Security National Financial Corporation Financial Ratios — SNFCA

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 (%)	3.09	33.89	12.63	12.42	17.14	13.41	14	18.66	8.4	34.7	19.43	11.18	5.96	11.26	11.4
Return on Assets (%)	0.26	2.98	1.25	1.27	1.77	1.36	1.46	2.13	0.91	3.86	2.55	1.71	1	1.99	2.1
Return on Capital (%)	- -	28.98	13.03	11.15	10.25	6.6	- -	9.51	5.02	14.9	9.41	7.23	4.99	8.89	9.27
Return on Invested Capital (%)	- -	15.85	6.55	5.56	6.06	4.44	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	9.11	4.56	5.55	7.07	6.81	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	9.11	4.56	5.55	7.07	6.81	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-12.18	28.59	60.85	27.3	13.27	3.83	75.67	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	0.77	9.11	4.56	6.1	7.5	6.47	2.72	9.36	4.93	14.84	10.95	8.8	5.12	11.14	11.99
Profit Margin (%)	0.81	7.13	3.52	3.65	4.76	4.01	5.1	7.76	3.85	11.55	8.36	6.57	4.55	8.68	9.31
Net Income to Common Margin (%)	0.81	7.13	3.52	3.65	4.76	4.01	5.1	7.76	3.85	11.55	8.36	6.57	4.55	8.68	9.31
Effective Tax Rate (%)	- -	21.73	22.78	40.14	36.46	38.14	- -	17.17	21.88	22.19	23.71	25.27	11.08	22.09	22.36
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	3.09	33.89	12.63	12.42	17.14	13.41	14	18.66	8.4	34.7	19.43	11.18	5.96	11.26	11.4

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	25	12	18	29	131	152	157	188	218	298	251	162	106	107	98
ST Debt	16	5	- -	- -	90	98	87	133	157	248	161	63	8	11	4
LT Debt	9	7	18	29	41	54	71	54	60	50	90	99	98	96	94
Total Debt/EBITDA	- -	0.56	1.86	2.33	6.61	7.34	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	-1.01	-2.03	-0.15	4.59	5.46	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	0.56	1.86	2.33	6.61	7.34	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-1.01	-2.03	-0.15	4.59	5.46	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	5.7	3.44	4.17	4.45	4.06	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.39	4.9	2.19	3.66	3.63	3.36	-0.15	-0.18	-0.25	-0.19	-0.73	-0.2	-0.23	-0.58	-0.37
EBIT to Interest Expense	- -	5.7	3.44	4.17	4.45	4.06	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	2	4	3	3	4	5	6	7	7	9	7	8	5	4	5
Common Equity/Total Assets	8	9.51	10.23	10.29	10.32	9.98	10.85	11.97	10	12.07	14.2	16.4	17.27	18.09	18.8
Long-Term Debt/Equity (%)	14.08	9.15	20.84	29.89	34.75	40.52	47.53	31.52	30.64	19.01	30.02	33.76	31.26	25.18	22.96
Long-Term Debt/Capital (%)	12.89	10.63	22.42	29.6	18.79	21.73	26.74	17.28	17.17	10.35	19.1	24.62	27.74	25.5	24.03
Long-Term Debt/Total Assets (%)	1.65	1.22	2.96	4.32	4.87	5.64	7.19	5.15	4.52	3.24	5.81	6.76	6.84	6.43	6.03
Total Debt/Equity (%)	40.86	14.92	20.84	29.89	111.29	114.77	105.98	109.14	110.61	112.82	83.83	55.23	33.73	27.95	23.98
Total Debt/Capital (%)	37.43	17.33	22.42	29.6	60.16	61.55	59.63	59.85	61.98	61.44	53.34	40.29	29.93	28.31	25.1
Total Debt/Total Assets (%)	4.78	1.99	2.96	4.32	15.59	15.97	16.03	17.85	16.3	19.23	16.24	11.07	7.38	7.14	6.3
