Norwood Financial Corp. Financial Ratios — NWFL 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 (%)	12.1	12.96	13.2	12.19	9.07	10.06	11.82	18.19	17.1	16.59	24.25	24.19	12.56	-0.12	20.71
Return on Assets (%)	1.22	1.25	1.22	1.08	0.81	0.72	0.73	1.18	1.18	0.98	1.27	1.42	0.79	-0.01	1.17
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 (%)	2.34	2.41	2.41	2.34	2.25	2.51	2.56	2.33	2.44	2.46	2.18	2.01	2.08	2.7	1.67
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	36.36	38.17	36.9	34.59	25.8	25.45	35.27	36.91	37.07	31.53	41.89	46.45	30.13	-0.51	39.82
Profit Margin (%)	26.92	28.04	27.96	25.81	20.22	19.87	19.6	31.09	31.32	25.89	33.82	37.32	23.88	-0.31	31.56
Net Income to Common Margin (%)	26.92	28.04	27.96	25.81	20.22	19.87	19.6	31.09	31.32	25.89	33.82	37.32	23.88	-0.31	31.56
Effective Tax Rate (%)	25.96	26.54	24.22	25.39	21.64	21.92	44.42	15.76	15.5	17.89	19.26	19.66	20.75	- -	20.74
Dvd Payout Ratio (%)	47.77	46.79	49.08	57.07	76.62	70.24	65.7	40.36	42.5	48.16	34.27	31.33	56.19	-6,074.38	41.39
Sustainable Growth Rate (%)	6.32	6.89	6.72	5.23	2.12	2.99	4.05	10.85	9.83	8.6	15.94	16.61	5.5	-7.54	12.14

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	49	22	37	22	61	32	54	68	88	42	30	122	114	159	74
ST Debt	22	- -	13	- -	20	- -	18	16	32	- -	- -	82	44	99	45
LT Debt	28	22	24	22	41	32	36	52	56	42	30	40	70	60	29
Total Debt/EBITDA	77.41	31.1	50.85	32.03	92.68	37.74	50.55	66.48	79.74	29.57	18.7	77.83	78.24	115.12	50.46
Net Debt/EBITDA	43.88	14.1	40.1	14.18	77.42	17.48	34.97	48.51	65.8	-48.21	-110.15	57.54	32.96	62.59	20.22
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	9.37	9.98	8.6	9.06	8.77	6.09	6.27	6.67	7.08	5.11	5.36	6.39	6.18	5.43	5.86
Long-Term Debt/Equity (%)	31.42	24.33	25.87	22.41	40.72	28.81	31.06	42.76	41.07	21.8	14.61	23.94	38.57	28.03	12.15
Long-Term Debt/Capital (%)	24.68	25.11	24.16	25.62	32.49	32.12	28.7	35.58	32.18	30.97	21.3	15.8	27.89	21.04	13.61
Long-Term Debt/Total Assets (%)	4.14	3.34	3.34	3.12	5.48	2.88	3.17	4.41	4.59	2.29	1.45	1.95	3.17	2.58	1.21
Total Debt/Equity (%)	56.17	24.33	40.47	22.41	60.2	28.81	46.82	55.5	64.17	21.8	14.61	73.17	63.09	74.25	30.61
Total Debt/Capital (%)	44.12	25.11	37.8	25.62	48.03	32.12	43.27	46.19	50.29	30.97	21.3	48.3	45.63	55.73	34.29
Total Debt/Total Assets (%)	7.4	3.34	5.23	3.12	8.1	2.88	4.78	5.73	7.17	2.29	1.45	5.97	5.19	6.84	3.06
Net Debt to Equity	31.84	11.03	31.91	9.92	50.29	13.35	32.39	40.5	52.95	-35.54	-86.08	54.1	26.57	40.37	12.26
Net Debt/Capital (%)	30.92	13.19	32.4	13.23	43.57	17.98	34.54	38.51	45.5	-272.73	268.35	40.86	26.12	40.63	17.29
EBITDA	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	-1	- -	-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	9.37	9.98	8.6	9.06	8.77	6.09	6.27	6.67	7.08	5.11	5.36	6.39	6.18	5.43	5.86
