Lake Shore Bancorp, Inc. (LSBK) 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

-7.0%

$17.43

vs $18.75 price

Levered DCF

$18.02

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

—

Rating

Overall 2 / 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	15.27×	15.62×	14.18×	12.38×	10.48×	17.14×	22.6×	22.69×
P/B	0.77×	0.86×	0.8×	0.87×	1×	0.9×	1.11×	1.15×
P/S	2.76×	2.03×	1.89×	2.41×	3.15×	2.83×	3.43×	3.81×
EV / EBITDA	5×	8.24×	7.14×	12.8×	5.05×	10.32×	17.34×	19.42×
Gross margin	70.9%	67.8%	77.0%	89.3%	88.1%	77.9%	77.2%	83.4%
Operating margin	22.1%	15.4%	17.1%	23.3%	26.8%	19.7%	17.7%	19.1%
Net margin	18.4%	12.9%	13.2%	19.4%	22.2%	16.7%	15.3%	16.7%
Current ratio	200.88×	0.16×	0.2×	0.15×	0.27×	0.22×	0.21×	0.23×
Debt / equity	0.01×	0.11×	0.41×	0.46×	0.25×	0.35×	0.42×	0.31×
Interest coverage	0.75×	0.43×	0.66×	2.84×	2.8×	1.22×	0.91×	1.27×
Dividend yield	0.9%	1.4%	0.0%	2.0%	1.2%	1.3%	1.4%	1.0%
Payout ratio	14.0%	21.9%	0.0%	25.2%	17.5%	22.4%	31.1%	22.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	5.5%	5.6%	7.0%	7.0%	5.3%	4.9%	5.0%
Return on invested capital	1.0%	4.4%	3.6%	4.4%	5.1%	3.6%	3.2%	3.5%
Return on assets	1.0%	0.7%	0.7%	0.8%	0.9%	0.7%	0.7%	0.7%
Free cash flow yield	6.8%	3.2%	8.5%	11.0%	9.0%	6.7%	5.5%	5.8%
Earnings yield	6.7%	6.4%	7.0%	8.0%	7.1%	5.9%	4.4%	4.4%
Enterprise value	$46.1M	$54.4M	$50.2M	$98.9M	$42.1M	$64.2M	$96.3M	$104.1M
Net debt / EBITDA	-6.83×	-3.46×	-2.63×	3.61×	-5.47×	-2.13×	0.79×	2.34×
Cash conversion cycle (days)	28	27	28	35	33	40	29	29