Texas Community Bancshares, Inc. (TCBS) 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

-212.6%

-$19.43

vs $17.25 price

Levered DCF

-$3.62

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.63

Distress zone

Rating

B-

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
P/E	17.28×	-33.89×	-58.83×	26.47×	91.18×	62.5×	45.45×
P/B	0.91×	0.85×	0.81×	0.83×	0.77×	1.49×	1.53×
P/S	1.92×	2.13×	2.24×	3.22×	3.8×	3.85×	4.09×
EV / EBITDA	21.55×	-66.67×	-198.89×	38.35×	51.05×	42.57×	32.63×
Gross margin	60.9%	51.7%	57.2%	82.7%	82.3%	75.8%	76.0%
Operating margin	13.2%	-8.5%	-4.8%	15.1%	5.0%	7.6%	11.1%
Net margin	11.1%	-6.3%	-3.8%	12.2%	4.2%	6.1%	9.1%
Current ratio	0.16×	0.27×	0.36×	0.39×	0.28×	0.14×	0.17×
Debt / equity	0.85×	0.96×	1.43×	1.12×	0.46×	0.96×	1×
Interest coverage	0.37×	-0.18×	-0.12×	0.95×	0.29×	0.38×	0.49×
Dividend yield	1.2%	1.1%	0.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	20.9%	-38.6%	-50.2%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	-2.5%	-1.4%	3.1%	0.9%	2.3%	3.4%
Return on invested capital	2.8%	-1.2%	-0.5%	1.5%	0.6%	1.2%	1.7%
Return on assets	0.7%	-0.3%	-0.2%	0.4%	0.1%	0.2%	0.4%
Free cash flow yield	2.0%	1.7%	-7.7%	5.9%	3.5%	2.3%	4.3%
Earnings yield	5.8%	-2.9%	-1.7%	3.8%	1.1%	1.6%	2.2%
Enterprise value	$85.3M	$80.6M	$102.4M	$100M	$53.5M	$58.4M	$55.9M
Net debt / EBITDA	9.17×	-29.89×	-114.92×	20.53×	6.65×	7.86×	4.82×
Cash conversion cycle (days)	24	56	33	35	31	29	28