Long-Term Debt/Equity (%)	31.42	24.33	25.87	22.41	40.72	28.81	31.06	42.76	41.07	21.8	14.61	23.94	38.57	28.03	12.15
Long-Term Debt/Capital (%)	24.68	25.11	24.16	25.62	32.49	32.12	28.7	35.58	32.18	30.97	21.3	15.8	27.89	21.04	13.61
Long-Term Debt/Total Assets (%)	4.14	3.34	3.34	3.12	5.48	2.88	3.17	4.41	4.59	2.29	1.45	1.95	3.17	2.58	1.21
Total Debt/Equity (%)	56.17	24.33	40.47	22.41	60.2	28.81	46.82	55.5	64.17	21.8	14.61	73.17	63.09	74.25	30.61
Total Debt/Capital (%)	44.12	25.11	37.8	25.62	48.03	32.12	43.27	46.19	50.29	30.97	21.3	48.3	45.63	55.73	34.29
Total Debt/Total Assets (%)	7.4	3.34	5.23	3.12	8.1	2.88	4.78	5.73	7.17	2.29	1.45	5.97	5.19	6.84	3.06
CFO/Total Liabilities	1.86	1.96	2.05	1.72	1.62	1.14	1.58	1.63	1.69	0.83	1.57	1.63	1.48	1.08	1.56
CFO/CapEx	61.67	27.24	32.29	54.56	36.2	22.26	9.83	19.81	11.36	18.42	23.21	14.27	21.12	7.29	7.2
Altman's Z-Score	0.26	0.29	0.26	0.27	0.26	0.19	0.25	0.25	0.27	0.17	0.18	0.22	0.2	0.16	0.19

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	11.79	12.33	12.58	12.46	12.43	11.25	11.37	11.72	12.11	11.71	12.16	12.23	9.33	6.15	9.93
Days Sales Outstanding	30.95	29.6	29.02	29.28	29.37	32.46	32.12	31.14	30.14	31.17	30.03	29.84	39.1	59.32	36.77
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	85	98	98	106	106	128	205	206	244	189	212	272	265	218	259
- Cash & Cash Equivalents	21	12	8	12	10	17	17	18	15	112	207	32	66	72	44
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	49	22	37	22	61	32	54	68	88	42	30	122	114	159	74
Enterprise Value	-38	-38	-31	-41	18	-160	-39	12	106	-107	-371	-56	-93	-94	8
Total Capital	112	90	98	87	127	100	125	147	175	137	141	253	250	284	216
Total Debt/Capital (%)	44.12	25.11	37.8	25.62	48.03	32.12	43.27	46.19	50.29	30.97	21.3	48.3	45.63	55.73	34.29
Total Debt / EV	-1.32	-0.6	-1.19	-0.55	3.36	-0.2	-1.4	5.68	0.83	-0.4	-0.08	-2.17	-1.23	-1.69	8.9
EV/Sales	- -	- -	- -	- -	0.62	- -	- -	0.27	2.34	- -	- -	- -	- -	- -	0.09
EV/EBITDA	- -	- -	- -	- -	27.61	- -	- -	11.7	95.99	- -	- -	- -	- -	- -	5.67
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	1.73	- -	- -	0.69	5.76	- -	- -	- -	- -	- -	0.25
EV/Free Cash Flow to Firm	- -	- -	- -	- -	1.68	- -	- -	0.66	5.29	- -	- -	- -	- -	- -	0.22
Diluted Market Cap	85	98	98	106	106	129	207	208	246	189	213	273	266	218	259
Diluted Enterprise Value	113	108	127	116	157	143	244	257	319	120	36	363	315	304	288
EV per Share	- -	- -	- -	- -	3.27	- -	- -	1.92	16.95	- -	- -	- -	- -	- -	0.9
TTM Sales	27	30	30	30	29	34	42	44	45	58	74	78	70	51	88
TTM EBITDA	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	11	11	13	11	10	11	16	17	18	14	29	31	30	23	34
TTM Free Cash Flow to Firm	11	12	13	11	11	12	18	18	20	15	30	33	31	26	39

