German American Bancorp, Inc. (GABC) 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

+65.4%

$83.10

vs $50.23 price

Levered DCF

$99.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.42

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	12.8×	14.21×	11.14×	13.42×	12.3×	14.14×	15.55×	13.95×
P/B	1.24×	1.67×	1.44×	1.97×	1.55×	1.41×	1.6×	1.42×
P/S	2.96×	3.78×	3.02×	3.95×	4.5×	3.84×	4.14×	3.8×
EV / EBITDA	9.78×	11.76×	9.49×	11.23×	10.21×	12×	15.12×	15.44×
Gross margin	70.2%	67.3%	78.3%	91.1%	98.7%	84.0%	83.5%	87.6%
Operating margin	28.7%	33.0%	32.7%	35.7%	44.7%	32.8%	32.1%	32.8%
Net margin	23.1%	26.6%	27.1%	29.4%	36.6%	27.2%	26.7%	27.2%
Current ratio	0.18×	0.21×	0.32×	0.36×	0.41×	0.31×	0.26×	0.27×
Debt / equity	0.16×	0.29×	0.29×	0.36×	0.23×	0.31×	0.61×	0.82×
Interest coverage	1.11×	1.04×	1.57×	5.41×	10.76×	3.92×	2.28×	2.93×
Dividend yield	3.0%	2.7%	3.1%	2.5%	2.1%	2.3%	1.9%	2.2%
Payout ratio	38.4%	38.0%	34.3%	33.0%	26.4%	32.4%	29.6%	30.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	11.7%	12.9%	14.7%	12.6%	10.0%	10.3%	10.1%
Return on invested capital	8.1%	8.7%	9.6%	10.7%	10.3%	7.6%	6.4%	5.6%
Return on assets	1.3%	1.3%	1.4%	1.3%	1.5%	1.2%	1.3%	1.2%
Free cash flow yield	10.7%	7.6%	10.6%	9.3%	9.3%	9.7%	6.1%	7.3%
Earnings yield	7.8%	7.0%	9.0%	7.4%	8.1%	7.1%	6.4%	7.2%
Enterprise value	$1.6B	$1.3B	$1.1B	$1.2B	$1.1B	$1B	$1.2B	$961.2M
Net debt / EBITDA	0.7×	1.24×	1.01×	1.17×	0.93×	1.6×	3.6×	5.01×
Cash conversion cycle (days)	0	0	0	-484	-5,148	-445	-368	-293