WesBanco, Inc. Financial Ratios — WSBC 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 (%)	10.17	10.72	12.76	12.87	13.51	13.14	13.2	17.95	17.48	12.31	22.18	15.56	11.89	10.74	14.46
Return on Assets (%)	0.8	0.85	1.05	1.12	1.09	0.95	0.96	1.28	1.13	0.76	1.45	1.13	0.92	0.83	0.96
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 (%)	2.76	2.64	2.79	2.87	2.65	2.8	2.79	2.37	2.27	2.36	2.3	2.23	2.43	2.55	2.07
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	23.7	27.52	33.81	36.38	35.56	35.6	39.58	39.5	37.91	24.21	51.82	40.36	32.63	30.84	28.67
Profit Margin (%)	19.36	21.6	25.52	27.17	26.31	26.21	25.22	32.39	31.17	20.36	41.59	32.79	26.74	25.24	22.9
Net Income to Common Margin (%)	19.36	21.6	25.52	27.17	26.31	26.21	25.22	32.39	31.17	19.92	39.85	31.07	25.04	23.56	20.79
Effective Tax Rate (%)	18.34	21.52	24.52	25.32	26.03	26.38	36.29	18	17.77	15.88	19.74	18.73	18.05	18.15	20.1
Dvd Payout Ratio (%)	36.44	36.57	34.8	35.92	40.87	43.64	47.48	37.44	41.9	71.4	37.26	44.69	55.26	61.83	59.11
Sustainable Growth Rate (%)	6.47	6.8	8.32	8.25	7.99	7.41	6.93	11.23	10.16	3.52	13.92	8.61	5.32	4.1	5.91

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	277	225	146	329	1,148	1,133	1,113	1,535	1,898	983	459	1,121	1,735	1,471	1,619
ST Debt	3	- -	- -	- -	- -	- -	- -	291	282	242	142	135	106	192	111
LT Debt	274	225	146	329	1,148	1,133	1,113	1,244	1,615	741	317	986	1,629	1,279	1,509
Total Debt/EBITDA	44.47	37.18	20.87	44.58	141.34	122.54	106.55	146.83	164.07	69.58	34.26	85.99	120.19	96.24	80.22
Net Debt/EBITDA	21.97	16.43	7.18	31.86	130.66	108.67	95.29	130.64	143.78	5.51	-59.21	54.67	78.95	59.08	32.85
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.03	7.9	8.49	8.99	7.44	7.03	7.57	6.83	6.15	5.93	6.61	7.2	7.25	7.22	5.25
Long-Term Debt/Equity (%)	43.27	31.51	19.51	41.78	102.3	84.43	79.73	62.87	62.28	26.89	11.76	40.65	64.31	45.85	37.41
Long-Term Debt/Capital (%)	38	31.91	21.83	36.79	64.56	62.19	59.95	52.14	56.4	35.28	18.39	39.69	51.49	43.15	45.76
Long-Term Debt/Total Assets (%)	4.95	3.7	2.37	5.23	13.55	11.57	11.33	9.99	10.28	4.51	1.87	5.83	9.2	6.85	5.45
Total Debt/Equity (%)	43.77	31.51	19.51	41.78	102.3	84.43	79.73	77.55	73.17	35.67	17.03	46.21	68.49	52.73	40.16
Total Debt/Capital (%)	38.44	31.91	21.83	36.79	64.56	62.19	59.95	64.32	66.26	46.79	26.62	45.12	54.84	49.63	49.12
Total Debt/Total Assets (%)	5.01	3.7	2.37	5.23	13.55	11.57	11.33	12.32	12.07	5.99	2.71	6.62	9.8	7.87	5.85
Net Debt to Equity	21.63	13.92	6.71	29.85	94.58	74.87	71.31	69	64.11	2.82	-29.43	29.38	44.99	32.37	16.45
Net Debt/Capital (%)	23.58	17.15	8.76	29.37	62.74	59.33	57.24	61.59	63.24	6.51	-168.16	34.33	44.37	37.69	28.34
EBITDA	6	6	7	7	8	9	10	10	12	14	13	13	14	15	20
EBITDA-CapEx	4	- -	-2	- -	-1	7	4	6	-1	7	5	5	-8	5	10
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	8.03	7.9	8.49	8.99	7.44	7.03	7.57	6.83	6.15	5.93	6.61	7.2	7.25	7.22	5.25
