First Commonwealth Financial Corporation (FCF) 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

+22.3%

$26.33

vs $21.54 price

Levered DCF

$27.65

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.65

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	11.39×	12.09×	9.96×	10.2×	10.95×	14.39×	13.56×	11.08×
P/B	1.12×	1.23×	1.19×	1.24×	1.37×	0.98×	1.35×	1.23×
P/S	2.38×	2.46×	2.5×	3.05×	3.78×	2.66×	3.47×	3.14×
EV / EBITDA	10.16×	10.51×	10.94×	10×	7.82×	10.27×	12.33×	14.23×
Gross margin	67.6%	64.2%	74.6%	90.9%	96.5%	77.3%	83.0%	86.2%
Operating margin	27.2%	25.5%	31.5%	37.4%	43.1%	22.8%	31.9%	34.9%
Net margin	20.9%	20.4%	25.1%	29.9%	34.5%	18.6%	25.6%	28.2%
Current ratio	0.37×	0.13×	0.12×	0.11×	0.18×	0.16×	0.15×	0.15×
Debt / equity	0.29×	0.24×	0.6×	0.53×	0.29×	0.33×	0.41×	0.93×
Interest coverage	0.96×	0.8×	1.37×	9.03×	11.3×	2.74×	2.36×	3.32×
Dividend yield	3.2%	3.1%	3.2%	3.4%	2.9%	4.1%	2.8%	2.9%
Payout ratio	36.4%	36.9%	32.4%	34.8%	31.5%	58.5%	37.4%	32.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	10.1%	12.0%	12.2%	12.5%	6.9%	10.0%	11.0%
Return on invested capital	1.3%	7.5%	6.9%	7.1%	8.8%	4.5%	6.5%	5.6%
Return on assets	1.2%	1.2%	1.4%	1.3%	1.4%	0.8%	1.3%	1.4%
Free cash flow yield	9.9%	6.6%	8.2%	10.7%	10.2%	9.3%	6.3%	10.5%
Earnings yield	8.8%	8.3%	10.0%	9.8%	9.1%	7.0%	7.4%	9.0%
Enterprise value	$2.1B	$1.9B	$2.2B	$1.7B	$1.4B	$1B	$1.7B	$2B
Net debt / EBITDA	1.7×	1.14×	3.16×	2.34×	-0.41×	-0.06×	2.22×	5.74×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0