Shore Bancshares, Inc. Financial Ratios — SHBI 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 (%)	-0.98	-11.2	-12.62	6.82	8.89	11.06	11.8	22.67	12.84	11.53	10.54	19.37	6.71	24.86	28.04
Return on Assets (%)	-0.08	-0.82	-0.86	0.47	0.64	0.84	0.88	1.74	1.06	0.9	0.57	0.9	0.24	0.72	0.95
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 (%)	4.19	5.39	4.79	4.7	4.84	4.51	3.09	3.88	3.98	3.91	3.98	4.71	6.85	7.95	6.81
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-2.79	-32.96	-32.32	16.48	22.89	29.25	33.66	35.76	36.4	33.23	27.28	33.88	8.88	29.11	34.95
Profit Margin (%)	-1.61	-19.6	-19.3	10.26	14.13	17.73	21.11	42.27	26.93	24.83	19.8	25.06	7.03	21.76	26.44
Net Income to Common Margin (%)	-1.61	-19.6	-19.3	10.26	14.13	17.73	21.11	42.27	26.93	24.83	19.8	25.06	7.03	21.76	26.44
Effective Tax Rate (%)	- -	- -	- -	37.73	38.28	39.38	48.63	25.45	25.62	25.26	27.44	26.02	20.84	25.24	24.35
Dvd Payout Ratio (%)	-84.73	-0.88	- -	- -	7.12	18.38	30.24	25.88	32.84	37.83	42.99	30.57	113.4	36.49	27.05
Sustainable Growth Rate (%)	-1.81	-11.3	-12.62	6.82	8.26	9.03	8.23	16.81	8.63	7.17	6.01	13.45	-0.9	15.79	20.46

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	18	14	10	5	7	3	22	76	21	29	64	93	86	136	100
ST Debt	18	14	10	5	7	3	22	61	1	- -	- -	40	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	15	20	29	64	53	86	136	100
Total Debt/EBITDA	7.81	5.2	4.24	2.08	2.74	1.31	13.18	33	8.78	11.83	20.89	15.86	7.82	8.45	6.53
Net Debt/EBITDA	-44.63	-67.1	-50.37	-38	-25.73	-29.7	-6.12	3.74	-32.91	-65.63	-171.98	4.7	-27.4	-20.96	-17.38
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.85	6.84	6.79	6.96	7.33	7.85	7.16	8.14	8.44	7.31	4.34	4.94	2.71	3.06	3.74
Long-Term Debt/Equity (%)	0.38	- -	- -	- -	- -	- -	- -	8.19	10.27	15.03	18.38	14.54	16.73	25.05	16.97
Long-Term Debt/Capital (%)	0.42	- -	- -	- -	- -	- -	- -	7.63	12.97	17.17	30.04	20.01	34.47	41.58	29.97
Long-Term Debt/Total Assets (%)	0.04	- -	- -	- -	- -	- -	- -	1.01	1.27	1.52	1.86	1.52	1.42	2.18	1.6
Total Debt/Equity (%)	15.07	12.07	9.82	3.42	4.54	2.08	13.27	41.39	10.9	15.03	18.38	25.52	16.73	25.05	16.97
Total Debt/Capital (%)	16.74	14.5	12.42	5.9	7.42	3.4	17.88	38.58	13.78	17.17	30.04	35.11	34.47	41.58	29.97
Total Debt/Total Assets (%)	1.58	1.16	0.96	0.44	0.59	0.28	1.56	5.11	1.35	1.52	1.86	2.67	1.42	2.18	1.6
Net Debt to Equity	-86.18	-155.83	-116.63	-62.55	-42.62	-47.14	-6.16	4.69	-40.84	-83.32	-151.33	7.57	-58.64	-62.12	-45.18
Net Debt/Capital (%)	768.08	184.09	246.12	781.56	-304.15	-396.25	-11.24	6.64	-136.72	997.41	143.83	13.17	241.21	251.24	1,235.76
EBITDA	2	3	2	2	2	2	2	2	2	2	3	6	11	16	15
EBITDA-CapEx	1	- -	2	- -	1	2	- -	1	- -	- -	- -	3	5	11	12
