Valley National Bancorp Financial Ratios — VLY Stock

Profitability	2009 Y	2010 Y	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
Return on Common Equity (%)	73.88	98.22	96.23	95.26	77.79	59.85	46.58	67.22	53.07	68.59	59.37	56.49	51.67	45.76	31.67
Return on Assets (%)	0.8	0.91	0.93	0.95	0.82	0.66	0.51	0.76	0.69	0.94	0.89	1	1.13	1.13	0.84
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 (%)	4.26	4.25	4.38	4.63	4.85	5.32	4.77	4.96	4.52	4.64	6.42	6.32	3.73	4.27	4.43
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	32.12	33.38	33.25	34.44	31.05	26.65	20.01	32.35	32.75	33.26	41.06	40.73	46.93	41.93	36.08
Profit Margin (%)	22.25	23.46	22.57	23.51	22.9	21.03	16.24	23.31	20.98	26.37	27.84	30.02	34.71	30.55	26.52
Net Income to Common Margin (%)	18.51	23.46	22.57	23.51	22.9	21.03	15.64	22.31	19.75	25.09	26.7	29.04	33.78	29.85	25.66
Effective Tax Rate (%)	30.73	29.7	32.12	31.73	26.25	21.1	18.86	27.95	35.94	20.71	32.18	26.31	26.05	27.13	26.51
Dvd Payout Ratio (%)	106.14	88.6	88.13	87.64	97.96	75.85	103.16	69.47	73.93	57.1	49.32	47.09	38.96	37.07	46.36
Sustainable Growth Rate (%)	-4.53	11.19	11.42	11.78	1.59	14.45	-1.47	20.52	13.84	29.42	30.09	29.89	31.54	28.8	16.99

Credit	2009 Y	2010 Y	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
Total Debt	2,482	2,475	2,324	2,298	2,246	2,104	2,071	2,092	2,685	3,395	3,078	3,328	2,263	1,983	3,639
ST Debt	10	9	- -	- -	- -	- -	526	782	427	1,732	940	1,000	500	24	850
LT Debt	2,472	2,466	2,324	2,298	2,246	2,104	1,545	1,310	2,258	1,663	2,138	2,328	1,763	1,959	2,789
Total Debt/EBITDA	111.79	104.99	90.45	81.33	80.3	71.6	68.45	58.52	77.01	73.85	43.11	40.46	44.41	24.96	43.74
Net Debt/EBITDA	82	89.45	75.7	51.14	67.1	43.34	54.77	47.54	65.07	64.46	32.68	20.94	-1.37	8.51	28.17
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.9	0.97	0.97	1.02	1.09	1.13	0.99	1.16	1.29	1.31	1.56	1.85	2.38	2.43	2.71
Long-Term Debt/Equity (%)	197.35	190.38	185.22	152.98	145.74	112.92	69.99	55.13	89.12	49.63	48.77	50.7	34.68	30.6	41.62
Long-Term Debt/Capital (%)	94.73	94.41	94.37	93.38	92.72	90.85	64.47	53.07	70.47	41.36	55.21	54.26	50.3	54.57	50.73
Long-Term Debt/Total Assets (%)	17.31	17.43	16.31	14.35	13.9	11.19	7.15	5.73	9.41	5.22	5.71	5.72	4.06	3.41	4.58
Total Debt/Equity (%)	198.11	191.07	185.22	152.98	145.74	112.92	93.82	88.02	105.98	101.32	70.21	72.48	44.52	30.98	54.31
Total Debt/Capital (%)	95.1	94.76	94.37	93.38	92.72	90.85	86.42	84.74	83.8	84.44	79.48	77.57	64.57	55.24	66.19
Total Debt/Total Assets (%)	17.38	17.5	16.31	14.35	13.9	11.19	9.58	9.15	11.18	10.65	8.22	8.18	5.21	3.45	5.97
Net Debt to Equity	145.33	162.79	155.01	96.2	121.78	68.35	75.07	71.51	89.55	88.44	53.22	37.51	-1.37	10.56	34.98
Net Debt/Capital (%)	93.44	93.91	93.35	89.87	91.41	85.73	83.58	81.86	81.38	82.5	67.87	58.16	-4.8	25.59	50.88
EBITDA	22	24	26	28	28	29	30	36	35	46	71	82	51	79	83
EBITDA-CapEx	-3	9	9	28	28	29	30	36	35	46	71	82	51	79	83
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.9	0.97	0.97	1.02	1.09	1.13	0.99	1.16	1.29	1.31	1.56	1.85	2.38	2.43	2.71
Long-Term Debt/Equity (%)	197.35	190.38	185.22	152.98	145.74	112.92	69.99	55.13	89.12	49.63	48.77	50.7	34.68	30.6	41.62
Long-Term Debt/Capital (%)	94.73	94.41	94.37	93.38	92.72	90.85	64.47	53.07	70.47	41.36	55.21	54.26	50.3	54.57	50.73
Long-Term Debt/Total Assets (%)	17.31	17.43	16.31	14.35	13.9	11.19	7.15	5.73	9.41	5.22	5.71	5.72	4.06	3.41	4.58
Total Debt/Equity (%)	198.11	191.07	185.22	152.98	145.74	112.92	93.82	88.02	105.98	101.32	70.21	72.48	44.52	30.98	54.31
Total Debt/Capital (%)	95.1	94.76	94.37	93.38	92.72	90.85	86.42	84.74	83.8	84.44	79.48	77.57	64.57	55.24	66.19
Total Debt/Total Assets (%)	17.38	17.5	16.31	14.35	13.9	11.19	9.58	9.15	11.18	10.65	8.22	8.18	5.21	3.45	5.97
CFO/Total Liabilities	0.8	2.17	1.47	2.23	1.95	1.09	0.8	2.05	2.88	1.07	0.79	0.45	2.18	2.8	0.7
CFO/CapEx	4.14	19.11	11.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.09	0.11	0.1	0.09	0.1	0.09	0.09	0.11	0.11	0.09	0.11	0.11	0.14	0.12	0.13

