TFS Financial Corporation Financial Ratios — TFSL 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 (%)	2.03	2.44	11.09	11.71	11.73	11.96	12.13	10.85	9.71	9.75	9.39	8.62	8.53	8.8	9.73
Return on Assets (%)	0.09	0.1	0.49	0.57	0.6	0.64	0.67	0.61	0.56	0.57	0.56	0.5	0.46	0.47	0.53
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 (%)	6.96	7.94	7.18	4.53	5.93	6.56	6.99	8.33	8.03	11.11	11.35	9.28	5.94	6.28	7.17
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	4.33	4.75	27.73	33.7	37.16	41.43	44.63	40.06	35.75	33.92	34.88	31.61	30.61	33.09	35.68
Profit Margin (%)	3.35	4	18.84	22.46	24.66	27.27	29.75	28.24	28.07	28.19	28.23	25.61	24.67	26.25	28.29
Net Income to Common Margin (%)	3.35	4	18.84	22.46	24.66	27.27	29.75	28.24	28.07	28.19	28.23	25.61	24.67	26.25	28.29
Effective Tax Rate (%)	22.65	15.67	32.06	33.35	33.64	34.17	33.35	29.51	21.5	16.89	19.07	19	19.4	20.66	20.71
Dvd Payout Ratio (%)	- -	- -	- -	7.42	26.85	29.07	31.18	44.06	62.89	66.57	69.92	78.18	77.47	74.07	65.45
Sustainable Growth Rate (%)	2.03	2.44	11.09	10.84	8.58	8.48	8.35	6.07	3.6	3.26	2.82	1.88	1.92	2.28	3.36

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	292	616	821	1,193	2,218	2,768	3,707	3,753	3,936	3,568	3,133	4,823	5,303	4,822	4,901
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	292	616	821	1,193	2,218	2,768	3,707	3,753	3,936	3,568	3,133	4,823	5,303	4,822	4,901
Total Debt/EBITDA	15.03	27.04	38.51	89.82	127.09	142.92	177.5	149.01	171.5	108.7	96.21	178.4	292.77	253.32	212.62
Net Debt/EBITDA	-0.16	13.5	25.09	76.17	118.19	130.98	164.66	138.3	159.51	93.53	81.21	164.73	267	228.95	193.99
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.27	4.14	4.72	5.02	5.22	5.44	5.58	5.74	5.78	5.93	6.1	5.53	5.26	5.38	5.44
Long-Term Debt/Equity (%)	16.44	34.08	43.86	64.87	128.26	166.71	219.36	213.44	231.97	213.39	180.88	261.51	275.17	258.86	258.75
Long-Term Debt/Capital (%)	38.54	56.37	60.66	66.8	77.47	79.76	82.92	82.23	82.39	80.42	78.52	84.67	85.63	83.99	83.76
Long-Term Debt/Total Assets (%)	2.68	5.35	7.28	10.11	17.93	21.45	27.07	26.55	27.07	24.37	22.29	30.55	31.35	28.21	28.07
Total Debt/Equity (%)	16.44	34.08	43.86	64.87	128.26	166.71	219.36	213.44	231.97	213.39	180.88	261.51	275.17	258.86	258.75
Total Debt/Capital (%)	38.54	56.37	60.66	66.8	77.47	79.76	82.92	82.23	82.39	80.42	78.52	84.67	85.63	83.99	83.76
Total Debt/Total Assets (%)	2.68	5.35	7.28	10.11	17.93	21.45	27.07	26.55	27.07	24.37	22.29	30.55	31.35	28.21	28.07
Net Debt to Equity	-0.18	17.02	28.58	55.01	119.28	152.79	203.49	198.1	215.75	183.61	152.69	241.47	250.95	233.96	236.08
Net Debt/Capital (%)	-0.68	39.22	50.12	63.05	76.18	78.32	81.83	81.11	81.32	77.94	75.53	83.6	84.45	82.59	82.47
EBITDA	19	23	21	13	17	19	21	25	23	33	33	27	18	19	23
EBITDA-CapEx	17	15	18	10	12	10	17	17	19	30	31	24	13	16	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	4.27	4.14	4.72	5.02	5.22	5.44	5.58	5.74	5.78	5.93	6.1	5.53	5.26	5.38	5.44
