Glacier Bancorp, Inc. (GBCI) 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

+249.2%

$176.18

vs $50.45 price

Levered DCF

$72.44

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.41

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	FY2018
P/E	22.03×	29.89×	20.56×	18.04×	19.76×	16.37×	19.24×	18.17×
P/B	1.36×	1.76×	1.52×	1.93×	1.77×	1.89×	2.07×	2.19×
P/S	4.02×	4.56×	4.11×	5.86×	6.93×	5.53×	6.21×	5.72×
EV / EBITDA	22.14×	32.2×	25.16×	19.74×	16.75×	13.68×	15.74×	16.74×
Gross margin	69.0%	62.8%	69.4%	93.4%	94.9%	91.5%	93.4%	92.1%
Operating margin	22.9%	18.2%	24.0%	39.7%	43.0%	41.5%	39.7%	38.4%
Net margin	16.8%	15.3%	20.0%	32.5%	35.0%	33.7%	32.2%	31.4%
Current ratio	307.57×	0.21×	0.29×	0.27×	0.43×	0.38×	0.26×	0.29×
Debt / equity	0.69×	1.18×	1.47×	1.04×	0.38×	0.51×	0.4×	0.65×
Interest coverage	0.8×	0.52×	0.82×	8.97×	18.83×	12.01×	6.06×	6.25×
Dividend yield	2.8%	2.6%	3.2%	2.9%	2.6%	3.0%	3.1%	2.6%
Payout ratio	68.1%	78.9%	65.8%	52.0%	51.1%	49.3%	59.1%	47.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	5.9%	7.4%	10.7%	9.0%	11.5%	10.7%	12.0%
Return on invested capital	0.9%	2.6%	2.9%	5.0%	6.2%	7.2%	7.3%	6.9%
Return on assets	0.7%	0.7%	0.8%	1.1%	1.1%	1.4%	1.5%	1.5%
Free cash flow yield	6.1%	3.7%	9.9%	8.0%	10.0%	4.1%	5.2%	7.9%
Earnings yield	4.2%	3.3%	4.9%	5.5%	5.1%	6.1%	5.2%	5.5%
Enterprise value	$8.3B	$8.6B	$7.7B	$8B	$6.4B	$4.9B	$4.5B	$4.1B
Net debt / EBITDA	6.87×	10.99×	10.13×	6.28×	1.99×	1.52×	1.56×	3.2×
Cash conversion cycle (days)	5,324	3	-104	7	13	17	-9	0