Horizon Bancorp, Inc. (HBNC) 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

-127.2%

-$5.77

vs $21.21 price

Levered DCF

-$2.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.51

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	-5.4×	19.89×	22.36×	7.05×	10.48×	10.17×	12.42×	11.35×
P/B	1.26×	0.92×	0.87×	0.97×	1.26×	1.01×	1.26×	1.23×
P/S	8.38×	1.98×	1.96×	2.36×	3.7×	2.75×	3.4×	3.12×
EV / EBITDA	-6.42×	44.27×	22.24×	13.02×	9.83×	11.36×	14.8×	15.9×
Gross margin	-29.5%	51.2%	56.5%	87.5%	93.4%	78.3%	79.6%	82.2%
Operating margin	-193.4%	7.7%	12.2%	38.0%	41.5%	30.8%	32.9%	32.7%
Net margin	-145.9%	10.0%	8.8%	33.6%	35.3%	26.9%	27.4%	27.3%
Current ratio	1.14×	0.1×	0.19×	0.19×	0.3×	0.3×	0.24×	0.21×
Debt / equity	0.59×	1.76×	1.44×	1.5×	1.15×	0.85×	0.92×	1.2×
Interest coverage	-1.5×	0.16×	0.29×	2.89×	5.6×	2.28×	1.68×	2.01×
Dividend yield	3.4%	4.0%	4.5%	4.2%	2.7%	3.0%	2.5%	2.5%
Payout ratio	-19.6%	80.0%	101.2%	29.7%	28.4%	30.9%	31.3%	29.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-21.9%	4.6%	3.9%	13.8%	12.0%	9.9%	10.1%	10.8%
Return on invested capital	-42.0%	1.2%	1.2%	4.6%	5.4%	5.1%	5.0%	4.8%
Return on assets	-2.3%	0.5%	0.4%	1.2%	1.2%	1.2%	1.3%	1.3%
Free cash flow yield	8.6%	0.2%	13.0%	13.4%	11.5%	10.4%	20.5%	11.4%
Earnings yield	-17.4%	5.0%	4.5%	14.2%	9.5%	9.8%	8.1%	8.8%
Enterprise value	$1.2B	$1.8B	$1.1B	$1.5B	$1.1B	$1B	$1.3B	$1.1B
Net debt / EBITDA	-1.8×	26.51×	9.99×	7.49×	1.98×	3.65×	5.57×	7.3×
Cash conversion cycle (days)	105	17	-14	-10	-12	13	6	5