Hanmi Financial Corporation (HAFC) 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

-35.4%

$21.56

vs $33.36 price

Levered DCF

$32.00

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.62

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	10.6×	11.41×	7.38×	7.43×	7.35×	8.22×	18.87×	10.88×
P/B	1.01×	0.97×	0.84×	1.18×	1.12×	0.6×	1.09×	1.14×
P/S	1.81×	1.65×	1.48×	2.43×	2.8×	1.29×	2.25×	2.43×
EV / EBITDA	7.7×	8.39×	6.1×	5.73×	3.06×	3.13×	12.33×	6.8×
Gross margin	57.5%	53.3%	61.7%	88.0%	101.1%	66.7%	63.0%	77.8%
Operating margin	24.3%	20.6%	28.8%	45.7%	52.8%	22.4%	17.3%	32.4%
Net margin	17.1%	14.5%	20.1%	32.9%	38.4%	15.9%	12.0%	22.4%
Current ratio	0.16×	0.19×	0.19×	0.3×	0.36×	0.32×	0.28×	0.16×
Debt / equity	0.35×	0.54×	0.65×	0.75×	0.55×	0.47×	0.37×	0.31×
Interest coverage	0.62×	0.45×	0.77×	3.89×	6.27×	1.38×	0.67×	1.57×
Dividend yield	4.0%	4.3%	5.2%	3.8%	2.3%	4.6%	4.8%	4.9%
Payout ratio	42.9%	48.8%	38.1%	28.2%	16.7%	37.8%	90.8%	53.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	8.5%	11.4%	15.9%	15.3%	7.3%	5.8%	10.5%
Return on invested capital	6.6%	5.2%	6.4%	9.1%	9.9%	5.0%	4.2%	8.0%
Return on assets	1.0%	0.8%	1.1%	1.4%	1.4%	0.7%	0.6%	1.1%
Free cash flow yield	25.2%	7.2%	17.9%	19.4%	12.6%	16.3%	9.3%	11.6%
Earnings yield	9.4%	8.8%	13.6%	13.5%	13.7%	12.3%	5.3%	9.2%
Enterprise value	$874.5M	$797.4M	$739.9M	$876.9M	$463.3M	$220.5M	$701.2M	$646.4M
Net debt / EBITDA	0.6×	0.93×	1.26×	0.83×	-1.69×	-1.74×	1.52×	0.18×
Cash conversion cycle (days)	-47	-6	-40	697	909	621	659	-42