Five Star Bancorp (FSBC) 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

+42.3%

$64.51

vs $45.33 price

Levered DCF

$59.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.56

Distress zone

Rating

A-

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	12.34×	13.31×	9.42×	10.44×	10.6×	9.05×	1.1×	154.55×
P/B	1.7×	1.53×	1.57×	1.85×	1.91×	2.43×	0.3×	1.02×
P/S	2.97×	2.86×	2.49×	3.77×	5.12×	3.92×	0.46×	1,076.1×
EV / EBITDA	3.9×	4.97×	5.44×	5.81×	0.79×	1.05×	-3.63×	0×
Gross margin	58.2%	55.6%	62.6%	82.6%	93.5%	78.1%	75.4%	100.0%
Operating margin	32.8%	30.5%	36.9%	50.8%	53.7%	44.9%	43.6%	2060.0%
Net margin	24.1%	21.5%	26.4%	36.2%	48.3%	43.3%	42.1%	703.3%
Current ratio	0.14×	0.13×	0.15×	0.14×	0.26×	0.24×	0.21×	1.85×
Debt / equity	0.19×	0.2×	0.87×	0.7×	0.12×	0.21×	0.49×	2.28×
Interest coverage	0.86×	0.74×	1.05×	4.23×	11.87×	4.06×	2.61×	0.22×
Dividend yield	2.2%	2.7%	2.9%	3.3%	11.6%	8.1%	81.5%	0.0%
Payout ratio	27.7%	35.6%	27.1%	34.2%	122.4%	73.4%	89.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.8%	11.5%	16.7%	17.7%	18.1%	26.9%	26.9%	0.7%
Return on invested capital	11.1%	9.2%	8.4%	10.4%	16.1%	22.2%	18.1%	0.1%
Return on assets	1.3%	1.1%	1.3%	1.4%	1.7%	1.8%	2.0%	0.1%
Free cash flow yield	9.4%	8.4%	8.5%	9.8%	6.2%	15.6%	88.1%	-2.6%
Earnings yield	8.1%	7.5%	10.6%	9.6%	9.4%	11.0%	90.9%	0.7%
Enterprise value	$338.4M	$330.7M	$371.4M	$374.6M	$37.8M	$39.4M	-$111.8M	$97.8M
Net debt / EBITDA	-4.85×	-4.14×	-1.14×	-1.43×	-8.61×	-7.58×	-4.68×	0×
Cash conversion cycle (days)	17	42	46	-223	-457	-130	-109	10,658