Huntington Bancshares Incorporated (HBAN) 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

-92.3%

$1.23

vs $16.06 price

Levered DCF

$7.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.33

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	12.3×	13.12×	10.1×	9.59×	16.95×	18.04×	11.69×	9.77×
P/B	1.05×	1.2×	0.95×	1.15×	1.01×	0.99×	1.33×	1.12×
P/S	2.06×	1.97×	1.71×	2.56×	3.2×	2.45×	2.77×	2.37×
EV / EBITDA	12.28×	8.88×	6.63×	7.73×	10.59×	10.95×	13.13×	9.62×
Gross margin	61.7%	58.2%	64.0%	87.6%	98.1%	71.9%	77.5%	81.1%
Operating margin	21.5%	20.1%	22.1%	34.8%	26.2%	18.6%	29.3%	30.9%
Net margin	17.7%	16.2%	18.1%	28.2%	21.3%	15.6%	25.0%	26.4%
Current ratio	0.19×	0.15×	0.14×	0.09×	0.09×	0.09×	0.02×	0.03×
Debt / equity	0.76×	0.84×	0.67×	0.66×	0.39×	0.66×	1.06×	0.96×
Interest coverage	0.62×	0.53×	0.69×	3.97×	17.88×	2.3×	1.68×	2.14×
Dividend yield	4.0%	4.4%	5.6%	5.0%	4.6%	5.4%	4.3%	4.7%
Payout ratio	46.0%	53.9%	53.0%	45.1%	68.6%	85.4%	47.6%	41.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	9.8%	10.1%	12.6%	6.7%	6.3%	12.0%	12.5%
Return on invested capital	-2.0%	4.7%	5.2%	6.4%	4.2%	3.4%	5.3%	5.8%
Return on assets	1.0%	0.9%	1.0%	1.2%	0.7%	0.7%	1.3%	1.3%
Free cash flow yield	8.9%	7.1%	13.7%	18.8%	9.3%	9.4%	9.4%	13.0%
Earnings yield	8.6%	8.2%	10.6%	11.0%	6.7%	6.4%	9.0%	11.2%
Enterprise value	$42.4B	$26.9B	$21.1B	$25.1B	$21B	$14.7B	$26.8B	$20.4B
Net debt / EBITDA	4.84×	1.07×	0.85×	1.48×	0.77×	1.36×	5.47×	3.73×
Cash conversion cycle (days)	0	231	231	311	377	151	0	0