Bank of Marin Bancorp (BMRC) 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

+399.6%

$145.92

vs $29.21 price

Levered DCF

$56.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.74

Distress 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	9.49×	-45.71×	17.76×	11.22×	16.05×	15.33×	17.95×	17.55×
P/B	1.05×	0.88×	0.8×	1.27×	1.19×	1.3×	1.82×	1.81×
P/S	2.34×	3.28×	2.49×	3.72×	4.51×	4.29×	5.6×	5.43×
EV / EBITDA	4.79×	-23.32×	13.48×	10.91×	4.44×	6.75×	9.09×	11.77×
Gross margin	76.1%	55.4%	72.5%	98.5%	99.2%	91.5%	94.8%	96.6%
Operating margin	29.2%	-11.9%	18.4%	45.1%	37.9%	37.5%	41.9%	41.3%
Net margin	24.6%	-7.2%	14.0%	33.1%	28.1%	28.0%	31.3%	31.0%
Current ratio	473.15×	0.08×	0.01×	0.03×	0.41×	0.25×	0.29×	0.26×
Debt / equity	0.18×	0.05×	0.17×	0.61×	0.06×	0.08×	0.05×	0.03×
Interest coverage	1.22×	-0.3×	0.71×	24.92×	13.19×	13.62×	9.65×	12.28×
Dividend yield	3.9%	4.2%	4.6%	3.0%	2.5%	2.7%	1.8%	1.5%
Payout ratio	37.2%	-192.6%	81.0%	33.6%	39.4%	41.4%	32.0%	27.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	-1.9%	4.5%	11.3%	7.4%	8.4%	10.2%	10.3%
Return on invested capital	0.9%	-1.7%	3.9%	8.5%	7.0%	7.8%	9.8%	10.0%
Return on assets	1.1%	-0.2%	0.5%	1.1%	0.8%	1.0%	1.3%	1.3%
Free cash flow yield	9.0%	7.3%	9.6%	10.1%	8.3%	8.6%	6.6%	7.2%
Earnings yield	10.5%	-2.2%	5.6%	8.9%	6.2%	6.5%	5.6%	5.7%
Enterprise value	$257.5M	$265.7M	$397.3M	$729.1M	$212.1M	$294M	$445.7M	$547.2M
Net debt / EBITDA	-2.9×	10.15×	1.52×	3.08×	-6.74×	-3.91×	-3.42×	-0.53×
Cash conversion cycle (days)	4,318	0	0	-3,656	-11,025	-656	-939	-1,802