Net Debt to Equity	12.96	-27.04	-22.69	-1.89	77.26	85.36	75.48	26.38	45.58	72.54	39.99	13.92	-6.84	-8.89	-0.97
Net Debt/Capital (%)	15.95	-61.29	-45.92	-2.73	51.18	54.35	51.27	26.48	40.16	50.59	35.28	14.53	-9.48	-14.36	-1.37
EBITDA	- -	21	10	12	20	21	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-1	18	6	11	16	17	-1	-1	-2	-2	-5	-2	-1	-2	-2
Operating Income (Loss)	- -	21	10	12	20	21	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	8	9.51	10.23	10.29	10.32	9.98	10.85	11.97	10	12.07	14.2	16.4	17.27	18.09	18.8
Long-Term Debt/Equity (%)	14.08	9.15	20.84	29.89	34.75	40.52	47.53	31.52	30.64	19.01	30.02	33.76	31.26	25.18	22.96
Long-Term Debt/Capital (%)	12.89	10.63	22.42	29.6	18.79	21.73	26.74	17.28	17.17	10.35	19.1	24.62	27.74	25.5	24.03
Long-Term Debt/Total Assets (%)	1.65	1.22	2.96	4.32	4.87	5.64	7.19	5.15	4.52	3.24	5.81	6.76	6.84	6.43	6.03
Total Debt/Equity (%)	40.86	14.92	20.84	29.89	111.29	114.77	105.98	109.14	110.61	112.82	83.83	55.23	33.73	27.95	23.98
Total Debt/Capital (%)	37.43	17.33	22.42	29.6	60.16	61.55	59.63	59.85	61.98	61.44	53.34	40.29	29.93	28.31	25.1
Total Debt/Total Assets (%)	4.78	1.99	2.96	4.32	15.59	15.97	16.03	17.85	16.3	19.23	16.24	11.07	7.38	7.14	6.3
CFO/Total Liabilities	1.49	4.33	6.9	-2.17	-3.89	4.33	5.32	0.8	-6.64	-10.09	11.59	11.17	4.82	5.15	3.95
CFO/CapEx	8.97	7.42	10.27	-8.2	-7.74	9.96	48.65	5.46	-41.1	-79.49	27.71	81.52	48.54	23.21	26.93
Altman's Z-Score	0.39	0.7	0.56	0.58	0.6	0.58	0.47	0.47	0.38	0.54	0.59	0.55	0.54	0.6	0.56

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	12.5	9.79	8.1	9.15	12.26	15.19	13.5	15.01	14.81	21.95	21.08	17.31	13.53	13.24	13.2
Days Sales Outstanding	29.21	37.28	45.07	39.88	29.77	24.03	27.04	24.31	24.64	16.63	17.32	21.09	26.97	27.56	27.66
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	16	91	60	76	95	101	88	93	106	165	195	162	209	295	223
- Cash & Cash Equivalents	17	33	38	31	40	39	45	142	128	106	131	121	127	141	102
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	25	12	18	29	131	152	157	188	218	298	251	162	106	107	98
Enterprise Value	17	29	28	47	169	187	194	133	-160	62	55	-143	-194	-106	156
Total Capital	67	69	82	98	218	247	264	313	351	485	471	401	353	377	392
Total Debt/Capital (%)	37.43	17.33	22.42	29.6	60.16	61.55	59.63	59.85	61.98	61.44	53.34	40.29	29.93	28.31	25.1
Total Debt / EV	1.5	0.42	0.66	0.61	0.78	0.81	0.81	1.41	-1.36	4.79	4.55	-1.13	-0.54	-1.01	0.63
EV/Sales	0.1	0.12	0.13	0.21	0.6	0.61	0.7	0.47	- -	0.13	0.12	- -	0.44	0.56	0.45
EV/EBITDA	- -	1.33	2.82	3.79	8.51	9.01	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	1.33	2.82	3.79	8.51	9.01	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	1.86	1.12	0.71	- -	- -	4.83	3.49	10.38	- -	- -	0.37	- -	2.42	3.12	3.18
EV/Free Cash Flow to Firm	1.72	1	0.65	- -	- -	4.42	3.44	9.43	- -	- -	0.36	- -	2.38	3	3.08
Diluted Market Cap	16	96	63	79	98	103	90	94	107	169	202	168	214	303	230
Diluted Enterprise Value	24	74	43	77	189	217	202	139	196	361	322	209	193	269	226
