FinWise Bancorp (FINW) 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

+139.8%

$31.78

vs $13.25 price

Levered DCF

$14.13

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.74

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
P/E	14.35×	16.31×	10.37×	4.72×	4.01×	10.02×	16.11×
P/B	1.19×	1.16×	1.15×	0.84×	1.04×	2.27×	4.71×
P/S	1.52×	2.07×	2.06×	1.31×	1.47×	2.38×	4.42×
EV / EBITDA	2.67×	4.53×	2.47×	0.65×	0.8×	9.77×	9.11×
Gross margin	61.0%	72.3%	75.0%	83.4%	88.5%	84.1%	80.9%
Operating margin	14.4%	17.4%	27.5%	39.9%	52.1%	34.5%	36.4%
Net margin	10.7%	13.1%	20.2%	27.8%	38.9%	25.5%	27.4%
Current ratio	0.22×	0.35×	0.4×	0.46×	0.35×	0.3×	0.25×
Debt / equity	0.02×	0.03×	0.04×	0.05×	0.01×	2.2×	0×
Interest coverage	1.07×	1.1×	2.39×	25.13×	33.42×	8.62×	8.78×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.3%	7.3%	11.3%	17.9%	27.4%	24.4%	29.2%
Return on invested capital	7.3%	6.4%	9.8%	15.9%	24.7%	7.4%	27.7%
Return on assets	1.6%	1.7%	3.0%	6.3%	8.3%	3.5%	5.5%
Free cash flow yield	-14.9%	-9.9%	2.7%	45.8%	-9.7%	18.2%	-5.4%
Earnings yield	7.0%	6.3%	9.8%	21.3%	26.4%	10.8%	6.2%
Enterprise value	$71.1M	$100.8M	$68.2M	$24.6M	$34.9M	$157.7M	$121.1M
Net debt / EBITDA	-5.97×	-4.52×	-4×	-2.44×	-1.96×	3.32×	-2.62×
Cash conversion cycle (days)	-7	289	175	43	5	3	6