The Bank of N.T. Butterfield & Son Limited Financial Ratios — NTB

Profitability (USD)

	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 (%)	- -	- -	- -	- -	- -	- -	- -	233.64	127.75	78.67	56.49	50.55
Return on Assets (%)	- -	0.77	1.08	1.4	1.81	1.43	1.03	1.08	1.44	1.63	1.57	1.64
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	11.57	5.95	12.88	11.26	9.12	9.09	12.44	13.99	7.28	6.21	7.24	6.07
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	27.7	21.12	28.75	34.47	38.55	33.02	29.8	33.39	39.47	38.79	37.95	39.22
Profit Margin (%)	27.74	20.78	28.57	34.23	38.29	33.28	29.32	32.77	38.8	38.66	37.17	38.22
Net Income to Common Margin (%)	23.97	16.87	25.13	34.23	38.29	33.28	29.32	32.77	38.8	38.66	37.17	38.22
Effective Tax Rate (%)	- -	1.61	0.62	0.7	0.65	- -	1.59	1.88	1.69	0.34	2.05	2.53
Dvd Payout Ratio (%)	29.32	39.37	19.61	45.5	42.88	52.88	60.41	53.66	40.81	38.22	36.79	33.51
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	108.27	75.61	48.6	35.71	33.61

Credit (USD)

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	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	117	117	117	117	143	144	171	172	172	98	99	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	117	117	117	117	143	144	171	172	172	98	99	- -
Total Debt/EBITDA	2.59	5.25	2.24	2.32	3.08	2.97	2.75	2.47	4.29	2.72	2.34	- -
Net Debt/EBITDA	-43.14	-97.54	-37.98	-28.14	-41.11	-49.73	-49.94	-28.91	-48	-42.75	-45.05	-46.41
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-4.1	-3.58	-2.59	-1.89	-0.86	-0.06	0.23	0.68	1.61	2.56	2.97	3.51
Long-Term Debt/Equity (%)	13.77	15.59	16.46	14.22	16.24	14.89	17.46	17.58	19.92	9.81	9.67	- -
Long-Term Debt/Capital (%)	-40.7	-46.59	-68.77	-135.09	279.93	106.46	83.28	62.12	42.8	22.31	18.93	- -
Long-Term Debt/Total Assets (%)	1.19	1.14	1.05	1.09	1.33	1.03	1.16	1.12	1.2	0.74	0.69	- -
Total Debt/Equity (%)	13.77	15.59	16.46	14.22	16.24	14.89	17.46	17.58	19.92	9.81	9.67	- -
Total Debt/Capital (%)	-40.7	-46.59	-68.77	-135.09	279.93	106.46	83.28	62.12	42.8	22.31	18.93	- -
Total Debt/Total Assets (%)	1.19	1.14	1.05	1.09	1.33	1.03	1.16	1.12	1.2	0.74	0.69	- -
Net Debt to Equity	-229.15	-289.45	-279.24	-172.34	-216.53	-249.71	-317.55	-205.42	-223	-154.26	-186.07	-149.66
Net Debt/Capital (%)	82.79	85.51	87.36	87.45	95.4	99.64	101.12	105.51	113.56	128.46	128.64	140.75
EBITDA	45	22	52	50	46	48	62	69	40	36	42	37
EBITDA-CapEx	39	18	42	31	27	26	42	54	13	-18	21	12
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	-4.1	-3.58	-2.59	-1.89	-0.86	-0.06	0.23	0.68	1.61	2.56	2.97	3.51
Long-Term Debt/Equity (%)	13.77	15.59	16.46	14.22	16.24	14.89	17.46	17.58	19.92	9.81	9.67	- -
Long-Term Debt/Capital (%)	-40.7	-46.59	-68.77	-135.09	279.93	106.46	83.28	62.12	42.8	22.31	18.93	- -
Long-Term Debt/Total Assets (%)	1.19	1.14	1.05	1.09	1.33	1.03	1.16	1.12	1.2	0.74	0.69	- -
Total Debt/Equity (%)	13.77	15.59	16.46	14.22	16.24	14.89	17.46	17.58	19.92	9.81	9.67	- -
Total Debt/Capital (%)	-40.7	-46.59	-68.77	-135.09	279.93	106.46	83.28	62.12	42.8	22.31	18.93	- -
Total Debt/Total Assets (%)	1.19	1.14	1.05	1.09	1.33	1.03	1.16	1.12	1.2	0.74	0.69	- -
CFO/Total Liabilities	1.6	1.23	1.72	2.43	3	1.92	1.37	1.75	1.63	2.43	2.01	2.16
CFO/CapEx	23.46	27.56	18.22	12.6	14.96	10.92	9.15	15.99	8.16	5.53	12.33	11.29
Altman's Z-Score	-0.02	-0.01	0.09	0.13	0.14	0.13	0.11	0.12	0.13	0.16	0.16	0.19

