Washington Trust Bancorp, Inc. Financial Ratios — WASH 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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	15.85	17.11	16.13	16.75	16.46	16.32	14.95	20.26	18.48	17.23	17.5	15.05	9.67	-5.98	11.88
Return on Assets (%)	1	1.14	1.15	1.21	1.18	1.14	1.03	1.43	1.34	1.27	1.33	1.15	0.7	-0.4	0.77
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 (%)	3.19	2.68	2.73	2.49	2.64	2.81	2.44	2.19	2.11	1.8	1.88	1.98	2.51	4.88	1.9
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	32.96	34.58	36.26	39.49	39.64	39.21	42.12	44.59	43.98	39.3	42.91	41.71	29.23	-39.79	30.36
Profit Margin (%)	22.98	23.84	24.88	26.95	26.78	26.47	24.91	35.2	34.47	30.78	33.59	32.79	24.93	-28.76	23.53
Net Income to Common Margin (%)	22.98	23.84	24.88	26.95	26.78	26.47	24.91	35.2	34.47	30.78	33.59	32.79	24.93	-28.76	23.53
Effective Tax Rate (%)	30.3	31.05	31.37	31.76	32.45	32.49	40.85	21.06	21.62	21.68	21.71	21.38	14.7	- -	22.5
Dvd Payout Ratio (%)	47.79	43.15	45.99	48.31	52.39	53	57.27	42.83	49.46	50.84	47.29	52.52	80.19	-136.84	82.93
Sustainable Growth Rate (%)	8.27	9.73	8.71	8.66	7.84	7.67	6.39	11.58	9.34	8.47	9.22	7.15	1.92	-14.17	2.03

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	574	395	311	429	402	872	814	973	1,193	648	197	1,032	1,245	1,177	687
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	574	395	311	429	402	872	814	973	1,193	648	197	1,032	1,245	1,177	687
Total Debt/EBITDA	139.08	100.32	78.42	113.58	93.73	176.62	181.34	228.44	281.77	158.5	45.73	238.67	256.75	247.32	163.01
Net Debt/EBITDA	119.14	81.68	57.74	93.35	71.98	155.1	163.55	207.34	243.73	103.28	-1.76	205.13	232.23	218.02	132.28
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.37	6.99	7.33	7.08	7.27	6.74	7.04	7.12	7.4	7.34	7.85	7.4	6.98	6.28	6.7
Long-Term Debt/Equity (%)	203.91	133.73	94.27	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33	235.58	126.46
Long-Term Debt/Capital (%)	74.61	64.81	57.08	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22	73.01	60.76
Long-Term Debt/Total Assets (%)	18.72	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28	16.99	10.38
Total Debt/Equity (%)	203.91	133.73	94.27	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33	235.58	126.46
Total Debt/Capital (%)	74.61	64.81	57.08	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22	73.01	60.76
Total Debt/Total Assets (%)	18.72	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28	16.99	10.38
Net Debt to Equity	174.68	108.88	69.42	101.82	82.16	195.86	177.65	197.12	204.96	79.07	-1.34	195.56	238.18	207.67	102.62
Net Debt/Capital (%)	71.57	59.99	49.48	58.14	52.94	72.15	69.72	71.24	71.06	48.36	-1.58	62.93	67.79	69.07	53.61
EBITDA	4	4	4	4	4	5	4	4	4	4	4	4	5	5	4
EBITDA-CapEx	- -	-1	2	-1	-1	2	2	- -	1	1	1	-2	- -	1	- -
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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.37	6.99	7.33	7.08	7.27	6.74	7.04	7.12	7.4	7.34	7.85	7.4	6.98	6.28	6.7
Long-Term Debt/Equity (%)	203.91	133.73	94.27	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33	235.58	126.46
Long-Term Debt/Capital (%)	74.61	64.81	57.08	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22	73.01	60.76
Long-Term Debt/Total Assets (%)	18.72	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28	16.99	10.38
Total Debt/Equity (%)	203.91	133.73	94.27	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33	235.58	126.46
Total Debt/Capital (%)	74.61	64.81	57.08	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22	73.01	60.76
Total Debt/Total Assets (%)	18.72	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28	16.99	10.38
CFO/Total Liabilities	1.34	0.2	2.79	0.08	1.54	1.5	1.44	1.82	1.53	0.7	1.91	1.82	0.47	0.9	1.32
CFO/CapEx	10.21	1.07	53.53	0.51	9.54	19.2	21.37	20.85	23.45	10.71	28.89	18.41	6.26	14.41	19.19
Altman's Z-Score	0.22	0.24	0.28	0.27	0.27	0.28	0.27	0.25	0.26	0.23	0.26	0.22	0.17	0.15	0.18

