WesBanco, Inc. (WSBC) 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

+75.8%

$69.31

vs $39.43 price

Levered DCF

$90.83

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.49

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	14.71×	14.4×	12.5×	12.2×	9.88×	16.83×	13.35×	12.52×
P/B	0.74×	0.73×	0.73×	0.92×	0.85×	0.73×	0.82×	0.91×
P/S	2.08×	2.15×	2.26×	3.55×	3.76×	3.05×	3.57×	3.52×
EV / EBITDA	14.67×	14.67×	14.39×	11.76×	4.76×	13.15×	18.48×	18.65×
Gross margin	62.9%	61.3%	69.9%	94.0%	106.1%	74.4%	83.9%	85.2%
Operating margin	19.7%	19.5%	23.5%	37.8%	49.5%	21.9%	32.5%	34.3%
Net margin	15.5%	16.0%	19.3%	30.7%	39.7%	18.5%	26.7%	28.1%
Current ratio	0.25×	0.06×	0.22×	0.23×	0.32×	0.23×	0.24×	0.25×
Debt / equity	0.41×	0.53×	0.68×	0.46×	0.17×	0.36×	0.73×	0.92×
Interest coverage	0.62×	0.53×	0.84×	6.01×	11.17×	2.35×	2.29×	2.58×
Dividend yield	4.7%	4.8%	5.0%	4.1%	4.2%	4.4%	3.1%	3.0%
Payout ratio	62.9%	64.4%	58.1%	47.6%	39.9%	72.0%	41.9%	37.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	5.4%	6.3%	7.9%	9.0%	4.4%	6.1%	7.2%
Return on invested capital	0.8%	3.3%	3.5%	5.1%	7.2%	3.1%	3.4%	4.0%
Return on assets	0.8%	0.8%	0.9%	1.1%	1.4%	0.7%	1.0%	1.1%
Free cash flow yield	9.4%	9.9%	7.9%	8.8%	14.3%	2.6%	7.1%	10.4%
Earnings yield	7.5%	7.4%	8.5%	8.7%	10.6%	6.1%	7.5%	8.0%
Enterprise value	$4.4B	$2.9B	$3B	$2.9B	$1.5B	$2.1B	$3.8B	$3.4B
Net debt / EBITDA	4.83×	4.51×	5.47×	2.86×	-2.51×	0.49×	8.12×	8.95×
Cash conversion cycle (days)	27	16	18	-4	55	28	-4	5