Triumph Financial, Inc. (TFIN) 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

-58.8%

$26.52

vs $64.32 price

Levered DCF

$15.37

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.64

Distress zone

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	66.63×	165.24×	49.19×	12.04×	26.82×	18.96×	16.82×	14.42×
P/B	1.57×	2.38×	2.15×	1.34×	3.43×	1.63×	1.55×	1.16×
P/S	2.87×	4.34×	3.94×	2.37×	6.66×	3.18×	2.88×	2.58×
EV / EBITDA	23.11×	35.83×	23.99×	5.79×	17.39×	12.5×	14.53×	11.66×
Gross margin	83.9%	81.4%	86.1%	95.0%	97.8%	79.7%	81.6%	81.7%
Operating margin	6.4%	4.2%	11.2%	27.2%	32.8%	22.7%	22.0%	23.3%
Net margin	4.9%	3.3%	8.7%	20.3%	25.6%	17.2%	17.1%	18.2%
Current ratio	0.12×	0.09×	0.15×	0.16×	0.12×	0.11×	0.12×	0.17×
Debt / equity	0.42×	0.16×	0.47×	0.2×	0.42×	0.59×	0.88×	0.66×
Interest coverage	0.41×	0.28×	0.97×	7.31×	7.87×	2.27×	1.37×	1.85×
Dividend yield	0.2%	0.2%	0.2%	0.3%	0.1%	0.1%	0.0%	0.1%
Payout ratio	12.6%	19.9%	7.8%	3.1%	2.8%	2.7%	0.0%	1.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.7%	1.8%	4.8%	11.5%	13.2%	8.8%	9.2%	8.1%
Return on invested capital	-0.7%	1.4%	3.0%	8.8%	8.6%	5.3%	4.6%	4.7%
Return on assets	0.4%	0.3%	0.8%	1.9%	1.9%	1.1%	1.2%	1.1%
Free cash flow yield	3.4%	-1.4%	0.9%	5.3%	4.2%	6.7%	5.2%	7.5%
Earnings yield	1.7%	0.8%	2.2%	8.6%	3.8%	5.4%	5.9%	7.0%
Enterprise value	$1.6B	$1.9B	$2B	$963.3M	$2.9B	$1.3B	$1.3B	$923.9M
Net debt / EBITDA	2.06×	-3.5×	1.44×	-1.38×	-0.16×	1.09×	3.89×	2.37×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0