Working Capital	2009 Y	2010 Y	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
Accounts Receivable Turnover	9.15	9.61	10.52	11.65	10.84	9.93	10.49	11.07	10.96	11.71	11.07	12.28	13.44	12.69	8.5
Days Sales Outstanding	39.88	38	34.71	31.34	33.67	36.77	34.79	32.98	33.3	31.17	32.96	29.71	27.15	28.77	42.92
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	2009 Y	2010 Y	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
Market Capitalization	1,028	1,223	1,183	1,099	1,282	1,327	1,606	2,156	2,236	2,306	3,158	3,396	4,995	5,083	5,349
- Cash & Cash Equivalents	661	366	379	853	369	830	414	393	416	429	435	1,329	2,050	948	891
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	112	112	210	210	210	210	210	210	210
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2,482	2,475	2,324	2,298	2,246	2,104	2,071	2,092	2,685	3,395	3,078	3,328	2,263	1,983	3,639
Enterprise Value	1,497	2,297	2,562	1,737	2,329	1,713	1,867	2,670	3,221	3,732	4,445	4,265	4,289	5,066	8,278
Total Capital	2,610	2,612	2,463	2,461	2,422	2,316	2,396	2,469	3,204	4,020	3,873	4,291	3,505	3,589	5,499
Total Debt/Capital (%)	95.1	94.76	94.37	93.38	92.72	90.85	86.42	84.74	83.8	84.44	79.48	77.57	64.57	55.24	66.19
Total Debt / EV	1.66	1.08	0.91	1.32	0.96	1.23	1.11	0.78	0.83	0.91	0.69	0.78	0.53	0.39	0.44
EV/Sales	2.87	4.15	4.36	2.84	4.04	3.1	2.94	3.7	4.17	3.76	3.99	3.28	3.14	2.72	4.4
EV/EBITDA	67.41	97.44	99.69	61.45	83.25	58.31	61.73	74.67	92.39	81.18	62.25	51.85	84.18	63.76	99.49
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	14.31	8.23	13.39	5.37	8.16	9.31	12.05	6.37	5.2	12.28	16.97	26.08	5.12	3.55	21.89
EV/Free Cash Flow to Firm	11.53	7.82	12.33	5.37	8.16	9.31	12.05	6.37	5.2	12.28	16.97	26.08	5.12	3.55	21.89
Diluted Market Cap	1,028	1,224	1,183	1,099	1,282	1,327	1,606	2,160	2,244	2,316	3,180	3,406	5,027	5,107	5,367
Diluted Enterprise Value	2,849	3,332	3,128	2,544	3,158	2,600	3,374	3,971	4,722	5,491	6,033	5,615	5,450	6,352	8,325
EV per Share	8.95	12.93	14.36	8.8	11.68	8.33	7.97	10.48	12.2	11.27	13.16	10.56	10.53	10.44	16.31
TTM Sales	522	554	587	611	576	552	634	721	772	991	1,113	1,301	1,365	1,862	1,880
TTM EBITDA	22	24	26	28	28	29	30	36	35	46	71	82	51	79	83
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	105	279	191	323	285	184	155	419	619	304	262	164	837	1,428	378
TTM Free Cash Flow to Firm	130	294	208	323	285	184	155	419	619	304	262	164	837	1,428	378

Multiples	2009 Y	2010 Y	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
Price/Earnings	10.65	9.41	8.93	7.65	9.71	11.42	16.2	13.39	14.67	9.27	10.63	8.98	10.83	9.15	11.09
Price/Earnings Average	9.14	8.88	8.73	8.5	9.19	11.36	15.81	10.81	14.96	12.04	9.68	7.49	10.22	9.7	9.2
Price/Earnings High	28.86	20.06	18.23	17.44	16.21	19.14	26.57	19.22	22.2	17.82	13.8	12.33	13.12	13.19	13.27
Price/Earnings Low	12.02	15.22	12.27	11.89	13.22	16.03	20.81	13.16	18.38	11.21	9.91	6.41

Valley National Bancorp

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples