BOK Financial Corporation (BOKF) 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

+0.1%

$132.91

vs $132.77 price

Levered DCF

$15.93

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.09

Distress zone

Rating

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	12.9×	13.08×	10.68×	13.51×	11.79×	11.06×	12.43×	10.96×
P/B	1.22×	1.22×	1.09×	1.49×	1.35×	0.91×	1.27×	1.1×
P/S	2.17×	2.02×	1.85×	3.49×	3.96×	2.33×	2.86×	2.71×
EV / EBITDA	12.41×	12.7×	16.68×	16.56×	7.67×	11.2×	18.66×	17.82×
Gross margin	63.7%	57.1%	63.3%	89.5%	102.1%	81.3%	78.6%	86.0%
Operating margin	21.4%	19.8%	22.4%	33.0%	43.5%	27.5%	29.1%	31.4%
Net margin	17.4%	15.6%	17.4%	26.0%	33.8%	21.2%	23.1%	24.7%
Current ratio	0.17×	0.37×	0.4×	0.36×	0.37×	0.37×	0.43×	0.4×
Debt / equity	0.78×	0.8×	1.74×	1.52×	0.47×	0.73×	1.78×	1.67×
Interest coverage	0.59×	0.47×	0.64×	3.65×	12.86×	3.51×	1.51×	2.32×
Dividend yield	2.0%	2.1%	2.6%	2.1%	2.0%	3.0%	2.3%	2.6%
Payout ratio	25.5%	27.3%	27.0%	27.6%	23.3%	33.2%	28.7%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	9.4%	10.3%	11.1%	11.5%	8.3%	10.3%	10.1%
Return on invested capital	5.1%	4.7%	3.4%	4.0%	7.1%	4.3%	3.5%	3.6%
Return on assets	1.1%	1.1%	1.1%	1.1%	1.2%	0.9%	1.2%	1.2%
Free cash flow yield	10.2%	18.6%	-1.8%	70.3%	-53.9%	-11.7%	-6.1%	2.6%
Earnings yield	8.0%	7.7%	9.4%	7.5%	8.5%	9.1%	8.1%	9.1%
Enterprise value	$10.2B	$9.8B	$13.2B	$12.7B	$6.9B	$7.4B	$13.5B	$11.2B
Net debt / EBITDA	3.62×	3.91×	9.59×	7.47×	-0.38×	3.98×	10.14×	10.02×
Cash conversion cycle (days)	-77	-58	-26	-459	2,671	-253	6	-170