NBT Bancorp Inc. (NBTB) 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

+39.1%

$74.36

vs $53.46 price

Levered DCF

$78.95

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.23

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	12.43×	16.03×	15.7×	12.27×	10.79×	13.43×	14.7×	13.41×
P/B	1.03×	1.48×	1.31×	1.59×	1.34×	1.18×	1.59×	1.48×
P/S	2.25×	2.87×	2.81×	3.47×	3.38×	2.85×	3.5×	3.25×
EV / EBITDA	8.29×	11.52×	13.07×	11.4×	3.25×	7.4×	13.55×	15.8×
Gross margin	72.1%	70.6%	74.4%	92.7%	97.9%	83.0%	84.0%	85.5%
Operating margin	25.3%	22.8%	23.2%	36.5%	40.4%	27.1%	30.6%	29.5%
Net margin	19.5%	17.9%	17.9%	28.3%	31.3%	21.2%	23.9%	24.2%
Current ratio	1.6×	0.04×	0.14×	0.17×	0.29×	0.22×	0.14×	0.14×
Debt / equity	0.17×	0.27×	0.45×	0.67×	0.25×	0.34×	0.73×	1.03×
Interest coverage	1.05×	0.85×	1.06×	8.97×	10.64×	4.08×	2.78×	3.55×
Dividend yield	3.7%	2.8%	3.0%	2.7%	2.9%	3.4%	2.6%	2.9%
Payout ratio	42.9%	44.3%	47.0%	32.7%	30.8%	45.2%	38.0%	38.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	9.2%	8.3%	13.0%	12.4%	8.8%	10.8%	11.1%
Return on invested capital	1.1%	6.3%	5.1%	6.8%	8.7%	5.6%	5.7%	5.1%
Return on assets	1.1%	1.0%	0.9%	1.3%	1.3%	1.0%	1.2%	1.2%
Free cash flow yield	11.2%	7.8%	7.9%	9.5%	9.1%	9.8%	8.3%	9.3%
Earnings yield	8.7%	6.2%	6.4%	8.2%	9.3%	7.4%	6.8%	7.5%
Enterprise value	$2.1B	$2.4B	$2.3B	$2.5B	$715M	$1.1B	$2.4B	$2.4B
Net debt / EBITDA	0.56×	0.63×	2.46×	2.74×	-4.36×	-1.73×	3.44×	5.76×
Cash conversion cycle (days)	22	0	0	0	0	0	0	0