Isabella Bank Corporation Financial Ratios — ISBA 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 (%)	13.06	8.04	7.85	8.23	8.65	7.57	7.01	7.19	6.5	5.31	9.48	10.51	8.2	6.12	8.11
Return on Assets (%)	0.8	0.88	0.86	0.9	0.94	0.81	0.75	0.77	0.71	0.58	0.98	1.09	0.89	0.67	0.88
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	3.98	3.91	3.98	3.85	3.15	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	7.1	33.5	36.74	38.08	43.08	38.06	6.13	5.72	5.62	5.12	4.6	2.91	2.83	3.05	2.8
Operating Margin (%)	- -	27.07	30.01	32.09	36.73	31.47	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-2,270.58	359.55	-2.84	128.49	2,937.5	-196.45	-454.08	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	23.23	27.07	30.01	32.09	36.73	31.47	29.63	27.04	24.63	19.17	36.56	37.68	31.19	23.96	31.62
Profit Margin (%)	20.51	22.68	25.53	27.41	30.17	26.9	24.13	24.65	22.27	17.58	30.53	31.22	25.95	20.29	24.78
Net Income to Common Margin (%)	20.51	22.68	25.53	27.41	30.17	26.9	24.13	24.65	22.27	17.58	30.53	31.22	25.95	20.29	24.78
Effective Tax Rate (%)	11.71	16.22	14.93	14.59	17.85	14.54	18.56	8.86	9.58	8.31	16.48	17.16	16.79	15.3	21.61
Dvd Payout Ratio (%)	56.51	49.76	51.61	49.86	48.07	55.4	60.36	58.26	63.59	78.31	42.91	36.34	45.22	58.66	42.76
Sustainable Growth Rate (%)	5.68	4.04	3.8	4.12	4.49	3.37	2.78	3	2.37	1.15	5.41	6.69	4.49	2.53	4.64

Credit (USD)

API Chat

	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	142	152	162	192	235	270	290	300	245	90	49	29	69	59	75
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	142	152	162	192	235	270	290	300	245	90	49	29	69	59	75
Total Debt/EBITDA	40.25	8.43	9	10.07	10.88	13.83	86.28	92.19	74.54	28.37	16.72	14.12	35.05	28.49	34.85
Net Debt/EBITDA	29.63	6.8	6.66	9.03	9.88	12.66	77.11	69.62	56.11	-49.38	-19.11	-4.67	18.03	16.72	22.67
Total Debt/EBIT	- -	10.43	11.02	11.95	12.76	16.72	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	8.42	8.15	10.71	11.59	15.3	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.04	10.89	10.9	11.03	10.74	10.72	10.59	10.73	11.21	10.56	10.07	10.76	10.91	10.99	10.73
Long-Term Debt/Equity (%)	91.9	92.41	100.87	109.97	127.74	143.69	148.79	153.44	116.57	41.17	23.29	15.71	34.26	28.26	32.2
Long-Term Debt/Capital (%)	49.05	49.39	49.88	52.91	56.74	59.26	60.17	60.27	54.67	30.33	19.37	11.81	23.59	20.59	23.92
Long-Term Debt/Total Assets (%)	10.63	10.62	10.85	12.39	14.09	15.59	15.99	16.28	13.52	4.6	2.42	1.44	3.37	2.85	3.37
Total Debt/Equity (%)	91.9	92.41	100.87	109.97	127.74	143.69	148.79	153.44	116.57	41.17	23.29	15.71	34.26	28.26	32.2
Total Debt/Capital (%)	49.05	49.39	49.88	52.91	56.74	59.26	60.17	60.27	54.67	30.33	19.37	11.81	23.59	20.59	23.92
Total Debt/Total Assets (%)	10.63	10.62	10.85	12.39	14.09	15.59	15.99	16.28	13.52	4.6	2.42	1.44	3.37	2.85	3.37
Net Debt to Equity	67.66	74.54	74.63	98.57	116.01	131.51	132.96	115.86	87.75	-71.66	-26.62	-5.2	17.62	16.59	20.95
Net Debt/Capital (%)	41.48	44.05	42.4	50.18	54.36	57.1	57.44	53.39	47.58	-312.86	-37.83	-4.64	13.7	13.21	16.98
EBITDA	4	18	18	19	22	20	3	3	3	3	3	2	2	2	2
EBITDA-CapEx	1	14	16	16	16	16	1	1	2	2	1	-1	-2	- -	-1
Operating Income (Loss)	- -	15	15	16	18	16	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	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	11.04	10.89	10.9	11.03	10.74	10.72	10.59	10.73	11.21	10.56	10.07	10.76	10.91	10.99	10.73
Long-Term Debt/Equity (%)	91.9	92.41	100.87	109.97	127.74	143.69	148.79	153.44	116.57	41.17	23.29	15.71	34.26	28.26	32.2
Long-Term Debt/Capital (%)	49.05	49.39	49.88	52.91	56.74	59.26	60.17	60.27	54.67	30.33	19.37	11.81	23.59	20.59	23.92
Long-Term Debt/Total Assets (%)	10.63	10.62	10.85	12.39	14.09	15.59	15.99	16.28	13.52	4.6	2.42	1.44	3.37	2.85	3.37
Total Debt/Equity (%)	91.9	92.41	100.87	109.97	127.74	143.69	148.79	153.44	116.57	41.17	23.29	15.71	34.26	28.26	32.2
Total Debt/Capital (%)	49.05	49.39	49.88	52.91	56.74	59.26	60.17	60.27	54.67	30.33	19.37	11.81	23.59	20.59	23.92
Total Debt/Total Assets (%)	10.63	10.62	10.85	12.39	14.09	15.59	15.99	16.28	13.52	4.6	2.42	1.44	3.37	2.85	3.37
CFO/Total Liabilities	1.59	1.54	1.77	1.28	0.81	1.31	1.22	1.33	1.45	1.27	1.4	1.46	1.3	1.05	1.36
CFO/CapEx	7.48	5.44	9.49	6.47	2.36	5.32	9.65	9.53	17.46	14.49	16.01	8.39	5.95	9.32	7.71
Altman's Z-Score	0.14	0.17	0.17	0.17	0.2	0.19	0.15	0.14	0.15	0.13	0.15	0.16	0.15	0.17	0.22

