ServisFirst Bancshares, Inc. (SFBS) 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

-65.3%

$14.50

vs $41.85 price

Levered DCF

$18.39

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.44

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	14.19×	20.37×	17.58×	14.89×	22.18×	12.79×	13.51×	12.36×
P/B	2.12×	2.86×	2.52×	2.88×	4×	2.19×	2.4×	2.37×
P/S	3.86×	4.73×	4.38×	6.45×	10.52×	5.24×	4.91×	4.95×
EV / EBITDA	15.38×	15.17×	11.75×	14.74×	8.59×	4.02×	10.6×	9.22×
Gross margin	51.8%	46.7%	49.2%	78.3%	85.5%	77.4%	69.4%	75.1%
Operating margin	33.6%	28.6%	29.5%	53.2%	57.9%	51.8%	45.5%	49.3%
Net margin	27.2%	23.3%	25.0%	43.3%	47.5%	41.0%	36.4%	40.0%
Current ratio	0.28×	0.19×	0.2×	0.11×	0.36×	0.29×	0.16×	0.15×
Debt / equity	0.81×	1.27×	0.92×	1.3×	1.54×	0.92×	0.64×	0.49×
Interest coverage	0.75×	0.56×	0.61×	3.49×	7.97×	4.2×	1.81×	2.64×
Dividend yield	1.9%	1.4%	1.3%	1.0%	0.7%	1.3%	1.2%	1.2%
Payout ratio	26.5%	28.8%	22.1%	14.9%	15.7%	16.7%	16.2%	14.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	14.1%	14.4%	19.4%	18.0%	17.1%	17.7%	19.2%
Return on invested capital	-19.1%	6.0%	7.3%	8.3%	7.0%	8.7%	10.6%	12.7%
Return on assets	1.6%	1.3%	1.3%	1.7%	1.3%	1.4%	1.7%	1.7%
Free cash flow yield	8.9%	5.4%	5.3%	7.2%	5.6%	8.7%	8.0%	9.8%
Earnings yield	7.0%	4.9%	5.7%	6.7%	4.5%	7.8%	7.4%	8.1%
Enterprise value	$5.3B	$4.3B	$2.9B	$4.6B	$2.2B	$876.6M	$2B	$1.6B
Net debt / EBITDA	4.07×	-1.12×	-2.85×	2.78×	-9.26×	-5.92×	0.03×	-0.61×
Cash conversion cycle (days)	-0	4	2	-23	-49	-16	-11	-19