Union Bankshares, Inc. (UNB) 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

+31.7%

$29.72

vs $22.57 price

Levered DCF

$75.83

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.47

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	FY2018
P/E	9.77×	14.9×	12.26×	8.54×	10.15×	8.99×	15.24×	30.22×
P/B	1.34×	1.97×	2.1×	1.95×	1.59×	1.42×	2.26×	3.31×
P/S	1.24×	1.68×	2.05×	2.03×	2.56×	2.18×	3.5×	5.12×
EV / EBITDA	29.78×	36.57×	13.84×	8.99×	7.46×	6.02×	13.87×	23.4×
Gross margin	61.5%	60.8%	72.1%	91.5%	93.2%	86.1%	86.2%	90.3%
Operating margin	13.8%	11.7%	19.1%	28.7%	30.3%	28.9%	26.9%	20.0%
Net margin	12.7%	11.2%	16.7%	23.8%	25.2%	24.3%	23.0%	17.0%
Current ratio	0.05×	0.16×	0.22×	0.22×	0.26×	0.12×	0.13×	0.13×
Debt / equity	3.74×	4.15×	1.25×	1.2×	0.19×	0.09×	0.66×	0.43×
Interest coverage	0.37×	0.31×	0.67×	3.37×	4.44×	2.96×	2.22×	2.33×
Dividend yield	6.0%	4.9%	4.6%	5.8%	4.4%	4.9%	3.4%	2.5%
Payout ratio	58.4%	73.6%	57.0%	49.4%	44.6%	44.4%	51.7%	75.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	13.2%	17.1%	22.8%	15.6%	15.8%	14.8%	11.0%
Return on invested capital	0.8%	2.4%	6.9%	10.4%	13.1%	14.5%	8.9%	7.7%
Return on assets	0.7%	0.6%	0.8%	0.9%	1.1%	1.2%	1.2%	0.9%
Free cash flow yield	14.7%	8.5%	5.2%	26.3%	19.2%	-7.0%	3.2%	6.4%
Earnings yield	10.2%	6.7%	8.2%	11.7%	9.8%	11.1%	6.6%	3.3%
Enterprise value	$406.6M	$392.1M	$200.8M	$153.2M	$132.1M	$104.1M	$197.2M	$227.7M
Net debt / EBITDA	21.83×	24.37×	4.33×	2.66×	-0.1×	-0.63×	2.48×	1.49×
Cash conversion cycle (days)	0	0	0	-1,061	-1,001	-557	-566	-2,837