First Business Financial Services
Financial ratios & Valuation

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
13.3112.9413.6416.0010.339.619.096.787.358.809.399.61
Price/Sales ratio
3.342.822.612.552.022.511.512.152.352.262.552.02
Price/Book Value ratio
1.361.411.251.120.931.150.741.041.151.121.190.93
Price/Cash Flow ratio
15.869.207.778.506.567.735.796.737.786.237.616.56
Price/Free Cash Flow ratio
21.689.537.959.006.817.795.856.818.486.597.866.81
Price/Earnings Growth ratio
23.301.62-1.36-0.780.260.22-0.340.060.42-0.750.090.22
Dividend Yield
1.80%1.78%2.05%2.38%2.91%2.32%3.66%2.54%2.45%2.59%2.18%2.32%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%100%100%100%
Operating Profit Margin
58.31%51.18%41.03%39.51%49.84%27.46%18.01%41.70%58.81%N/A35.81%27.46%
Pretax Profit Margin
37.73%32.90%21.98%19.10%21.16%27.46%18.01%41.70%40.86%32.75%32.44%21.16%
Net Profit Margin
25.14%21.82%19.20%15.98%19.54%26.15%16.70%31.70%31.95%25.73%26.58%19.54%
Effective Tax Rate
33.37%33.65%12.63%16.34%7.65%4.79%7.24%23.97%21.79%21.45%18.05%7.65%
Return on Assets
0.86%0.92%0.83%0.66%0.82%1.11%0.66%1.34%1.37%1.05%1.06%0.82%
Return On Equity
10.26%10.94%9.22%7.03%9.02%12.01%8.23%15.38%15.67%12.78%13.15%9.02%
Return on Capital Employed
2.02%2.18%1.79%1.65%2.13%1.18%0.73%1.78%2.54%N/A3.77%2.13%
Liquidity Ratios
Current Ratio
0.010.000.000.010.010.00N/AN/AN/AN/A0.060.01
Quick Ratio
155.07159.31151.36129.7483.438.974.9920.7217.36N/A0.068.97
Cash ratio
11.3911.327.374.184.031.900.803.725.30N/A0.051.90
Days of Sales Outstanding
25.52171.30167.52175.44169.99312.71399.37178.46214.84N/AN/A312.71
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
N/AN/A0.020.120.150.160.160.150.150.090.090.16
Debt Equity Ratio
N/AN/A0.301.281.701.732.111.801.751.141.111.73
Long-term Debt to Capitalization
N/AN/A0.230.560.630.630.670.640.630.530.520.63
Total Debt to Capitalization
N/AN/A0.230.560.630.630.670.640.630.530.520.63
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A5.41N/AN/AN/A0.49N/A
Cash Flow to Debt Ratio
N/AN/A0.530.100.080.080.060.080.080.150.130.08
Company Equity Multiplier
11.8211.8211.0110.5910.8810.7912.4511.4111.4212.1111.9110.88
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.210.300.330.300.300.320.260.310.300.360.320.30
Free Cash Flow / Operating Cash Flow Ratio
0.730.960.970.940.960.990.990.980.910.940.980.96
Cash Flow Coverage Ratio
N/AN/A0.530.100.080.080.060.080.080.150.130.08
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
24.01%23.10%28.00%38.11%30.15%22.36%33.29%17.24%18.04%22.82%22.74%22.74%