Prosperity Bancshares, Inc. Financial Ratios — PB 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 (%)	22.98	22.73	24.73	27.04	21.7	18.07	16	16.95	15.68	22.36	19.5	17.51	12.83	13.66	14.27
Return on Assets (%)	1.47	1.38	1.33	1.48	1.32	1.24	1.21	1.42	1.21	1.6	1.44	1.39	1.1	1.23	1.39
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 (%)	4.24	3.62	2.87	3.05	3.06	3.04	2.67	2.52	2.54	2.8	2.7	2.54	2.9	3.03	2.84
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	56.87	56.33	56.64	57.43	58.49	55.68	56.69	55.38	52.64	57.49	60.07	59.85	50.04	53.51	57.74
Profit Margin (%)	37.71	37.58	38.02	38.32	38.97	37.39	38	44.22	41.76	47.14	47.29	47.12	39.26	41.87	45.19
Net Income to Common Margin (%)	37.71	37.58	38.02	38.32	38.97	37.39	38	44.22	41.76	47.14	47.29	47.12	39.26	41.87	45.19
Effective Tax Rate (%)	33.69	33.29	32.87	33.27	33.37	32.84	32.98	20.15	20.67	18	21.28	21.26	21.54	21.75	21.73
Dvd Payout Ratio (%)	23.8	24.74	24.41	22.99	27.3	31.42	35.23	32.33	38.76	32.86	35.48	36.82	49.06	44.72	40.79
Sustainable Growth Rate (%)	17.51	17.1	18.7	20.82	15.78	12.39	10.36	11.47	9.6	15.01	12.58	11.06	6.53	7.55	8.45

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	98	342	135	176	491	991	505	1,031	1,430	- -	- -	3,700	3,725	3,200	1,950
ST Debt	- -	245	- -	- -	485	985	500	1,030	1,300	- -	- -	1,850	- -	- -	- -
LT Debt	98	97	135	176	6	6	5	1	130	- -	- -	1,850	3,725	3,200	1,950
Total Debt/EBITDA	6.14	21.16	8.06	7.45	21.85	44.44	26.37	56.27	70.59	- -	- -	130.76	120.32	92.16	57.16
Net Debt/EBITDA	-7.22	0.98	-14.7	-21.17	-3.16	24.88	5.93	33.87	42.27	-42.77	-85.94	115.78	105.52	35.36	5.94
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.83	5.53	5.28	5.66	6.47	7.22	7.92	8.84	6.95	7.33	7.48	8.39	8.76	9.21	10.3
Long-Term Debt/Equity (%)	6.24	4.63	4.84	5.43	0.18	0.16	0.14	0.03	2.17	- -	- -	27.61	52.62	43.02	25.6
Long-Term Debt/Capital (%)	12.73	8.43	12.06	12.66	0.33	0.22	0.23	0.04	3.53	- -	- -	26.96	52.45	46.76	32.98
Long-Term Debt/Total Assets (%)	1	0.66	0.72	0.82	0.03	0.03	0.02	- -	0.4	- -	- -	4.91	9.66	8.09	5.07
Total Debt/Equity (%)	6.24	16.36	4.84	5.43	14.19	27.2	13.21	25.44	23.94	- -	- -	55.23	52.62	43.02	25.6
Total Debt/Capital (%)	12.73	29.76	12.06	12.66	25.64	38.05	22.02	33.94	39	- -	- -	53.93	52.45	46.76	32.98
Total Debt/Total Assets (%)	1	2.34	0.72	0.82	2.23	4.44	2.24	4.54	4.44	- -	- -	9.82	9.66	8.09	5.07
Net Debt to Equity	-7.33	0.76	-8.83	-15.44	-2.05	15.23	2.97	15.31	14.34	-21.91	-39.64	48.9	46.15	16.51	2.66
Net Debt/Capital (%)	-20.68	1.93	-33.36	-70.03	-5.25	25.59	5.97	23.62	27.69	-116.5	-901.33	50.9	49.17	25.21	4.86
EBITDA	16	16	17	24	22	22	19	18	20	31	30	28	31	35	34
EBITDA-CapEx	6	4	-7	12	13	17	8	3	2	9	11	-14	-3	14	2
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	6.83	5.53	5.28	5.66	6.47	7.22	7.92	8.84	6.95	7.33	7.48	8.39	8.76	9.21	10.3
Long-Term Debt/Equity (%)	6.24	4.63	4.84	5.43	0.18	0.16	0.14	0.03	2.17	- -	- -	27.61	52.62	43.02	25.6
