Northrim BanCorp, Inc. (NRIM) 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

+36.7%

$33.15

vs $24.26 price

Levered DCF

$72.69

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.69

Distress zone

Rating

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	9.11×	11.6×	12.63×	10.24×	7.16×	6.56×	12.43×	11.3×
P/B	1.8×	1.61×	1.36×	1.44×	1.13×	0.97×	1.24×	1.1×
P/S	2.42×	2.19×	2.02×	2.34×	1.96×	1.54×	2.39×	2.35×
EV / EBITDA	5.91×	8.05×	6.73×	2.15×	-6.5×	2.94×	6.45×	7.33×
Gross margin	81.4%	77.5%	79.4%	94.7%	100.2%	93.9%	95.8%	97.4%
Operating margin	35.5%	24.0%	20.0%	28.6%	35.1%	30.3%	24.3%	25.0%
Net margin	26.6%	18.9%	16.0%	22.9%	27.4%	23.5%	19.3%	20.8%
Current ratio	0.13×	0.24×	0.33×	0.41×	0.45×	0.21×	0.29×	0.3×
Debt / equity	0.27×	0.15×	0.14×	0.16×	0.15×	0.17×	0.16×	0.25×
Interest coverage	2.01×	1.15×	1.1×	7.38×	12.7×	7.01×	4.63×	8.11×
Dividend yield	2.5%	3.2%	4.2%	3.4%	3.5%	4.1%	3.3%	3.1%
Payout ratio	22.5%	37.2%	53.6%	34.4%	25.0%	26.9%	41.1%	35.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.8%	13.8%	10.8%	14.1%	15.8%	14.8%	10.0%	9.7%
Return on invested capital	13.8%	10.2%	7.9%	10.7%	12.4%	11.1%	7.6%	7.3%
Return on assets	2.0%	1.2%	0.9%	1.1%	1.4%	1.6%	1.3%	1.3%
Free cash flow yield	22.8%	-2.2%	10.2%	23.6%	40.7%	-18.4%	-1.5%	9.3%
Earnings yield	11.0%	8.6%	7.9%	9.8%	14.0%	15.2%	8.1%	8.8%
Enterprise value	$529.8M	$407.4M	$234.9M	$89.5M	-$341.3M	$137.4M	$194.8M	$200.4M
Net debt / EBITDA	-0.65×	-0.43×	-2.45×	-5.4×	-11.63×	-1.68×	-2.05×	-0.94×
Cash conversion cycle (days)	19	190	116	86	42	68	103	104