Willamette Valley Vineyards, Inc. Financial Ratios — WVVI

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 (%)	7.34	7.06	7.71	10.57	8.19	8.84	8.64	6.5	4.95	7.15	2.99	-7.67	-10.87	-8.76	-13.02
Return on Assets (%)	3.72	4.84	5.23	7.21	5.46	6.3	5.73	4.72	3.88	4.61	2.86	-0.68	-1.17	-0.11	-0.85
Return on Capital (%)	6.44	6.39	6.73	9.09	6.97	7.77	7.29	5.82	4.81	5.56	3.65	- -	- -	- -	- -
Return on Invested Capital (%)	7.55	6.69	6.21	7.94	6.57	7.32	6.73	5.53	4.6	5.36	3.49	- -	- -	- -	- -
Gross Margin (%)	56.95	58.06	57.89	59.49	60.47	62.91	61.77	64.05	61.8	61.25	58.72	55.44	57.64	60.82	60.47
EBITDA Margin (%)	25.89	23.34	23.53	25.61	25.35	28.33	24.84	25.46	22.38	24.95	17.75	5.21	5.67	9.79	4.87
Operating Margin (%)	19.78	17.55	17.89	18.52	18.25	21.45	17.44	18.12	15.06	18.31	11.61	-1.61	-3.08	1.44	-3.86
Incremental Operating Margin (%)	-30.65	-76.05	23.59	22.91	16.77	60.17	-37.21	24.56	-27.26	49.67	-29.33	- -	- -	275.26	- -
Pretax Margin (%)	18.74	16.76	17.54	19.38	17.71	21.14	16.53	17.07	13.99	17.48	10.9	-2.26	-4.31	-0.87	-3.25
Profit Margin (%)	7.01	9.6	10.73	14.26	10.6	13.53	14.36	12.39	10.15	12.43	7.69	-1.91	-3.06	-0.3	-2.47
Net Income to Common Margin (%)	7.01	9.6	10.73	14.26	10.28	11.15	10.98	7.97	6	8.34	3.15	-7.41	-8.29	-5.96	-8.52
Effective Tax Rate (%)	37.51	35.22	38.86	26.42	40.14	35.99	13.14	27.44	27.49	28.9	29.45	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	-24.04	-73.52	42.9	37.99	56.96	40.62
Sustainable Growth Rate (%)	7.34	7.06	7.71	10.57	8.19	8.84	8.64	6.5	4.95	8.87	5.18	-4.38	-6.74	-3.77	-7.73

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	4	4	6	6	6	5	9	8	13	12	13	18	24	30	30
ST Debt	- -	- -	- -	- -	1	1	2	2	2	2	2	3	5	5	6
LT Debt	4	4	6	5	5	4	7	6	11	10	11	15	18	24	25
Total Debt/EBITDA	1.33	1.38	1.86	1.42	1.23	0.92	1.73	1.42	2.28	1.79	2.32	9.94	10.59	7.59	16.78
Net Debt/EBITDA	0.25	-0.18	1.56	1.28	0.35	-0.12	-0.93	-0.24	0.12	-0.99	-1.25	4.51	5.15	4.47	10.28
Total Debt/EBIT	1.74	1.83	2.45	1.96	1.72	1.22	2.46	2	3.39	2.44	3.55	-32.19	-19.48	51.72	-21.18
Net Debt/EBIT	0.33	-0.24	2.05	1.78	0.49	-0.15	-1.33	-0.33	0.18	-1.35	-1.91	-14.59	-9.46	30.46	-12.98
EBITDA to Interest Expense	14.59	12.59	12.73	13.43	14.61	18.89	10.94	12.84	12.56	16.46	14.42	4.81	3.74	3.83	1.55
EBITDA-CapEx/Interest Expense	6.29	5.6	-14.72	0.57	3.79	0.59	2.56	1.34	0.5	4.93	-12	-37.28	-4.22	1.78	1.12
EBIT to Interest Expense	11.15	9.47	9.67	9.71	10.52	14.3	7.68	9.14	8.45	12.08	9.43	-1.49	-2.03	0.56	-1.23
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1
Common Equity/Total Assets	67.67	69.5	66.49	69.78	60.66	56.99	45.9	47.56	45.24	41.52	37.22	31.91	26.72	23.74	21.19
Long-Term Debt/Equity (%)	24.41	22.01	29.22	24.41	18.48	12.83	15.18	13.14	21.49	17.19	16.76	21.25	26	35.05	37.62
