First Financial Corporation Financial Ratios — THFF 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 (%)	12.09	9.94	9.02	9.14	7.77	9.36	6.89	10.58	10.26	10.59	9.77	12.07	9.46	6.98	11.05
Return on Assets (%)	1.38	1.12	1.07	1.12	1.01	1.29	0.97	1.55	1.39	1.25	1.09	1.4	1.23	0.91	1.4
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 (%)	2.94	3.44	3.71	4.02	3.82	3.27	3.08	2.69	2.84	3.23	3.32	2.89	3.11	4.57	4.67
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	38.93	31.41	30.67	32.27	28.25	38.38	34.6	37.3	35.86	34.71	35.37	41.44	34.53	26.25	37.7
Profit Margin (%)	28.06	22.1	21.35	22.72	21.02	25.29	20.26	30.1	28.73	28.52	28.57	33.58	28.9	21.71	30.25
Net Income to Common Margin (%)	28.06	22.1	21.35	22.72	21.02	25.29	20.26	30.1	28.73	28.52	28.57	33.58	28.9	21.71	30.25
Effective Tax Rate (%)	27.91	29.63	30.39	29.58	25.6	34.11	41.45	19.31	19.88	17.84	19.24	18.97	16.31	17.28	19.76
Dvd Payout Ratio (%)	32.88	37.87	40.48	38.34	41.83	32.17	104.89	26.83	25.88	26.51	26.76	20.33	25.35	44.95	30.51
Sustainable Growth Rate (%)	8.12	6.18	5.37	5.64	4.52	6.35	-0.34	7.74	7.61	7.78	7.16	9.62	7.06	3.84	7.68

Credit (USD)

API Chat

	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	246	120	58	13	13	81	58	- -	31	6	16	10	109	28	188
ST Debt	100	- -	- -	- -	- -	81	58	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	146	120	58	13	13	- -	- -	- -	31	6	16	10	109	28	188
Total Debt/EBITDA	63.24	23.45	10.63	2.16	2.31	16.33	13.03	- -	6.42	0.96	2.59	1.57	16.63	2.83	15.4
Net Debt/EBITDA	28.78	6.36	-2.32	-10.91	-13.85	1.23	-3.71	-17.86	-19.99	-106.96	-109.21	-34.84	4.87	-6.58	4.73
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.83	11.75	11.89	12.65	13.34	14.18	14.07	15.24	12.28	11.47	10.84	12.36	13.72	12.4	12.92
Long-Term Debt/Equity (%)	42.2	32.17	15.09	3.27	3.09	0.03	- -	- -	5.55	0.98	2.74	2.02	20.56	5.12	28.92
Long-Term Debt/Capital (%)	25.85	26.03	13.97	3.28	3.09	0.03	- -	- -	5.9	1.11	2.76	1.53	14.02	3.92	20.19
Long-Term Debt/Total Assets (%)	4.96	4.13	1.93	0.43	0.43	- -	- -	- -	0.77	0.13	0.31	0.19	2.24	0.51	3.27
Total Debt/Equity (%)	71.03	32.17	15.09	3.27	3.09	19.58	13.95	- -	5.55	0.98	2.74	2.02	20.56	5.12	28.92
Total Debt/Capital (%)	43.51	26.03	13.97	3.28	3.09	16.07	12.02	- -	5.9	1.11	2.76	1.53	14.02	3.92	20.19
Total Debt/Total Assets (%)	8.34	4.13	1.93	0.43	0.43	2.71	1.92	- -	0.77	0.13	0.31	0.19	2.24	0.51	3.27
Net Debt to Equity	32.33	8.73	-3.3	-16.54	-18.53	1.47	-3.97	-16.8	-17.3	-109.15	-115.37	-44.8	6.03	-11.91	8.89
Net Debt/Capital (%)	25.96	8.72	-3.68	-20.73	-23.65	1.42	-4.05	-19.36	-24.26	507.09	605.8	-52.72	4.56	-10.48	7.21
EBITDA	4	5	5	6	5	5	4	4	5	6	6	6	7	10	12
EBITDA-CapEx	2	-6	3	1	2	2	1	2	4	2	2	5	- -	4	8
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API Chat

