QNB Corp. (QNBC) 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

-30.9%

$32.79

vs $47.46 price

Levered DCF

$53.09

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.17

Distress zone

Rating

B-

Overall 2 / 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	9.23×	10.91×	9.88×	5.89×	7.76×	9.37×	10.95×	11.77×
P/B	1×	1.21×	1.03×	1.32×	0.94×	0.84×	1.12×	1.28×
P/S	1.34×	1.37×	1.27×	1.61×	2.26×	2.21×	2.47×	2.77×
EV / EBITDA	12.06×	12.21×	10.76×	19.2×	8.62×	11.98×	10.15×	12.24×
Gross margin	57.0%	54.8%	62.0%	87.8%	91.0%	85.0%	79.1%	80.6%
Operating margin	18.4%	15.8%	15.9%	33.7%	36.2%	28.6%	27.8%	26.8%
Net margin	14.5%	12.6%	12.8%	27.4%	29.2%	23.6%	22.6%	23.6%
Current ratio	0.62×	0.3×	0.06×	0.33×	0.47×	0.36×	0.34×	0.34×
Debt / equity	0.93×	0.81×	1.26×	4.69×	0.57×	0.95×	0.46×	0.49×
Interest coverage	0.43×	0.35×	0.41×	2.47×	4.41×	2.27×	1.5×	1.58×
Dividend yield	3.8%	3.9%	5.0%	4.8%	3.4%	3.7%	3.0%	2.9%
Payout ratio	35.5%	41.9%	49.3%	28.3%	26.5%	35.0%	33.1%	34.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	11.1%	10.4%	22.4%	12.1%	9.0%	10.2%	10.9%
Return on invested capital	0.7%	22.1%	1.7%	6.4%	7.4%	5.7%	6.6%	7.1%
Return on assets	0.7%	0.6%	0.6%	1.0%	1.0%	0.8%	1.0%	1.0%
Free cash flow yield	11.9%	10.2%	14.6%	17.3%	21.3%	6.1%	8.0%	10.7%
Earnings yield	10.8%	9.2%	10.1%	17.0%	12.9%	10.7%	9.1%	8.5%
Enterprise value	$236.2M	$197M	$145.3M	$410.6M	$193M	$201.7M	$173.5M	$170.8M
Net debt / EBITDA	5.43×	4.49×	3.81×	14.81×	2.91×	5.25×	2.24×	2.68×
Cash conversion cycle (days)	-26	-47	-39	8	11	18	-10	4