Stifel Financial Corp (SF) 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

+38.9%

$95.58

vs $68.79 price

Levered DCF

$91.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.65

Distress zone

Rating

C+

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	13.31×	10.6×	10.13×	6.78×	6.4×	7.49×	6.75×	5.16×
P/B	1.44×	1.29×	0.93×	0.79×	1×	0.84×	0.81×	0.63×
P/S	1.36×	1.25×	0.96×	0.93×	1.07×	0.95×	0.84×	0.63×
EV / EBITDA	8.77×	7.11×	5.4×	4.06×	4.78×	4.35×	6.35×	5.78×
Gross margin	86.6%	82.9%	83.6%	94.8%	99.3%	97.3%	94.6%	94.0%
Operating margin	13.8%	15.8%	13.9%	19.5%	22.6%	17.3%	17.3%	16.9%
Net margin	10.9%	12.4%	10.2%	14.6%	17.5%	13.4%	12.9%	12.5%
Current ratio	5.24×	0.13×	0.16×	0.17×	0.22×	0.29×	0.34×	0.35×
Debt / equity	0.36×	0.49×	0.55×	0.35×	0.46×	0.42×	0.66×	1.04×
Interest coverage	1.07×	0.95×	0.87×	4.4×	23.2×	9.9×	3.37×	3.14×
Dividend yield	2.8%	3.1%	4.1%	4.0%	2.0%	2.1%	2.0%	2.2%
Payout ratio	35.6%	31.1%	38.3%	25.8%	12.4%	14.6%	13.2%	11.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	12.9%	9.9%	12.4%	16.4%	11.9%	12.4%	12.4%
Return on invested capital	1.6%	7.8%	5.8%	8.3%	9.8%	7.4%	6.7%	5.6%
Return on assets	1.6%	1.8%	1.4%	1.8%	2.4%	1.9%	1.8%	1.6%
Free cash flow yield	14.0%	5.7%	9.1%	25.4%	13.5%	44.5%	16.1%	21.3%
Earnings yield	8.0%	9.9%	10.6%	15.6%	16.3%	14.1%	15.4%	19.9%
Enterprise value	$8.5B	$7.2B	$4.3B	$3.9B	$5.4B	$3.1B	$4.1B	$3.3B
Net debt / EBITDA	-0.11×	-0.15×	-0.84×	-0.38×	0.31×	-0.67×	1.9×	2.34×
Cash conversion cycle (days)	99	-372	-474	-3,201	-24,878	-8,684	-4,841	-2,927