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	7.85	6.84	6.79	6.96	7.33	7.85	7.16	8.14	8.44	7.31	4.34	4.94	2.71	3.06	3.74
Long-Term Debt/Equity (%)	0.38	- -	- -	- -	- -	- -	- -	8.19	10.27	15.03	18.38	14.54	16.73	25.05	16.97
Long-Term Debt/Capital (%)	0.42	- -	- -	- -	- -	- -	- -	7.63	12.97	17.17	30.04	20.01	34.47	41.58	29.97
Long-Term Debt/Total Assets (%)	0.04	- -	- -	- -	- -	- -	- -	1.01	1.27	1.52	1.86	1.52	1.42	2.18	1.6
Total Debt/Equity (%)	15.07	12.07	9.82	3.42	4.54	2.08	13.27	41.39	10.9	15.03	18.38	25.52	16.73	25.05	16.97
Total Debt/Capital (%)	16.74	14.5	12.42	5.9	7.42	3.4	17.88	38.58	13.78	17.17	30.04	35.11	34.47	41.58	29.97
Total Debt/Total Assets (%)	1.58	1.16	0.96	0.44	0.59	0.28	1.56	5.11	1.35	1.52	1.86	2.67	1.42	2.18	1.6
CFO/Total Liabilities	2.11	2	2.09	1.37	1.53	1.89	1.59	1.41	1.01	1.06	-0.24	1.69	0.41	0.82	1.1
CFO/CapEx	18.03	9.71	36.42	6.35	9.96	27.21	15.51	16.15	6.12	7.76	-2.17	21.8	3.81	8.98	19.69
Altman's Z-Score	0.19	0.16	0.19	0.21	0.23	0.27	0.24	0.24	0.26	0.2	0.14	0.17	0.11	0.13	0.15

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	23.21	11.31	15.49	18.85	19.65	21.18	17.26	17.25	17.69	12.58	11.64	15.45	11.16	10.4	11.81
Days Sales Outstanding	15.72	32.27	23.57	19.37	18.57	17.23	21.15	21.15	20.63	29.01	31.35	23.63	32.69	35.1	30.91
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	44	46	78	102	137	193	212	185	221	181	274	346	380	527	590
- Cash & Cash Equivalents	123	191	131	93	69	76	32	67	95	187	584	55	372	460	356
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	18	14	10	5	7	3	22	76	21	29	64	93	86	136	100
Enterprise Value	-191	-278	-190	-222	-137	-44	5	39	24	-116	-363	300	-18	54	115
Total Capital	109	95	82	81	90	94	122	197	153	171	215	265	248	326	334
Total Debt/Capital (%)	16.74	14.5	12.42	5.9	7.42	3.4	17.88	38.58	13.78	17.17	30.04	35.11	34.47	41.58	29.97
Total Debt / EV	-0.1	-0.05	-0.05	-0.02	-0.05	-0.07	4.58	1.93	0.87	-0.25	-0.18	0.31	-4.89	2.52	0.87
EV/Sales	- -	- -	- -	- -	- -	- -	0.09	0.67	0.4	- -	- -	2.41	- -	0.27	0.51
EV/EBITDA	- -	- -	- -	- -	- -	- -	2.88	17.14	10.1	- -	- -	51.16	- -	3.35	7.47
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	0.24	2.15	1.76	- -	- -	5.7	- -	1.15	1.84
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	0.23	2.03	1.51	- -	- -	5.45	- -	1.03	1.75
Diluted Market Cap	44	46	78	102	138	193	212	185	221	181	274	346	380	528	591
Diluted Enterprise Value	-61	-132	-42	14	75	120	202	194	147	23	-246	383	93	203	335
EV per Share	- -	- -	- -	- -	- -	- -	0.37	3.09	1.9	- -	- -	15.11	- -	1.62	3.43
TTM Sales	56	49	50	49	50	54	53	59	60	63	78	124	160	202	225
TTM EBITDA	2	3	2	2	2	2	2	2	2	2	3	6	11	16	15
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	22	21	20	13	15	19	20	18	14	18	-8	53	23	47	62
TTM Free Cash Flow to Firm	23	24	20	15	17	20	21	19	16	21	-4	55	29	52	66

