SouthState Bank Corp. (SSB) 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

+107.2%

$222.86

vs $107.55 price

Levered DCF

$249.89

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.53

Distress zone

Rating

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	11.88×	14.19×	12.99×	11.48×	11.85×	32.86×	16.06×	12.23×
P/B	1.04×	1.29×	1.16×	1.12×	1.17×	0.85×	1.26×	0.93×
P/S	2.51×	3.17×	2.93×	3.4×	3.98×	3.27×	4.12×	3.09×
EV / EBITDA	8.43×	10.16×	9.61×	8.45×	9.04×	27.22×	14.39×	9×
Gross margin	68.3%	69.0%	72.4%	91.4%	108.0%	73.6%	86.4%	90.4%
Operating margin	27.9%	29.3%	28.8%	37.8%	42.6%	8.6%	31.7%	31.6%
Net margin	21.3%	22.3%	22.5%	29.6%	33.6%	10.0%	25.6%	25.2%
Current ratio	0.22×	0.02×	0.15×	0.16×	0.16×	0.14×	0.17×	0.16×
Debt / equity	0.15×	0.15×	0.18×	0.18×	0.23×	0.25×	0.47×	0.22×
Interest coverage	0.97×	0.96×	1.28×	10.32×	11.7×	1.24×	2.66×	4.15×
Dividend yield	2.5%	2.1%	2.4%	2.6%	2.4%	2.5%	1.9%	2.3%
Payout ratio	29.0%	30.5%	31.6%	29.6%	28.5%	81.5%	30.9%	28.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	9.1%	8.9%	9.8%	9.9%	2.6%	7.9%	7.6%
Return on invested capital	-4.1%	6.4%	6.3%	6.6%	7.0%	1.5%	5.0%	5.9%
Return on assets	1.2%	1.2%	1.1%	1.1%	1.1%	0.3%	1.2%	1.2%
Free cash flow yield	-5.8%	6.3%	7.9%	30.1%	6.9%	13.1%	5.5%	12.3%
Earnings yield	8.5%	7.0%	7.7%	8.7%	8.4%	3.0%	6.2%	8.2%
Enterprise value	$10.1B	$7.7B	$6.6B	$5.9B	$6B	$4.1B	$3.8B	$2.3B
Net debt / EBITDA	0.61×	0.13×	0.3×	0.3×	0.59×	0.88×	3.01×	0.58×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0