Hilltop Holdings Inc. (HTH) 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

-61.7%

$14.59

vs $38.14 price

Levered DCF

$76.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.18

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	12.86×	16.45×	20.83×	18.64×	7.57×	5.99×	10.22×	13.93×
P/B	0.98×	0.85×	1.08×	1.03×	1.12×	1.06×	1.09×	0.87×
P/S	1.31×	1.21×	1.52×	1.56×	1.53×	1.14×	1.43×	1.22×
EV / EBITDA	7.7×	5.23×	10.8×	10.76×	2.81×	4.68×	13.41×	16.65×
Gross margin	78.4%	72.8%	74.1%	89.6%	97.4%	89.9%	88.9%	89.5%
Operating margin	13.6%	10.0%	9.9%	11.5%	27.2%	26.1%	17.5%	11.1%
Net margin	10.2%	7.3%	7.3%	8.4%	20.2%	20.7%	14.0%	8.7%
Current ratio	0.24×	0.39×	0.37×	0.32×	0.43×	0.29×	0.26×	0.27×
Debt / equity	0.43×	0.62×	0.66×	0.73×	0.58×	0.58×	0.9×	0.74×
Interest coverage	0.64×	0.37×	0.4×	1.18×	4.71×	4.61×	1.65×	1.1×
Dividend yield	2.1%	2.4%	1.8%	2.0%	1.4%	1.3%	1.3%	1.6%
Payout ratio	27.4%	39.1%	37.9%	38.0%	10.4%	7.3%	13.2%	22.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	5.2%	5.2%	5.5%	14.8%	19.3%	10.7%	6.2%
Return on invested capital	-6.8%	3.2%	3.0%	3.0%	8.8%	10.0%	4.8%	3.1%
Return on assets	1.0%	0.7%	0.7%	0.7%	2.0%	2.6%	1.5%	0.9%
Free cash flow yield	-4.5%	14.3%	19.0%	55.8%	26.1%	9.9%	-20.6%	19.0%
Earnings yield	7.8%	6.1%	4.8%	5.4%	13.2%	18.2%	9.8%	7.2%
Enterprise value	$1.8B	$911M	$1.8B	$2B	$1.5B	$2.7B	$3.8B	$2.5B
Net debt / EBITDA	-1.29×	-5.46×	-2.77×	-0.44×	-2.55×	0.49×	5.23×	5.34×
Cash conversion cycle (days)	-1,581	-815	-957	-2,232	-10,725	-2,045	-2,872	-2,851