Medallion Financial Corp. (MFIN) 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

+1212.2%

$131.48

vs $10.02 price

Levered DCF

$94.11

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.4

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	5.44×	5.91×	4.02×	3.84×	2.64×	-3.45×	-103.86×	-4.55×
P/B	0.57×	0.57×	0.65×	0.56×	0.5×	0.52×	0.67×	0.43×
P/S	0.66×	0.73×	0.87×	0.85×	0.8×	0.79×	1.25×	1.02×
EV / EBITDA	1.87×	5.81×	4.8×	5×	3.74×	-11.01×	39.64×	-58.88×
Gross margin	96.7%	43.6%	60.4%	66.6%	80.0%	31.3%	41.7%	21.3%
Operating margin	50.5%	21.6%	33.8%	34.2%	45.7%	-24.4%	1.7%	-9.7%
Net margin	12.2%	12.3%	21.6%	22.1%	30.2%	-23.0%	-1.2%	-22.6%
Current ratio	27.1×	0.05×	0.06×	0.06×	0.09×	0.09×	0.07×	0.08×
Debt / equity	0.77×	0.78×	0.74×	0.76×	0.81×	1.1×	0.87×	0.81×
Interest coverage	1.81×	0.71×	1.37×	1.88×	2.63×	-1.08×	0.07×	-0.38×
Dividend yield	4.7%	4.4%	3.5%	4.5%	0.0%	0.0%	0.0%	0.1%
Payout ratio	25.5%	26.2%	14.0%	17.2%	0.0%	0.0%	0.0%	-0.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	9.7%	16.1%	14.5%	18.9%	-15.0%	-0.7%	-9.5%
Return on invested capital	4.3%	5.6%	8.9%	8.0%	9.5%	-4.8%	0.3%	-2.1%
Return on assets	1.5%	1.3%	2.1%	1.9%	2.9%	-2.1%	-0.1%	-1.8%
Free cash flow yield	53.9%	54.6%	51.3%	64.6%	55.2%	65.7%	36.7%	58.6%
Earnings yield	18.4%	16.9%	24.8%	26.0%	37.9%	-29.0%	-1.0%	-22.1%
Enterprise value	$349.1M	$402.1M	$422.2M	$365.1M	$312.4M	$322.1M	$389.9M	$303.7M
Net debt / EBITDA	0.61×	2.75×	2.28×	2.69×	2.03×	-6.91×	21.65×	-36.86×
Cash conversion cycle (days)	2,538	-45	-107	-114	-149	-33	-56	-70