Byline Bancorp, Inc. (BY) 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

-78.0%

$8.58

vs $39.01 price

Levered DCF

$81.14

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.4

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	10.05×	10.43×	8.76×	9.69×	11.16×	16.09×	12.96×	13.77×
P/B	1.03×	1.15×	0.95×	1.11×	1.23×	0.73×	0.97×	0.85×
P/S	2.08×	2.03×	1.77×	2.38×	3.25×	2×	2.34×	2.22×
EV / EBITDA	9.66×	8.86×	8.46×	12.07×	11.65×	15.3×	14.65×	15.22×
Gross margin	66.1%	60.6%	66.1%	83.1%	95.7%	72.4%	77.8%	81.2%
Operating margin	29.1%	25.9%	27.4%	32.2%	39.3%	17.6%	24.8%	22.2%
Net margin	20.7%	19.4%	20.3%	24.7%	29.3%	12.8%	18.3%	16.5%
Current ratio	0.31×	0.34×	0.32×	0.33×	0.38×	0.39×	0.35×	0.3×
Debt / equity	0.45×	0.71×	0.56×	1×	0.77×	0.48×	0.77×	0.76×
Interest coverage	0.98×	0.74×	0.98×	3.17×	9.91×	2.13×	1.59×	1.96×
Dividend yield	1.4%	1.3%	1.5%	1.6%	1.2%	1.1%	0.1%	0.1%
Payout ratio	14.0%	13.1%	13.5%	15.5%	13.0%	17.3%	1.4%	1.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	11.1%	10.9%	11.5%	11.1%	4.7%	7.6%	6.3%
Return on invested capital	-4.6%	6.0%	6.4%	5.7%	6.3%	2.4%	4.3%	3.6%
Return on assets	1.3%	1.3%	1.2%	1.2%	1.4%	0.6%	1.0%	0.8%
Free cash flow yield	10.4%	13.6%	17.2%	25.5%	7.0%	17.9%	3.4%	13.9%
Earnings yield	10.0%	9.6%	11.4%	10.4%	9.0%	6.4%	7.8%	7.4%
Enterprise value	$1.8B	$1.5B	$1.3B	$1.4B	$1.5B	$889.9M	$1.2B	$928.7M
Net debt / EBITDA	2.69×	1.27×	2.18×	4.93×	3.75×	5.2×	5.93×	6.13×
Cash conversion cycle (days)	0	431	460	544	440	475	256	276