Salem Media Group, Inc. Financial Ratios — SALM 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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	79.19	- -	- -	- -	366.27	210.17	-20.39	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	0.99	0.79	-0.48	0.95	1.89	1.5	4.24	-0.56	-4.98	-9.98	7.98	-0.63	-9.02	3.68	-9.37
Return on Capital (%)	6.76	10.28	- -	4.97	7.54	6.92	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	3.98	7.75	- -	3.34	4.24	4.7	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	32.23	29.01	28.3	24.61	24.39	23.89	22.78	22.25	20.21	17.62	21.49	17.64	11.56	100	100
EBITDA Margin (%)	24.21	22.73	21.51	18.2	18.69	18.43	16.62	16.28	13.93	10.76	14.73	10.68	4.26	2.47	-3.11
Operating Margin (%)	17.35	16.33	15.07	11.14	12.01	12.13	10.19	9.35	7.66	4.81	9.76	5.96	-1.01	-2.57	-8.26
Incremental Operating Margin (%)	8.18	-3.73	-22.21	-20.38	-300	15.73	60.41	242.39	57.73	45.68	62.84	-106.49	- -	- -	- -
Pretax Margin (%)	5.72	2.04	-2.91	3.84	6.71	4.9	1.43	-0.27	-9.4	-10.07	15.78	-1.36	-23.47	3.52	-20.12
Profit Margin (%)	2.58	1.93	-1.15	2.05	4.2	3.23	9.34	-1.21	-10.96	-22.88	16.08	-1.21	-16.75	6.81	-16.27
Net Income to Common Margin (%)	2.58	1.93	-1.15	2.05	4.2	3.23	9.34	-1.21	-10.96	-22.88	16.08	-1.21	-16.75	6.81	-16.27
Effective Tax Rate (%)	49	3.27	- -	46.53	37.52	34.01	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	75.44	-191.11	112.93	59.3	75.26	27.55	-213.22	-20.93	-1.23	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	19.45	- -	- -	- -	90.61	152.27	-63.87	- -	- -	- -	- -	- -	- -	- -

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	275	269	291	278	275	262	259	254	292	276	222	210	221	150	56
ST Debt	9	20	3	2	6	1	9	20	21	14	9	17	26	106	8
LT Debt	266	249	288	276	269	261	250	234	271	262	213	193	195	44	48
Total Debt/EBITDA	5.2	5.16	5.7	5.72	5.53	5.18	5.9	5.93	8.24	10.84	5.83	7.37	20	25.64	-8.5
Net Debt/EBITDA	5.2	5.16	5.7	5.72	5.53	5.17	5.9	5.93	6.47	8.35	4.44	5.59	15.4	17.38	-1.23
Total Debt/EBIT	7.26	7.19	8.14	9.35	8.61	7.87	9.63	10.33	15	24.24	8.79	13.2	-84.52	-24.62	-3.2
Net Debt/EBIT	7.26	7.18	8.14	9.35	8.6	7.86	9.63	10.32	11.78	18.68	6.7	10.01	-65.08	-16.69	-0.46
EBITDA to Interest Expense	1.91	2.09	3.02	3.03	3.22	3.38	2.62	2.33	2.02	1.58	2.41	2.18	0.77	0.39	-4.38
EBITDA-CapEx/Interest Expense	1.8	1.96	2.69	2.65	2.41	3.27	2.49	1.98	2.02	1.58	2.41	2.18	0.77	0.39	-4.38
EBIT to Interest Expense	1.37	1.5	2.11	1.86	2.07	2.23	1.61	1.34	1.11	0.71	1.59	1.22	-0.18	-0.41	-11.63
Interest Expense	28	25	17	16	15	15	17	18	17	16	16	13	14	15	2
Common Equity/Total Assets	0.91	1.09	-0.31	-0.43	0.34	0.47	3.61	1.91	-4.12	-14.82	-7.02	-7.81	-18.17	-15.74	-32.59
Long-Term Debt/Equity (%)	130.85	120.77	142.56	135.11	128.25	123.62	107.91	105.53	142.7	193.39	119.44	109.95	147.16	23.26	27.05
