Waterstone Financial, Inc. Financial Ratios — WSBF 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 (%)	-7.07	29.25	10.2	8.24	10.16	14.46	14.09	16.57	18.65	36.62	27.27	7.11	3.44	6.83	9.26
Return on Assets (%)	-0.42	2.07	0.82	0.68	0.93	1.44	1.44	1.65	1.84	3.88	3.22	0.92	0.44	0.85	1.18
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 (%)	2.07	1.86	3.03	2.96	2.51	1.92	1.25	2.8	2.61	1.91	2.38	2.56	2.58	1.87	1.83
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-7.7	17.06	18.37	15.81	18.02	25.16	25.82	23.83	26.48	36.92	36.25	15.52	8.62	18.13	24.07
Profit Margin (%)	-8.33	26.22	11.58	10.11	11.56	15.29	15.09	18.2	19.98	27.71	27.86	12.35	7.33	14.12	19
Net Income to Common Margin (%)	-8.33	26.22	11.58	10.11	11.56	15.29	15.09	18.2	19.98	27.71	27.86	12.35	7.33	14.12	19
Effective Tax Rate (%)	- -	- -	36.95	36.04	35.82	39.2	41.57	23.65	24.53	24.95	23.14	20.39	15.02	22.14	21.06
Dvd Payout Ratio (%)	- -	- -	- -	39.29	35.42	27.09	103.81	87.96	72.31	38.84	42.93	155.28	163.87	60.3	40.78
Sustainable Growth Rate (%)	-7.07	29.25	10.2	5	6.56	10.54	-0.54	2	5.16	22.39	15.56	-3.93	-2.2	2.71	5.48

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	377	350	350	350	350	295	375	430	470	499	475	386	464	444	406
ST Debt	27	- -	- -	- -	- -	65	35	- -	- -	29	5	186	309	294	216
LT Debt	350	350	350	350	350	230	340	430	470	470	470	200	155	150	190
Total Debt/EBITDA	203.31	141.7	91.1	93.88	97.3	91.81	173.93	90.97	100.04	88.98	78.54	95.64	140.56	179.29	159.31
Net Debt/EBITDA	164.31	124.33	-20.58	53.23	75.01	85.47	159.29	78.06	86.93	75.44	18.56	86.72	131.19	164.95	134.26
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.95	8.24	7.78	8.84	9.55	10.32	10.17	9.79	9.9	11.24	12.35	13.51	12.19	12.55	12.97
Long-Term Debt/Equity (%)	210.37	172.73	163.19	77.74	89.3	56	82.5	107.59	119.38	113.77	108.6	53.98	45.05	44.23	54.38
Long-Term Debt/Capital (%)	73.06	71.89	69.79	68.95	67.52	47.93	60.86	69.64	70.39	63.13	62.78	30.3	21.12	20.81	27.17
Long-Term Debt/Total Assets (%)	20.43	21.07	17.98	19.63	19.86	12.84	18.82	22.45	23.54	21.51	21.21	9.84	7	6.79	8.41
Total Debt/Equity (%)	226.68	172.73	163.19	77.74	89.3	71.83	91	107.59	119.38	120.79	109.76	104.11	134.86	130.79	116.23
Total Debt/Capital (%)	78.73	71.89	69.79	68.95	67.52	61.48	67.13	69.64	70.39	67.02	63.45	58.42	63.23	61.52	58.08
Total Debt/Total Assets (%)	22.02	21.07	17.98	19.63	19.86	16.47	20.76	22.45	23.54	22.84	21.44	18.98	20.96	20.07	17.97
Net Debt to Equity	183.21	151.56	-36.87	44.08	68.85	66.87	83.34	92.32	103.74	102.41	25.94	94.4	125.87	120.33	97.95
Net Debt/Capital (%)	74.94	69.18	-109.13	55.73	61.57	59.77	65.16	66.31	67.39	63.28	29.09	56.03	61.61	59.53	53.86
EBITDA	2	2	4	4	4	3	2	5	5	6	6	4	3	2	3
EBITDA-CapEx	1	1	-2	2	1	2	1	1	2	4	5	3	3	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
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	5.95	8.24	7.78	8.84	9.55	10.32	10.17	9.79	9.9	11.24	12.35	13.51	12.19	12.55	12.97
Long-Term Debt/Equity (%)	210.37	172.73	163.19	77.74	89.3	56	82.5	107.59	119.38	113.77	108.6	53.98	45.05	44.23	54.38
Long-Term Debt/Capital (%)	73.06	71.89	69.79	68.95	67.52	47.93	60.86	69.64	70.39	63.13	62.78	30.3	21.12	20.81	27.17
Long-Term Debt/Total Assets (%)	20.43	21.07	17.98	19.63	19.86	12.84	18.82	22.45	23.54	21.51	21.21	9.84	7	6.79	8.41
Total Debt/Equity (%)	226.68	172.73	163.19	77.74	89.3	71.83	91	107.59	119.38	120.79	109.76	104.11	134.86	130.79	116.23
Total Debt/Capital (%)	78.73	71.89	69.79	68.95	67.52	61.48	67.13	69.64	70.39	67.02	63.45	58.42	63.23	61.52	58.08
Total Debt/Total Assets (%)	22.02	21.07	17.98	19.63	19.86	16.47	20.76	22.45	23.54	22.84	21.44	18.98	20.96	20.07	17.97
CFO/Total Liabilities	2.27	-0.56	3.02	-0.17	-0.95	-1.74	7.68	2.74	-2.51	-5.28	7.96	12.44	-1.48	2.57	1.27
CFO/CapEx	34.37	-4.86	9.75	-1.14	-4.38	-22.18	67.91	10.48	-12.92	-76.39	182.53	294.81	-39.4	43.73	20.76
Altman's Z-Score	0.16	0.29	0.29	0.39	0.39	0.45	0.44	0.41	0.41	0.45	0.46	0.4	0.32	0.32	0.34

