National Western Life Group, Inc. Financial Ratios — NWLI

Profitability (USD)

	2009 Y	2010 Y	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
Return on Common Equity (%)	4.39	6.65	4.8	7.52	7.27	7.41	6.46	6.23	6.41	6.36	6.73	4.48	11.52	10.04	3.53
Return on Assets (%)	0.64	0.89	0.6	0.93	0.91	0.95	0.86	0.86	0.92	0.97	1.08	0.68	1.74	1.82	0.75
Return on Capital (%)	4.39	6.65	4.8	7.52	7.27	7.41	6.46	6.23	6.41	6.36	6.73	4.48	11.52	10.04	3.53
Return on Invested Capital (%)	3.04	4.12	- -	4.56	4.32	4.36	3.96	3.66	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	8.59	12.04	- -	13.93	10.53	13.83	15.89	13.54	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	8.59	12.04	- -	13.93	10.53	13.83	15.89	13.54	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-0.46	270.2	2,136.8	100.7	-0.99	-4.9	3.64	-1.42	-48.1	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	12.18	18.15	14.46	21.15	16.47	22.22	24.87	22.4	16.53	25.65	20.16	16.13	37.13	55.36	18.44
Profit Margin (%)	8	12.66	9.71	13.93	11.19	14.9	16.68	14.79	12.63	21.17	16.07	13.29	29.47	44.02	13.43
Net Income to Common Margin (%)	8	12.66	9.71	13.93	11.19	14.9	16.68	14.79	12.63	21.17	16.07	13.29	29.47	44.02	13.43
Effective Tax Rate (%)	34.31	30.28	32.85	34.16	32.08	32.97	32.91	34	23.61	17.49	20.31	17.63	20.64	20.49	27.19
Dvd Payout Ratio (%)	2.79	1.74	2.29	1.38	1.32	1.21	1.29	1.26	1.15	1.09	0.97	1.38	0.5	0.52	1.35
Sustainable Growth Rate (%)	4.26	6.54	4.69	7.41	7.17	7.32	6.38	6.15	6.34	6.29	6.67	4.42	11.46	9.99	3.48

Credit (USD)

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	2009 Y	2010 Y	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
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-2.23	-1.16	- -	-1.35	-1.33	-2.83	-1.13	-0.55	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-2.23	-1.16	- -	-1.35	-1.33	-2.83	-1.13	-0.55	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.09	12.89	12.19	12.44	12.67	13.01	13.52	14.04	14.53	15.89	16.05	14.35	15.92	20.55	22.21
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt to Equity	-9.77	-6.59	-9.34	-8.95	-8.35	-17.8	-6.58	-2.98	-11.88	-6.94	-11.98	-22.88	-28.14	-13.48	-19.79
Net Debt/Capital (%)	-11.45	-7.64	-11.18	-10.81	-9.66	-23.1	-7.24	-3.17	-13.96	-7.48	-14.4	-38.19	-45.59	-12.66	-21.57
EBITDA	49	69	- -	93	91	98	94	92	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	49	69	- -	93	91	98	94	42	-9	-3	-3	-12	-10	-2	-6
Operating Income (Loss)	49	69	- -	93	91	98	94	92	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2009 Y	2010 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	14.09	12.89	12.19	12.44	12.67	13.01	13.52	14.04	14.53	15.89	16.05	14.35	15.92	20.55	22.21
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	2.15	2.37	2.9	3.27	2.7	3.2	3.46	3.04	2.66	3.26	3.15	3.08	2.53	3.35	2.61
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	6.16	30.29	104.09	115.69	30.82	29.88	222.47	45.97
Altman's Z-Score	0.35	0.32	0.26	0.31	0.34	0.33	0.32	0.35	0.34	0.33	0.35	0.29	0.33	0.39	0.48

Working Capital (USD)

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	2009 Y	2010 Y	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
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	38.62	0.79	0.53	0.35	0.44
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9.45	460.14	691.86	1,052.15	838.41
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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	2009 Y	2010 Y	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
Market Capitalization	614	591	485	563	800	965	904	1,119	1,193	1,085	1,051	747	778	1,021	1,756
- Cash & Cash Equivalents	109	80	119	125	121	277	106	51	218	132	254	581	715	295	483
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	505	511	-2,260	-2,387	-1,973	-2,041	-2,081	-1,993	-2,066	-1,993	-2,559	-10,605	-9,006	-6,890	-5,835
Total Capital	1,060	1,131	1,186	1,277	1,372	1,476	1,570	1,670	1,776	1,896	2,015	2,103	2,282	2,627	2,721
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	0.89	0.89	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	10.34	7.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	10.34	7.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	3.67	2.86	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	3.67	2.86	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	615	593	485	563	801	965	904	1,119	1,193	1,085	1,051	747	778	1,021	1,756
Diluted Enterprise Value	506	512	366	439	680	688	798	1,068	975	953	798	166	63	726	1,274
EV per Share	139.31	140.8	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	568	576	573	665	860	709	590	682	874	552	819	695	857	560	703
TTM EBITDA	49	69	- -	93	91	98	94	92	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	49	69	- -	93	91	98	94	92	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	138	179	245	290	254	313	346	309	276	327	329	373	298	355	256
TTM Free Cash Flow to Firm	138	179	245	290	254	313	346	359	285	330	332	385	308	356	261