Long-Term Debt/Capital (%)	94.92	90.47	99.54	100.22	97.21	98.72	89.35	88.52	100.76	132.2	114.84	112.98	141.56	52.52	-103.14
Long-Term Debt/Total Assets (%)	47.33	44.27	50.02	47.26	45.14	44.23	43.57	41.88	48.46	49.87	41.24	38.17	42.8	10.39	15.23
Total Debt/Equity (%)	135.34	130.53	144.11	136.04	130.95	123.9	111.85	114.42	153.76	203.75	124.33	119.82	166.42	79.53	31.66
Total Debt/Capital (%)	98.18	97.78	100.62	100.91	99.26	98.94	92.61	95.97	108.57	139.28	119.54	123.12	160.09	179.53	-120.74
Total Debt/Total Assets (%)	48.96	47.85	50.56	47.59	46.09	44.33	45.16	45.41	52.22	52.54	42.93	41.6	48.41	35.52	17.83
Net Debt to Equity	135.31	130.34	144.08	136.02	130.9	123.84	111.85	114.29	120.68	157.04	94.72	90.86	128.14	53.9	4.58
Net Debt/Capital (%)	98.18	97.78	100.62	100.91	99.26	98.94	92.61	95.91	85.21	110.89	91.96	93.36	123.26	121.68	-16.62
EBITDA	53	52	51	49	50	51	44	43	35	25	38	29	11	6	-7
EBITDA-CapEx	50	49	45	42	37	49	42	36	35	25	38	29	11	6	-7
Operating Income (Loss)	38	37	36	30	32	33	27	25	19	11	25	16	-3	-6	-18

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.01	- -	- -	- -	- -	- -	- -	- -	0.12	0.03	- -	- -	- -	0.06
Current Ratio	1.15	0.94	1.61	1.37	1.29	1.39	1.11	0.83	0.79	0.9	0.81	0.7	0.65	0.74	0.79
Quick Ratio	0.88	0.7	1.21	0.97	0.88	0.97	0.85	0.69	0.66	0.69	0.63	0.55	0.5	0.23	0.69
CFO/Avg Current Liab	1.05	0.71	0.69	1.17	0.85	0.93	0.67	0.48	0.32	0.44	0.44	0.13	-0.06	-0.1	-0.06
Common Equity/Total Assets	0.91	1.09	-0.31	-0.43	0.34	0.47	3.61	1.91	-4.12	-14.82	-7.02	-7.81	-18.17	-15.74	-32.59
Long-Term Debt/Equity (%)	130.85	120.77	142.56	135.11	128.25	123.62	107.91	105.53	142.7	193.39	119.44	109.95	147.16	23.26	27.05
Long-Term Debt/Capital (%)	94.92	90.47	99.54	100.22	97.21	98.72	89.35	88.52	100.76	132.2	114.84	112.98	141.56	52.52	-103.14
Long-Term Debt/Total Assets (%)	47.33	44.27	50.02	47.26	45.14	44.23	43.57	41.88	48.46	49.87	41.24	38.17	42.8	10.39	15.23
Total Debt/Equity (%)	135.34	130.53	144.11	136.04	130.95	123.9	111.85	114.42	153.76	203.75	124.33	119.82	166.42	79.53	31.66
Total Debt/Capital (%)	98.18	97.78	100.62	100.91	99.26	98.94	92.61	95.97	108.57	139.28	119.54	123.12	160.09	179.53	-120.74
Total Debt/Total Assets (%)	48.96	47.85	50.56	47.59	46.09	44.33	45.16	45.41	52.22	52.54	42.93	41.6	48.41	35.52	17.83
CFO/Total Liabilities	8.69	8.73	7.69	11.06	9.35	10.25	8	6.81	4.61	5.87	6.66	2.35	-1.25	-4.48	-4.16
CFO/CapEx	9.88	9.33	5.22	6.77	2.91	22.11	11.98	3.51	486	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.31	2.52	2.67	2.68	2.54	2.77	2.75	2.5	1.5	0.94	1.79	1.42	0.62	0.41	0.06

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	7.23	6.94	6.52	7.36	7.39	7.37	7.56	8.02	7.95	8.54	10.3	9.46	8.24	7.87	8.54
Days Sales Outstanding	50.5	52.57	55.95	49.58	49.41	49.52	48.3	45.53	45.89	42.72	35.43	38.57	44.29	46.37	42.76
