LCNB Corp. Financial Ratios — LCNB 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 (%)	11.7	9.53	7.94	7.34	7.96	8.09	8.07	7.42	7.85	7.97	7.96	8.01	4.23	4.2	6.92
Return on Assets (%)	1.05	1.05	1.02	0.97	0.96	0.96	1	1.01	1.15	1.19	1.15	1.16	0.6	0.59	1.02
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 (%)	9.05	9.18	5.82	6.74	6.15	5.08	6.52	6.95	4.9	3.15	3.63	3.64	4.17	0.74	0.73
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	28.96	33.05	30.86	29.85	32.19	33.6	33.98	30.34	34.79	34.06	35.56	35.77	21.27	19.66	30.6
Profit Margin (%)	24.65	24.7	23.11	22.22	23.53	24.78	25.56	25.32	28.58	28.3	29.15	29.37	17.6	16.62	25.13
Net Income to Common Margin (%)	24.65	24.7	23.11	22.22	23.53	24.78	25.56	25.32	28.58	28.3	29.15	29.37	17.6	16.62	25.13
Effective Tax Rate (%)	23.19	25.26	25.1	25.55	26.9	26.25	24.77	16.57	17.86	16.91	18.02	17.88	17.25	15.47	17.87
Dvd Payout Ratio (%)	58.49	48.56	55.35	57.11	51.55	48.45	46.93	52.36	47.74	47.06	46.34	41.54	78.7	90.56	53.94
Sustainable Growth Rate (%)	4.86	4.9	3.54	3.15	3.86	4.17	4.28	3.54	4.1	4.22	4.27	4.68	0.9	0.4	3.19

Credit (USD)

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	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	33	16	12	16	29	26	47	103	46	28	16	97	217	161	111
ST Debt	12	3	- -	5	23	25	47	56	- -	- -	- -	71	97	- -	- -
LT Debt	21	14	12	11	6	1	- -	47	46	28	16	26	119	161	111
Total Debt/EBITDA	11.21	5.33	5.47	5.48	9.72	10.01	14.3	25.35	14.32	12.7	6.31	35.41	72.53	267	166.62
Net Debt/EBITDA	4.65	0.94	-1.17	0.18	4.72	2.63	6.63	20.19	6.24	-4.36	-3.11	24.72	57.14	197.28	119.92
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.69	11.28	14.19	12.33	11.83	12.03	12.68	14.4	15.02	14.75	14.15	14.76	13.69	14.23	15.18
Long-Term Debt/Equity (%)	27.42	16.71	10.18	9.04	4.24	0.42	0.2	21.48	20.36	11.78	6.9	12.82	50.74	63.73	40.63
Long-Term Debt/Capital (%)	18.11	13.01	8.38	7.43	3.29	0.33	0.14	13.87	15.87	9.92	5.76	6.76	22.51	32.95	24.65
Long-Term Debt/Total Assets (%)	2.7	1.74	1.3	1.02	0.46	0.05	0.02	2.87	2.83	1.63	0.87	1.34	5.21	6.99	4.97
Total Debt/Equity (%)	42.81	19.96	10.18	13.03	20.79	17.91	31.48	47.15	20.36	11.78	6.9	48.42	92.13	63.73	40.63
Total Debt/Capital (%)	28.28	15.54	8.38	10.71	16.13	14	22.36	30.46	15.87	9.92	5.76	25.54	40.87	32.95	24.65
Total Debt/Total Assets (%)	4.22	2.08	1.3	1.48	2.28	1.96	3.65	6.31	2.83	1.63	0.87	5.06	9.46	6.99	4.97
Net Debt to Equity	17.75	3.53	-2.18	0.42	10.1	4.71	14.58	37.55	8.87	-4.04	-3.41	33.8	72.59	47.09	29.24
Net Debt/Capital (%)	14.05	3.15	-1.99	0.39	8.54	4.11	11.77	25.86	7.44	-3.83	-3.04	18.96	34.81	26.28	18.75
EBITDA	3	3	2	3	3	3	3	4	3	2	3	3	3	1	1
EBITDA-CapEx	- -	3	1	2	2	-7	-3	3	-1	-1	1	2	- -	-3	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	10.69	11.28	14.19	12.33	11.83	12.03	12.68	14.4	15.02	14.75	14.15	14.76	13.69	14.23	15.18
Long-Term Debt/Equity (%)	27.42	16.71	10.18	9.04	4.24	0.42	0.2	21.48	20.36	11.78	6.9	12.82	50.74	63.73	40.63
Long-Term Debt/Capital (%)	18.11	13.01	8.38	7.43	3.29	0.33	0.14	13.87	15.87	9.92	5.76	6.76	22.51	32.95	24.65
Long-Term Debt/Total Assets (%)	2.7	1.74	1.3	1.02	0.46	0.05	0.02	2.87	2.83	1.63	0.87	1.34	5.21	6.99	4.97
Total Debt/Equity (%)	42.81	19.96	10.18	13.03	20.79	17.91	31.48	47.15	20.36	11.78	6.9	48.42	92.13	63.73	40.63
Total Debt/Capital (%)	28.28	15.54	8.38	10.71	16.13	14	22.36	30.46	15.87	9.92	5.76	25.54	40.87	32.95	24.65
Total Debt/Total Assets (%)	4.22	2.08	1.3	1.48	2.28	1.96	3.65	6.31	2.83	1.63	0.87	5.06	9.46	6.99	4.97
CFO/Total Liabilities	1.49	1.56	1.28	1.62	1.16	1.33	1.58	1.39	1.56	0.91	1.07	1.67	1.14	4.54	1.75
CFO/CapEx	4.13	22.99	12.16	15.15	26.27	1.64	2.74	32.9	5.58	4.9	9.19	32.48	8.96	24.55	35.87
Altman's Z-Score	0.22	0.23	0.25	0.22	0.21	0.25	0.24	0.2	0.24	0.21	0.22	0.22	0.17	0.19	0.21

