RBB Bancorp (RBB) 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

-66.6%

$8.73

vs $26.15 price

Levered DCF

$23.65

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.57

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	11.22×	13.94×	8.5×	6.19×	8.97×	9.27×	10.8×	8.25×
P/B	0.67×	0.73×	0.71×	0.82×	1.09×	0.71×	1.04×	0.8×
P/S	1.48×	1.6×	1.53×	2.08×	3.07×	1.99×	2.65×	2.65×
EV / EBITDA	12.56×	10.62×	3.5×	7.32×	3.89×	7.86×	6.8×	11.41×
Gross margin	49.9%	45.2%	55.4%	81.0%	83.9%	69.9%	70.5%	76.5%
Operating margin	17.7%	15.4%	25.5%	47.7%	48.8%	31.0%	34.6%	40.7%
Net margin	13.4%	11.5%	18.0%	33.6%	34.3%	21.5%	24.5%	31.8%
Current ratio	0.13×	0.12×	0.16×	0.13×	0.26×	0.15×	0.12×	0.12×
Debt / equity	0.6×	0.72×	0.62×	0.9×	0.77×	0.63×	0.28×	1.15×
Interest coverage	0.39×	0.3×	0.59×	2.91×	3.56×	1.38×	1.23×	1.95×
Dividend yield	3.2%	3.2%	3.4%	2.7%	2.0%	2.2%	1.9%	1.9%
Payout ratio	35.3%	44.0%	28.6%	16.7%	17.5%	19.9%	20.5%	15.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	5.3%	8.3%	13.3%	12.2%	7.7%	9.6%	9.6%
Return on invested capital	3.7%	2.9%	5.0%	7.0%	6.9%	4.7%	7.5%	4.5%
Return on assets	0.8%	0.7%	1.1%	1.6%	1.3%	1.0%	1.4%	1.2%
Free cash flow yield	12.1%	15.5%	14.0%	23.0%	39.3%	39.6%	112.1%	-28.9%
Earnings yield	9.1%	7.2%	11.8%	16.2%	11.2%	10.8%	9.3%	12.0%
Enterprise value	$639.7M	$477.4M	$244.4M	$748.9M	$367.7M	$434.4M	$422.1M	$585.8M
Net debt / EBITDA	5.65×	2.36×	-1.67×	3.43×	-1.49×	2.36×	-0.03×	5.54×
Cash conversion cycle (days)	0	16	2	-113	-190	-34	-55	-192