Inventory Turnover	- -	- -	- -	702.58	274.37	267.16	290.92	290.41	290.66	321.15	278.68	177.83	302.38	- -	- -
Days Inventory Outstanding	- -	- -	- -	0.52	1.33	1.37	1.25	1.26	1.26	1.14	1.31	2.05	1.21	- -	- -
Accounts Payable Turnover	53.51	33.12	36.85	58.21	49.45	41.12	62.18	108.33	71.66	71.02	87.08	11.92	6.8	- -	- -
Accounts Payable Turnover Days	6.82	11.02	9.9	6.27	7.38	8.88	5.87	3.37	5.09	5.14	4.19	30.63	53.7	- -	- -
Cash Conversion Cycle	43.67	41.55	46.04	43.83	43.36	42.01	43.69	43.42	42.05	38.71	32.55	9.99	-8.2	- -	- -
Inventory to Cash Days	50.5	52.57	55.95	49.06	48.08	48.16	47.05	44.28	44.63	41.58	34.12	36.52	43.08	- -	- -
Inventories	- -	- -	- -	1	1	1	1	1	1	- -	1	2	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	2	3	3	2	2	1	- -	1	2	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	63	134	217	198	127	160	117	55	38	28	82	29	11	17	14
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	2	- -	- -	- -	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	275	269	291	278	275	262	259	254	292	276	222	210	221	150	56
Enterprise Value	338	403	508	476	401	422	376	308	330	297	302	239	231	167	68
Total Capital	280	275	289	275	277	264	279	265	269	198	185	171	138	84	-47
Total Debt/Capital (%)	98.18	97.78	100.62	100.91	99.26	98.94	92.61	95.97	108.57	139.28	119.54	123.12	160.09	179.53	-120.74
Total Debt / EV	0.81	0.67	0.57	0.58	0.68	0.62	0.69	0.82	0.88	0.93	0.73	0.88	0.95	0.9	0.83
EV/Sales	1.55	1.76	2.14	1.78	1.51	1.54	1.43	1.17	1.3	1.26	1.17	0.89	0.89	0.7	0.32
EV/EBITDA	6.39	7.73	9.96	9.81	8.08	8.35	8.58	7.21	9.32	11.68	7.94	8.37	20.96	28.57	- -
EV/EBIT	8.92	10.76	14.22	16.02	12.57	12.68	13.99	12.56	16.97	26.13	11.99	15	- -	- -	- -
EV/Cash Flow to Firm	7.46	7.3	14.38	9.42	8.77	8.66	2.76	2.96	8.81	5	7.83	12.31	37.47	9.11	- -
EV/Free Cash Flow to Firm	6.98	6.89	12.44	8.39	6.9	8.36	2.71	2.78	8.8	5	7.83	12.31	37.47	9.11	- -
Diluted Market Cap	63	136	217	204	129	163	119	55	38	28	84	29	11	18	14
Diluted Enterprise Value	338	405	508	481	404	424	378	308	330	297	303	239	231	168	68
EV per Share	13.8	16.39	20.36	18.77	15.78	16.44	14.42	11.78	12.44	11.13	11.23	8.77	8.49	6.15	2.17
TTM Sales	218	229	237	267	266	274	264	263	254	236	258	267	259	238	213
TTM EBITDA	53	52	51	49	50	51	44	43	35	25	38	29	11	6	-7
TTM Operating Income	38	37	36	30	32	33	27	25	19	11	25	16	-3	-6	-18
TTM Cash Flow to Firm	45	55	35	50	46	49	136	104	37	59	39	19	6	18	-5
TTM Free Cash Flow to Firm	48	59	41	57	58	50	139	111	37	59	39	19	6	18	-5

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	1.85	3.97	6.34	4.24	2.66	4.01	4.02	1.86	2.24	1.21	3.71	3.69	-2.64	-1.67	-2.39
EV/EBIT	8.92	10.76	14.22	16.02	12.57	12.68	13.99	12.56	16.97	26.13	11.99	15	- -	- -	- -
Enterprise Value	338	403	508	476	401	422	376	308	330	297	302	239	231	167	68
