Washington Trust Bancorp, Inc. (WASH) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	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
Return on Common Equity (%)	9.59	13.76	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
Return on Assets (%)	0.55	0.83	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
Return on Capital (%)	-2.18	-1.05	0.57	2.02	3.34	4.25	4.23	3.36	2.45	2.73	1.29	2.76	7.42	3.8	-6
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.89	3.31	2.99	2.68	2.73	2.49	2.64	2.8	2.44	2.19	2.11	1.8	1.88	1.98	2.51
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	20.17	27.27	30.88	34.58	36.26	39.49	39.57	39.13	42.12	44.59	43.98	39.3	42.91	41.71	29.23
Profit Margin (%)	14.47	19.09	21.52	23.84	24.88	26.95	26.73	26.42	24.91	35.2	34.47	30.78	33.59	32.79	24.93
Net Income to Common Margin (%)	14.47	19.09	21.52	23.84	24.88	26.95	26.73	26.42	24.91	35.2	34.47	30.78	33.59	32.79	24.93
Effective Tax Rate (%)	28.28	29.99	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
Dvd Payout Ratio (%)	83.5	56.47	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
Sustainable Growth Rate (%)	1.58	5.99	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

Credit	2009 Y	2010 Y	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
Total Debt	662	555	593	395	311	429	402	872	814	973	1,193	648	197	1,032	1,245
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	662	555	593	395	311	429	402	872	814	973	1,193	648	197	1,032	1,245
Total Debt/EBITDA	153.13	132.98	143.81	100.32	78.46	113.58	93.73	176.62	181.34	228.44	281.77	158.5	45.73	238.67	256.75
Net Debt/EBITDA	141.13	112.39	123.87	81.68	57.79	93.35	71.98	155.1	163.55	207.34	243.73	103.28	-1.76	205.13	232.23
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	-0.07	-0.09	-0.11	-0.13	-0.16	-0.17	-0.2	-0.21	-0.15	-0.1	-0.07	-0.1	-0.26	-0.11	-0.03
EBITDA-CapEx/Interest Expense	0.02	-0.05	-0.01	0.04	-0.1	0.07	0.05	-0.08	-0.06	-0.01	-0.02	-0.02	-0.05	0.05	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	-64	-46	-36	-30	-25	-22	-22	-23	-30	-44	-64	-42	-17	-38	-172
Common Equity/Total Assets	5.88	6.18	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
Long-Term Debt/Equity (%)	259.59	206.45	210.84	133.73	94.33	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33
Long-Term Debt/Capital (%)	79.61	75.52	75.24	64.81	57.1	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22
Long-Term Debt/Total Assets (%)	22.94	19.08	19.36	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28
Total Debt/Equity (%)	259.59	206.45	210.84	133.73	94.33	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33
Total Debt/Capital (%)	79.61	75.52	75.24	64.81	57.1	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22
Total Debt/Total Assets (%)	22.94	19.08	19.36	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28
Net Debt to Equity	239.25	174.48	181.61	108.88	69.47	101.82	82.16	195.86	177.65	197.12	204.96	79.07	-1.34	195.56	238.18
Net Debt/Capital (%)	78.25	72.27	72.36	59.99	49.5	58.14	52.94	72.15	69.72	71.24	71.06	48.36	-1.58	62.93	67.79
EBITDA	4	4	4	4	4	4	4	5	4	4	4	4	4	4	5
EBITDA-CapEx	-1	2	- -	-1	2	-1	-1	2	2	- -	1	1	1	-2	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	0.26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.88	6.18	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
Long-Term Debt/Equity (%)	259.59	206.45	210.84	133.73	94.33	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33
Long-Term Debt/Capital (%)	79.61	75.52	75.24	64.81	57.1	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22
Long-Term Debt/Total Assets (%)	22.94	19.08	19.36	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28
Total Debt/Equity (%)	259.59	206.45	210.84	133.73	94.33	123.88	107	223.03	196.97	217.19	236.95	121.35	34.82	227.53	263.33
Total Debt/Capital (%)	79.61	75.52	75.24	64.81	57.1	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22
Total Debt/Total Assets (%)	22.94	19.08	19.36	12.87	9.75	11.96	10.65	19.89	17.97	19.43	22.54	11.35	3.36	15.5	17.28
CFO/Total Liabilities	0.25	1.15	1.34	0.2	2.83	0.08	1.52	1.47	1.44	1.82	1.53	0.7	1.91	1.82	0.47
CFO/CapEx	1.19	18.09	10.21	1.07	54.23	0.52	9.41	18.87	21.37	20.85	23.45	10.71	28.89	18.41	6.26
Altman's Z-Score	0.21	0.25	0.47	0.42	0.46	0.42	0.42	0.52	0.51	0.5	0.5	0.47	0.51	0.42	0.36

