UMB Financial Corporation (UMBF) 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

+69.0%

$235.13

vs $139.12 price

Levered DCF

$429.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.32

Distress zone

Rating

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	12.5×	12.47×	11.57×	9.35×	14.52×	11.59×	13.76×	15.4×
P/B	1.14×	1.59×	1.31×	1.51×	1.63×	1.1×	1.28×	1.35×
P/S	1.97×	2.09×	1.81×	2.55×	4.12×	2.56×	2.75×	2.81×
EV / EBITDA	11.12×	-0.11×	4.06×	8.47×	-1.29×	5.89×	10.57×	10.54×
Gross margin	54.4%	53.3%	57.2%	83.5%	94.7%	84.0%	81.6%	82.0%
Operating margin	20.3%	20.5%	18.8%	33.6%	34.5%	26.2%	23.4%	20.9%
Net margin	15.8%	16.7%	15.6%	27.3%	28.4%	22.1%	20.0%	18.3%
Current ratio	0.01×	0.36×	0.34×	0.26×	0.55×	0.44×	0.39×	0.4×
Debt / equity	0.49×	0.86×	1.13×	0.98×	1.12×	0.86×	0.75×	0.72×
Interest coverage	0.6×	0.46×	0.46×	2.38×	9.33×	4.39×	1.49×	1.84×
Dividend yield	1.6%	1.4%	1.8%	1.8%	1.3%	1.8%	1.8%	1.9%
Payout ratio	19.3%	17.5%	21.2%	16.7%	18.9%	21.0%	24.4%	29.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	12.7%	11.3%	16.2%	11.2%	9.5%	9.3%	8.8%
Return on invested capital	-1.2%	6.4%	4.5%	7.7%	5.2%	5.0%	5.2%	5.0%
Return on assets	1.0%	0.9%	0.8%	1.1%	0.8%	0.9%	0.9%	0.8%
Free cash flow yield	11.2%	3.7%	11.0%	17.8%	9.8%	9.4%	8.0%	7.9%
Earnings yield	8.0%	8.0%	8.6%	10.7%	6.9%	8.6%	7.3%	6.5%
Enterprise value	$11.6B	-$62.7M	$1.9B	$5B	-$623.7M	$2.4B	$3.6B	$2.9B
Net debt / EBITDA	2.73×	-9.37×	-4.38×	1.58×	-11.85×	-2.38×	0.78×	-0.33×
Cash conversion cycle (days)	0	59	85	114	121	93	38	39