Ames National Corporation (ATLO) 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

+330.1%

$147.26

vs $34.24 price

Levered DCF

$30.50

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.3

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	10.73×	14.41×	17.78×	11.03×	9.35×	11.66×	15.09×	13.89×
P/B	0.99×	0.85×	1.16×	1.43×	1.07×	1.05×	1.38×	1.37×
P/S	2.09×	1.6×	2.3×	2.99×	3.14×	2.99×	4×	4.1×
EV / EBITDA	9.86×	10.03×	19.98×	9.22×	4.89×	2.69×	7.11×	10.23×
Gross margin	66.3%	58.7%	63.5%	89.6%	94.8%	81.3%	81.1%	85.7%
Operating margin	23.6%	13.2%	15.4%	35.3%	43.2%	31.6%	32.5%	37.2%
Net margin	19.4%	11.1%	13.0%	27.1%	33.7%	25.6%	26.5%	29.5%
Current ratio	4.95×	0.17×	0.43×	0.43×	0.49×	0.45×	0.41×	0.41×
Debt / equity	0.29×	0.57×	0.99×	0.54×	0.21×	0.19×	0.25×	0.32×
Interest coverage	0.74×	0.33×	0.43×	3.03×	6.84×	2.87×	1.93×	2.82×
Dividend yield	3.5%	6.1%	5.1%	4.5%	4.2%	4.1%	3.4%	4.6%
Payout ratio	37.4%	88.9%	89.8%	50.1%	39.3%	48.1%	51.1%	63.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	5.8%	6.5%	12.9%	11.5%	9.0%	9.2%	9.8%
Return on invested capital	1.1%	3.6%	3.2%	8.4%	9.5%	7.5%	7.3%	7.4%
Return on assets	0.9%	0.5%	0.5%	0.9%	1.1%	1.0%	1.0%	1.2%
Free cash flow yield	10.1%	9.5%	7.5%	8.6%	12.8%	13.0%	7.5%	8.5%
Earnings yield	9.3%	6.9%	5.6%	9.0%	10.7%	8.6%	6.6%	7.2%
Enterprise value	$244.5M	$139.7M	$292.5M	$250.5M	$160M	$68.5M	$162.7M	$235.2M
Net debt / EBITDA	1.6×	-0.58×	6.87×	1.37×	-1.93×	-5.93×	-4.22×	-0.05×
Cash conversion cycle (days)	4,755	24	0	25	52	55	66	60