Civista Bancshares, Inc. (CIVB) 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

+19.5%

$34.64

vs $28.98 price

Levered DCF

$36.56

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.53

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	8.42×	10.47×	6.75×	8.47×	9.28×	8.77×	11.11×	17.08×
P/B	0.72×	0.83×	0.75×	0.98×	1.05×	0.81×	1.14×	0.81×
P/S	1.53×	1.34×	1.29×	2.15×	2.79×	2.23×	3.17×	2.66×
EV / EBITDA	9.13×	14.92×	10.68×	17.58×	6.31×	8.36×	14.08×	23.78×
Gross margin	66.4%	60.6%	71.6%	88.4%	92.2%	84.0%	88.2%	90.8%
Operating margin	21.7%	15.1%	23.3%	30.7%	36.1%	29.4%	33.4%	18.5%
Net margin	18.1%	13.1%	19.8%	25.8%	30.2%	25.5%	28.6%	15.6%
Current ratio	0.11×	0.11×	0.22×	0.23×	0.33×	0.22×	0.23×	0.24×
Debt / equity	0.52×	1.16×	1.22×	1.92×	0.57×	0.52×	0.83×	0.82×
Interest coverage	0.67×	0.41×	0.88×	2.95×	5.02×	3.66×	3.05×	2.22×
Dividend yield	3.0%	3.1%	3.4%	2.6%	2.1%	2.5%	1.9%	2.0%
Payout ratio	25.6%	31.8%	22.3%	21.5%	19.8%	22.1%	21.2%	33.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	8.2%	11.5%	11.8%	11.4%	9.2%	10.3%	4.7%
Return on invested capital	5.3%	3.6%	4.9%	4.0%	7.1%	5.8%	5.5%	2.6%
Return on assets	1.1%	0.8%	1.1%	1.1%	1.3%	1.2%	1.5%	0.7%
Free cash flow yield	10.8%	13.6%	21.2%	5.7%	10.4%	10.9%	9.5%	7.5%
Earnings yield	11.9%	9.8%	15.4%	12.0%	10.8%	11.4%	9.0%	5.9%
Enterprise value	$594.7M	$710.4M	$672M	$928M	$323.4M	$337M	$601.7M	$443.8M
Net debt / EBITDA	3.16×	8.11×	6.24×	11.34×	-0.99×	1.37×	5.29×	10.85×
Cash conversion cycle (days)	21	89	113	113	20	27	22	27