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

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Raw Materials

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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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	388	430	614	671	667	957	916	821	932	774	976	814	552	538	567
- Cash & Cash Equivalents	82	73	82	76	93	106	80	90	132	194	175	115	87	110	91
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	574	395	311	429	402	872	814	973	1,193	648	197	1,032	1,245	1,177	687
Enterprise Value	333	358	447	662	596	981	866	773	1,087	326	-49	734	706	995	602
Total Capital	769	610	544	683	676	1,167	1,133	1,330	1,584	1,068	656	1,525	1,748	1,612	1,131
Total Debt/Capital (%)	74.61	64.81	57.08	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22	73.01	60.76
Total Debt / EV	1.72	1.11	0.7	0.65	0.67	0.89	0.94	1.26	1.1	1.99	-4.02	1.41	1.76	1.18	1.14
EV/Sales	2.58	2.43	3.08	4.37	3.67	5.59	4.7	3.98	5.42	1.44	- -	3.36	3.65	10.2	2.71
EV/EBITDA	80.79	90.74	112.77	175.15	139.1	198.84	193.01	181.43	256.8	79.62	- -	169.61	145.56	209.07	142.87
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	8.96	65.41	5.6	249.82	11.41	16.42	14.59	9.33	14.81	8.93	- -	6.49	22.33	17.26	7.5
EV/Free Cash Flow to Firm	8.16	33.81	5.5	84.01	10.32	15.61	13.94	8.9	14.2	8.16	- -	6.16	19.25	16.14	7.13
Diluted Market Cap	389	432	620	678	674	965	923	827	937	780	984	820	552	540	570
Diluted Enterprise Value	880	753	849	1,031	983	1,730	1,657	1,710	1,998	1,234	1,005	1,737	1,710	1,607	1,166
EV per Share	20.5	21.86	27.07	39.64	35.31	57.45	50.35	44.76	62.74	18.84	- -	42.53	41.43	58.03	31.41
TTM Sales	129	147	145	151	162	176	184	194	200	227	229	219	193	98	222
TTM EBITDA	4	4	4	4	4	5	4	4	4	4	4	4	5	5	4
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	37	5	80	3	52	60	59	83	73	36	101	113	32	58	80
TTM Free Cash Flow to Firm	41	11	81	8	58	63	62	87	77	40	104	119	37	62	84