EV per Share	0.9	1.49	1.28	2.14	7.34	7.92	8.02	5.37	- -	2.59	2.26	- -	6.08	7.72	6.32
TTM Sales	160	234	215	225	280	304	277	280	283	481	473	391	319	335	345
TTM EBITDA	- -	21	10	12	20	21	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	21	10	12	20	21	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	9	25	39	-11	-25	39	56	13	-70	-123	150	136	58	61	49
TTM Free Cash Flow to Firm	10	28	42	-9	-22	42	57	14	-68	-121	155	138	59	63	51

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	2.07	3.77	1.56	-7.19	-4	2.64	1.99	11.33	-1.45	-1.32	1.35	1.27	3.9	5.07	4.86
EV/EBIT	- -	1.33	2.82	3.79	8.51	9.01	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	17	29	28	47	169	187	194	133	-160	62	55	-143	-194	-106	156
Low Price	0.57	0.67	2.6	2.17	3.23	2.81	3.26	2.95	3.52	3.02	6.34	5.23	5.35	6.19	7.69
EV/Sales	0.1	0.12	0.13	0.21	0.6	0.61	0.7	0.47	- -	0.13	0.12	- -	0.44	0.56	0.45
EV/EBITDA	- -	1.33	2.82	3.79	8.51	9.01	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	12.03	5.45	7.88	9.28	7.09	8.3	6.25	4.28	9.72	2.97	4.92	6.3	14.4	10.12	6.93
Price/Earnings Average	11.87	2.07	11.67	7.2	6.92	7.17	7.37	4.37	8.55	2.21	4.61	6.9	12.06	7.19	7.59
Price/Earnings High	18.27	7.11	25.17	9.57	8.96	9.58	9.75	5.3	10.29	3.2	5.44	8.61	15.61	11.43	10.36
Price/Earnings Low	8.12	0.76	7.45	5.83	5.55	5.44	5.6	3.36	7.66	1.31	3.93	4.98	8.99	5.21	5.91
Price/Book Value	0.37	1.6	0.94	1.1	1.09	1.06	0.83	0.74	0.79	0.88	0.89	0.68	0.84	1.09	0.76
Price/Book Value Average	0.37	0.61	1.4	0.86	1.07	0.92	0.98	0.75	0.7	0.66	0.83	0.74	0.71	0.77	0.83
Price/Book Value High	0.57	2.09	3.02	1.14	1.38	1.23	1.29	0.91	0.84	0.95	0.98	0.92	0.92	1.23	1.13
Price/Book Value Low	0.25	0.22	0.89	0.69	0.85	0.7	0.74	0.58	0.62	0.39	0.71	0.53	0.53	0.56	0.65
Price/Tangible Book Value	0.26	1.19	0.73	0.88	0.92	0.91	0.71	0.63	0.61	0.74	0.82	0.58	0.69	0.8	0.56
Price/Tangible Book Value Average	0.25	0.45	1.08	0.68	0.9	0.79	0.84	0.64	0.53	0.55	0.77	0.63	0.58	0.57	0.61
Price/Tangible Book Value High	0.39	1.56	2.32	0.91	1.17	1.05	1.11	0.78	0.64	0.79	0.9	0.79	0.75	0.9	0.84
Price/Tangible Book Value Low	0.17	0.17	0.69	0.55	0.73	0.6	0.63	0.49	0.48	0.32	0.65	0.45	0.43	0.41	0.48
Price/Sales	0.1	0.39	0.28	0.34	0.34	0.33	0.32	0.33	0.37	0.34	0.41	0.41	0.66	0.88	0.65
Price/Sales Average	0.1	0.15	0.41	0.26	0.33	0.29	0.38	0.34	0.33	0.25	0.39	0.45	0.55	0.62	0.71
Price/Sales High	0.15	0.51	0.89	0.35	0.43	0.38	0.5	0.41	0.4	0.37	0.46	0.57	0.71	0.99	0.96
Price/Sales Low	0.07	0.05	0.26	0.21	0.26	0.22	0.29	0.26	0.29	0.15	0.33	0.33	0.41	0.45	0.55
Price/Cash Flow	2.28	4.06	1.63	-6.12	-3.36	2.85	1.99	13.24	-1.4	-1.27	1.35	1.24	3.87	5.14	4.89
Price/Cash Flow Average	2.25	1.55	2.42	-4.75	-3.29	2.46	2.35	13.51	-1.23	-0.95	1.26	1.36	3.25	3.65	5.36
Price/Cash Flow High	3.46	5.3	5.21	-6.31	-4.25	3.29	3.1	16.41	-1.48	-1.37	1.49	1.7	4.2	5.81	7.31
Price/Cash Flow Low	1.54	0.57	1.54	-3.85	-2.64	1.87	1.78	10.39	-1.1	-0.56	1.07	0.98	2.42	2.64	4.18