Long-Term Debt/Capital (%)	12.73	8.43	12.06	12.66	0.33	0.22	0.23	0.04	3.53	- -	- -	26.96	52.45	46.76	32.98
Long-Term Debt/Total Assets (%)	1	0.66	0.72	0.82	0.03	0.03	0.02	- -	0.4	- -	- -	4.91	9.66	8.09	5.07
Total Debt/Equity (%)	6.24	16.36	4.84	5.43	14.19	27.2	13.21	25.44	23.94	- -	- -	55.23	52.62	43.02	25.6
Total Debt/Capital (%)	12.73	29.76	12.06	12.66	25.64	38.05	22.02	33.94	39	- -	- -	53.93	52.45	46.76	32.98
Total Debt/Total Assets (%)	1	2.34	0.72	0.82	2.23	4.44	2.24	4.54	4.44	- -	- -	9.82	9.66	8.09	5.07
CFO/Total Liabilities	2.64	1.68	1.94	1.91	1.67	1.79	2.08	1.72	1.54	2.09	2.21	1.63	2.05	1.47	1.78
CFO/CapEx	22.98	16.86	12.82	28.84	33.22	66.78	34.8	21.18	21.68	26.3	36.52	11.94	18.93	22.36	16.89
Altman's Z-Score	0.24	0.19	0.22	0.22	0.22	0.27	0.28	0.28	0.23	0.27	0.26	0.28	0.28	0.3	0.32

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	12.67	12.46	12.72	15.34	14.16	13.95	13.06	12.89	11.6	13.78	14.83	14.41	11.56	11.41	11.8
Days Sales Outstanding	28.81	29.3	28.7	23.79	25.77	26.17	27.95	28.31	31.47	26.49	24.61	25.33	31.57	31.99	30.94
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	1,369	1,605	2,872	2,906	2,612	3,988	3,963	3,615	4,498	5,678	6,057	6,206	6,084	7,158	6,560
- Cash & Cash Equivalents	213	326	381	677	563	436	392	411	574	1,343	2,548	424	458	1,972	1,748
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	98	342	135	176	491	991	505	1,031	1,430	- -	- -	3,700	3,725	3,200	1,950
Enterprise Value	932	1,394	2,469	2,260	2,437	4,322	3,858	4,151	5,066	3,684	2,994	9,026	8,912	8,049	-3,770
Total Capital	769	1,149	1,119	1,393	1,916	2,604	2,294	3,038	3,665	2,496	2,830	6,861	7,102	6,843	5,913
Total Debt/Capital (%)	12.73	29.76	12.06	12.66	25.64	38.05	22.02	33.94	39	- -	- -	53.93	52.45	46.76	32.98
Total Debt / EV	0.11	0.25	0.05	0.08	0.2	0.23	0.13	0.25	0.28	- -	- -	0.41	0.42	0.4	-0.52
EV/Sales	2.48	3.12	4.24	2.91	3.31	5.89	5.39	5.7	6.36	3.28	2.73	8.11	8.34	7.03	- -
EV/EBITDA	58.48	86.29	147.5	95.48	108.38	193.84	201.41	226.54	250.2	117.32	101	318.98	287.88	231.8	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.28	6.64	8.02	6.49	7.84	12.93	9.88	12.97	12.57	6.33	4.31	17.82	13.79	17.03	- -
EV/Free Cash Flow to Firm	4.1	6.27	7.44	6.27	7.61	12.73	9.6	12.38	12.02	6.09	4.2	16.44	13.1	16.3	- -
Diluted Market Cap	1,374	1,609	2,880	2,909	2,612	3,988	3,963	3,615	4,498	5,678	6,057	6,206	6,084	7,158	6,560
Diluted Enterprise Value	1,259	1,625	2,634	2,408	2,541	4,543	4,076	4,235	5,354	4,335	3,509	9,482	9,351	8,386	6,762
EV per Share	19.89	26.91	40.86	32.82	34.8	62.03	55.53	59.45	68.91	39.59	32.32	98.53	95.93	84.73	- -
TTM Sales	376	447	582	776	736	734	716	728	796	1,122	1,098	1,113	1,068	1,145	1,201
TTM EBITDA	16	16	17	24	22	22	19	18	20	31	30	28	31	35	34
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	218	210	308	348	311	334	391	320	403	582	695	507	646	473	550