Working Capital	2009 Y	2010 Y	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
Accounts Receivable Turnover	11.03	27.58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	33.09	13.23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	2009 Y	2010 Y	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
Market Capitalization	258	357	389	416	620	674	684	969	936	824	936	785	973	814	567
- Cash & Cash Equivalents	52	86	82	73	82	76	93	106	80	90	132	194	175	115	87
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	662	555	593	395	311	429	402	872	814	973	1,193	648	197	1,032	1,245
Enterprise Value	863	819	895	343	453	665	613	993	886	776	1,091	336	-52	734	721
Total Capital	831	735	788	610	545	683	676	1,167	1,133	1,330	1,584	1,068	656	1,525	1,748
Total Debt/Capital (%)	79.61	75.52	75.24	64.81	57.1	62.82	59.43	74.69	71.86	73.19	75.29	60.72	29.98	67.67	71.22
Total Debt / EV	0.77	0.68	0.66	1.15	0.69	0.65	0.65	0.88	0.92	1.25	1.09	1.93	-3.82	1.41	1.73
EV/Sales	7.75	6.5	6.48	2.33	3.12	4.39	3.77	5.64	4.81	3.99	5.44	1.48	- -	3.36	3.73
EV/EBITDA	199.6	196.24	216.91	86.98	114.29	176.02	143.14	201.26	197.47	182.09	257.7	82.22	- -	169.76	148.67
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	75.6	- -	7.08	- -	16.64	22.98	21.31	16.15	47.29	105.13	- -	8.87	- -
EV/Free Cash Flow to Firm	- -	- -	57.8	- -	6.92	- -	14.49	21.44	19.97	14.91	41.64	50.92	- -	8.26	- -
Diluted Market Cap	258	356	388	416	622	679	686	971	942	828	939	791	980	824	568
Diluted Enterprise Value	868	825	899	738	851	1,032	995	1,737	1,677	1,711	2,000	1,245	1,002	1,740	1,726
EV per Share	53.77	50.65	54.92	20.93	27.26	39.7	36.04	57.84	51.46	44.84	62.84	19.48	- -	42.73	42.32
TTM Sales	111	126	138	147	145	151	163	176	184	194	200	227	229	219	193
TTM EBITDA	4	4	4	4	4	4	4	5	4	4	4	4	4	4	5
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-39	-2	12	-15	64	-12	37	43	42	48	23	3	88	83	-115
TTM Free Cash Flow to Firm	-34	- -	15	-10	65	-7	42	46	44	52	26	7	91	89	-110