Working Capital (USD)

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	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	- -	- -	- -	- -	- -	- -	- -	- -	33.71	11.57	8.81	9.73	9.03	9.49	11.04
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	10.83	31.55	41.44	37.51	40.4	38.45	33.07
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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	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	87	92	140	140	159	231	205	181	252	190	246	205	180	210	231
- Cash & Cash Equivalents	20	13	15	16	15	19	25	21	21	32	18	23	40	36	24
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	33	16	12	16	29	26	47	103	46	28	16	97	217	161	111
Enterprise Value	-154	-164	-121	-145	-205	-83	-49	25	100	-23	-64	-10	81	76	229
Total Capital	118	105	144	153	181	183	212	339	293	286	286	380	530	489	451
Total Debt/Capital (%)	28.28	15.54	8.38	10.71	16.13	14	22.36	30.46	15.87	9.92	5.76	25.54	40.87	32.95	24.65
Total Debt / EV	-0.22	-0.1	-0.1	-0.11	-0.14	-0.31	-0.97	4.19	0.46	-1.23	-0.26	-9.74	2.69	2.11	0.49
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.42	1.51	- -	- -	- -	1.12	0.94	2.49
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	6.05	30.86	- -	- -	- -	26.94	126.64	342.39
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1.25	4.56	- -	- -	- -	3.45	0.82	6.65
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1.21	3.86	- -	- -	- -	3.1	0.79	6.47
Diluted Market Cap	87	93	143	142	161	232	205	181	252	190	246	205	180	210	231
Diluted Enterprise Value	101	96	140	142	175	239	227	263	278	186	244	280	357	335	318
EV per Share	- -	- -	- -	- -	- -	- -	- -	2.06	7.65	- -	- -	- -	7.05	5.52	16.24
TTM Sales	33	33	38	44	49	50	51	59	66	71	72	75	72	81	92
TTM EBITDA	3	3	2	3	3	3	3	4	3	2	3	3	3	1	1
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	11	11	10	16	13	15	18	20	22	14	18	29	23	93	34
TTM Free Cash Flow to Firm	13	11	11	17	14	25	25	20	26	16	20	30	26	97	35

Multiples (USD)

