Virginia National Bankshares Corporation (VABK) 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

-36.6%

$33.45

vs $52.80 price

Levered DCF

$25.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.34

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	11.16×	12.13×	9.55×	8.33×	17.54×	9.2×	15.14×	10.34×
P/B	1.17×	1.28×	1.2×	1.46×	1.24×	0.89×	1.33×	1.24×
P/S	2.58×	2.48×	2.33×	2.79×	3.42×	2.18×	3.21×	2.83×
EV / EBITDA	8.5×	8.63×	8.41×	4.9×	-8.88×	8.25×	9.18×	6.45×
Gross margin	69.0%	65.0%	72.5%	95.3%	92.7%	85.3%	82.1%	85.0%
Operating margin	28.9%	25.3%	29.4%	40.8%	20.3%	29.7%	26.0%	34.0%
Net margin	23.1%	20.5%	24.4%	33.5%	17.1%	23.6%	21.2%	27.3%
Current ratio	0×	0.2×	0.33×	0.4×	0.37×	0.26×	0.22×	0.14×
Debt / equity	0.16×	0.18×	0.52×	0.07×	0.06×	0.41×	0×	0×
Interest coverage	0.94×	0.71×	1.11×	8.97×	3.63×	3×	1.92×	3.78×
Dividend yield	3.5%	3.5%	3.8%	3.3%	3.2%	4.4%	3.1%	2.8%
Payout ratio	39.5%	41.8%	36.7%	27.3%	63.6%	40.7%	47.0%	29.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	10.6%	12.6%	17.6%	6.2%	9.7%	8.8%	12.0%
Return on invested capital	-1.4%	8.8%	8.3%	16.4%	5.8%	6.9%	8.8%	12.0%
Return on assets	1.2%	1.0%	1.2%	1.4%	0.5%	0.9%	1.0%	1.3%
Free cash flow yield	9.7%	7.1%	6.9%	11.3%	5.9%	12.3%	9.0%	12.4%
Earnings yield	9.0%	8.3%	10.5%	12.0%	5.0%	10.9%	6.6%	9.7%
Enterprise value	$238.7M	$217.2M	$235.7M	$164.7M	-$144.8M	$99M	$86.4M	$75.9M
Net debt / EBITDA	0.85×	0.48×	1.84×	-0.91×	-21.2×	2.12×	-1.58×	-1×
Cash conversion cycle (days)	27	0	-0	-154	-219	-39	-237	-50