Bank First Corporation (BFC) 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

+45.9%

$220.25

vs $150.95 price

Levered DCF

$162.15

After debt service

Piotroski score

7 / 9

Strong

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	16.85×	15.24×	11.9×	16.63×	12.2×	12.79×	17.91×	12.23×
P/B	1.86×	1.55×	1.42×	1.65×	1.71×	1.64×	2.07×	1.78×
P/S	4.98×	4.45×	4.73×	5.71×	4.71×	4.12×	4.92×	3.68×
EV / EBITDA	13.25×	10.05×	7.1×	11.79×	5.07×	7.34×	14.71×	8.57×
Gross margin	70.3%	69.6%	71.2%	88.8%	90.2%	82.1%	74.5%	79.0%
Operating margin	36.7%	35.6%	53.0%	45.6%	51.3%	42.6%	35.3%	37.9%
Net margin	29.7%	29.4%	40.0%	34.6%	38.9%	32.5%	27.5%	30.1%
Current ratio	1.84×	0.11×	0.12×	0.13×	0.2×	0.14×	0.13×	0.11×
Debt / equity	0.19×	0.23×	0.21×	0.27×	0.21×	0.26×	0.5×	0.25×
Interest coverage	1.26×	1.16×	2.02×	4.79×	7.22×	3.6×	1.76×	2.16×
Dividend yield	4.4%	1.6%	1.4%	1.0%	1.6%	1.3%	1.1%	1.5%
Payout ratio	73.4%	23.7%	16.0%	17.3%	19.2%	16.2%	20.5%	17.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	10.2%	12.0%	10.0%	14.1%	12.9%	11.6%	14.6%
Return on invested capital	1.6%	7.9%	9.4%	7.5%	11.1%	9.6%	7.3%	10.8%
Return on assets	1.6%	1.5%	1.8%	1.2%	1.5%	1.4%	1.2%	1.4%
Free cash flow yield	4.3%	5.9%	4.5%	4.4%	5.7%	7.4%	3.2%	4.9%
Earnings yield	6.0%	6.6%	8.5%	6.1%	8.3%	7.9%	5.6%	8.2%
Enterprise value	$1.3B	$879.9M	$761.3M	$750M	$320.4M	$389.5M	$538.7M	$290.7M
Net debt / EBITDA	0.71×	-1.3×	-1.12×	0.05×	-3.65×	-1.75×	1.67×	-0.6×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0