TrustCo Bank Corp NY (TRST) 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

-32.2%

$39.22

vs $57.81 price

Levered DCF

$32.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.63

Distress zone

Rating

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	FY2018
P/E	12.72×	12.96×	10.08×	9.56×	10.44×	12.26×	14.5×	10.79×
P/B	1.1×	0.94×	0.92×	1.2×	1.07×	1.13×	1.56×	1.35×
P/S	2.71×	2.41×	2.42×	3.49×	3.45×	3.29×	3.98×	3.33×
EV / EBITDA	9.29×	9.42×	7.63×	8.82×	9.6×	10.85×	11.53×	9.25×
Gross margin	67.1%	64.5%	77.3%	97.0%	98.9%	84.5%	82.8%	89.1%
Operating margin	29.2%	24.3%	31.7%	48.3%	44.2%	35.5%	36.3%	40.0%
Net margin	22.0%	18.6%	24.0%	36.5%	33.1%	26.8%	27.4%	30.9%
Current ratio	0.05×	0.06×	0.09×	0.1×	0.08×	0.09×	0.13×	0.12×
Debt / equity	0.23×	0.18×	0.21×	0.49×	0.49×	0.47×	0.38×	0.33×
Interest coverage	0.9×	0.7×	1.43×	15.37×	10.84×	2.81×	2.11×	3.94×
Dividend yield	3.7%	4.3%	4.6%	3.8%	4.1%	4.1%	3.1%	3.9%
Payout ratio	45.2%	56.1%	46.7%	35.9%	42.7%	50.2%	45.6%	41.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	7.2%	9.1%	12.5%	10.2%	9.2%	10.7%	12.5%
Return on invested capital	7.0%	5.8%	7.2%	9.7%	6.8%	6.3%	7.8%	9.4%
Return on assets	0.9%	0.8%	1.0%	1.3%	1.0%	0.9%	1.1%	1.2%
Free cash flow yield	6.1%	8.6%	9.9%	10.4%	8.2%	9.1%	7.1%	9.7%
Earnings yield	8.1%	7.7%	9.9%	10.5%	9.6%	8.1%	6.9%	9.3%
Enterprise value	$861.2M	$711.1M	$674.9M	$970.1M	$890.6M	$864M	$996.7M	$774.7M
Net debt / EBITDA	1.14×	1.03×	0.95×	2.28×	2.69×	2.77×	1.82×	1.34×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0