Park National Corporation (PRK) 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

-28.6%

$130.75

vs $183.06 price

Levered DCF

$130.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.45

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	13.61×	18.28×	16.88×	15.42×	14.53×	13.38×	16.17×	11.91×
P/B	1.81×	2.23×	1.87×	2.14×	2.01×	1.65×	1.72×	1.58×
P/S	3.68×	4.29×	3.79×	4.45×	4.7×	3.54×	3.63×	3.19×
EV / EBITDA	10.36×	14.75×	14×	13.03×	12.2×	11.6×	14.6×	12.76×
Gross margin	82.1%	78.4%	82.0%	93.0%	99.2%	91.3%	84.9%	87.4%
Operating margin	33.3%	28.6%	27.2%	35.1%	39.6%	32.0%	27.3%	31.9%
Net margin	27.1%	23.5%	22.5%	28.9%	32.4%	26.5%	22.4%	26.8%
Current ratio	2.04×	0.17×	0.51×	0.25×	0.27×	0.2×	0.21×	0×
Debt / equity	0.07×	0.24×	0.37×	0.41×	0.4×	0.56×	0.47×	0.77×
Interest coverage	2.06×	1.48×	1.56×	5.79×	11.79×	5.14×	1.99×	2.99×
Dividend yield	3.7%	2.8%	3.2%	3.4%	3.3%	4.1%	4.2%	4.8%
Payout ratio	49.9%	51.2%	54.4%	51.6%	48.3%	55.0%	67.3%	57.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.3%	12.2%	11.1%	13.9%	13.9%	12.3%	10.6%	13.3%
Return on invested capital	1.8%	9.2%	1.9%	9.2%	9.3%	7.5%	6.8%	1.4%
Return on assets	1.8%	1.5%	1.3%	1.5%	1.6%	1.4%	1.2%	1.4%
Free cash flow yield	7.8%	6.1%	6.7%	5.6%	6.4%	4.8%	5.8%	9.2%
Earnings yield	7.4%	5.5%	5.9%	6.5%	6.9%	7.5%	6.2%	8.4%
Enterprise value	$2.4B	$2.9B	$2.3B	$2.5B	$2.5B	$1.9B	$2B	$1.8B
Net debt / EBITDA	-0.17×	0.69×	1.24×	1.26×	1.1×	1.26×	2.19×	3.36×
Cash conversion cycle (days)	19	17	16	3	-248	4	28	-12