Multiples	2009 Y	2010 Y	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
Price/Earnings	15.99	14.78	13.04	11.83	17.04	16.45	15.61	20.74	20.36	12.02	13.52	11.25	12.64	11.4	11.76
Price/Earnings Average	16.81	12.59	12.15	11.52	13.69	14.54	15.02	15.05	19.73	14.06	12.68	9.24	11.72	12.27	11.15
Price/Earnings High	19.59	14.96	13.12	12.6	17.09	16.41	16.08	20.8	21.86	15.69	13.67	13.17	12.99	14.42	17.01
Price/Earnings Low	11.43	10.02	10.21	10.55	11.75	13.05	13.93	12.81	17.91	11.75	11.35	6.93	9.78	11.06	7.7
Price/Book Value	1.52	1.98	1.99	1.94	2.65	2.65	2.5	3.28	2.94	2.31	2.39	1.87	2.12	1.65	1.13
Price/Book Value Average	1.6	1.69	1.85	1.88	2.13	2.35	2.4	2.38	2.85	2.7	2.24	1.54	1.96	1.78	1.07
Price/Book Value High	1.87	2.01	2	2.06	2.66	2.65	2.57	3.29	3.15	3.02	2.42	2.19	2.18	2.09	1.63
Price/Book Value Low	1.09	1.34	1.56	1.73	1.83	2.11	2.23	2.03	2.58	2.26	2.01	1.15	1.64	1.6	0.74
Price/Tangible Book Value	1.37	1.76	1.8	1.8	2.33	2.38	2.28	3.06	2.75	2.19	2.16	1.69	1.96	2.11	1.4
Price/Tangible Book Value Average	1.44	1.5	1.67	1.75	1.87	2.1	2.19	2.22	2.67	2.56	2.03	1.39	1.82	2.28	1.33
Price/Tangible Book Value High	1.68	1.78	1.81	1.91	2.34	2.37	2.35	3.07	2.95	2.86	2.19	1.98	2.02	2.67	2.02
Price/Tangible Book Value Low	0.98	1.19	1.41	1.6	1.61	1.89	2.04	1.89	2.42	2.14	1.82	1.04	1.52	2.05	0.92
Price/Sales	2.31	2.82	2.81	2.82	4.24	4.43	4.17	5.48	5.07	4.23	4.66	3.46	4.25	3.74	2.93
Price/Sales Average	2.43	2.4	2.62	2.75	3.41	3.92	4.01	3.97	4.92	4.95	4.37	2.84	3.94	4.03	2.78
Price/Sales High	2.83	2.86	2.82	3	4.25	4.42	4.3	5.49	5.45	5.52	4.71	4.05	4.36	4.73	4.24
Price/Sales Low	1.65	1.91	2.2	2.52	2.92	3.52	3.72	3.38	4.46	4.14	3.91	2.13	3.29	3.63	1.92
Price/Cash Flow	38.98	11.68	10.42	75.91	7.62	249.37	13.16	16.42	15.75	9.92	12.72	21.54	9.64	7.23	17.93
Price/Cash Flow Average	40.97	9.95	9.71	73.91	6.12	220.35	12.66	11.91	15.26	11.61	11.93	17.69	8.93	7.79	17
Price/Cash Flow High	47.75	11.82	10.49	80.85	7.64	248.82	13.55	16.46	16.91	12.95	12.86	25.21	9.91	9.15	25.92
Price/Cash Flow Low	27.86	7.91	8.16	67.71	5.25	197.88	11.74	10.14	13.85	9.71	10.68	13.26	7.46	7.02	11.74
Price/Free Cash Flow	21.26	11.07	9.51	39.34	7.55	85.73	12.03	15.71	15.16	9.53	12.26	19.83	9.4	6.91	15.49
Price/Free Cash Flow Average	22.35	9.43	8.86	38.3	6.07	75.76	11.57	11.39	14.69	11.16	11.5	16.29	8.71	7.44	14.69
Price/Free Cash Flow High	26.05	11.21	9.57	41.9	7.58	85.54	12.39	15.75	16.27	12.45	12.4	23.22	9.65	8.74	22.39
Price/Free Cash Flow Low	15.2	7.5	7.45	35.09	5.21	68.03	10.73	9.7	13.33	9.33	10.29	12.21	7.27	6.71	10.14
EV/Sales	7.75	6.5	6.48	2.33	3.12	4.39	3.77	5.64	4.81	3.99	5.44	1.48	- -	3.36	3.73
EV/Sales Average	7.92	6.14	6.32	4.94	5.01	6.26	5.94	8.35	8.9	9.5	9.67	4.84	4.03	8.2	8.77
EV/Sales High	8.33	6.59	6.53	5.2	5.86	6.77	6.23	9.87	9.44	10.08	10.01	6.05	4.46	8.91	10.23
EV/Sales Low	7.14	5.64	5.9	4.71	4.52	5.86	5.65	7.75	8.45	8.69	9.21	4.13	3.38	7.81	7.91
EV/EBITDA	199.6	196.24	216.91	86.98	114.29	176.02	143.14	201.26	197.47	182.09	257.7	82.22	- -	169.76	148.67
EV/EBITDA Average	203.91	185.21	211.64	184.35	183.49	251	225.58	297.57	365.62	433.57	457.93	268.64	214.65	414.66	349.67
EV/EBITDA High	214.29	198.9	218.66	193.98	214.74	271.36	236.42	352.04	387.48	459.7	474.04	335.69	237.45	450.1	407.81
EV/EBITDA Low	183.82	170.31	197.65	175.74	165.69	234.92	214.49	276.43	346.99	396.44	436.15	229.18	180.07	394.64	315.35
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	16.09	22.06	23.85	25.37	37.33	40.24	40.21	56.45	54.35	47.61	53.91	45.46	56.15	47.39	33.27
High Price	19.71	22.33	24	27.02	37.44	40.15	41.4	56.6	58.35	62.15	54.5	53.22	57.69	59.94	48.1
Low Price	11.5	14.95	18.68	22.63	25.74	31.93	35.88	34.87	47.8	46.57	45.26	27.99	43.45	45.98	21.78
Enterprise Value	863	819	895	343	453	665	613	993	886	776	1,091	336	-52	734	721
Enterprise Value Average	881	773	873	727	727	948	967	1,468	1,641	1,847	1,939	1,099	923	1,793	1,695
Enterprise Value High	926	830	902	764	851	1,025	1,013	1,737	1,739	1,959	2,007	1,373	1,021	1,947	1,977
Enterprise Value Low	794	711	815	693	657	887	919	1,364	1,558	1,689	1,847	937	774	1,707	1,529

