West Bancorporation, Inc. (WTBA) 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

-55.1%

$13.90

vs $30.96 price

Levered DCF

$15.59

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.37

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	11.56×	15.14×	14.72×	9.16×	10.36×	9.7×	14.65×	10.91×
P/B	1.41×	1.6×	1.58×	2.01×	1.97×	1.42×	1.98×	1.63×
P/S	1.89×	1.84×	2.09×	3.18×	4.41×	2.9×	3.92×	3.36×
EV / EBITDA	8.22×	14.94×	25.26×	13.84×	7.83×	10.32×	14.87×	11.99×
Gross margin	48.0%	39.5%	45.8%	78.2%	90.8%	73.1%	69.3%	75.7%
Operating margin	20.9%	13.9%	17.5%	44.5%	54.0%	37.8%	33.4%	37.9%
Net margin	16.4%	12.2%	14.2%	34.7%	42.6%	29.9%	26.8%	30.8%
Current ratio	0.19×	0.24×	0.22×	0.22×	0.32×	0.19×	0.22×	0.26×
Debt / equity	1.42×	1.72×	2.63×	2.3×	0.77×	0.99×	1.06×	1.22×
Interest coverage	0.4×	0.23×	0.33×	1.88×	5.15×	2.38×	1.11×	1.54×
Dividend yield	4.5%	4.6%	4.7%	3.9%	3.0%	4.4%	3.2%	4.1%
Payout ratio	51.9%	69.9%	69.2%	35.8%	31.3%	42.2%	47.3%	44.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.2%	10.6%	10.7%	22.0%	19.1%	14.6%	13.5%	14.9%
Return on invested capital	4.8%	3.7%	2.8%	6.7%	10.8%	7.3%	6.6%	7.2%
Return on assets	0.8%	0.6%	0.6%	1.3%	1.4%	1.0%	1.2%	1.2%
Free cash flow yield	11.5%	3.8%	-3.1%	9.0%	9.6%	12.6%	8.6%	11.1%
Earnings yield	8.7%	6.6%	6.8%	10.9%	9.7%	10.3%	6.8%	9.2%
Enterprise value	$402.7M	$513.6M	$882.4M	$884M	$520.8M	$462.1M	$606.9M	$496.7M
Net debt / EBITDA	0.55×	4.34×	15.09×	7.19×	0.11×	3.23×	4.6×	4.49×
Cash conversion cycle (days)	22	24	29	33	28	37	24	30