Western New England Bancorp, Inc. Financial Ratios — WNEB

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 (%)	11.21	13.81	15.7	13.8	11.98	9.52	21.45	23.91	17.02	13.11	24.16	21.96	11.35	8.33	10.34
Return on Assets (%)	0.47	0.49	0.52	0.47	0.43	0.28	0.59	0.78	0.62	0.49	0.97	1.02	0.59	0.45	0.57
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 (%)	3.26	2.8	2.87	3.35	3.47	3.4	3.45	3.51	3.63	3.42	3.14	2.99	3.24	3.58	3.01
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	20.91	22.72	22.48	22.64	20.71	16.75	32.03	30.48	25.41	19.21	37	38.58	24.49	20.57	23.96
Profit Margin (%)	17.1	16.7	17.6	17.34	15.1	10.94	18.15	23.7	19.72	15.22	27.64	28.84	18.85	16.04	18.48
Net Income to Common Margin (%)	17.1	16.7	17.6	17.34	15.1	10.94	18.15	23.7	19.72	15.22	27.64	28.84	18.85	16.04	18.48
Effective Tax Rate (%)	18.19	26.51	21.69	23.4	27.1	34.7	43.35	22.27	22.39	20.78	25.3	25.24	23.06	22	22.84
Dvd Payout Ratio (%)	243.53	171.43	86.92	62.19	36.71	50.46	29.05	28.28	39.51	44.91	19.74	20.4	40.26	50.69	37.41
Sustainable Growth Rate (%)	-16.09	-9.86	2.05	5.22	7.58	4.72	15.22	17.14	10.3	7.22	19.39	17.48	6.78	4.11	6.47

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	300	349	297	326	282	297	309	267	241	58	22	62	156	123	106
ST Debt	53	70	48	94	128	172	145	59	35	- -	- -	41	16	5	13
LT Debt	247	279	248	232	153	125	165	208	206	58	22	21	140	118	93
Total Debt/EBITDA	268.13	332.5	269.12	274.58	214.27	197.86	132.24	109.99	97.97	22.96	8.27	23.15	60.32	47.27	42.7
Net Debt/EBITDA	249.4	321.73	251.68	259.01	203.93	154.02	120.78	99.48	88.56	-10.56	-28.29	12.47	50.35	25.32	27.34
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.8	3.27	3.4	3.48	3.69	2.51	3.02	3.51	3.78	3.75	4.24	5.02	5.35	5.39	5.57
Long-Term Debt/Equity (%)	112.94	147.4	161.13	163.09	109.96	52.36	66.64	87.76	88.57	25.53	9.96	9.14	59.12	49.91	37.47
Long-Term Debt/Capital (%)	71.01	71.25	73.05	62.43	46.29	35.75	44.26	60.88	63.64	39.5	17.16	10.95	47.79	44.25	35.89
Long-Term Debt/Total Assets (%)	19.58	21.43	19.45	17.61	11.45	6.01	7.91	9.82	9.42	2.45	0.88	0.82	5.47	4.44	3.39
Total Debt/Equity (%)	137.13	184.37	192.4	229.04	202.03	124.66	125.14	112.76	103.66	25.53	9.96	27.26	65.9	52.2	42.83
Total Debt/Capital (%)	86.22	89.12	87.22	87.68	85.06	85.1	83.11	78.23	74.47	39.5	17.16	32.67	53.28	46.28	41.02
Total Debt/Total Assets (%)	23.77	26.8	23.23	24.73	21.03	14.32	14.85	12.61	11.03	2.45	0.88	2.44	6.1	4.64	3.88
Net Debt to Equity	127.56	178.39	179.93	216.05	192.28	97.04	114.29	101.98	93.7	-11.74	-34.1	14.69	55.01	27.96	27.43
Net Debt/Capital (%)	85.33	88.79	86.46	87.03	84.42	81.64	81.8	76.47	72.51	-42.91	-243.41	20.72	48.77	31.57	30.81
EBITDA	1	1	1	1	1	2	2	2	2	3	3	3	3	3	2
EBITDA-CapEx	1	- -	- -	-1	-2	- -	- -	-1	1	-1	-1	2	- -	1	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.8	3.27	3.4	3.48	3.69	2.51	3.02	3.51	3.78	3.75	4.24	5.02	5.35	5.39	5.57
