Stock Yards Bancorp, Inc. (SYBT) 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

-36.4%

$51.60

vs $81.09 price

Levered DCF

$55.76

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

—

Rating

C+

Overall 2 / 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	13.62×	18.31×	13.95×	20.06×	21.29×	15.51×	14.06×	13.39×
P/B	1.77×	2.23×	1.75×	2.45×	2.35×	2.07×	2.28×	2.02×
P/S	3.38×	4.19×	3.48×	5.64×	6.67×	4.63×	4.76×	4.3×
EV / EBITDA	12.28×	15.94×	11.27×	14.16×	15.12×	12.41×	12.46×	10.67×
Gross margin	69.2%	66.9%	73.8%	91.4%	97.8%	84.6%	88.5%	90.2%
Operating margin	31.6%	28.8%	31.9%	36.4%	40.0%	34.4%	38.8%	39.1%
Net margin	24.8%	22.9%	24.9%	28.1%	31.3%	29.9%	33.9%	32.2%
Current ratio	0.02×	0.15×	0.17×	0.19×	0.22×	0.16×	0.17×	0.18×
Debt / equity	0.42×	0.53×	0.46×	0.29×	0.13×	0.21×	0.3×	0.26×
Interest coverage	1.07×	0.93×	1.39×	6.59×	15.89×	5.67×	3.36×	4.4×
Dividend yield	1.9%	1.7%	2.3%	1.8%	1.8%	2.7%	2.5%	2.9%
Payout ratio	26.5%	31.3%	32.1%	35.8%	37.8%	41.6%	35.6%	39.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	12.2%	12.6%	12.2%	11.0%	13.4%	16.3%	15.1%
Return on invested capital	8.0%	6.8%	7.2%	8.4%	8.7%	9.5%	11.2%	10.9%
Return on assets	1.5%	1.3%	1.3%	1.2%	1.1%	1.3%	1.8%	1.7%
Free cash flow yield	8.1%	6.3%	6.6%	4.8%	6.1%	7.8%	5.7%	7.9%
Earnings yield	7.3%	5.5%	7.2%	5.0%	4.7%	6.4%	7.1%	7.5%
Enterprise value	$2.3B	$2.5B	$1.8B	$2B	$1.6B	$961.3M	$1B	$784.5M
Net debt / EBITDA	2.02×	2.65×	1.86×	0.96×	0.22×	0.62×	0.94×	0.58×
Cash conversion cycle (days)	15	30	32	34	25	50	40	6