Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) 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

+227.3%

$58.32

vs $17.82 price

Levered DCF

$61.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

A-

Overall 4 / 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	3.28×	3.07×	4.52×	3.51×	3.55×	5.85×	6.42×	5.75×
P/B	0.35×	0.37×	0.41×	0.41×	0.56×	0.66×	0.77×	0.09×
P/S	0.33×	0.36×	0.42×	0.48×	0.59×	0.73×	0.79×	0.69×
EV / EBITDA	1.93×	1.34×	0.01×	1.09×	2.43×	3.08×	4.88×	1.36×
Gross margin	84.3%	82.6%	83.2%	94.0%	97.3%	96.6%	94.5%	94.9%
Operating margin	16.8%	18.4%	16.6%	22.0%	24.5%	19.9%	21.3%	21.4%
Net margin	10.8%	12.3%	10.1%	14.5%	17.2%	13.2%	12.7%	12.3%
Current ratio	5.24×	5.93×	1.54×	0×	2.71×	0×	2.25×	36.92×
Debt / equity	0.36×	0.37×	0.22×	0.22×	0.47×	0.52×	0.67×	0.03×
Interest coverage	1.31×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	11.5%	10.7%	9.1%	7.8%	3.6%	2.6%	2.1%	2.0%
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%	1.6%
Return on invested capital	2.0%	2.1%	1.9%	2.0%	2.7%	207.3%	2.3%	2.1%
Return on assets	1.6%	1.8%	1.4%	1.8%	2.4%	1.9%	1.8%	22.4%
Free cash flow yield	56.7%	32.8%	20.4%	32.8%	35.4%	49.1%	3.7%	25.5%
Earnings yield	32.3%	34.4%	23.8%	30.2%	29.4%	18.1%	16.2%	17.8%
Enterprise value	$2B	$1.6B	$5.7M	$1.2B	$3B	$2.5B	$3.9B	$983.4M
Net debt / EBITDA	-0.1×	-0.47×	-2.33×	-0.95×	0.17×	-0.3×	1.43×	-1.69×
Cash conversion cycle (days)	98	85	-369	0	132	142	0	4,292