Long-Term Debt/Equity (%)	16.44	34.08	43.86	64.87	128.26	166.71	219.36	213.44	231.97	213.39	180.88	261.51	275.17	258.86	258.75
Long-Term Debt/Capital (%)	38.54	56.37	60.66	66.8	77.47	79.76	82.92	82.23	82.39	80.42	78.52	84.67	85.63	83.99	83.76
Long-Term Debt/Total Assets (%)	2.68	5.35	7.28	10.11	17.93	21.45	27.07	26.55	27.07	24.37	22.29	30.55	31.35	28.21	28.07
Total Debt/Equity (%)	16.44	34.08	43.86	64.87	128.26	166.71	219.36	213.44	231.97	213.39	180.88	261.51	275.17	258.86	258.75
Total Debt/Capital (%)	38.54	56.37	60.66	66.8	77.47	79.76	82.92	82.23	82.39	80.42	78.52	84.67	85.63	83.99	83.76
Total Debt/Total Assets (%)	2.68	5.35	7.28	10.11	17.93	21.45	27.07	26.55	27.07	24.37	22.29	30.55	31.35	28.21	28.07
CFO/Total Liabilities	1.49	1.6	1.5	1.04	0.96	0.76	0.84	0.74	0.8	0.94	0.67	0.28	0.61	0.58	0.53
CFO/CapEx	51.82	21.23	49.95	36.76	18.49	9.31	24.38	11	27.26	37.98	62.2	14.42	17.79	28.92	7.2
Altman's Z-Score	0.25	0.25	0.32	0.35	0.38	0.37	0.32	0.3	0.33	0.29	0.36	0.25	0.22	0.23	0.24

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	7.73	8.1	8.95	9.25	9.14	9.05	8.75	8.16	7.19	7.63	8.47	8.16	6.48	5.35	5.27
Days Sales Outstanding	47.25	45.04	40.78	39.47	39.95	40.35	41.72	44.75	50.76	47.83	43.09	44.72	56.35	68.21	69.23
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	2,442	2,732	3,613	4,281	5,001	5,015	4,471	4,137	4,963	4,052	5,274	3,606	3,279	3,577	3,673
- Cash & Cash Equivalents	295	308	286	181	155	231	268	270	275	498	488	370	467	464	429
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	292	616	821	1,193	2,218	2,768	3,707	3,753	3,936	3,568	3,133	4,823	5,303	4,822	4,901
Enterprise Value	2,423	2,618	3,670	4,724	6,479	7,034	7,373	7,088	8,076	6,669	7,497	7,601	7,608	7,409	8,091
Total Capital	757	1,092	1,353	1,786	2,863	3,470	4,471	4,564	4,777	4,436	3,990	5,697	6,194	5,740	5,851
Total Debt/Capital (%)	38.54	56.37	60.66	66.8	77.47	79.76	82.92	82.23	82.39	80.42	78.52	84.67	85.63	83.99	83.76
Total Debt / EV	0.12	0.24	0.22	0.25	0.34	0.39	0.5	0.53	0.49	0.53	0.42	0.63	0.7	0.65	0.61
EV/Sales	8.7	9.13	12.36	16.11	22.01	23.81	24.68	23.43	28.25	22.57	26.13	26.1	24.94	24.44	25.17
EV/EBITDA	124.87	115	172.2	355.62	371.23	363.15	353.02	281.42	351.87	203.19	230.19	281.17	419.97	389.25	351.03
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	17.87	16.82	26.07	45.64	63.46	82.83	72.88	76.95	78.4	54.75	90.16	195.27	83.86	83.62	98.16
EV/Free Cash Flow to Firm	17.53	16.07	25.55	44.43	60.2	74.8	70.01	70.54	75.63	53.35	88.73	182.6	79.39	80.83	86.19
Diluted Market Cap	2,447	2,737	3,624	4,304	5,041	5,054	4,505	4,162	4,998	4,081	5,310	3,623	3,293	3,590	3,687
Diluted Enterprise Value	2,444	3,045	4,159	5,316	7,103	7,591	7,944	7,646	8,659	7,151	7,955	8,076	8,130	7,948	8,158
EV per Share	8.07	8.69	12.16	15.8	22.35	24.98	26.6	25.72	29.32	24.17	27.09	27.41	27.42	26.63	29.03
TTM Sales	279	287	297	293	294	295	299	302	286	296	287	291	305	303	321
TTM EBITDA	19	23	21	13	17	19	21	25	23	33	33	27	18	19	23
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	136	156	141	104	102	85	101	92	103	122	83	39	91	89	82