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	1.88	1.93	3.83	6.71	8.27	9.8	10.22	9.54	13.82	8.69	-67.49	6.28	13.25	10.12	9.01
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-191	-278	-190	-222	-137	-44	5	39	24	-116	-363	300	-18	54	115
Low Price	3.95	4.65	5.2	8.57	8.51	10.23	14.64	12.95	14	7.63	12.99	17.04	9.66	10.06	11.47
EV/Sales	- -	- -	- -	- -	- -	- -	0.09	0.67	0.4	- -	- -	2.41	- -	0.27	0.51
EV/EBITDA	- -	- -	- -	- -	- -	- -	2.88	17.14	10.1	- -	- -	51.16	- -	3.35	7.47
Price/Earnings	- -	- -	- -	20.24	19.33	20.02	18.81	7.41	13.64	11.49	17.8	11.1	33.84	12.01	9.92
Price/Earnings Average	-69.03	-5.14	-6.71	20.02	16.98	15.91	18.79	9.14	12.36	9.28	14.74	12.41	30.87	9.82	8.76
Price/Earnings High	-104.67	-6.54	-8.3	22.73	19.54	22.18	20.82	10.24	14.06	13.82	19.8	13.63	43.1	13.35	10.79
Price/Earnings Low	-37.21	-4.08	-4.57	18.57	15.12	13.43	16.49	6.6	11	6.01	11.09	10.85	22.94	7.63	6.44
Price/Book Value	0.48	0.56	1.09	1.33	1.65	2.12	2.12	1.53	1.68	1.28	1.82	2.01	2.34	2.77	2.52
Price/Book Value Average	0.68	0.61	0.9	1.32	1.45	1.68	2.12	1.89	1.52	1.03	1.51	2.25	2.13	2.26	2.23
Price/Book Value High	1.03	0.78	1.12	1.5	1.67	2.35	2.35	2.12	1.73	1.54	2.03	2.47	2.98	3.08	2.74
Price/Book Value Low	0.37	0.48	0.62	1.22	1.29	1.42	1.86	1.37	1.35	0.67	1.13	1.97	1.58	1.76	1.64
Price/Tangible Book Value	0.42	0.47	0.89	0.8	1.03	1.37	1.49	1.14	1.28	1.03	0.99	1.19	0.96	1.2	1.19
Price/Tangible Book Value Average	0.59	0.51	0.74	0.79	0.9	1.09	1.48	1.4	1.16	0.83	0.82	1.33	0.88	0.98	1.05
Price/Tangible Book Value High	0.9	0.64	0.92	0.9	1.04	1.51	1.65	1.57	1.32	1.24	1.1	1.46	1.23	1.33	1.29
Price/Tangible Book Value Low	0.32	0.4	0.5	0.74	0.8	0.92	1.3	1.01	1.03	0.54	0.62	1.17	0.65	0.76	0.77
Price/Sales	0.78	0.93	1.56	2.08	2.73	3.55	3.97	3.13	3.67	2.85	3.52	2.78	2.38	2.61	2.62
Price/Sales Average	1.11	1.01	1.29	2.05	2.4	2.82	3.96	3.86	3.33	2.31	2.92	3.11	2.17	2.14	2.32
Price/Sales High	1.68	1.28	1.6	2.33	2.76	3.93	4.39	4.33	3.79	3.43	3.92	3.42	3.03	2.9	2.85
Price/Sales Low	0.6	0.8	0.88	1.91	2.14	2.38	3.48	2.79	2.96	1.49	2.2	2.72	1.61	1.66	1.7
Price/Cash Flow	1.99	2.13	3.93	7.76	9.09	10.14	10.85	10.12	16.07	9.81	-36.46	6.57	16.73	11.25	9.46
Price/Cash Flow Average	2.82	2.32	3.26	7.67	7.98	8.06	10.84	12.48	14.57	7.92	-30.2	7.35	15.26	9.19	8.36
Price/Cash Flow High	4.28	2.95	4.03	8.71	9.19	11.24	12.01	13.99	16.57	11.8	-40.55	8.07	21.3	12.49	10.29
Price/Cash Flow Low	1.52	1.84	2.22	7.12	7.11	6.8	9.51	9.02	12.96	5.13	-22.71	6.42	11.34	7.14	6.14
Price/Free Cash Flow Average	2.68	2.1	3.17	6.64	7.26	7.79	10.21	11.77	12.53	7.02	-55.9	7.02	12.09	8.28	7.96
Price/Free Cash Flow High	4.06	2.67	3.92	7.53	8.36	10.86	11.32	13.19	14.25	10.45	-75.06	7.72	16.88	11.25	9.79