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

- -

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
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	58	242	346	439	411	497	468	459	495	460	519	377	286	249	295
- Cash & Cash Equivalents	72	43	429	152	80	20	32	61	62	76	363	36	31	35	64
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	377	350	350	350	350	295	375	430	470	499	475	386	464	444	406
Enterprise Value	157	344	53	364	411	545	612	642	725	724	452	530	514	449	467
Total Capital	479	487	502	508	518	480	559	617	668	745	749	660	734	721	699
Total Debt/Capital (%)	78.73	71.89	69.79	68.95	67.52	61.48	67.13	69.64	70.39	67.02	63.45	58.42	63.23	61.52	58.08
Total Debt / EV	2.41	1.02	6.55	0.96	0.85	0.54	0.61	0.67	0.65	0.69	1.05	0.73	0.9	0.99	0.87
EV/Sales	1.75	2.59	0.42	2.89	2.87	3.27	3.56	3.8	4.04	2.47	1.78	3.36	4.02	3.39	3.36
EV/EBITDA	84.45	139.42	13.91	97.72	114.36	169.72	283.87	135.79	154.34	129.08	74.77	131.52	155.83	181.46	183.23
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.46	- -	1.02	- -	- -	- -	5.71	15.47	- -	- -	3.18	2.57	- -	9.34	19.31
EV/Free Cash Flow to Firm	4.34	- -	0.93	- -	- -	- -	5.63	14.12	- -	- -	3.17	2.56	- -	9.13	18.43
Diluted Market Cap	58	243	349	442	415	504	476	463	499	463	523	379	287	250	296
Diluted Enterprise Value	363	550	269	641	685	778	819	832	908	886	635	729	720	658	638
EV per Share	4.62	10.11	1.56	10.91	14.11	20.17	22.28	23.46	27.87	29.59	19.05	24.24	25.52	24.19	26.19
TTM Sales	90	133	127	126	143	167	172	169	180	293	254	158	128	132	139
TTM EBITDA	2	2	4	4	4	3	2	5	5	6	6	4	3	2	3
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	35	-8	52	-2	-13	-24	107	42	-40	-94	142	207	-28	48	24
TTM Free Cash Flow to Firm	36	-6	58	- -	-10	-23	109	45	-37	-92	143	207	-27	49	25