Long-Term Debt/Capital (%)	19.43	17.6	21.95	19.08	15.31	11.19	12.65	11.18	17.08	14.24	13.94	17	19.51	24.56	25.77
Long-Term Debt/Total Assets (%)	16.51	15.02	19	16.7	12.99	9.9	11.38	10.17	15.52	12.72	11.91	15.15	17.37	22.26	23.11
Total Debt/Equity (%)	25.61	23.22	30.84	25.97	20.66	14.64	20	17.56	25.79	20.78	20.16	24.99	33.29	42.72	45.96
Total Debt/Capital (%)	20.39	18.57	23.17	20.29	17.12	12.77	16.67	14.94	20.51	17.21	16.78	20	24.98	29.93	31.49
Total Debt/Total Assets (%)	17.33	15.84	20.05	17.76	14.53	11.3	14.99	13.59	18.63	15.38	14.33	17.82	22.25	27.13	28.24
Net Debt to Equity	4.85	-3.04	25.83	23.51	5.9	-1.84	-10.79	-2.91	1.39	-11.52	-10.85	11.33	16.18	25.16	28.16
Net Debt/Capital (%)	4.63	-3.08	20.17	18.73	5.57	-1.87	-12.09	-3	1.25	-11.88	-10.96	9.1	12.17	17.69	19.38
EBITDA	3	3	3	4	5	6	5	6	6	7	6	2	2	4	2
EBITDA-CapEx	1	1	-4	- -	1	- -	1	1	- -	2	-5	-14	-3	2	1
Operating Income (Loss)	2	2	2	3	3	4	4	4	4	5	4	-1	-1	1	-1

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	1.87	1.92	0.34	0.19	0.98	1.6	2.14	1.8	1.31	1.92	1.15	0.03	0.02	0.02	0.03
Current Ratio	8.11	6.43	4.57	4.63	4.43	5.59	4.73	5.31	4.98	4.8	3.05	2.8	2.33	2.84	2.7
Quick Ratio	2.71	2.5	0.93	0.91	1.44	2.12	2.41	2.26	1.77	2.35	1.43	0.52	0.24	0.27	0.34
CFO/Avg Current Liab	1.32	1.5	0.66	1.1	0.79	0.81	0.5	0.39	0.8	0.77	0.27	-0.24	-0.17	-0.24	-0.13
Common Equity/Total Assets	67.67	69.5	66.49	69.78	60.66	56.99	45.9	47.56	45.24	41.52	37.22	31.91	26.72	23.74	21.19
Long-Term Debt/Equity (%)	24.41	22.01	29.22	24.41	18.48	12.83	15.18	13.14	21.49	17.19	16.76	21.25	26	35.05	37.62
Long-Term Debt/Capital (%)	19.43	17.6	21.95	19.08	15.31	11.19	12.65	11.18	17.08	14.24	13.94	17	19.51	24.56	25.77
Long-Term Debt/Total Assets (%)	16.51	15.02	19	16.7	12.99	9.9	11.38	10.17	15.52	12.72	11.91	15.15	17.37	22.26	23.11
Total Debt/Equity (%)	25.61	23.22	30.84	25.97	20.66	14.64	20	17.56	25.79	20.78	20.16	24.99	33.29	42.72	45.96
Total Debt/Capital (%)	20.39	18.57	23.17	20.29	17.12	12.77	16.67	14.94	20.51	17.21	16.78	20	24.98	29.93	31.49
Total Debt/Total Assets (%)	17.33	15.84	20.05	17.76	14.53	11.3	14.99	13.59	18.63	15.38	14.33	17.82	22.25	27.13	28.24
CFO/Total Liabilities	34.63	39	16.64	30.72	23.53	30.16	16.86	16.54	22.74	23.58	9.74	-9.41	-5.67	-8.14	-4.31
CFO/CapEx	1.51	1.94	0.25	0.81	0.8	0.58	0.64	0.44	0.81	1.02	0.25	-0.17	-0.42	-1.55	-3.56
Altman's Z-Score	3.04	3.21	3.43	3.46	3.53	4.04	3.13	3	2.48	2.32	2.17	1.5	1.26	1.12	0.76

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	10.87	12.07	11.45	10.67	10.88	10.93	11.48	11.22	11.88	12.18	10.9	9.18	10.84	12.94	9.71
Days Sales Outstanding	33.58	30.23	31.87	34.22	33.54	33.41	31.78	32.52	30.73	29.97	33.5	39.75	33.68	28.2	37.6
Inventory Turnover	0.54	0.58	0.59	0.62	0.69	0.64	0.6	0.53	0.57	0.61	0.71	0.73	0.66	0.51	0.44
