97	4.42	3.29	2.75	5.19	4.42	3.37	- -	0.82	3.86	2.25
EV/EBITDA Average	1.17	19.64	26.14	87.86	100.26	78.58	82.65	123.79	143.87	82.82	24.67	27.44	96.59	54.1
EV/EBITDA High	1.17	19.64	26.14	136.11	147.84	109.19	149.32	163.94	188.36	111.16	67.15	54.16	119.94	85.58
EV/EBITDA Low	1.17	19.64	26.14	85.02	92.84	71.71	64.2	122.83	115.33	79.3	-7.87	19.24	85.86	36.98
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	41.17	32.54	26.87	52.88	57.65	39.35	48.55	56.13	65.97	56.13	49.32
High Price	- -	- -	- -	50.58	61.49	46.66	65.65	72.28	79	63.16	64.54	80.71	79.66	65.22
Enterprise Value Average	4	76	109	441	658	615	721	1,589	2,033	2,043	627	685	2,649	1,672
Enterprise Value High	4	76	109	684	971	854	1,303	2,104	2,661	2,742	1,705	1,352	3,289	2,646
Enterprise Value Low	4	76	109	427	610	561	560	1,577	1,630	1,956	-200	480	2,355	1,143

Shares Outstanding	11	11	11	12	17	18	19	28	31	43	43	43	41	41
Diluted Weighted Avg Shares	11	11	11	11	16	17	19	26	30	43	43	43	42	41
Basic Weighted Avg Shares	11	11	11	11	15	17	19	26	30	43	43	43	42	41
Revenue per Share	3.8	4.71	5.93	7.71	8.91	9.85	10.99	11.85	12.44	13.43	13.94	13.63	14.63	12.3
EBITDA per Share	0.29	0.34	0.36	0.45	0.42	0.45	0.47	0.5	0.48	0.57	0.59	0.58	0.66	0.75
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.77	1.19	1.52	1.78	1.86	2.23	2.89	2.98	4.33	4.46	4.67	5.22	4.71	1.05
Basic EPS from Cont Ops	0.77	1.19	1.52	1.78	1.87	2.24	2.89	2.98	4.33	4.46	4.67	5.22	4.71	1.05
Diluted EPS, GAAP	0.77	1.19	1.52	1.77	1.85	2.21	2.88	2.97	4.33	4.46	4.67	5.21	4.7	1.04
Diluted EPS from Cont Ops	0.77	1.19	1.52	1.77	1.86	2.23	2.88	2.97	4.33	4.46	4.67	5.21	4.7	1.04
Dividend per Share	0.37	0.53	0.76	0.61	0.25	0.34	0.34	0.4	0.54	1	1.05	1.32	1.52	1.52
Cash Flow per Share	0.99	1.73	1.55	2.76	2.3	2.51	4.34	3.23	5.36	4.01	3.58	6.44	5.21	4
Free Cash Flow per Basic Share	0.71	1.53	0.33	2.15	1.99	1.72	4.01	2.71	4.08	3.28	3.09	4.78	3.7	3.5
Cash & Equivalents per Share	12.12	13.13	19.47	25.76	34.29	36.28	44.01	47.09	27.61	38.31	68.93	107.23	56.26	56.12
Book Value per Share	1.49	2.15	2.91	1.15	2.45	4.09	6.39	7.2	10.04	9.11	12.62	14.53	15.31	14.95
Tangible Book Value per Share	5.37	6.29	8.07	17.58	17.79	18.96	21.61	26.19	28.37	28.79	33.24	34.99	31.85	32.91

Independent Bank Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)