Live Oak Bancshares, Inc. Financial Ratios — LOB 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 (%)	- -	33.22	69.21	15.28	14.16	6.51	30.39	11.03	3.55	11.16	26.52	21.8	7.82	7.49	9.02
Return on Assets (%)	- -	5.29	7.26	1.82	2.39	0.98	4.45	1.6	0.43	0.94	2.08	1.95	0.7	0.64	0.75
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 (%)	0.87	1.33	2.6	2.87	3.3	3.27	5.78	8.25	9.9	7.62	4.83	5.3	4.99	4.83	5.62
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	37.53	29.29	49.85	23.15	33.04	13.22	55.26	23.17	11.64	16.65	47.69	53.67	19.45	18.53	26.39
Profit Margin (%)	37.53	31.85	50.06	13.34	19.81	10.58	56.52	25.89	8.94	20.92	37.78	44.97	17.35	16.08	19.56
Net Income to Common Margin (%)	37.53	19.59	50.06	14.24	19.81	10.58	56.52	25.89	8.94	20.92	37.78	44.97	17.35	16.08	19
Effective Tax Rate (%)	- -	- -	- -	42.37	40.11	20.01	- -	- -	23.15	- -	20.78	16.22	10.78	13.24	26.03
Dvd Payout Ratio (%)	48.94	82.11	42.85	415.22	13.28	19.9	3.76	9.35	26.77	8.24	3.11	2.99	7.21	6.99	5.36
Sustainable Growth Rate (%)	- -	5.94	39.55	-48.18	12.28	5.21	29.25	10	2.6	10.24	25.69	21.15	7.25	6.97	8.54

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	9	12	12	48	28	28	27	3	- -	1,542	318	83	23	113	102
ST Debt	- -	- -	- -	35	24	24	23	1	- -	14	8	50	- -	- -	- -
LT Debt	9	12	12	13	4	4	4	1	- -	1,528	310	33	23	113	102
Total Debt/EBITDA	26.16	18.14	8.45	22.21	8.26	6.54	2.58	0.18	- -	71.1	14.9	4	1.1	4.85	3.37
Net Debt/EBITDA	-57.03	-47.5	-17.08	3.73	-24.59	-51.04	-26.43	-19.6	-6.6	57.1	5.91	-9.67	-26.3	-21.31	-25.09
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.17	9.49	11.29	13.62	18.97	12.73	15.88	13.49	10.82	6.94	8.68	9.17	8.76	8.35	7.92
Long-Term Debt/Equity (%)	31.39	38.43	25.47	13.86	2.19	1.79	0.82	0.3	- -	269.02	43.39	4.09	2.59	11.24	8.17
Long-Term Debt/Capital (%)	24.23	28.11	20.24	9.11	1.92	1.58	0.77	0.29	- -	73.15	30.08	3.37	2.31	9.41	7.31
Long-Term Debt/Total Assets (%)	3.25	3.56	2.86	1.89	0.42	0.23	0.13	0.04	- -	19.4	3.78	0.34	0.21	0.87	0.68
Total Debt/Equity (%)	31.39	38.43	25.47	52.22	14.22	12.49	6.08	0.59	- -	271.57	44.51	10.26	2.59	11.24	8.17
Total Debt/Capital (%)	24.23	28.11	20.24	34.33	12.44	11.08	5.72	0.58	- -	73.84	30.86	8.43	2.31	9.41	7.31
Total Debt/Total Assets (%)	3.25	3.56	2.86	7.12	2.7	1.59	0.96	0.08	- -	19.59	3.88	0.84	0.21	0.87	0.68
Net Debt to Equity	-68.44	-100.65	-51.5	8.76	-42.35	-97.56	-62.19	-65.08	-24.77	218.09	17.67	-24.79	-61.98	-49.45	-60.82
Net Debt/Capital (%)	-230.12	4,262.4	-105.31	8.07	-73.34	-3,573.55	-163.42	-184.53	-33.91	69.39	15.05	-28.62	-130.72	-84.16	-142.3
EBITDA	- -	1	1	2	3	4	10	16	20	22	21	21	21	23	30
EBITDA-CapEx	-5	-14	-6	-12	-27	-7	-114	-95	-17	1	18	-23	-26	-26	16
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	10.17	9.49	11.29	13.62	18.97	12.73	15.88	13.49	10.82	6.94	8.68	9.17	8.76	8.35	7.92