Working Capital (USD)

API Chat

	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	8.81	9.72	9.19	8.87	8.27	7.99	8.04	8.13	8.71	4.49	3.11	2.66	2.04	3.9	- -
Days Sales Outstanding	41.45	37.55	39.73	41.17	44.11	45.71	45.39	44.88	41.91	81.21	117.27	137.24	179.14	93.68	- -
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

	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	179	165	184	174	233	218	221	178	192	155	192	177	161	194	369
- Cash & Cash Equivalents	38	29	42	20	22	23	31	73	61	247	105	39	34	25	26
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	142	152	162	192	235	270	290	300	245	90	49	29	69	59	75
Enterprise Value	-141	-216	-209	-221	-214	-93	-68	-91	-54	-340	-355	-413	-331	-260	217
Total Capital	290	308	325	363	414	456	482	498	448	297	254	248	294	289	312
Total Debt/Capital (%)	49.05	49.39	49.88	52.91	56.74	59.26	60.17	60.27	54.67	30.33	19.37	11.81	23.59	20.59	23.92
Total Debt / EV	-1.01	-0.7	-0.78	-0.87	-1.1	-2.89	-4.25	-3.31	-4.58	-0.26	-0.14	-0.07	-0.21	-0.23	0.34
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	2.84
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.22	101.49
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	8.09
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	7.16
Diluted Market Cap	184	170	188	178	238	223	227	182	197	159	203	180	163	194	369
Diluted Enterprise Value	289	292	307	350	451	470	486	408	381	2	147	170	199	229	418
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.06	29.38
TTM Sales	50	54	49	50	50	51	55	57	58	62	64	71	70	68	76
TTM EBITDA	4	18	18	19	22	20	3	3	3	3	3	2	2	2	2
TTM Operating Income	- -	15	15	16	18	16	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	19	19	24	18	12	20	20	22	23	22	26	27	24	20	27
TTM Free Cash Flow to Firm	21	23	26	20	17	24	22	24	25	24	27	30	28	22	30

Multiples (USD)