	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	10.83	11.75	11.89	12.65	13.34	14.18	14.07	15.24	12.28	11.47	10.84	12.36	13.72	12.4	12.92
Long-Term Debt/Equity (%)	42.2	32.17	15.09	3.27	3.09	0.03	- -	- -	5.55	0.98	2.74	2.02	20.56	5.12	28.92
Long-Term Debt/Capital (%)	25.85	26.03	13.97	3.28	3.09	0.03	- -	- -	5.9	1.11	2.76	1.53	14.02	3.92	20.19
Long-Term Debt/Total Assets (%)	4.96	4.13	1.93	0.43	0.43	- -	- -	- -	0.77	0.13	0.31	0.19	2.24	0.51	3.27
Total Debt/Equity (%)	71.03	32.17	15.09	3.27	3.09	19.58	13.95	- -	5.55	0.98	2.74	2.02	20.56	5.12	28.92
Total Debt/Capital (%)	43.51	26.03	13.97	3.28	3.09	16.07	12.02	- -	5.9	1.11	2.76	1.53	14.02	3.92	20.19
Total Debt/Total Assets (%)	8.34	4.13	1.93	0.43	0.43	2.71	1.92	- -	0.77	0.13	0.31	0.19	2.24	0.51	3.27
CFO/Total Liabilities	1.66	2.16	2.38	2.22	1.61	1.6	1.94	2.24	1.44	1.95	1.2	1.75	1.99	1.2	1.77
CFO/CapEx	29.3	4.94	24.86	10.92	11.8	13.51	16.83	28.54	45.24	19.81	14.36	55.25	13.16	9.88	22.7
Altman's Z-Score	0.3	0.31	0.33	0.34	0.34	0.4	0.38	0.38	0.32	0.29	0.27	0.29	0.31	0.28	0.31

Working Capital (USD)

API Chat

	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	10.97	11.89	12.53	12.84	12.32	12.64	11.4	11.52	10.47	10.64	10.94	11.08	9.1	8.41	9.57
Days Sales Outstanding	33.26	30.7	29.13	28.42	29.63	28.89	32.01	31.7	34.86	34.29	33.36	32.95	40.13	43.42	38.12
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)

API Chat

	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	438	400	487	471	436	650	554	492	588	533	597	563	514	546	716
- Cash & Cash Equivalents	134	87	71	78	89	75	74	74	127	657	688	223	77	94	130
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	246	120	58	13	13	81	58	- -	31	6	16	10	109	28	188
Enterprise Value	-116	-258	-441	-491	-531	-197	-277	-367	-435	-1,139	-1,434	-981	-714	-716	79
Total Capital	566	460	417	393	410	505	480	459	525	529	577	626	774	718	932
Total Debt/Capital (%)	43.51	26.03	13.97	3.28	3.09	16.07	12.02	- -	5.9	1.11	2.76	1.53	14.02	3.92	20.19
Total Debt / EV	-2.12	-0.46	-0.13	-0.03	-0.02	-0.41	-0.21	- -	-0.07	-0.01	-0.01	-0.01	-0.15	-0.04	2.38
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.3
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.46
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.87
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.84
Diluted Market Cap	438	400	487	471	436	650	554	492	588	533	597	563	514	546	716
Diluted Enterprise Value	550	433	474	406	360	656	538	418	492	-119	-75	350	545	480	774
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.66
TTM Sales	133	148	148	149	144	152	144	155	170	189	185	212	210	218	262
TTM EBITDA	4	5	5	6	5	5	4	4	5	6	6	6	7	10	12
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	43	55	63	58	41	41	50	57	50	77	55	79	86	60	90
TTM Free Cash Flow to Firm	45	66	65	63	45	44	53	59	51	81	59	80	93	66	94

Multiples (USD)

