Wintrust Financial Corporation (WTFC) 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

+84.6%

$292.83

vs $158.65 price

Levered DCF

$381.00

After debt service

Piotroski score

7 / 9

Strong

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	12.07×	11.91×	9.54×	10.38×	11.81×	12.94×	11.6×	11.17×
P/B	1.29×	1.25×	1.05×	1.04×	1.15×	0.85×	1.09×	1.15×
P/S	2.21×	2×	1.7×	2.27×	2.78×	1.85×	2.25×	2.46×
EV / EBITDA	10.82×	6.99×	7.34×	7.83×	2.46×	1.7×	5.92×	6.56×
Gross margin	62.2%	59.3%	64.8%	85.0%	95.1%	75.4%	78.5%	84.2%
Operating margin	26.4%	23.9%	25.4%	31.7%	34.3%	20.5%	26.8%	30.2%
Net margin	19.5%	17.5%	18.7%	23.1%	25.0%	15.4%	19.9%	22.5%
Current ratio	0.14×	0.17×	0.14×	0.14×	0.18×	0.21×	0.18×	0.15×
Debt / equity	0.62×	0.67×	0.68×	0.75×	0.54×	0.59×	0.48×	0.37×
Interest coverage	0.74×	0.63×	0.8×	2.78×	4.24×	1.54×	1.45×	2.23×
Dividend yield	1.8%	1.8%	2.2%	2.2%	1.9%	2.4%	1.6%	1.4%
Payout ratio	20.6%	20.6%	20.2%	21.2%	21.2%	29.3%	18.3%	14.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	11.0%	11.5%	10.6%	10.4%	7.1%	9.6%	10.5%
Return on invested capital	3.6%	5.6%	6.9%	6.1%	6.7%	3.8%	6.5%	7.7%
Return on assets	1.2%	1.1%	1.1%	1.0%	0.9%	0.6%	1.0%	1.1%
Free cash flow yield	9.2%	8.0%	12.3%	26.4%	20.7%	-16.6%	4.6%	8.3%
Earnings yield	8.8%	8.8%	11.0%	10.2%	9.0%	8.3%	8.8%	9.2%
Enterprise value	$13.4B	$7.3B	$6.8B	$6.1B	$1.8B	$826.6M	$3.4B	$3.5B
Net debt / EBITDA	3.25×	-0.6×	1.24×	1.44×	-4.54×	-5.53×	-1.18×	-0.53×
Cash conversion cycle (days)	0	2	-485	-1,663	-4,483	3	-984	-949