Third Coast Bancshares, Inc. (TCBX) 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

-5.5%

$38.73

vs $40.97 price

Levered DCF

$34.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.66

Distress zone

Rating

B+

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
P/E	8.54×	10.81×	9.42×	14.4×	17.92×	12.89×	73.56×
P/B	0.99×	1.01×	0.66×	0.65×	0.68×	1.28×	3.02×
P/S	1.43×	1.37×	0.98×	1.55×	1.98×	1.87×	3.44×
EV / EBITDA	5.42×	3.41×	2.52×	1.86×	-8.53×	-0.72×	26.19×
Gross margin	55.3%	48.7%	51.3%	69.0%	80.6%	73.8%	65.0%
Operating margin	23.2%	18.1%	15.2%	14.5%	14.0%	18.7%	6.4%
Net margin	18.1%	14.1%	12.2%	11.6%	11.1%	14.5%	4.7%
Current ratio	0.09×	0.18×	0.13×	0.16×	0.17×	0.15×	0.12×
Debt / equity	0.26×	0.29×	0.34×	0.34×	0×	0.28×	0.53×
Interest coverage	0.54×	0.37×	0.33×	0.62×	1.44×	1.09×	0.2×
Dividend yield	0.9%	1.0%	1.8%	0.1%	0.0%	0.0%	0.0%
Payout ratio	7.2%	10.0%	14.2%	1.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.5%	10.3%	8.1%	4.9%	3.8%	10.0%	4.2%
Return on invested capital	9.6%	7.6%	5.7%	3.5%	3.2%	5.2%	2.0%
Return on assets	1.2%	1.0%	0.8%	0.5%	0.5%	0.6%	0.3%
Free cash flow yield	9.2%	7.2%	13.2%	3.9%	-0.5%	-3.2%	0.4%
Earnings yield	12.6%	10.3%	12.4%	7.5%	5.6%	7.8%	1.4%
Enterprise value	$486.1M	$224.9M	$114.7M	$47.7M	-$121.3M	-$11.3M	$107.4M
Net debt / EBITDA	-0.43×	-3.62×	-3.41×	-7.79×	-22.93×	-10.68×	-15.96×
Cash conversion cycle (days)	16	15	18	23	28	40	-13