ConnectOne Bancorp, Inc. (CNOB) 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

+524.2%

$205.16

vs $32.87 price

Levered DCF

$17.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.62

Distress zone

Rating

B+

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	17.72×	12.94×	11.07×	7.99×	10.1×	10.99×	12.37×	9.82×
P/B	0.84×	0.71×	0.73×	0.81×	1.17×	0.85×	1.24×	0.97×
P/S	2.18×	1.64×	1.77×	2.46×	4.15×	2.42×	3.24×	2.68×
EV / EBITDA	18.93×	12.52×	13.63×	9.64×	9.31×	11.57×	13.7×	15.36×
Gross margin	44.2%	46.8%	51.8%	76.9%	89.5%	65.5%	66.6%	63.9%
Operating margin	18.6%	18.4%	23.2%	44.2%	55.3%	28.0%	33.6%	32.1%
Net margin	13.3%	13.8%	17.3%	32.4%	41.2%	22.1%	26.3%	27.2%
Current ratio	391.51×	0.05×	0.11×	0.12×	0.13×	0.14×	0.13×	0.15×
Debt / equity	0.74×	0.63×	0.84×	0.87×	0.56×	0.71×	0.88×	1.19×
Interest coverage	0.39×	0.36×	0.5×	2.39×	4.5×	1.29×	1.1×	1.21×
Dividend yield	2.9%	3.8%	3.6%	3.1%	1.5%	1.8%	1.3%	1.6%
Payout ratio	47.2%	45.1%	36.7%	23.5%	14.7%	20.1%	16.6%	16.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	5.9%	7.2%	10.6%	11.6%	7.8%	10.0%	9.8%
Return on invested capital	0.6%	3.6%	3.8%	5.5%	7.3%	4.5%	5.2%	4.4%
Return on assets	0.6%	0.7%	0.9%	1.3%	1.6%	0.9%	1.2%	1.1%
Free cash flow yield	7.6%	6.5%	9.6%	18.3%	15.2%	10.1%	6.5%	14.7%
Earnings yield	6.1%	8.4%	9.8%	13.2%	9.9%	9.1%	8.1%	10.2%
Enterprise value	$2.4B	$1.3B	$1.7B	$1.7B	$1.7B	$1.1B	$1.3B	$1.1B
Net debt / EBITDA	8.5×	4.1×	6.37×	4.27×	2.04×	3.53×	4.51×	7.43×
Cash conversion cycle (days)	6,837	31	36	43	39	40	27	30