Customers Bancorp, Inc. (CUBI) 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

-64.0%

$31.39

vs $87.23 price

Levered DCF

-$3.49

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.41

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	11.43×	9.22×	7.69×	4.24×	6.22×	4.44×	11.45×	10.06×
P/B	1.18×	0.84×	1.11×	0.66×	1.55×	0.51×	0.71×	0.6×
P/S	1.77×	1.13×	1.27×	1.03×	2.5×	0.95×	1.5×	1.21×
EV / EBITDA	11.75×	-3.27×	-1.45×	4.94×	5.99×	6.17×	18.31×	20.72×
Gross margin	51.6%	45.1%	46.9%	64.1%	85.4%	66.3%	57.5%	65.1%
Operating margin	22.0%	16.5%	23.3%	32.5%	52.2%	31.6%	21.7%	19.2%
Net margin	15.8%	13.3%	17.6%	25.5%	37.3%	22.1%	16.0%	15.1%
Current ratio	0.01×	0.32×	0.37×	0.19×	0.25×	0.16×	0.08×	0.1×
Debt / equity	0.81×	0.77×	0.92×	0.79×	0.86×	1.26×	1.61×	1.74×
Interest coverage	0.51×	0.33×	0.49×	1.11×	4.61×	1.36×	0.58×	0.57×
Dividend yield	0.4%	1.0%	0.8%	1.0%	0.5%	2.5%	1.9%	2.5%
Payout ratio	4.8%	8.3%	5.9%	4.1%	3.4%	10.6%	18.2%	20.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	9.9%	15.3%	16.3%	23.0%	11.9%	7.5%	7.5%
Return on invested capital	2.6%	5.2%	7.4%	9.1%	13.9%	2.1%	3.0%	2.7%
Return on assets	0.9%	0.8%	1.2%	1.1%	1.6%	0.7%	0.7%	0.7%
Free cash flow yield	13.3%	5.2%	4.6%	-14.5%	11.3%	21.5%	3.8%	9.9%
Earnings yield	9.0%	11.8%	13.8%	24.7%	14.9%	23.1%	10.7%	12.5%
Enterprise value	$4.1B	-$842.1M	-$525.7M	$1.6B	$2.8B	$1.3B	$2.2B	$2.2B
Net debt / EBITDA	4.66×	-9.21×	-6.45×	2.04×	1.43×	3.42×	12.19×	15.26×
Cash conversion cycle (days)	27	87	82	-211	-704	-225	-191	-121