Long-Term Debt/Equity (%)	31.39	38.43	25.47	13.86	2.19	1.79	0.82	0.3	- -	269.02	43.39	4.09	2.59	11.24	8.17
Long-Term Debt/Capital (%)	24.23	28.11	20.24	9.11	1.92	1.58	0.77	0.29	- -	73.15	30.08	3.37	2.31	9.41	7.31
Long-Term Debt/Total Assets (%)	3.25	3.56	2.86	1.89	0.42	0.23	0.13	0.04	- -	19.4	3.78	0.34	0.21	0.87	0.68
Total Debt/Equity (%)	31.39	38.43	25.47	52.22	14.22	12.49	6.08	0.59	- -	271.57	44.51	10.26	2.59	11.24	8.17
Total Debt/Capital (%)	24.23	28.11	20.24	34.33	12.44	11.08	5.72	0.58	- -	73.84	30.86	8.43	2.31	9.41	7.31
Total Debt/Total Assets (%)	3.25	3.56	2.86	7.12	2.7	1.59	0.96	0.08	- -	19.59	3.88	0.84	0.21	0.87	0.68
CFO/Total Liabilities	-4.58	-9.09	-11.57	-44.97	-39.23	-14.48	-12.39	0.2	-11.27	-3.57	-1.6	-3.33	1.78	1.31	1.14
CFO/CapEx	-2.1	-1.99	-5.72	-18.23	-10.99	-20.38	-2.32	0.06	-12.97	-12.43	-38.84	-6.87	3.95	3.18	10.72
Altman's Z-Score	0.18	0.2	0.23	0.1	0.43	0.34	0.35	0.23	0.2	0.24	0.42	0.21	0.23	0.2	0.18

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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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	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	- -	- -	- -	- -	441	633	873	593	765	1,931	3,768	1,325	2,018	1,780	1,570
- Cash & Cash Equivalents	28	44	37	40	113	245	298	324	132	304	192	284	583	609	865
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	96
+ Minority/Non Controlling Interest	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	4
+ Total Debt	9	12	12	48	28	28	27	3	- -	1,542	318	83	23	113	102
Enterprise Value	-36	-49	-44	-41	303	344	508	-108	93	2,419	2,989	109	332	662	46
Total Capital	36	43	61	140	228	251	465	498	521	2,088	1,031	987	1,011	1,199	1,401
Total Debt/Capital (%)	24.23	28.11	20.24	34.33	12.44	11.08	5.72	0.58	- -	73.84	30.86	8.43	2.31	9.41	7.31
Total Debt / EV	-0.24	-0.25	-0.28	-1.16	0.09	0.08	0.05	-0.03	- -	0.64	0.11	0.76	0.07	0.17	2.23
EV/Sales	- -	- -	- -	- -	2.91	2.64	2.86	- -	0.46	8.5	6.76	0.28	0.78	1.37	0.08
EV/EBITDA	- -	- -	- -	- -	88.24	80.81	49.39	- -	4.64	111.53	139.88	5.24	15.63	28.42	1.51
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.8	1.8	4.22	0.29
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.59	1.43	3.21	0.27
Diluted Market Cap	- -	- -	- -	- -	454	649	903	614	780	1,982	3,934	1,356	2,052	1,812	1,582
Diluted Enterprise Value	-19	-33	-25	8	370	432	631	293	649	3,221	4,061	1,155	1,492	1,320	919
EV per Share	- -	- -	- -	- -	9.75	10.07	13.87	- -	2.31	59.46	69.23	2.48	7.5	14.7	1.01
TTM Sales	38	51	56	75	104	130	178	199	202	285	442	392	426	482	541
TTM EBITDA	- -	1	1	2	3	4	10	16	20	22	21	21	21	23	30
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-11	-28	-44	-262	-335	-222	-288	6	-483	-261	-120	-301	185	157	158