Long-Term Debt/Equity (%)	43.27	31.51	19.51	41.78	102.3	84.43	79.73	62.87	62.28	26.89	11.76	40.65	64.31	45.85	37.41
Long-Term Debt/Capital (%)	38	31.91	21.83	36.79	64.56	62.19	59.95	52.14	56.4	35.28	18.39	39.69	51.49	43.15	45.76
Long-Term Debt/Total Assets (%)	4.95	3.7	2.37	5.23	13.55	11.57	11.33	9.99	10.28	4.51	1.87	5.83	9.2	6.85	5.45
Total Debt/Equity (%)	43.77	31.51	19.51	41.78	102.3	84.43	79.73	77.55	73.17	35.67	17.03	46.21	68.49	52.73	40.16
Total Debt/Capital (%)	38.44	31.91	21.83	36.79	64.56	62.19	59.95	64.32	66.26	46.79	26.62	45.12	54.84	49.63	49.12
Total Debt/Total Assets (%)	5.01	3.7	2.37	5.23	13.55	11.57	11.33	12.32	12.07	5.99	2.71	6.62	9.8	7.87	5.85
CFO/Total Liabilities	2.22	1.43	2.07	1.72	1.2	1.46	1.69	1.83	1.24	0.44	2.36	1.41	1.12	1.33	1.23
CFO/CapEx	43.24	12.87	12.6	12.86	9.23	59.72	23.54	41.1	13.39	7.89	39.4	25.55	7.52	20.43	27.85
Altman's Z-Score	0.19	0.19	0.22	0.24	0.2	0.22	0.24	0.21	0.19	0.19	0.21	0.22	0.2	0.21	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
Accounts Receivable Turnover	11.37	11.88	13.07	13.76	13.88	12.23	12.91	12.88	12.36	10.85	9.13	9.06	8.15	7.71	10.53
Days Sales Outstanding	32.1	30.73	27.92	26.53	26.3	29.85	28.27	28.33	29.54	33.63	39.99	40.3	44.79	47.36	34.65
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	327	390	629	703	800	1,264	1,344	1,384	1,692	1,694	2,002	2,016	1,774	2,037	3,021
- Cash & Cash Equivalents	140	126	96	94	87	128	118	169	235	905	1,251	408	595	568	956
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	144	144	144	144	144	224
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	277	225	146	329	1,148	1,133	1,113	1,535	1,898	983	459	1,121	1,735	1,471	1,619
Enterprise Value	-553	-532	-255	21	458	1,027	1,077	635	961	-62	-1,660	344	864	838	3,684
Total Capital	722	705	667	895	1,778	1,821	1,856	2,386	2,864	2,101	1,723	2,485	3,164	2,965	3,296
Total Debt/Capital (%)	38.44	31.91	21.83	36.79	64.56	62.19	59.95	64.32	66.26	46.79	26.62	45.12	54.84	49.63	49.12
Total Debt / EV	-0.5	-0.42	-0.57	15.66	2.51	1.1	1.03	2.42	1.97	-15.97	-0.28	3.26	2.01	1.76	0.44
EV/Sales	- -	- -	- -	0.08	1.49	3.11	2.88	1.44	1.89	- -	- -	0.59	1.45	1.4	3.78
EV/EBITDA	- -	- -	- -	2.85	56.41	111.1	103.19	60.74	83.09	- -	- -	26.39	59.82	54.83	182.52
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	0.22	5.18	8.34	7.58	3.31	5.88	- -	- -	1.69	5.1	3.97	12.69
EV/Free Cash Flow to Firm	- -	- -	- -	0.21	4.68	8.21	7.27	3.23	5.47	- -	- -	1.62	4.5	3.79	12.25
Diluted Market Cap	327	390	631	705	801	1,264	1,347	1,387	1,695	1,696	2,006	2,021	1,777	2,039	3,026
Diluted Enterprise Value	464	489	681	940	1,863	2,269	2,341	2,753	3,358	1,918	1,358	2,879	3,062	3,086	3,913
EV per Share	- -	- -	- -	0.72	12.22	25.6	24.48	12.98	17.13	- -	- -	5.73	14.56	13.39	40.53
TTM Sales	226	229	250	258	307	331	375	442	510	599	582	586	595	600	974
TTM EBITDA	6	6	7	7	8	9	10	10	12	14	13	13	14	15	20
