Financial Institutions, Inc. (FISI) 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

-32.4%

$27.13

vs $40.15 price

Levered DCF

$55.29

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.4

Distress zone

Rating

C+

Overall 2 / 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	8.54×	-9.92×	6.72×	6.8×	6.61×	9.78×	10.81×	10.75×
P/B	1×	0.75×	0.72×	0.92×	1×	0.77×	1.17×	1.03×
P/S	1.66×	1.62×	0.98×	1.55×	2.38×	1.76×	2.46×	2.17×
EV / EBITDA	8.59×	-9.88×	7.68×	7.04×	5.02×	6.44×	10.56×	14.55×
Gross margin	61.7%	33.3%	59.3%	82.2%	98.0%	75.8%	77.5%	79.4%
Operating margin	24.2%	-25.8%	19.0%	29.4%	45.9%	22.4%	28.5%	26.3%
Net margin	19.8%	-15.8%	15.1%	23.5%	36.6%	18.8%	23.4%	21.0%
Current ratio	0.03×	0.02×	0.19×	0.21×	0.27×	0.18×	0.14×	0.14×
Debt / equity	0.53×	0.45×	0.75×	0.77×	0.21×	0.17×	0.72×	1.28×
Interest coverage	0.69×	-0.46×	0.52×	2.47×	7.79×	2.05×	1.53×	1.66×
Dividend yield	4.2%	4.7%	6.0%	5.1%	3.7%	5.0%	3.4%	4.0%
Payout ratio	35.0%	-48.0%	39.3%	33.7%	23.7%	46.8%	35.3%	41.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	-7.3%	11.1%	13.9%	15.4%	8.2%	11.1%	10.0%
Return on invested capital	7.2%	-4.2%	5.4%	6.6%	11.2%	6.0%	5.9%	4.2%
Return on assets	1.2%	-0.7%	0.8%	1.0%	1.4%	0.8%	1.1%	0.9%
Free cash flow yield	2.1%	16.9%	2.4%	33.4%	12.6%	10.9%	10.5%	15.2%
Earnings yield	12.0%	-9.7%	15.3%	15.1%	15.4%	10.6%	9.5%	9.7%
Enterprise value	$852M	$597.3M	$546.4M	$556.7M	$528.5M	$345.5M	$714.5M	$814.8M
Net debt / EBITDA	2.27×	-2.8×	3.08×	2.3×	0.24×	-0.28×	2.98×	7.25×
Cash conversion cycle (days)	-30	-21	-26	-22	98	61	0	0