TTM Free Cash Flow to Firm	-6	-14	-36	-247	-304	-211	-163	118	-445	-240	-117	-257	232	206	173

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	- -	- -	- -	- -	-1.49	-3.08	-5.53	5.22	-1.75	-8.26	-33.73	-5.28	8.85	8.79	9.14
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-36	-49	-44	-41	303	344	508	-108	93	2,419	2,989	109	332	662	46
Low Price	- -	- -	- -	- -	12.51	12.1	18	13.46	13.09	7.57	38.5	27.5	17.31	31.03	22.68
EV/Sales	- -	- -	- -	- -	2.91	2.64	2.86	- -	0.46	8.5	6.76	0.28	0.78	1.37	0.08
EV/EBITDA	- -	- -	- -	- -	88.24	80.81	49.39	- -	4.64	111.53	139.88	5.24	15.63	28.42	1.51
Price/Earnings	- -	- -	- -	- -	21.4	45.94	8.68	11.53	42.4	32.42	22.57	7.52	27.31	22.98	15.27
Price/Earnings Average	- -	- -	- -	- -	26.02	36.86	8.44	20.44	38.13	15.25	16.7	10.75	18.11	23.55	14.25
Price/Earnings High	- -	- -	- -	- -	32.02	50.16	9.59	25.65	45.63	34.84	25.82	23.08	28.34	29.38	18.47
Price/Earnings Low	- -	- -	- -	- -	18.85	30.05	6.55	10.48	29.2	5.17	9.95	6.85	10.39	18.03	10.08
Price/Book Value	- -	- -	- -	- -	2.21	2.83	1.99	1.2	1.47	3.53	5.28	1.47	2.04	1.65	1.31
Price/Book Value Average	- -	- -	- -	- -	2.69	2.27	1.94	2.12	1.32	1.66	3.91	2.1	1.36	1.69	1.22
Price/Book Value High	- -	- -	- -	- -	3.31	3.09	2.2	2.67	1.58	3.8	6.05	4.5	2.12	2.1	1.59
Price/Book Value Low	- -	- -	- -	- -	1.95	1.85	1.5	1.09	1.01	0.56	2.33	1.34	0.78	1.29	0.86
Price/Tangible Book Value	- -	- -	- -	- -	2.21	2.84	2	1.2	1.44	3.4	5.27	1.63	2.24	1.77	1.36
Price/Tangible Book Value Average	- -	- -	- -	- -	2.69	2.28	1.94	2.13	1.29	1.6	3.9	2.33	1.48	1.82	1.27
Price/Tangible Book Value High	- -	- -	- -	- -	3.31	3.1	2.21	2.67	1.55	3.65	6.03	5.02	2.32	2.27	1.64
Price/Tangible Book Value Low	- -	- -	- -	- -	1.95	1.86	1.51	1.09	0.99	0.54	2.32	1.49	0.85	1.39	0.9
Price/Sales	- -	- -	- -	- -	4.24	4.86	4.91	2.99	3.79	6.78	8.53	3.38	4.74	3.7	2.9
Price/Sales Average	- -	- -	- -	- -	5.16	3.9	4.77	5.29	3.41	3.19	6.31	4.83	3.14	3.79	2.71
Price/Sales High	- -	- -	- -	- -	6.34	5.31	5.42	6.64	4.08	7.29	9.76	10.38	4.92	4.73	3.51
Price/Sales Low	- -	- -	- -	- -	3.74	3.18	3.7	2.71	2.61	1.08	3.76	3.08	1.8	2.9	1.92
Price/Cash Flow	- -	- -	- -	- -	-1.32	-2.85	-3.04	94.25	-1.58	-7.4	-31.48	-4.4	10.91	11.35	9.92
Price/Cash Flow Average	- -	- -	- -	- -	-1.6	-2.29	-2.95	167.06	-1.43	-3.48	-23.29	-6.3	7.24	11.64	9.26
Price/Cash Flow High	- -	- -	- -	- -	-1.97	-3.11	-3.35	209.7	-1.71	-7.95	-36.02	-13.52	11.33	14.52	12
Price/Cash Flow Low	- -	- -	- -	- -	-1.16	-1.86	-2.29	85.66	-1.09	-1.18	-13.88	-4.01	4.15	8.91	6.55
Price/Free Cash Flow Average	- -	- -	- -	- -	-1.81	-2.47	-5.37	9.25	-1.58	-3.88	-24.96	-7.54	5.87	9.01	8.53
Price/Free Cash Flow High	- -	- -	- -	- -	-2.23	-3.36	-6.11	11.61	-1.89	-8.88	-38.6	-16.2	9.19	11.24	11.06
