Patriot National Bancorp, Inc. (PNBK) 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

+144.1%

$2.10

vs $0.86 price

Levered DCF

$2.16

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.09

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	-11.38×	-0.19×	-3.65×	6.79×	12.05×	-10.25×	-17.72×	18.27×
P/B	1.5×	1.81×	0.34×	0.7×	0.91×	0.62×	0.75×	0.8×
P/S	2.44×	0.13×	0.23×	0.88×	1.67×	0.99×	1.09×	1.33×
EV / EBITDA	2.42×	7.24×	-38.26×	12.85×	20.31×	-49.04×	-69.84×	21.38×
Gross margin	48.0%	26.1%	41.4%	73.3%	82.0%	59.9%	49.6%	67.4%
Operating margin	-21.8%	-26.6%	-8.7%	16.4%	13.7%	-10.5%	-8.1%	9.7%
Net margin	-21.9%	-65.9%	-6.5%	13.0%	13.9%	-9.6%	-6.1%	7.6%
Current ratio	0.44×	0.18×	0.1×	0.15×	0.19×	0.13×	0.12×	0.15×
Debt / equity	0.17×	7.75×	4.53×	1.93×	1.79×	1.91×	1.95×	1.89×
Interest coverage	-0.44×	-0.5×	-0.18×	0.72×	0.71×	-0.3×	-0.2×	0.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-5.5%	4.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.4%	-935.1%	-9.4%	10.3%	7.6%	-6.0%	-4.2%	4.6%
Return on invested capital	-10.4%	-35.2%	-1.7%	3.5%	2.7%	-2.0%	-1.4%	1.6%
Return on assets	-1.2%	-3.9%	-0.4%	0.6%	0.5%	-0.4%	-0.3%	0.3%
Free cash flow yield	-10.1%	34.0%	-73.3%	15.8%	11.7%	15.9%	-25.0%	7.4%
Earnings yield	-8.9%	-516.0%	-27.5%	14.7%	8.3%	-9.8%	-5.6%	5.7%
Enterprise value	-$27.8M	-$106.8M	$163.8M	$118.6M	$135M	$125.3M	$141.4M	$120.2M
Net debt / EBITDA	14.82×	7.77×	-34.72×	8.31×	11.08×	-33.73×	-45.18×	11.48×
Cash conversion cycle (days)	31	33	41	56	58	61	29	33