The Bancorp, Inc. (TBBK) 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

-36.9%

$29.15

vs $46.17 price

Levered DCF

$70.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.75

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	13.53×	12.1×	10.92×	12.34×	13.11×	9.82×	14.25×	5.07×
P/B	4.48×	3.34×	2.6×	2.31×	2.22×	1.35×	1.52×	1.1×
P/S	4.48×	3.71×	3.44×	3.88×	4.43×	2.66×	2.6×	1.49×
EV / EBITDA	10.4×	7.39×	4.66×	4.63×	6.76×	5.27×	-1.98×	-0.4×
Gross margin	74.3%	69.8%	73.2%	83.9%	95.6%	92.5%	85.0%	89.8%
Operating margin	43.9%	41.1%	42.0%	43.0%	44.1%	36.7%	25.6%	39.7%
Net margin	33.1%	30.6%	31.4%	31.5%	33.9%	27.1%	18.2%	29.4%
Current ratio	0.02×	0.18×	0.38×	0.33×	0.35×	0.37×	0.54×	0.56×
Debt / equity	0.32×	0.16×	0.18×	0.18×	0.23×	0.26×	0.11×	0.14×
Interest coverage	1.72×	1.67×	1.65×	2.99×	12.83×	6.8×	1.89×	4.42×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.1%	27.5%	23.8%	18.8%	17.0%	13.8%	10.6%	21.8%
Return on invested capital	19.2%	22.2%	18.8%	14.9%	12.7%	9.9%	8.5%	17.4%
Return on assets	2.4%	2.5%	2.5%	1.6%	1.6%	1.3%	0.9%	2.0%
Free cash flow yield	8.3%	8.5%	8.3%	7.1%	5.7%	14.9%	8.8%	-39.3%
Earnings yield	7.4%	8.3%	9.1%	8.1%	7.6%	10.2%	7.0%	19.8%
Enterprise value	$3.2B	$2.2B	$1.2B	$839.3M	$997.3M	$591M	-$153.8M	-$50.7M
Net debt / EBITDA	0.36×	-1.51×	-3.43×	-4.23×	-3.05×	-1.73×	-11.45×	-3.98×
Cash conversion cycle (days)	23	382	432	586	613	596	576	496