Days Inventory Outstanding	677.54	627.77	622.44	586.89	528.63	572.54	612.73	682.67	643.21	599.36	511.35	498.23	556.08	716.82	822.7
Accounts Payable Turnover	6.47	10.95	8.6	8.56	13.85	19.17	14.41	10.61	12.07	9.84	8.25	7.06	8.91	11.18	9.69
Accounts Payable Turnover Days	56.37	33.34	42.42	42.66	26.35	19.04	25.34	34.41	30.24	37.08	44.26	51.72	40.97	32.66	37.65
Cash Conversion Cycle	654.76	624.66	611.9	578.44	535.82	586.91	619.17	680.78	643.69	592.24	500.6	486.26	548.79	712.36	822.64
Inventory to Cash Days	-643.96	-597.54	-590.57	-552.68	-495.09	-539.13	-580.95	-650.14	-612.48	-569.39	-477.85	-458.49	-522.4	-688.62	-785.1
Inventories	9	9	10	10	11	12	15	16	17	18	19	22	28	33	33
Raw Materials	- -	- -	1	1	1	1	1	1	1	1	1	1	1	1	1
Work In Process	4	4	4	5	6	7	8	9	8	9	10	12	16	15	16
Finished Goods	6	5	5	4	4	5	6	7	8	8	9	9	11	17	16
Other Inventory	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	15	18	30	28	35	40	41	34	34	32	43	30	27	17	- -
- Cash & Cash Equivalents	3	5	1	1	4	6	14	10	7	14	14	- -	- -	- -	- -
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	4	9	17	18	18	26	31	39	42	43	43
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	4	4	6	6	6	5	9	8	13	12	13	18	24	30	30
Enterprise Value	15	17	35	33	40	48	54	51	58	56	73	86	92	89	73
Total Capital	21	22	25	27	33	40	54	56	62	71	78	88	94	99	97
Total Debt/Capital (%)	20.39	18.57	23.17	20.29	17.12	12.77	16.67	14.94	20.51	17.21	16.78	20	24.98	29.93	31.49
Total Debt / EV	0.27	0.23	0.17	0.17	0.14	0.1	0.17	0.16	0.22	0.22	0.18	0.21	0.25	0.33	0.41
EV/Sales	1.26	1.39	2.64	2.18	2.24	2.49	2.57	2.22	2.36	2.04	2.31	2.53	2.36	2.24	1.97
EV/EBITDA	4.89	5.94	11.24	8.53	8.85	8.8	10.35	8.7	10.53	8.17	12.99	48.46	41.57	22.91	40.46
EV/EBIT	6.39	7.9	14.78	11.8	12.29	11.61	14.75	12.23	15.65	11.13	19.86	- -	- -	156.06	- -
EV/Cash Flow to Firm	5.42	5.27	19.09	10.29	13.95	14.78	18.29	19.41	12.65	10.77	25.73	- -	- -	- -	- -
EV/Free Cash Flow to Firm	3.32	3.53	4.09	4.77	6.44	5.62	7.77	6.48	5.87	5.6	5.56	6.53	29.2	- -	- -
Diluted Market Cap	15	18	31	29	35	40	41	34	34	32	43	30	27	17	- -
Diluted Enterprise Value	15	17	35	34	40	48	54	51	58	56	73	86	92	89	73
EV per Share	3.16	3.58	7.3	6.83	8.16	9.7	10.76	10.3	11.75	11.21	14.76	17.27	18.59	17.98	- -
TTM Sales	12	13	13	15	18	19	21	23	25	27	32	34	39	40	37
TTM EBITDA	3	3	3	4	5	6	5	6	6	7	6	2	2	4	2
TTM Operating Income	2	2	2	3	3	4	4	4	4	5	4	-1	-1	1	-1
TTM Cash Flow to Firm	3	3	2	3	3	3	3	3	5	5	3	-2	-2	-3	-1
TTM Free Cash Flow to Firm	5	5	9	7	6	9	7	8	10	10	13	13	3	-1	- -

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	3.25	3.76	3.63	4.25	5.8	4.75	6.34	4.52	3.58	3.28	3.33	2.31	9.72	-14.49	- -
EV/EBIT	6.39	7.9	14.78	11.8	12.29	11.61	14.75	12.23	15.65	11.13	19.86	- -	- -	156.06	- -
