Washington Trust Bancorp, Inc. (WASH) 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

-78.9%

$8.43

vs $39.90 price

Levered DCF

$33.87

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.55

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	10.86×	-19.23×	11.48×	11.4×	12.72×	11.12×	13.52×	12×
P/B	1.04×	1.08×	1.17×	1.79×	1.73×	1.45×	1.85×	1.83×
P/S	1.49×	1.73×	1.51×	3.17×	3.98×	2.87×	3.52×	3.44×
EV / EBITDA	17.64×	-47.12×	27.87×	18.12×	9.73×	13.17×	21.57×	18.74×
Gross margin	54.3%	30.9%	52.1%	85.5%	95.2%	79.6%	75.1%	80.9%
Operating margin	17.7%	-12.5%	15.5%	35.5%	40.0%	33.1%	33.3%	36.3%
Net margin	13.7%	-9.0%	13.2%	27.9%	31.3%	25.9%	26.1%	28.7%
Current ratio	0.01×	0.03×	0.2×	0.22×	0.25×	0.25×	0.3×	0.29×
Debt / equity	1.34×	2.36×	2.63×	2.28×	0.35×	1.21×	2.37×	2.17×
Interest coverage	0.41×	-0.18×	0.33×	2.37×	5.93×	2.1×	1.37×	1.97×
Dividend yield	7.6%	7.1%	7.0%	4.6%	3.7%	4.6%	3.7%	3.6%
Payout ratio	82.9%	-136.8%	80.2%	52.5%	47.3%	50.8%	49.5%	42.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	-5.6%	10.2%	15.8%	13.6%	13.1%	13.7%	15.3%
Return on invested capital	-1.7%	-1.5%	2.6%	4.4%	8.8%	5.2%	3.9%	4.6%
Return on assets	0.8%	-0.4%	0.7%	1.1%	1.3%	1.2%	1.3%	1.4%
Free cash flow yield	8.9%	10.0%	4.8%	13.1%	10.0%	4.3%	7.5%	9.6%
Earnings yield	9.2%	-5.2%	8.7%	8.8%	7.9%	9.0%	7.4%	8.3%
Enterprise value	$1.3B	$1.6B	$1.7B	$1.7B	$997.2M	$1.2B	$2B	$1.7B
Net debt / EBITDA	9.73×	-31.34×	18.88×	9.6×	0.21×	4.87×	11.48×	9.71×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0