John Marshall Bancorp, Inc. (JMSB) 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

+3.8%

$24.12

vs $23.25 price

Levered DCF

$28.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.3

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	13.33×	16.73×	60.97×	12.68×	10.64×	10.44×	13.52×	15.74×
P/B	1.07×	1.16×	1.38×	1.88×	1.3×	1.03×	1.32×	1.35×
P/S	2.46×	2.54×	3.7×	4.68×	3.56×	2.6×	3.05×	3.23×
EV / EBITDA	8.28×	10.58×	26.58×	9.39×	6.16×	4.16×	9.88×	11.88×
Gross margin	52.8%	47.8%	45.2%	83.9%	85.1%	70.5%	69.4%	74.2%
Operating margin	23.7%	19.5%	9.3%	46.7%	42.5%	31.2%	28.6%	26.0%
Net margin	18.4%	15.2%	6.0%	37.1%	33.6%	25.0%	22.6%	20.6%
Current ratio	0.08×	0.08×	0.14×	0.2×	0.19×	0.18×	0.17×	0.14×
Debt / equity	0.32×	0.35×	0.17×	0.26×	0.23×	0.28×	0.66×	0.76×
Interest coverage	0.52×	0.37×	0.16×	2.94×	3.93×	1.48×	0.99×	1.08×
Dividend yield	1.5%	1.2%	1.0%	0.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	20.1%	20.8%	60.3%	8.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	6.9%	2.2%	14.9%	12.2%	10.0%	9.8%	8.6%
Return on invested capital	5.9%	5.0%	1.6%	11.4%	9.5%	7.6%	5.9%	4.8%
Return on assets	0.9%	0.8%	0.2%	1.4%	1.2%	1.0%	1.0%	0.9%
Free cash flow yield	7.8%	5.9%	5.5%	8.2%	11.8%	12.4%	8.5%	6.9%
Earnings yield	7.5%	6.0%	1.6%	7.9%	9.4%	9.6%	7.4%	6.4%
Enterprise value	$239.4M	$249.2M	$257.7M	$394.3M	$212.4M	$106.9M	$226M	$197.6M
Net debt / EBITDA	-1.53×	-1.54×	-6.17×	-0.16×	-1.68×	-3.33×	0.51×	0.39×
Cash conversion cycle (days)	4	5	-9	-4	-3	11	2	-7