Working Capital (USD)

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	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	- -	20.39	20.17	18.78	22.26	5.93	3.31	3.43	3.17	5.73	- -	- -
Days Sales Outstanding	- -	17.9	18.1	19.44	16.39	61.6	110.33	106.26	115.07	63.69	- -	- -
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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	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	- -	- -	1,527	1,973	1,724	1,969	1,576	1,890	1,477	1,562	1,647	2,059
- Cash & Cash Equivalents	2,063	2,289	2,102	1,535	2,054	2,550	3,290	2,180	2,101	1,647	1,998	1,709
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	117	117	117	117	143	144	171	172	172	98	99	- -
Enterprise Value	-4,575	-4,783	-4,310	-3,013	-2,422	-3,876	-5,026	-4,790	-3,309	-2,829	-2,921	-3,035
Total Capital	-287	-251	-170	-87	51	135	206	277	403	441	522	495
Total Debt/Capital (%)	-40.7	-46.59	-68.77	-135.09	279.93	106.46	83.28	62.12	42.8	22.31	18.93	- -
Total Debt / EV	-0.03	-0.02	-0.03	-0.04	-0.06	-0.04	-0.03	-0.04	-0.05	-0.03	-0.03	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	1,560	2,012	1,748	1,986	1,584	1,901	1,486	1,577	1,678	2,113
Diluted Enterprise Value	-1,946	-2,172	-425	594	-163	-420	-1,534	-107	-442	29	-222	404
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	390	374	406	448	510	532	502	496	552	583	582	607
TTM EBITDA	45	22	52	50	46	48	62	69	40	36	42	37
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	144	117	179	242	297	249	188	251	219	300	265	280
TTM Free Cash Flow to Firm	150	121	188	261	317	271	209	267	246	355	287	304

Multiples (USD)

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	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	- -	- -	8.28	7.7	5.52	7.32	7.59	7.12	6.04	4.45	5.85	6.94
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-4,575	-4,783	-4,310	-3,013	-2,422	-3,876	-5,026	-4,790	-3,309	-2,829	-2,921	-3,035
Low Price	- -	- -	23.75	29.81	29.43	26.08	13.76	29.99	28.67	22.93	28.73	34.77
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	14.98	12.87	8.83	11.12	10.71	11.62	6.9	6.93	7.61	8.88
Price/Earnings Average	- -	- -	13.1	12.17	12.78	10.25	9.07	11.04	7.87	6.24	7.21	7.59
Price/Earnings High	- -	- -	15.68	14.47	15.11	12.57	12.86	12.61	9.65	8.29	8.45	9.29
Price/Earnings Low	- -	- -	11.32	10.57	8.29	7.83	4.73	9.15	6.64	4.96	5.98	6.2
Price/Book Value	- -	- -	-5.32	-9.69	-18.71	-226.12	45.8	18.03	6.41	4.56	3.89	4.16
Price/Book Value Average	- -	- -	-4.65	-9.16	-27.08	-208.38	38.8	17.12	7.32	4.1	3.69	3.56
Price/Book Value High	- -	- -	-5.57	-10.89	-32.01	-255.56	55.01	19.57	8.97	5.45	4.32	4.35
Price/Book Value Low	- -	- -	-4.02	-7.96	-17.57	-159.3	20.22	14.19	6.17	3.26	3.06	2.9
Price/Tangible Book Value	- -	- -	2.35	2.59	2.13	2.27	1.77	2.12	1.87	1.73	1.77	1.95
Price/Tangible Book Value Average	- -	- -	2.06	2.45	3.09	2.09	1.5	2.01	2.13	1.56	1.68	1.67
Price/Tangible Book Value High	- -	- -	2.46	2.91	3.65	2.57	2.13	2.3	2.61	2.07	1.96	2.04
Price/Tangible Book Value Low	- -	- -	1.78	2.13	2	1.6	0.78	1.67	1.8	1.24	1.39	1.36
Price/Sales	- -	- -	3.76	4.41	3.38	3.7	3.14	3.81	2.68	2.68	2.83	3.39
Price/Sales Average	- -	- -	3.29	4.17	4.89	3.41	2.66	3.62	3.05	2.41	2.68	2.9
Price/Sales High	- -	- -	3.94	4.95	5.79	4.18	3.77	4.13	3.74	3.21	3.14	3.55
Price/Sales Low	- -	- -	2.84	3.62	3.17	2.61	1.39	3	2.57	1.92	2.22	2.37
Price/Cash Flow	- -	- -	8.55	8.15	5.81	7.92	8.38	7.52	6.73	5.2	6.21	7.37
Price/Cash Flow Average	- -	- -	7.48	7.7	8.41	7.29	7.1	7.14	7.69	4.69	5.88	6.29
Price/Cash Flow High	- -	- -	8.95	9.16	9.94	8.95	10.06	8.16	9.42	6.23	6.88	7.71
Price/Cash Flow Low	- -	- -	6.46	6.69	5.45	5.58	3.7	5.92	6.48	3.73	4.88	5.14
Price/Free Cash Flow Average	- -	- -	7.24	7.28	7.99	6.74	6.43	6.76	6.89	4.01	5.54	5.93
Price/Free Cash Flow High	- -	- -	8.66	8.66	9.45	8.27	9.12	7.72	8.44	5.32	6.49	7.26
Price/Free Cash Flow Low	- -	- -	6.25	6.33	5.18	5.15	3.35	5.6	5.81	3.19	4.6	4.85
EV/Sales Average	- -	- -	- -	1	1.15	- -	- -	- -	- -	- -	- -	0.08
EV/Sales High	- -	- -	- -	1.79	2.04	- -	- -	0.09	0.25	0.55	- -	0.73
EV/Sales Low	- -	- -	- -	0.45	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	-43.14	-97.54	-12.42	8.88	12.57	-12.24	-28.55	-3.06	-6.06	-3.88	-8.03	1.38
EV/EBITDA High	-43.14	-97.54	-7.39	15.87	22.34	-3.75	-19.62	0.63	3.4	8.88	-1.71	12.09
EV/EBITDA Low	-43.14	-97.54	-15.9	4.02	-6.29	-21.07	-38.79	-7.49	-12.65	-11.85	-14.34	-7.38
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	31.44	36.29	31.35	37.02	31.16	38.11	29.81	32.01	36.55	49.82
High Price	- -	- -	32.9	40.8	53.63	41.84	37.43	41.36	41.69	38.31	40.55	52.11
Enterprise Value Average	-1,946	-2,172	-649	447	584	-592	-1,783	-213	-243	-140	-339	51
Enterprise Value High	-1,946	-2,172	-386	800	1,038	-181	-1,225	44	137	322	-72	445
Enterprise Value Low	-1,946	-2,172	-831	202	-292	-1,020	-2,422	-520	-508	-429	-605	-272

