Primis Financial Corp (FRST) 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

+47.1%

$22.07

vs $15.00 price

Levered DCF

$20.39

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.18

Distress zone

Rating

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	5.59×	-17.67×	-39.56×	20.43×	11.75×	12.61×	11.85×	9.44×
P/B	0.81×	0.82×	0.83×	0.75×	0.89×	0.75×	1.04×	0.91×
P/S	1.1×	1.13×	1.31×	2.05×	2.97×	2.23×	3.02×	2.49×
EV / EBITDA	5.64×	-17.62×	-189.69×	26.07×	1.03×	12.52×	12.13×	10.42×
Gross margin	67.6%	38.1%	46.8%	76.8%	89.3%	65.3%	72.6%	76.9%
Operating margin	23.2%	-11.4%	-4.7%	12.2%	32.0%	14.2%	29.2%	34.0%
Net margin	19.7%	-6.4%	-3.3%	10.0%	25.2%	17.5%	25.4%	26.4%
Current ratio	0.07×	0.08×	0.09×	0.12×	0.29×	0.15×	0.09×	0.08×
Debt / equity	0.62×	0.37×	0.43×	1.11×	0.51×	0.61×	0.53×	0.69×
Interest coverage	0.82×	-0.27×	-0.12×	0.8×	2.08×	0.72×	1.03×	1.56×
Dividend yield	2.9%	3.4%	3.2%	3.4%	2.7%	3.3%	2.2%	2.4%
Payout ratio	16.1%	-61.0%	-126.1%	69.6%	31.5%	42.4%	26.2%	22.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	-4.6%	-2.1%	3.6%	7.6%	5.9%	8.8%	9.7%
Return on invested capital	3.1%	-4.8%	-1.7%	1.7%	4.8%	2.2%	5.4%	5.6%
Return on assets	1.5%	-0.4%	-0.2%	0.4%	0.9%	0.7%	1.2%	1.2%
Free cash flow yield	2.6%	6.4%	8.6%	3.9%	6.8%	8.6%	9.1%	12.4%
Earnings yield	17.9%	-5.6%	-2.5%	4.9%	8.5%	7.8%	8.4%	10.6%
Enterprise value	$461.7M	$351.9M	$395.7M	$645.7M	$48.9M	$337M	$561M	$528.4M
Net debt / EBITDA	1.45×	-3.21×	-39.87×	14.32×	-6.69×	1.61×	3.63×	4.16×
Cash conversion cycle (days)	21	0	0	0	35	56	23	0