ServisFirst Bancshares, Inc. Financial Ratios — SFBS 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 (%)	46.51	44.19	37.03	33.83	30.76	30.08	26.7	30.74	26.7	24.84	25.03	24.88	17.49	17.03	18.27
Return on Assets (%)	1.07	1.28	1.3	1.37	1.38	1.42	1.38	1.82	1.76	1.62	1.52	1.67	1.35	1.36	1.58
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 (%)	1.47	1.21	1.53	1.34	1.54	1.55	1.19	1.31	1.29	1.13	1.08	0.84	1.04	1	0.85
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	44.87	51.26	51.65	53.96	52.71	56.16	57.23	60.59	60.79	59.02	62.46	62.76	57.35	58.41	61.56
Profit Margin (%)	29.35	34.24	34.69	38.2	37.63	41.29	38.79	49.14	48.55	46.72	51.21	51.11	48.5	47.57	49.77
Net Income to Common Margin (%)	29.1	33.84	34.34	37.89	37.46	41.27	38.76	49.12	48.53	46.71	51.2	51.1	48.48	47.56	49.76
Effective Tax Rate (%)	34.58	33.2	32.85	29.2	28.61	26.47	32.22	18.89	20.13	20.84	18	18.56	15.43	18.55	19.15
Dvd Payout Ratio (%)	- -	9.21	8.94	6.95	9.3	9.65	10.79	14.75	16.12	16.65	15.66	14.9	22.1	28.79	26.46
Sustainable Growth Rate (%)	46.51	40.12	33.72	31.48	27.9	27.18	23.82	26.21	22.39	20.7	21.11	21.17	13.62	12.13	13.44

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	35	35	20	20	56	55	65	65	65	65	65	65	65	65	35
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	35	35	20	20	56	55	65	65	65	65	65	65	65	65	35
Total Debt/EBITDA	30.24	28.71	10.83	10.87	21.44	18.07	22.79	17.73	16.37	15.78	14.75	15.7	14.59	13.53	7.35
Net Debt/EBITDA	-91.13	-116.98	-124.85	-150.49	-100.89	-185.84	-60.89	-107.84	-117.77	-522.76	-934.14	-181.86	-443.14	-482.94	-229.9
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.5	3.18	3.69	4.32	4.6	4.82	5.5	6.26	6.89	6.27	5.9	7.6	7.78	8.14	9.1
Long-Term Debt/Equity (%)	18.07	14.99	6.71	4.9	12.39	10.57	10.67	9.04	7.68	6.52	5.62	4.99	4.49	4	1.88
Long-Term Debt/Capital (%)	25.89	20.89	10.5	8.42	19.17	15.23	14.25	11.42	9.49	7.96	6.63	5.51	4.9	4.38	2.11
Long-Term Debt/Total Assets (%)	1.44	1.2	0.57	0.49	1.09	0.87	0.92	0.81	0.72	0.54	0.42	0.44	0.4	0.37	0.2
Total Debt/Equity (%)	18.07	14.99	6.71	4.9	12.39	10.57	10.67	9.04	7.68	6.52	5.62	4.99	4.49	4	1.88
Total Debt/Capital (%)	25.89	20.89	10.5	8.42	19.17	15.23	14.25	11.42	9.49	7.96	6.63	5.51	4.9	4.38	2.11
Total Debt/Total Assets (%)	1.44	1.2	0.57	0.49	1.09	0.87	0.92	0.81	0.72	0.54	0.42	0.44	0.4	0.37	0.2
Net Debt to Equity	-54.46	-61.09	-77.34	-67.93	-58.29	-108.68	-28.51	-55	-55.23	-216.03	-355.81	-57.77	-136.47	-142.93	-58.74
Net Debt/Capital (%)	1,996.27	1,420.47	383.93	466.65	960.43	217.97	-79.87	-364.11	-306.72	153.63	128.6	-207.91	276.72	257.43	-206.14
EBITDA	1	1	2	2	3	3	3	4	4	4	4	4	4	5	5
EBITDA-CapEx	- -	-4	- -	1	-3	-19	-18	1	2	2	-5	- -	1	- -	-1
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	2.5	3.18	3.69	4.32	4.6	4.82	5.5	6.26	6.89	6.27	5.9	7.6	7.78	8.14	9.1