	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	53	53	53	55	54	53	49	49	50	47	44	40
Diluted Weighted Avg Shares	47	47	50	55	56	54	51	50	50	49	46	42
Basic Weighted Avg Shares	47	47	49	54	55	53	51	50	50	49	45	41
Revenue per Share	8.37	8.03	8.35	8.24	9.27	10.01	9.93	10.01	11.14	11.95	12.92	14.68
EBITDA per Share	0.97	0.48	1.08	0.93	0.85	0.91	1.23	1.4	0.81	0.74	0.94	0.89
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.01	1.35	2.1	2.82	3.55	3.33	2.91	3.28	4.32	4.62	4.8	5.61
Basic EPS from Cont Ops	2.32	1.67	2.39	2.82	3.55	3.33	2.91	3.28	4.32	4.62	4.8	5.61
Diluted EPS, GAAP	1.97	1.33	2.06	2.76	3.5	3.3	2.9	3.26	4.29	4.58	4.71	5.47
Diluted EPS from Cont Ops	2.28	1.64	2.34	2.76	3.5	3.3	2.9	3.26	4.29	4.58	4.71	5.47
Dividend per Share	0.9	0.85	0.7	1.28	1.52	1.76	1.76	1.76	1.76	1.77	1.77	1.88
Cash Flow per Share	3.09	2.51	3.68	4.45	5.4	4.68	3.72	5.07	4.43	6.15	5.89	6.76
Free Cash Flow per Basic Share	2.95	2.42	3.48	4.1	5.03	4.25	3.31	4.75	3.88	5.04	5.41	6.16
Cash & Equivalents per Share	100.7	105.17	122.56	93.86	78	112.61	133.91	138.14	100.09	91.99	103.56	123.23
Book Value per Share	-8.68	-7.9	-5.91	-3.75	-1.68	-0.16	0.68	2.11	4.65	7.03	9.38	11.97
Tangible Book Value per Share	16.99	15.01	13.36	14.02	14.69	16.31	17.58	17.97	15.96	18.54	20.66	25.52

The Bank of N.T. Butterfield & Son Limited

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)