SmartFinancial, Inc. (SMBK) 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

-11.3%

$44.12

vs $49.76 price

Levered DCF

$50.23

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.61

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	12.29×	14.34×	14.41×	10.7×	12.27×	11.13×	12.45×	12.51×
P/B	1.12×	1.06×	0.9×	1.06×	0.99×	0.76×	1.06×	0.8×
P/S	1.96×	1.82×	1.71×	2.47×	2.86×	2.04×	2.87×	2.35×
EV / EBITDA	3.62×	3.41×	3.46×	4.34×	-8.25×	-0.61×	6.37×	7.03×
Gross margin	61.0%	58.3%	62.1%	86.4%	91.0%	80.9%	76.4%	80.9%
Operating margin	19.4%	15.9%	15.1%	29.4%	29.7%	23.2%	29.0%	22.1%
Net margin	15.9%	12.7%	11.9%	23.1%	23.3%	18.3%	23.1%	18.7%
Current ratio	0.22×	0.16×	0.18×	0.2×	0.38×	0.22×	0.17×	0.16×
Debt / equity	0.18×	0.1×	0.12×	0.19×	0.33×	0.34×	0.23×	0.22×
Interest coverage	0.51×	0.4×	0.41×	2.57×	3.74×	1.84×	1.36×	1.37×
Dividend yield	0.9%	1.0%	1.3%	1.0%	0.9%	1.1%	0.2%	0.0%
Payout ratio	10.8%	15.0%	19.0%	11.0%	10.7%	12.3%	2.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	7.4%	6.2%	9.9%	8.1%	6.8%	8.5%	6.4%
Return on invested capital	7.1%	6.1%	5.1%	7.7%	5.9%	4.9%	6.6%	5.2%
Return on assets	0.9%	0.7%	0.6%	0.9%	0.8%	0.7%	1.1%	0.8%
Free cash flow yield	9.6%	8.9%	8.1%	9.6%	10.3%	8.7%	7.2%	7.5%
Earnings yield	8.1%	7.0%	6.9%	9.3%	8.2%	9.0%	8.0%	8.0%
Enterprise value	$258.2M	$193.8M	$172.2M	$293.2M	-$439.8M	-$23.5M	$240.3M	$173.2M
Net debt / EBITDA	-5.09×	-5.73×	-4.82×	-2.48×	-16.24×	-7.63×	-2.38×	-2.18×
Cash conversion cycle (days)	0	82	103	129	131	0	0	0