Long-Term Debt/Equity (%)	18.07	14.99	6.71	4.9	12.39	10.57	10.67	9.04	7.68	6.52	5.62	4.99	4.49	4	1.88
Long-Term Debt/Capital (%)	25.89	20.89	10.5	8.42	19.17	15.23	14.25	11.42	9.49	7.96	6.63	5.51	4.9	4.38	2.11
Long-Term Debt/Total Assets (%)	1.44	1.2	0.57	0.49	1.09	0.87	0.92	0.81	0.72	0.54	0.42	0.44	0.4	0.37	0.2
Total Debt/Equity (%)	18.07	14.99	6.71	4.9	12.39	10.57	10.67	9.04	7.68	6.52	5.62	4.99	4.49	4	1.88
Total Debt/Capital (%)	25.89	20.89	10.5	8.42	19.17	15.23	14.25	11.42	9.49	7.96	6.63	5.51	4.9	4.38	2.11
Total Debt/Total Assets (%)	1.44	1.2	0.57	0.49	1.09	0.87	0.92	0.81	0.72	0.54	0.42	0.44	0.4	0.37	0.2
CFO/Total Liabilities	1.07	1.54	2.3	1.76	1.64	1.68	1.83	2.31	2.03	1.75	1.86	2.05	1.34	1.61	2.24
CFO/CapEx	18.51	7.52	55.12	49.8	13.77	4.44	5.6	73.17	69.73	82.99	28.19	74.69	50.46	54.44	59.81
Altman's Z-Score	0.07	0.08	0.09	0.22	0.26	0.3	0.31	0.26	0.28	0.24	0.3	0.31	0.28	0.32	0.31

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	10.52	11.6	12.36	12.77	13.56	13.38	13.16	12.46	12.21	11.5	11.32	11.82	7.93	7.83	8.91
Days Sales Outstanding	34.7	31.48	29.54	28.59	26.92	27.28	27.73	29.3	29.88	31.73	32.25	30.88	46.04	46.6	40.96
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	- -	- -	- -	785	1,223	1,967	2,194	1,697	2,015	2,168	4,606	3,742	3,626	4,617	3,920
- Cash & Cash Equivalents	142	177	250	297	317	624	238	458	530	2,210	4,164	815	2,031	2,376	1,122
+ Preferred Equity and Hybrid Capital	40	40	40	40	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	1	1	1	- -	- -	- -	- -	- -	- -
+ Total Debt	35	35	20	20	56	55	65	65	65	65	65	65	65	65	35
Enterprise Value	-361	-336	-456	251	618	977	1,483	714	790	-863	-335	2,348	835	1,145	1,765
Total Capital	137	167	190	237	290	363	455	566	682	814	976	1,175	1,320	1,478	1,649
Total Debt/Capital (%)	25.89	20.89	10.5	8.42	19.17	15.23	14.25	11.42	9.49	7.96	6.63	5.51	4.9	4.38	2.11
Total Debt / EV	-0.1	-0.1	-0.04	0.08	0.09	0.06	0.04	0.09	0.08	-0.08	-0.19	0.03	0.08	0.06	0.02
EV/Sales	- -	- -	- -	1.83	3.66	4.95	6.18	2.56	2.57	- -	- -	4.77	1.96	2.4	3.18
EV/EBITDA	- -	- -	- -	136.39	238.2	319.38	521.19	195.81	200	- -	- -	569.53	188.17	239.26	373.33
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	3.85	8.1	9.91	12.52	4.24	4.81	- -	- -	8.61	4.23	4.53	4.97
EV/Free Cash Flow to Firm	- -	- -	- -	3.78	7.56	8.09	10.62	4.19	4.74	- -	- -	8.5	4.15	4.44	4.89
Diluted Market Cap	- -	- -	- -	818	1,257	2,006	2,245	1,724	2,039	2,184	4,606	3,758	3,634	4,629	3,924
Diluted Enterprise Value	-67	-103	-190	582	996	1,438	2,072	1,331	1,574	40	507	3,009	1,668	2,319	2,838
EV per Share	- -	- -	- -	5.26	12.02	18.59	28.05	13.41	14.78	- -	- -	43.24	15.34	21.01	32.32
TTM Sales	80	101	120	137	169	197	240	279	307	363	406	492	427	478	556
TTM EBITDA	1	1	2	2	3	3	3	4	4	4	4	4	4	5	5
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	24	41	74	65	76	99	118	168	164	191	266	273	197	253	355