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	109	77	111	95	88	123	142	192	163	60	336	204	169	211	290
TTM Free Cash Flow to Firm	111	83	120	102	98	125	148	197	176	67	345	212	192	221	301

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	2.94	4.71	5.24	6.9	8.18	10.1	9.09	7.06	9.65	25.25	5.82	9.53	9.27	9.21	10.06
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-553	-532	-255	21	458	1,027	1,077	635	961	-62	-1,660	344	864	838	3,684
Low Price	16.06	18.6	21.84	26.77	29.26	26.93	34.81	34.14	33.19	17.46	28.65	29.5	19.84	25.56	26.42
EV/Sales	- -	- -	- -	0.08	1.49	3.11	2.88	1.44	1.89	- -	- -	0.59	1.45	1.4	3.78
EV/EBITDA	- -	- -	- -	2.85	56.41	111.1	103.19	60.74	83.09	- -	- -	26.39	59.82	54.83	182.52
Price/Earnings	7.45	7.86	9.84	10.05	9.91	14.58	14.23	9.67	10.65	14.19	8.62	11.08	11.91	14.41	14.92
Price/Earnings Average	7.26	7.19	8.17	8.83	10.53	10.79	13.65	11.43	10.51	11.63	8.37	10.36	10.52	13.04	14.32
Price/Earnings High	13.03	12.28	14.92	14.92	16.76	20.26	20.58	17.46	15.23	21.43	11.25	13.65	15.36	16.54	16.68
Price/Earnings Low	9.76	10.09	10	11.19	13.58	12.46	16.21	11.66	11.72	9.84	8.09	9.73	7.9	11.32	11.86
Price/Book Value	0.73	0.81	1.21	1.24	1.27	1.83	1.81	1.63	1.75	1.74	1.79	1.65	1.38	1.51	2.08
Price/Book Value Average	0.72	0.74	1	1.09	1.35	1.36	1.74	1.92	1.73	1.43	1.73	1.55	1.22	1.37	2
Price/Book Value High	1.28	1.27	1.83	1.85	2.15	2.55	2.62	2.94	2.5	2.63	2.33	2.04	1.78	1.73	2.33
Price/Book Value Low	0.96	1.04	1.23	1.38	1.74	1.57	2.06	1.96	1.93	1.21	1.68	1.45	0.92	1.19	1.65
Price/Tangible Book Value	0.93	1	1.48	1.5	1.27	1.69	1.67	1.31	1.17	1.17	1.43	1.77	1.41	1.34	1.45
Price/Tangible Book Value Average	0.91	0.91	1.23	1.32	1.35	1.25	1.6	1.54	1.16	0.96	1.39	1.65	1.25	1.21	1.39
Price/Tangible Book Value High	1.63	1.56	2.24	2.23	2.14	2.35	2.41	2.36	1.67	1.77	1.87	2.18	1.82	1.54	1.62
Price/Tangible Book Value Low	1.22	1.28	1.5	1.67	1.74	1.44	1.9	1.57	1.29	0.81	1.34	1.55	0.94	1.05	1.15
Price/Sales	1.44	1.7	2.51	2.73	2.61	3.82	3.59	3.13	3.32	2.83	3.44	3.44	2.98	3.39	3.1
Price/Sales Average	1.41	1.55	2.08	2.4	2.77	2.83	3.44	3.7	3.28	2.32	3.33	3.22	2.63	3.07	2.98
Price/Sales High	2.52	2.65	3.81	4.06	4.41	5.31	5.19	5.66	4.75	4.27	4.48	4.24	3.85	3.9	3.47
Price/Sales Low	1.89	2.18	2.55	3.04	3.57	3.27	4.09	3.78	3.65	1.96	3.22	3.02	1.98	2.67	2.47
Price/Cash Flow	3	5.07	5.65	7.42	9.05	10.27	9.46	7.21	10.36	28.42	5.95	9.87	10.48	9.65	10.4
Price/Cash Flow Average	2.93	4.64	4.68	6.51	9.62	7.6	9.08	8.53	10.22	23.3	5.77	9.23	9.25	8.74	9.99
Price/Cash Flow High	5.25	7.92	8.55	11.01	15.32	14.26	13.69	13.02	14.81	42.94	7.77	12.17	13.51	11.08	11.64
Price/Cash Flow Low	3.93	6.51	5.73	8.26	12.41	8.77	10.78	8.7	11.4	19.7	5.58	8.68	6.95	7.58	8.27
Price/Free Cash Flow Average	2.86	4.31	4.35	6.06	8.69	7.48	8.72	8.35	9.53	20.7	5.64	8.91	8.18	8.34	9.66
Price/Free Cash Flow High	5.13	7.35	7.95	10.25	13.84	14.04	13.15	12.75	13.81	38.14	7.59	11.74	11.95	10.58	11.25
