Banner Corporation (BANR) 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

-35.4%

$46.20

vs $71.52 price

Levered DCF

$61.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.54

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	11.05×	13.63×	10.01×	11.09×	10.44×	14.16×	13.47×	12.86×
P/B	1.1×	1.3×	1.11×	1.49×	1.24×	0.99×	1.24×	1.19×
P/S	2.62×	2.78×	2.48×	3.37×	3.33×	2.58×	3.18×	3.19×
EV / EBITDA	9×	10.45×	9.24×	9.26×	2.06×	6.05×	11.3×	12.1×
Gross margin	79.0%	72.0%	81.6%	95.4%	101.6%	83.4%	89.2%	92.5%
Operating margin	29.5%	25.3%	30.6%	37.4%	39.1%	22.4%	29.6%	30.0%
Net margin	23.8%	20.4%	24.8%	30.4%	31.9%	18.2%	23.6%	24.8%
Current ratio	0.02×	0.04×	0.02×	0.22×	0.39×	0.28×	0.18×	0.2×
Debt / equity	0.19×	0.34×	0.43×	0.35×	0.35×	0.37×	0.43×	0.52×
Interest coverage	1.11×	0.93×	1.81×	12.42×	10.44×	3.76×	3.23×	5.06×
Dividend yield	3.1%	2.9%	3.6%	2.8%	2.7%	5.7%	2.8%	3.4%
Payout ratio	34.6%	39.5%	36.4%	31.3%	28.7%	81.2%	38.3%	43.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.0%	9.5%	11.1%	13.4%	11.9%	7.0%	9.2%	9.2%
Return on invested capital	8.5%	6.3%	7.0%	9.7%	8.6%	5.0%	6.3%	6.0%
Return on assets	1.2%	1.0%	1.2%	1.2%	1.2%	0.8%	1.2%	1.1%
Free cash flow yield	11.6%	12.1%	13.2%	10.3%	13.9%	6.9%	6.3%	0.4%
Earnings yield	9.1%	7.3%	10.0%	9.0%	9.6%	7.1%	7.4%	7.8%
Enterprise value	$2.3B	$2.4B	$2.3B	$2.4B	$558.1M	$1B	$2.4B	$2.3B
Net debt / EBITDA	0.73×	0.45×	1.85×	1.02×	-5.7×	-3.71×	1.82×	2.69×
Cash conversion cycle (days)	27	27	31	33	25	27	22	26