AmeriServ Financial, Inc. (ASRV) 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

-80.8%

$0.89

vs $4.63 price

Levered DCF

$0.82

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.19

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	9.38×	12.76×	-16.2×	8.95×	9.41×	11.59×	12×	9.37×
P/B	0.44×	0.42×	0.54×	0.63×	0.57×	0.51×	0.74×	0.74×
P/S	0.6×	0.53×	0.72×	1.03×	1.02×	0.85×	1.13×	1.18×
EV / EBITDA	8.67×	19.9×	-67.88×	16.18×	9.03×	17.41×	15.97×	13.26×
Gross margin	62.4%	62.9%	58.2%	87.0%	86.5%	79.6%	76.6%	82.1%
Operating margin	7.7%	5.2%	-5.7%	14.0%	13.6%	9.2%	11.8%	15.4%
Net margin	6.4%	4.3%	-4.3%	11.3%	11.0%	7.3%	9.3%	12.7%
Current ratio	0.06×	0.15×	0.15×	0.17×	0.18×	0.17×	0.17×	0.19×
Debt / equity	0.63×	0.95×	1.13×	1.3×	0.62×	1.09×	1.02×	1.1×
Interest coverage	0.23×	0.14×	-0.18×	1.08×	1.16×	0.55×	0.53×	0.81×
Dividend yield	3.8%	4.5%	3.7%	2.9%	2.6%	3.2%	2.3%	1.9%
Payout ratio	35.3%	56.1%	-61.5%	26.4%	24.2%	37.3%	27.2%	17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.7%	3.4%	-3.3%	7.0%	6.1%	4.4%	6.1%	7.9%
Return on invested capital	2.7%	1.6%	-1.4%	2.9%	3.6%	2.0%	2.9%	3.7%
Return on assets	0.4%	0.3%	-0.2%	0.5%	0.5%	0.4%	0.5%	0.7%
Free cash flow yield	3.9%	2.2%	8.8%	4.6%	13.2%	-5.1%	2.8%	8.1%
Earnings yield	10.6%	8.0%	-6.0%	11.1%	10.7%	8.6%	8.3%	10.7%
Enterprise value	$77.1M	$129M	$157.1M	$182.8M	$97.6M	$136M	$151.3M	$145.6M
Net debt / EBITDA	2.75×	12.95×	-43.88×	10.22×	2.94×	10.58×	8.28×	6.68×
Cash conversion cycle (days)	23	24	26	27	23	29	20	21