Enterprise Value	15	17	35	33	40	48	54	51	58	56	73	86	92	89	73
Low Price	2.65	3	3.71	5.14	4.5	6.55	7.35	6.66	6.55	4.5	6.21	5.8	5	3.17	2.49
EV/Sales	1.26	1.39	2.64	2.18	2.24	2.49	2.57	2.22	2.36	2.04	2.31	2.53	2.36	2.24	1.97
EV/EBITDA	4.89	5.94	11.24	8.53	8.85	8.8	10.35	8.7	10.53	8.17	12.99	48.46	41.57	22.91	40.46
Price/Earnings	17.11	14.88	21.23	13.01	18.92	18.45	17.96	18.59	23.17	13.88	42.94	- -	- -	- -	- -
Price/Earnings Average	17.97	13.95	16.52	13.1	17.87	17.64	17.56	21.43	23.52	13.46	57.92	-14.49	-8.95	-8.66	- -
Price/Earnings High	21.11	16.17	25.65	14.81	21.91	20.73	19.29	23.07	25.58	15.27	86.43	-21.42	-10.08	-11.31	- -
Price/Earnings Low	15.12	12.09	12.54	11.53	12.03	15.09	16	17.97	21.91	9.8	30.79	-11.46	-7.65	-6.64	- -
Price/Book Value	0.89	1.01	1.57	1.3	1.49	1.56	1.5	1.17	1.12	0.96	1.26	0.94	0.94	0.64	- -
Price/Book Value Average	0.94	0.95	1.22	1.31	1.41	1.49	1.47	1.35	1.14	0.93	1.71	1.16	1.03	0.79	- -
Price/Book Value High	1.1	1.1	1.89	1.48	1.72	1.76	1.61	1.45	1.24	1.05	2.54	1.71	1.16	1.04	- -
Price/Book Value Low	0.79	0.82	0.93	1.15	0.95	1.28	1.34	1.13	1.06	0.68	0.91	0.91	0.88	0.61	- -
Price/Tangible Book Value	0.89	1.03	1.6	1.33	1.49	1.56	1.5	1.17	1.12	0.96	1.26	0.94	0.94	0.64	- -
Price/Tangible Book Value Average	0.94	0.97	1.25	1.34	1.41	1.49	1.47	1.35	1.14	0.93	1.71	1.16	1.03	0.79	- -
Price/Tangible Book Value High	1.1	1.12	1.94	1.51	1.72	1.76	1.61	1.45	1.24	1.05	2.54	1.71	1.16	1.04	- -
Price/Tangible Book Value Low	0.79	0.84	0.95	1.18	0.95	1.28	1.34	1.13	1.06	0.68	0.91	0.91	0.88	0.61	- -
Price/Sales	1.2	1.43	2.28	1.86	1.95	2.06	1.97	1.48	1.39	1.16	1.35	0.87	0.68	0.42	- -
Price/Sales Average	1.26	1.34	1.77	1.87	1.84	1.97	1.93	1.71	1.41	1.12	1.82	1.07	0.74	0.52	- -
Price/Sales High	1.48	1.55	2.75	2.11	2.25	2.31	2.12	1.84	1.53	1.27	2.72	1.59	0.84	0.67	- -
Price/Sales Low	1.06	1.16	1.34	1.64	1.24	1.68	1.76	1.43	1.31	0.82	0.97	0.85	0.63	0.4	- -
Price/Cash Flow	5.4	5.69	17.9	9.36	12.94	12.95	16.32	14.86	8.02	6.49	16.71	-11.11	-13.38	-5.14	- -
Price/Cash Flow Average	5.67	5.33	13.93	9.42	12.22	12.38	15.95	17.12	8.14	6.29	22.54	-13.66	-14.6	-6.34	- -
Price/Cash Flow High	6.66	6.18	21.63	10.65	14.99	14.55	17.52	18.44	8.85	7.14	33.63	-20.18	-16.45	-8.28	- -
Price/Cash Flow Low	4.77	4.62	10.57	8.29	8.22	10.59	14.53	14.36	7.58	4.58	11.98	-10.8	-12.48	-4.86	- -
Price/Free Cash Flow Average	3.41	3.52	2.82	4.28	5.47	4.54	6.2	5.21	3.63	3.18	4.49	2.84	10.61	-17.89	- -
Price/Free Cash Flow High	4.01	4.08	4.38	4.84	6.71	5.34	6.81	5.61	3.95	3.61	6.7	4.2	11.95	-23.35	- -
Price/Free Cash Flow Low	2.87	3.05	2.14	3.77	3.68	3.89	5.65	4.37	3.38	2.32	2.39	2.25	9.07	-13.71	- -
EV/Sales Average	1.33	1.3	2.14	2.2	2.13	2.4	2.53	2.44	2.38	2	2.78	2.73	2.42	2.34	1.97