Price/Free Cash Flow Low	3.84	6.04	5.33	7.68	11.21	8.64	10.36	8.51	10.63	17.5	5.46	8.37	6.15	7.24	7.99
EV/Sales Average	2.01	1.99	2.28	3.31	6.23	5.87	6.1	6.79	6.54	2.69	2.22	4.68	4.79	4.82	3.89
EV/Sales High	3.13	3.09	4.01	4.97	7.87	8.35	7.85	8.75	8.01	4.64	3.37	5.7	6	5.64	4.38
EV/Sales Low	2.49	2.61	2.75	3.95	7.03	6.31	6.74	6.87	6.92	2.33	2.11	4.49	4.14	4.41	3.38
EV/EBITDA Average	72.96	75.3	81.99	115.48	235.33	209.85	218.86	287.23	288.18	114.02	96.63	210.29	197.49	189.1	187.66
EV/EBITDA High	113.45	116.93	143.84	173.23	297.34	298.59	281.53	369.78	352.99	196.84	146.72	256.23	247.37	221.49	211.39
EV/EBITDA Low	90.49	99	98.79	137.87	265.72	225.52	242	290.35	304.77	98.84	91.8	201.57	170.46	173.18	162.93
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	12.27	14.5	21.5	24.04	21.34	31.51	30.55	28.3	30.15	25.19	30.55	33.57	29.91	32.54	33.24
High Price	21.44	22.64	32.58	35.7	36.11	43.77	44.19	51.12	43.13	38.05	39.87	41.37	38.56	37.36	37.18
Enterprise Value Average	455	456	572	853	1,911	1,939	2,285	3,002	3,333	1,611	1,294	2,743	2,851	2,891	3,788
Enterprise Value High	708	708	1,004	1,280	2,415	2,760	2,939	3,865	4,083	2,782	1,964	3,342	3,571	3,386	4,267
Enterprise Value Low	564	599	689	1,018	2,158	2,084	2,527	3,034	3,525	1,397	1,229	2,629	2,461	2,648	3,289

	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	29	29	29	38	44	44	55	68	67	62	59	59	67	96
Diluted Weighted Avg Shares	27	27	29	29	38	40	44	49	56	67	66	60	59	63	91
Basic Weighted Avg Shares	27	27	29	29	37	40	44	49	56	67	66	60	59	63	91
Revenue per Share	8.5	8.54	8.56	8.8	8.19	8.24	8.51	9.04	9.08	8.91	8.89	9.76	10.03	9.59	10.72
EBITDA per Share	0.23	0.23	0.24	0.25	0.22	0.23	0.24	0.21	0.21	0.21	0.2	0.22	0.24	0.24	0.22
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.65	1.84	2.18	2.39	2.15	2.16	2.15	2.93	2.83	1.78	3.54	3.03	2.51	2.26	2.23
Basic EPS from Cont Ops	1.65	1.84	2.18	2.39	2.15	2.16	2.15	2.93	2.83	1.81	3.7	3.2	2.68	2.42	2.45
Diluted EPS, GAAP	1.65	1.84	2.18	2.39	2.15	2.16	2.14	2.92	2.83	1.77	3.53	3.02	2.51	2.26	2.23
Diluted EPS from Cont Ops	1.65	1.84	2.18	2.39	2.15	2.16	2.14	2.92	2.83	1.81	3.69	3.19	2.68	2.42	2.45
Dividend per Share	0.6	0.67	0.76	0.86	0.88	0.94	1.02	1.1	1.19	1.31	1.47	1.52	1.56	1.56	1.54
Cash Flow per Share	4.08	2.86	3.81	3.24	2.36	3.07	3.23	3.93	2.91	0.89	5.13	3.4	2.86	3.37	3.19
Free Cash Flow per Basic Share	3.99	2.64	3.51	2.99	2.1	3.02	3.09	3.83	2.69	0.77	5	3.27	2.48	3.21	3.08
Cash & Equivalents per Share	43.46	42.69	35.19	34.58	39.74	34.15	31.35	46.7	46.84	42.87	65.09	48.92	47.04	44.96	12.99
Book Value per Share	16.69	17.87	17.82	19.34	16.81	17.17	16.89	17.41	17.23	14.47	17.09	20.31	21.66	21.55	15.98
Tangible Book Value per Share	13.17	14.51	14.53	16.02	16.84	18.66	18.32	21.68	25.75	21.55	21.32	19	21.18	24.31	22.93

WesBanco, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

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Per Share Data Items (USD)