Multiples (USD)

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	2009 Y	2010 Y	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
Price/Free Cash Flow	4.47	3.31	1.98	1.94	3.16	3.08	2.61	3.11	4.18	3.29	3.17	1.94	2.52	2.87	6.72
EV/EBIT	10.34	7.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	505	511	-2,260	-2,387	-1,973	-2,041	-2,081	-1,993	-2,066	-1,993	-2,559	-10,605	-9,006	-6,890	-5,835
Low Price	52.51	127	130	124.66	157.56	204	215.34	184.6	287.1	260.65	241.81	120.55	180	166.94	225.02
EV/Sales	0.89	0.89	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	10.34	7.37	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	13.5	8.11	8.71	6.09	8.31	9.14	9.19	11.09	10.8	9.3	7.99	8.1	3.08	4.14	18.6
Price/Earnings Average	11.02	7.94	9.84	5.43	7.18	8.28	8.92	7.85	10.65	9.6	7.47	8.17	3.18	3.04	14.4
Price/Earnings High	15.69	9.79	11.68	6.31	8.49	9.64	9.94	11.74	12.12	10.69	8.68	11.51	3.74	4.56	18.82
Price/Earnings Low	4.19	6.32	8.49	4.9	5.95	7.02	7.96	6.65	9.45	8.12	6.68	4.75	2.59	2.46	8.66
Price/Book Value	0.58	0.52	0.41	0.44	0.58	0.65	0.58	0.67	0.67	0.57	0.52	0.36	0.34	0.39	0.65
Price/Book Value Average	0.47	0.51	0.46	0.39	0.5	0.59	0.56	0.47	0.66	0.59	0.49	0.36	0.35	0.29	0.5
Price/Book Value High	0.67	0.63	0.55	0.46	0.6	0.69	0.62	0.71	0.75	0.66	0.57	0.51	0.41	0.43	0.65
Price/Book Value Low	0.18	0.41	0.4	0.35	0.42	0.5	0.5	0.4	0.59	0.5	0.44	0.21	0.29	0.23	0.3
Price/Tangible Book Value	0.55	0.48	0.38	0.4	0.55	0.62	0.56	0.65	0.65	0.57	0.54	0.32	0.33	0.5	0.76
Price/Tangible Book Value Average	0.45	0.47	0.43	0.36	0.48	0.56	0.54	0.46	0.64	0.59	0.5	0.32	0.34	0.36	0.59
Price/Tangible Book Value High	0.64	0.59	0.51	0.42	0.56	0.65	0.61	0.69	0.73	0.66	0.58	0.45	0.4	0.55	0.77
Price/Tangible Book Value Low	0.17	0.38	0.37	0.33	0.4	0.48	0.49	0.39	0.57	0.5	0.45	0.19	0.28	0.3	0.35
Price/Sales	1.08	1.03	0.85	0.85	0.93	1.36	1.53	1.64	1.36	1.97	1.28	1.08	0.91	1.82	2.5
Price/Sales Average	0.88	1	0.96	0.76	0.8	1.23	1.49	1.16	1.35	2.03	1.2	1.09	0.94	1.34	1.93
Price/Sales High	1.26	1.24	1.13	0.88	0.95	1.44	1.66	1.74	1.53	2.26	1.39	1.53	1.1	2.01	2.53
Price/Sales Low	0.33	0.8	0.82	0.68	0.67	1.05	1.33	0.98	1.19	1.72	1.07	0.63	0.76	1.08	1.16
Price/Cash Flow	4.46	3.3	1.98	1.94	3.15	3.08	2.61	3.62	4.32	3.32	3.19	2	2.61	2.88	6.87
Price/Cash Flow Average	3.65	3.24	2.24	1.73	2.72	2.79	2.54	2.56	4.26	3.43	2.99	2.02	2.7	2.11	5.32
Price/Cash Flow High	5.19	3.99	2.65	2.01	3.22	3.25	2.83	3.83	4.85	3.82	3.47	2.85	3.17	3.17	6.95
Price/Cash Flow Low	1.38	2.58	1.93	1.56	2.26	2.37	2.26	2.17	3.78	2.9	2.67	1.17	2.2	1.71	3.2
Price/Free Cash Flow Average	3.65	3.24	2.24	1.73	2.73	2.79	2.54	2.2	4.12	3.4	2.96	1.96	2.61	2.1	5.21
Price/Free Cash Flow High	5.2	4	2.66	2.01	3.23	3.25	2.83	3.3	4.69	3.78	3.44	2.76	3.07	3.16	6.8
Price/Free Cash Flow Low	1.39	2.58	1.93	1.56	2.26	2.37	2.26	1.87	3.66	2.87	2.65	1.14	2.12	1.7	3.13
EV/Sales Average	0.69	0.87	0.75	0.57	0.66	0.84	1.31	1.09	1.1	1.79	0.89	0.25	0.1	0.81	1.25
EV/Sales High	1.06	1.1	0.93	0.69	0.81	1.05	1.48	1.66	1.28	2.02	1.09	0.69	0.27	1.48	1.84
EV/Sales Low	0.14	0.66	0.62	0.49	0.53	0.66	1.15	0.91	0.94	1.48	0.76	- -	- -	0.56	0.48
EV/EBITDA Average	8.04	7.19	- -	4.09	6.29	6.09	8.24	8.02	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	12.38	9.13	- -	4.97	7.69	7.56	9.31	12.27	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	1.67	5.48	- -	3.55	4.99	4.74	7.22	6.71	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	8.04	7.19	- -	4.09	6.29	6.09	8.24	8.02	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	12.38	9.13	- -	4.97	7.69	7.56	9.31	12.27	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	1.67	5.48	- -	3.55	4.99	4.74	7.22	6.71	- -	- -	- -	- -	- -	- -	- -
Last Price	169.33	162.95	133.42	154.97	220.01	265.36	248.65	307.78	328.13	298.48	289.09	205.57	213.89	280.79	483.02
High Price	196.8	196.69	178.82	160.75	224.9	280.02	269	325.9	368	343.22	314.25	292.21	260	309.25	488.9
Enterprise Value Average	393	498	428	378	570	597	772	741	959	989	730	173	89	454	877
Enterprise Value High	605	633	530	460	697	741	872	1,134	1,120	1,116	889	481	231	829	1,295
Enterprise Value Low	82	380	353	329	452	465	677	620	826	816	626	-143	-60	312	335