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	1.62	-37.62	6.05	-1,656.95	-41.39	-21.92	4.38	10.19	-13.46	-5.01	3.66	1.83	-10.67	5.08	11.67
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	157	344	53	364	411	545	612	642	725	724	452	530	514	449	467
Low Price	1.59	1.57	5.84	10.03	12.38	13.3	17	15.2	15.55	12.1	18	15.7	9.62	10.6	11.61
EV/Sales	1.75	2.59	0.42	2.89	2.87	3.27	3.56	3.8	4.04	2.47	1.78	3.36	4.02	3.39	3.36
EV/EBITDA	84.45	139.42	13.91	97.72	114.36	169.72	283.87	135.79	154.34	129.08	74.77	131.52	155.83	181.46	183.23
Price/Earnings	- -	6.94	23.52	34.5	24.81	19.48	18.04	14.91	13.79	5.67	7.33	19.36	30.53	13.35	11.18
Price/Earnings Average	-10.95	3.57	20.01	29.46	23.16	16.43	19.64	15.23	12.41	4.79	6.79	20.12	29.73	13.39	9.55
Price/Earnings High	-14.62	7.69	24.47	34.98	25.48	20.44	21.58	16.1	14.12	5.92	7.44	25.54	38.06	16.74	11.66
Price/Earnings Low	-7.22	1.53	13.57	26.32	21.79	14.08	17.98	13.52	11.27	3.65	6.04	17.63	20.68	10.53	7.84
Price/Book Value	0.57	1.77	2.28	2.79	2.44	2.69	2.55	2.45	2.51	1.88	1.9	1.37	1.06	0.9	1.01
Price/Book Value Average	0.8	0.91	1.94	2.38	2.28	2.27	2.78	2.5	2.25	1.58	1.76	1.43	1.03	0.9	0.86
Price/Book Value High	1.07	1.96	2.38	2.82	2.51	2.82	3.05	2.64	2.56	1.95	1.92	1.81	1.32	1.13	1.05
Price/Book Value Low	0.53	0.39	1.32	2.13	2.14	1.95	2.54	2.22	2.05	1.21	1.56	1.25	0.72	0.71	0.71
Price/Tangible Book Value	0.35	1.2	1.61	0.98	1.05	1.21	1.14	1.15	1.26	1.11	1.2	1.02	0.83	0.74	0.84
Price/Tangible Book Value Average	0.49	0.62	1.37	0.83	0.98	1.02	1.24	1.17	1.13	0.94	1.11	1.06	0.81	0.74	0.72
Price/Tangible Book Value High	0.66	1.33	1.68	0.99	1.08	1.27	1.36	1.24	1.29	1.16	1.22	1.34	1.04	0.92	0.88
Price/Tangible Book Value Low	0.32	0.26	0.93	0.74	0.92	0.88	1.13	1.04	1.03	0.72	0.99	0.93	0.56	0.58	0.59
Price/Sales	0.65	1.82	2.72	3.49	2.87	2.98	2.72	2.71	2.76	1.57	2.04	2.39	2.24	1.88	2.12
Price/Sales Average	0.91	0.94	2.32	2.98	2.68	2.51	2.96	2.77	2.48	1.33	1.89	2.49	2.18	1.89	1.81
Price/Sales High	1.22	2.02	2.83	3.54	2.95	3.13	3.26	2.93	2.82	1.64	2.07	3.15	2.79	2.36	2.22
Price/Sales Low	0.6	0.4	1.57	2.66	2.52	2.15	2.71	2.46	2.25	1.01	1.68	2.18	1.52	1.49	1.49
Price/Cash Flow	1.66	-29.78	6.62	-198.24	-31.65	-20.67	4.37	11.05	-12.31	-4.92	3.65	1.83	-10.38	5.19	12.21
Price/Cash Flow Average	2.33	-15.34	5.63	-169.27	-29.54	-17.43	4.76	11.28	-11.08	-4.16	3.38	1.9	-10.11	5.21	10.42
Price/Cash Flow High	3.11	-33	6.88	-200.95	-32.5	-21.69	5.23	11.93	-12.6	-5.13	3.71	2.41	-12.94	6.51	12.73
Price/Cash Flow Low	1.54	-6.57	3.82	-151.2	-27.79	-14.94	4.36	10.02	-10.06	-3.16	3.01	1.66	-7.03	4.09	8.56
Price/Free Cash Flow Average	2.27	-19.38	5.14	-1,414.85	-38.63	-18.49	4.77	10.4	-12.12	-4.24	3.39	1.9	-10.39	5.1	9.96
Price/Free Cash Flow High	3.03	-41.69	6.29	-1,679.63	-42.51	-22.99	5.24	11	-13.78	-5.23	3.72	2.41	-13.3	6.38	12.17
Price/Free Cash Flow Low	1.49	-8.31	3.49	-1,263.82	-36.34	-15.85	4.36	9.24	-11	-3.22	3.02	1.67	-7.23	4.01	8.18
EV/Sales Average	4.31	3.24	1.69	4.56	4.56	4.16	4.96	4.95	4.75	2.77	2.33	4.7	5.56	4.97	4.28
EV/Sales High	4.61	4.32	2.21	5.11	4.83	4.77	5.25	5.11	5.09	3.08	2.51	5.37	6.17	5.45	4.68
EV/Sales Low	4	2.71	0.95	4.24	4.4	3.8	4.71	4.64	4.53	2.46	2.12	4.39	4.9	4.57	3.95
EV/EBITDA Average	208.42	174.86	56	153.85	181.69	216.03	395.81	177.13	181.8	144.81	97.99	183.94	215.63	266.1	233.13
EV/EBITDA High	223.22	233.05	73.11	172.68	192.4	247.88	419.18	182.84	194.83	161.03	105.63	210.11	239.28	291.41	255.04
EV/EBITDA Low	193.4	145.99	31.38	143.11	175.38	197.39	375.87	166.05	173.06	128.23	89.22	171.91	189.94	244.46	215.5
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	1.72	7.11	10.12	13.15	14.1	18.4	17.05	16.76	19.03	18.82	21.86	17.24	14.2	13.44	16.55
High Price	3.22	7.88	10.53	13.33	14.48	19.3	20.4	18.1	19.48	19.62	22.18	22.74	17.7	16.86	17.26
Enterprise Value Average	387	432	215	574	654	694	853	837	854	812	593	742	712	658	594
Enterprise Value High	414	576	281	644	692	796	904	864	915	903	639	847	790	721	650
Enterprise Value Low	359	361	121	534	631	634	810	785	813	719	540	693	627	605	549