API Chat

	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	8.61	7.36	7.19	8.77	13.81	9.27	10.44	7.49	7.98	6.76	7.49	5.97	5.77	8.93	12.19
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-141	-216	-209	-221	-214	-93	-68	-91	-54	-340	-355	-413	-331	-260	217
Low Price	17	21.6	21.12	21.73	22	27.25	27.6	22.5	22.01	15.6	19.45	21	19.13	17.55	21.5
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	2.84
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.22	101.49
Price/Earnings	17.58	13.55	14.67	12.68	15.37	15.77	16.72	12.66	14.73	14.28	9.85	7.98	8.89	13.97	19.53
Price/Earnings Average	13.75	14.71	14.82	12.97	12.18	15.75	16.65	14.93	13.97	13.53	9.14	8.13	8.91	10.99	12.48
Price/Earnings High	18.54	15.57	15.99	13.53	15.37	16.93	17.72	15.86	15.03	17.88	11.2	8.91	10.75	14.1	22.98
Price/Earnings Low	12.61	13.46	12.99	12.25	11.31	15.43	16.33	12.63	13.34	11.39	7.51	7.13	7.91	9.44	8.4
Price/Book Value	1.21	1.06	1.13	1.02	1.3	1.17	1.15	0.9	0.94	0.75	0.94	0.81	0.72	0.85	1.56
Price/Book Value Average	0.95	1.15	1.14	1.04	1.03	1.17	1.15	1.06	0.9	0.71	0.87	0.83	0.72	0.67	1
Price/Book Value High	1.28	1.22	1.23	1.09	1.3	1.26	1.22	1.12	0.96	0.94	1.07	0.91	0.87	0.85	1.83
Price/Book Value Low	0.87	1.05	1	0.98	0.95	1.15	1.13	0.9	0.86	0.6	0.72	0.73	0.64	0.57	0.67
Price/Tangible Book Value	1.66	1.4	1.61	1.35	1.72	1.56	1.51	1.21	1.19	0.91	1.18	1.29	1.05	1.2	2.02
Price/Tangible Book Value Average	1.3	1.52	1.62	1.39	1.36	1.56	1.51	1.42	1.12	0.86	1.1	1.31	1.05	0.94	1.29
Price/Tangible Book Value High	1.75	1.61	1.75	1.44	1.72	1.68	1.6	1.51	1.21	1.14	1.34	1.44	1.27	1.21	2.37
Price/Tangible Book Value Low	1.19	1.39	1.42	1.31	1.27	1.53	1.48	1.2	1.07	0.73	0.9	1.15	0.93	0.81	0.87
Price/Sales	3.61	3.07	3.74	3.48	4.64	4.24	4.03	3.12	3.28	2.51	3.01	2.49	2.31	2.84	4.84
Price/Sales Average	2.82	3.34	3.78	3.56	3.68	4.24	4.02	3.68	3.11	2.38	2.79	2.54	2.31	2.23	3.09
Price/Sales High	3.8	3.53	4.08	3.71	4.64	4.55	4.28	3.91	3.35	3.14	3.42	2.78	2.79	2.86	5.7
Price/Sales Low	2.59	3.05	3.32	3.36	3.41	4.15	3.94	3.11	2.97	2	2.29	2.23	2.05	1.91	2.08
Price/Cash Flow	9.52	8.5	7.77	9.91	19.23	10.75	11.25	8.08	8.23	7.07	7.53	6.6	6.68	9.88	13.77
Price/Cash Flow Average	7.44	9.23	7.85	10.14	15.25	10.74	11.21	9.53	7.81	6.69	6.99	6.72	6.69	7.77	8.8
Price/Cash Flow High	10.04	9.77	8.47	10.57	19.23	11.54	11.93	10.12	8.4	8.85	8.57	7.37	8.08	9.97	16.2
Price/Cash Flow Low	6.83	8.44	6.88	9.57	14.15	10.52	10.99	8.06	7.46	5.63	5.75	5.9	5.94	6.67	5.92
Price/Free Cash Flow Average	6.74	7.99	7.26	8.98	10.95	9.26	10.4	8.83	7.57	6.4	6.95	6.08	5.78	7.02	7.79
Price/Free Cash Flow High	9.08	8.46	7.83	9.36	13.81	9.95	11.07	9.38	8.14	8.46	8.52	6.67	6.97	9.01	14.34
Price/Free Cash Flow Low	6.18	7.31	6.36	8.47	10.16	9.07	10.2	7.47	7.23	5.39	5.71	5.34	5.13	6.03	5.24
EV/Sales Average	4.93	5.61	6.23	6.99	7.93	9.05	8.74	7.66	6.27	- -	1.91	2.4	2.82	2.74	3.73
EV/Sales High	5.91	5.81	6.53	7.14	8.89	9.37	9	7.89	6.5	0.61	2.54	2.65	3.3	3.37	6.33
EV/Sales Low	4.69	5.33	5.76	6.79	7.67	8.97	8.66	7.1	6.12	- -	1.41	2.09	2.56	2.42	2.72
EV/EBITDA Average	69.37	16.76	16.95	18.36	18.41	23.79	142.68	133.96	111.46	-2.96	41.52	82.6	99.88	89.88	133.08
EV/EBITDA High	83.21	17.34	17.77	18.76	20.64	24.62	146.9	137.95	115.66	11.99	55.2	91.02	116.77	110.62	225.93
EV/EBITDA Low	66.06	15.91	15.68	17.84	17.8	23.56	141.43	124.04	108.96	-10.31	30.73	71.88	90.68	79.55	96.95
EV/EBIT Average	- -	20.74	20.76	21.79	21.6	28.77	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	21.46	21.75	22.26	24.21	29.77	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	19.69	19.2	21.17	20.88	28.49	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	23.7	21.75	23.85	22.5	29.9	27.85	28.25	22.56	24.31	19.57	25.5	23.5	21.5	25.99	50
High Price	25	25	26	24	29.9	29.9	29.95	28.25	24.8	24.5	29	26.25	26	26.23	58.83
Enterprise Value Average	245	302	305	350	398	464	480	436	366	-9	122	171	198	187	285
Enterprise Value High	294	313	320	358	446	481	494	449	380	38	162	189	231	231	483
Enterprise Value Low	233	287	282	340	385	460	475	404	358	-33	90	149	179	166	207

