Fulton Financial Corporation (FULT) 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

+3.5%

$24.95

vs $24.10 price

Levered DCF

$41.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.6

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	9.2×	12.13×	9.92×	9.96×	10.43×	11.78×	12.54×	13.01×
P/B	1.02×	1.06×	0.99×	1.07×	1.02×	0.79×	1.24×	1.21×
P/S	1.87×	1.88×	1.81×	2.53×	2.77×	2.12×	2.79×	2.85×
EV / EBITDA	7.1×	10.22×	12.25×	13.1×	7.08×	9.26×	14.35×	16.15×
Gross margin	67.4%	62.8%	68.5%	90.5%	95.5%	80.4%	79.9%	81.7%
Operating margin	25.7%	19.1%	23.2%	31.8%	33.5%	20.8%	25.3%	24.4%
Net margin	20.7%	16.0%	18.9%	26.3%	27.6%	18.3%	21.7%	21.8%
Current ratio	0.13×	0.14×	0.15×	0.17×	0.23×	0.24×	0.19×	0.16×
Debt / equity	0.37×	0.56×	0.9×	1.11×	0.54×	0.74×	0.78×	0.78×
Interest coverage	0.84×	0.55×	0.83×	4.17×	5.6×	1.78×	1.49×	1.82×
Dividend yield	4.0%	3.9%	4.3%	4.2%	4.1%	4.4%	3.2%	3.3%
Payout ratio	36.1%	45.6%	40.7%	40.4%	40.7%	51.1%	40.8%	43.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	9.0%	10.3%	11.1%	10.2%	6.8%	9.6%	9.3%
Return on invested capital	7.1%	4.9%	4.7%	4.6%	6.5%	3.5%	5.0%	4.9%
Return on assets	1.2%	0.9%	1.0%	1.1%	1.1%	0.7%	1.0%	1.0%
Free cash flow yield	8.0%	11.1%	12.1%	20.8%	11.6%	6.6%	3.2%	9.5%
Earnings yield	11.1%	8.5%	10.5%	10.4%	10.0%	8.6%	7.8%	7.7%
Enterprise value	$3.8B	$4.1B	$4.7B	$5B	$2.6B	$2.1B	$4.2B	$4.2B
Net debt / EBITDA	0.49×	1.8×	5.12×	5.81×	-0.51×	0.34×	4.44×	5.76×
Cash conversion cycle (days)	12	77	89	101	66	112	119	120