TTM Free Cash Flow to Firm	227	222	332	360	320	339	402	335	422	604	714	549	681	494	582

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	6.04	7.24	8.68	8.07	8.16	11.75	9.86	10.78	10.67	9.39	8.49	11.31	8.94	14.5	11.27
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	932	1,394	2,469	2,260	2,437	4,322	3,858	4,151	5,066	3,684	2,994	9,026	8,912	8,049	-3,770
Low Price	30.91	38.56	42.38	52.62	43.76	33.57	55.84	57.01	61.65	42.02	64.4	64.69	49.6	57.16	61.57
EV/Sales	2.48	3.12	4.24	2.91	3.31	5.89	5.39	5.7	6.36	3.28	2.73	8.11	8.34	7.03	- -
EV/EBITDA	58.48	86.29	147.5	95.48	108.38	193.84	201.41	226.54	250.2	117.32	101	318.98	287.88	231.8	- -
Price/Earnings	9.66	9.56	12.97	9.77	9.11	14.53	14.56	11.23	13.53	10.74	11.66	11.83	14.51	14.93	12.08
Price/Earnings Average	9.5	9.53	11.01	10.49	9.84	10.43	13.75	12.72	12.91	9.07	11.55	11.44	12.96	13.28	12.25
Price/Earnings High	15.49	14.7	17.87	15.67	14.65	18.7	19.88	17.18	16.66	13.23	14.81	14.05	17.45	17.19	14.47
Price/Earnings Low	10.22	11.89	11.57	12.18	10.69	8.52	14.26	12.37	13.63	7.39	11.49	11.3	10.99	11.33	10.77
Price/Book Value	2.04	1.99	2.92	2.39	1.83	2.47	2.21	1.8	2.01	2.28	2.14	1.96	1.8	1.96	1.66
Price/Book Value Average	2.01	1.98	2.48	2.57	1.98	1.77	2.09	2.04	1.92	1.92	2.12	1.9	1.61	1.75	1.68
Price/Book Value High	3.27	3.06	4.02	3.83	2.95	3.18	3.02	2.76	2.48	2.8	2.72	2.33	2.17	2.26	1.98
Price/Book Value Low	2.16	2.48	2.6	2.98	2.15	1.45	2.17	1.98	2.03	1.57	2.11	1.87	1.36	1.49	1.47
Price/Tangible Book Value	2.2	1.9	2.68	2.22	1.69	2.35	2.1	1.71	1.69	2.01	1.93	1.82	1.68	1.85	1.62
Price/Tangible Book Value Average	2.17	1.89	2.27	2.38	1.83	1.69	1.99	1.93	1.61	1.7	1.91	1.76	1.5	1.64	1.64
Price/Tangible Book Value High	3.53	2.92	3.69	3.55	2.72	3.03	2.87	2.61	2.08	2.48	2.45	2.16	2.02	2.13	1.93
Price/Tangible Book Value Low	2.33	2.36	2.39	2.76	1.98	1.38	2.06	1.88	1.7	1.38	1.9	1.73	1.27	1.4	1.44
Price/Sales	3.64	3.59	4.93	3.74	3.55	5.43	5.53	4.97	5.65	5.06	5.52	5.58	5.7	6.25	5.46
Price/Sales Average	3.58	3.58	4.18	4.02	3.84	3.9	5.22	5.62	5.39	4.28	5.46	5.39	5.09	5.56	5.53
Price/Sales High	5.84	5.52	6.79	6	5.71	6.99	7.55	7.6	6.96	6.24	7	6.62	6.85	7.2	6.54
Price/Sales Low	3.85	4.47	4.4	4.67	4.17	3.19	5.42	5.47	5.69	3.49	5.43	5.32	4.31	4.74	4.87
Price/Cash Flow	6.28	7.65	9.34	8.35	8.4	11.93	10.14	11.29	11.16	9.75	8.72	12.25	9.41	15.14	11.94
Price/Cash Flow Average	6.18	7.63	7.92	8.96	9.08	8.56	9.58	12.78	10.65	8.24	8.63	11.84	8.41	13.47	12.1
Price/Cash Flow High	10.08	11.77	12.86	13.38	13.51	15.35	13.85	17.27	13.75	12.02	11.07	14.55	11.32	17.44	14.29
Price/Cash Flow Low	6.65	9.52	8.32	10.4	9.86	7	9.93	12.43	11.25	6.72	8.59	11.7	7.13	11.49	10.63
Price/Free Cash Flow Average	5.95	7.22	7.37	8.67	8.81	8.43	9.31	12.21	10.18	7.94	8.4	10.93	7.98	12.89	11.42
Price/Free Cash Flow High	9.69	11.14	11.96	12.94	13.12	15.13	13.46	16.49	13.14	11.58	10.78	13.43	10.75	16.69	13.49