TTM Free Cash Flow to Firm	138	163	144	106	108	94	105	100	107	125	84	42	96	92	94

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	17.71	16.8	25.23	40.48	46.84	53.75	42.77	41.42	46.81	32.65	62.84	87.03	34.36	39.16	39.28
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	2,423	2,618	3,670	4,724	6,479	7,034	7,373	7,088	8,076	6,669	7,497	7,601	7,608	7,409	8,091
Low Price	7.56	7.96	8.1	11.25	13.74	15.58	14.68	14.32	14.19	12.65	14.57	12.81	11.05	10.97	11.29
EV/Sales	8.7	9.13	12.36	16.11	22.01	23.81	24.68	23.43	28.25	22.57	26.13	26.1	24.94	24.44	25.17
EV/EBITDA	124.87	115	172.2	355.62	371.23	363.15	353.02	281.42	351.87	203.19	230.19	281.17	419.97	389.25	351.03
Price/Earnings	261.45	238.01	64.56	64.98	68.9	62.25	50.31	48.43	61.85	48.64	65.1	48.36	43.58	44.95	40.39
Price/Earnings Average	304.15	242.45	56.06	58.21	61.04	62.25	52.68	49.57	57.54	56.14	65.23	60.62	48.99	45.36	40.01
Price/Earnings High	355.99	262.15	66.94	67.11	70.74	67.88	62.04	53.63	63.87	74.4	76.99	76.26	55.86	53.3	45.96
Price/Earnings Low	243.12	208.88	43.69	51.05	54.88	54.46	45.79	46.21	48.7	41.88	49.77	47.65	40.74	38.34	34.59
Price/Book Value	5.25	5.73	6.79	7.22	7.75	7.14	5.86	5.1	5.9	4.66	6.15	4.13	3.68	3.89	3.87
Price/Book Value Average	6.11	5.84	5.89	6.47	6.87	7.14	6.13	5.22	5.49	5.38	6.17	5.18	4.14	3.93	3.83
Price/Book Value High	7.15	6.31	7.04	7.46	7.96	7.79	7.22	5.65	6.09	7.13	7.28	6.51	4.72	4.62	4.4
Price/Book Value Low	4.88	5.03	4.59	5.67	6.18	6.25	5.33	4.86	4.65	4.02	4.7	4.07	3.44	3.32	3.31
Price/Tangible Book Value	1.4	1.53	1.95	2.34	2.91	3.04	2.66	2.36	2.94	2.44	3.06	1.96	1.71	1.93	1.95
Price/Tangible Book Value Average	1.63	1.56	1.69	2.1	2.58	3.04	2.78	2.42	2.73	2.81	3.07	2.46	1.92	1.95	1.93
Price/Tangible Book Value High	1.91	1.68	2.02	2.42	2.99	3.31	3.28	2.62	3.03	3.73	3.62	3.1	2.19	2.29	2.22
Price/Tangible Book Value Low	1.3	1.34	1.32	1.84	2.32	2.66	2.42	2.26	2.31	2.1	2.34	1.93	1.6	1.65	1.67
Price/Sales	8.76	9.53	12.16	14.6	16.99	16.98	14.97	13.68	17.36	13.71	18.38	12.38	10.75	11.8	11.43
Price/Sales Average	10.2	9.71	10.56	13.08	15.05	16.98	15.67	14	16.15	15.83	18.42	15.52	12.09	11.91	11.32
Price/Sales High	11.93	10.5	12.61	15.07	17.44	18.51	18.46	15.14	17.93	20.98	21.74	19.53	13.78	13.99	13
Price/Sales Low	8.15	8.36	8.23	11.47	13.53	14.85	13.62	13.05	13.67	11.81	14.05	12.2	10.05	10.07	9.79
Price/Cash Flow	18.01	17.56	25.66	41.36	48.98	59.06	44.2	44.91	48.18	33.27	63.42	92.63	36.15	40.38	44.57
Price/Cash Flow Average	20.95	17.88	22.28	37.06	43.4	59.06	46.28	45.96	44.82	38.4	63.55	116.11	40.64	40.74	44.16
Price/Cash Flow High	24.53	19.34	26.6	42.72	50.29	64.39	54.5	49.72	49.76	50.89	75	146.06	46.33	47.88	50.73
Price/Cash Flow Low	16.75	15.41	17.36	32.49	39.02	51.66	40.23	42.84	37.94	28.65	48.48	91.27	33.79	34.44	38.18
Price/Free Cash Flow Average	20.6	17.11	21.91	36.26	41.49	53.75	44.79	42.39	43.55	37.68	62.97	109.09	38.63	39.52	38.92