	2009 Y	2010 Y	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
Shares Outstanding	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Diluted Weighted Avg Shares	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Basic Weighted Avg Shares	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Revenue per Share	156.76	158.81	157.65	182.85	236.66	194.93	162.21	187.67	240.5	151.7	225.3	191.07	235.72	154.02	193.44
EBITDA per Share	13.47	19.12	- -	25.46	24.93	26.97	25.77	25.41	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	13.47	19.12	- -	25.46	24.93	26.97	25.77	25.41	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	12.54	20.1	15.31	25.46	26.48	29.04	27.06	27.75	30.37	32.11	36.2	25.39	69.45	67.8	25.97
Basic EPS from Cont Ops	12.54	20.1	15.31	25.46	26.48	29.04	27.06	27.75	30.37	32.11	36.2	25.39	69.45	67.8	25.97
Diluted EPS, GAAP	12.52	20.04	15.29	25.46	26.45	29.03	27.05	27.74	30.37	32.11	36.2	25.39	69.45	67.8	25.97
Diluted EPS from Cont Ops	12.52	20.04	15.29	25.46	26.45	29.03	27.05	27.74	30.37	32.11	36.2	25.39	69.45	67.8	25.97
Dividend per Share	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35
Cash Flow per Share	37.93	49.32	67.37	79.86	69.77	86.16	95.22	85.02	75.94	89.83	90.49	102.6	81.98	97.53	70.32
Free Cash Flow per Basic Share	37.93	49.32	67.37	79.86	69.77	86.16	95.22	71.21	73.44	88.97	89.71	99.28	79.24	97.09	68.79
Cash & Equivalents per Share	30.02	22.15	755.37	811.71	762.7	826.67	821.12	855.78	896.25	846.54	992.98	3,122.11	2,690.75	2,175.7	2,087.72
Book Value per Share	292.23	311.89	326.41	351.34	377.47	406.06	431.78	459.17	488.5	521.47	554.07	578.28	627.62	722.61	748.23
Tangible Book Value per Share	307.24	336.03	351.44	382.86	398.34	428.03	443.34	473.55	503.9	522.77	537.82	647.6	650.12	564.47	635.26

National Western Life Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)