First Internet Bancorp (INBK) 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

-188.6%

-$23.80

vs $26.85 price

Levered DCF

$35.98

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.32

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	-5.18×	12.37×	25.46×	6.51×	9.7×	9.61×	9.45×	8.85×
P/B	0.51×	0.81×	0.59×	0.63×	1.23×	0.85×	0.78×	0.67×
P/S	0.56×	0.94×	0.82×	1.33×	2.88×	1.65×	1.46×	1.57×
EV / EBITDA	-1.8×	6.85×	49.37×	14.22×	9.84×	10.96×	14.53×	19.05×
Gross margin	13.7%	33.5%	30.3%	62.7%	70.2%	52.3%	44.6%	53.7%
Operating margin	-15.8%	8.3%	1.9%	23.1%	34.9%	19.8%	16.7%	19.4%
Net margin	-10.9%	7.6%	3.2%	20.5%	29.7%	17.2%	15.5%	17.8%
Current ratio	110.02×	0.38×	0.45×	0.46×	0.6×	0.57×	0.59×	0.6×
Debt / equity	0.99×	1.04×	1.98×	1.97×	1.63×	1.8×	1.92×	1.94×
Interest coverage	-0.25×	0.13×	0.03×	0.67×	1.2×	0.47×	0.32×	0.45×
Dividend yield	1.1%	0.7%	1.0%	1.0%	0.5%	0.8%	1.0%	1.1%
Payout ratio	-5.9%	8.2%	25.6%	6.5%	5.0%	8.0%	9.6%	10.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.8%	6.6%	2.3%	9.7%	12.7%	8.9%	8.3%	7.6%
Return on invested capital	-0.6%	3.2%	0.5%	3.3%	4.8%	3.2%	2.8%	2.6%
Return on assets	-0.6%	0.4%	0.2%	0.8%	1.1%	0.7%	0.6%	0.6%
Free cash flow yield	1.2%	3.3%	3.0%	28.2%	5.3%	-4.4%	-20.0%	14.0%
Earnings yield	-19.3%	8.1%	3.9%	15.4%	10.3%	10.4%	10.6%	11.3%
Enterprise value	$80.4M	$246.5M	$527.7M	$694.3M	$642.7M	$457.5M	$495.2M	$564.3M
Net debt / EBITDA	2.28×	-1.84×	29.37×	9.48×	2.7×	4.19×	7.54×	12.5×
Cash conversion cycle (days)	29	1,061	1,334	1,979	1,971	2,057	2,256	2,765