The Buckle, Inc. (BKE) 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

+2.2%

$48.14

vs $47.11 price

Levered DCF

$50.84

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.09

Safe zone

Rating

A-

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	11.34×	12.15×	8.55×	8.38×	7.02×	14.73×	11.35×	8.82×
P/B	5.6×	5.61×	4.56×	5.68×	5.72×	4.83×	3.05×	2.14×
P/S	1.83×	1.95×	1.49×	1.59×	1.38×	2.13×	1.32×	0.95×
EV / EBITDA	8.33×	8.68×	6.23×	6.18×	5.12×	10.08×	8.65×	4.55×
Gross margin	49.0%	48.7%	49.1%	50.3%	50.4%	44.5%	41.9%	41.3%
Operating margin	20.1%	19.8%	21.5%	24.4%	25.9%	18.6%	14.6%	10.6%
Net margin	16.2%	16.1%	17.4%	18.9%	19.7%	14.4%	11.6%	10.8%
Current ratio	1.89×	2.05×	2.01×	1.87×	1.57×	2.12×	2.19×	4.11×
Debt / equity	0.9×	0.77×	0.76×	0.81×	0.92×	0.77×	0.97×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	9.5%	8.3%	10.4%	9.5%	19.4%	6.7%	9.5%	11.6%
Payout ratio	107.3%	101.3%	89.5%	79.7%	136.5%	98.7%	108.1%	102.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	49.4%	46.1%	53.2%	67.7%	81.4%	32.8%	26.8%	24.3%
Return on invested capital	23.6%	23.5%	27.3%	35.6%	40.8%	17.7%	12.7%	16.2%
Return on assets	21.2%	21.4%	24.7%	30.4%	32.6%	15.4%	12.0%	18.1%
Free cash flow yield	8.7%	8.4%	11.5%	9.9%	16.4%	11.5%	10.4%	11.7%
Earnings yield	8.8%	8.2%	11.7%	11.9%	14.2%	6.8%	8.8%	11.4%
Enterprise value	$2.5B	$2.4B	$1.9B	$2.2B	$1.8B	$1.9B	$1.3B	$672.5M
Net debt / EBITDA	0.45×	0.21×	0.15×	0.15×	0.1×	-0.07×	1.01×	-1.14×
Cash conversion cycle (days)	54	46	48	47	27	43	67	71