Price/Free Cash Flow Average	2.04	1.43	2.31	-5.58	-3.91	2.28	2.35	11.56	-1.27	-0.98	1.26	1.39	3.27	3.6	5.32
Price/Free Cash Flow High	3.14	4.92	4.98	-7.42	-5.06	3.05	3.1	14.04	-1.53	-1.42	1.49	1.74	4.22	5.72	7.27
Price/Free Cash Flow Low	1.4	0.53	1.48	-4.52	-3.14	1.73	1.78	8.89	-1.14	-0.58	1.08	1.01	2.43	2.61	4.15
EV/Sales Average	0.15	0.06	0.32	0.25	0.65	0.66	0.78	0.5	0.65	0.65	0.64	0.56	0.48	0.52	0.69
EV/Sales High	0.2	0.42	0.79	0.34	0.75	0.76	0.9	0.57	0.71	0.77	0.71	0.67	0.64	0.89	0.95
EV/Sales Low	0.12	- -	0.17	0.2	0.59	0.59	0.69	0.42	0.61	0.55	0.58	0.43	0.34	0.35	0.54
EV/EBITDA Average	- -	0.61	6.99	4.6	9.25	9.67	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	4.56	17.41	6.15	10.62	11.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	-0.41	3.73	3.69	8.33	8.65	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	0.61	6.99	4.6	9.25	9.67	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	4.56	17.41	6.15	10.62	11.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	-0.41	3.73	3.69	8.33	8.65	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	0.84	4.77	2.75	3.45	4.12	4.29	3.64	3.76	4.47	6.87	7.95	6.62	8.57	12.03	9.01
High Price	1.28	6.23	8.78	3.56	5.21	4.95	5.68	4.66	4.73	7.4	8.79	9.04	9.29	13.59	13.47
Enterprise Value Average	23	13	69	57	183	201	216	140	183	314	302	218	153	176	240
Enterprise Value High	32	97	171	77	211	230	250	160	202	370	335	262	205	299	329
Enterprise Value Low	18	-9	37	46	165	179	191	118	173	264	275	169	109	118	186

	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	37	39	43	22	23	23	23	24	25	24	25	24	25	26	26
Diluted Weighted Avg Shares	19	20	23	23	24	24	25	25	24	25	25	25	25	25	25
Basic Weighted Avg Shares	19	19	22	22	23	24	24	25	24	24	24	24	24	24	25
Revenue per Share	8.61	12.28	9.9	10.19	12.21	12.9	11.43	11.33	11.95	20.02	19.32	15.97	13.08	13.7	13.97
EBITDA per Share	- -	1.12	0.45	0.56	0.86	0.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	1.12	0.45	0.56	0.86	0.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.07	0.88	0.35	0.37	0.58	0.52	0.58	0.88	0.46	2.31	1.61	1.05	0.6	1.19	1.3
Basic EPS from Cont Ops	0.07	0.88	0.35	0.37	0.58	0.52	0.58	0.88	0.46	2.31	1.61	1.05	0.6	1.19	1.3
Diluted EPS, GAAP	0.07	0.83	0.33	0.36	0.56	0.51	0.57	0.87	0.46	2.26	1.55	1.01	0.58	1.16	1.26
Diluted EPS from Cont Ops	0.07	0.83	0.33	0.36	0.56	0.51	0.57	0.87	0.46	2.26	1.55	1.01	0.58	1.16	1.26
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.37	1.17	1.69	-0.56	-1.22	1.51	1.83	0.28	-3.19	-5.39	5.91	5.33	2.21	2.34	1.84
Free Cash Flow per Basic Share	0.33	1.02	1.52	-0.63	-1.38	1.36	1.79	0.23	-3.27	-5.46	5.7	5.27	2.17	2.24	1.77
Cash & Equivalents per Share	1.3	3.9	2.32	2.62	2.48	2.82	2.12	5.99	20.42	16.67	15.96	19.08	20.88	20.7	6.67
Book Value per Share	2.26	2.98	2.91	3.12	3.78	4.03	4.4	5.1	5.63	7.77	8.98	9.8	10.15	11.04	11.88
Tangible Book Value per Share	3.27	4	3.78	3.92	4.45	4.7	5.14	6	7.37	9.31	9.72	11.5	12.37	15.09	16.13

Security National Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)