Price/Free Cash Flow Low	- -	- -	- -	- -	-1.31	-2.01	-4.17	4.74	-1.21	-1.32	-14.88	-4.81	3.37	6.9	6.04
EV/Sales Average	- -	- -	- -	0.11	4.34	2.23	3.24	3.67	2.76	7.54	6.59	4.32	1.83	2.77	1.48
EV/Sales High	- -	- -	- -	0.11	5.53	3.64	3.89	5.03	3.43	11.64	10.04	9.87	3.6	3.7	2.29
EV/Sales Low	- -	- -	- -	0.11	2.92	1.51	2.18	1.1	1.96	5.43	4.05	2.57	0.49	1.88	0.69
EV/EBITDA Average	-57.03	-49.43	-17.08	3.73	131.63	68.13	56.05	44.57	27.83	98.96	136.41	81.46	36.63	57.26	26.41
EV/EBITDA High	-57.03	-49.43	-17.08	3.73	167.68	111.14	67.37	60.95	34.61	152.76	207.74	186.07	72.16	76.64	40.7
EV/EBITDA Low	-57.03	-49.43	-17.08	3.73	88.6	46.11	37.65	13.3	19.77	71.3	83.7	48.37	9.79	38.87	12.31
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	14.2	18.5	23.85	14.81	19.01	47.46	87.29	30.2	45.5	39.55	34.35
High Price	- -	- -	- -	- -	21.25	20.2	26.35	32.95	20.46	51	99.89	92.73	47.22	50.57	41.56
Enterprise Value Average	-19	-33	-25	8	452	290	576	730	556	2,146	2,914	1,693	779	1,333	803
Enterprise Value High	-19	-33	-25	8	576	473	693	999	691	3,313	4,439	3,866	1,535	1,784	1,237
Enterprise Value Low	-19	-33	-25	8	304	196	387	218	395	1,546	1,788	1,005	208	905	374

	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	33	33	33	33	34	34	40	40	40	42	44	44	45	45	46
Diluted Weighted Avg Shares	29	24	29	29	32	35	38	41	41	42	45	45	45	46	46
Basic Weighted Avg Shares	29	24	29	29	31	34	37	40	40	41	43	44	44	45	46
Revenue per Share	1.33	2.11	1.96	2.63	3.35	3.81	4.86	4.96	5.01	7	10.24	8.93	9.6	10.7	11.84
EBITDA per Share	0.01	0.03	0.05	0.08	0.11	0.12	0.28	0.41	0.5	0.53	0.49	0.47	0.48	0.52	0.67
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.5	0.41	0.98	0.37	0.66	0.4	2.75	1.28	0.45	1.46	3.87	4.02	1.67	1.72	2.25
Basic EPS from Cont Ops	0.5	0.62	0.98	0.35	0.66	0.4	2.75	1.28	0.45	1.46	3.87	4.02	1.67	1.72	2.31
Diluted EPS, GAAP	0.49	0.41	0.96	0.37	0.65	0.39	2.65	1.24	0.44	1.43	3.71	3.92	1.64	1.69	2.23
Diluted EPS from Cont Ops	0.49	0.61	0.95	0.34	0.64	0.39	2.65	1.24	0.44	1.43	3.71	3.92	1.64	1.69	2.29
Dividend per Share	0.24	0.51	0.42	1.53	0.09	0.08	0.1	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.19
Cash Flow per Share	-0.38	-1.18	-1.54	-9.14	-10.77	-6.49	-7.86	0.16	-12	-6.42	-2.77	-6.86	4.17	3.48	3.46
Free Cash Flow per Basic Share	-0.56	-1.77	-1.81	-9.64	-11.75	-6.81	-11.25	-2.62	-12.92	-6.93	-2.84	-7.85	3.11	2.39	3.14
Cash & Equivalents per Share	1.55	2.49	1.98	3.12	5.36	9.25	10.7	17.59	16.7	25.91	25.43	29.61	38.53	27.46	37.78
Book Value per Share	0.95	1.36	1.7	3.21	6.42	6.53	11.97	12.36	12.94	13.43	16.52	20.6	22.26	24.03	26.22
Tangible Book Value per Share	0.96	1.32	1.69	3.21	6.42	6.52	11.94	12.32	13.24	13.96	16.57	18.49	20.35	22.3	25.33

Live Oak Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)