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	9.51	40.8	7.63	86.1	11.68	15.34	14.85	9.52	12.23	19.55	9.43	6.88	15.07	8.76	6.74
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	333	358	447	662	596	981	866	773	1,087	326	-49	734	706	995	602
Low Price	18.62	22.53	25.53	31.46	35.65	34.59	47	45.93	45.21	25.86	42.43	45.6	21.69	24.11	24.95
EV/Sales	2.58	2.43	3.08	4.37	3.67	5.59	4.7	3.98	5.42	1.44	- -	3.36	3.65	10.2	2.71
EV/EBITDA	80.79	90.74	112.77	175.15	139.1	198.84	193.01	181.43	256.8	79.62	- -	169.61	145.56	209.07	142.87
Price/Earnings	13.05	12.27	16.99	16.43	15.35	20.6	19.95	12	13.49	11.09	12.69	11.35	11.45	- -	10.85
Price/Earnings Average	12.15	11.52	13.69	14.54	15.03	15.06	19.72	14.05	12.69	9.24	11.71	12.26	11.12	-18.16	10.72
Price/Earnings High	13.65	12.94	17.37	16.8	16.41	21.28	22.14	15.96	13.78	13.34	13.23	14.67	17.25	-24.81	12.53
Price/Earnings Low	10.18	10.51	11.66	12.86	13.84	12.71	17.61	11.59	11.34	6.4	9.55	10.97	7.67	-14.74	9.16
Price/Book Value	1.99	2	2.63	2.64	2.43	3.24	2.87	2.3	2.38	1.85	2.12	1.65	1.1	1.24	1.28
Price/Book Value Average	1.85	1.88	2.12	2.34	2.38	2.37	2.84	2.7	2.24	1.54	1.96	1.78	1.06	1.17	1.26
Price/Book Value High	2.08	2.11	2.69	2.7	2.6	3.35	3.19	3.06	2.43	2.22	2.21	2.13	1.65	1.6	1.47
Price/Book Value Low	1.55	1.72	1.8	2.07	2.2	2	2.54	2.22	2	1.07	1.6	1.59	0.73	0.95	1.08
Price/Tangible Book Value	1.79	1.86	2.31	2.37	2.22	3.02	2.69	2.18	2.16	1.67	1.97	2.11	1.36	1.24	1.19
Price/Tangible Book Value Average	1.67	1.75	1.86	2.1	2.18	2.21	2.66	2.56	2.03	1.39	1.82	2.28	1.32	1.18	1.18
Price/Tangible Book Value High	1.88	1.96	2.36	2.42	2.38	3.12	2.99	2.9	2.2	2.01	2.05	2.73	2.05	1.61	1.38
Price/Tangible Book Value Low	1.4	1.59	1.58	1.85	2.01	1.87	2.38	2.11	1.81	0.96	1.48	2.04	0.91	0.96	1.01
Price/Sales	3	2.93	4.23	4.43	4.11	5.45	4.97	4.22	4.65	3.41	4.26	3.72	2.85	5.51	2.55
Price/Sales Average	2.79	2.75	3.41	3.92	4.02	3.98	4.91	4.95	4.38	2.84	3.93	4.02	2.77	5.22	2.52
Price/Sales High	3.14	3.09	4.32	4.53	4.39	5.63	5.52	5.62	4.75	4.11	4.44	4.81	4.3	7.13	2.95
Price/Sales Low	2.34	2.51	2.9	3.47	3.71	3.36	4.39	4.08	3.91	1.97	3.21	3.6	1.91	4.24	2.16
Price/Cash Flow	10.43	78.72	7.7	253.23	12.76	16.02	15.43	9.91	12.69	21.22	9.68	7.2	17.45	9.32	7.06
Price/Cash Flow Average	9.71	73.94	6.2	224.21	12.5	11.71	15.25	11.6	11.95	17.68	8.93	7.78	16.95	8.83	6.97
Price/Cash Flow High	10.91	83.03	7.87	259.03	13.65	16.55	17.12	13.18	12.97	25.54	10.08	9.3	26.29	12.07	8.15
Price/Cash Flow Low	8.14	67.41	5.28	198.28	11.51	9.89	13.62	9.57	10.67	12.25	7.29	6.96	11.69	7.17	5.96
Price/Free Cash Flow Average	8.86	38.32	6.14	76.23	11.44	11.21	14.68	11.15	11.51	16.28	8.7	7.44	14.64	8.3	6.66
Price/Free Cash Flow High	9.95	43.03	7.8	88.07	12.49	15.85	16.48	12.67	12.5	23.52	9.83	8.89	22.71	11.34	7.79
Price/Free Cash Flow Low	7.42	34.94	5.23	67.41	10.54	9.47	13.11	9.2	10.28	11.28	7.1	6.65	10.1	6.73	5.69
EV/Sales Average	6.59	4.94	4.98	6.25	5.92	8.34	8.9	9.49	9.67	4.84	4.03	8.21	8.76	16.16	5.21
EV/Sales High	6.93	5.27	5.9	6.86	6.29	9.99	9.5	10.16	10.04	6.11	4.54	9	10.29	18.07	5.63
EV/Sales Low	6.14	4.69	4.48	5.79	5.61	7.72	8.37	8.63	9.2	3.97	3.3	7.79	7.9	15.18	4.84
EV/EBITDA Average	206.71	184.25	182.61	250.54	224.39	296.9	365.34	432.97	457.73	268.72	214.25	415.19	349.33	331.27	274.22
EV/EBITDA High	217.49	196.86	216.22	274.96	238.41	355.5	390.09	463.73	475.51	338.82	241.35	455.04	410.22	370.47	296.7
EV/EBITDA Low	192.51	175.2	164.07	232.36	212.41	274.82	343.71	393.52	435.6	220.3	175.75	393.8	315.04	311.1	254.94
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	23.86	26.31	37.22	40.18	39.52	56.05	53.25	47.53	53.79	44.8	56.37	47.18	32.38	31.35	29.55
High Price	24.96	27.75	38.05	41.1	42.25	57.9	59.1	63.25	54.96	53.91	58.73	60.96	48.78	40.59	34.13
Enterprise Value Average	853	726	724	946	962	1,465	1,640	1,845	1,938	1,099	921	1,796	1,694	1,577	1,156
Enterprise Value High	897	776	857	1,039	1,022	1,754	1,751	1,976	2,013	1,386	1,038	1,968	1,989	1,763	1,251
Enterprise Value Low	794	690	650	878	910	1,356	1,543	1,677	1,844	901	756	1,703	1,527	1,481	1,075

