Westamerica Bancorporation (WABC) 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

+47.7%

$90.48

vs $61.24 price

Levered DCF

$90.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.48

Distress zone

Rating

A-

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	10.56×	10.09×	9.31×	13×	17.93×	18.55×	22.74×	20.7×
P/B	1.27×	1.57×	1.95×	2.64×	1.87×	1.76×	2.5×	2.41×
P/S	4.37×	4.5×	4.6×	5.95×	7.15×	7.16×	8.86×	7.42×
EV / EBITDA	4.76×	4.7×	5.97×	7.5×	4.36×	7.65×	12.18×	10.1×
Gross margin	95.2%	94.3%	99.2%	99.3%	99.1%	97.1%	99.1%	99.0%
Operating margin	57.6%	60.8%	67.7%	62.0%	54.0%	51.4%	51.1%	45.5%
Net margin	42.7%	44.6%	49.4%	45.7%	39.9%	38.7%	39.0%	35.8%
Current ratio	0.43×	0.39×	0.77×	0.75×	0.89×	0.82×	0.71×	0.62×
Debt / equity	0.17×	0.16×	0.1×	0.12×	0.2×	0.14×	0.11×	0.17×
Interest coverage	11.43×	10.85×	56.96×	86.02×	59.86×	58.55×	55.73×	46.45×
Dividend yield	3.9%	3.4%	3.1%	2.8%	2.9%	3.0%	2.4%	2.9%
Payout ratio	40.4%	33.9%	28.4%	37.0%	51.2%	55.1%	54.7%	59.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	15.6%	20.9%	20.3%	10.5%	9.5%	11.0%	11.6%
Return on invested capital	10.4%	13.0%	18.2%	16.8%	8.3%	7.6%	10.0%	10.2%
Return on assets	1.9%	2.3%	2.5%	1.8%	1.2%	1.2%	1.4%	1.3%
Free cash flow yield	10.1%	10.0%	10.4%	7.1%	5.6%	7.1%	4.2%	6.3%
Earnings yield	9.8%	9.9%	10.7%	7.7%	5.6%	5.4%	4.4%	4.8%
Enterprise value	$780.2M	$936.7M	$1.4B	$1.4B	$582.5M	$989.7M	$1.5B	$1.2B
Net debt / EBITDA	-2.49×	-2.32×	-0.49×	-1.21×	-7.24×	-3.86×	-2.34×	-2.75×
Cash conversion cycle (days)	50	52	61	73	60	58	51	47