Norwood Financial Corp. (NWFL) 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

-11.4%

$32.04

vs $36.15 price

Levered DCF

$49.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.35

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	9.26×	-1,360.5×	15.82×	9.31×	8.52×	12.52×	17.14×	15.07×
P/B	1.06×	1.02×	1.46×	1.63×	1.04×	0.97×	1.77×	1.68×
P/S	1.89×	2.15×	2.56×	3.18×	2.68×	2.85×	4.5×	4.15×
EV / EBITDA	7.76×	304.02×	16.25×	10.89×	2.98×	9.22×	19.34×	16.99×
Gross margin	63.6%	47.7%	62.4%	90.5%	87.5%	79.7%	81.6%	85.1%
Operating margin	26.1%	-0.3%	20.4%	42.5%	38.9%	27.7%	31.1%	32.7%
Net margin	20.4%	-0.2%	16.2%	34.2%	31.4%	22.8%	26.3%	27.5%
Current ratio	0.16×	0.24×	0.25×	0.25×	0.34×	0.22×	0.22×	0.26×
Debt / equity	0.31×	0.91×	0.93×	1.04×	0.44×	0.54×	0.86×	0.86×
Interest coverage	0.74×	-0.01×	0.63×	5.01×	5.36×	2.3×	1.94×	2.86×
Dividend yield	4.5%	4.5%	3.6%	3.4%	4.0%	3.9%	2.5%	2.7%
Payout ratio	41.4%	-6074.4%	56.2%	31.3%	34.3%	48.2%	42.5%	40.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	-0.1%	9.3%	17.5%	12.1%	7.7%	10.3%	11.2%
Return on invested capital	8.4%	-0.0%	4.2%	9.2%	8.0%	4.8%	5.3%	5.8%
Return on assets	1.1%	-0.0%	0.8%	1.4%	1.2%	0.8%	1.2%	1.2%
Free cash flow yield	11.4%	9.0%	10.7%	10.5%	13.1%	6.9%	6.9%	8.0%
Earnings yield	10.8%	-0.1%	6.3%	10.7%	11.7%	8.0%	5.8%	6.6%
Enterprise value	$286.7M	$340.2M	$367.3M	$413.5M	$96.7M	$182.6M	$346.8M	$292.6M
Net debt / EBITDA	0.8×	109.49×	4.52×	3.72×	-3.57×	-0.3×	5.76×	5.05×
Cash conversion cycle (days)	-65	-56	-70	-89	-17	-9	-64	-61