Long-Term Debt/Equity (%)	112.94	147.4	161.13	163.09	109.96	52.36	66.64	87.76	88.57	25.53	9.96	9.14	59.12	49.91	37.47
Long-Term Debt/Capital (%)	71.01	71.25	73.05	62.43	46.29	35.75	44.26	60.88	63.64	39.5	17.16	10.95	47.79	44.25	35.89
Long-Term Debt/Total Assets (%)	19.58	21.43	19.45	17.61	11.45	6.01	7.91	9.82	9.42	2.45	0.88	0.82	5.47	4.44	3.39
Total Debt/Equity (%)	137.13	184.37	192.4	229.04	202.03	124.66	125.14	112.76	103.66	25.53	9.96	27.26	65.9	52.2	42.83
Total Debt/Capital (%)	86.22	89.12	87.22	87.68	85.06	85.1	83.11	78.23	74.47	39.5	17.16	32.67	53.28	46.28	41.02
Total Debt/Total Assets (%)	23.77	26.8	23.23	24.73	21.03	14.32	14.85	12.61	11.03	2.45	0.88	2.44	6.1	4.64	3.88
CFO/Total Liabilities	1.42	1.02	1.26	1.05	1.01	0.05	1.03	1.31	0.79	1.17	1.24	1.58	0.63	0.5	0.73
CFO/CapEx	28.77	10.02	13.92	6.37	3.75	0.63	8.53	7.41	11.97	7	8.33	32.17	5.09	10.18	16.97
Altman's Z-Score	0.16	0.14	0.14	0.13	0.14	0.11	0.16	0.16	0.15	0.13	0.14	0.16	0.15	0.15	0.17

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	8.27	8.68	8.72	8.44	9.36	9.15	11.58	11.94	12.35	10.69	10.55	11.28	9.59	8.56	9.58
Days Sales Outstanding	44.11	42.03	41.86	43.22	39.02	39.89	31.52	30.57	29.57	34.16	34.59	32.36	38.05	42.65	38.11
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	135	130	114	105	118	150	268	242	215	152	184	192	187	192	255
- Cash & Cash Equivalents	21	11	19	19	14	66	27	26	23	84	99	29	26	57	38
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	300	349	297	326	282	297	309	267	241	58	22	62	156	123	106
Enterprise Value	-203	-154	149	197	203	81	262	230	205	-76	-87	78	180	98	318
Total Capital	348	391	340	372	331	349	372	342	323	146	130	190	294	266	259
Total Debt/Capital (%)	86.22	89.12	87.22	87.68	85.06	85.1	83.11	78.23	74.47	39.5	17.16	32.67	53.28	46.28	41.02
Total Debt / EV	-1.48	-2.27	2	1.65	1.39	3.68	1.18	1.16	1.18	-0.76	-0.26	0.79	0.87	1.26	0.33
EV/Sales	- -	- -	3.87	5.55	5.37	1.83	3.86	3.32	3.02	- -	- -	0.87	2.26	1.34	3.85
EV/EBITDA	- -	- -	134.85	165.95	154.49	53.8	111.86	94.67	83.37	- -	- -	29.18	69.55	37.44	127.93
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	10.46	15.98	16.82	86.89	13.88	9.34	13.31	- -	- -	2.13	12.21	8.01	17.45
EV/Free Cash Flow to Firm	- -	- -	9.76	13.81	13.28	33.43	12.42	8.23	12.28	- -	- -	2.07	10.21	7.3	16.48
Diluted Market Cap	136	130	114	105	118	150	269	243	216	152	184	192	188	193	256
Diluted Enterprise Value	415	468	392	413	386	382	552	485	433	126	108	226	318	259	324
EV per Share	- -	- -	7.4	10.85	11.61	4.1	8.77	7.96	7.82	- -	- -	3.58	8.38	4.67	15.74
TTM Sales	34	37	38	36	38	44	68	69	68	74	86	90	80	73	83
TTM EBITDA	1	1	1	1	1	2	2	2	2	3	3	3	3	3	2
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	15	11	14	12	12	1	19	25	15	25	29	37	15	12	18