Low Price	2.12	2.35	5.19	5.04	4.38	3.6	3.9	2.03	1.35	0.65	1.04	1	0.37	0.15	0.4
EV/Sales	1.55	1.76	2.14	1.78	1.51	1.54	1.43	1.17	1.3	1.26	1.17	0.89	0.89	0.7	0.32
EV/EBITDA	6.39	7.73	9.96	9.81	8.08	8.35	8.58	7.21	9.32	11.68	7.94	8.37	20.96	28.57	- -
Price/Earnings	11.2	30.31	- -	36.19	11.36	18.08	4.76	- -	- -	- -	1.98	- -	- -	1.06	- -
Price/Earnings Average	13.52	25.88	-71.06	39.46	13.85	17.4	6.89	-31.43	-1.97	-0.56	1.72	-20.77	-0.57	0.49	-0.72
Price/Earnings High	19.08	33.3	-92.42	50.91	18.17	23.64	8.73	-51.26	-3.1	-1.29	4.42	-35.23	-0.91	1.18	-1.88
Price/Earnings Low	9.24	13.04	-47.31	23.32	9.99	10.41	4.13	-16.65	-1.29	-0.32	0.67	-8.41	-0.23	0.25	-0.36
Price/Book Value	12.38	22	-121.34	-79.48	61.86	57.34	5.68	5.14	-1.66	-0.36	-2.27	-0.72	-0.13	-0.26	-0.13
Price/Book Value Average	14.94	18.78	-108.74	-86.65	75.42	55.19	8.22	9.42	-2.38	-0.39	-1.97	-1.7	-0.3	-0.12	-0.24
Price/Book Value High	21.09	24.17	-141.43	-111.79	99	74.95	10.41	15.36	-3.75	-0.9	-5.06	-2.89	-0.48	-0.29	-0.63
Price/Book Value Low	10.21	9.47	-72.39	-51.22	54.41	33.03	4.92	4.99	-1.55	-0.22	-0.77	-0.69	-0.12	-0.06	-0.12
Price/Tangible Book Value	-0.32	-0.67	-1.02	-0.9	-0.58	-0.74	-0.62	-0.28	-0.21	-0.13	-0.49	-0.18	-0.07	-1.01	-29.74
Price/Tangible Book Value Average	-0.39	-0.57	-0.92	-0.98	-0.7	-0.71	-0.9	-0.52	-0.31	-0.14	-0.42	-0.43	-0.16	-0.47	-54.37
Price/Tangible Book Value High	-0.54	-0.73	-1.19	-1.27	-0.92	-0.96	-1.14	-0.85	-0.48	-0.33	-1.09	-0.74	-0.26	-1.12	-141.27
Price/Tangible Book Value Low	-0.26	-0.29	-0.61	-0.58	-0.51	-0.42	-0.54	-0.28	-0.2	-0.08	-0.17	-0.18	-0.07	-0.24	-27.04
Price/Sales	0.29	0.59	0.92	0.74	0.48	0.58	0.44	0.21	0.15	0.12	0.32	0.11	0.04	0.07	0.06
Price/Sales Average	0.35	0.5	0.82	0.81	0.58	0.56	0.64	0.38	0.22	0.13	0.28	0.25	0.09	0.03	0.12
Price/Sales High	0.49	0.64	1.07	1.05	0.76	0.76	0.82	0.62	0.34	0.3	0.71	0.43	0.15	0.08	0.31
Price/Sales Low	0.24	0.25	0.55	0.48	0.42	0.34	0.39	0.2	0.14	0.07	0.11	0.1	0.04	0.02	0.06
Price/Cash Flow	2.02	4.32	7.56	4.73	3.5	4.13	4.29	2.38	2.24	1.21	3.66	3.69	-2.64	-1.63	-2.39
Price/Cash Flow Average	2.44	3.69	6.78	5.15	4.27	3.97	6.21	4.37	3.22	1.32	3.18	8.68	-6.1	-0.76	-4.37
Price/Cash Flow High	3.44	4.75	8.81	6.65	5.61	5.4	7.87	7.13	5.08	3.06	8.15	14.72	-9.8	-1.82	-11.35
Price/Cash Flow Low	1.67	1.86	4.51	3.05	3.08	2.38	3.72	2.31	2.1	0.76	1.24	3.51	-2.5	-0.39	-2.17
Price/Free Cash Flow Average	2.23	3.39	5.69	4.62	3.24	3.86	5.82	3.4	3.21	1.32	3.23	8.68	-6.1	-0.78	-4.37
Price/Free Cash Flow High	3.15	4.36	7.39	5.96	4.25	5.24	7.37	5.55	5.07	3.06	8.28	14.72	-9.8	-1.86	-11.35
Price/Free Cash Flow Low	1.53	1.71	3.78	2.73	2.34	2.31	3.48	1.8	2.1	0.76	1.26	3.51	-2.5	-0.4	-2.17
EV/Sales Average	1.61	1.67	2.05	1.85	1.61	1.52	1.62	1.35	1.36	1.27	1.13	1.04	0.95	0.67	0.37