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	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	6.61	8.13	12.63	8.34	11.68	9.31	8.27	8.89	9.75	11.52	12.44	6.94	6.93	2.16	6.53
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-154	-164	-121	-145	-205	-83	-49	25	100	-23	-64	-10	81	76	229
Low Price	11.56	12.34	13.65	13.83	13.95	15.51	18.05	14.56	15.05	10.03	14.07	14.73	12.78	12.42	13.34
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.42	1.51	- -	- -	- -	1.12	0.94	2.49
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	6.05	30.86	- -	- -	- -	26.94	126.64	342.39
Price/Earnings	10.68	11.13	15.98	14.2	13.84	18.52	15.77	12.18	13.35	9.45	11.72	9.28	14.26	15.53	9.99
Price/Earnings Average	10.19	10.8	16.34	14.99	13.32	14.11	16.19	15	12.02	9.49	10.5	8.79	14.33	15.38	9.25
Price/Earnings High	11.73	11.77	24.73	17.8	15.12	19.92	18.78	17.37	13.79	12.5	12.42	10.5	17.27	18.39	10.87
Price/Earnings Low	9.53	10.02	12.21	13.03	11.8	12.36	13.92	11.71	10.41	6.45	8.45	7.6	11.56	12.75	8.13
Price/Book Value	1.02	1.03	1.06	1.03	1.05	1.47	1.25	0.77	1.03	0.74	0.91	0.72	0.57	0.64	0.68
Price/Book Value Average	0.98	1	1.08	1.08	1.01	1.12	1.28	0.94	0.92	0.74	0.82	0.69	0.58	0.63	0.63
Price/Book Value High	1.12	1.09	1.64	1.29	1.15	1.58	1.48	1.09	1.06	0.97	0.97	0.82	0.7	0.76	0.74
Price/Book Value Low	0.91	0.93	0.81	0.94	0.89	0.98	1.1	0.74	0.8	0.5	0.66	0.59	0.47	0.52	0.55
Price/Tangible Book Value	1.21	1.22	1.38	1.5	1.52	2.14	1.76	1.17	1.53	1.06	1.39	1.47	1.23	1.38	1.32
Price/Tangible Book Value Average	1.16	1.18	1.41	1.59	1.46	1.63	1.81	1.44	1.38	1.07	1.25	1.39	1.24	1.37	1.23
Price/Tangible Book Value High	1.33	1.29	2.13	1.88	1.66	2.3	2.1	1.67	1.58	1.41	1.47	1.66	1.49	1.64	1.44
Price/Tangible Book Value Low	1.08	1.1	1.05	1.38	1.3	1.43	1.55	1.12	1.19	0.73	1	1.2	1	1.13	1.08
Price/Sales	2.63	2.75	3.69	3.16	3.26	4.59	4.03	3.08	3.81	2.67	3.42	2.73	2.51	2.58	2.51
Price/Sales Average	2.51	2.67	3.78	3.33	3.13	3.5	4.14	3.8	3.44	2.69	3.06	2.58	2.52	2.56	2.32
Price/Sales High	2.89	2.91	5.72	3.95	3.56	4.93	4.8	4.4	3.94	3.54	3.62	3.08	3.04	3.06	2.73
Price/Sales Low	2.35	2.48	2.82	2.9	2.78	3.06	3.56	2.96	2.97	1.83	2.46	2.23	2.03	2.12	2.04
Price/Cash Flow	8.13	8.37	13.45	8.79	11.99	14.93	11.28	9.16	11.49	13.87	13.8	7.15	7.71	2.25	6.71
Price/Cash Flow Average	7.76	8.13	13.75	9.28	11.54	11.37	11.58	11.28	10.35	13.93	12.36	6.77	7.75	2.23	6.22
Price/Cash Flow High	8.93	8.86	20.81	11.02	13.11	16.05	13.43	13.06	11.87	18.35	14.62	8.09	9.34	2.66	7.31
Price/Cash Flow Low	7.26	7.54	10.27	8.07	10.23	9.96	9.96	8.8	8.96	9.47	9.94	5.85	6.25	1.84	5.46
Price/Free Cash Flow Average	6.31	7.89	12.91	8.81	11.24	7.09	8.49	10.95	8.78	11.57	11.15	6.57	6.97	2.14	6.05
Price/Free Cash Flow High	7.25	8.6	19.55	10.46	12.76	10.01	9.85	12.68	10.07	15.24	13.18	7.85	8.4	2.56	7.11
Price/Free Cash Flow Low	5.9	7.32	9.65	7.66	9.96	6.21	7.3	8.55	7.6	7.87	8.96	5.68	5.62	1.77	5.32
EV/Sales Average	2.93	2.75	3.71	3.34	3.42	3.63	4.57	5.2	3.82	2.64	3.04	3.57	4.99	4.1	3.27
EV/Sales High	3.31	2.99	5.65	3.97	3.85	5.07	5.23	5.8	4.33	3.49	3.6	4.07	5.51	4.6	3.68
EV/Sales Low	2.77	2.56	2.75	2.91	3.07	3.2	3.99	4.37	3.36	1.78	2.44	3.22	4.5	3.66	2.99
EV/EBITDA Average	32.42	30.02	63.68	49.65	55.7	71.51	70.1	74.85	78.02	83.79	83.7	98.01	119.78	550.99	450.31
EV/EBITDA High	36.6	32.63	96.99	58.89	62.62	99.85	80.28	83.48	88.31	110.82	99.09	111.81	132.2	618.31	506.41
EV/EBITDA Low	30.63	27.92	47.29	43.17	49.89	62.95	61.22	62.85	68.59	56.48	67.18	88.4	108.05	492.19	411.52
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	12.95	13.7	17.87	15.07	16.36	23.25	20.45	15.15	19.3	14.69	19.53	18	15.77	15.13	16.39
High Price	14.22	14.49	27.65	18.89	17.88	25	24.35	21.6	19.94	19.43	20.69	20.36	19.1	17.92	17.84
Enterprise Value Average	97	92	141	149	167	183	232	305	253	187	219	269	358	333	301
Enterprise Value High	109	100	215	176	188	255	266	340	286	248	259	307	395	373	338
Enterprise Value Low	91	86	105	129	150	161	203	256	223	126	175	243	323	297	275