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	7.71	8.29	7.47	9.88	9.84	10.81	11.68	11.42	12.25	12.98	6.99	8.3	8.53	8.39	6.69
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-38	-38	-31	-41	18	-160	-39	12	106	-107	-371	-56	-93	-94	8
Low Price	14.08	15.15	17.54	17.83	18	17.5	21.24	28.76	28.08	21.2	23	23	23	23.5	21.25
EV/Sales	- -	- -	- -	- -	0.62	- -	- -	0.27	2.34	- -	- -	- -	- -	- -	0.09
EV/EBITDA	- -	- -	- -	- -	27.61	- -	- -	11.7	95.99	- -	- -	- -	- -	- -	5.67
Price/Earnings	11.49	11.62	11.54	13.84	17.97	19.04	25	15.07	17.14	12.52	8.52	9.31	15.82	- -	9.32
Price/Earnings Average	10.95	10.99	12.21	13.73	18.15	16.53	20.86	15.47	14.33	13	8.46	7.68	14.07	-1,355.4	8.6
Price/Earnings High	11.76	12.5	13.67	15.31	19.38	19.83	27.06	18.53	17.48	18.79	9.67	9.68	16.69	-1,725	10.16
Price/Earnings Low	9.72	9.76	11.29	12.74	16.88	15.09	16.09	13.13	12.37	10.14	7.54	6.41	11.06	-1,175	7.06
Price/Book Value	1.35	1.46	1.6	1.64	1.61	1.89	2.88	2.6	2.79	2	1.92	2.08	1.95	1.73	1.82
Price/Book Value Average	1.29	1.38	1.69	1.63	1.63	1.64	2.41	2.67	2.34	2.07	1.9	1.72	1.73	1.72	1.68
Price/Book Value High	1.38	1.57	1.89	1.82	1.74	1.97	3.12	3.2	2.85	3	2.17	2.16	2.06	2.19	1.99
Price/Book Value Low	1.14	1.22	1.56	1.51	1.52	1.5	1.86	2.27	2.02	1.62	1.7	1.43	1.36	1.49	1.38
Price/Tangible Book Value	1.09	1.19	1.2	1.19	1.17	1.29	1.97	1.86	1.94	1.14	1.21	1.98	1.75	1.18	1.22
Price/Tangible Book Value Average	1.04	1.13	1.27	1.18	1.18	1.12	1.65	1.91	1.62	1.19	1.2	1.63	1.56	1.18	1.12
Price/Tangible Book Value High	1.12	1.28	1.42	1.32	1.26	1.34	2.13	2.29	1.97	1.72	1.37	2.06	1.85	1.5	1.33
Price/Tangible Book Value Low	0.92	1	1.17	1.1	1.1	1.02	1.27	1.62	1.4	0.93	1.07	1.36	1.22	1.02	0.92
Price/Sales	3.09	3.26	3.23	3.57	3.63	3.78	4.9	4.69	5.37	3.24	2.88	3.48	3.78	4.26	2.94
Price/Sales Average	2.95	3.08	3.41	3.54	3.67	3.28	4.09	4.81	4.49	3.36	2.86	2.87	3.36	4.25	2.71
Price/Sales High	3.17	3.51	3.82	3.95	3.92	3.94	5.3	5.76	5.48	4.87	3.27	3.61	3.99	5.41	3.21
Price/Sales Low	2.62	2.74	3.16	3.29	3.41	3	3.15	4.08	3.87	2.63	2.55	2.39	2.64	3.68	2.23
Price/Cash Flow	7.83	8.6	7.7	10.06	10.11	11.23	12.77	11.89	13.21	13.69	7.27	8.86	8.89	9.54	7.61
Price/Cash Flow Average	7.46	8.13	8.14	9.99	10.21	9.75	10.66	12.21	11.05	14.21	7.22	7.31	7.91	9.51	7.02
Price/Cash Flow High	8.01	9.25	9.12	11.13	10.91	11.7	13.82	14.62	13.48	20.54	8.25	9.21	9.38	12.1	8.3
Price/Cash Flow Low	6.63	7.22	7.53	9.26	9.5	8.9	8.22	10.36	9.54	11.09	6.43	6.09	6.21	8.24	5.77
Price/Free Cash Flow Average	7.34	7.84	7.9	9.81	9.94	9.38	9.75	11.73	10.24	13.47	6.95	6.85	7.59	8.36	6.17
Price/Free Cash Flow High	7.89	8.92	8.85	10.93	10.61	11.26	12.64	14.05	12.5	19.48	7.94	8.63	9	10.64	7.29