Price/Free Cash Flow High	24.11	18.5	26.16	41.81	48.08	58.6	52.74	45.86	48.34	49.94	74.32	137.24	44.05	46.44	44.7
Price/Free Cash Flow Low	16.47	14.74	17.07	31.8	37.31	47.02	38.93	39.52	36.86	28.11	48.04	85.76	32.13	33.41	33.65
EV/Sales Average	10.18	10.78	12.36	16.53	22.06	25.57	27.18	25.51	28.95	26.21	27.63	30.82	27.95	26.28	25.23
EV/Sales High	11.92	11.57	14.41	18.52	24.45	27.1	29.97	26.66	30.73	31.36	30.95	34.82	29.64	28.37	26.91
EV/Sales Low	8.14	9.44	10.03	14.92	20.54	23.44	25.13	24.56	26.47	22.2	23.27	27.5	25.91	24.44	23.7
EV/EBITDA Average	146.24	135.75	172.27	364.88	372.06	389.88	388.86	306.39	360.67	236.05	243.46	331.92	470.52	418.6	351.9
EV/EBITDA High	171.19	145.68	200.83	409.01	412.39	413.29	428.67	320.15	382.83	282.39	272.71	375.06	499.03	451.83	375.38
EV/EBITDA Low	116.86	118.82	139.79	329.35	346.44	357.47	359.51	294.99	329.79	199.85	205	296.16	436.23	389.28	330.52
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	8.13	9.07	11.97	14.32	17.25	17.81	16.13	15.01	18.02	14.69	19.06	13	11.82	12.86	13.18
High Price	11.07	9.99	12.41	14.79	17.71	19.42	19.89	16.62	18.61	22.47	22.54	20.5	15.15	15.25	15
Enterprise Value Average	2,838	3,091	3,672	4,847	6,494	7,552	8,121	7,717	8,277	7,747	7,929	8,974	8,523	7,968	8,111
Enterprise Value High	3,322	3,317	4,281	5,434	7,198	8,005	8,953	8,064	8,786	9,268	8,882	10,140	9,040	8,600	8,652
Enterprise Value Low	2,268	2,705	2,980	4,375	6,046	6,924	7,508	7,430	7,569	6,559	6,676	8,007	7,902	7,410	7,618

	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	309	309	309	302	291	284	281	280	280	280	281	281	278	281	281
Diluted Weighted Avg Shares	301	302	303	301	292	284	279	277	277	278	279	279	279	279	280
Basic Weighted Avg Shares	300	301	302	299	290	282	277	276	275	276	277	277	277	278	279
Revenue per Share	0.93	0.95	0.98	0.98	1.02	1.05	1.08	1.1	1.04	1.07	1.04	1.05	1.1	1.09	1.15
EBITDA per Share	0.06	0.08	0.07	0.04	0.06	0.07	0.08	0.09	0.08	0.12	0.12	0.1	0.07	0.07	0.08
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.03	0.04	0.19	0.22	0.25	0.29	0.32	0.31	0.29	0.3	0.29	0.27	0.27	0.29	0.33
Basic EPS from Cont Ops	0.03	0.04	0.19	0.22	0.25	0.29	0.32	0.31	0.29	0.3	0.29	0.27	0.27	0.29	0.33
Diluted EPS, GAAP	0.03	0.04	0.18	0.22	0.25	0.28	0.32	0.31	0.29	0.3	0.29	0.27	0.27	0.29	0.33
Diluted EPS from Cont Ops	0.03	0.04	0.18	0.22	0.25	0.28	0.32	0.31	0.29	0.3	0.29	0.27	0.27	0.29	0.33
Dividend per Share	- -	- -	- -	0.02	0.07	0.08	0.1	0.14	0.18	0.2	0.2	0.21	0.21	0.21	0.21
Cash Flow per Share	0.45	0.52	0.47	0.35	0.35	0.3	0.36	0.33	0.37	0.44	0.3	0.14	0.33	0.32	0.3
Free Cash Flow per Basic Share	0.44	0.49	0.46	0.34	0.33	0.27	0.35	0.3	0.36	0.43	0.3	0.13	0.31	0.31	0.25
Cash & Equivalents per Share	1.03	2.42	2.53	2.51	2.55	2.66	2.91	2.91	2.99	3.45	3.29	2.98	3.51	3.56	1.73
Book Value per Share	1.55	1.58	1.76	1.98	2.23	2.49	2.75	2.94	3.05	3.15	3.1	3.15	3.21	3.3	3.41
Tangible Book Value per Share	5.81	5.93	6.15	6.11	5.93	5.87	6.07	6.35	6.13	6.03	6.23	6.62	6.92	6.67	6.76

TFS Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)