	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	7	7	9	9	10	10	10	13	13	13	12	11	13	14	14
Diluted Weighted Avg Shares	7	7	8	9	10	10	10	12	13	13	13	11	11	14	14
Basic Weighted Avg Shares	7	7	8	9	10	10	10	12	13	13	13	11	11	14	14
Revenue per Share	4.92	4.98	4.84	4.78	5.02	5.07	5.07	4.91	5.06	5.49	5.71	6.6	6.28	5.86	6.53
EBITDA per Share	0.44	0.46	0.28	0.32	0.31	0.26	0.33	0.34	0.25	0.17	0.21	0.24	0.26	0.04	0.05
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.21	1.23	1.12	1.06	1.18	1.26	1.3	1.24	1.45	1.55	1.67	1.94	1.11	0.97	1.64
Basic EPS from Cont Ops	1.09	1.23	1.12	1.06	1.18	1.26	1.3	1.24	1.45	1.55	1.67	1.94	1.11	0.97	1.64
Diluted EPS, GAAP	1.2	1.22	1.1	1.05	1.17	1.25	1.3	1.24	1.45	1.55	1.67	1.94	1.11	0.97	1.64
Diluted EPS from Cont Ops	1.08	1.22	1.1	1.05	1.17	1.25	1.3	1.24	1.45	1.55	1.67	1.94	1.11	0.97	1.64
Dividend per Share	0.64	0.6	0.62	0.61	0.61	0.61	0.61	0.65	0.69	0.73	0.77	0.81	0.87	0.88	0.89
Cash Flow per Share	1.59	1.64	1.33	1.71	1.36	1.56	1.81	1.65	1.68	1.06	1.42	2.52	2.05	6.73	2.44
Free Cash Flow per Basic Share	1.21	1.56	1.22	1.6	1.31	0.61	1.15	1.6	1.38	0.84	1.26	2.44	1.82	6.46	2.37
Cash & Equivalents per Share	40.87	40.49	34.76	32.4	40.49	34.14	30.04	21.74	15.2	18.68	25.92	27.39	27.7	21.25	8.05
Book Value per Share	12.65	13.24	16.84	14.69	15.61	15.81	16.42	19.75	18.83	19.94	21.4	24.83	27.47	23.7	24.15
Tangible Book Value per Share	10.69	11.25	12.98	10.03	10.77	10.88	11.62	12.96	12.6	13.79	14.05	12.24	12.81	10.95	12.38

LCNB Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)