Price/Free Cash Flow Low	6.52	6.97	7.31	9.09	9.24	8.57	7.52	9.96	8.84	10.52	6.19	5.71	5.96	7.25	5.06
EV/Sales Average	3.97	3.42	4.38	3.88	5.41	3.72	4.99	5.94	6.09	2.18	0.46	4.02	4.05	5.94	3.05
EV/Sales High	4.19	3.85	4.79	4.28	5.66	4.38	6.2	6.89	7.08	3.68	0.87	4.77	4.67	7.1	3.55
EV/Sales Low	3.64	3.08	4.13	3.62	5.15	3.44	4.05	5.21	5.48	1.44	0.15	3.55	3.33	5.37	2.57
EV/EBITDA Average	169.94	141.85	181.47	165.92	240.87	148.27	194.52	255.3	249.95	88.27	21.31	200.48	194.52	220.08	182.63
EV/EBITDA High	179.23	159.42	198.44	183.31	251.94	174.4	241.92	296.25	290.52	149.15	40.09	237.66	224.56	263.03	212.23
EV/EBITDA Low	155.78	127.59	170.86	154.89	229.4	136.88	158.03	224.09	224.79	58.31	6.98	176.76	159.88	199.12	153.6
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	16.65	18.03	17.93	19.37	19.17	22.09	33	33	38.9	26.17	25.99	33.44	32.91	27.21	28.05
High Price	17.03	19.4	21.24	21.43	20.67	23	35.72	40.58	39.69	39.28	29.5	34.75	34.72	34.5	30.59
Enterprise Value Average	109	103	133	115	158	126	209	261	276	127	34	315	284	303	268
Enterprise Value High	115	115	145	127	165	148	259	302	321	214	64	373	328	362	312
Enterprise Value Low	100	92	125	107	150	116	169	229	249	84	11	278	233	274	226

	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	5	5	5	6	6	6	6	6	6	8	8	8	8	9	9
Diluted Weighted Avg Shares	5	5	5	5	6	6	6	6	6	7	8	8	8	8	9
Basic Weighted Avg Shares	5	5	5	5	6	6	6	6	6	7	8	8	8	8	9
Revenue per Share	5.38	5.53	5.56	5.42	5.28	5.84	6.73	7.04	7.25	8.07	9.02	9.62	8.71	6.38	9.54
EBITDA per Share	0.13	0.13	0.13	0.13	0.12	0.15	0.17	0.16	0.18	0.2	0.2	0.19	0.18	0.17	0.16
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.45	1.55	1.55	1.4	1.07	1.16	1.32	2.19	2.27	2.09	3.05	3.59	2.08	-0.02	3.01
Basic EPS from Cont Ops	1.45	1.55	1.55	1.4	1.07	1.16	1.32	2.19	2.27	2.09	3.05	3.59	2.08	-0.02	3.01
Diluted EPS, GAAP	1.45	1.55	1.55	1.4	1.07	1.15	1.31	2.17	2.25	2.09	3.04	3.58	2.07	-0.02	3.01
Diluted EPS from Cont Ops	1.45	1.55	1.55	1.4	1.07	1.15	1.31	2.17	2.25	2.09	3.04	3.58	2.07	-0.02	3.01
Dividend per Share	0.69	0.73	0.76	0.8	0.82	0.81	0.87	0.88	0.96	1.01	1.05	1.12	1.17	1.21	1.25
Cash Flow per Share	2.13	2.1	2.33	1.93	1.9	1.97	2.58	2.78	2.94	1.91	3.57	3.77	3.7	2.85	3.68
Free Cash Flow per Basic Share	2.09	2.02	2.26	1.89	1.84	1.88	2.32	2.64	2.69	1.81	3.42	3.51	3.53	2.46	3.17
Cash & Equivalents per Share	33.79	29.11	30.46	30.86	26.88	55.27	47.95	41.97	36.03	46.88	75.1	55.36	58.63	58.77	35.19
Book Value per Share	12.34	12.39	11.22	11.78	11.88	11.69	11.44	12.68	13.92	13.11	13.57	16.07	16.89	15.74	15.41
Tangible Book Value per Share	15.27	15.15	14.98	16.26	16.43	17.14	16.74	17.75	20.1	22.86	21.49	16.89	18.81	23.01	23.08

Norwood Financial Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)