Shares Outstanding	34	34	34	34	29	29	30	28	27	25	25	22	20	19	18
Diluted Weighted Avg Shares	34	34	34	34	29	27	28	28	26	25	24	22	20	19	18
Basic Weighted Avg Shares	34	34	34	33	29	27	27	27	26	24	24	22	20	19	18
Revenue per Share	2.64	3.91	3.72	3.77	4.91	6.17	6.27	6.18	6.9	11.97	10.7	7.21	6.35	7.13	7.79
EBITDA per Share	0.05	0.07	0.11	0.11	0.12	0.12	0.08	0.17	0.18	0.23	0.25	0.18	0.16	0.13	0.14
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.22	1.02	0.43	0.38	0.57	0.94	0.95	1.12	1.38	3.32	2.98	0.89	0.47	1.01	1.48
Basic EPS from Cont Ops	-0.22	1.02	0.43	0.38	0.57	0.94	0.95	1.12	1.38	3.32	2.98	0.89	0.47	1.01	1.48
Diluted EPS, GAAP	-0.22	1.02	0.43	0.38	0.56	0.93	0.93	1.11	1.37	3.3	2.96	0.89	0.46	1.01	1.48
Diluted EPS from Cont Ops	-0.22	1.02	0.43	0.38	0.56	0.93	0.93	1.11	1.37	3.3	2.96	0.89	0.46	1.01	1.48
Dividend per Share	- -	- -	- -	0.15	0.2	0.26	0.98	0.99	1	1.29	1.28	1.38	0.76	0.61	0.6
Cash Flow per Share	1.03	-0.24	1.53	-0.07	-0.45	-0.89	3.9	1.52	-1.55	-3.83	5.98	9.44	-1.37	2.59	1.36
Free Cash Flow per Basic Share	1	-0.29	1.37	-0.12	-0.55	-0.93	3.84	1.37	-1.67	-3.88	5.95	9.41	-1.4	2.53	1.29
Cash & Equivalents per Share	8.22	7.28	18.79	12.72	12	9.14	8.42	9.02	9.23	9.63	22.82	10.63	11.7	13.15	13.13
Book Value per Share	3	4.02	4.43	4.72	5.77	6.84	6.69	6.85	7.6	10.04	11.53	12.54	13.38	14.95	16.43
Tangible Book Value per Share	4.9	5.95	6.27	13.48	13.44	15.19	15	14.61	15.13	16.89	18.23	16.93	17.07	18.28	19.59

Waterstone Financial, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)