API Chat

	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	9.8	6.1	7.46	7.46	9.74	14.7	10.44	8.28	11.53	6.55	10.14	7.01	5.55	8.21	7.59
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-116	-258	-441	-491	-531	-197	-277	-367	-435	-1,139	-1,434	-981	-714	-716	79
Low Price	26.05	27.07	28.61	30.49	31.53	31.15	39.55	38.03	37.41	27.62	37.7	41.5	31	34.58	42.05
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.3
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.46
Price/Earnings	11.78	12.2	15.43	13.95	14.44	16.93	19.03	10.56	12.04	9.9	11.27	7.91	8.47	11.54	9.04
Price/Earnings Average	11.18	12.41	13.48	12.83	14.59	12.24	19.73	12.14	11.08	9.2	10.64	7.84	7.39	10.28	7.99
Price/Earnings High	12.73	15.05	15.62	14.24	16.03	17.15	22.37	13.96	12.35	11.7	11.7	8.57	9.13	12.96	9.84
Price/Earnings Low	9.22	10.92	12.08	11.94	13.4	9.99	16.6	10.01	9.85	7.04	9.38	7.13	6.1	8.64	6.29
Price/Book Value	1.37	1.18	1.36	1.24	1.1	1.54	1.31	1.07	1.19	1.02	1.06	0.91	0.77	0.79	0.96
Price/Book Value Average	1.3	1.2	1.18	1.14	1.11	1.11	1.36	1.23	1.1	0.95	1	0.9	0.67	0.7	0.85
Price/Book Value High	1.48	1.45	1.37	1.27	1.22	1.56	1.54	1.42	1.22	1.2	1.1	0.99	0.83	0.89	1.05
Price/Book Value Low	1.07	1.05	1.06	1.06	1.02	0.91	1.15	1.02	0.97	0.72	0.89	0.82	0.56	0.59	0.67
Price/Tangible Book Value	1.44	1.21	1.42	1.34	1.19	1.72	1.47	1.21	1.26	1.05	1.22	1.47	1.18	1.28	1.33
Price/Tangible Book Value Average	1.36	1.23	1.24	1.24	1.2	1.24	1.52	1.39	1.16	0.98	1.15	1.46	1.03	1.14	1.18
Price/Tangible Book Value High	1.55	1.49	1.44	1.37	1.32	1.74	1.73	1.6	1.29	1.24	1.27	1.6	1.27	1.43	1.45
Price/Tangible Book Value Low	1.12	1.08	1.11	1.15	1.1	1.02	1.28	1.14	1.03	0.75	1.02	1.33	0.85	0.96	0.93
Price/Sales	3.31	2.7	3.29	3.17	3.03	4.28	3.86	3.18	3.46	2.82	3.22	2.66	2.45	2.51	2.73
Price/Sales Average	3.14	2.74	2.88	2.92	3.07	3.1	4	3.65	3.18	2.62	3.04	2.63	2.13	2.23	2.42
Price/Sales High	3.57	3.33	3.33	3.23	3.37	4.34	4.53	4.2	3.55	3.34	3.34	2.88	2.64	2.81	2.98
Price/Sales Low	2.59	2.41	2.58	2.71	2.82	2.53	3.36	3.01	2.83	2.01	2.68	2.39	1.76	1.88	1.9
Price/Cash Flow	10.13	7.34	7.76	8.14	10.57	15.79	11.06	8.57	11.79	6.88	10.85	7.14	5.97	9.04	7.92
Price/Cash Flow Average	9.62	7.46	6.78	7.49	10.68	11.42	11.46	9.85	10.85	6.4	10.24	7.07	5.21	8.05	7
Price/Cash Flow High	10.95	9.05	7.85	8.31	11.73	15.99	13	11.32	12.1	8.13	11.26	7.73	6.44	10.15	8.62
Price/Cash Flow Low	7.93	6.57	6.07	6.97	9.81	9.31	9.64	8.11	9.64	4.89	9.03	6.43	4.3	6.77	5.51
Price/Free Cash Flow Average	9.3	6.21	6.52	6.86	9.84	10.63	10.82	9.51	10.62	6.09	9.57	6.95	4.84	7.31	6.7
Price/Free Cash Flow High	10.59	7.52	7.55	7.61	10.82	14.89	12.27	10.93	11.84	7.74	10.52	7.6	5.98	9.22	8.26
Price/Free Cash Flow Low	7.67	5.46	5.84	6.39	9.04	8.67	9.1	7.84	9.44	4.66	8.44	6.32	3.99	6.14	5.28
EV/Sales Average	3.99	2.96	2.79	2.48	2.54	3.14	3.88	3.17	2.62	- -	- -	1.63	2.29	1.93	2.64
EV/Sales High	4.42	3.55	3.25	2.8	2.84	4.38	4.42	3.72	2.98	- -	- -	1.87	2.79	2.51	3.2
EV/Sales Low	3.43	2.63	2.49	2.27	2.29	2.57	3.25	2.53	2.26	- -	- -	1.39	1.91	1.58	2.12
EV/EBITDA Average	135.53	86.15	75.22	61.6	66.38	95.89	126.13	117.96	92.24	-25.66	-17.61	56.34	73.52	42.28	56.51
EV/EBITDA High	150.31	103.1	87.51	69.52	74.32	133.85	143.51	138.28	105.12	-3.57	-8.48	64.87	89.75	55.03	68.54
EV/EBITDA Low	116.77	76.57	67.14	56.56	59.87	78.46	105.53	94.07	79.74	-44.78	-28.41	48.08	61.54	34.49	45.52
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	33.28	30.24	36.56	35.62	33.97	52.8	45.35	40.15	45.72	38.85	45.29	46.08	43.03	46.19	60.42
High Price	35.98	37.3	37	36.35	37.71	53.49	53.3	53.05	46.93	45.92	47	49.9	46.43	51.87	65.79
Enterprise Value Average	528	440	412	368	364	476	558	491	445	-156	-108	344	480	420	691
Enterprise Value High	586	526	480	416	408	665	635	576	507	-22	-52	396	586	547	838
Enterprise Value Low	455	391	368	338	329	390	467	392	385	-273	-175	294	402	343	556

