Banc of California, Inc. (BANC) 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

-95.2%

$0.90

vs $18.73 price

Levered DCF

$11.45

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.68

Distress zone

Rating

C+

Overall 2 / 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	16.35×	29.73×	-0.59×	18.74×	20.65×	-735.5×	343.6×	35.97×
P/B	0.85×	0.74×	0.57×	0.58×	2.16×	1.92×	2.25×	1.74×
P/S	1.66×	1.39×	1.28×	1.42×	1.72×	5.55×	5.07×	3.67×
EV / EBITDA	8.69×	8.4×	-0.18×	4.01×	3.15×	71.92×	65.72×	48.41×
Gross margin	58.7%	50.4%	15.1%	81.9%	108.0%	69.3%	55.8%	63.2%
Operating margin	18.0%	9.0%	-147.2%	35.3%	61.6%	4.6%	6.9%	10.5%
Net margin	12.6%	6.8%	-126.4%	26.4%	45.4%	4.1%	5.9%	10.1%
Current ratio	0.26×	0.18×	0.24×	0.22×	0.2×	0.24×	0.23×	0.3×
Debt / equity	0.85×	0.67×	1.13×	0.67×	0.77×	0.91×	1.53×	1.79×
Interest coverage	0.47×	0.19×	-1.81×	2.14×	14.98×	0.22×	0.2×	0.34×
Dividend yield	3.5%	4.2%	4.6%	6.1%	5.6%	1.5%	1.5%	3.3%
Payout ratio	45.3%	85.2%	-4.7%	33.0%	21.1%	204.5%	131.8%	120.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.5%	3.6%	-56.0%	10.7%	57.0%	1.4%	2.6%	4.8%
Return on invested capital	3.6%	2.0%	-23.4%	5.9%	33.0%	0.7%	1.0%	1.6%
Return on assets	0.7%	0.4%	-4.9%	1.0%	6.4%	0.2%	0.3%	0.4%
Free cash flow yield	7.8%	2.5%	6.3%	25.5%	19.8%	4.1%	3.4%	6.9%
Earnings yield	7.6%	4.9%	-98.9%	18.6%	26.4%	0.7%	1.2%	2.8%
Enterprise value	$3.7B	$2.4B	$390.5M	$2.7B	$2.9B	$2.3B	$3.1B	$2.9B
Net debt / EBITDA	1.66×	-0.58×	0.72×	0.59×	0.64×	18.52×	21.86×	21.38×
Cash conversion cycle (days)	0	28	42	56	2	1	4	2