TTM Free Cash Flow to Firm	15	12	15	14	15	2	21	28	17	29	32	38	18	13	19

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	8.86	10.47	7.52	7.36	7.69	62.18	12.77	8.7	12.96	5.31	5.71	5.07	10.61	14.47	13.3
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-203	-154	149	197	203	81	262	230	205	-76	-87	78	180	98	318
Low Price	6.29	6.45	6.5	6.85	7.05	7.35	9	8.51	8.5	4.45	6.3	7.13	5.58	6	7.63
EV/Sales	- -	- -	3.87	5.55	5.37	1.83	3.86	3.32	3.02	- -	- -	0.87	2.26	1.34	3.85
EV/EBITDA	- -	- -	134.85	165.95	154.49	53.8	111.86	94.67	83.37	- -	- -	29.18	69.55	37.44	127.93
Price/Earnings	22.99	20.8	16.94	17.06	20.57	30.94	21.72	14.75	16.1	13.56	7.75	7.41	12.41	16.48	16.69
Price/Earnings Average	23.98	20.76	16.37	16.66	18.42	26.16	20.27	15.38	15.66	12.51	7.3	6.73	10.1	14.16	13.83
Price/Earnings High	42.6	34.12	23.98	23.61	25.99	39.75	26.9	19.81	20.01	21.62	9.78	8.66	14.58	18.06	18.45
Price/Earnings Low	28.36	25.27	19.32	20.21	21.58	29.97	21.81	14.98	16.67	9.94	6.17	6.03	7.98	10.75	10.09
Price/Book Value	2.81	3.05	2.63	2.29	2.38	2.88	4.25	3.25	2.61	1.72	1.71	1.5	1.36	1.35	1.67
Price/Book Value Average	2.93	3.05	2.55	2.24	2.13	2.43	3.97	3.39	2.54	1.58	1.61	1.36	1.11	1.16	1.38
Price/Book Value High	5.21	5.01	3.73	3.17	3	3.69	5.27	4.37	3.24	2.74	2.15	1.75	1.6	1.47	1.85
Price/Book Value Low	3.47	3.71	3	2.71	2.49	2.78	4.27	3.3	2.7	1.26	1.36	1.22	0.88	0.88	1.01
Price/Tangible Book Value	0.62	0.69	0.74	0.74	0.84	0.68	1.16	1.1	0.99	0.72	0.88	0.9	0.84	0.87	1.09
Price/Tangible Book Value Average	0.64	0.69	0.72	0.72	0.75	0.57	1.08	1.14	0.97	0.66	0.83	0.82	0.68	0.74	0.9
Price/Tangible Book Value High	1.14	1.13	1.05	1.02	1.07	0.87	1.44	1.47	1.24	1.15	1.11	1.05	0.98	0.95	1.2
Price/Tangible Book Value Low	0.76	0.84	0.85	0.87	0.88	0.66	1.16	1.11	1.03	0.53	0.7	0.73	0.54	0.56	0.66
Price/Sales	3.93	3.47	2.98	2.96	3.11	3.38	3.94	3.5	3.18	2.06	2.14	2.14	2.34	2.64	3.08
Price/Sales Average	4.1	3.47	2.88	2.89	2.78	2.86	3.68	3.64	3.09	1.9	2.02	1.94	1.9	2.27	2.56
Price/Sales High	7.29	5.7	4.22	4.09	3.93	4.35	4.88	4.69	3.95	3.29	2.7	2.5	2.75	2.9	3.41
Price/Sales Low	4.85	4.22	3.4	3.51	3.26	3.28	3.96	3.55	3.29	1.51	1.71	1.74	1.5	1.72	1.87
Price/Cash Flow	9.13	11.5	8.06	8.51	9.74	160.84	14.18	9.83	13.98	6.07	6.38	5.22	12.65	15.8	13.99
Price/Cash Flow Average	9.52	11.48	7.79	8.32	8.72	135.99	13.24	10.24	13.59	5.6	6.01	4.74	10.3	13.57	11.59
Price/Cash Flow High	16.92	18.87	11.41	11.78	12.3	206.62	17.57	13.19	17.37	9.67	8.05	6.1	14.87	17.31	15.47
Price/Cash Flow Low	11.26	13.97	9.19	10.09	10.22	155.76	14.25	9.98	14.47	4.45	5.08	4.24	8.13	10.3	8.46
Price/Free Cash Flow Average	9.24	10.45	7.27	7.19	6.88	52.57	11.92	9.07	12.6	4.9	5.38	4.61	8.64	12.43	11.02
Price/Free Cash Flow High	16.42	17.17	10.65	10.18	9.71	79.87	15.82	11.68	16.1	8.47	7.21	5.93	12.47	15.85	14.7