TTM Free Cash Flow to Firm	26	47	76	66	82	121	140	171	167	194	276	276	201	258	361

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	- -	- -	- -	12.32	15.37	16.61	16.08	10.11	12.23	11.28	16.7	13.6	18.06	17.97	10.87
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-361	-336	-456	251	618	977	1,483	714	790	-863	-335	2,348	835	1,145	1,765
Low Price	- -	- -	- -	13.25	12.39	17.06	32.54	29.9	29.17	21.76	39.46	63.54	39.27	58.05	66.48
EV/Sales	- -	- -	- -	1.83	3.66	4.95	6.18	2.56	2.57	- -	- -	4.77	1.96	2.4	3.18
EV/EBITDA	- -	- -	- -	136.39	238.2	319.38	521.19	195.81	200	- -	- -	569.53	188.17	239.26	373.33
Price/Earnings	- -	- -	- -	15.12	19.33	24.15	23.58	12.4	13.51	12.79	22.18	14.88	17.53	20.32	14.18
Price/Earnings Average	- -	- -	- -	13.49	15.4	16.36	21.56	15.86	12.14	11.33	17.61	17.7	14.48	17.44	15.63
Price/Earnings High	- -	- -	- -	16.1	20.28	24.94	25	17.49	13.82	13.3	23.22	21	19.77	24.31	18.54
Price/Earnings Low	- -	- -	- -	12.16	10.07	11.01	18.49	11.63	10.46	6.91	10.3	13.72	10.33	13.92	13.13
Price/Book Value	- -	- -	- -	4.43	5.22	6.4	5.63	3.39	3.27	2.9	5.06	3.37	2.89	3.27	2.43
Price/Book Value Average	- -	- -	- -	3.96	4.16	4.34	5.15	4.33	2.94	2.57	4.01	4.01	2.39	2.8	2.68
Price/Book Value High	- -	- -	- -	4.72	5.48	6.61	5.97	4.78	3.34	3.01	5.29	4.76	3.26	3.91	3.18
Price/Book Value Low	- -	- -	- -	3.57	2.72	2.92	4.41	3.18	2.53	1.56	2.35	3.11	1.7	2.24	2.25
Price/Tangible Book Value	- -	- -	- -	2.14	2.82	3.87	3.7	2.42	2.43	2.21	4.05	2.91	2.54	2.88	2.13
Price/Tangible Book Value Average	- -	- -	- -	1.91	2.25	2.62	3.38	3.1	2.19	1.96	3.21	3.46	2.1	2.47	2.35
Price/Tangible Book Value High	- -	- -	- -	2.28	2.96	4	3.92	3.42	2.49	2.3	4.24	4.11	2.87	3.44	2.79
Price/Tangible Book Value Low	- -	- -	- -	1.72	1.47	1.76	2.9	2.27	1.88	1.2	1.88	2.69	1.5	1.97	1.98
Price/Sales	- -	- -	- -	5.73	7.24	9.97	9.14	6.09	6.55	5.97	11.35	7.61	8.5	9.67	7.05
Price/Sales Average	- -	- -	- -	5.11	5.77	6.75	8.36	7.79	5.89	5.29	9.01	9.04	7.02	8.29	7.78
Price/Sales High	- -	- -	- -	6.1	7.6	10.29	9.69	8.59	6.71	6.21	11.89	10.73	9.58	11.56	9.23
Price/Sales Low	- -	- -	- -	4.61	3.77	4.54	7.17	5.71	5.07	3.23	5.27	7.01	5.01	6.62	6.53
Price/Cash Flow	- -	- -	- -	12.07	16.03	19.97	18.52	10.09	12.26	11.33	17.29	13.73	18.38	18.25	11.04
Price/Cash Flow Average	- -	- -	- -	10.77	12.77	13.53	16.93	12.9	11.03	10.04	13.73	16.32	15.18	15.66	12.17
Price/Cash Flow High	- -	- -	- -	12.85	16.82	20.61	19.63	14.22	12.55	11.79	18.11	19.37	20.72	21.84	14.44
Price/Cash Flow Low	- -	- -	- -	9.7	8.36	9.1	14.52	9.46	9.49	6.12	8.03	12.66	10.83	12.5	10.22
Price/Free Cash Flow Average	- -	- -	- -	10.99	12.24	11.26	14.7	12.92	11	10	13.26	16.17	14.92	15.42	11.98
Price/Free Cash Flow High	- -	- -	- -	13.12	16.12	17.15	17.05	14.25	12.52	11.73	17.49	19.2	20.36	21.5	14.21
