Northeast Bank (NBN) 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

-47.0%

$69.04

vs $130.25 price

Levered DCF

-$27.98

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.45

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.24×	8.63×	7.92×	6.92×	6.76×	3.46×	6.83×	13.81×
P/B	1.82×	1.46×	1.23×	1.03×	1.15×	1.06×	0.94×	1.25×
P/S	2.86×	2.05×	1.77×	1.7×	2.6×	1.68×	1.64×	2.23×
EV / EBITDA	13.28×	5.01×	6.41×	10.12×	2.3×	-7.01×	1.96×	7.73×
Gross margin	61.5%	58.1%	57.4%	66.3%	97.6%	93.4%	75.5%	75.8%
Operating margin	38.2%	35.8%	33.8%	36.2%	56.1%	68.8%	35.1%	22.8%
Net margin	27.9%	23.8%	22.4%	24.6%	38.4%	48.7%	24.0%	16.1%
Current ratio	0.11×	0.13×	0.13×	0.11×	0.17×	0.57×	0.2×	0.14×
Debt / equity	1.42×	0.69×	0.97×	1.97×	0.14×	0.16×	0.36×	0.2×
Interest coverage	0.99×	0.91×	0.81×	1.12×	12.04×	9.16×	1.78×	1.01×
Dividend yield	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%
Payout ratio	0.3%	0.4%	0.5%	0.7%	0.7%	0.5%	1.6%	2.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.8%	16.9%	15.5%	14.9%	17.0%	30.8%	13.8%	9.0%
Return on invested capital	2.1%	9.1%	7.3%	4.7%	14.3%	22.9%	9.3%	6.6%
Return on assets	2.1%	2.0%	1.9%	1.5%	2.7%	3.3%	1.8%	1.2%
Free cash flow yield	-5.8%	7.4%	0.0%	18.8%	10.3%	2.9%	9.7%	9.6%
Earnings yield	9.8%	11.6%	12.6%	14.4%	14.8%	28.9%	14.6%	7.2%
Enterprise value	$2B	$645.9M	$584.7M	$692.7M	$147.6M	-$727.2M	$71.1M	$165.3M
Net debt / EBITDA	5.81×	-0.58×	1.35×	5.65×	-2.15×	-9.4×	-2.33×	-1.25×
Cash conversion cycle (days)	18	18	21	13	0	0	0	0