FirstSun Capital Bancorp (FSUN) 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

+29.2%

$51.88

vs $40.14 price

Levered DCF

$58.97

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.56

Distress zone

Rating

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
P/E	10.51×	14.51×	8.19×	14.29×	13.79×	12.57×	29.27×
P/B	0.91×	1.06×	0.97×	1.09×	1.14×	1.23×	1.39×
P/S	1.84×	2.03×	1.75×	2.44×	2.08×	1.99×	2.63×
EV / EBITDA	3.18×	5.68×	6.15×	15.04×	1.5×	8.81×	19.57×
Gross margin	69.3%	64.8%	71.5%	87.6%	94.0%	85.3%	84.7%
Operating margin	22.0%	17.6%	27.1%	21.3%	18.0%	19.1%	9.7%
Net margin	17.2%	14.0%	21.3%	17.0%	15.0%	15.9%	9.0%
Current ratio	0.16×	0.1×	0.15×	0.14×	0.25×	0.17×	6.8×
Debt / equity	0.03×	0.11×	0.59×	1.02×	0.31×	0.38×	0.32×
Interest coverage	0.83×	0.58×	1.09×	2.94×	3.67×	2.74×	0.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	7.3%	11.8%	7.6%	8.2%	9.8%	4.8%
Return on invested capital	7.2%	5.4%	7.0%	3.6%	5.4%	6.4%	0.5%
Return on assets	1.2%	0.9%	1.3%	0.8%	0.8%	1.0%	0.5%
Free cash flow yield	9.9%	8.7%	14.3%	11.2%	18.4%	-1.1%	-0.5%
Earnings yield	9.3%	6.9%	12.2%	7.0%	7.2%	8.0%	3.4%
Enterprise value	$431.9M	$597.7M	$884.4M	$1.3B	$90.6M	$578.8M	$591.6M
Net debt / EBITDA	-4.54×	-4.76×	0.25×	5.2×	-8.38×	-0.28×	-0.18×
Cash conversion cycle (days)	22	6	-5	-18	-31	-3	0