	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	13	13	13	13	13	12	12	12	14	14	13	12	12	12	12
Diluted Weighted Avg Shares	13	13	13	13	13	12	12	12	13	14	13	12	12	12	12
Basic Weighted Avg Shares	13	13	13	13	13	12	12	12	13	14	13	12	12	12	12
Revenue per Share	10.07	11.21	11.1	11.24	11.19	12.33	11.76	12.63	13.22	13.77	14.06	17.34	17.59	18.44	22.09
EBITDA per Share	0.3	0.39	0.41	0.45	0.43	0.4	0.36	0.34	0.38	0.44	0.47	0.5	0.55	0.84	1.03
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.83	2.48	2.37	2.55	2.35	3.12	2.38	3.8	3.8	3.93	4.02	5.82	5.08	4	6.68
Basic EPS from Cont Ops	2.83	2.48	2.37	2.55	2.35	3.12	2.38	3.8	3.8	3.93	4.02	5.82	5.08	4	6.68
Diluted EPS, GAAP	2.83	2.48	2.37	2.55	2.35	3.12	2.38	3.8	3.8	3.93	4.02	5.82	5.08	4	6.68
Diluted EPS from Cont Ops	2.83	2.48	2.37	2.55	2.35	3.12	2.38	3.8	3.8	3.93	4.02	5.82	5.08	4	6.68
Dividend per Share	0.93	0.94	0.96	0.98	0.98	1	2.5	1.02	0.98	1.04	1.08	1.18	1.29	1.8	2.04
Cash Flow per Share	3.29	4.12	4.71	4.37	3.21	3.34	4.1	4.69	3.88	5.64	4.17	6.45	7.21	5.11	7.63
Free Cash Flow per Basic Share	3.17	3.29	4.52	3.97	2.94	3.1	3.86	4.52	3.79	5.36	3.88	6.34	6.66	4.59	7.29
Cash & Equivalents per Share	60.82	58.78	74.05	73.73	76.33	75.4	72.72	70.11	81.94	122.35	155.23	127.18	111.91	109.17	69.64
Book Value per Share	24.31	25.69	26.96	28.72	30.96	34.4	34.53	37.41	38.4	38.14	42.54	50.52	55.77	58.36	62.76
Tangible Book Value per Share	23.17	24.97	25.68	26.53	28.64	30.68	30.89	33.22	36.3	37.02	37.03	31.25	36.48	36.19	45.26

First Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)