	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	8	8	8	8	8	8	8	8	8	8	8	8	7	7	7
Diluted Weighted Avg Shares	8	8	8	8	8	8	8	8	8	8	8	8	8	7	7
Basic Weighted Avg Shares	8	8	8	8	8	8	8	8	8	8	8	8	8	7	7
Revenue per Share	6.57	7.08	6.37	6.47	6.45	6.57	7	7.23	7.41	7.79	8.48	9.44	9.32	9.16	10.33
EBITDA per Share	0.47	2.37	2.34	2.47	2.78	2.5	0.43	0.41	0.42	0.4	0.39	0.27	0.26	0.28	0.29
Operating Income per Share	- -	1.92	1.91	2.08	2.37	2.07	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.35	1.61	1.63	1.77	1.95	1.77	1.69	1.78	1.65	1.37	2.59	2.95	2.42	1.86	2.56
Basic EPS from Cont Ops	1.35	1.61	1.63	1.77	1.95	1.77	1.69	1.78	1.65	1.37	2.59	2.95	2.42	1.86	2.56
Diluted EPS, GAAP	1.31	1.56	1.59	1.74	1.9	1.73	1.65	1.74	1.61	1.34	2.45	2.91	2.4	1.86	2.56
Diluted EPS from Cont Ops	1.31	1.56	1.59	1.74	1.9	1.73	1.65	1.74	1.61	1.34	2.45	2.91	2.4	1.86	2.56
Dividend per Share	0.76	0.8	0.84	0.88	0.94	0.98	1.02	1.04	1.05	1.07	1.11	1.07	1.09	1.09	1.09
Cash Flow per Share	2.49	2.56	3.07	2.27	1.55	2.59	2.51	2.79	2.95	2.77	3.39	3.56	3.22	2.63	3.63
Free Cash Flow per Basic Share	2.16	2.09	2.74	1.92	0.9	2.1	2.25	2.5	2.78	2.58	3.17	3.14	2.68	2.35	3.16
Cash & Equivalents per Share	61.09	70.14	72.03	75.95	87.67	74.35	74	72.2	62.13	73.74	79.11	82.04	74.79	68.78	30.71
Book Value per Share	19.51	20.48	21.16	22.09	23.04	23.76	24.51	25.13	25.74	26.02	27.17	28.93	29.9	30.7	32.09
Tangible Book Value per Share	14.26	15.51	14.85	16.61	17.38	17.82	18.69	18.68	20.5	21.43	21.61	18.27	20.52	21.69	24.79

Isabella Bank Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)