Farmers National Banc Corp. (FMNB) 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

+23.7%

$19.64

vs $15.87 price

Levered DCF

$23.21

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.19

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	FY2018
P/E	9.12×	11.56×	10.78×	7.89×	10.42×	8.97×	12.65×	10.8×
P/B	1.03×	1.31×	1.33×	1.63×	1.15×	1.07×	1.51×	1.34×
P/S	1.84×	1.97×	2.11×	2.69×	3.5×	2.53×	3.48×	3.01×
EV / EBITDA	11.81×	14.58×	14.44×	8.23×	9.13×	8.12×	12.01×	14.18×
Gross margin	63.8%	60.2%	66.8%	89.3%	91.4%	83.0%	83.0%	86.1%
Operating margin	23.9%	20.6%	23.0%	40.9%	40.2%	33.9%	33.1%	32.6%
Net margin	20.1%	17.1%	19.6%	34.1%	33.5%	28.2%	27.5%	27.8%
Current ratio	0.33×	0.14×	0.29×	0.35×	0.41×	0.23×	0.22×	0.21×
Debt / equity	0.76×	0.96×	1.1×	0.63×	0.19×	0.23×	0.41×	0.96×
Interest coverage	0.71×	0.56×	0.78×	4.06×	7.33×	3.12×	2.2×	2.89×
Dividend yield	5.1%	4.8%	4.7%	4.6%	2.6%	3.4%	2.3%	2.4%
Payout ratio	46.7%	55.3%	50.9%	36.3%	27.1%	30.2%	29.5%	25.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	11.3%	12.3%	20.7%	11.0%	12.0%	11.9%	12.4%
Return on invested capital	1.0%	5.4%	5.5%	11.6%	8.7%	9.1%	8.1%	6.2%
Return on assets	1.0%	0.9%	1.0%	1.5%	1.3%	1.4%	1.5%	1.4%
Free cash flow yield	10.4%	10.3%	11.0%	16.5%	9.9%	12.1%	8.2%	10.9%
Earnings yield	10.9%	8.7%	9.3%	12.7%	9.6%	11.2%	7.9%	9.2%
Enterprise value	$848.5M	$901.5M	$953.2M	$639.7M	$599.7M	$433.5M	$551.6M	$585.3M
Net debt / EBITDA	4.83×	6×	6.28×	2.08×	0.89×	1.09×	2.16×	5.64×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0