Price/Free Cash Flow Low	6.39	9.01	7.74	10.06	9.57	6.89	9.65	11.87	10.75	6.47	8.36	10.79	6.77	11	10.04
EV/Sales Average	3.28	3.62	3.76	3.38	3.74	4.65	5.38	6.48	6.47	3.08	3.14	8.33	8.15	6.63	5.7
EV/Sales High	5.54	5.56	6.37	5.36	5.61	7.75	7.71	8.45	8.03	5.04	4.68	9.57	9.91	8.27	6.71
EV/Sales Low	3.55	4.51	3.97	4.02	4.07	3.94	5.58	6.32	6.77	2.29	3.11	8.27	7.37	5.81	5.03
EV/EBITDA Average	77.36	100.06	130.88	110.7	122.28	153.22	201.22	257.19	254.27	109.99	116.38	327.79	281.03	218.66	200.81
EV/EBITDA High	130.62	153.81	221.71	175.71	183.59	255.14	288.37	335.65	315.89	180.15	173.54	376.26	341.87	272.72	236.16
EV/EBITDA Low	83.68	124.63	138.28	131.9	133.11	129.79	208.47	251.09	266.11	81.76	115.34	325.21	254.36	191.74	177.23
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	29.22	30.98	47.54	42.21	37.29	57.24	57.03	51.77	61.18	61.02	65.37	67.75	65.49	75.35	69.11
High Price	46.87	47.66	65.49	67.68	59.97	73.68	77.87	79.2	75.36	75.22	83.02	80.46	78.76	86.76	82.75
Enterprise Value Average	1,232	1,616	2,191	2,620	2,750	3,416	3,855	4,713	5,149	3,454	3,450	9,275	8,700	7,593	6,851
Enterprise Value High	2,081	2,484	3,711	4,159	4,129	5,688	5,524	6,150	6,397	5,657	5,145	10,647	10,584	9,470	8,057
Enterprise Value Low	1,333	2,013	2,315	3,122	2,993	2,894	3,994	4,601	5,389	2,567	3,419	9,202	7,875	6,658	6,047

	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	47	56	66	70	70	69	69	70	95	93	92	91	94	95	93
Diluted Weighted Avg Shares	47	52	61	69	70	70	69	70	74	93	93	92	93	95	95
Basic Weighted Avg Shares	47	52	60	69	70	70	69	70	74	93	93	92	93	95	95
Revenue per Share	8.02	8.63	9.64	11.27	10.5	10.53	10.31	10.42	10.83	12.06	11.85	12.15	11.5	12.05	12.66
EBITDA per Share	0.34	0.31	0.28	0.34	0.32	0.32	0.28	0.26	0.28	0.34	0.32	0.31	0.33	0.37	0.36
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.03	3.24	3.66	4.32	4.09	3.94	3.92	4.61	4.52	5.68	5.6	5.73	4.51	5.05	5.72
Basic EPS from Cont Ops	3.03	3.24	3.66	4.32	4.09	3.94	3.92	4.61	4.52	5.68	5.6	5.73	4.51	5.05	5.72
Diluted EPS, GAAP	3.01	3.23	3.65	4.32	4.09	3.94	3.92	4.61	4.52	5.68	5.6	5.73	4.51	5.05	5.72
Diluted EPS from Cont Ops	3.01	3.23	3.65	4.32	4.09	3.94	3.92	4.61	4.52	5.68	5.6	5.73	4.51	5.05	5.72
Dividend per Share	0.72	0.8	0.89	0.99	1.12	1.24	1.38	1.49	1.75	1.87	1.99	2.11	2.21	2.26	2.33
Cash Flow per Share	4.65	4.05	5.09	5.06	4.44	4.8	5.62	4.59	5.48	6.26	7.5	5.53	6.96	4.98	5.79
Free Cash Flow per Basic Share	4.45	3.81	4.69	4.88	4.3	4.73	5.46	4.37	5.23	6.02	7.29	5.07	6.59	4.75	5.45
Cash & Equivalents per Share	11.42	10.67	8.91	11.95	9.5	9.44	8.77	7.09	11.71	21.43	33.05	9.61	9.65	24.31	129.37
Book Value per Share	14.32	15.58	16.28	17.67	20.35	23.15	25.75	28.75	30.41	26.82	30.55	34.51	36.35	38.35	41.75
Tangible Book Value per Share	13.27	16.34	17.76	19.05	22.06	24.34	27.12	30.35	36.19	30.37	33.82	37.3	38.96	40.73	42.79

Prosperity Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)