Landmark Bancorp, Inc. (LARK) 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

+9.0%

$35.26

vs $32.35 price

Levered DCF

$50.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.51

Distress zone

Rating

A-

Overall 4 / 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	8.48×	10.62×	8.89×	12.01×	7.94×	5.58×	10.79×	9.67×
P/B	0.99×	1.01×	0.85×	1.06×	1.06×	0.86×	1.06×	1.1×
P/S	1.66×	1.56×	1.39×	2.08×	2.31×	1.63×	2.18×	2.07×
EV / EBITDA	6.79×	12.2×	10.14×	11.12×	-0.66×	1.72×	10.02×	10.12×
Gross margin	71.2%	65.6%	72.1%	92.4%	96.8%	90.9%	84.6%	86.1%
Operating margin	24.0%	15.9%	18.2%	19.9%	36.8%	36.5%	22.9%	23.8%
Net margin	19.6%	14.7%	15.7%	17.4%	29.0%	29.3%	20.1%	21.4%
Current ratio	1.01×	0.04×	0.39×	0.41×	0.5×	0.38×	0.45×	0.49×
Debt / equity	0.21×	0.65×	0.78×	0.61×	0.27×	0.22×	0.39×	0.62×
Interest coverage	0.91×	0.5×	0.66×	2.6×	15.16×	8.77×	1.79×	2.16×
Dividend yield	3.1%	3.3%	4.0%	3.5%	2.7%	3.3%	3.0%	3.3%
Payout ratio	25.9%	35.5%	35.9%	42.5%	21.2%	18.6%	32.9%	31.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.7%	9.5%	9.6%	8.9%	13.3%	15.4%	9.8%	11.3%
Return on invested capital	32.3%	5.3%	5.0%	5.5%	10.9%	12.6%	7.1%	7.0%
Return on assets	1.2%	0.8%	0.8%	0.7%	1.4%	1.6%	1.1%	1.1%
Free cash flow yield	13.2%	8.6%	10.7%	20.2%	20.8%	13.3%	7.0%	19.9%
Earnings yield	11.8%	9.4%	11.3%	8.3%	12.6%	18.0%	9.3%	10.3%
Enterprise value	$171.7M	$202.4M	$175.4M	$154.4M	-$16.9M	$46.2M	$143.6M	$138.7M
Net debt / EBITDA	0.5×	3.87×	3.87×	2.59×	-6.3×	-2.32×	1.99×	2.76×
Cash conversion cycle (days)	0	0	136	-1,725	-2,794	-964	-486	-620