Price/Free Cash Flow Low	10.93	12.71	8.57	8.72	8.06	60.21	12.82	8.83	13.42	3.89	4.55	4.13	6.82	9.43	8.04
EV/Sales Average	12.23	12.48	10.11	11.56	9.87	8.1	7.84	7.14	6.3	1.54	1.13	2.31	3.54	3.18	3.38
EV/Sales High	15.42	14.71	11.45	12.76	11.01	9.58	9.04	8.18	7.16	2.93	1.81	2.87	4.38	3.8	4.23
EV/Sales Low	12.98	13.23	10.63	12.17	10.34	8.51	8.12	7.04	6.5	1.15	0.82	2.11	3.14	2.63	2.69
EV/EBITDA Average	375.15	445.5	352.04	345.37	283.96	238.23	227.5	203.33	173.7	45.11	35.86	77.32	109.01	88.72	112.33
EV/EBITDA High	472.85	525.17	398.72	381.35	316.89	281.95	262.42	233.21	197.35	85.65	57.68	95.94	135.03	106.19	140.75
EV/EBITDA Low	398.13	472.38	370.12	363.77	297.73	250.46	235.62	200.64	179.22	33.67	25.98	70.53	96.68	73.46	89.37
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	5.1	5.31	5.7	5.78	6.72	7.59	8.96	8.38	8.21	6.07	7.91	8.77	8.68	9.2	12.62
High Price	9.45	8.71	8.07	8	8.49	9.75	11.1	11.25	10.2	9.68	9.98	10.25	10.2	10.08	13.95
Enterprise Value Average	420	467	388	411	373	358	532	494	426	114	97	208	283	231	279
Enterprise Value High	530	551	439	453	417	423	614	567	484	216	156	258	350	277	350
Enterprise Value Low	446	496	408	433	392	376	551	488	440	85	70	190	251	191	222

	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	27	23	20	19	18	30	30	28	27	25	23	22	22	21	20
Diluted Weighted Avg Shares	27	25	20	18	17	20	30	29	26	25	23	22	22	21	20
Basic Weighted Avg Shares	26	25	20	18	17	20	30	29	26	25	23	22	22	21	20
Revenue per Share	1.3	1.53	1.91	1.95	2.16	2.24	2.27	2.4	2.58	2.94	3.69	4.1	3.71	3.48	4.09
EBITDA per Share	0.04	0.04	0.05	0.07	0.08	0.08	0.08	0.08	0.09	0.1	0.12	0.12	0.12	0.12	0.12
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.22	0.26	0.34	0.34	0.33	0.25	0.41	0.57	0.51	0.45	1.02	1.18	0.7	0.56	0.76
Basic EPS from Cont Ops	0.22	0.26	0.34	0.34	0.33	0.25	0.41	0.57	0.51	0.45	1.02	1.18	0.7	0.56	0.76
Diluted EPS, GAAP	0.22	0.26	0.34	0.34	0.33	0.24	0.41	0.57	0.51	0.45	1.02	1.18	0.7	0.56	0.75
Diluted EPS from Cont Ops	0.22	0.26	0.34	0.34	0.33	0.24	0.41	0.57	0.51	0.45	1.02	1.18	0.7	0.56	0.75
Dividend per Share	0.54	0.44	0.29	0.21	0.12	0.12	0.12	0.16	0.2	0.2	0.2	0.24	0.28	0.28	0.28
Cash Flow per Share	0.56	0.46	0.71	0.68	0.69	0.05	0.63	0.85	0.59	1	1.24	1.68	0.69	0.58	0.9
Free Cash Flow per Basic Share	0.54	0.42	0.66	0.57	0.51	-0.03	0.56	0.74	0.54	0.86	1.09	1.63	0.55	0.53	0.85
Cash & Equivalents per Share	24.11	25.83	13.07	12.88	11.21	18.57	10.56	9.67	9.58	11.43	12.61	8.03	7.57	10.43	2.14
Book Value per Share	1.81	1.74	2.16	2.52	2.83	2.64	2.11	2.58	3.15	3.54	4.63	5.86	6.37	6.84	7.55
Tangible Book Value per Share	8.27	7.72	7.68	7.84	7.97	11.17	7.73	7.65	8.26	8.43	8.98	9.76	10.36	10.62	11.59

Western New England Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)