EV/Sales High	1.75	1.82	2.29	2.09	1.8	1.72	1.8	1.59	1.49	1.44	1.56	1.21	1	0.71	0.56
EV/Sales Low	1.5	1.42	1.77	1.52	1.45	1.29	1.37	1.17	1.29	1.21	0.96	0.89	0.89	0.65	0.31
EV/EBITDA Average	6.64	7.36	9.52	10.17	8.64	8.23	9.78	8.27	9.79	11.78	7.66	9.72	22.22	27	-11.92
EV/EBITDA High	7.23	7.99	10.66	11.47	9.61	9.32	10.81	9.75	10.69	13.34	10.6	11.36	23.57	28.9	-17.97
EV/EBITDA Low	6.18	6.27	8.24	8.35	7.77	7	8.22	7.17	9.26	11.27	6.52	8.32	20.91	26.35	-10.01
EV/EBIT Average	9.27	10.24	13.58	16.63	13.44	12.5	15.94	14.41	17.82	26.34	11.56	17.43	-93.92	-25.93	-4.49
EV/EBIT High	10.09	11.11	15.22	18.74	14.95	14.17	17.63	16.99	19.45	29.83	16	20.37	-99.63	-27.74	-6.77
EV/EBIT Low	8.63	8.72	11.76	13.65	12.09	10.64	13.41	12.49	16.84	25.21	9.83	14.91	-88.38	-25.3	-3.77
Last Price	2.57	5.46	8.7	7.82	4.98	6.25	4.5	2.09	1.44	1.04	3.06	1.05	0.39	0.63	0.44
High Price	4.38	6	10.14	11	7.97	8.17	8.25	6.25	3.26	2.62	6.82	4.19	1.45	0.7	2.09
Enterprise Value Average	351	383	485	494	429	416	429	354	346	300	291	277	245	158	79
Enterprise Value High	382	416	544	556	477	471	474	417	378	339	403	324	260	169	119
Enterprise Value Low	327	326	420	405	386	354	360	307	327	287	248	237	231	154	66

Shares Outstanding	24	25	25	25	25	26	26	26	27	27	27	27	27	30	32
Diluted Weighted Avg Shares	25	25	25	26	26	26	26	26	27	27	27	27	27	28	31
Basic Weighted Avg Shares	24	25	25	25	25	26	26	26	27	27	27	27	27	27	31
Revenue per Share	8.91	9.32	9.5	10.52	10.45	10.69	10.12	10.04	9.58	8.85	9.6	9.81	9.5	8.73	6.83
EBITDA per Share	2.16	2.12	2.04	1.91	1.95	1.97	1.68	1.63	1.33	0.95	1.41	1.05	0.41	0.22	-0.21
Operating Income per Share	1.55	1.52	1.43	1.17	1.26	1.3	1.03	0.94	0.73	0.43	0.94	0.58	-0.1	-0.22	-0.56
Basic EPS, GAAP	0.23	0.18	-0.11	0.22	0.44	0.35	0.95	-0.12	-1.05	-2.03	1.54	-0.12	-1.59	0.59	-1.11
Basic EPS from Cont Ops	0.26	0.18	-0.11	0.22	0.44	0.35	0.95	-0.12	-1.05	-2.03	1.54	-0.12	-1.59	0.59	-1.11
Diluted EPS, GAAP	0.23	0.18	-0.11	0.21	0.43	0.34	0.93	-0.12	-1.05	-2.03	1.52	-0.12	-1.59	0.58	-1.11
Diluted EPS from Cont Ops	0.26	0.18	-0.11	0.21	0.43	0.34	0.93	-0.12	-1.05	-2.03	1.52	-0.12	-1.59	0.58	-1.11
Dividend per Share	- -	0.14	0.21	0.24	0.26	0.26	0.26	0.26	0.22	0.02	- -	- -	- -	- -	- -
Cash Flow per Share	1.27	1.26	1.15	1.65	1.42	1.51	1.05	0.88	0.64	0.86	0.84	0.28	-0.15	-0.39	-0.18
Free Cash Flow per Basic Share	1.14	1.13	0.93	1.41	0.93	1.45	0.96	0.63	0.64	0.86	0.84	0.28	-0.15	-0.39	-0.18
Cash & Equivalents per Share	- -	0.02	- -	- -	- -	0.01	- -	- -	- -	0.24	0.07	- -	- -	- -	0.08
Book Value per Share	0.21	0.25	-0.07	-0.1	0.08	0.11	0.79	0.41	-0.87	-2.91	-1.35	-1.45	-3.04	-2.45	-3.3
Tangible Book Value per Share	-8.04	-8.16	-8.5	-8.67	-8.66	-8.48	-7.27	-7.36	-6.77	-7.96	-6.26	-5.68	-5.54	-0.63	-0.01

Salem Media Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)