ChoiceOne Financial Services, Inc. (COFS) 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

+146.9%

$89.62

vs $36.30 price

Levered DCF

$104.95

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.36

Distress zone

Rating

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	14.61×	10.9×	10.39×	9.21×	9.23×	14.81×	20.23×	12.38×
P/B	0.88×	1.12×	1.13×	1.29×	0.92×	1.02×	0.76×	1.13×
P/S	2.13×	2.09×	1.94×	2.44×	2.43×	2.95×	3.48×	2.88×
EV / EBITDA	11.78×	8.92×	10.55×	6.32×	6.59×	6.17×	10.24×	7.67×
Gross margin	58.2%	66.0%	70.8%	91.0%	94.8%	89.0%	88.7%	92.1%
Operating margin	17.7%	23.8%	22.4%	31.0%	31.6%	24.1%	20.3%	27.0%
Net margin	14.6%	19.2%	18.7%	26.5%	26.3%	19.9%	17.2%	23.3%
Current ratio	0.06×	0.24×	0.27×	0.26×	0.54×	0.39×	0.34×	0.32×
Debt / equity	0.67×	0.81×	1.2×	0.5×	0.38×	0.05×	0.17×	0.12×
Interest coverage	0.52×	0.71×	0.77×	3.57×	6.66×	4.07×	1.8×	3.45×
Dividend yield	4.1%	3.1%	3.6%	3.5%	3.5%	2.7%	4.0%	2.8%
Payout ratio	60.2%	33.7%	37.2%	32.1%	32.7%	39.5%	81.1%	35.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	10.3%	10.9%	14.0%	9.9%	6.9%	3.7%	9.1%
Return on invested capital	3.5%	5.2%	4.7%	8.8%	7.0%	6.4%	3.1%	7.8%
Return on assets	0.6%	1.0%	0.8%	1.0%	0.9%	0.8%	0.5%	1.1%
Free cash flow yield	6.1%	16.1%	19.1%	19.8%	17.2%	2.9%	5.8%	6.3%
Earnings yield	6.8%	9.2%	9.6%	10.9%	10.8%	6.8%	4.9%	8.1%
Enterprise value	$637M	$405.4M	$401M	$259M	$256.6M	$164.2M	$118.7M	$81M
Net debt / EBITDA	4.17×	2.52×	4.74×	1.01×	1.37×	-2.52×	-2.27×	-0.91×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0