Shares Outstanding	16	16	17	17	17	17	17	17	17	17	17	17	17	19	19
Diluted Weighted Avg Shares	16	16	17	17	17	17	17	17	17	17	17	17	17	17	19
Basic Weighted Avg Shares	16	16	17	17	17	17	17	17	17	17	17	17	17	17	19
Revenue per Share	7.96	8.99	8.8	9.08	9.62	10.28	10.71	11.26	11.57	13.13	13.22	12.67	11.34	5.69	11.58
EBITDA per Share	0.25	0.24	0.24	0.23	0.25	0.29	0.26	0.25	0.24	0.24	0.25	0.25	0.28	0.28	0.22
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.83	2.14	2.19	2.45	2.58	2.72	2.67	3.96	3.99	4.04	4.44	4.16	2.83	-1.64	2.72
Basic EPS from Cont Ops	1.83	2.14	2.19	2.45	2.58	2.72	2.67	3.96	3.99	4.04	4.44	4.16	2.83	-1.64	2.72
Diluted EPS, GAAP	1.83	2.14	2.17	2.42	2.55	2.7	2.65	3.93	3.97	4.01	4.4	4.12	2.82	-1.63	2.71
Diluted EPS from Cont Ops	1.83	2.14	2.17	2.42	2.55	2.7	2.65	3.93	3.97	4.01	4.4	4.12	2.82	-1.63	2.71
Dividend per Share	0.87	0.93	1.01	1.18	1.35	1.44	1.53	1.7	1.97	2.05	2.1	2.18	2.27	2.24	2.26
Cash Flow per Share	2.29	0.33	4.84	0.16	3.1	3.5	3.45	4.8	4.24	2.11	5.82	6.55	1.86	3.36	4.19
Free Cash Flow per Basic Share	2.06	0.02	4.75	-0.15	2.77	3.32	3.29	4.57	4.06	1.91	5.62	6.2	1.56	3.13	3.97
Cash & Equivalents per Share	38.65	28.62	28.97	26.25	28	49.63	50.2	59.13	59.89	63.47	70.56	64.5	64.03	41.97	33.98
Book Value per Share	12.01	13.12	14.15	15.21	16.24	17.3	18.53	20.65	22.59	24.26	26.54	28.59	29.53	25.38	23.15
Tangible Book Value per Share	13.31	14.14	16.12	16.98	17.77	18.53	19.77	21.78	24.95	26.85	28.62	22.34	23.78	25.25	24.78

Washington Trust Bancorp, Inc.

Profitability (USD)

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Enterprise Value (USD)

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Per Share Data Items (USD)