Southside Bancshares, Inc. (SBSI) 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

+9.1%

$38.79

vs $35.55 price

Levered DCF

$61.81

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.35

Distress zone

Rating

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	13.21×	10.88×	11.11×	11.01×	12.02×	12.56×	16.81×	14.98×
P/B	1.08×	1.18×	1.24×	1.55×	1.49×	1.18×	1.56×	1.52×
P/S	2.19×	2.11×	2.43×	3.93×	5.13×	3.66×	4.44×	4.13×
EV / EBITDA	13.58×	13.28×	12.01×	12.17×	11.97×	19.43×	23.24×	19.3×
Gross margin	55.8%	55.8%	61.1%	85.1%	96.4%	77.0%	73.0%	75.6%
Operating margin	19.7%	23.5%	25.6%	40.7%	49.3%	33.2%	31.1%	31.4%
Net margin	16.5%	19.4%	21.9%	35.7%	42.7%	29.2%	26.4%	27.6%
Current ratio	0.23×	0.23×	0.28×	0.24×	0.53×	0.55×	0.53×	0.48×
Debt / equity	0.87×	1.2×	1.16×	0.74×	0.59×	1.29×	1.49×	1.25×
Interest coverage	0.45×	0.54×	0.7×	2.94×	4.95×	2.1×	1.24×	1.48×
Dividend yield	4.7%	4.5%	4.5%	3.9%	3.3%	4.2%	3.4%	3.8%
Payout ratio	62.7%	49.3%	50.3%	42.8%	39.3%	52.6%	57.0%	56.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	10.9%	11.2%	14.1%	12.4%	9.4%	9.3%	10.1%
Return on invested capital	4.2%	4.7%	5.0%	7.7%	7.4%	4.0%	3.6%	4.4%
Return on assets	0.8%	1.0%	1.0%	1.4%	1.6%	1.2%	1.1%	1.2%
Free cash flow yield	8.0%	9.4%	7.6%	18.8%	10.9%	7.7%	5.2%	9.8%
Earnings yield	7.6%	9.2%	9.0%	9.1%	8.3%	8.0%	5.9%	6.7%
Enterprise value	$1.3B	$1.6B	$1.3B	$1.6B	$1.7B	$2.1B	$2.3B	$1.9B
Net debt / EBITDA	3.75×	5.12×	3.4×	3.33×	2.4×	9.68×	10.69×	8.01×
Cash conversion cycle (days)	36	37	47	61	54	50	37	37