Burke & Herbert Financial Services Corp. (BHRB) 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

+235.2%

$241.54

vs $72.05 price

Levered DCF

$328.20

After debt service

Piotroski score

5 / 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
P/E	8.04×	26.65×	20.62×	11.92×	12.17×	12.89×	26.37×
P/B	1.1×	1.28×	1.48×	1.92×	1.13×	0.89×	1.27×
P/S	1.91×	2.35×	2.88×	4.12×	3.69×	2.81×	3.51×
EV / EBITDA	8.47×	22.25×	34.61×	20.9×	20.91×	17.93×	25.98×
Gross margin	69.3%	58.5%	67.1%	98.8%	97.3%	80.3%	78.3%
Operating margin	29.5%	10.1%	15.4%	41.0%	33.9%	23.4%	13.1%
Net margin	23.9%	9.0%	14.0%	34.5%	30.4%	21.8%	13.3%
Current ratio	3.79×	0.07×	0.17×	0.44×	0.53×	0.46×	0.31×
Debt / equity	0.63×	0.65×	1.73×	2.51×	1.41×	1.17×	0.42×
Interest coverage	0.97×	0.28×	0.47×	5.85×	9.59×	2.52×	0.78×
Dividend yield	3.6%	3.1%	3.4%	3.0%	3.4%	4.4%	3.4%
Payout ratio	28.9%	80.2%	69.4%	35.8%	41.1%	56.2%	88.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	4.9%	7.2%	16.1%	9.3%	6.9%	4.8%
Return on invested capital	6.1%	2.8%	3.9%	7.1%	5.4%	4.3%	3.9%
Return on assets	1.5%	0.5%	0.6%	1.2%	1.0%	0.8%	0.6%
Free cash flow yield	10.3%	8.7%	6.0%	7.2%	12.2%	6.0%	5.3%
Earnings yield	12.5%	3.8%	4.9%	8.4%	8.2%	7.8%	3.8%
Enterprise value	$1.4B	$1.3B	$966.8M	$1.2B	$912.6M	$562.7M	$513.5M
Net debt / EBITDA	2.89×	5.96×	17.88×	11.45×	10.83×	7.05×	3.35×
Cash conversion cycle (days)	26	32	-162	-6,376	-2,644	-347	-549