California BanCorp (BCAL) 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

+221.3%

$70.31

vs $21.88 price

Levered DCF

$55.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.4

Distress zone

Rating

Overall 4 / 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	9.57×	75.18×	12.22×	18.7×	20.26×	25.5×	15.94×	17.84×
P/B	1.06×	0.78×	1.1×	1.15×	0.88×	0.72×	0.89×	0.92×
P/S	2.58×	2.17×	2.49×	3.06×	3.02×	2.23×	2.72×	2.99×
EV / EBITDA	6.74×	36.02×	10.28×	13.28×	14.01×	18.07×	12.12×	17.07×
Gross margin	79.7%	57.5%	76.1%	88.0%	93.6%	80.8%	80.2%	100.0%
Operating margin	37.1%	4.5%	29.0%	22.4%	19.8%	12.5%	24.4%	2.0%
Net margin	26.6%	2.9%	20.4%	16.4%	15.0%	8.7%	17.1%	16.8%
Current ratio	0.24×	0.06×	0.08×	0.09×	0.04×	0.03×	0.04×	0.29×
Debt / equity	0.12×	0.17×	0.4×	0.3×	0.12×	0.23×	0.29×	0.35×
Interest coverage	1.55×	0.15×	1.25×	3.8×	4.22×	1.15×	1.42×	6.08×
Dividend yield	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	5.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	1.1%	9.0%	6.2%	4.3%	2.8%	5.6%	5.2%
Return on invested capital	-8.8%	0.9%	6.2%	4.6%	3.7%	1.2%	4.3%	0.1%
Return on assets	1.6%	0.1%	1.1%	0.7%	0.5%	0.3%	0.8%	0.7%
Free cash flow yield	9.3%	12.4%	10.4%	4.1%	8.3%	8.8%	6.6%	7.2%
Earnings yield	10.3%	1.4%	8.2%	5.4%	5.0%	3.9%	6.3%	5.6%
Enterprise value	$631.1M	$428.6M	$398.5M	$318.5M	$222.9M	$148.6M	$132.9M	$142.1M
Net debt / EBITDA	0.21×	2.32×	2.11×	0.77×	0.44×	3.37×	2.29×	5.83×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0