Price/Free Cash Flow Low	1.44	1.67	2.16	6.15	6.47	6.57	8.96	8.5	11.15	4.54	-42.05	6.14	8.98	6.43	5.84
EV/Sales Average	- -	- -	- -	0.27	1.15	1.48	3.78	4.01	2.1	- -	- -	3.41	0.37	0.53	1.18
EV/Sales High	- -	- -	- -	0.55	1.52	2.6	4.21	4.47	2.56	0.94	- -	3.72	1.23	1.3	1.72
EV/Sales Low	- -	- -	- -	0.12	0.89	1.04	3.29	2.94	1.73	- -	- -	3.02	- -	0.05	0.57
EV/EBITDA Average	-18.19	-48.38	-23.36	5.73	23.86	32.91	122.19	103.15	52.79	-4.68	-94.81	72.38	5.46	6.66	17.35
EV/EBITDA High	-4.53	-43.31	-16.94	11.66	31.34	57.61	136.09	115.16	64.28	24.14	-69.64	78.9	18.01	16.31	25.2
EV/EBITDA Low	-30.38	-52.25	-31.98	2.57	18.42	23.15	106.48	75.56	43.54	-25.51	-113	64.1	-2.68	0.65	8.32
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	5.15	5.39	9.22	9.34	10.88	15.25	16.7	14.54	17.36	14.6	20.85	17.43	14.25	15.85	17.68
High Price	11.11	7.45	9.45	10.49	11	16.9	18.49	20.09	17.9	17.56	23.19	21.41	18.15	17.61	19.22
Enterprise Value Average	-43	-128	-56	13	58	81	201	237	126	-12	-293	424	60	107	266
Enterprise Value High	-11	-115	-41	27	76	141	224	265	154	60	-215	462	197	262	386
Enterprise Value Low	-71	-138	-76	6	45	57	176	174	104	-63	-349	376	-29	10	128

	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	8	8	8	13	13	13	13	13	13	12	20	20	33	33	33
Diluted Weighted Avg Shares	8	8	8	11	13	13	13	13	13	12	13	20	27	33	33
Basic Weighted Avg Shares	8	8	8	11	13	13	13	13	13	12	13	20	27	33	33
Revenue per Share	6.6	5.81	5.9	4.5	3.98	4.3	4.21	4.64	4.73	5.12	5.92	6.27	5.99	6.06	6.74
EBITDA per Share	0.28	0.31	0.28	0.21	0.19	0.19	0.13	0.18	0.19	0.2	0.24	0.3	0.41	0.48	0.46
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.11	-1.14	-1.14	0.46	0.56	0.76	0.89	1.96	1.27	1.27	1.17	1.57	0.42	1.32	1.78
Basic EPS from Cont Ops	-0.11	-1.14	-1.14	0.46	0.56	0.76	0.73	1.24	1.28	1.27	1.17	1.57	0.42	1.32	1.78
Diluted EPS, GAAP	-0.11	-1.14	-1.14	0.46	0.56	0.76	0.89	1.96	1.27	1.27	1.17	1.57	0.42	1.32	1.78
Diluted EPS from Cont Ops	-0.11	-1.14	-1.14	0.46	0.56	0.76	0.73	1.24	1.28	1.27	1.17	1.57	0.42	1.32	1.78
Dividend per Share	0.09	0.01	- -	- -	0.04	0.14	0.22	0.32	0.42	0.48	0.5	0.48	0.48	0.48	0.48
Cash Flow per Share	2.59	2.53	2.35	1.2	1.2	1.5	1.54	1.44	1.08	1.49	-0.57	2.65	0.85	1.41	1.87
Free Cash Flow per Basic Share	2.45	2.27	2.28	1.01	1.08	1.45	1.44	1.35	0.9	1.3	-0.83	2.53	0.63	1.25	1.77
Cash & Equivalents per Share	29.88	39.84	32.82	30.04	22.29	18.96	18.04	17.4	17.11	26.37	53.4	7.01	18.11	18.31	17.25
Book Value per Share	10.75	9.6	8.45	7	6.59	7.2	7.87	9.47	10.34	11.42	11.45	8.66	6.1	5.73	7
Tangible Book Value per Share	12.38	11.56	10.32	11.62	10.6	11.17	11.24	12.78	13.6	14.2	21.01	14.62	14.77	13.21	14.88

Shore Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)