EV/Sales High	1.54	1.51	3.12	2.44	2.55	2.75	2.72	2.57	2.5	2.15	3.68	3.24	2.51	2.5	1.97
EV/Sales Low	1.12	1.12	1.71	1.97	1.53	2.12	2.36	2.17	2.28	1.7	1.92	2.5	2.31	2.22	1.97
EV/EBITDA Average	5.12	5.56	9.09	8.58	8.42	8.48	10.18	9.59	10.62	8.03	15.65	52.3	42.67	23.91	40.46
EV/EBITDA High	5.97	6.47	13.25	9.53	10.06	9.69	10.94	10.11	11.17	8.63	20.71	62.13	44.32	25.52	40.46
EV/EBITDA Low	4.35	4.79	7.27	7.71	6.05	7.47	9.49	8.51	10.19	6.81	10.84	47.99	40.77	22.68	40.46
EV/EBIT Average	6.7	7.39	11.95	11.86	11.7	11.19	14.5	13.47	15.79	10.94	23.93	-169.35	-78.45	162.89	-51.09
EV/EBIT High	7.81	8.6	17.43	13.18	13.98	12.8	15.59	14.2	16.61	11.76	31.66	-201.19	-81.5	173.85	-51.09
EV/EBIT Low	5.69	6.38	9.57	10.66	8.41	9.87	13.52	11.95	15.14	9.27	16.57	-155.4	-74.96	154.5	-51.09
Last Price	3	3.69	6.29	5.8	7.08	8.01	8.25	6.89	6.93	6.37	8.66	5.97	5.36	3.35	3.05
High Price	3.7	4.01	7.6	6.6	8.2	9	8.86	8.55	7.65	7.01	17.43	10.84	6.59	5.4	7.18
Enterprise Value Average	16	16	28	33	38	47	53	56	59	55	88	93	95	93	73
Enterprise Value High	19	19	41	37	46	53	57	59	62	59	117	110	98	99	73
Enterprise Value Low	14	14	23	30	28	41	49	50	56	46	61	85	90	88	73

	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	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5
Diluted Weighted Avg Shares	5	5	5	5	5	5	5	5	5	5	5	5	5	5	- -
Basic Weighted Avg Shares	5	5	5	5	5	5	5	5	5	5	5	5	5	5	- -
Revenue per Share	2.5	2.58	2.76	3.13	3.64	3.89	4.18	4.65	4.99	5.5	6.4	6.84	7.88	8.01	- -
EBITDA per Share	0.65	0.6	0.65	0.8	0.92	1.1	1.04	1.18	1.12	1.37	1.14	0.36	0.45	0.78	- -
Operating Income per Share	0.49	0.45	0.49	0.58	0.66	0.83	0.73	0.84	0.75	1.01	0.74	-0.11	-0.24	0.12	- -
Basic EPS, GAAP	0.18	0.25	0.3	0.45	0.37	0.43	0.46	0.37	0.3	0.46	0.2	-0.51	-0.65	-0.48	- -
Basic EPS from Cont Ops	0.29	0.28	0.3	0.45	0.39	0.53	0.6	0.58	0.51	0.68	0.49	-0.13	-0.24	-0.02	- -
Diluted EPS, GAAP	0.18	0.25	0.29	0.44	0.37	0.43	0.46	0.37	0.3	0.46	0.2	-0.51	-0.65	-0.48	- -
Diluted EPS from Cont Ops	0.29	0.28	0.29	0.44	0.38	0.53	0.6	0.58	0.51	0.68	0.49	-0.13	-0.24	-0.02	- -
Dividend per Share	- -	- -	- -	- -	0.01	0.09	0.14	0.21	0.21	0.11	0.14	0.16	0.16	0.18	- -
Cash Flow per Share	0.56	0.65	0.35	0.62	0.55	0.62	0.51	0.46	0.86	0.98	0.52	-0.54	-0.4	-0.65	- -
Free Cash Flow per Basic Share	0.19	0.31	-1.05	-0.15	-0.14	-0.45	-0.29	-0.6	-0.21	0.02	-1.56	-3.66	-1.35	-1.07	- -
Cash & Equivalents per Share	0.7	0.94	0.2	0.11	0.81	1.14	2.76	1.96	1.42	2.82	2.77	0.07	0.05	0.06	- -
Book Value per Share	3.36	3.64	4.01	4.46	4.75	5.12	5.5	5.89	6.19	6.65	6.85	6.34	5.69	5.21	- -
Tangible Book Value per Share	3.36	3.58	3.93	4.37	4.75	5.12	5.5	5.89	6.19	6.65	6.85	6.34	5.69	5.21	- -

Willamette Valley Vineyards, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)