Shore Bancshares, Inc. (SHBI) 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

+93.6%

$44.47

vs $22.97 price

Levered DCF

$33.68

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.55

Distress zone

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	9.93×	12.01×	33.93×	11.1×	17.82×	11.5×	13.67×	7.42×
P/B	1×	0.98×	0.74×	0.95×	0.78×	0.93×	1.15×	1.01×
P/S	1.72×	1.62×	1.59×	2.53×	3.27×	2.57×	3.17×	2.88×
EV / EBITDA	6.93×	2.73×	3.64×	7.99×	-9.95×	1.03×	6.1×	8.27×
Gross margin	63.2%	60.3%	54.0%	89.4%	93.2%	84.4%	85.2%	89.2%
Operating margin	23.0%	18.0%	5.9%	30.8%	25.3%	29.9%	31.4%	32.8%
Net margin	17.4%	13.4%	4.7%	22.8%	18.4%	22.3%	23.2%	38.8%
Current ratio	6.23×	0.11×	0.09×	0.05×	0.23×	0.2×	0.17×	0.18×
Debt / equity	0.19×	0.25×	0.17×	0.26×	0.2×	0.16×	0.12×	0.41×
Interest coverage	0.67×	0.47×	0.18×	3.36×	3.51×	2.97×	2.27×	4.01×
Dividend yield	2.7%	3.0%	3.4%	2.8%	2.4%	3.3%	2.4%	2.2%
Payout ratio	27.0%	36.5%	113.4%	30.6%	43.0%	37.8%	33.0%	16.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	8.1%	2.2%	8.6%	4.4%	8.1%	8.4%	13.6%
Return on invested capital	21.1%	6.2%	1.8%	6.7%	3.6%	6.8%	7.5%	5.9%
Return on assets	1.0%	0.7%	0.2%	0.9%	0.4%	0.8%	1.0%	1.7%
Free cash flow yield	10.0%	7.9%	4.4%	14.5%	-4.0%	8.9%	5.2%	9.3%
Earnings yield	10.1%	8.3%	3.0%	9.0%	5.6%	8.7%	7.3%	13.5%
Enterprise value	$651.3M	$203.8M	$91.4M	$383.4M	-$241.5M	$24.2M	$148.2M	$193.8M
Net debt / EBITDA	0.65×	-4.34×	-11.43×	0.78×	-21.22×	-6.66×	-2.99×	0.37×
Cash conversion cycle (days)	20	22	29	-9	-189	-21	7	-13