SB Financial Group, Inc. (SBFG) 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

+21.0%

$38.03

vs $31.43 price

Levered DCF

$39.02

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.52

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	10.17×	12.16×	8.67×	9.47×	7.64×	9.31×	11.57×	9.55×
P/B	1×	1.09×	0.84×	1×	0.96×	0.97×	0.93×	0.78×
P/S	1.56×	1.71×	1.38×	1.89×	1.92×	1.91×	2.04×	1.82×
EV / EBITDA	6.2×	10.17×	10.77×	9.48×	0.95×	0.83×	6.92×	4.88×
Gross margin	70.6%	69.8%	74.7%	91.8%	93.0%	84.6%	83.4%	87.9%
Operating margin	19.0%	17.0%	19.4%	24.4%	31.3%	25.4%	23.4%	25.7%
Net margin	15.4%	14.1%	15.9%	19.9%	25.2%	20.5%	19.2%	20.7%
Current ratio	0.12×	0.18×	0.23×	0.25×	0.37×	0.28×	0.15×	0.17×
Debt / equity	0.45×	0.51×	0.94×	0.8×	0.28×	0.2×	0.21×	0.24×
Interest coverage	0.68×	0.57×	0.78×	2.96×	5.65×	2.75×	1.53×	2.33×
Dividend yield	2.7%	2.7%	3.4%	2.9%	2.3%	2.2%	2.6%	3.0%
Payout ratio	27.5%	32.9%	29.6%	27.3%	17.2%	20.5%	27.4%	26.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	9.0%	9.7%	10.6%	12.6%	10.5%	8.8%	8.9%
Return on invested capital	5.9%	5.1%	4.5%	5.0%	8.4%	7.2%	6.1%	6.3%
Return on assets	0.9%	0.8%	0.9%	0.9%	1.4%	1.2%	1.2%	1.2%
Free cash flow yield	15.1%	5.9%	12.4%	19.9%	10.6%	15.8%	13.2%	11.6%
Earnings yield	9.9%	8.2%	11.5%	10.5%	13.1%	10.7%	9.4%	11.4%
Enterprise value	$133.1M	$177M	$197M	$183.3M	$27.5M	$20.9M	$129M	$84.8M
Net debt / EBITDA	-0.41×	2.17×	5.04×	3.34×	-3.86×	-4.7×	0.1×	-0.99×
Cash conversion cycle (days)	-12	-13	-24	-31	-7	-1	-24	-30