Price/Free Cash Flow Low	- -	- -	- -	9.91	8.01	7.57	12.61	9.48	9.47	6.09	7.76	12.54	10.64	12.31	10.06
EV/Sales Average	- -	- -	- -	3.39	4.22	3.87	7.64	6.38	4.38	- -	- -	7.52	2.41	3.46	5.82
EV/Sales High	- -	- -	- -	4.38	6.05	7.41	8.97	7.18	5.19	0.3	1.78	9.21	4.98	6.73	7.27
EV/Sales Low	- -	- -	- -	2.88	2.23	1.66	6.45	4.3	3.56	- -	- -	5.49	0.4	1.78	4.58
EV/EBITDA Average	-57.07	-84.18	-103.14	252.71	274.59	250.03	644.43	487.23	340.8	-54.57	-100.72	897.56	232.06	344.96	684.42
EV/EBITDA High	-57.07	-84.18	-103.14	326.44	393.55	478.29	756.77	548.56	404.06	26.88	165	1,099.21	478.51	671.32	854.76
EV/EBITDA Low	-57.07	-84.18	-103.14	214.94	144.81	107.38	543.86	328.83	277.02	-237.25	-446.42	655.19	38.72	178.1	538.06
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	16.48	23.77	37.44	41.5	31.87	37.68	40.29	84.94	68.91	66.63	84.74	71.79
High Price	- -	- -	- -	17.55	24.94	38.65	44	44.95	38.56	41.9	88.94	97.25	75.12	101.37	93.9
Enterprise Value Average	-67	-103	-190	464	713	765	1,833	1,777	1,347	-224	-442	3,701	1,029	1,651	3,236
Enterprise Value High	-67	-103	-190	600	1,021	1,463	2,153	2,001	1,597	110	724	4,532	2,123	3,212	4,041
Enterprise Value Low	-67	-103	-190	395	376	328	1,547	1,200	1,095	-973	-1,959	2,701	172	852	2,544

	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	49	49	49	50	52	53	53	53	54	54	54	54	54	55	55
Diluted Weighted Avg Shares	49	49	49	50	53	54	54	54	54	54	54	55	55	55	55
Basic Weighted Avg Shares	49	49	49	48	51	53	53	53	53	54	54	54	54	54	55
Revenue per Share	1.63	2.05	2.45	2.88	3.28	3.76	4.54	5.23	5.75	6.74	7.48	9.06	7.84	8.77	10.18
EBITDA per Share	0.02	0.02	0.04	0.04	0.05	0.06	0.05	0.07	0.07	0.08	0.08	0.08	0.08	0.09	0.09
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.47	0.69	0.84	1.09	1.23	1.55	1.76	2.57	2.79	3.15	3.83	4.63	3.8	4.17	5.06
Basic EPS from Cont Ops	0.48	0.7	0.85	1.1	1.24	1.55	1.76	2.57	2.79	3.15	3.83	4.63	3.8	4.17	5.07
Diluted EPS, GAAP	0.47	0.69	0.84	1.05	1.2	1.52	1.72	2.53	2.76	3.13	3.83	4.61	3.79	4.16	5.06
Diluted EPS from Cont Ops	0.48	0.7	0.85	1.06	1.2	1.52	1.72	2.53	2.76	3.13	3.83	4.61	3.79	4.16	5.06
Dividend per Share	- -	0.07	0.08	0.08	0.12	0.15	0.19	0.38	0.45	0.53	0.6	0.69	0.84	1.2	1.34
Cash Flow per Share	0.5	0.84	1.51	1.37	1.48	1.88	2.24	3.16	3.07	3.55	4.91	5.02	3.63	4.64	6.5
Free Cash Flow per Basic Share	0.47	0.73	1.49	1.34	1.38	1.45	1.84	3.12	3.03	3.51	4.74	4.95	3.55	4.56	6.4
Cash & Equivalents per Share	8.89	8.39	10.51	12.48	12.84	19.91	14.68	19.68	24.12	57.54	92.33	26.87	52.49	64.92	40.11
Book Value per Share	1.26	1.89	2.65	3.72	4.55	5.85	7.37	9.41	11.53	13.91	16.8	20.44	23.06	25.93	29.55
Tangible Book Value per Share	3.19	3.94	5.24	7.71	8.43	9.67	11.22	13.16	15.49	18.19	20.99	23.65	26.22	29.43	33.63

ServisFirst Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)