F.N.B. Corporation (FNB) 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

+400.7%

$92.71

vs $18.52 price

Levered DCF

$17.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.2

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	10.89×	11.64×	10.43×	10.61×	9.78×	11.05×	10.85×	8.71×
P/B	0.91×	0.85×	0.82×	0.81×	0.75×	0.62×	0.85×	0.69×
P/S	2.28×	2.08×	2.23×	2.84×	2.91×	2.13×	2.68×	2.2×
EV / EBITDA	10.13×	11.56×	11.9×	8.56×	5.08×	13.49×	15.67×	13.27×
Gross margin	62.3%	59.0%	67.3%	85.8%	92.6%	77.0%	75.7%	79.3%
Operating margin	24.8%	21.6%	26.2%	34.4%	37.7%	23.8%	30.6%	31.3%
Net margin	21.0%	18.1%	21.8%	27.3%	30.3%	19.8%	25.1%	25.8%
Current ratio	1.01×	0.16×	0.15×	0.15×	0.22×	0.17×	0.15×	0.15×
Debt / equity	0.58×	0.68×	0.74×	0.44×	0.43×	0.58×	0.93×	1.03×
Interest coverage	0.72×	0.57×	0.89×	3.35×	5.13×	1.65×	1.43×	1.9×
Dividend yield	2.8%	3.3%	3.7%	3.9%	4.2%	5.4%	4.0%	5.2%
Payout ratio	30.8%	38.1%	37.5%	40.8%	40.5%	57.7%	42.6%	44.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	7.4%	8.0%	7.8%	7.9%	5.8%	7.9%	8.1%
Return on invested capital	5.6%	4.0%	4.2%	4.9%	5.2%	3.5%	3.9%	3.9%
Return on assets	1.1%	1.0%	1.1%	1.0%	1.0%	0.8%	1.1%	1.1%
Free cash flow yield	6.1%	9.4%	6.7%	24.6%	12.2%	2.3%	5.2%	18.1%
Earnings yield	9.2%	8.7%	9.8%	9.6%	10.4%	9.3%	9.4%	11.7%
Enterprise value	$7.6B	$7.2B	$7.9B	$5.4B	$2.6B	$4.6B	$8.1B	$7.4B
Net debt / EBITDA	1.9×	2.97×	4.38×	1.26×	-2.49×	4.46×	7.67×	7.61×
Cash conversion cycle (days)	4,651	105	95	115	131	119	102	94