Per Share Data Items	2009 Y	2010 Y	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
Shares Outstanding	16	16	16	16	17	17	17	17	17	17	17	17	17	17	17
Diluted Weighted Avg Shares	16	16	16	16	17	17	17	17	17	17	17	17	17	17	17
Basic Weighted Avg Shares	16	16	16	16	17	17	17	17	17	17	17	17	17	17	17
Revenue per Share	6.96	7.82	8.5	8.99	8.8	9.08	9.63	10.3	10.71	11.26	11.57	13.13	13.22	12.67	11.34
EBITDA per Share	0.27	0.26	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
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.01	1.49	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
Basic EPS from Cont Ops	1.01	1.49	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
Diluted EPS, GAAP	1	1.49	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
Diluted EPS from Cont Ops	1	1.49	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
Dividend per Share	0.84	0.84	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
Cash Flow per Share	0.41	1.89	2.29	0.33	4.9	0.16	3.06	3.44	3.45	4.8	4.24	2.11	5.82	6.55	1.86
Free Cash Flow per Basic Share	0.07	1.78	2.06	0.02	4.81	-0.15	2.73	3.26	3.29	4.57	4.06	1.91	5.62	6.2	1.56
Cash & Equivalents per Share	3.57	5.73	5.34	28.58	28.78	26.16	27.77	49.37	50.15	59.03	59.78	63.53	70.47	64.74	64.03
Book Value per Share	10.57	11.13	11.98	13.11	14.06	15.16	16.11	17.21	18.51	20.61	22.54	24.29	26.51	28.7	29.53
Tangible Book Value per Share	11.71	12.55	13.28	14.12	16.01	16.92	17.62	18.44	19.75	21.74	24.9	26.87	28.59	22.42	23.78

Washington Trust Bancorp, Inc.

WASH US

25.63

25.63