Amalgamated Financial Corp. (AMAL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.4%

$30.14

vs $50.60 price

Levered DCF

$40.34

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.31

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.28×	9.62×	9.35×	8.73×	9.86×	9.28×	13.05×	13.27×
P/B	1.21×	1.45×	1.41×	1.4×	0.93×	0.8×	1.26×	1.35×
P/S	2.11×	2.35×	2.15×	2.49×	2.5×	1.91×	2.87×	3.08×
EV / EBITDA	7.13×	8.59×	8.15×	11.35×	4.28×	6.36×	9.01×	10.89×
Gross margin	70.3%	70.3%	70.9%	88.2%	97.2%	84.2%	89.2%	92.6%
Operating margin	30.8%	33.4%	32.6%	37.9%	33.9%	27.7%	29.8%	26.2%
Net margin	23.0%	24.4%	23.0%	28.6%	25.4%	20.6%	21.9%	23.2%
Current ratio	12.77×	0.24×	0.23×	0.29×	0.39×	0.3×	0.29×	0.31×
Debt / equity	0.12×	0.47×	0.57×	1.37×	0.23×	0.1×	0.28×	0.21×
Interest coverage	1.13×	1.22×	1.29×	5.8×	11.37×	5.91×	3.32×	3.54×
Dividend yield	1.8%	1.4%	1.5%	1.6%	1.9%	2.3%	1.3%	0.3%
Payout ratio	16.5%	13.4%	14.0%	13.8%	18.8%	21.6%	17.6%	4.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	15.0%	15.0%	16.0%	9.4%	8.6%	9.6%	10.2%
Return on invested capital	1.2%	9.9%	9.2%	6.5%	7.3%	7.2%	6.9%	7.7%
Return on assets	1.2%	1.3%	1.1%	1.0%	0.7%	0.8%	0.9%	1.0%
Free cash flow yield	14.0%	11.9%	14.1%	20.5%	13.1%	15.0%	13.4%	5.0%
Earnings yield	10.9%	10.4%	10.7%	11.5%	10.1%	10.8%	7.6%	7.5%
Enterprise value	$1B	$1.3B	$1.1B	$1.3B	$323.1M	$442.2M	$632.1M	$604.2M
Net debt / EBITDA	0.61×	1.81×	1.87×	5.36×	-2.63×	0.21×	0.21×	0.22×
Cash conversion cycle (days)	52	51	53	53	50	39	32	27